# EDGAR Filing Document

**Accession Number:** 0001067491
**File Stem:** 0001067491-26-000004
**Filing Date:** 2026-1
**Character Count:** 1014417
**Document Hash:** a0491eefe55dcde56028578e6dc83082
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001067491-26-000004.hdr.sgml**: 20260120

**ACCESSION NUMBER**: 0001067491-26-000004

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260120

**DATE AS OF CHANGE**: 20260120

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Infosys Ltd
- **CENTRAL INDEX KEY:** 0001067491
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING SERVICES [7371]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 581760235
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35754
- **FILM NUMBER:** 26541204

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** ELECTRONICS CITY HOSUR RD
- **STREET 2:** BANGALORE KARNATAKA INDIA
- **CITY:** BANGALORE
- **PROVINCE COUNTRY:** K7
- **BUSINESS PHONE:** 0119180852

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** ELECTRONIC CITY HOSUR RD
- **STREET 2:** BANGALORE KARNATAKA INDIA
- **CITY:** BANGALORE
- **PROVINCE COUNTRY:** K7

**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 quarter ended December 31, 2025**

**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_003) |
| [SIGNATURES](#a_004) |
| [INDEX TO EXHIBITS](#a_005) |
| [EXHIBIT 99.1](exv99w01.htm) |
| [EXHIBIT 99.2](exv99w02.htm) |
| [EXHIBIT 99.3](exv99w03.htm) |
| [EXHIBIT 99.4](exv99w04.htm) |
| [EXHIBIT 99.5](exv99w05.htm) |
| [EXHIBIT 99.6](exv99w06.htm) |
| [EXHIBIT 99.7](exv99w07.htm) |
| [EXHIBIT 99.8](exv99w08.htm) |
| [EXHIBIT 99.9](exv99w09.htm) |
| [EXHIBIT 99.10](exv99w10.htm) |

---

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

Infosys Limited ("Infosys" or "the Company" or "we") 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 and nine months ended December 31, 2025.

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 14, 2026, we announced our results of operations for the quarter and nine months ended December 31, 2025. We issued press releases announcing our results under International Financial Reporting Standards ("IFRS") in U.S. dollars and Indian rupees, copies of which are attached to this Form 6-K as Exhibits 99.1 and 99.2, respectively.

On January 14, 2026, we held a press conference to announce our results, which was followed by a question and answer session. The transcript of this press conference is attached to this Form 6-K as Exhibit 99.3.

We have also made available to the public on our website, www.infosys.com , a fact sheet that provides details on our profit and loss account summary for the quarter and nine months ended December 31, 2025 (as per IFRS); revenue by client geography offering, business segment; information regarding our client concentration; employee information and metrics; cash flow and consolidated IT services information. We have attached this fact sheet to this Form 6-K as Exhibit 99.4.

On January 14, 2026, we also held a teleconference with investors and analysts to discuss our results. The transcripts of the teleconference are attached to this Form 6-K as Exhibit 99.5.

We placed form of releases to stock exchanges and advertisements in certain Indian newspapers concerning our results of operations for the quarter and nine months ended December 31, 2025, under Ind AS. A copy of the release to the stock exchanges and the advertisement is attached to this Form 6-K as Exhibit 99.6.

We have made available to the public on our website, www.infosys.com, the following: Audited Interim Condensed Consolidated Financial Statements of Infosys Limited and its subsidiaries in compliance with IFRS in US dollars and the Auditors Report; Audited Interim Condensed Consolidated Financial Statements of Infosys Limited and its subsidiaries in compliance with IFRS in Indian Rupees and the Auditors Report; Audited Interim Condensed Standalone Financial Statements in compliance with Indian Accounting Standards (INDAS) and the Auditors Report; Audited Interim Condensed Consolidated Financial Statements in compliance with Indian Accounting Standards (INDAS) and the Auditors Report for the quarter and nine months ended December 31, 2025. We have attached these documents to this Form 6-K as Exhibits 99.7, 99.8, 99.9 and 99.10, respectively.

**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 20, 2026 | **Jayesh Sanghrajka**<br> *Chief Financial Officer* |

---

**INDEX TO EXHIBITS**

---

| | |
|:---|:---|
| **Exhibit No.** | **Description of Document** |
| 99.1 | IFRS USD press release |
| 99.2 | IFRS INR press release |
| 99.3 | Transcript of January 14, 2026 press conference |
| 99.4 | Fact Sheet regarding Registrant's Statement of Profit and Loss for the quarter and nine months ended December 31, 2025 (as per IFRS); revenue by Business Segment, Client Geography, information regarding Client Concentration; Employee Information and Metrics, Consolidated IT Services Information and Cash Flow Information |
| 99.5 | Transcript of January 14, 2026 earnings call |
| 99.6 | Form of release to stock exchanges and advertisement placed in Indian newspapers |
| 99.7 | Audited Interim Condensed Consolidated Financial Statements of Infosys Limited and its Subsidiaries for the quarter and nine months ended December 31, 2025 in compliance with International Financial Reporting Standards (IFRS) in US Dollars and the Auditors Report thereon |
| 99.8 | Audited Interim Condensed Consolidated Financial Statements of Infosys Limited and its Subsidiaries for the quarter and nine months ended December 31, 2025 in compliance with IFRS in Indian Rupees and the Auditors Report thereon |
| 99.9 | Audited Interim Condensed Standalone Financial Statements of Infosys Limited for the quarter and nine months ended December 31, 2025 in compliance with Indian Accounting Standards (INDAS) and Auditors Report thereon. |
| 99.10 | Audited Interim Condensed Consolidated Financial Statements of Infosys Limited and its subsidiaries in compliance with INDAS for the quarter and nine months ended December 31, 2025 and Auditors Report there on. |

---

## Exhibit 99.1

**Exhibit 99.1**

**IFRS USD Press Release**

**Strong Q3 Performance: Sequential Revenue Growth of 0.6% in CC, Large Deal Wins of $4.8 billion** 

**Revenue Guidance for FY 26 revised to 3.0% - 3.5%**

**Bengaluru, India – January 14, 2026:** Infosys (NSE, BSE, NYSE: INFY), a global leader in next-generation digital services and consulting, delivered $5,099 million in Q3 revenues, year on year growth of 1.7% and sequential growth of 0.6% in constant currency. Reported IFRS operating margin was at 18.4%. Adjusted<sup>1</sup> operating margin increased 0.2% sequentially to 21.2%. Free cash flow generation was robust at $915 million. Adjusted free cash flow generation was $965 million, 112.8% of adjusted net profit. TCV of large deal wins was $4.8 billion, with net new of 57%. Headcount increased by 5,043.

Revenues for YTD Dec'25 grew at 2.8% year on year in constant currency. Reported IFRS operating margin was at 20.0%. Adjusted operating margin was at 21.0%.

"Infosys delivered a strong Q3 performance demonstrating how our differentiated value propositions in enterprise AI, through Infosys Topaz, are consistently driving higher market share. Clients increasingly view Infosys as their AI partner with demonstrated expertise, innovation capabilities and strong delivery credentials. This has helped them unlock business potential and enhanced value realization", said **Salil Parekh, CEO and MD.** "Central to this journey is our commitment to reskill, transform and empower our dedicated human resource pool to drive success in an AI augmented world" **he added.**

![](growth-percentage.gif)

**Guidance for FY26:**

&nbsp;&nbsp;&nbsp;&nbsp;· Revenue growth of 3.0%-3.5% in constant currency

&nbsp;&nbsp;&nbsp;&nbsp;· Operating
margin of 20%-22%<sup>2</sup>

**Key highlights:**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **For quarter ended December 31, 2025** | &nbsp;&nbsp; **For the nine months ended December 31, 2025** |
| &nbsp;&nbsp; · Revenues in CC terms grew by 1.7% YoY and 0.6% QoQ<br> · Reported IFRS revenues at $5,099 million, growth of 3.2% YoY<br> · Reported IFRS operating margin at 18.4%; Adjusted operating margin at 21.2%<br> · Reported IFRS Basic EPS at $0.18; adjusted Basic EPS at $0.21 <br> · FCF at $915 million; adjusted FCF at $965 million; Adjusted FCF conversion at 112.8% of adjusted net  | &nbsp;&nbsp; · Revenues in CC terms grew by 2.8% YoY<br> · Reported IFRS revenues at $15,117 million, growth of 3.9% YoY<br> · Reported IFRS operating margin at 20.0%; Adjusted operating margin at 21.0%<br> · Reported IFRS Basic EPS at $0.58; adjusted Basic EPS at $0.60<br> · FCF at $2,900 million; adjusted FCF at $2,950 million; Adjusted FCF conversion at 117.8% of adjusted net profit |

---

&nbsp;&nbsp;&nbsp;&nbsp;1. 'Adjusted' financial measures presented in this release are non-IFRS financial
measures that exclude the impact of the provisions arising from the notifications by Government of India on Labour Codes for quarter
and nine months ended December 31, 2025 and are further described in this release.

&nbsp;&nbsp;&nbsp;&nbsp;2. Operating margin guidance for FY26 excludes the adjustment with respect to Labour Codes of
$143 million in the current quarter.

"Our performance was broad-based in Q3 with 0.6% sequential revenue growth, 0.2% adjusted operating margin expansion, stellar large deal wins at $4.8 billion and robust adjusted free cash generation at $965 million in a seasonally weak quarter" **said Jayesh Sanghrajka, CFO**. "In line with our capital allocation policy, we successfully completed the largest ever buyback of ![rupee symbol](rupee-symbol.gif)18,000 crore and paid out interim dividend to shareholders", **he added.**

**Client Wins & Testimonials**

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys extended its strategic collaboration with Metro Bank to transform the bank's
finance operations with a suite of Workday solutions. **Marc Page, Chief Financial Officer, Metro Bank,** said, "We're
continuing to transform our platforms through our partnership with Infosys, helping our digital advancement. This collaboration with
Infosys and Workday will help to unify our core finance operations, providing colleagues with self-service tools and simplifying daily
operations. This supports our long-term growth strategy and will help us to scale and evolve in the future."

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys unveiled its AI-first GCC model to accelerate the setup and transformation of global
capability centers (GCCs) into AI-powered hubs for innovation and growth. **Stefanie Neumann, CEO, Lufthansa Systems,** said, "Our
collaboration with Infosys to establish a dedicated Global Capability Center has been a pivotal step in digital transformation journey
of Lufthansa Systems. By leveraging their strong GCC and AI capabilities, we are building a future-ready innovation hub that enables
our customers to enhance aviation safety, drive operational efficiency, and improve customer experience. This partnership empowers us
to accelerate our vision for sustainable and intelligent aviation."

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys announced its collaboration with NHS Business Services Authority (NHSBSA) to deliver
a new workforce management solution for NHS in England and Wales. **Michael Brodie, Chief Executive, NHSBSA,** said, "Delivering
the Future NHS Workforce Solution is a critical step in supporting the ambitions of the 10-Year Health Plan. The solution will go far
beyond simply replacing ESR - it will be a strategic enabler for building a workforce that is fit for the future. By working with Infosys,
we're creating a modern, data-driven solution that will help the NHS better attract, retain and support its people."

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys collaborated with Telenor Shared Services to modernize its HR operations with a new
Oracle Fusion Cloud Human Capital Management (HCM) solution. **Morten Dean Dunham, CEO, Telenor Shared Services,** said, "Modernizing
our HR operations is crucial to improve efficiencies and employee experience. By collaborating with Infosys to implement Oracle Cloud
HCM, we are confident we will get a solution that meets our future needs. This change will further streamline our processes, provide
a unified view of critical data, and ultimately enhance the experience of our employees."

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys announced the launch of Infosys Topaz Fabric™, a purpose-built agentic services
suite – a multi-layer AI fabric that unifies infrastructure, models, data, applications, and workflows into a composable, agent-ready
ecosystem. **Laxmi Srinivas Samayamantri, Vice President, Global Engineering, Data & Architecture, Nu Skin,** said, "We
are collaborating with Infosys to enrich beauty and wellness commerce IT operations through the power of Agentic AI. Together, we are
expanding this further with Infosys Topaz Fabric by enabling Agent Assist features, which we anticipate will increase automation for
application and infrastructure support, enhance resilience, and elevate the user experience."

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys announced the launch of the Infosys Customer Experience Suite for Salesforce to help
enterprises navigate their agentic transformation and scale their digital workforce. **Marko Koistila, EVP Commercial Operations, VTT**,
said, "Our sales team previously spent too much time on low-value tasks like lead grooming instead of fostering client relationships.
Agentforce automated the lead process, including contextual emails and meeting setups, allowing our team to focus on collaboration and
delivering superior customer experiences. Having Infosys, along with Fluido as our expert partners, VTT became one of the first organizations
outside Salesforce to implement a live SDR Agentforce agent. Building on the success of this initial implementation, we are collaborating
together to develop two additional Agentforce agents for other areas of organizational support."

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys collaborated with Barry Callebaut to drive a multi-year, AI-powered digital transformation
aimed at creating an agile, tech-enabled enterprise that enhances customer experiences, operational efficiency, and innovation. **Amr Arafa, Chief Digital Officer, Barry Callebaut Group,** said, "Our collaboration with Infosys will play a key role in advancing
Barry Callebaut's Business Led digital transformation (BC Next Level) journey. As part of our BC Next Level strategic investment
program, we are focused on building a tech-enabled, agile enterprise that delivers superior customer experiences and operational excellence.
Infosys, with its AI-first approach and suite of generative AI platforms, will empower us to unlock efficiencies at scale, build connected
ecosystems, and accelerate innovation. Infosys' deep domain expertise and commitment to co-innovation make them a trusted partner
in shaping our transformation roadmap."

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys collaborated with Fresenius on a project called ELEVATE, a business transformation
initiative aimed at unifying and modernizing the company's global business processes and IT systems through SAP S/4HANA. **Florent Durup, Business Transformation Lead for the ELEVATE Program, Fresenius**, said, "ELEVATE is the most critical business transformation
program for Fresenius and an important milestone of our journey. We have selected Infosys as the SI partner after a rigorous and exhaustive
process and are now moving forward with confidence to deliver the ambitious goals of the transformation program together. Through this
collaboration, Fresenius and Infosys will work closely to deliver a robust, future-ready platform that enhances agility, standardizes
processes, and enables data-driven decision-making across the organization."

**Recognitions & Awards**

**Brand & Corporate**

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a Silver Employer in the India Workplace Equality Index (IWEI) 2025 for championing
inclusion and being a strong ally of the LGBTQIA+ community

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized for its people-first approach at the SHRM India HR Excellence Awards 2025

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized among the Most Inclusive Organizations for Women in Tech in the IT Service category
at the Wequity Award

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys China recognized as one of the Best Workplaces™ in Greater China 2025 by Great
Place To Work™

**AI and Cloud Services**

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in The Forrester Wave™: AI Technical Services, Q4 2025

&nbsp;&nbsp;&nbsp;&nbsp;· Positioned as a leader in Everest Group: Data and Analytics (D&A) Services PEAK Matrix®
Assessment 2025

&nbsp;&nbsp;&nbsp;&nbsp;· Rated as a leader in NelsonHall: GenAI and Process Automation in Banking 2025

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in IDC MarketScape: Asia/Pacific Professional and Managed Services
for Microsoft Azure 2025 Vendor Assessment

**Key Digital Services**

&nbsp;&nbsp;&nbsp;&nbsp;· Positioned as a leader in Gartner Magic Quadrant for Custom Software Development Services

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in IDC MarketScape: Asia/Pacific Application Modernization Services
to AWS 2025 Vendor Assessment

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in IDC MarketScape: European Human First Digital Workplace Services
2025 Vendor Assessment

&nbsp;&nbsp;&nbsp;&nbsp;· Positioned as a leader in Everest Group: Adobe Services PEAK Matrix® Assessment 2025

&nbsp;&nbsp;&nbsp;&nbsp;· Positioned as a leader in Everest Group: IT Service Management (ITSM) and Service Integration
and Management (SIAM) Services PEAK Matrix® Assessment 2025

&nbsp;&nbsp;&nbsp;&nbsp;· Positioned as a leader in Everest Group: Enterprise Quality Engineering (QE) Services PEAK
Matrix Assessment 2025

&nbsp;&nbsp;&nbsp;&nbsp;· Positioned as a leader in Everest Group: Global Capability Center (GCC) Setup Capabilities
in India – PEAK Matrix® Assessment 2025

&nbsp;&nbsp;&nbsp;&nbsp;· Positioned as a leader in Everest Group: ServiceNow Services PEAK Matrix® Assessment
2025

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in HFS Horizons: Legacy Application Modernization Services, 2025

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in HFS Horizons: Enterprise Blockchain Services, 2025

&nbsp;&nbsp;&nbsp;&nbsp;· Rated as a leader in NelsonHall: Advanced Digital Workplace Services 2025

&nbsp;&nbsp;&nbsp;&nbsp;· Rated as a leader in NelsonHall: Quality Engineering 2025

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys BPM received the 2025 ISG Star of Excellence™ award for BPO Services Excellence

**Industry & Solutions**

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in IDC MarketScape: Worldwide Supply Chain Blue Yonder Ecosystem Services
2025–2026 Vendor Assessment

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in IDC MarketScape: Worldwide Supply Chain Overall Ecosystem Services
2025–2026 Vendor Assessment

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in IDC MarketScape: Worldwide Manufacturing Intelligence Transformation
Strategic Consulting 2025 Vendor Assessment

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in IDC MarketScape: Worldwide Supply Chain SAP Ecosystem Services
2025-2026 Vendor Assessment

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in IDC MarketScape: Worldwide Supply Chain Oracle Ecosystem Services
2025-2026 Vendor Assessment

&nbsp;&nbsp;&nbsp;&nbsp;· Positioned as a leader in Everest Group: Property and Casualty (P&C) Insurance IT Services
PEAK Matrix® Assessment 2025

&nbsp;&nbsp;&nbsp;&nbsp;· Positioned as a leader in Everest Group: Payments IT Services PEAK Matrix® Assessment
2025

&nbsp;&nbsp;&nbsp;&nbsp;· Positioned as a leader in Everest Group: Banking IT Services PEAK Matrix® Assessment
2025

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in HFS Semiconductor Horizons: The Best of Service Providers across
the Value Chain, 2025

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in HFS Horizons: Life Sciences Service Providers 2025

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in HFS Horizons: Intelligent Supply Chain Services, 2025

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in HFS Horizons: Travel and Hospitality Service Provider Ecosystem,
2025

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys Finacle positioned as a leader in Everest Group's Banking Customer Experience
Orchestration Products (CXOP) PEAK Matrix® Assessment 2025.

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys Finacle along with its customers received four awards at the Global Banking and Finance®
 Awards 2025 – Innovation Awards for Excellence in Margin Finance Innovation India with HDFC Bank; Most Innovative Payments
 Channel Modernization in Colombia with Bancolombia; Technology Award for Best Core Banking Transformation with Real-Time Eventing
 with Emirates NBD Bank; and Award for Best Customer Journey Initiative in Australia with Australian Military Bank

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys Finacle recognized as The World's Best Software Provider for Virtual Accounts
2025 and The World's Best Software Provider for Liquidity Management 2025 by Euromoney Transaction Banking Awards

Read more about our Awards & Recognitions here.

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

Certain statements in this release concerning our future growth prospects, our future financial or operating performance, the McCamish cybersecurity incident, and the United States H-1B visa program are forward looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid working model, economic uncertainties and geo-political situations, technological disruptions and innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, the outcome of pending litigation, the amount of any additional costs resulting directly or indirectly from the McCamish cybersecurity incident, the outcome of the US government investigation, the timing, implementation, duration and effect of the September 19, 2025 proclamation signed by the president of the United States related to the H-1B visa program, and the effect of current and any future tariffs. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2025. 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 +91 80 3980 1018 Sandeep_Mahindroo@infosys.com <br> <u> Media Relations </u> <u> Rishi Basu +91 80 4156 3998 Rajarshi.Basu@infosys.com </u> <u> Chad Darwin <br> +1 323 422 3815 Chad.darwin@infosys.com </u>

**Infosys Limited and subsidiaries** 

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

*(Dollars in millions)*

---

| | | | |
|:---|:---|:---|:---|
| **Particulars** | **December 31, 2025** | **December 31, 2025** | **March 31, 2025** |
| **ASSETS** | | | |
| **Current assets** | | | |
| Cash and cash equivalents | 2216 | 2861 | 2861 |
| Current investments | 769 | 1460 | 1460 |
| Trade receivables | 4020 | 3645 | 3645 |
| Unbilled revenue | 1477 | 1503 | 1503 |
| Other current assets | 1583 | 1890 | 1890 |
| **Total current assets** | **10065** | **11359** | **11359** |
| **Non-current assets** |  |  |  |
| Property, plant and equipment and Right-of-use assets | 2128 | 2235 | 2235 |
| Goodwill and other Intangible assets | 1636 | 1505 | 1505 |
| Non-current investments | 990 | 1294 | 1294 |
| Unbilled revenue | 224 | 261 | 261 |
| Other non-current assets | 910 | 765 | 765 |
| **Total non-current assets** | **5888** | **6060** | **6060** |
| **Total assets** | **15953** | **17419** | **17419** |
| **LIABILITIES AND EQUITY** |  |  |  |
| **Current liabilities** |  |  |  |
| Trade payables | 537 | 487 | 487 |
| Unearned revenue | 1235 | 994 | 994 |
| Employee benefit obligations | 384 | 340 | 340 |
| Other current liabilities and provisions | 3399 | 3191 | 3191 |
| **Total current liabilities** | **5555** | **5012** | **5012** |
| **Non-current liabilities** |  |  |  |
| Lease liabilities | 646 | 675 | 675 |
| Other non-current liabilities | 465 | 477 | 477 |
| **Total non-current liabilities** | **1111** | **1152** | **1152** |
| **Total liabilities** | **6666** | **6164** | **6164** |
| **Total equity attributable to equity holders of the company** | **9233** | **11205** | **11205** |
| Non-controlling interests | 54 | 50 | 50 |
| **Total equity** | **9287** | **11255** | **11255** |
| **Total liabilities and equity** | **15953** | **17419** | **17419** |

---

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

*(In $ million except per equity share data)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| Particulars | **3 months ended December 31, 2025** | **3 months ended December 31, 2024** | **9 months ended December 31, 2025** | **9 months ended December 31, 2024** |
| **Revenues** | **5099** | **4939** | **15117** | **14547** |
| Cost of sales | 3660 | 3444 | 10593 | 10103 |
| **Gross profit** | **1439** | **1495** | **4524** | **4444** |
| **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Selling and marketing expenses | 257 | 218 | 769 | 671 |
| &nbsp;&nbsp;&nbsp;Administrative expenses | 245 | 224 | 725 | 693 |
| Total operating expenses | 502 | 442 | 1494 | 1364 |
| **Operating profit** | **937** | **1053** | **3030** | **3080** |
| Other income, net of finance cost | 98 | 90 | 308 | 249 |
| **Profit before income taxes** | **1035** | **1143** | **3338** | **3329** |
| Income tax expense | 287 | 337 | 942 | 981 |
| **Net profit (before non-controlling interest)** | **748** | **806** | **2396** | **2348** |
| Net profit (after non-controlling interest) | 747 | 804 | 2393 | 2345 |
| **Basic EPS ($)** | **0.18** | **0.19** | **0.58** | **0.57** |
| Diluted EPS ($) | 0.18 | 0.19 | 0.58 | 0.56 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*a)* *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, 2025, which have been taken on record at the Board meeting held on January 14, 2026.* 

&nbsp;&nbsp;&nbsp;&nbsp;*b)* *As the quarter and nine months ended figures are taken from the source and rounded to the nearest digits, the quarter figures in this statement added up to the figures reported for the previous quarters might not always add up to the nine months ended figures reported in this statement.* 

 

**Reconciliation of Reported IFRS financial measures to Adjusted non-IFRS financial measures for 3 months ended**

(in $ million except per equity share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** |
| | **Reported IFRS** | **Adjustment for Labour Codes<sup>1</sup>** | **Adjusted** <br> **non- IFRS** | **Reported IFRS** |
| Operating profit | 937 | 143 | 1080 | 1053 |
| Operating margin (%) | 18.4 | 2.8 | 21.2 | 21.3 |
| Profit before income taxes | 1035 | 143 | 1178 | 1143 |
| Income tax expense | 287 | 35 | 322 | 337 |
| Net profit (after non-controlling interest) | 747 | 108 | 855 | 804 |
| Basic EPS ($) | 0.18 | 0.03 | 0.21 | 0.19 |

---

**Reconciliation of additional financial measures to Adjusted financial measures for 3 months ended**

(in $ million)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** |
| | **Reported** | **Adjustment for Labour Codes** | **Adjusted** | **Reported** |
| Operating cash flow | 962 | 50 | 1012 | 1325 |
| Capital expenditure | 47 |  | 47 | 62 |
| FCF – non-IFRS | 915 | 50 | 965 | 1263 |
| FCF as a % of Net profit | 122.5 |  | 112.8 | 156.6 |

---

**Reconciliation of Reported IFRS financial measures to Adjusted non-IFRS financial measures for 9 months ended**

(in $ million except per equity share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** |
| | **Reported IFRS** | **Adjustment for Labour Codes<sup>1</sup>** | **Adjusted** <br> **non- IFRS** | **Reported IFRS** |
| Operating profit | 3030 | 143 | 3173 | 3080 |
| Operating margin (%) | 20 | 1 | 21 | 21.2 |
| Profit before income taxes | 3338 | 143 | 3481 | 3329 |
| Income tax expense | 942 | 35 | 977 | 981 |
| Net profit (after non-controlling interest) | 2393 | 108 | 2501 | 2345 |
| Basic EPS ($) | 0.58 | 0.02 | 0.60 | 0.57 |

---

**Reconciliation of additional financial measures to Adjusted financial measures for 9 months ended**

(in $ million)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** |
| | **Reported** | **Adjustment for Labour Codes** | **Adjusted** | **Reported** |
| Operating cash flow | 3102 | 50 | 3152 | 3375 |
| Capital expenditure | 202 |  | 202 | 179 |
| FCF – non-IFRS | 2900 | 50 | 2950 | 3196 |
| FCF as a % of Net profit | 121.0 |  | 117.8 | 136.1 |

---

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

 ****

&nbsp;&nbsp;&nbsp;&nbsp;*1.* *On November 21, 2025 the Government of India notified provisions of The Labour Codes. These Labour Codes consolidate twenty-nine existing labour laws into a unified framework governing employee benefits during employment and post-employment and amongst other things introduce changes, including a uniform definition of wages and enhanced benefits relating to leave. The adjustments for Labour Codes represent an increase in gratuity liability arising out of past service cost and increase in leave liability together by $143 million which is recognized in the Consolidated Statement of Comprehensive Income.* 

&nbsp;&nbsp;&nbsp;&nbsp;*2.* *Revenue growth in reported currency includes the impact of currency fluctuations. Additionally, we calculate constant currency (CC) growth by comparing current period revenues in respective local currencies converted to US$ using prior period exchange rates and comparing the same to our prior period reported revenues.* 

&nbsp;&nbsp;&nbsp;&nbsp;*3.* A Fact Sheet providing
the operating metrics of the Company can be downloaded from www.infosys.com.

## Exhibit 99.2

**Exhibit 99.2**

**IFRS INR Press Release**

**Strong Q3 Performance: Sequential Revenue Growth of 0.6% in CC, Large Deal Wins of $4.8 billion**

**Revenue Guidance for FY 26 revised to 3.0%-3.5%**

**Bengaluru, India – January 14, 2026:** Infosys (NSE, BSE, NYSE: INFY), a global leader in next-generation digital services and consulting, delivered $5,099 million in Q3 revenues, year on year growth of 1.7% and sequential growth of 0.6% in constant currency. Reported IFRS operating margin was at 18.4%. Adjusted<sup>1</sup> operating margin increased 0.2% sequentially to 21.2%. Free cash flow generation was robust at $915 million. Adjusted free cash flow generation was $965 million, 112.8% of adjusted net profit. TCV of large deal wins was $4.8 billion, with net new of 57%. Headcount increased by 5,043.

Revenues for YTD Dec'25 grew at 2.8% year on year in constant currency. Reported IFRS operating margin was at 20.0%. Adjusted operating margin was at 21.0%.

"Infosys delivered a strong Q3 performance demonstrating how our differentiated value propositions in enterprise AI, through Infosys Topaz, are consistently driving higher market share. Clients increasingly view Infosys as their AI partner with demonstrated expertise, innovation capabilities and strong delivery credentials. This has helped them unlock business potential and enhanced value realization", said **Salil Parekh, CEO and MD**. "Central to this journey is our commitment to reskill, transform and empower our dedicated human resource pool to drive success in an AI augmented world" **he added**.

![](growth-percentage.gif)

**Guidance for FY26:**

&nbsp;&nbsp;&nbsp;&nbsp;· Revenue growth of 3.0%-3.5% in constant currency

&nbsp;&nbsp;&nbsp;&nbsp;· Operating
 margin of 20%-22% <sup>2</sup>

**Key highlights:**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **For the quarter ended December 31, 2025** | &nbsp;&nbsp; **For nine months ended December 31, 2025** |
| &nbsp;&nbsp; · Revenues in CC terms grew by 1.7% YoY and 0.6% QoQ<br> · Reported revenues at ![rupee symbol](rupee-symbol.gif)45,479 crore, growth of 8.9% YoY<br> · Reported IFRS operating margin at 18.4%; Adjusted operating margin at 21.2%<br> · Reported IFRS Basic EPS at ![rupee symbol](rupee-symbol.gif)16.17; adjusted Basic EPS at ![rupee symbol](rupee-symbol.gif)18.53<br> · FCF at ![rupee symbol](rupee-symbol.gif)8,176 crore; adjusted FCF at ![rupee symbol](rupee-symbol.gif)8,626 crore; Adjusted FCF conversion at 113.1% of adjusted net profit | &nbsp;&nbsp; · Revenues in CC terms grew by 2.8% YoY<br> · Reported revenues ![rupee symbol](rupee-symbol.gif)132,248 crore, growth of 8.3% YoY<br> · Reported IFRS operating margin at 20.0%; Adjusted operating margin at 21.0%<br> · Reported IFRS Basic EPS at ![rupee symbol](rupee-symbol.gif)50.64; adjusted Basic EPS at ![rupee symbol](rupee-symbol.gif)52.99 <br> · FCF at ![rupee symbol](rupee-symbol.gif)25,386 crore; adjusted FCF at ![rupee symbol](rupee-symbol.gif)25,836 crore; Adjusted FCF conversion at 117.8% of adjusted net profit |

---

&nbsp;&nbsp;&nbsp;&nbsp;*1.* *'Adjusted' financial measures presented in this release are non-IFRS financial measures that exclude the impact of the provisions arising from the notifications by Government of India on Labour Codes for quarter and nine months ended December 31, 2025 and are further described in this release.* 

 

&nbsp;&nbsp;&nbsp;&nbsp;*2.* *Operating margin guidance for FY26 excludes the adjustment with respect to Labour Codes of ![rupee symbol](rupee-symbol.gif) 1,289 crore in the current quarter.* 

"Our performance was broad-based in Q3 with 0.6% sequential revenue growth, 0.2% adjusted operating margin expansion, stellar large deal wins at $4.8 billion and robust adjusted free cash generation at $965 million in a seasonally weak quarter" **said Jayesh Sanghrajka, CFO**. "In line with our capital allocation policy, we successfully completed the largest ever buyback of ![rupee symbol](rupee-symbol.gif)18,000 crore and paid out interim dividend to shareholders", **he added.**

**Client Wins & Testimonials**

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys extended its strategic collaboration with Metro Bank to transform the bank's
finance operations with a suite of Workday solutions. **Marc Page, Chief Financial Officer, Metro Bank,** said, "We're
continuing to transform our platforms through our partnership with Infosys, helping our digital advancement. This collaboration with
Infosys and Workday will help to unify our core finance operations, providing colleagues with self-service tools and simplifying daily
operations. This supports our long-term growth strategy and will help us to scale and evolve in the future."

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys unveiled its AI-first GCC model to accelerate the setup and transformation of global
capability centers (GCCs) into AI-powered hubs for innovation and growth. **Stefanie Neumann, CEO, Lufthansa Systems,** said, "Our
collaboration with Infosys to establish a dedicated Global Capability Center has been a pivotal step in digital transformation journey
of Lufthansa Systems. By leveraging their strong GCC and AI capabilities, we are building a future-ready innovation hub that enables
our customers to enhance aviation safety, drive operational efficiency, and improve customer experience. This partnership empowers us
to accelerate our vision for sustainable and intelligent aviation."

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys announced its collaboration with NHS Business Services Authority (NHSBSA) to deliver
a new workforce management solution for NHS in England and Wales. **Michael Brodie, Chief Executive, NHSBSA,** said, "Delivering
the Future NHS Workforce Solution is a critical step in supporting the ambitions of the 10-Year Health Plan. The solution will go far
beyond simply replacing ESR - it will be a strategic enabler for building a workforce that is fit for the future. By working with Infosys,
we're creating a modern, data-driven solution that will help the NHS better attract, retain and support its people."

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys collaborated with Telenor Shared Services to modernize its HR operations with a new
Oracle Fusion Cloud Human Capital Management (HCM) solution. **Morten Dean Dunham, CEO, Telenor Shared Services,** said, "Modernizing
our HR operations is crucial to improve efficiencies and employee experience. By collaborating with Infosys to implement Oracle Cloud
HCM, we are confident we will get a solution that meets our future needs. This change will further streamline our processes, provide
a unified view of critical data, and ultimately enhance the experience of our employees."

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys announced the launch of Infosys Topaz Fabric™, a purpose-built agentic services
suite – a multi-layer AI fabric that unifies infrastructure, models, data, applications, and workflows into a composable, agent-ready
ecosystem. **Laxmi Srinivas Samayamantri, Vice President, Global Engineering, Data & Architecture, Nu Skin,** said, "We
are collaborating with Infosys to enrich beauty and wellness commerce IT operations through the power of Agentic AI. Together, we are
expanding this further with Infosys Topaz Fabric by enabling Agent Assist features, which we anticipate will increase automation for
application and infrastructure support, enhance resilience, and elevate the user experience."

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys announced the launch of the Infosys Customer Experience Suite for Salesforce to help
enterprises navigate their agentic transformation and scale their digital workforce. **Marko Koistila, EVP Commercial Operations, VTT**,
said, "Our sales team previously spent too much time on low-value tasks like lead grooming instead of fostering client relationships.
Agentforce automated the lead process, including contextual emails and meeting setups, allowing our team to focus on collaboration and
delivering superior customer experiences. Having Infosys, along with Fluido as our expert partners, VTT became one of the first organizations
outside Salesforce to implement a live SDR Agentforce agent. Building on the success of this initial implementation, we are collaborating
together to develop two additional Agentforce agents for other areas of organizational support."

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys collaborated with Barry Callebaut to drive a multi-year, AI-powered digital transformation
aimed at creating an agile, tech-enabled enterprise that enhances customer experiences, operational efficiency, and innovation. **Amr Arafa, Chief Digital Officer, Barry Callebaut Group,** said, "Our collaboration with Infosys will play a key role in advancing
Barry Callebaut's Business Led digital transformation (BC Next Level) journey. As part of our BC Next Level strategic investment
program, we are focused on building a tech-enabled, agile enterprise that delivers superior customer experiences and operational excellence.
Infosys, with its AI-first approach and suite of generative AI platforms, will empower us to unlock efficiencies at scale, build connected
ecosystems, and accelerate innovation. Infosys' deep domain expertise and commitment to co-innovation make them a trusted partner
in shaping our transformation roadmap."

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys collaborated with Fresenius on a project called ELEVATE, a business transformation
initiative aimed at unifying and modernizing the company's global business processes and IT systems through SAP S/4HANA. **Florent Durup, Business Transformation Lead for the ELEVATE Program, Fresenius**, said, "ELEVATE is the most critical business transformation
program for Fresenius and an important milestone of our journey. We have selected Infosys as the SI partner after a rigorous and exhaustive
process and are now moving forward with confidence to deliver the ambitious goals of the transformation program together. Through this
collaboration, Fresenius and Infosys will work closely to deliver a robust, future-ready platform that enhances agility, standardizes
processes, and enables data-driven decision-making across the organization."

**Recognitions & Awards**

**Brand & Corporate**

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a Silver Employer in the India Workplace Equality Index (IWEI) 2025 for championing
inclusion and being a strong ally of the LGBTQIA+ community

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized for its people-first approach at the SHRM India HR Excellence Awards 2025

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized among the Most Inclusive Organizations for Women in Tech in the IT Service category
at the equity Award

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys China recognized as one of the Best Workplaces™ in Greater China 2025 by Great
Place To Work™

**AI and Cloud Services**

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in The Forrester Wave™: AI Technical Services, Q4 2025

&nbsp;&nbsp;&nbsp;&nbsp;· Positioned as a leader in Everest Group: Data and Analytics (D&A) Services PEAK Matrix®
Assessment 2025

&nbsp;&nbsp;&nbsp;&nbsp;· Rated as a leader in NelsonHall: GenAI and Process Automation in Banking 2025

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in IDC MarketScape: Asia/Pacific Professional and Managed Services
for Microsoft Azure 2025 Vendor Assessment

**Key Digital Services** 

&nbsp;&nbsp;&nbsp;&nbsp;· Positioned as a leader in Gartner Magic Quadrant for Custom Software Development Services

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in IDC MarketScape: Asia/Pacific Application Modernization Services
to AWS 2025 Vendor Assessment

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in IDC MarketScape: European Human First Digital Workplace Services
2025 Vendor Assessment

&nbsp;&nbsp;&nbsp;&nbsp;· Positioned as a leader in Everest Group: Adobe Services PEAK Matrix® Assessment 2025

&nbsp;&nbsp;&nbsp;&nbsp;· Positioned as a leader in Everest Group: IT Service Management (ITSM) and Service Integration
and Management (SIAM) Services PEAK Matrix® Assessment 2025

&nbsp;&nbsp;&nbsp;&nbsp;· Positioned as a leader in Everest Group: Enterprise Quality Engineering (QE) Services PEAK
Matrix Assessment 2025

&nbsp;&nbsp;&nbsp;&nbsp;· Positioned as a leader in Everest Group: Global Capability Center (GCC) Setup Capabilities
in India – PEAK Matrix® Assessment 2025

&nbsp;&nbsp;&nbsp;&nbsp;· Positioned as a leader in Everest Group: ServiceNow Services PEAK Matrix® Assessment
2025

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in HFS Horizons: Legacy Application Modernization Services, 2025

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in HFS Horizons: Enterprise Blockchain Services, 2025

&nbsp;&nbsp;&nbsp;&nbsp;· Rated as a leader in NelsonHall: Advanced Digital Workplace Services 2025

&nbsp;&nbsp;&nbsp;&nbsp;· Rated as a leader in NelsonHall: Quality Engineering 2025

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys BPM received the 2025 ISG Star of Excellence™ award for BPO Services Excellence

**Industry & Solutions**

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in IDC MarketScape: Worldwide Supply Chain Blue Yonder Ecosystem Services
2025–2026 Vendor Assessment

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in IDC MarketScape: Worldwide Supply Chain Overall Ecosystem Services
2025–2026 Vendor Assessment

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in IDC MarketScape: Worldwide Manufacturing Intelligence Transformation
Strategic Consulting 2025 Vendor Assessment

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in IDC MarketScape: Worldwide Supply Chain SAP Ecosystem Services
2025-2026 Vendor Assessment

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in IDC MarketScape: Worldwide Supply Chain Oracle Ecosystem Services
2025-2026 Vendor Assessment

&nbsp;&nbsp;&nbsp;&nbsp;· Positioned as a leader in Everest Group: Property and Casualty (P&C) Insurance IT Services
PEAK Matrix® Assessment 2025

&nbsp;&nbsp;&nbsp;&nbsp;· Positioned as a leader in Everest Group: Payments IT Services PEAK Matrix® Assessment
2025

&nbsp;&nbsp;&nbsp;&nbsp;· Positioned as a leader in Everest Group: Banking IT Services PEAK Matrix® Assessment
2025

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in HFS Semiconductor Horizons: The Best of Service Providers across
the Value Chain, 2025

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in HFS Horizons: Life Sciences Service Providers 2025

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in HFS Horizons: Intelligent Supply Chain Services, 2025

&nbsp;&nbsp;&nbsp;&nbsp;· Recognized as a leader in HFS Horizons: Travel and Hospitality Service Provider Ecosystem,
2025

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys Finacle positioned as a leader in Everest Group's Banking Customer Experience
Orchestration Products (CXOP) PEAK Matrix® Assessment 2025.

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys Finacle along with its customers received four awards at the Global Banking and Finance® Awards 2025 – Innovation Awards for Excellence in Margin Finance Innovation India with HDFC Bank; Most Innovative
Payments Channel Modernization in Colombia with Bancolombia; Technology Award for Best Core Banking Transformation with Real-Time Eventing
with Emirates NBD Bank; and Award for Best Customer Journey Initiative in Australia with Australian Military Bank

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys Finacle recognized as The World's Best Software Provider for Virtual Accounts
2025 and The World's Best Software Provider for Liquidity Management 2025 by Euromoney Transaction Banking Awards

Read more about our Awards & Recognitions here.

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

Certain statements in this release concerning our future growth prospects, our future financial or operating performance, the McCamish cybersecurity incident, and the United States H-1B visa program are forward looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid working model, economic uncertainties and geo-political situations, technological disruptions and innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, the outcome of pending litigation, the amount of any additional costs resulting directly or indirectly from the McCamish cybersecurity incident, the outcome of the US government investigation, the timing, implementation, duration and effect of the September 19, 2025 proclamation signed by the president of the United States related to the H-1B visa program, and the effect of current and any future tariffs. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2025. 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 +91 80 3980 1018 Sandeep_Mahindroo@infosys.com <br> <u> Media Relations </u> <u> Rishi Basu +91 80 4156 3998 Rajarshi.Basu@infosys.com </u> <u> Chad Darwin <br> +1 323 422 3815 Chad.darwin@infosys.com </u>

**Infosys Limited and subsidiaries** 

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

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

---

| | | |
|:---|:---|:---|
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| **ASSETS** | | |
| **Current assets** | | |
| Cash and cash equivalents | 19915 | 24455 |
| Current investments | 6911 | 12482 |
| Trade receivables | 36131 | 31158 |
| Unbilled revenue | 13276 | 12851 |
| Other current assets | 14225 | 16153 |
| **Total current assets** | **90458** | **97099** |
| **Non-current assets** |  |  |
| Property, plant and equipment and Right-of-use assets | 19125 | 19111 |
| Goodwill and other Intangible assets | 14707 | 12872 |
| Non-current investments | 8899 | 11059 |
| Unbilled revenue | 2017 | 2232 |
| Other non-current assets | 8178 | 6530 |
| **Total non-current assets** | **52926** | **51804** |
| **Total assets** | **143384** | **148903** |
| **LIABILITIES AND EQUITY** |  |  |
| **Current liabilities** |  |  |
| Trade payables | 4826 | 4164 |
| Unearned revenue | 11103 | 8492 |
| Employee benefit obligations | 3455 | 2908 |
| Other current liabilities and provisions | 30550 | 27286 |
| **Total current liabilities** | **49934** | **42850** |
| **Non-current liabilities** |  |  |
| Lease liabilities | 5811 | 5772 |
| Other non-current liabilities | 4186 | 4078 |
| **Total non-current liabilities** | **9997** | **9850** |
| **Total liabilities** | **59931** | **52700** |
| **Total equity attributable to equity holders of the company** | **83026** | **95818** |
| Non-controlling interests | 427 | 385 |
| **Total equity** | **83453** | **96203** |
| **Total liabilities and equity** | **143384** | **148903** |

---

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

 ****

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Particulars** | **3 months ended December 31, 2025** | **3 months ended December 31,**<br> **2024** | **9 months ended December 31, 2025** | **9 months ended December 31, 2024** |
| **Revenues** | **45479** | **41764** | **132248** | **122064** |
| Cost of sales | 32652 | 29120 | 92676 | 84771 |
| **Gross profit** | **12827** | **12644** | **39572** | **37293** |
| **Operating expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling and marketing expenses | 2292 | 1839 | 6724 | 5631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative expenses | 2180 | 1893 | 6337 | 5813 |
| Total operating expenses | 4472 | 3732 | 13061 | 11444 |
| **Operating profit** | **8355** | **8912** | **26511** | **25849** |
| Other income, net of finance cost | 874 | 758 | 2688 | 2096 |
| **Profit before income taxes** | **9229** | **9670** | **29199** | **27945** |
| Income tax expense | 2563 | 2848 | 8234 | 8233 |
| **Net profit (before non-controlling interest)** | **6666** | **6822** | **20965** | **19712** |
| Net profit (after non-controlling interest) | 6654 | 6806 | 20939 | 19680 |
| **Basic EPS (![rupee symbol](rupee-symbol.gif))** | **16.17** | **16.43** | **50.64** | **47.52** |
| Diluted EPS (![rupee symbol](rupee-symbol.gif)) | 16.14 | 16.39 | 50.55 | 47.40 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*a)* *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, 2025, which have been taken on record at the Board meeting held on January 14, 2026.* 

&nbsp;&nbsp;&nbsp;&nbsp;*b)* *As the quarter and nine months ended figures are taken from the source and rounded to the nearest digits, the quarter figures in this statement added up to the figures reported for the previous quarters might not always add up to the nine months ended figures reported in this statement.* 

 

**Reconciliation of Reported IFRS financial measures to Adjusted non-IFRS financial measures for 3 months ended**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** |
| | **Reported IFRS** | **Adjustment for Labour Codes<sup>1</sup>** | **Adjusted** <br> **non- IFRS** | **Reported IFRS** |
| Operating profit | 8355 | 1289 | 9644 | 8912 |
| Operating margin (%) | 18.4 | 2.8 | 21.2 | 21.3 |
| Profit before income taxes | 9229 | 1289 | 10518 | 9670 |
| Income tax expense | 2563 | 318 | 2881 | 2848 |
| Net profit (after non-controlling interest) | 6654 | 971 | 7625 | 6806 |
| Basic EPS (![rupee symbol](rupee-symbol.gif)) | 16.17 | 2.36 | 18.53 | 16.43 |

---

**Reconciliation of additional financial measures to Adjusted financial measures for 3 months ended**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** |
| | **Reported** | **Adjustment for Labour Codes** | **Adjusted** | **Reported** |
| Operating cash flow | 8595 | 450 | 9045 | 11193 |
| Capital expenditure | 419 |  | 419 | 546 |
| FCF – non-IFRS | 8176 | 450 | 8626 | 10647 |
| FCF as a % of Net profit | 122.7 |  | 113.1 | 156.1 |

---

**Reconciliation of Reported IFRS financial measures to Adjusted non-IFRS financial measures for 9 months ended**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** |
| | **Reported IFRS** | **Adjustment for Labour Codes** | **Adjusted** <br> **non- IFRS** | **Reported IFRS** |
| Operating profit | 26511 | 1289 | 27800 | 25849 |
| Operating margin (%) | 20 | 1 | 21 | 21.2 |
| Profit before income taxes | 29199 | 1289 | 30488 | 27945 |
| Income tax expense | 8234 | 318 | 8552 | 8233 |
| Net profit (after non-controlling interest) | 20939 | 971 | 21910 | 19680 |
| Basic EPS (![rupee symbol](rupee-symbol.gif)) | 50.64 | 2.35 | 52.99 | 47.52 |

---

**Reconciliation of additional financial measures to Adjusted financial measures for 9 months ended**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2024** |
| | **Reported** | **Adjustment for Labour Codes** | **Adjusted** | **Reported** |
| Operating cash flow | 27157 | 450 | 27607 | 28326 |
| Capital expenditure | 1771 |  | 1771 | 1514 |
| FCF – non-IFRS | 25386 | 450 | 25836 | 26812 |
| FCF as a % of Net profit | 121.1 |  | 117.8 | 136.0 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;*1.* *On November 21, 2025 the Government of India notified provisions of The Labour Codes. These Labour Codes consolidate twenty-nine existing labour laws into a unified framework governing employee benefits during employment and post-employment and amongst other things introduce changes, including a uniform definition of wages and enhanced benefits relating to leave. The adjustments for Labour Codes represent an increase in gratuity liability arising out of past service cost and increase in leave liability together by ![rupee symbol](rupee-symbol.gif) 1,289 crore which is recognized in the Consolidated Statement of Comprehensive Income.* 

&nbsp;&nbsp;&nbsp;&nbsp;*2.* *Revenue growth in reported currency includes the impact of currency fluctuations. Additionally, we calculate constant currency (CC) growth by comparing current period revenues in respective local currencies converted to US$ using prior period exchange rates and comparing the same to our prior period reported revenues.* 

&nbsp;&nbsp;&nbsp;&nbsp;*3.* *A Fact Sheet providing the operating metrics of the Company can be downloaded from www.infosys.com.*

## Exhibit 99.3

**Exhibit 99.3**<br> **Press Conference**

**"Infosys Limited**

**Q3 FY26 Media Conference Call"** 

**January 14, 2026**

**CORPORATE PARTICIPANTS:**

**Salil Parekh**

Chief Executive Officer and Managing Director

**Jayesh Sanghrajka**

Chief Financial Officer

**Rishi Basu**

Associate Vice President and Global Head - Corporate Communications

**journalists**

**Ritu Singh**

CNBC TV18

**Mansee Dave** 

ET Now

**Shristi Achar**

The Economic Times

**Chandra R. Srikanth**

Moneycontrol

**Haripriya Suresh**

Reuters

**Avik Das**

Business Standard

**Sanjana B.**

The Hindu BusinessLine

**Jas Bardia** 

Mint

**Poulomi Chatterjee**

Financial Express

**Uma Kannan**

Deccan Herald

**Padmini Dhruvaraj**

The New Indian Express

**Rishi Basu**

A very good evening, everyone, and wishing you all a very Happy New Year. Thank you for joining us today. My name is Rishi. And on behalf of Infosys, I would like to welcome all of you. As always, since this is the New Year, my rules do not really change, one question from each media house. We try our best.

But with that, let me invite our Chief Executive Officer, Mr. Salil Parekh, for his opening remarks. Over to you, Salil.

**Salil Parekh**

Thanks, Rishi. It is good to see that you are very consistent, and I am sure the media team is as well. Good afternoon, everyone, and thank you for being here. Warm wishes for the new year to all of you. We have had a strong performance in Q3. Our revenue grew 0.6% sequentially and 1.7% year-on-year in constant currency terms. Our large deals were at $4.8 bn, with 57% net new. This was across 26 deals.

Our adjusted operating margin was 21.2%. We generated free cash flow of $915 mn. One of the most significant large deals we won was with the National Health Service in the U.K. This $1.6 bn deal expands our work in the healthcare sector. We will help NHS leverage AI to streamline operations and improve patient care for U.K. citizens.

We have deepened our Topaz AI capability with an agent services suite called Topaz Fabric. This suite helps our clients manage and implement AI agents across the enterprise. We had strong momentum in AI adoption across our client base. Today, we work with 90% of our largest 200 clients to unlock value with AI. We are currently working on 4,600 AI projects. Our teams have generated over 28 mn lines of code using AI. We have built over 500 agents. We are scaling our forward deployed engineer team.

We are now witnessing six AI-led value pools emerging that could unlock a large incremental opportunity. We also see productivity-led benefits that compress some legacy areas. The six large AI-led value pools are:

- AI engineering services,

- Data for AI,

- Agents for operations,

- AI software development and legacy modernization,

- AI deployed in physical devices and

- AI trust and risk services

We believe we are uniquely positioned to capture market share across these value pools and emerge as the leading AI value creator for global enterprises. We will share a comprehensive view of our approach at an investor day later this quarter.

With a strong performance in this quarter, we have revised our revenue growth guidance for the financial year. The new revenue growth guidance for this financial year is 3% to 3.5% growth in constant currency. Our operating margin guidance for the financial year remains the same at 20% to 22%.

With that, let us open it up for questions.

**Rishi Basu**

Thank you, Salil. We will now open the floor for questions. Joining Salil is Mr. Jayesh Sanghrajka, Chief Financial Officer, Infosys. The first question is from Ritu Singh from CNBC TV18.

**Ritu Singh**

Hi. Thank you. Rishi, sorry, this is our only chance to speak with the management every quarter. So we will have to exceed that one question limit. With that, Salil and Jayesh, to begin with, I wanted to start with your headcount number. We have seen an increase of 13,246 over the last two quarters. And this is interesting because it is coming at a time when your peer, TCS, is cutting 30,000 jobs. How should we read into this? I mean, is this a real indicator of how you see the demand environment improving?

And with that, I wanted to get to your guidance figure being raised to 3% to 3.5%. How much of that upgrade is because of large deals like NHS being factored in? How much of the Versent acquisition, which is yet to be completed as we understand, is baked into that number? And, last quarter, you were telling us, for instance, there are segments like Retail that remain the weakest link, so where are you seeing improvement that has led you to upgrade your guidance? That is one.

Also, sequentially, we have seen a bit of a marginal dip in your margins that is to 20.8%. This is at a time when there are tailwinds emerging from the rupee depreciation. So if you could break down why that has been the case? And while you continue to tell us about how you are uniquely placed to exploit that AI opportunity, and the likes of HCLTech and TCS have been giving us concrete numbers. Why does Infosys refrain from doing so? Thank you.

**Salil Parekh**

So let me start. On margin, Jayesh might have some points.

I think the first part, I missed a little bit, it was the headcount increase, right? Yes, so on the headcount increase, I think it demonstrates that we have confidence in where the market is and what we are seeing in terms of the demand. And that also feeds in, in a way to the second point you had in terms of how are we raising the growth guidance.

So first, in terms of the growth guidance, we are just finishing the third quarter, so only one quarter is left. We have had a lot of large deals in the previous few quarters. Plus we had a very strong execution in this quarter.

You asked a little bit about the industries. We have seen, for example, in Financial services, and we have seen in Energy, Utilities, Resources, Services, we see that the way the deals have come, the way we have become AI partner of choice with our largest clients, we see a good outlook even as we look into the next financial year. And that in part helped us to increase the guidance, which is only for this financial year, which is ending in March.

**Jayesh Sanghrajka**

So first of all, very Happy New Year to all of you. Before I come to margin, I just wanted to also touch upon the headcount part. If you recollect last year, we had called out that we are going to hire 20,000 freshers this year. We have onboarded roughly around 18,000 freshers, and we are well on our way to finish our 20,000 number for this year, which, in a way, reflects in a headcount also because many of them are under training. And if you look at our utilization, including trainees, has come down. So, that is our investment into building capacity for future in a way. So that is on the headcount.

If you look at margins, we have expanded our margin this quarter by 20 basis points versus the last quarter. We are now on a nine-month basis at 21% margin, which is midpoint of the guidance that we have given. The puts and takes of 20 basis point expansion this quarter is 40 basis points came from currency, 50 basis points came from the Project Maximus, mainly on account of value-based selling and the lean & automation that we have done on multiple projects, offset by the furloughs and lower working days that we had. We also accrued a higher variable pay compared to last quarter, which was offset by some of the one-offs that we got. So that is the broad margin walk in a way.

But if you look at the nine months period margin, which is 21%, we have invested in our sales and marketing, which has gone up by 50 basis points on a year-on-year basis. So that has been absorbed in the margin. The lower utilization of almost 1% has been absorbed in our margin. So this margin is after absorbing all of that, where on one side, we are building capacity for future, on the other side, we are investing in sales and marketing, and we still had a stable margin plan.

**Ritu Singh**

Do you have an outlook for next year now that you are completing this 20,000 for the year? You have had a lower attrition as well this quarter.

**Jayesh Sanghrajka**

We will have an outlook once we give our guidance for next year in April.

**Ritu Singh**

And also the wage hikes, what is planned for the year and what kind of impact that could have on the margins from here on?

**Jayesh Sanghrajka**

So we just finished one cycle of our wage, which was in two parts in January and April. We have not yet decided on the next part yet. We will decide on that as we progress.

**Salil Parekh**

On AI, I think one of the points I shared, and we have a lot of that sort of information was with our largest 200 clients, with over 90% of them, we are doing AI work. What we are doing in AI is unique AI services with clients. And also, we have reshaped all of our existing services, leveraging AI in. For example, we are using agents in several of our service lines to help enhance either growth or productivity. So that is what we are sharing in terms of what our impact is.

**Rishi Basu**

Thank you, Ritu. The next question is from Mansee Dave from ET Now.

**Mansee Dave**

Good afternoon, Salil and Jayesh. This is Mansee Dave from ET Now, ET Now Swadesh. My question is on demand visibility, tech spending and AI adoption. Now looking at the constant currency growth scenarios and commentary around fewer billing days and deal timing, how are clients thinking about calendar year 2026 tech spending, especially discretionary versus transformational-led programs? And at the same time, pace of enterprise AI adoption as well as tech spending outlook are amongst the key monitorables which we were looking towards. How does the scenario look like? And how are the pricing models evolving according to you?

**Salil Parekh**

So I will start with that, maybe a little bit on the pricing, Jayesh might have some views.

On the demand, we see good demand outlook, we have had strong large deals. Our large deals pipeline remains healthy. And we are seeing in the two industries that I mentioned, on Financial services, on Energy Resources, Utility, Services, a way that our work on AI is going and the way the deals have shaped up, we see a good outlook as we look even beyond this financial year into the next financial year.

On Financial services, specifically, we see discretionary spend and good traction in what we are seeing across the market. Having said that, overall, we want to still see all of the other industries and segments start to show that. But these two are definitely something that we are seeing today.

**Jayesh Sanghrajka**

And on the pricing, I think as the newer and newer technology evolve, every time there is a change like that, you see a new pricing model evolving as well. We are seeing multiple new pricing models evolving. Some of them are being led by us, whether it is outcome-based pricing or whether it is pricing, which is specific to agents, etc. So a little early in my mind in terms of calling out specifically what are the pricing models going to evolve on this. But everybody is testing new pricing models at this point in time.

**Rishi Basu**

Thank you. The next question is from Shristi Achar from The Economic Times.

**Shristi Achar**

Hi. Happy New Year to all of you. So a couple of quick questions on, one, I wanted to know on the sharp decline in operating margins that we are seeing. So I want to know if the impact is beyond the labor code charges that the company has taken.

And I also wanted to know, there has also been a sequential decline in your revenue contribution from your top 5 and top 10 clients. So can you give us a sense of why that is happening? And what the next couple of quarters look like on that?

On the third, sorry, this is the last one. So, I also wanted to know on the whole H-1B row that is going on. So, this morning also, we saw some claims of employees being deported on the same as well. So I wanted to just know what is going on around that.

**Salil Parekh**

You want to start on the labor code?

**Jayesh Sanghrajka**

Yes, so if you look at the margins, if you are looking at reported margins, yes, the reported margins were impacted because of labor code. But if you look at the adjusted margins, as we have called it out also, the adjusted margins have actually expanded. If you exclude the impact of labor codes, adjusted margins have expanded by 20 basis points sequentially. And on a full year basis, it has remained 21%, which is similar to our last year margin.

And that, as I said earlier, that was after absorbing the investment that we have done in sales and marketing, which would have impacted margins by 50 basis points, after absorbing the impact of lower utilization, which is building capacity for future. So after absorbing both of that, we have been able to maintain margins. You had a second question?

**Rishi Basu**

Client contribution.

**Jayesh Sanghrajka**

Yes. Client contribution. I think sequentially, client contribution is not a way to see in my mind because there is a seasonality involved. Every Q3, you typically have furloughs, etc., which would have impacted certain specific clients and larger the clients, larger will be the impact of furloughs if there is one in that account. Typically, you will see that year-on-year, and we do not really see a significant change in the year-on-year client metrics.

**Salil Parekh**

On your last question, I just want to read out, no Infosys employee has been apprehended by any U.S. authority. A few months ago, one of our employees was denied entry into the U.S. and was sent back to India.

**Rishi Basu**

Thank you. The next question is from Chandra Srikanth from Moneycontrol.

**Chandra Srikanth**

Hi, Salil. Just a follow-on to that, so this employee who was not allowed and sent back, are you contesting that in any form? Secondly, one of the big trends this quarter we have seen is a big acquisition from Coforge, where they acquired Encora for $2.35 bn; TCS has acquired Coastal Cloud for $700 mn. So, can we expect more action on the M&A front? Are there assets that are attractive, if you can take us through your M&A strategy? Thank you.

**Salil Parekh**

On M&A, as we have looked at over the last few quarters, we have done acquisitions on cyber, on consulting and energy services. And we will continue with that sort of an approach. We have a good pipeline of possible companies that we are looking at and discussions. We have strong support in terms of our balance sheet. So, we will continue with that. It is not something that is different in that sense from what we were doing in the past. We have a set of areas we are also looking in geographies which are new we are looking at expanding in some service areas where we can go deeper. So that will continue on.

**Chandra Srikanth**

On the ICE, any other details that you can share?

**Salil Parekh**

That is what I have to share.

**Chandra Srikanth**

Okay. Jayesh, sorry, just one thing on the labor code. So, according to your fact sheet, Infosys has incurred `1,289 crores on account of labor codes. So, has the full impact been absorbed? Or will it sort of be staggered? How will that work?

**Jayesh Sanghrajka**

So, whatever is to be accrued till this quarter end has been accrued in the books. Labor code has impact across multiple aspects, whether it is gratuity, whether it is other aspects of wage, and that has been accrued. There will be an ongoing impact of roughly around 15 basis points. That will happen on an annual basis. That is a regular impact of the labor code as we go ahead.

**Rishi Basu**

Thanks, Chandra. The next question is from Haripriya Suresh from Reuters News.

**Haripriya Suresh**

Good evening. A few questions. One, on the H-1B front, will you be looking at making new applications? Or is it primarily just hiring in the U.S. and the employees that you have already? In Retail, is there specific softness because of how America is right now? And when do you sort of see that recovery? And third is, Salil, your term for a CEO ends in March 2027. That is the five-year term. What is succession plan? Has that started? And what is that looking like? Thank you.

**Salil Parekh**

On the first one, on H-1 and what the recruiting is. So, our approach is very clear. We have, as we have shared in the past, majority of our employees in the U.S. who are not requiring any visa, we are continuing with our deployments and our delivery using a mix of what we have work in the U.S. and work in India. So, no changes to that approach. At this stage, we are continuing with our process because there is an existing set. We will examine it as it comes up in the future.

On Retail, what we are seeing is there are some places where we see positives, there are some places where we see different client situations, which are under some cost containment for that subvertical within that. So, we are waiting and we are pushing to make sure that the Retail pipeline, which is growing, becomes converted into what we drive into the Retail growth.

On my own situation, no comment.

**Haripriya Suresh**

Like overall as a company.

**Salil Parekh**

Yes. No comment from my side.

**Rishi Basu**

Thank you, Haripriya. The next question is from Avik Das from The Business Standard.

**Avik Das**

Thank you. Quick questions. One, a little bit more on the BFSI commentary because what we understand that Financial services, BFSI, overall has been improving in the North American geography. So which sectors or which sub-segments within that sector is actually growing, if you can just throw some more light, Salil?

And North America seems to have de-grown in a constant currency basis. Any reason? Was it a client specific? Or was it any sector specific? Maybe Retail that pulled it down, if you can just throw some more light?

And Jayesh, there seems to be that idea that new large deals will be smaller or maybe far and few to come by as more AI-led deals sort of take the center stage. Keeping that in consideration, how do you think the margins are going to play out across the industry and for you in specific in the long run? Thank you.

**Salil Parekh**

So, I will start off on Financial services, we see a good traction across most of the subverticals we have within Financial services, we are seeing good traction with retail banks. We are seeing good traction with what are considered mid-market banks. We are seeing good traction on payments. We are seeing good traction in the mortgage area. So overall, pretty strong. Some are stronger, some are less strong. But overall, we see a good demand environment. There is good adoption of AI across the spectrum with our large financial services clients. We recently announced, for example, a partnership with Cognition, which is very strong, and we are working with them jointly in some of the financial services companies.

On North America, nothing very specific. It is a mix of different industries and different plays. The overall situation on Energy, Utilities, on Financial services remains strong, on some of our other verticals remains something that is coming back over time, but not yet.

**Avik Das**

On the third on the margin?

**Jayesh Sanghrajka**

Yes. On the large deals, if you look at the deals that we have signed, we have signed $4.8 bn this quarter if you look at it even on a nine-month basis, compared to the last year, our deals, large deal signings have gone up. So, while there is always a productivity ask that goes up because of AI, etc., there is also a lot of deals that are getting structured because of cost optimization, cost takeout, etc., from the client side. So, a lot is getting bundled when you look at it.

And on the margin side, large deals always have slightly lower margin than the company average. But as a portfolio, you always make up on a margin because the new work that comes up, comes up at a better margin, etc., so that is a trend that we have seen. We have not seen a change in the trend from that perspective.

**Rishi Basu**

Thank you, Avik. The next question is from Sanjana from The Hindu BusinessLine.

**Sanjana B.**

Hi. Good evening, gentlemen. So Manufacturing and Europe they have grown significantly for Infosys this quarter. Both of these were previously seeing some softness. So can you expand on what were some factors contributing to this growth? And also, I think the tech budgets for the calendar year 2026 are expected to be rolled out soon. Based on client conversations, what are you hearing? Is there any sign of uptick in discretionary spending?

And also, the guidance was raised upwards despite seasonalities and uncertainties. Any reasons for this? And the last question, regarding the collaboration with Cognition, which is an AI startup, what were the gaps in your AI portfolio that you were looking to bridge with this particular collaboration? How is this contributing to your whole AI momentum? Thank you.

**Salil Parekh**

So starting on Manufacturing and Europe. Firstly, I think Europe has been in a good position for us for many quarters. And actually, even Manufacturing has had a strong activity across the board, we have seen good traction. There are pieces within the Manufacturing client base, which are benefiting massively from the AI growth. For example, we work with companies that provide power solutions.

We work with companies that provide manufacturing into those solutions that provide engine capacity, that provide generating capacity. So there is a lot of those pieces which are doing well, those client industry components, which are doing well and where our team is really active on that. We have also got some good traction within Manufacturing on the engineering part of the work, engineering services part of the work.

**Rishi Basu**

Guided tech budgets for 2026. Discretionary spend.

**Salil Parekh**

On the discretionary spend overall. So first, on Financial services, we are definitely seeing that what we shared earlier. We are seeing a good set of deals which have happened, and then we see that with the AI traction we have in that industry, the next financial year, we will have better outcomes than this financial year on that, and Financial services, is going well this year.

Similarly, on Energy and Utilities, we are seeing a good set of deals that have come together across the whole industry vertical, and that is helping us with that momentum. So, those are the ones we are seeing.

On the others, we are not seeing any deterioration, so which is one sign. And we see overall, the macro environment seems to be where people are expecting maybe some interest rate cuts. So we will see if that happens, especially in the U.S. And then some of the other expansions we are doing, for example, we have a program where we are working with some of our smaller sets of clients, and those are growing pretty well. So overall, we feel that as we look out into the next year, these are things that support our growth.

Then on AI itself, we are seeing what I shared earlier in these six areas, where we see a potential good growth over the next several years, not just in the next year, and as we start to execute on that, that will help us.

**Rishi Basu**

Cognition.

**Salil Parekh**

On Cognition, so it is not so much a gap. So what the Cognition people are doing is they have built an agent which is working to do software development. And we are working with our clients as a partner with them, where we are building agent capacity, and we are enabling those agents to work in a client environment.

So, the advantage is that we have a detailed understanding of how the client technology landscape is set up and we have a good understanding of what are the industry constraints or opportunities are. And that, combined with the software agent with Cognition, becomes a very powerful combination in many clients. So, that is something that will expand quite nicely.

**Rishi Basu**

Thank you. The next question is from Jas Bardia from The Mint.

**Jas Bardia**

Good evening, sir. Just two-pronged questions. In what segments and for what clients will you all be using these AI software engineers? And how will this impact delivery? How will this impact billing? And more importantly, how will it impact future hiring? That is FY-'27 onwards, considering you are using a lot of these AI software engineers to work in client projects actively.

**Salil Parekh**

So, what we see there first, where will it be used? My sense is as I have interacted with our clients and with some of these partner companies, the usage is going to be across essentially every industry, every client over time. So, it is a function of what is the client landscape and what it is that they want to achieve.

My sense is there are, for example, in those six that I described earlier, there are places where the economics have changed completely from a client perspective. If you take legacy modernization, here, if you use software agents, plus our expertise, plus our knowledge, the whole economics from a client perspective becomes much better, and that allows a lot of these projects, which were not happening before to start happening.

So, it is not the case of something which was being done, which is now being done differently, that will also happen. But this is more a case of something which was not being done, which will now start to happen. So in that light, we will continue to hire. As Jayesh mentioned earlier, we will announce as we do in April, our plan for next year, we are going to hire on campus. We know that.

And this year till today, we have done 18,000. We will do 20,000 campus hires and we will continue in that sort of a range for next year because these are new areas of demand. And so it is incremental to what we are doing. And we will have our people working and these software agents, which makes the overall economics for the client much better.

**Jas Bardia**

The billing?

**Salil Parekh**

The value that we create will drive the billing. So, lot of these things will be based on the traditional ways, as Jayesh was saying on billing. And a lot over time, will change as the AI market itself develops. So today, there is not any immediate change. But over time, we will see that.

**Rishi Basu**

Thank you, Jas. The next question is from Poulomi Chatterjee from The Financial Express.

**Poulomi Chatterjee**

Good evening. So, I wanted to ask, recently, we have seen across Indian IT, there has been a slew of like AI-related acquisitions. So, what is your approach with regards to that? And also IT companies are now competitively hiring specialized AI talent among freshers who are getting paid significantly more. So, what does the talent pool look like? And what are you looking at when you are hiring these set of people?

**Salil Parekh**

So, in terms of acquisitions, in the landscape, there are not so many AI services companies today that we see. What we do see are companies where we are partnering, which are really AI, whether they build agents or models or foundational tools, which exists, and those are the ones we are partnering with. We will look in an acquisition approach to AI as they start to appear as larger AI services companies. And we have some that we are looking at, which is part of our overall acquisition, meaning there are other things in the acquisition as well.

In terms of the compensation, I think Infosys has always been a leader in making sure that we put new constructs in regard to our employees and the new people we recruit. What we have now done with the most recent approach and launch is put together an approach for very good software engineers who will work in AI and who will have that level of expertise to be specialized engineers within our structure and with different and higher or much higher compensation levels.

So, in the AI world, there will be different types of people working jointly with AI agents with different levels of training. And we want to make sure that we remain in the leading position in that recruitment environment. And with that, what we have launched for specialized engineers, that is the approach we have put in place.

**Rishi Basu**

Thank you, Poulomi. The next question is from Uma Kannan from Deccan Herald.

**Uma Kannan**

Good evening, gentlemen. So last year, you announced AI-first GCC model. So, I want to understand how it is shaping up? And a follow-up question on partnership. This month alone, you have announced a couple of partnerships. Going forward, will there be more AI-native collaboration?

And one more question. Some of your peers have made it mandatory to stay at the office for six hours. So, do you have any plans when it comes to office hours' requirement or will you continue the present hybrid flexible model? Thank you.

**Salil Parekh**

So, on the GCC, we have, as you mentioned, launched the AI-specific approach. We have a lot of client activity in that. We have some clients we are already working on that. There are several others which are in the pipeline for large AI-specific capability building in GCC. So beyond regular GCC work that we are doing, and that is going pretty well at this stage.

In terms of partnerships, we will have a number of different partnerships because there are several companies, smaller companies, but with great capability on AI on the foundation model, on coding, on agent development, on customer service. So, we will continue with that because those are the areas which our clients are most interested in, and we will continue. We are already working with those companies, but we will have these sort of strategic announcements as well. And the third one?

**Rishi Basu**

Work from home.

**Salil Parekh**

Work from home. No, we are not making any change to our approach. We will remain flexible in the way we are today and the way that our employees are interacting with the company and with our clients.

**Rishi Basu**

Thank you, Uma. The next question is from Padmini Dhruvaraj from The New Indian Express.

**Padmini Dhruvaraj**

Hi. Good evening. Sorry if these questions have been already asked. So one is, going forward, do you see labor code having an impact on profit margins? And do you see this having an impact on your appraisals going forward? And the U.S. government plans to cap the credit card limit, interest limit at 10%. So do you see this also having an impact?

**Salil Parekh**

So let me start with the second one, Labor code, Jayesh mentioned, I can also mention on the appraisal. On the U.S. credit card, what you mentioned, that is something that the U.S. banking system will look at and how they have to implement it. What we do with our clients, with the large banks is help them as they have to go through different regulatory changes. And if that requires our help and support, we will continue to do that. On the margin impact, Jayesh mentioned the number and on the appraisals, there will be no change in our appraisal approach.

**Jayesh Sanghrajka**

Yes. So on the labor code, whatever is the impact till December end is already taken in our financial statement. That is a one-time impact because the regulation has changed, and there is an impact for the number of years that employees would have served for us, etc. So that impact has already been taken in the financial statements. There will also be an ongoing impact because of the wage code that has changed, and that will be taken as and when we go through that. That is approximately 15 basis points on an annual basis.

**Rishi Basu**

Thank you, Padmini. Thank you. With that, we come to the end of this press conference. We thank our friends from media. Thank you, Salil, and thank you, Jayesh.

Before we conclude, please note that the archived webcast of this press conference will be available on the Infosys website and on our YouTube channel later today. Thank you very much, and please join us for high tea outside.

## Exhibit 99.4

**Exhibit 99.4**

**Fact Sheet**

![A blue sign with white text AI-generated content may be incorrect.](fact-sheet.gif)

**Revenue Growth- Q3 26**

---

| | | |
|:---|:---|:---|
| | **Reported** | **CC** |
| QoQ growth (%) | 0.5% | 0.6% |
| YoY growth (%) | 3.2% | 1.7% |

---

**Revenues by Business Segments**

(in %)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quarter ended** | **Quarter ended** | **Quarter ended** | **YoY Growth** | **YoY Growth** |
| | **Dec 31, 2025** | **Sep 30, 2025** | **Dec 31, 2024** | **Reported** | **CC** |
| Financial services | 28.2 | 27.7 | 27.8 | 4.8 | 3.9 |
| Manufacturing | 16.7 | 16.5 | 15.5 | 10.8 | 6.6 |
| Energy, Utilities, Resources & Services | 13.2 | 13.4 | 13.5 | 1.3 | 0.5 |
| Retail | 12.8 | 12.7 | 13.8 | (3.8) | (5.5) |
| Communication | 12.1 | 12.1 | 11.2 | 11.6 | 9.9 |
| Hi-Tech | 7.4 | 8.3 | 7.9 | (2.6) | (2.2) |
| Life Sciences | 7.2 | 6.4 | 7.6 | (3.1) | (5.4) |
| Others | 2.4 | 2.9 | 2.7 | (10.4) | (9.3) |
| **Total** | **100.0** | **100.0** | **100.0** | **3.2** | **1.7** |

---

**Revenues by Client Geography**

(in %)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Quarter ended** | **Quarter ended** | **Quarter ended** | **YoY Growth** | **YoY Growth** |
| | **Dec 31, 2025** | **Sep 30, 2025** | **Dec 31, 2024** | **Reported** | **CC** |
| North America | 55.9 | 56.3 | 58.4 | (1.2) | (1.0) |
| Europe | 32.7 | 31.7 | 29.8 | 13.3 | 7.2 |
| Rest of the world | 8.6 | 8.9 | 8.7 | 2.4 | 2.5 |
| India | 2.8 | 3.1 | 3.1 | (6.2) | (1.8) |
| **Total** | **100.0** | **100.0** | **100.0** | **3.2** | **1.7** |

---

**Client Data**

---

| | | | |
|:---|:---|:---|:---|
|  | **Quarter ended** | **Quarter ended** | **Quarter ended** |
| | **Dec 31, 2025** | **Sep 30, 2025** | **Dec 31, 2024** |
| Number of Clients |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Active | 1949 | 1896 | 1876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Added during the period (gross) | 121 | 118 | 101 |
| Number of Million dollar clients^ |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 Million dollar + | 1012 | 1012 | 997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10 Million dollar + | 326 | 322 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 Million dollar + | 84 | 85 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 Million dollar + | 41 | 41 | 41 |
| Client contribution to revenues |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Top 5 clients | 12.8% | 13.0% | 12.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Top 10 clients | 20.6% | 20.7% | 19.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Top 25 clients | 35.0% | 35.2% | 34.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Days Sales Outstanding^ | 74 | 71 | 74 |

---

^LTM (Last twelve months) Revenues

Adjusted financial measures presented in this fact sheet are non-IFRS financial measures that exclude the impact of the provisions arising from the notifications by Government of India on Labour Codes for quarter and nine months ended December 31, 2025 and are further described in this fact sheet.

**Effort & Utilization – Consolidated IT Services**

(in %)

---

| | | | |
|:---|:---|:---|:---|
| | **Quarter ended** | **Quarter ended** | **Quarter ended** |
| | **Dec 31, 2025** | **Sep 30, 2025** | **Dec 31, 2024** |
| **Effort** | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Onsite | 23.1 | 23.2 | 24.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offshore | 76.9 | 76.8 | 76.0 |
| **Utilization** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Including trainees | 80.0 | 82.2 | 83.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excluding trainees | 84.1 | 85.1 | 86.0 |

---

**Employee Metrics**

(Nos.)

---

| | | | |
|:---|:---|:---|:---|
| | **Quarter ended** | **Quarter ended** | **Quarter ended** |
| | **Dec 31, 2025** | **Sep 30, 2025** | **Dec 31, 2024** |
| Total employees | 337034 | 331991 | 323379 |
| S/W professionals | 319364 | 314500 | 306528 |
| Sales & Support | 17670 | 17491 | 16851 |
| Voluntary Attrition % (LTM - IT Services) | 12.3% | 14.3% | 13.7% |
| % of Women Employees | 39.5% | 39.5% | 39.0% |

---

**Cash Metrics**

In US $ million

---

| | | | |
|:---|:---|:---|:---|
| | **Quarter ended** | **Quarter ended** | **Quarter ended** |
| | **Dec 31, 2025** | **Sep 30, 2025** | **Dec 31, 2024** |
| FCF<sup>(1)</sup> | 915 | 1101 | 1263 |
| Adjustment for Labour Codes | 50 | – | – |
| Adjusted FCF | 965 | 1101 | 1263 |
| Consolidated cash and investments<sup>(2)</sup> | 3917 | 6173 | 4653 |

---

In ![](rupee-symbol.gif) crore

---

| | | | |
|:---|:---|:---|:---|
| | **Quarter ended** | **Quarter ended** | **Quarter ended** |
| | **Dec 31, 2025** | **Sep 30, 2025** | **Dec 31, 2024** |
| FCF<sup>(1)</sup> | 8176 | 9677 | 10647 |
| Adjustment for Labour Codes | 450 | – | – |
| Adjusted FCF | 8626 | 9677 | 10647 |
| Consolidated cash and investments<sup>(2)</sup> | 35206 | 54809 | 39836 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) 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 (non-IFRS measure)

&nbsp;&nbsp;&nbsp;&nbsp;(2) Consolidated cash and investments comprise of cash and cash equivalents, current and non-current investments
excluding investments in equity and preference shares, unquoted compulsorily convertible debentures and others

**Consolidated statement of Comprehensive Income for three months ended, (Extracted from IFRS Financial Statement)**

In US $ million, except per equity share data

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Dec 31, 2025** | **Dec 31, 2024** | **Growth %<br> YoY** | **Sep 30, 2025** | **Growth %<br> QoQ** |
| **Revenues** | **5099** | **4939** | **3.2%** | **5076** | **0.5%** |
| Cost of sales | 3660 | 3444 | 6.3% | 3516 | 4.1% |
| **Gross Profit** | **1439** | **1495** | **-3.7%** | **1560** | **-7.8%** |
| **Operating Expenses:** |  |  |  |  |  |
| Selling and marketing expenses | 257 | 218 | 17.9% | 254 | 1.2% |
| Administrative expenses | 245 | 224 | 9.4% | 241 | 1.7% |
| **Total Operating Expenses** | **502** | **442** | **13.6%** | **495** | **1.4%** |
| **Operating Profit** | **937** | **1053** | **-11.0%** | **1065** | **-12.0%** |
| **Operating Margin %** | **18.4** | **21.3** | **-2.9%** | **21.0** | **-2.6%** |
| Other Income, net of finance cost | 98 | 90 | 8.9% | 100 | -2.0% |
| **Profit before income taxes** | **1035** | **1143** | **-9.4%** | **1165** | **-11.2%** |
| Income tax expense | 287 | 337 | -14.8% | 325 | -11.7% |
| **Net Profit (after non-controlling interests)** | **747** | **804** | **-7.2%** | **839** | **-11.0%** |
| **Basic EPS ($)** | **0.18** | **0.19** | **-6.6%** | **0.20** | **-10.4%** |
| **Diluted EPS ($)** | **0.18** | **0.19** | **-6.6%** | **0.20** | **-10.4%** |

---

**Reconciliation of Reported IFRS financial measures to Adjusted non-IFRS**

**financial measures for three months ended**

In US $ million, except per equity share data

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dec 31, 2025** | **Dec 31, 2025** | **Dec 31, 2025** | **Dec 31, 2024** |
| **Particulars** | **Reported IFRS** | **Adjustment for Labour Codes<sup>(1)</sup>** | **Adjusted <br> non-IFRS** | **Reported IFRS** |
| **Operating Profit** | **937** | **143** | **1080** | **1053** |
| **Operating Margin %** | **18.4** | **2.8** | **21.2** | **21.3** |
| **Profit before income taxes** | **1035** | **143** | **1178** | **1143** |
| Income tax expense | 287 | 35 | 322 | 337 |
| **Net Profit (after non-controlling interests)** | **747** | **108** | **855** | **804** |
| **Basic EPS ($)** | **0.18** | **0.03** | **0.21** | **0.19** |

---

**Consolidated statement of Comprehensive Income for nine months ended, (Extracted from IFRS Financial Statement)**

In US $ million, except per equity share data

---

| | | | |
|:---|:---|:---|:---|
| **Particulars** | **Dec 31, 2025** | **Dec 31, 2024** | **Growth %** |
| **Revenues** | **15117** | **14547** | **3.9%** |
| Cost of sales | 10593 | 10103 | 4.9% |
| **Gross Profit** | **4524** | **4444** | **1.8%** |
| **Operating Expenses:** |  |  |  |
| Selling and marketing expenses | 769 | 671 | 14.6% |
| Administrative expenses | 725 | 693 | 4.6% |
| **Total Operating Expenses** | **1494** | **1364** | **9.5%** |
| **Operating Profit** | **3030** | **3080** | **-1.6%** |
| **Operating Margin %** | **20.0** | **21.2** | **-1.2%** |
| Other Income, net of finance cost | 308 | 249 | 23.7% |
| **Profit before income taxes** | **3338** | **3329** | **0.3%** |
| Income tax expense | 942 | 981 | -4.0% |
| **Net Profit (after non-controlling interests)** | **2393** | **2345** | **2.1%** |
| **Basic EPS ($)** | **0.58** | **0.57** | **2.3%** |
| **Diluted EPS ($)** | **0.58** | **0.56** | **2.3%** |

---

**Reconciliation of Reported IFRS financial measures to Adjusted non-IFRS**

**financial measures for nine months ended**

In US $ million, except per equity share data

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dec 31, 2025** | **Dec 31, 2025** | **Dec 31, 2025** | **Dec 31, 2024** |
| **Particulars** | **Reported IFRS** | **Adjustment for Labour Codes<sup>(1)</sup>** | **Adjusted <br> non-IFRS** | **Reported IFRS** |
| **Operating Profit** | **3030** | **143** | **3173** | **3080** |
| **Operating Margin %** | **20.0** | **1.0** | **21.0** | **21.2** |
| **Profit before income taxes** | **3338** | **143** | **3481** | **3329** |
| Income tax expense | 942 | 35 | 977 | 981 |
| **Net Profit (after non-controlling interests)** | **2393** | **108** | **2501** | **2345** |
| **Basic EPS ($)** | **0.58** | **0.02** | **0.60** | **0.57** |

---

**Consolidated statement of Comprehensive Income for three months ended, (Extracted from IFRS Financial Statement)**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Dec 31, 2025** | **Dec 31, 2024** | **Growth %<br> YoY** | **Sep 30, 2025** | **Growth %<br> QoQ** |
| **Revenues** | **45479** | **41764** | **8.9%** | **44490** | **2.2%** |
| Cost of sales | 32652 | 29120 | 12.1% | 30800 | 6.0% |
| **Gross Profit** | **12827** | **12644** | **1.4%** | **13690** | **-6.3%** |
| **Operating Expenses:** |  |  |  |  |  |
| Selling and marketing expenses | 2292 | 1839 | 24.6% | 2224 | 3.1% |
| Administrative expenses | 2180 | 1893 | 15.2% | 2113 | 3.2% |
| **Total Operating Expenses** | **4472** | **3732** | **19.8%** | **4337** | **3.1%** |
| **Operating Profit** | **8355** | **8912** | **-6.3%** | **9353** | **-10.7%** |
| **Operating Margin %** | **18.4** | **21.3** | **-2.9%** | **21.0** | **-2.6%** |
| Other Income, net of finance cost | 874 | 758 | 15.3% | 876 | -0.2% |
| **Profit before income taxes** | **9229** | **9670** | **-4.6%** | **10229** | **-9.8%** |
| Income tax expense | 2563 | 2848 | -10.0% | 2854 | -10.2% |
| **Net Profit (after non-controlling interests)** | **6654** | **6806** | **-2.2%** | **7364** | **-9.6%** |
| **Basic EPS (![](rupee-symbol.gif))** | **16.17** | **16.43** | **-1.6%** | **17.76** | **-9.0%** |
| **Diluted EPS (![](rupee-symbol.gif))** | **16.14** | **16.39** | **-1.6%** | **17.74** | **-9.0%** |

---

**Reconciliation of Reported IFRS financial measures to Adjusted non-IFRS**

**financial measures for three months ended,**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dec 31, 2025** | **Dec 31, 2025** | **Dec 31, 2025** | **Dec 31, 2024** |
| **Particulars** | **Reported IFRS** | **Adjustment for Labour Codes<sup>(1)</sup>** | **Adjusted <br> non-IFRS** | **Reported IFRS** |
| **Operating Profit** | **8355** | **1289** | **9644** | **8912** |
| **Operating Margin %** | **18.4** | **2.8** | **21.2** | **21.3** |
| **Profit before income taxes** | **9229** | **1289** | **10518** | **9670** |
| Income tax expense | 2563 | 318 | 2881 | 2848 |
| **Net Profit (after non-controlling interests)** | **6654** | **971** | **7625** | **6806** |
| **Basic EPS (![](rupee-symbol.gif))** | **16.17** | **2.36** | **18.53** | **16.43** |

---

**Consolidated statement of Comprehensive Income for nine months ended, (Extracted from IFRS Financial Statement)**

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

---

| | | | |
|:---|:---|:---|:---|
| **Particulars** | **Dec 31, 2025** | **Dec 31, 2024** | **Growth %** |
| **Revenues** | **132248** | **122064** | **8.3%** |
| Cost of sales | 92676 | 84771 | 9.3% |
| **Gross Profit** | **39572** | **37293** | **6.1%** |
| **Operating Expenses:** |  |  |  |
| Selling and marketing expenses | 6724 | 5631 | 19.4% |
| Administrative expenses | 6337 | 5813 | 9.0% |
| **Total Operating Expenses** | **13061** | **11444** | **14.1%** |
| **Operating Profit** | **26511** | **25849** | **2.6%** |
| **Operating Margin %** | **20.0** | **21.2** | **-1.2%** |
| Other Income, net of finance cost | 2688 | 2096 | 28.2% |
| **Profit before income taxes** | **29199** | **27945** | **4.5%** |
| Income tax expense | 8234 | 8233 | 0.0% |
| **Net Profit (after non-controlling interests)** | **20939** | **19680** | **6.4%** |
| **Basic EPS (![](rupee-symbol.gif))** | **50.64** | **47.52** | **6.6%** |
| **Diluted EPS (![](rupee-symbol.gif))** | **50.55** | **47.40** | **6.6%** |

---

**Reconciliation of Reported IFRS financial measures to Adjusted non-IFRS**

**financial measures for nine months ended,**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Dec 31, 2025** | **Dec 31, 2025** | **Dec 31, 2025** | **Dec 31, 2024** |
| **Particulars** | **Reported IFRS** | **Adjustment for Labour Codes<sup>(1)</sup>** | **Adjusted <br> non-IFRS** | **Reported IFRS** |
| **Operating Profit** | **26511** | **1289** | **27800** | **25849** |
| **Operating Margin %** | **20.0** | **1.0** | **21.0** | **21.2** |
| **Profit before income taxes** | **29199** | **1289** | **30488** | **27945** |
| Income tax expense | 8234 | 318 | 8552 | 8233 |
| **Net Profit (after non-controlling interests)** | **20939** | **971** | **21910** | **19680** |
| **Basic EPS (![](rupee-symbol.gif))** | **50.64** | **2.35** | **52.99** | **47.52** |

---

Notes

&nbsp;&nbsp;&nbsp;&nbsp;(1) On November 21, 2025 the Government of India notified provisions of The Labour Codes. These Labour Codes
consolidate twenty-nine existing labour laws into a unified framework governing employee benefits during employment and post-employment
and amongst other things introduce changes, including a uniform definition of wages and enhanced benefits relating to leave. The adjustments
for Labour Codes represent an increase in gratuity liability arising out of past service cost and increase in leave liability together
by $143 million (![](rupee-symbol.gif) 1,289 crore) which is recognized in the Consolidated Statement of Comprehensive Income.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Revenue growth in reported currency includes the impact of currency fluctuations. Additionally, we calculate
constant currency (CC) growth by comparing current period revenues in respective local currencies converted to US $ using prior period
exchange rates and comparing the same to our prior period reported revenues.

&nbsp;&nbsp;&nbsp;&nbsp;(3) As the quarter and nine months ended figures are taken from the source and rounded to the nearest digits,
the quarter figures in this statement added up to the figures reported for the previous quarters might not always add up to the nine months
ended figures reported in this statement.

## Exhibit 99.5

**Exhibit 99.5**<br> **Earnings Conference Call**

**Infosys Limited <br> Q3 FY26 Earnings Conference Call**

**January 14, 2026**

**CORPORATE PARTICIPANTS:**

**Salil Parekh**

Chief Executive Officer and Managing Director

**Jayesh Sanghrajka**

Chief Financial Officer

**Sandeep Mahindroo**

Financial Controller and Head - Investor Relations

**journalists**

**Ankur Rudra**

JPMorgan

**Bryan Bergin**

TD Cowen

**Ashwin Mehta**

Ambit Capital

**Abhishek Pathak**

Motilal Oswal

**Jonathan Lee**

Guggenheim Securities

**Vibhor Singhal**

Nuvama Equities

**Keith Bachman**

BMO Capital Markets

**Gaurav Rateria**

Morgan Stanley

**Sandeep Shah**

Equirus Securities

**Jamie Friedman**

Susquehanna International Group

**Dipesh Mehta**

Emkay Global

**Moderator**

Ladies and gentlemen, good day, and welcome to Infosys Limited Q3 FY'26 Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during this conference call, please signal an operator by pressing star, then zero on your touch-tone phone. Please note that this conference is being recorded.

I now hand the conference over to Mr. Sandeep Mahindroo. Thank you, and over to you, Mr. Mahindroo.

**Sandeep Mahindroo**

Hello everyone, and welcome to Infosys earnings call for Q3 FY'26. Let me start by wishing all of you a very Happy New Year. Joining us on this call is CEO and MD, Mr. Salil Parekh, CFO, Mr. Jayesh Sanghrajka, along with other members of the leadership team. We will start the call with some remarks on the performance of the company, subsequent to which the call will be opened up for questions.

Please note that anything we say that refers to our future outlook is a forward-looking statement that must be read in conjunction with the risks that the company faces. A complete statement and explanation of these risks is available in our filings with the SEC, which can be found on www.sec.gov.

I would now like to pass on the call to Salil.

**Salil Parekh**

Thanks, Sandeep. Good evening and good morning to everyone on the call. Thank you for joining us. Warm wishes to you for the new year.

We had a strong performance in Q3. Our revenues grew 0.6% sequentially and 1.7% year-on-year in constant currency terms. Our large deals were at $4.8 bn with 57% net new. This was across 26 deals. Our adjusted operating margin was 21.2%. We generated free cash flow of $915 mn.

One of the most significant large deals we won was with the National Health Service in the U.K. This $1.6 bn deal expands our work in the Healthcare sector. We will help NHS leverage AI to streamline operations and improve patient care for U.K. citizens. We have deepened our Topaz AI capability with an agent services suite called Topaz Fabric. This suite helps our clients manage and implement AI agents across the enterprise.

We are expanding our strategic partnerships with AI companies. We recently announced a partnership with Cognition. Here, we will combine Cognition's Devin software agent with Infosys' knowledge of the client landscape and industry expertise. We are already working with them across clients.

Industry analysts recognize Infosys for its leadership in AI. In financial year 2026, we were recognized as a leader across 12 ratings. We had strong momentum in AI adoption across our client base. Today, we work with 90% of our 200 largest clients to unlock value with AI. We are currently working on 4,600 AI projects. Our teams have generated over 28 mn lines of code using AI. We have built over 500 agents. We are scaling our forward deployed engineer team.

Our clients are turning to us as trusted partners to drive value realization from AI investments. Some of the areas they focus on are fragmented data, legacy application landscape and business workflows that are not conducive for AI. We bring together a deep understanding of clients' technology landscape, strong data engineering and process reimagination capabilities to help them capture value at scale from AI.

We aspire to make AI work for clients delivering business outcomes for cost, revenue growth and innovation. We are witnessing six AI-led value pools emerging that could unlock a large incremental opportunity for us. We also see productivity-led benefits that compress some legacy areas.

The six value pools of opportunity in AI services we see are,

- AI engineering services,

- Data for AI,

- Agents for operations,

- AI software development and legacy modernization,

- AI and physical devices and

- AI trust and risk services

We believe we are uniquely positioned to capture market share across these value pools and emerge as the leading AI value creator for global enterprises. We will share a comprehensive view on our approach at an Investor Day later this quarter.

In Financial services, we see good traction in large deals and discretionary projects. In Financial services and in Energy, Utilities, Resources and Services verticals, we expect acceleration in financial year 2027 over financial year 2026. This is based on good deal wins and AI preferred partner status with 15 of our largest 25 clients in each of these verticals.

With the strong performance in this quarter, we have revised our revenue guidance for the financial year. The new revenue growth guidance for this financial year is 3% to 3.5% growth in constant currency. Our operating margin guidance for the financial year remains the same at 20% to 22%.

With that, let me hand it over to Jayesh for his update.

**Jayesh Sanghrajka**

Thank you, Salil. Good morning, good evening, everyone, and thank you for joining the call today. First of all, a very Happy New Year to all of you.

Coming to the quarter, our Q3 performance demonstrates continued momentum we saw in the last two quarters, underscoring resilience of our business model, relevance of our offerings and our disciplined execution.

We had another quarter of growth, despite seasonal weakness and reduction in third party costs. The results for Q3 FY'26 include a charge associated with change in labor codes in India, which had an impact on operating profit, net profit, EPS and free cash flow for the quarter. Reference to the adjusted numbers exclude the impact from the same.

Revenue for Q3 was $5.1 bn, up 0.6% sequentially and 1.7% year-on-year basis in constant currency terms. Operating margins including the impact of change in labor codes stands at 18.4%, adjusting for the same, it is at 21.2%.

Key highlights of the quarter are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. We achieved strong revenue growth despite seasonality and lower third-party costs. Third-party as a percentage
of revenue reduced by 0.3% sequentially and approximately 2.4% on a year-on-year basis.

&nbsp;&nbsp;&nbsp;&nbsp;2. With three strong quarters of performance, our revenue growth in 9 months stood at 2.8%, which is at the
higher end of our earlier guided range. This is despite the lower third party, which has reduced by approximately 1% compared to the same
period last year and now stands at 7.3%.

&nbsp;&nbsp;&nbsp;&nbsp;3. Momentum in Financial Services continues with 3.9% year-on-year growth in constant currency terms.

&nbsp;&nbsp;&nbsp;&nbsp;4. Among geos, Europe continued to lead the growth by 7.2% year-on-year in constant currency terms.

&nbsp;&nbsp;&nbsp;&nbsp;5. Volumes continue to remain soft for the quarter and the year.

&nbsp;&nbsp;&nbsp;&nbsp;6. On a 9-month basis, RPP increased, reflecting continued momentum of value-based selling and productivity
increases that we have achieved.

&nbsp;&nbsp;&nbsp;&nbsp;7. Adjusted operating margins increased by 20 basis points sequentially to 21.2%.

&nbsp;&nbsp;&nbsp;&nbsp;8. We continue our investments in sales and marketing, which has increased by double digits this year to
date and impacting margins by approximately 50 basis points

&nbsp;&nbsp;&nbsp;&nbsp;9. Utilization, excluding trainees was down by 1% sequentially at 84.1% and including trainees, was down
by 2.2% to 80% as we continue to create capacity for future growth opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;10. Our adjusted margins for 9 months are at 21% at midpoint of guidance after absorbing accelerated investment
in sales and marketing as well as lower utilization.

&nbsp;&nbsp;&nbsp;&nbsp;11. On-site mix further reduced by 10 basis points in Q3 and by 70 basis points in 9 months FY'26.

&nbsp;&nbsp;&nbsp;&nbsp;12. Investment in talent continues. Net headcount increased by 5,000 to 337,000 employees. LTM attrition declined
by 2% sequentially and 1.4% on a year-on-year basis, reflecting both market conditions and our focus on employee retention and upskilling.

&nbsp;&nbsp;&nbsp;&nbsp;13. Large deal TCV was robust at $4.8 bn in Q3 with 57% net new. Total large deal TCV for 9 months stood at
$11.7 bn, exceeding the total large deal TCV of full year FY'25. Net new deal TCV for 9 months was up by 40% as compared to the same period
last year. Large deal pipeline continues to be healthy.

&nbsp;&nbsp;&nbsp;&nbsp;14. Our razor-sharp focus aided by the deployment of AI agents on our order to receivable cycle has resulted
in decline of 5 days in DSO, including net unbilled to 82 days sequentially.

&nbsp;&nbsp;&nbsp;&nbsp;15. Driven by strong collections, free cash flow generation adjusted for labor codes remained robust at $965
mn, which is 113% of adjusted net profit. Adjusted free cash flow conversion for 9 months stood at 118%.

&nbsp;&nbsp;&nbsp;&nbsp;16. Adjusted EPS in rupee terms for 9 months FY'26 grew at double digits at 11.5%.

&nbsp;&nbsp;&nbsp;&nbsp;17. During the quarter, we successfully completed our largest ever buyback, returning INR18,000 crores to
our shareholders, which will help EPS accretion. We also paid out interim dividend for FY'26 in line with our capital allocation policy.

Adjusted operating margins for Q3 expanded by 20 basis points to 21.2% sequentially. Major components of changes are as below:

Tailwinds of

- 40 basis points from currency movement,

- 40 basis points from Maximus comprising primarily of value-based selling, critical portfolios and lean & automation,

offset by

- 70 basis point impact from furloughs and lower working days.

The impact of higher variable pay was partly offset by one-off benefits during the quarter.

Consolidated cash and investments were at $3.9 bn at the end of the quarter after returning $3 bn to the shareholders in the form of dividend and buyback.

Yield on cash balance was at 6.19% and ROE stood at 32.8%.

We signed 26 large deals during the quarter, including two mega deals. This includes 10 in Financial services, 4 in Retail, 3 each in Life Sciences and Manufacturing, 2 each in Communication, EURS and Hi-tech. Region-wise, we signed 16 deals in America, 9 in Europe and 1 in Rest of World.

Coming to verticals.

We see continued momentum in **Financial services** with approximately 5% growth in last 9 months, led by large deal wins and uptick in discretionary spends across sub-verticals like banking, payments, mortgages, along with asset and wealth management. There is elevated interest in AI-led transformation, platform modernization and vendor consolidation. We are seeing a shift from compliance to business growth. Significant core transformation across all FS sub-vertical is creating strong long-term strategic pipeline, providing good IP platform partner opportunities. We are now a preferred AI partner for top 15 out of 25 banking clients. Uptick in discretionary spend in aforementioned sub-verticals and deal wins in recent quarters positions us favorably for better growth in FY'27.

**Manufacturing** vertical is also impacted by tariff uncertainties, which is preventing clients from committing to long-term investments. Discretionary spend is under pressure and decision-making is slow. Industrial and Aero are doing well, but Auto sector remains challenged. Clients are prioritizing cost discipline, consolidation and efficiency, and we are supporting them through digital rationalizations and AI-led productivity initiatives. Overall pipeline remains healthy and focus on cost takeouts, infra consolidation and ERP modernization.

**EURS** companies are increasingly allocating budgets towards AI infrastructure, data readiness, cloud and software platforms. There is demand for setting up GCCs across sectors with most clients looking at SIs to complement their GCC strategy. We are a preferred AI partner for top 15 out of top 25 clients. We are seeing an increase in discretionary demand in Utilities and Energy, which should lead to growth acceleration in FY'27. Utility sector is witnessing increase in demand driven by massive investments in infra and AI data centers. While discretionary demand in energy sector is focused on decarbonization and low-carbon solutions, there is also focus on cost optimization and consolidation due to enterprise AI adoption.

**Retail** and **CPG** clients continue to experience uncertainty due to the ongoing tariff negotiations and evolving geopolitical equations. Clients are prioritizing cost takeouts and AI-led productivity deals while discretionary spends remains soft apart from SAP, DNA, testing and AI augmented services. We continue to leverage Topaz and our AI Next platform to deliver measurable business value with robust guardrails around privacy, governance and augmenting customer and employee experiences.

**Communication** sector continues to be impacted by geopolitical uncertainty. However, our deal wins in prior quarters are helping us driving growth acceleration year-on-year over last few quarters. Telcos are prioritizing AI automation and transformation productivity increases, while traditionally IT remains under pressure. Clients are increasingly seeking partnerships with SIs for scaling and innovation within complex ecosystems. Focus is on outcome-based engagement models rather than traditional effort-based pricing model. Our stellar execution in a seasonally weak quarter is a clear reflection of our ability to navigate the uncertain environment effectively.

Strong year-to-date performance and robust deal wins have enabled us to revise our revenue guidance for FY'26 upward to 3% to 3.5%. This does not include any revenues from the joint venture with Telstra as we still await the regulatory approvals. Our operating margin guidance remains at 20% to 22%.

With that, we can open up for the questions.

**Moderator**

Thank you very much. We will now begin the question-and-answer session. The first question is from the line of Ankur Rudra from JP Morgan. Please go ahead.

**Ankur Rudra**

Hi. Thank you, and Happy New Year to you too. Good to see a nice print here. Just first couple of questions on the revenue and the demand side. You know, the signs have been quite strong for the last couple of quarters. And momentum has been quite strong as well.

I am just curious why the outlook, the implied outlook for fourth quarter cannot be stronger than it is. And secondly, I just want to confirm that your comment is for a growth acceleration in FY '27 for the overall business and not for a segment alone?

And are you seeing any signs of short-cycle projects or discretionary spending expanding beyond financial services and energy also, especially when you think about FY '27? Thank you.

**Salil Parekh**

So first, on what we are seeing in terms of the momentum and the deals, all of that has led to the increase in the guidance keeping in mind the overall picture. So Jayesh mentioned a little bit about financial services, about energy, utilities, the overall deals.

And then if you look at some of our other sectors, we are still seeing those sectors starting to come up, but not at that level. So, keeping all of that in mind, we have increased the guidance for what we see in Q4.

On the numbers for next year – so, what we have shared today is in the two verticals, Energy, Utilities, Resources and Services, and in Financial services, we see that the growth on financial year '27 to '26 will be good. And that is because of the deals we have won large and other deals and the AI where we have partners with 15 of our large 25 clients.

So those two things especially are giving us that view. We are not making a comment on the overall business. We are not saying anything on the overall at this stage.

**Ankur Rudra**

Appreciate that. Thank you so much.

**Jayesh Sanghrajka**

Ankur, if I can just add to what Salil was saying on guidance and your question on why Q4 guidance cannot be elevated more. You should also remember that there is a lower working day / calendar day impact in this quarter, which is usually seasonally there. So, that is also a headwind from the guidance perspective.

**Ankur Rudra**

Appreciate it. Just a question for you, Jayesh, as well on the margin side. Margins appear to be down 20 basis points if I adjust the gains from the property sale this time. Could you highlight if you are seeing any kind of pricing pressure? And also, how do you see the puts and takes going forward? Also, given a lot more disclosure on the AI side, which is appreciated, I am curious if AI is a headwind or a tailwind on your margins when you do these 4,600 AI projects.

**Jayesh Sanghrajka**

Yes. So you are right, there was a benefit that we got this quarter, and I did call that out that benefit was largely offset by the higher variable pay that we also provided in the financial statements this quarter. So that is the put and take of the margin.

On the pricing, if you look at our consistent pricing commentary has been that our pricing is accretive. We have seen consistently our pricing going up on back of various factors, including AI, including Project Maximus. New gen pricing is part of the Project Maximus, which includes how do you price these new AI projects, etc.,. So, we do not really see an impact or a headwind coming because of the AI projects on pricing, especially.

**Ankur Rudra**

Understood. Thank you and best of luck.

**Moderator**

Thank you. Next question is from the line of Bryan from TD Cowen. Please go ahead.

**Bryan Bergin**

Hi, good evening. Thank you. I wanted to ask on North America. So just your comment on your view going forward here, at least in the coming quarters, you see it just dipped down to a contraction of minus 1% on a year-on-year basis. Was that due to any particular industries? And just how do you see that progressing here as you go through March and beyond?

**Jayesh Sanghrajka**

Yes so, this is what we had called out at the beginning of the year when we provided our original guidance that looking at the deals in the pipeline, looking at the projects that we have and the projects or large deals that were under execution.

We expected this year, the third-party cost and therefore, the third-party revenue to be lower than the last year. It is across segments. Of course, the impact of it by segment could vary, but the impact is across segments.

**Bryan Bergin**

Okay understood. And then just as it relates to the commentary on budgets going forward, can you just comment on the conversations you are having with enterprises now as it relates to their calendar '26 budgets. As you think about this right now versus this time last year, any key changes worth noting?

**Salil Parekh**

I think what we see now is, first, the comment that we made earlier on Energy, Utilities vertical and Financial services. In Financial services, we also see discretionary work that is more prevalent. And then we see much more activity on AI. And in the AI area, what we are starting to identify as the six value pools areas where we can drive faster growth. We are seeing traction on that.

And with some of the partnerships we have announced and some others that we are already working with companies on, we see good momentum. So, those are the two things that we are seeing. Some of the discretionary in FS, good momentum in those two Energy Utilities and Financial services. And then in AI, more activity, which is different from this time of last year.

**Bryan Bergin**

Thank you.

**Moderator**

Thank you. Next question is from the line of Ashwin Mehta from Ambit Capital. Please go ahead.

**Ashwin Mehta**

Yes, hi. So just one question in terms of healthcare. It seems to have done pretty well this quarter, almost $44 mn of incremental revenues, which is nearly double of our overall incremental revenues. So, what is the driver of the healthcare growth? And secondly, was there any contribution from the NHS deal in this quarter?

**Jayesh Sanghrajka**

Yes, Ashwin, healthcare did benefit from the contribution from the NHS deal that we signed.

**Ashwin Mehta**

And we expect residual contribution as you get into the next quarter or this is kind of scaled up?

**Jayesh Sanghrajka**

Ashwin, we do not provide deal by deal revenue estimates per se, right? But yes, healthcare did benefit from the NHS.

**Ashwin Mehta**

Fair. And the second question is in terms of wage hikes. I missed the initial comments, but any decision in terms of the wage hikes? And are they expected in 4Q?

**Jayesh Sanghrajka**

So on the wage hike, whenever we decide that we have always considered multiple factors; when was the last wage hike was done, what are the market scenarios, the inflation, etc. If you look at this calendar, we have already rolled out wage hikes in two stages, effective - one part was effective January, the other one was effective April, like we always do. So, we have not decided the next cycle yet.

**Ashwin Mehta**

Okay. Fair enough. Thanks a lot, and all the best.

**Moderator**

Thank you. Next question is from the line of Abhishek Pathak from Motilal Oswal. Please go ahead.

**Abhishek Pathak**

Hi, team, congrats on a good quarter. So, a couple of questions. Firstly, do you think this is the year when clients kind of move from the AI strategy being good to have to something of a necessity, right, which means that, is this a year when foundational AI work starts getting taken seriously across verticals? That is the first one.

And secondly, on the Cognition deal, being a very interesting sort of partnership. Very curious to know how you are pricing this, how you are taking it to clients? I mean, is Devin kind of initially leading to a bit of cannibalization in revenues? And how are those contracts structured? And over the next 1 to 2 years, how do you expect a typical deal with, let us say, an agent like Devin and yourself sort of structured? So those are two questions.

**Salil Parekh**

So, on the first one, what we are seeing is there is more and more interest in AI work across different industries. So, we will continue to see that going through the year. We will now watch and see because every quarter so far and especially in Q3, we have seen that interest, our pipeline, the number of projects, our penetration of our large 200 clients with AI work, all of that is going up, and it is across those different verticals.

There is much more activity there, which we called out in financial services, but we also see that in Telco, we see that in pharma, healthcare, we see that in Energy, Utilities. We see a little bit in Life sciences. So, it is not like only one sector. But yes, in FS, it is quite a bit more.

On Cognition, the way that works is basically the Devin software agent and our work, we are doing joint work in clients already today. So, what tends to happen is there are certain sets of activity. For example, we see some things on legacy modernization where in the past, that was a large long commitment for clients. With this combination between a software agent and Infosys and our knowledge of the client landscape and of the industry - things become much more addressable.

And so those newer areas, those are the six value pools that I referenced earlier. This is one of them. Those are the new areas that start to come into play. And in this particular case with Devin, that is one example. There are others where that agent can be used in different places. And that is the type of growth we are seeing because that is new work that would ordinarily not have been done at all, but now can be attempted in a combination.

**Abhishek Pathak**

Got it. Thanks, and all the best.

**Moderator**

Thank you very much. Next question is from the line of Jonathan Lee from Guggenheim Securities. Please go ahead.

**Jonathan Lee**

Great. Happy New Year and thanks for taking my questions. Can you speak to the level of visibility and certainty you have in your implied fiscal 4Q revenue growth relative to the visibility you have had in prior years around this time?

**Jayesh Sanghrajka**

Hi, Jonathan, this is Jayesh here. I mean, whenever we have looked at the guidance, we do take into account multiple factors, the deals that we have signed, the deals that are ramping up and the usual factors affecting the quarter like calendar days, working days, etc. So, I think that is what has gone into guidance this time as well. What I can tell you is at the lower end we have baked in a higher amount of uncertainty. And at the higher end, we have baked in a better macro environment

**Jonathan Lee**

That is good color. Thank you. And a follow-up, can you help us reconcile what you are seeing around subcontractor usage in the quarter versus the downtick in utilization you are seeing? Is there a skill gap that you might be facing and how should we think about that dynamic going forward?

**Jayesh Sanghrajka**

Yes, so subcon historically, you are right, is always a factor of where the skill gaps are, where the skills that you need depending on the geography, depending on the tenure of the requirement, etc. And that is how the subcon uptick or downtick happens in the market in our scenario and that is what has happened this quarter as well. There are some of the large deals, there are some of the deals which would have started ramping up and we needed to dip into the subcontractors to fulfill those requirements, which is what is reflected in the uptick.

**Jonathan Lee**

Appreciate that. Thank you.

**Moderator**

Thank you very much. Next question is from the line of Vibhor Singhal from Nuvama. Please go ahead.

**Vibhor Singhal**

Hi, thanks for taking my question and congrats on a solid performance. Salil, my question was on two key verticals, Manufacturing and the Hi-Tech division. So Manufacturing, just wanted to pick your brains on how are you seeing the traction in this vertical, given the kind of headwinds the Auto companies are seeing globally in terms of their EV rollouts and the competition. How are different parts of the Manufacturing vertical looking like at this point of time and do you expect the momentum to pick up in that?

On the Hi-Tech vertical, just again I think we saw a sharp drop in this quarter, might have been due to seasonality of furloughs, but anything that you are looking at? This vertical has been around $370 mn, $380 mn kind of run rate for us for quite a while now. What are you looking at in this vertical in terms of next drivers of growth and are we seeing any momentum building up in this in the near future?

**Salil Parekh**

On Manufacturing, as you mentioned, there is weakness in automotive and in some parts of industrial across Europe. We see some strength in some elements in Manufacturing and this is partially in U.S., partially in Europe, is supplying capability, which is coming for the build-out of the data centers and so on. So, there are some of those companies which are benefiting from that.

But, the automotive side, as you mentioned, we see that continuing to be weak. We are focused on expanding our base there. So, we are looking at that and have successfully worked now with multiple automotive companies. We also see that going beyond automotive in the broader manufacturing, which is supplying capabilities to the boom in AI and data center activity, not the services, is what is going to help us in Manufacturing.

On Hi-Tech, similarly, there is groups of companies which are strong, there are groups which need more attention and we have a portfolio of those companies. Overall, there is still cost pressure in Hi-Tech and we will push. There is a lot of productivity activity that is going on there where clients are looking for productivity benefits.

And they are also looking some of them for where they will get their growth into. Again, some of the companies which are supplying servers, etc., we are seeing those are doing pretty well with the AI boom. The others are looking for where are the growth elements that are going to come and we are supporting that work. And Hi-Tech also at this stage, we see some constraints in that industry.

**Vibhor Singhal**

But just to further on that. Do you see this vertical maybe picking up for us, not in immediate term, but let us say, in the medium to long term, given that the widespread adoption of AI should be and some of these companies should be at the forefront of that. Do you think this vertical could be a good growth driver for us maybe sometime down the line?

**Salil Parekh**

So, I think in the medium term or longer, my sense is Hi-Tech is a good industry. We are very comfortable to be in it, as you pointed out. With different ways of AI impacting it across different value pools, they will also go through those changes.

But we have to make sure that we are providing them the services that they are looking for and in a way that they have a lot of cost pressures today that becomes manageable in their cost structure. There is no timeline in my mind. But yes, in the medium term or beyond, Hi-Tech is a good industry for us.

**Vibhor Singhal**

Got it.. Just one last question for Jayesh. Jayesh, as this quarter we took this exceptional item on the labor law impact. I would assume that the entire impact that we had to take has been taken. And from next quarter, there would not be any exceptional item anymore. And what would be the recurring impact of this new labor laws on our P&L in terms of margins?

**Jayesh Sanghrajka**

Yes. So, whatever is known at this point in time on back of the regulation that has changed is being taken this quarter. We do not expect, unless, of course, there are changes in the regulation, we do not expect any further impact going forward as one-off. The recurring impact of this would be 15 basis points on an ongoing basis approximately.

**Vibhor Singhal**

Got it, got it. Great, that is it. Thank you so much for taking my question and wish you all the best.

**Moderator**

Thank you very much. Next question is from the line of Keith Bachman from BMO Capital. Please go ahead.

**Keith Bachman**

Yes. Thank you very much. Could you speak on how you anticipate revenue per employee changing over the next couple of years and the spirit of the question is driven by trying to better understand how you see Infosys in the industry. One of the core value propositions has been managing people and growing in terms of managing agents instead of managing people?

**Jayesh Sanghrajka**

Yes. So, Keith, it is similar to what we have seen in any other technology wave. If you are ahead of the curve, you will see an increase in your productivity because of the premium that you can keep with you. If you are behind the curve, then you probably will see a dip. The only measurement that would change here is the premium is measured now in terms of productivity. So, if you are delivering better productivity, you would be able to keep some of that with you, which will get reflected in better pricing.

If you are behind the curve in delivering the productivity, you would see a dip in pricing. So that is how you will see in a traditional environment, the only change I would say is the pricing models per se are also changing and emerging. There are newer and newer pricing models emerging, how do you price agents, how do you price the underlying platform, etc. But early days to say at this point in time, how will that reflect in terms of linearity or non-linearity.

**Keith Bachman**

Okay. And the second one is more micro - there's been some recent press reports about your relationship with Daimler in terms of maybe that moving away. Could you speak on anything you could comment on Daimler and/or is the Q4 guidance reflecting any attrition in contracts, large contracts?

Or should we be thinking about if we look over the horizon into FY'27, should we be considering any major attrition from any major contracts? And that's it for me. Thank you.

**Jayesh Sanghrajka**

Yes. So Keith, our current contracts are valid till December end, till December '26. So, we don't really see any contracts within that expiring at this point in time. Beyond that, we don't really give a color on a client-specific or a project-specific details.

**Keith Bachman**

Okay. All right. Thank you.

**Operator**

Thank you. Next question is from the line of Gaurav Rateria from Morgan Stanley. Please go ahead.

**Gaurav Rateria**

Yes, hi. My question is on the deal renewal cycle. Your comment did allude to significant productivity benefit on the legacy services. So anything that you could share from what you have seen on the renewals of your larger deals, specifically using some of the AI tools? What has been the learning there? Has there been some amount of leakage, which has been higher than usual?

**Salil Parekh**

So, on the large deals, we are typically seeing, whether it's renewals or also deals which we are winning from other companies where we are beneficiaries of consolidation. Typically, across the Board, there is a large expectation from clients on AI productivity benefits.

What we have done is we have modeled in what we are seeing today and built a path to that because these are typically three-five year deals. But we are also not in a position where sometimes the client expectations over five years are very different.

So, we have what we are seeing and there we can view what that sort of a benefit is that we can provide because these are multiyear deals.

In fact, we are winning large deals quite a lot. If you look at the numbers in the three quarters, we have done more than the full year of the previous year. And Q3 was already $4.8 bn. We've seen some net new deals, for example, NHS.

So yes, there is that productivity. But yes, we are also benefiting from consolidation and winning things across the Board, where my sense is we are gaining on the market share side.

**Gaurav Rateria**

Got it. My next question on your visibility for CY '26, fair to say that looks better than the last year because last year, you entered into the year where you had a big decline in the fourth quarter because of some specific issues. And this year, your guidance alludes to kind of a much better fourth quarter outlook.

So your exit rate is much better than the last year. Does it mean that it gives you a little bit of a tailwind when you get into the FY'27 compared to last year when you got into FY'26? Thank you.

**Salil Parekh**

I think the way you have described it, you have done the maths on that one because what we can see is, our guidance for the full year, we have the range, which gives us a good traction on Q4 with a lot of the good deals that have come and what we saw in Q3. Then, we are seeing the discretionary coming back in Financial services. Then we are seeing Energy, Utilities and Financial services looking better in the next financial year than this financial year. And then we are seeing in AI services, the six value pools where we see a good growth opportunity. So all in all, that gives us a good, let us say, good view of next year.

**Gaurav Rateria**

Thank you, Salil.

**Moderator**

Thank you very much. Next question is from the line of Sandeep Shah from Equirus Securities. Please go ahead.

**Sandeep Shah**

Yes. Thanks for the opportunity and congrats on a good set of numbers. Salil, first question, are you witnessing the average size of AI-led deals going up materially on a Y-o-Y basis across sectors?

And just a follow-up, if answer to this is being yes, one can see clients are now in a state of mind where they do not fear in terms of modernization of legacy applications. And if that is true, can it lead to a better discretionary spend on that side of the services in CY '26 versus last year?

**Salil Parekh**

On the AI part, so there are two things. One is there are, like, deals which are only AI. One is where AI is pervasive in every service we are offering. So, it is difficult, therefore, to say the size of the deal. But in general, the usage of AI is much more across all our services. And the actual, only AI, if you can call it like that, deals are also going better. So that is what is happening.

I think on that modernization, if I understood, yes, we are seeing that across the Board because AI can open up that and make it a little bit more efficient for the client and therefore, they will have a better return on that. And then will the discretionary come after that? That one, we do not know, meaning it depends on the industry situation also for that.

Like what we see right now is in Financial services, we are seeing it. But the other industries, we will see how they play out as each one we have given some color. That will be different for different industries is what we think.

**Sandeep Shah**

Okay. And just a follow-up to this. Is there a traction in terms of number of deals below $50 mn has now started increasing and this could be a trend to continue rather than volatile trend earlier? And just two questions to Jayesh.

Is it fair to assume third-party items as their cost line, as a percentage to revenue for this year, which we guided at the start of the year, may be stable here on or may further decline beyond FY'26. And Jayesh, this INR165 crores profit on property, plant and equipment, will it be a headwind in the fourth quarter?

**Salil Parekh**

Let me start on the first piece. Typically, below that $50 mn, we are not sharing because only the large deals data we are sharing externally. The only comment we can share is, overall, our wins are looking good. And also, we are doing work with smaller accounts, which is not to comment on the overall $50 mn below deal, but on smaller accounts, there we are also seeing some good growth. And then Jayesh, on the other parts?

**Jayesh Sanghrajka**

Yes. So, Sandeep, this is Jayesh here. If you look at the third-party deals this year, beginning of the year, we had said we expect the third-party cost to be lower than the previous year on back of the deals that we signed in last year that were getting ramped up, the deals that we saw in the pipeline.

So that is a combination that we need to look out for when we guide for that. We do not have all the details at this point in time for the next year. We will get into next year, and we will let you know on that at that point in time. So that was one. You had a second question on the INR165 crores. I did not get the exact question on that, if you could repeat.

**Sandeep Shah**

Yes. What I meant is these kind of a line item may not reoccur every quarter. So is it fair to assume 35, 36 bps, which has been a benefit in this quarter could be a headwind in next quarter?

**Jayesh Sanghrajka**

Yes. So there are always some one-offs, right, that you get some headwinds, some tailwinds. Sometimes, it is in revenue line item, sometimes it is a cost line item for a company of this size. So that is always there. As I talked about in my margin walk also, this was largely or more than offset by the increase in variable pay as well.

**Sandeep Shah**

Okay. Thanks and all the best.

**Moderator**

Thank you very much. Next question is from the line of Jamie Friedman from Susquehanna International. Please go ahead.

**Jamie Friedman**

Hi. Good evening. I had two questions. I will just ask them upfront. Salil, it is great to see the improvement in discretionary and financial services. I was wondering if you have any comment as to whether you are seeing that or anticipating that expand into other verticals. And you mentioned Energy and Resources.

And then my second question is, in terms of your thinking about the journey between AI and agentification, it seems like your thinking has evolved more towards the agentification. I imagine you will address this at the Analyst Day, but if you could describe how you are thinking about the productization of your AI initiatives relative to those two dimensions. So first, AI and then agentification? Thank you very much.

**Salil Parekh**

So, on the first, I think on Financial services, we are absolutely seeing that, which we shared. On Energy Utilities, because of the deals and the fact that we are in the top 15 of 25 clients doing AI work, we see clearly next financial year will be growth over this financial year. We are looking in other places as that discretionary will start to come back. And as it does, we will absolutely share that.

We do feel that overall, from what we see on AI, what we see with possibilities on the economic growth, GDP growth and so on in the U.S. that those signs will give the clients the ability to spend on tech. But as we see it, we will share that for sure on the other industries.

On AI, so first, agents are very much in a big play today. So, we are absolutely on the forefront of that. So, what we have built within Topaz is fabric, Topaz Fabric, as we call it, is a set of purpose-built agents, which work with many different native AI companies interfaces and can support a lot of different functions within clients, horizontal and vertical. So that suite is going to be our agent suite.

Then there are agents of the other companies, which we will integrate, implement, expand, make it work because we know the tech landscape of a client, and we know the industry depth. So there, we feel quite good that we are in a better position than many people to put that.

In terms of productization, we have built four small language models. In our own product suite, in Finacle, we will be much more AI orientated. But we are not at today's stage planning to do large-scale foundational model work. We are going to do small language model work. We will do other things. For example, there are a set of AI wrappers or orchestration modules that we can build, which will enable clients to switch between foundation models, switch between agents, do a selection of agents, so that is a different type of product platform, which is all in Topaz.

So that is the way we are thinking about it today. We may, in the future, have something more, but that is like the current view.

**Moderator**

Sir, the line for the participant dropped. We move to the next participant. Next question is from the line of Dipesh Mehta from Emkay Global. Please go ahead.

**Dipesh Mehta**

Yes. Thanks for the opportunity. Two questions. First about the six areas of AI services pool, which you referred to. Can you provide some sense about the potential growth opportunities? And where, let us say, Infosys is currently and how you expect it to evolve in maybe next three to five years?

Maybe if you can share some participation metrics, where we are and how you expect it to evolve? Second question is on the CY '26 budget. If you can provide some early indication on how you expect it to shape up? Thank you.

**Salil Parekh**

So on the first one, what we are thinking is in that six areas, today, we are starting to do work in many of those areas. But what we want to do is in our Investor Day, go into a little bit more depth. For example, we will share, like in several industries, what we are doing in some of the areas. We will share like we have AI labs on campus, and we want to do a little walk through to show like actually the work that is going on. And we will also share like the scale of what we think that opportunity is and the possible growth dynamics in that. So, that is our planning for that Investor Day. And the second one, what did you ask?

**Dipesh Mehta**

CY '26 budget.

**Salil Parekh**

So, that we will come to it in the April time frame, when we finish the year. We are now in the process of working on that. We will share that in that April call.

**Dipesh Mehta**

Okay. Thanks.

**Moderator**

Thank you very much. Ladies and gentlemen, we will take that as the last question. I will now hand the conference over to the management for closing comments.

**Salil Parekh**

Okay. Thank you, everyone for joining and for such a detailed and insightful set of questions. I just want to leave a few comments. We have had a strong quarter, good large deals, increase in our guidance. Our nine-month margin sits at 21%. We have actually done that after absorbing a very strong increase in our sales cost of 50 basis points and with some lower utilization, which we are building capacity for the future. We also see a huge shift on AI, which we shared in some of the six areas plus some of the partnerships.

We start to see discretionary coming back in Financial services. And in Energy, Utilities and Financial services, we start to see that next year looking better than this year. So overall, we feel good as we go into the fourth quarter with our increase in guidance. Thank you, everyone, and catch you at the next quarterly call.

**Moderator**

Thank you very much. Thank you, members of the management. Ladies and gentlemen, on behalf of Infosys Limited, that concludes this conference. Thank you all for joining us, and you may now disconnect your lines. Thank you.

## Exhibit 99.6

**Exhibit 99.6**<br> **Form of Release to Stock Exchanges**

**INDEPENDENT Auditor's Report** **ON AUDIT OF QUARTERLY AND NINE MONTHS ENDED CONSOLIDATED FINANCIAL RESULTS** 

**To The Board of Directors of INFOSYS Limited**

**Opinion**

We have audited the accompanying statement of Consolidated Financial Results of **INFOSYS LIMITED** (the "Company") and its subsidiaries (the Company and its subsidiaries together referred to as the "Group") for the quarter and nine months ended December 31, 2025 (the "Statement"), being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "LODR Regulations").

In our opinion and to the best of our information and according to the explanations given to us, the Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) includes the financial results
of the subsidiaries as given in the Annexure to this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is presented in accordance with
the requirements of Regulation 33 of the LODR Regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) gives a true and fair view in
conformity with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting"
("Ind AS 34") prescribed under section 133 of the Companies Act, 2013 (the "Act") read with relevant rules issued
thereunder and other accounting principles generally accepted in India of the consolidated net profit and consolidated other comprehensive
income and other financial information of the Group for the quarter and nine months ended December 31, 2025.

**Basis for Opinion** 

We conducted our audit in accordance with the Standards on Auditing ("SA"s) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in Auditor's Responsibilities for audit of the consolidated financial results section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("ICAI") together with the ethical requirements that are relevant to our audit of the consolidated financial results for the quarter and nine months ended December 31, 2025 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

**Management's and Board of Directors' Responsibilities for the Statement** 

The Statement, which includes the Consolidated Financial Results is the responsibility of the Company's Board of Directors and has been approved by them for the issuance. The Statement has been compiled from the related audited interim condensed consolidated financial statements for the three months and nine months ended December 31, 2025. This responsibility includes the preparation and presentation of the Statement that give a true and fair view of the consolidated net profit and consolidated other comprehensive income and other financial information of the Group in accordance with the recognition and measurement principles laid down in the Ind AS 34, prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations.

The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the respective financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of this Statement by the Directors of the Company, as aforesaid.

In preparing the Consolidated Financial Results, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the respective entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate their respective entities or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group are responsible for overseeing the financial reporting process of the Group.

**Auditor's Responsibilities for audit of the Consolidated Financial Results for the quarter and nine months ended December 31, 2025**

Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Results for the quarter and nine months ended December 31, 2025, as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Consolidated Financial Results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

&nbsp;&nbsp;&nbsp;&nbsp;• Identify and assess the risks
of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.

&nbsp;&nbsp;&nbsp;&nbsp;• Obtain an understanding of internal
control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on the effectiveness of such controls.

&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the appropriateness
of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the appropriateness
and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the LODR
Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;• Conclude on the appropriateness
of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related
disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as
a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the overall presentation,
structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and
events in a manner that achieves fair presentation.

&nbsp;&nbsp;&nbsp;&nbsp;• Perform procedures in accordance
with the circular issued by the SEBI under Regulation 33(8) of the LODR Regulations to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;• Obtain sufficient appropriate
audit evidence regarding the Financial Information of the entities within the Group to express an opinion on the Statement. We are responsible
for the direction, supervision and performance of the audit of financial information of such entities included in the Statement of which
we are the independent auditors.

Materiality is the magnitude of misstatements in the Statement that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Statement may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Statement.

We communicate with those charged with governance of the Company and such other entities included in the Statement of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

---

| | |
|:---|:---|
|  | <br> **For DELOITTE HASKINS & SELLS LLP** |
|  | Chartered Accountants |
|  | (Firm's Registration No. 117366W/W-100018)<br>![](vikas-signature.gif) <br>|
|  | **Vikas Bagaria** |
|  | Partner |
| Place: Bengaluru | (Membership No.060408) |
| Date: January 14, 2026 | UDIN: 26060408STQCKH8485 |

---

**<u>Annexure to Auditor's Report</u>**

**<u>List of Entities:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. Infosys
Technologies (China) Co. Limited

&nbsp;&nbsp;&nbsp;&nbsp;2. Infosys
Technologies S. de R. L. de C. V.

&nbsp;&nbsp;&nbsp;&nbsp;3. Infosys
Technologies (Sweden) AB

&nbsp;&nbsp;&nbsp;&nbsp;4. Infosys
Technologies (Shanghai) Company Limited

&nbsp;&nbsp;&nbsp;&nbsp;5. Infosys
Nova Holdings LLC.

&nbsp;&nbsp;&nbsp;&nbsp;6. EdgeVerve
Systems Limited

&nbsp;&nbsp;&nbsp;&nbsp;7. Infosys
Austria GmbH

&nbsp;&nbsp;&nbsp;&nbsp;8. Skava Systems
Private Limited (liquidated effective November 14, 2024)

&nbsp;&nbsp;&nbsp;&nbsp;9. Infosys
Chile SpA

&nbsp;&nbsp;&nbsp;&nbsp;10. Infosys
Arabia Limited (under liquidation)

&nbsp;&nbsp;&nbsp;&nbsp;11. Infosys
Consulting Ltda.

&nbsp;&nbsp;&nbsp;&nbsp;12. Infosys
Luxembourg S.a.r.l

&nbsp;&nbsp;&nbsp;&nbsp;13. Infosys
Americas Inc. (liquidated effective July 14, 2023)

&nbsp;&nbsp;&nbsp;&nbsp;14. Infosys
Public Services, Inc. USA

&nbsp;&nbsp;&nbsp;&nbsp;15. Infosys
BPM Limited

&nbsp;&nbsp;&nbsp;&nbsp;16. Infosys
(Czech Republic) Limited s.r.o.

&nbsp;&nbsp;&nbsp;&nbsp;17. Infosys
Poland Sp z.o.o

&nbsp;&nbsp;&nbsp;&nbsp;18. Infosys
McCamish Systems LLC

&nbsp;&nbsp;&nbsp;&nbsp;19. Portland
Group Pty Ltd

&nbsp;&nbsp;&nbsp;&nbsp;20. Infosys
BPO Americas LLC.

&nbsp;&nbsp;&nbsp;&nbsp;21. Infosys
Consulting Holding AG

&nbsp;&nbsp;&nbsp;&nbsp;22. Infosys
Management Consulting Pty Limited

&nbsp;&nbsp;&nbsp;&nbsp;23. Infosys
Consulting AG

&nbsp;&nbsp;&nbsp;&nbsp;24. Infosys
Consulting GmbH

&nbsp;&nbsp;&nbsp;&nbsp;25. Infosys
Consulting S.R.L (Romania) (Renamed as Infosys Romania SRL)

&nbsp;&nbsp;&nbsp;&nbsp;26. Infosys
Consulting SAS

&nbsp;&nbsp;&nbsp;&nbsp;27. Infy Consulting Company Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;28. Infy Consulting
B.V.

&nbsp;&nbsp;&nbsp;&nbsp;29. Infosys
Consulting S.R.L (Argentina)

&nbsp;&nbsp;&nbsp;&nbsp;30. Infosys
Consulting (Belgium) NV

&nbsp;&nbsp;&nbsp;&nbsp;31. Panaya
Inc.

&nbsp;&nbsp;&nbsp;&nbsp;32. Infosys
Financial Services GmbH

&nbsp;&nbsp;&nbsp;&nbsp;33. Panaya
Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;34. Brilliant
Basics Holdings Limited (under liquidation)

&nbsp;&nbsp;&nbsp;&nbsp;35. Brilliant
Basics Limited (under liquidation)

&nbsp;&nbsp;&nbsp;&nbsp;36. Infosys Singapore Pte. Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;37. Infosys
Middle East FZ LLC

&nbsp;&nbsp;&nbsp;&nbsp;38. Fluido
Oy

&nbsp;&nbsp;&nbsp;&nbsp;39. Fluido
Sweden AB

&nbsp;&nbsp;&nbsp;&nbsp;40. Fluido
Norway A/S

&nbsp;&nbsp;&nbsp;&nbsp;41. Fluido
Denmark A/S

&nbsp;&nbsp;&nbsp;&nbsp;42. Fluido
Slovakia s.r.o

&nbsp;&nbsp;&nbsp;&nbsp;43. Infosys
Compaz Pte. Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;44. Infosys
South Africa (Pty) Ltd

&nbsp;&nbsp;&nbsp;&nbsp;45. WongDoody, Inc, (merged into Infosys Nova Holdings LLC with
effect from January 01, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;46. HIPUS Co.,
Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;47. Stater
N.V.

&nbsp;&nbsp;&nbsp;&nbsp;48. Stater
Nederland B.V.

&nbsp;&nbsp;&nbsp;&nbsp;49. Stater
XXL B.V.

&nbsp;&nbsp;&nbsp;&nbsp;50. HypoCasso
B.V.

&nbsp;&nbsp;&nbsp;&nbsp;51. Stater
Participations B.V. (wholly owned subsidiary of Stater N.V. merged with Stater N.V. with effect from November 24, 2023)

&nbsp;&nbsp;&nbsp;&nbsp;52. Stater
Belgium N.V./S.A. (formerly a wholly owned subsidiary of Stater Participations B.V., became the wholly owned subsidiary of Stater N.V.
with effect from November 24, 2023)

&nbsp;&nbsp;&nbsp;&nbsp;53. Outbox
systems Inc. dba Simplus (US), (merged into Infosys Nova Holdings LLC with effect from January 01, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;54. Simplus
ANZ Pty Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;55. Simplus
Australia Pty Ltd

&nbsp;&nbsp;&nbsp;&nbsp;56. Simplus
Philippines, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;57. Infosys
Fluido UK, Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;58. Infosys
Fluido Ireland, Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;59. Infosys
Limited Bulgaria EOOD

&nbsp;&nbsp;&nbsp;&nbsp;60. Infosys
BPM UK Limited

&nbsp;&nbsp;&nbsp;&nbsp;61. Blue Acorn
iCi Inc., (merged into Infosys Nova Holdings LLC with effect from January 01, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;62. Kaleidoscope
Animations, Inc., (merged into Infosys Nova Holdings LLC with effect from January 01, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;63. Kaleidoscope
Prototyping LLC (liquidated effective November 1, 2023)

&nbsp;&nbsp;&nbsp;&nbsp;64. GuideVision
s.r.o

&nbsp;&nbsp;&nbsp;&nbsp;65. GuideVision
Deutschland GmbH

&nbsp;&nbsp;&nbsp;&nbsp;66. GuideVision
Suomi Oy

&nbsp;&nbsp;&nbsp;&nbsp;67. GuideVision
Magyarorszag Kft

&nbsp;&nbsp;&nbsp;&nbsp;68. GuideVision
Polska Sp. z.o.o

&nbsp;&nbsp;&nbsp;&nbsp;69. Infosys
Business Solutions LLC

&nbsp;&nbsp;&nbsp;&nbsp;70. Infosys
Germany GmbH (wholly owned subsidiary of Infosys Singapore Pte Limited merged into Infosys Germany SE (formerly known as Blitz 24-893
SE) effective from September 24, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;71. GuideVision
UK Ltd (under liquidation)

&nbsp;&nbsp;&nbsp;&nbsp;72. Infosys
Turkey Bilgi Teknolojileri Limited Sirketi

&nbsp;&nbsp;&nbsp;&nbsp;73. Infosys
Germany Holding Gmbh

&nbsp;&nbsp;&nbsp;&nbsp;74. Infosys
Automotive and Mobility GmbH & Co. KG

&nbsp;&nbsp;&nbsp;&nbsp;75. Stater
GmbH

&nbsp;&nbsp;&nbsp;&nbsp;76. Infosys Green Forum

&nbsp;&nbsp;&nbsp;&nbsp;77. Infosys (Malaysia) SDN. BHD.

&nbsp;&nbsp;&nbsp;&nbsp;78. oddity space GmbH, merged into
WongDoody GmbH (formerly known as oddity GmbH) with effect from September 29, 2023

&nbsp;&nbsp;&nbsp;&nbsp;79. oddity jungle GmbH merged into
WongDoody GmbH (formerly known as oddity GmbH) with effect from September 29, 2023

&nbsp;&nbsp;&nbsp;&nbsp;80. oddity waves GmbH merged into
WongDoody GmbH (formerly known as oddity GmbH) with effect from September 29, 2023

&nbsp;&nbsp;&nbsp;&nbsp;81. oddity group Services GmbH merged
into WongDoody GmbH (formerly known as oddity GmbH) with effect from September 29, 2023

&nbsp;&nbsp;&nbsp;&nbsp;82. oddity code GmbH merged into
WongDoody GmbH (formerly known as oddity GmbH) with effect from September 29, 2023

&nbsp;&nbsp;&nbsp;&nbsp;83. WongDoody d.o.o. (formerly known
as oddity code d.o.o) which was formerly a subsidiary of oddity Code GmbH has become a subsidiary of Wongdoody Gmbh (formerly known as
oddity GmbH) with effect from September 29, 2023

&nbsp;&nbsp;&nbsp;&nbsp;84. WongDoody GmbH (formerly known
as Oddity GmbH)

&nbsp;&nbsp;&nbsp;&nbsp;85. WongDoody (Shanghai) Co. Limited
(formerly known as oddity (Shanghai) Co. Ltd.)

&nbsp;&nbsp;&nbsp;&nbsp;86. WongDoody Limited (Taipei) (formerly
known as oddity Limited (Taipei)

&nbsp;&nbsp;&nbsp;&nbsp;87. Infosys Public Services Canada
Inc.

&nbsp;&nbsp;&nbsp;&nbsp;88. BASE life science A/S

&nbsp;&nbsp;&nbsp;&nbsp;89. BASE life science AG

&nbsp;&nbsp;&nbsp;&nbsp;90. BASE life science GmbH

&nbsp;&nbsp;&nbsp;&nbsp;91. BASE life science Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;92. BASE life science S.A.S

&nbsp;&nbsp;&nbsp;&nbsp;93. BASE life science S.r.l.

&nbsp;&nbsp;&nbsp;&nbsp;94. Innovisor Inc.

&nbsp;&nbsp;&nbsp;&nbsp;95. BASE life science Inc.

&nbsp;&nbsp;&nbsp;&nbsp;96. BASE life science S.L.

&nbsp;&nbsp;&nbsp;&nbsp;97. Panaya Germany GmbH

&nbsp;&nbsp;&nbsp;&nbsp;98. Infosys Norway

&nbsp;&nbsp;&nbsp;&nbsp;99. Infosys BPM Canada Inc. (Wholly-owned
subsidiary of Infosys BPM Limited) which was incorporated on August 11, 2023 has been dissolved on March 15, 2024

&nbsp;&nbsp;&nbsp;&nbsp;100. Danske IT and Support Services
India Private Limited acquired by Infosys Limited on September 1, 2023 (Renamed as Idunn Information Technology Private Limited with effect
from April 1, 2024)

&nbsp;&nbsp;&nbsp;&nbsp;101. InSemi Technology Services Pvt.
Ltd. acquired by Infosys limited on May 10, 2024

&nbsp;&nbsp;&nbsp;&nbsp;102. Elbrus Labs Private Limited (a
wholly owned subsidiary of InSemi Technology Services Pvt. Ltd.) acquired by Infosys limited on May 10, 2024

&nbsp;&nbsp;&nbsp;&nbsp;103. Infosys Services (Thailand) Limited,
a Wholly-owned subsidiary of Infosys Limited was incorporated on July 26, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;104. Infy tech SAS, a Wholly-owned
subsidiary of Infosys Singapore Pte Limited was incorporated on July 03, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;105. in-tech Holding GmbH (acquired
by Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte. Limited (a wholly owned subsidiary of Infosys Limited) on
July 17, 2024 merged into in-tech GmbH with effect from January 01, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;106. in-tech GmbH (Subsidiary of in-tech
Holding GmbH) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte. Limited (a wholly owned subsidiary
of Infosys Limited) on July 17, 2024)

&nbsp;&nbsp;&nbsp;&nbsp;107. in-tech Automotive Engineering
SL (Subsidiary of in-tech GmbH) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte. Limited (a wholly
owned subsidiary of Infosys Limited) on July 17, 2024)

&nbsp;&nbsp;&nbsp;&nbsp;108. ProIT (Subsidiary of in-tech
GmbH) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte. Limited (a wholly owned subsidiary of Infosys
Limited) on July 17, 2024)

&nbsp;&nbsp;&nbsp;&nbsp;109. in-tech Automotive Engineering
de R.L. de C.V (Subsidiary of in-tech GmbH) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte. Limited
(a wholly owned subsidiary of Infosys Limited) on July 17, 2024) (liquidated effective May 07, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;110. drivetech Fahrversuch GmbH (Subsidiary
of in-tech GmbH) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte. Limited (a wholly owned subsidiary
of Infosys Limited) on July 17, 2024)

&nbsp;&nbsp;&nbsp;&nbsp;111. Friedrich Wagner Holding Inc
(Subsidiary of in-tech GmbH) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte. Limited (a wholly
owned subsidiary of Infosys Limited) on July 17, 2024) (under liquidation)

&nbsp;&nbsp;&nbsp;&nbsp;112. in-tech Automotive Engineering
LLC (Subsidiary of Friedrich Wagner Holding Inc) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte.
Limited (a wholly owned subsidiary of Infosys Limited) on July 17, 2024) (liquidated effective November 30, 2024)

&nbsp;&nbsp;&nbsp;&nbsp;113. in-tech Services LLC (Subsidiary
of Friedrich Wagner Holding Inc) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte. Limited (a wholly
owned subsidiary of Infosys Limited) on July 17, 2024) (liquidated effective November 30, 2024)

&nbsp;&nbsp;&nbsp;&nbsp;114. Friedrich & Wagner Asia Pacific
GmbH (Subsidiary of in-tech GmbH) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte. Limited (a wholly
owned subsidiary of Infosys Limited) on July 17, 2024), (merged into in-tech GmbH with effect from January 01, 2025).

&nbsp;&nbsp;&nbsp;&nbsp;115. in-tech engineering s.r.o (Subsidiary
of Friedrich & Wagner Asia Pacific GmbH) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte. Limited
(a wholly owned subsidiary of Infosys Limited) on July 17, 2024)

&nbsp;&nbsp;&nbsp;&nbsp;116. in-tech engineering GmbH (Subsidiary
of Friedrich & Wagner Asia Pacific GmbH) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte. Limited
(a wholly owned subsidiary of Infosys Limited) on July 17, 2024)

&nbsp;&nbsp;&nbsp;&nbsp;117. in-tech engineering services
S.R.L (Subsidiary of Friedrich & Wagner Asia Pacific GmbH) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys
Singapore Pte. Limited (a wholly owned subsidiary of Infosys Limited) on July 17, 2024), (merged into ProIT with effect from November
30, 2025)

&nbsp;&nbsp;&nbsp;&nbsp;118. in-tech Group Ltd (Subsidiary
of Friedrich & Wagner Asia Pacific GmbH) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte. Limited
(a wholly owned subsidiary of Infosys Limited) on July 17, 2024)

&nbsp;&nbsp;&nbsp;&nbsp;119. in-tech Group India Private Limited
(Subsidiary of in-tech Group Ltd) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of Infosys Singapore Pte. Limited (a wholly
owned subsidiary of Infosys Limited) on July 17, 2024). On September 01, 2024 in-tech Group India Private Limited became a wholly-owned
subsidiary of Infosys limited.

&nbsp;&nbsp;&nbsp;&nbsp;120. In-tech Automotive Engineering
Shenyang Co. (Subsidiary of Friedrich & Wagner Asia Pacific GmbH) (acquired by Infosys Germany GmbH, a wholly owned subsidiary of
Infosys Singapore Pte. Limited (a wholly owned subsidiary of Infosys Limited) on July 17, 2024)

&nbsp;&nbsp;&nbsp;&nbsp;121. In-tech Automotive Engineering
Bejing Co., Ltd (Subsidiary of In-tech Automotive Engineering Shenyang Co.) (acquired by Infosys Germany GmbH, a wholly owned subsidiary
of Infosys Singapore Pte. Limited (a wholly owned subsidiary of Infosys Limited) on July 17, 2024)

&nbsp;&nbsp;&nbsp;&nbsp;122. Infosys Employees Welfare Trust

&nbsp;&nbsp;&nbsp;&nbsp;123. Infosys Employee Benefits Trust

&nbsp;&nbsp;&nbsp;&nbsp;124. Infosys Science Foundation

&nbsp;&nbsp;&nbsp;&nbsp;125. Infosys Expanded Stock Ownership
Trust

&nbsp;&nbsp;&nbsp;&nbsp;126. Infosys Germany SE (formerly
known as Blitz 24-893 SE) acquired by Infosys Singapore Pte Ltd on October 17, 2024

&nbsp;&nbsp;&nbsp;&nbsp;127. Infosys Limited SPC, a Wholly-owned
subsidiary of Infosys Limited was incorporated on December 12, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;128. Infosys BPM Netherlands B.V.,
a Wholly-owned subsidiary of Infosys BPM Limited was incorporated on March 20, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;129. Infosys Energy Consulting Services
LLC, a Wholly-owned subsidiary of Infosys Nova Holding LLC was incorporated on April 16, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;130. Infosys Saudi Arabia LLC, a Wholly-owned
subsidiary of Infosys Limited was incorporated on April 21, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;131. Infosys Australia Technology
Services Pty Ltd, a Wholly-owned subsidiary of Infosys Singapore Pte. Limited was incorporated on April 23, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;132. MRE Consulting Ltd (acquired
by Infosys Nova Holding LLC (a Wholly-owned subsidiary of Infosys Limited) with 98.21% partnership interest and Infosys Energy Consulting
Services LLC (a wholly owned subsidiary of Infosys Nova Holding LLC) with 1.79% partnership interest on April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;133. MRE Technology Services LLC (a
Wholly-owned subsidiary of MRE Consulting Ltd) (acquired by Infosys Nova Holding LLC (a Wholly-owned subsidiary of Infosys Limited) with
98.21% partnership interest and Infosys Energy Consulting Services LLC (a wholly owned subsidiary of Infosys Nova Holding LLC) with 1.79%
partnership interest on April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;134. The Missing Link Automation Pty
Ltd (acquired by Infosys Australia Technology Services Pty Ltd, a Wholly-owned subsidiary of Infosys Singapore Pte. Limited (a wholly
owned subsidiary of Infosys Limited) on April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;135. The Missing Link Network Integration
Pty Ltd (acquired by Infosys Australia Technology Services Pty Ltd, a Wholly-owned subsidiary of Infosys Singapore Pte. Limited (a wholly
owned subsidiary of Infosys Limited) on April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;136. The Missing Link Security Pty
Ltd (acquired by Infosys Australia Technology Services Pty Ltd, a Wholly-owned subsidiary of Infosys Singapore Pte. Limited (a wholly
owned subsidiary of Infosys Limited) on April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;137. The Missing Link Security Ltd
(a Wholly-owned subsidiary of The Missing Link Security Pty Ltd) (acquired by Infosys Australia Technology Services Pty Ltd, a Wholly-owned
subsidiary of Infosys Singapore Pte. Limited (a wholly owned subsidiary of Infosys Limited) on April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;138. Infosys BPM Canada Inc, a Wholly-owned subsidiary of Infosys
BPM UK Limited was incorporated on July 28, 2025.

**INDEPENDENT Auditor's Report** **ON THE AUDIT OF QUARTERLY AND NINE MONTHS ENDED STANDALONE FINANCIAL RESULTS** 

**To The Board of Directors of INFOSYS Limited**

**Opinion** 

We have audited the accompanying statement of Standalone Financial Results of **INFOSYS LIMITED** (the "Company") for the quarter and nine months ended December 31, 2025 (the "Statement") being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "LODR Regulations").

In our opinion and to the best of our information and according to the explanations given to us, the statement:

&nbsp;&nbsp;&nbsp;&nbsp;(i) is presented in accordance
with the requirements of Regulation 33 of the LODR Regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) gives a true and fair view
in conformity with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial
Reporting" ("Ind AS 34") prescribed under section 133 of the Companies Act, 2013 (the "Act") read with relevant
rules issued thereunder and other accounting principles generally accepted in India of the net profit and other comprehensive income and
other financial information of the Company for the quarter and nine months ended December 31, 2025.

**Basis for Opinion** 

We conducted our audit of the Statement in accordance with the Standards on Auditing ("SA"s) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in Auditor's Responsibilities for the Audit of the Standalone Financial Results section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("ICAI") together with the ethical requirements that are relevant to our audit of the Standalone Financial Results for the quarter and nine months ended December 31, 2025 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

**Management's and Board of Directors' Responsibilities for the Statement**

The Statement, which includes the Standalone Financial Results is the responsibility of the Company's Board of Directors and has been approved by them for the issuance. The Statement has been compiled from the related audited interim condensed standalone financial statements for the three months and nine months ended December 31, 2025. This responsibility includes the preparation and presentation of the Standalone Financial Results for the quarter and nine months ended December 31, 2025 that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in the Ind AS 34, prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the LODR Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statements that give a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the Statement, the Board of Directors are responsible for assessing the Company's ability, to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the financial reporting process of the Company.

**Auditor's Responsibilities for audit of the Standalone Financial Results for the quarter and nine months ended December 31, 2025**

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Financial Results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

&nbsp;&nbsp;&nbsp;&nbsp;• Identify and assess the risks
of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.

&nbsp;&nbsp;&nbsp;&nbsp;• Obtain an understanding of
internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of such controls.

&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the appropriateness
of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the appropriateness
and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the LODR
Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;• Conclude on the appropriateness
of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related
disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue
as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the overall presentation,
structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and
events in a manner that achieves fair presentation.

&nbsp;&nbsp;&nbsp;&nbsp;• Obtain sufficient appropriate
audit evidence regarding the Statement to express an opinion on the Statement.

Materiality is the magnitude of misstatements in the Statement that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Statement may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Statement.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

---

| | |
|:---|:---|
|  | <br> **For DELOITTE HASKINS & SELLS LLP** |
|  | Chartered Accountants |
|  | (Firm's Registration No. 117366W/W-100018)<br>![](vikas-signature.gif) <br>|
|  | **Vikas Bagaria** |
|  | Partner |
| Place: Bengaluru | (Membership No.060408) |
| Date: January 14, 2026 | UDIN: 26060408VPOQEZ7287 |

---

---

| | | |
|:---|:---|:---|
| ![Text Description automatically generated](infosysnyn.gif) | &nbsp;&nbsp; Infosys Limited<br> Regd. office: Electronics City, Hosur Road,<br> 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, 2025 prepared in compliance with the Indian Accounting Standards (Ind-AS)**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Quarter <br> ended<br> December 31,** | **Quarter <br> ended<br> September 30,** | **Quarter <br> ended<br> December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** | **Year ended<br> March 31,** |
|  | **2025** | **2025** | **2024** | **2025** | **2024** | **2025** |
|  | **Audited** | **Audited** | **Audited** | **Audited** | **Audited** | **Audited** |
| **Revenue from operations** | 45479 | 44490 | 41764 | 132248 | 122064 | 162990 |
| Other income, net | 1139 | 982 | 859 | 3163 | 2410 | 3600 |
| **Total Income** | **46618** | **45472** | **42623** | **135411** | **124474** | **166590** |
| **Expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee benefit expenses | 24122 | 23438 | 21436 | 70407 | 63934 | 85950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of technical sub-contractors | 4092 | 3879 | 3302 | 11469 | 9661 | 12937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travel expenses | 510 | 539 | 439 | 1564 | 1375 | 1894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of software packages and others | 3982 | 4025 | 4607 | 11753 | 12012 | 15911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication expenses | 159 | 160 | 157 | 462 | 473 | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consultancy and professional charges | 486 | 480 | 459 | 1429 | 1354 | 1655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortisation expenses | 1155 | 1182 | 1203 | 3478 | 3512 | 4812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance cost | 100 | 106 | 101 | 310 | 314 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 1494 | 1434 | 1249 | 4051 | 3894 | 4787 |
| **Total expenses** | **36100** | **35243** | **32953** | **104923** | **96529** | **128982** |
| **Profit before exceptional item and tax** | **10518** | **10229** | **9670** | **30488** | **27945** | **37608** |
| **Exceptional item** |  |  |  |  |  |  |
| Impact of Labour Codes (Refer to note (c)) | 1289 | *–* | *–* | 1289 | *–* | *–* |
| **Profit before tax** | **9229** | **10229** | **9670** | **29199** | **27945** | **37608** |
| Tax expense: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current tax | 2871 | 3178 | 3202 | 9103 | 9346 | 12130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax | (308) | (324) | (354) | (869) | (1113) | (1272) |
| **Profit for the period** | **6666** | **7375** | **6822** | **20965** | **19712** | **26750** |
| **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 | 56 | (38) | (45) | (52) | 53 | (92) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity instruments through other comprehensive income, net | (4) | (8) | (15) | 23 | (10) | 19 |
| *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 | 4 | *–* | 56 | 10 | 32 | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange differences on translation of foreign operations | 354 | 862 | (483) | 2235 | (27) | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value changes on investments, net | (23) | (34) | 10 | 66 | 136 | 199 |
| **Total other comprehensive income/(loss), net of tax** | **387** | **782** | **(477)** | **2282** | **184** | **459** |
| **Total comprehensive income for the period** | **7053** | **8157** | **6345** | **23247** | **19896** | **27209** |
| **Profit attributable to:** |  |  |  |  |  |  |
| Owners of the company | 6654 | 7364 | 6806 | 20939 | 19680 | 26713 |
| Non-controlling interests | 12 | 11 | 16 | 26 | 32 | 37 |
|  | **6666** | **7375** | **6822** | **20965** | **19712** | **26750** |
| **Total comprehensive income attributable to:** |  |  |  |  |  |  |
| Owners of the company | 7040 | 8140 | 6336 | 23204 | 19863 | 27167 |
| Non-controlling interests | 13 | 17 | 9 | 43 | 33 | 42 |
|  | **7053** | **8157** | **6345** | **23247** | **19896** | **27209** |
| Paid up share capital (par value ![](rupee-symbol.gif)5/- each, fully paid) | 2024 | 2074 | 2072 | 2024 | 2072 | 2073 |
| Other equity \*<sup>#</sup> | 93745 | 93745 | 86045 | 93745 | 86045 | 93745 |
| **Earnings per equity share (par value ![](rupee-symbol.gif)5/- each)\*\*** |  |  |  |  |  |  |
| Basic (in ![](rupee-symbol.gif) per share) | 16.17 | 17.76 | 16.43 | 50.64 | 47.52 | 64.50 |
| Diluted (in ![](rupee-symbol.gif) per share) | 16.14 | 17.74 | 16.39 | 50.55 | 47.40 | 64.34 |

---

*\** *Balances for the quarter and nine months ended December 31, 2025 and quarter ended September 30, 2025 represent balances as per the audited Balance Sheet as at March 31, 2025 and balances for the quarter and nine months ended December 31, 2024 represent balances as per the audited Balance Sheet as at March 31, 2024 as required by SEBI (Listing and Other Disclosure Requirements) Regulations, 2015*

*\*\** *EPS is not annualized for the quarter and nine months ended December 31, 2025, quarter ended September 30, 2025 and quarter and nine months ended December 31, 2024.*

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

**a)** The audited interim condensed consolidated financial statements for the quarter and nine months ended December 31, 2025 have been taken on record by the Board of Directors at its meeting held on January 14, 2026. **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. Those 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) 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 through postal ballot, the results of which were declared on November 6, 2025. The Buyback offer comprised a purchase of 10,00,00,000 Equity Shares comprising approximately 2.41% of the total paid-up equity share capital of the Company as of June 30, 2025 (on standalone basis) at a price of ![](rupee-symbol.gif)1,800/- per Equity share. The buyback was offered to all eligible equity shareholders (including those who became equity shareholders as on the Record date by cancelling American Depository Shares and withdrawing underlying Equity shares) of the Company as on the Record Date (i.e November 14, 2025) on a proportionate basis through the "Tender offer" route. The tender period for buyback commenced on November 20, 2025 and was open until November 26, 2025. The Company concluded the buyback procedures on December 4, 2025 and 10,00,00,000 equity shares were bought back and extinguished. The buyback resulted in a cash outflow of ![](rupee-symbol.gif)18,000 crore (excluding transactions costs). The Company funded the buyback from its free reserves including securities premium as explained in Section 68 of the Companies Act, 2013. In accordance with Section 69 of the Companies Act, 2013, the Company has created a Capital Redemption Reserve of ![](rupee-symbol.gif)50 crore equal to the nominal value of the shares bought back as an appropriation from the general reserve during the quarter ended December 31, 2025.

**c) Impact of Labour Codes**

On November 21, 2025, the Government of India notified provisions of the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020, ('Labour Codes') which consolidate twenty-nine existing labour laws into a unified framework governing employee benefits during employment and post-employment. The Labour Codes, amongst other things introduces changes, including a uniform definition of wages and enhanced benefits relating to leave.The Company has assessed the financial implications of these changes which has resulted in increase in gratuity liability arising out of past service cost and increase in leave liability by ![](rupee-symbol.gif)1,289 crore. Considering the impact arising out of an enactment of the new legislation is an event of non-recurring nature, the Group has presented this incremental amount as "Impact of Labour Codes" under "Exceptional Item" in the Condensed Consolidated Statement of Profit and Loss for the quarter and nine months ended December 31, 2025. The Group continues to monitor the developments pertaining to Labour Codes and will evaluate impact if any on the measurement of liability pertaining to employee benefits.

**d) Update on stock grants**

The Board, on January 14, 2026, based on the recommendations of the Nomination and Remuneration Committee, approved 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, 2026 and the number of RSUs will be calculated based on the market price at the close of trading day on a date immediately preceding the grant date. The exercise price of RSUs will be equal to the par value of the share.

**1. Information on dividends for the quarter and nine months ended December 31, 2025**

The Board of Directors (in the meeting held on October 16, 2025) declared an interim dividend of ![](rupee-symbol.gif)23/-per equity share. The record date for the payment was October 27, 2025 and the same was paid on November 7, 2025. The interim dividend declared in the previous year was ![](rupee-symbol.gif)21/- per equity share.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter <br> ended<br> December 31,** | **Quarter <br> ended<br> September 30,** | **Quarter <br> ended<br> December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** | **Year ended<br> March 31,** |
| **Particulars** | **2025** | **2025** | **2024** | **2025** | **2024** | **2025** |
| **Dividend per share (par value ![](rupee-symbol.gif)5/- each)** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interim dividend | *–* | 23.00 | *–* | 23.00 | 21.00 | 21.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Final dividend | *–* | *–* | *–* | *–* | *–* | 22.00 |

---

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter <br> ended<br> December 31,** | **Quarter <br> ended<br> September 30,** | **Quarter <br> ended<br> December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** | **Year ended<br> March 31,** |
| **Particulars** | **2025** | **2025** | **2024** | **2025** | **2024** | **2025** |
| **Revenue by business segment** |  |  |  |  |  |  |
| Financial Services <sup>(1)</sup> | 12817 | 12320 | 11589 | 36932 | 33561 | 45175 |
| Manufacturing | 7570 | 7347 | 6479 | 21721 | 18680 | 25207 |
| Energy, Utilities, Resources and Services | 6016 | 5945 | 5635 | 17704 | 16402 | 21710 |
| Retail <sup>(2)</sup> | 5829 | 5639 | 5746 | 17119 | 16619 | 22059 |
| Communication <sup>(3)</sup> | 5518 | 5397 | 4688 | 16013 | 14311 | 19108 |
| Hi-Tech | 3371 | 3703 | 3279 | 10370 | 9692 | 13090 |
| Life Sciences <sup>(4)</sup> | 3267 | 2863 | 3195 | 8874 | 9065 | 11831 |
| All other segments <sup>(5)</sup> | 1091 | 1276 | 1153 | 3515 | 3734 | 4810 |
| **Total** | **45479** | **44490** | **41764** | **132248** | **122064** | **162990** |
| **Less:** Inter-segment revenue | *–* | *–* | *–* | *–* | *–* | *–* |
| **Net revenue from operations** | **45479** | **44490** | **41764** | **132248** | **122064** | **162990** |
| **Segment Profit:** |  |  |  |  |  |  |
| Financial Services <sup>(1)</sup> | 3236 | 3059 | 2679 | 9267 | 8150 | 11099 |
| Manufacturing | 1735 | 1752 | 1357 | 4903 | 3661 | 4856 |
| Energy, Utilities , Resources and Services | 1493 | 1506 | 1528 | 4436 | 4520 | 6097 |
| Retail <sup>(2)</sup> | 1867 | 1720 | 1975 | 5278 | 5493 | 7133 |
| Communication <sup>(3)</sup> | 936 | 1017 | 818 | 2834 | 2506 | 3341 |
| Hi-Tech | 767 | 763 | 816 | 2298 | 2424 | 3220 |
| Life Sciences <sup>(4)</sup> | 698 | 534 | 819 | 1786 | 2045 | 2663 |
| All other segments <sup>(5)</sup> | 67 | 184 | 123 | 476 | 562 | 827 |
| **Total** | **10799** | **10535** | **10115** | **31278** | **29361** | **39236** |
| **Less:** Other Unallocable expenditure\* | 2444 | 1182 | 1203 | 4767 | 3512 | 4812 |
| **Add:** Unallocable other income | 974 | 982 | 859 | 2998 | 2410 | 3600 |
| **Less:** Finance cost | 100 | 106 | 101 | 310 | 314 | 416 |
| **Profit before tax and non-controlling interests** | **9229** | **10229** | **9670** | **29199** | **27945** | **37608** |

---

*<sup>\*</sup>* *Unallocable expense includes ![](rupee-symbol.gif)1,289 crore towards impact of Labour Codes for the quarter and nine months ended December 31, 2025. (Refer note (c) above)*

*<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 & identified enterprises in Public Services<sup>.</sup>*

***Notes on segment information***

***Business segments***

Based on the "management approach" as required by 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 currently not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter <br> ended<br> December 31,** | **Quarter <br> ended<br> September 30,** | **Quarter <br> ended<br> December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** | **Year ended<br> March 31,** |
| **Particulars** | **2025** | **2025** | **2024** | **2025** | **2024** | **2025** |
| Revenue from operations | 37996 | 36907 | 34915 | 110178 | 102455 | 136592 |
| Profit before exceptional item and tax | 10817 | 10469 | 8844 | 29946 | 26379 | 35441 |
| Exceptional item - Impact of Labour Codes | 1146 | *–* | *–* | 1146 | *–* | *–* |
| Profit before tax | 9671 | 10469 | 8844 | 28800 | 26379 | 35441 |
| Profit for the period | 7363 | 7759 | 6358 | 21236 | 18939 | 25568 |

---

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 financial statements as stated.

---

| | |
|:---|:---|
|  | By order of the Board for Infosys Limited |
| Bengaluru, India<br> January 14, 2026 | **Salil Parekh**<br> *Chief Executive Officer and Managing Director* |

---

**The Board has also taken on record the consolidated results of Infosys Limited and its subsidiaries for the quarter and nine months ended December 31, 2025, 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 <br> ended<br> December 31,** | **Quarter <br> ended<br> September 30,** | **Quarter <br> ended<br> December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** | **Year ended<br> March 31,** |
|  | **2025** | **2025** | **2024** | **2025** | **2024** | **2025** |
|  | **Audited** | **Audited** | **Audited** | **Audited** | **Audited** | **Audited** |
| Revenues | 5099 | 5076 | 4939 | 15117 | 14547 | 19277 |
| Cost of sales | 3660 | 3516 | 3444 | 10593 | 10103 | 13405 |
| **Gross profit** | **1439** | **1560** | **1495** | **4524** | **4444** | **5872** |
| Operating expenses | 502 | 495 | 442 | 1494 | 1364 | 1801 |
| **Operating profit <sup>#</sup>** | **937** | **1065** | **1053** | **3030** | **3080** | **4071** |
| Other income, net | 109 | 112 | 102 | 343 | 287 | 425 |
| Finance cost | 11 | 12 | 12 | 35 | 38 | 49 |
| **Profit before income taxes** | **1035** | **1165** | **1143** | **3338** | **3329** | **4447** |
| Income tax expense | 287 | 325 | 337 | 942 | 981 | 1285 |
| **Net profit** | **748** | **840** | **806** | **2396** | **2348** | **3162** |
| Earnings per equity share \* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic | 0.18 | 0.20 | 0.19 | 0.58 | 0.57 | 0.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diluted | 0.18 | 0.20 | 0.19 | 0.58 | 0.56 | 0.76 |
| Total assets | 15953 | 18064 | 16291 | 15953 | 16291 | 17419 |
| Cash and cash equivalents and current investments | 2985 | 5005 | 3596 | 2985 | 3596 | 4321 |

---

*\** *EPS is not annualized for the quarter and nine months ended December 31, 2025, quarter ended September 30, 2025 and quarter and nine months ended December 31, 2024.*

---

| | |
|:---|:---|
| *<sup>#</sup>* | *includes $143 million towards impact of Labour Codes for the quarter and nine months ended December 31, 2025. (Refer note (c) above)* |

---

Certain statements in this release concerning our future growth prospects, our future financial or operating performance, the McCamish cybersecurity incident, and the United States H-1B visa program are forward looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid working model, economic uncertainties and geo-political situations, technological disruptions and innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, the outcome of pending litigation, the amount of any additional costs resulting directly or indirectly from the McCamish cybersecurity incident, the outcome of the US government investigation, the timing, implementation, duration and effect of the September 19, 2025 proclamation signed by the president of the United States related to the H-1B visa program, and the effect of current and any future tariffs. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2025. 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.

---

| | | |
|:---|:---|:---|
| ![Text Description automatically generated](infosysnyn.gif) | &nbsp;&nbsp; Infosys Limited<br> Regd. office: Electronics City, Hosur Road,<br> 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 Audited results of Infosys Limited for the quarter and nine months ended December 31, 2025 prepared in compliance with the Indian Accounting Standards (Ind-AS)**

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

 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Quarter <br> ended<br> December 31,** | **Quarter <br> ended<br> September 30,** | **Quarter <br> ended<br> December 31,** | **Nine months December 31,** | **Nine months December 31,** | **Year ended<br> March 31,** |
|  | **2025** | **2025** | **2024** | **2025** | **2024** | **2025** |
|  | **Audited** | **Audited** | **Audited** | **Audited** | **Audited** | **Audited** |
| Revenue from operations | 37996 | 36907 | 34915 | 110178 | 102455 | 136592 |
| Other income, net | 2277 | 2268 | 1001 | 5427 | 3459 | 4782 |
| **Total income** | **40273** | **39175** | **35916** | **115605** | **105914** | **141374** |
| **Expenses** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee benefit expenses | 18607 | 18074 | 16849 | 54354 | 50208 | 67466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of technical sub-contractors | 5787 | 5613 | 4829 | 16608 | 14412 | 19353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travel expenses | 380 | 422 | 329 | 1194 | 1054 | 1467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of software packages and others | 2348 | 2294 | 2977 | 6859 | 7474 | 9617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication expenses | 111 | 113 | 115 | 323 | 344 | 448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consultancy and professional charges | 444 | 449 | 322 | 1285 | 887 | 1245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortisation expense | 585 | 595 | 661 | 1794 | 2029 | 2619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance cost | 45 | 52 | 50 | 153 | 170 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 1149 | 1094 | 940 | 3089 | 2957 | 3497 |
| **Total expenses** | **29456** | **28706** | **27072** | **85659** | **79535** | **105933** |
| **Profit before exceptional item and tax** | **10817** | **10469** | **8844** | **29946** | **26379** | **35441** |
| **Exceptional item** |  |  |  |  |  |  |
| Impact of Labour Codes (Refer to note (c)) | 1146 | *–* | *–* | 1146 | *–* | *–* |
| **Profit before tax** | **9671** | **10469** | **8844** | **28800** | **26379** | **35441** |
| Tax expense: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current tax | 2587 | 2991 | 2785 | 8340 | 8428 | 10836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax | (279) | (281) | (299) | (776) | (988) | (963) |
| **Profit for the period** | **7363** | **7759** | **6358** | **21236** | **18939** | **25568** |
| **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 | 59 | (38) | (37) | (40) | 63 | (81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity instruments through other comprehensive income, net | (4) | (8) | (16) | 23 | (11) | 19 |
| *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 | 4 | *–* | 57 | 10 | 33 | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value changes on investments, net | (23) | (34) | 9 | 65 | 128 | 191 |
| **Total other comprehensive income/ (loss), net of tax** | **36** | **(80)** | **13** | **58** | **213** | **105** |
| **Total comprehensive income for the period** | **7399** | **7679** | **6371** | **21294** | **19152** | **25673** |
| Paid-up share capital (par value ![](rupee-symbol.gif)5/- each fully paid) | 2027 | 2077 | 2076 | 2027 | 2076 | 2076 |
| Other Equity\* | 85256 | 85256 | 79101 | 85256 | 79101 | 85256 |
| **Earnings per equity share (par value ![](rupee-symbol.gif)5 /- each)\*\*** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic (in ![](rupee-symbol.gif) per share) | 17.85 | 18.68 | 15.31 | 51.25 | 45.62 | 61.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted (in ![](rupee-symbol.gif) per share) | 17.83 | 18.66 | 15.29 | 51.18 | 45.53 | 61.46 |

---

*\** *Balances for the quarter and nine months ended December 31, 2025 and quarter ended September 30, 2025 represent balances as per the audited Balance Sheet as at March 31, 2025 and balances for the quarter and nine months ended December 31, 2024 represent balances as per the audited Balance Sheet as at March 31, 2024 as required by SEBI (Listing and Other Disclosure Requirements) Regulations, 2015.*

*\*\** *EPS is not annualized for the quarter and nine months ended December 31, 2025, quarter ended September 30, 2025 and quarter and nine months ended December 31, 2024.*

**a)** The audited interim condensed standalone financial statements for the quarter and nine months ended December 31, 2025 have been taken on record by the Board of Directors at its meeting held on January 14, 2026. **The statutory auditors, Deloitte Haskins & Sells LLP have expressed an unmodified audit opinion.** The information presented above is extracted from the audited interim condensed standalone financial statements. Those interim condensed standalone 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) 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 through postal ballot, the results of which were declared on November 6, 2025. The Buyback offer comprised a purchase of 10,00,00,000 Equity Shares comprising approximately 2.41% of the total paid-up equity share capital of the Company as of June 30, 2025 (on standalone basis) at a price of ![](rupee-symbol.gif)1,800/- per Equity share. The buyback was offered to all eligible equity shareholders (including those who became equity shareholders as on the Record date by cancelling American Depository Shares and withdrawing underlying Equity shares) of the Company as on the Record Date (i.e November 14, 2025) on a proportionate basis through the "Tender offer" route. The tender period for buyback commenced on November 20, 2025 and was open until November 26, 2025. The Company concluded the buyback procedures on December 4, 2025 and 10,00,00,000 equity shares were bought back and extinguished. The buyback resulted in a cash outflow of ![](rupee-symbol.gif)18,000 crore (excluding transactions costs). The Company funded the buyback from its free reserves including securities premium as explained in Section 68 of the Companies Act, 2013. In accordance with Section 69 of the Companies Act, 2013, the Company has created a Capital Redemption Reserve of ![](rupee-symbol.gif)50 crore equal to the nominal value of the shares bought back as an appropriation from the general reserve during the quarter ended December 31, 2025.

**c) Impact of Labour Codes**

On November 21, 2025, the Government of India notified provisions of the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020, ('Labour Codes') which consolidate twenty-nine existing labour laws into a unified framework governing employee benefits during employment and post-employment. The Labour Codes, amongst other things introduces changes, including a uniform definition of wages and enhanced benefits relating to leave. The Company has assessed the financial implications of these changes which has resulted in increase in gratuity liability arising out of past service cost and increase in leave liability by ![](rupee-symbol.gif)1,146 crore. Considering the impact arising out of an enactment of the new legislation is an event of non-recurring nature, the Company has presented this incremental amount as "Impact of Labour Codes" under "Exceptional Item" in the Condensed Standalone Statement of Profit and Loss for the three months and nine months ended December 31, 2025. The Company continues to monitor the developments pertaining to Labour Codes and will evaluate impact if any on the measurement of liability pertaining to employee benefits.

**d) Update on stock grants**

The Board, on January 14, 2026, based on the recommendations of the Nomination and Remuneration Committee, approved 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, 2026 and the number of RSUs will be calculated based on the market price at the close of trading day on a date immediately preceding the grant date. The exercise price of RSUs will be equal to the par value of the share.

**1. Information on dividends for the quarter and nine months ended December 31, 2025**

The Board of Directors (in the meeting held on October 16, 2025) declared an interim dividend of ![](rupee-symbol.gif)23/-per equity share. The record date for the payment was October 27, 2025 and the same was paid on November 7, 2025. The interim dividend declared in the previous year was ![](rupee-symbol.gif)21/- per equity share.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Quarter <br> ended<br> December 31,** | **Quarter <br> ended<br> September 30,** | **Quarter <br> ended<br> December 31,** | **Nine months<br> ended<br> December 31,** | **Nine months<br> ended<br> December 31,** | **Year ended<br> March 31,** |
| **Particulars** | **2025** | **2025** | **2024** | **2025** | **2024** | **2025** |
| **Dividend per share (par value ![](rupee-symbol.gif)5/- each)** |  |  |  |  |  |  |
| Interim dividend | *–* | 23.00 | *–* | 23.00 | 21.00 | 21.00 |
| Final dividend | *–* | *–* | *–* | *–* | *–* | 22.00 |

---

**2. Segment Reporting**

The Company publishes standalone financial statements along with the consolidated financial statements. In accordance with Ind AS 108, Operating Segments, the Company has disclosed the segment information in the audited interim consolidated financial statements. Accordingly, the segment information is given in the audited consolidated financial results of Infosys Limited and its subsidiaries for the quarter and nine months ended December 31, 2025.

---

| | |
|:---|:---|
|  | By order of the Board for Infosys Limited |
| Bengaluru, India<br> January 14, 2026 | **Salil Parekh**<br> *Chief Executive Officer and Managing Director* |

---

Certain statements in this release concerning our future growth prospects, our future financial or operating performance, the McCamish cybersecurity incident, and the United States H-1B visa program are forward looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid working model, economic uncertainties and geo-political situations, technological disruptions and innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, the outcome of pending litigation, the amount of any additional costs resulting directly or indirectly from the McCamish cybersecurity incident, the outcome of the US government investigation, the timing, implementation, duration and effect of the September 19, 2025 proclamation signed by the president of the United States related to the H-1B visa program, and the effect of current and any future tariffs. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2025. 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.

---

| | | |
|:---|:---|:---|
| ![Text Description automatically generated](infosysnyn.gif) | &nbsp;&nbsp; Infosys Limited<br> Regd. office: Electronics City, Hosur Road,<br> 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 |

---

**Extract of Consolidated Audited Financial Results of Infosys Limited and its subsidiaries for the quarter and Nine months ended December 31, 2025 prepared in compliance with the Indian Accounting Standards (Ind-AS)**

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

---

| | | | |
|:---|:---|:---|:---|
| | **Quarter <br> ended<br> December 31,** | **Nine months<br> ended<br> December 31,** | **Quarter <br> ended<br> December 31,** |
| **Particulars** | **2025** | **2025** | **2024** |
| **Revenue from operations** | 45479 | 132248 | 41764 |
| **Profit before exceptional item and tax** | 10518 | 30488 | 9670 |
| **Exceptional item** |  |  |  |
| Impact of Labour Codes (Refer to note (c)) | 1289 | 1289 | *–* |
| **Profit before tax** | 9229 | 29199 | 9670 |
| **Profit for the period** | 6666 | 20965 | 6822 |
| Total comprehensive income for the period (comprising profit for the period after tax and other comprehensive income after tax) | 7053 | 23247 | 6345 |
| **Profit attributable to:** |  |  |  |
| Owners of the company | 6654 | 20939 | 6806 |
| Non-controlling interests | 12 | 26 | 16 |
|  | **6666** | **20965** | **6822** |
| **Total comprehensive income attributable to:** |  |  |  |
| Owners of the company | 7040 | 23204 | 6336 |
| Non-controlling interest | 13 | 43 | 9 |
|  | **7053** | **23247** | **6345** |
| Paid-up share capital (par value ![](rupee-symbol.gif)5/- each fully paid) | 2024 | 2024 | 2072 |
| Other equity \*<sup>#</sup> | 93745 | 93745 | 86045 |
| **Earnings per share (par value ![](rupee-symbol.gif)5/- each)\*\*** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic (in ![](rupee-symbol.gif) per share) | 16.17 | 50.64 | 16.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted (in ![](rupee-symbol.gif) per share) | 16.14 | 50.55 | 16.39 |

---

*\** *Balances for the quarter and nine months ended December 31, 2025 represent balances as per the audited Balance Sheet as at March 31, 2025 and balances for the quarter ended December 31, 2024 represent balances as per the audited Balance Sheet as at March 31, 2024 as required by SEBI (Listing and Other Disclosure Requirements) Regulations, 2015.*

*\*\** *EPS is not annualized for the quarter and nine months ended December 31, 2025 and quarter ended December 31, 2024*

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

**a)** The audited interim condensed consolidated financial statements for the quarter and nine months ended December 31, 2025 have been taken on record by the Board of Directors at its meeting held on January 14, 2026. **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. Those 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) 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 through postal ballot, the results of which were declared on November 6, 2025. The Buyback offer comprised a purchase of 10,00,00,000 Equity Shares comprising approximately 2.41% of the total paid-up equity share capital of the Company as of June 30, 2025 (on standalone basis) at a price of ![](rupee-symbol.gif)1,800/- per Equity share. The buyback was offered to all eligible equity shareholders (including those who became equity shareholders as on the Record date by cancelling American Depository Shares and withdrawing underlying Equity shares) of the Company as on the Record Date (i.e November 14, 2025) on a proportionate basis through the "Tender offer" route. The tender period for buyback commenced on November 20, 2025 and was open until November 26, 2025. The Company concluded the buyback procedures on December 4, 2025 and 10,00,00,000 equity shares were bought back and extinguished. The buyback resulted in a cash outflow of ![](rupee-symbol.gif)18,000 crore (excluding transactions costs). The Company funded the buyback from its free reserves including securities premium as explained in Section 68 of the Companies Act, 2013. In accordance with Section 69 of the Companies Act, 2013, the Company has created a Capital Redemption Reserve of ![](rupee-symbol.gif)50 crore equal to the nominal value of the shares bought back as an appropriation from the general reserve during the quarter ended December 31, 2025.

**c) Impact of Labour Codes**

On November 21, 2025, the Government of India notified provisions of the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020, ('Labour Codes') which consolidate twenty-nine existing labour laws into a unified framework governing employee benefits during employment and post-employment. The Labour Codes, amongst other things introduces changes, including a uniform definition of wages and enhanced benefits relating to leave.The Company has assessed the financial implications of these changes which has resulted in increase in gratuity liability arising out of past service cost and increase in leave liability. Considering the impact arising out of an enactment of the new legislation is an event of non-recurring nature, the Group has presented this incremental amount as "Impact of Labour Codes" under "Exceptional Item" in the Condensed Standalone and Consolidated Statement of Profit and Loss for the quarter and nine months ended December 31, 2025. The Group continues to monitor the developments pertaining to Labour Codes and will evaluate impact if any on the measurement of liability pertaining to employee benefits.

**d) Update on stock grants**

The Board, on January 14, 2026, based on the recommendations of the Nomination and Remuneration Committee, approved 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, 2026 and the number of RSUs will be calculated based on the market price at the close of trading day on a date immediately preceding the grant date. The exercise price of RSUs will be equal to the par value of the share.

**1. Information on dividends for the quarter and nine months ended December 31, 2025**

The Board of Directors (in the meeting held on October 16, 2025) declared an interim dividend of ![](rupee-symbol.gif)23/-per equity share. The record date for the payment was October 27, 2025 and the same was paid on November 7, 2025. The interim dividend declared in the previous year was ![](rupee-symbol.gif)21/- per equity share.

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

---

| | | | |
|:---|:---|:---|:---|
| | **Quarter <br> ended<br> December 31,** | **Nine months<br> ended<br> December 31,** | **Quarter <br> ended<br> December 31,** |
| **Particulars** | **2025** | **2025** | **2024** |
| **Dividend per share (par value ![](rupee-symbol.gif)5/- each)** |  |  |  |
| Interim dividend | *–* | 23.00 | - |

---

**2. Audited financial results of Infosys Limited (Standalone information)**

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

---

| | | | |
|:---|:---|:---|:---|
| | **Quarter <br> ended<br> December 31,** | **Nine months<br> ended<br> December 31,** | **Quarter <br> ended<br> December 31,** |
| **Particulars** | **2025** | **2025** | **2024** |
| Revenue from operations | 37996 | 110178 | 34915 |
| Profit before exceptional item and tax | 10817 | 29946 | 8844 |
| Exceptional item - Impact of Labour Codes (Refer to note (c)) | 1146 | 1146 | *–* |
| Profit before tax | 9671 | 28800 | 8844 |
| Profit for the period | 7363 | 21236 | 6358 |

---

 

*The above is an extract of the detailed format of Quarterly audited financial results filed with Stock Exchanges under Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015. The full format of the Quarterly Audited Financial Results are available on the Stock Exchange websites, www.nseindia.com and www.bseindia.com, and on the Company's website, www.infosys.com.*

---

| | |
|:---|:---|
|  | By order of the Board for Infosys Limited |
| Bengaluru, India<br> January 14, 2026 | **Salil Parekh**<br> *Chief Executive Officer and Managing Director* |

---

Certain statements in this release concerning our future growth prospects, our future financial or operating performance, the McCamish cybersecurity incident, and the United States H-1B visa program are forward looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid working model, economic uncertainties and geo-political situations, technological disruptions and innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, the outcome of pending litigation, the amount of any additional costs resulting directly or indirectly from the McCamish cybersecurity incident, the outcome of the US government investigation, the timing, implementation, duration and effect of the September 19, 2025 proclamation signed by the president of the United States related to the H-1B visa program, and the effect of current and any future tariffs. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2025. 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 99.7

**Exhibit 99.7**<br> **IFRS USD Earning Release**

**INDEPENDENT AUDITOR'S REPORT**

**TO THE BOARD OF DIRECTORS OF INFOSYS LIMITED**

**Report on the Audit of the Interim Condensed Consolidated Financial Statements** 

**Opinion**

We have audited the accompanying interim condensed consolidated financial statements of **INFOSYS LIMITED** (the "Company"), and its subsidiaries (the Company and its subsidiaries together referred to as the "Group"), which comprise the Condensed Consolidated Balance Sheet as at December 31, 2025, the Condensed Consolidated Statement of Comprehensive Income for the three months and nine months ended on that date, the Condensed Consolidated Statement of Changes in Equity, and the Condensed Consolidated Statement of Cash Flows for the nine months ended on that date, and notes to the financial statements, including a summary of material accounting policies and other explanatory information (hereinafter referred to as the "Interim Condensed Consolidated Financial Statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Interim Condensed Consolidated Financial Statements give a true and fair view in conformity with International Accounting Standard 34 "Interim Financial Reporting" ("IAS 34") as issued by the International Accounting Standards Board ("IASB"), of the consolidated state of affairs of the Group as at December 31, 2025, its consolidated profit and its consolidated total comprehensive income for the three months and nine months ended on that date, its consolidated changes in equity and its consolidated cash flows for the nine months ended on that date.

**Basis for Opinion**

We conducted our audit of the Interim Condensed Consolidated Financial Statements in accordance with the Standards on Auditing ("SAs") issued by the Institute of Chartered Accountants of India ("ICAI"). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Interim Condensed Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the ICAI, and we have fulfilled our other ethical responsibilities in accordance with the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the Interim Condensed Consolidated Financial Statements.

**Responsibilities of Management and Board of Directors for the Interim Condensed Consolidated Financial Statements**

The Company's Board of Directors is responsible for the preparation and presentation of these Interim Condensed Consolidated Financial Statements that give a true and fair view of the consolidated financial position, consolidated financial performance, consolidated total comprehensive income, consolidated changes in equity and consolidated cash flows of the Group in accordance with IAS 34 as issued by the IASB. The respective Boards of Directors of the entities included in the Group are responsible for maintenance of the adequate accounting records for safeguarding assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the respective interim financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error which have been used for the purpose of preparation of the Interim Condensed Consolidated Financial Statements by the Directors of the Company, as aforesaid.

In preparing the Interim Condensed Consolidated Financial Statements, the respective Boards of Directors of the entities included in the Group are responsible for assessing the ability of the respective entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Boards of Directors either intend to liquidate their respective entities or to cease operations, or have no realistic alternative but to do so.

The respective Boards of Directors of the entities included in the Group are also responsible for overseeing the financial reporting process of the Group.

**Auditor's Responsibilities for the Audit of the Interim Condensed Consolidated Financial Statements**

Our objectives are to obtain reasonable assurance about whether the Interim Condensed Consolidated Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Interim Condensed Consolidated Financial Statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

· Identify and assess the risks of material misstatement of the Interim Condensed Consolidated Financial
Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that
is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud
is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal control.

· Obtain an understanding of internal financial controls relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on effectiveness of such controls.

· Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.

· Conclude on the appropriateness of management's use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant
doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to
draw attention in our auditor's report to the related disclosures in the Interim Condensed Consolidated Financial Statements or,
if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of
our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.

· Evaluate the overall presentation, structure and content of the Interim Condensed Consolidated Financial
Statements, including the disclosures, and whether the Interim Condensed Consolidated Financial Statements represent the underlying transactions
and events in a manner that achieves fair presentation.

· Obtain sufficient appropriate audit evidence regarding the financial information of the entities within
the Group to express an opinion on the Interim Condensed Consolidated Financial Statements. We are responsible for the direction, supervision
and performance of the audit of financial statements of such entities included in the Interim Condensed Consolidated Financial Statements
of which we are independent auditors.

Materiality is the magnitude of misstatements in the Interim Condensed Consolidated Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Interim Condensed Consolidated Financial Statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Interim Condensed Consolidated Financial Statements.

We communicate with those charged with governance of the Company and such other entities included in the Interim Condensed Consolidated Financial Statements of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal financial controls that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **For DELOITTE HASKINS & SELLS LLP**<br> Chartered Accountants<br> (Firm's Registration No. 117366W/W-100018) |
| Place: Bengaluru<br> Date: January 14, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Vikas Bagaria**<br> Partner<br> (Membership No.060408)<br> UDIN: 26060408EOVNAC3323<br>|

---

**INFOSYS LIMITED AND SUBSIDIARIES**

***Condensed Consolidated Financial Statements under International Financial Reporting Standards (IFRS) in US Dollars for the three months and nine months ended December 31, 2025***

---

| |
|:---|
| &nbsp;&nbsp;**Index** |
| &nbsp;&nbsp;Condensed Consolidated Balance Sheet |
| &nbsp;&nbsp;Condensed Consolidated Statement of Comprehensive Income |
| &nbsp;&nbsp;Condensed Consolidated Statement of Changes in Equity |
| &nbsp;&nbsp;Condensed Consolidated Statement of Cash Flows |
| &nbsp;&nbsp;**Overview and Notes to the Interim Condensed Consolidated Financial Statements** |
| &nbsp;&nbsp;**1. Overview** |
| &nbsp;&nbsp;1.1 Company overview |
| &nbsp;&nbsp;1.2 Basis of preparation of financial statements |
| &nbsp;&nbsp;1.3 Basis of consolidation |
| &nbsp;&nbsp;1.4 Use of estimates and judgments |
| &nbsp;&nbsp;1.5 Critical accounting estimates and judgments |
| &nbsp;&nbsp;1.6 Recent accounting pronouncements |
| &nbsp;&nbsp;**2. Notes to the Interim Condensed Consolidated Financial Statements** |
| &nbsp;&nbsp;2.1 Cash and cash equivalents |
| &nbsp;&nbsp;2.2 Investments |
| &nbsp;&nbsp;2.3 Financial instruments |
| &nbsp;&nbsp;2.4 Prepayments and other assets |
| &nbsp;&nbsp;2.5 Other liabilities |
| &nbsp;&nbsp;2.6 Provisions and other contingencies |
| &nbsp;&nbsp;2.7 Property, plant and equipment |
| &nbsp;&nbsp;2.8 Leases |
| &nbsp;&nbsp;2.9 Goodwill and Intangible assets |
| &nbsp;&nbsp;2.10 Business combinations |
| &nbsp;&nbsp;2.11 Employees' Stock Option Plans (ESOP) |
| &nbsp;&nbsp;2.12 Income Taxes |
| &nbsp;&nbsp;2.13 Earnings per equity share |
| &nbsp;&nbsp;2.14 Related party transactions |
| &nbsp;&nbsp;2.15 Segment reporting |
| &nbsp;&nbsp;2.16 Revenue from Operations |
| &nbsp;&nbsp;2.17 Unbilled Revenue |
| &nbsp;&nbsp;2.18 Equity |
| &nbsp;&nbsp;2.19 Break-up of expenses and other income, net |

---

**Infosys Limited and subsidiaries**

*(Dollars in millions except equity share data)*

---

| | | | |
|:---|:---|:---|:---|
| **Condensed Consolidated Balance Sheet as at** | **Note** | **December 31, 2025** | **March 31, 2025** |
| **ASSETS** |  |  |  |
| **Current assets** |  |  |  |
| Cash and cash equivalents | 2.1 | 2216 | 2861 |
| Current investments | 2.2 | 769 | 1460 |
| Trade receivables |  | 4020 | 3645 |
| Unbilled revenue | 2.17 | 1477 | 1503 |
| Prepayments and other current assets | 2.4 | 1574 | 1519 |
| Income tax assets | 2.12 | 3 | 348 |
| Derivative financial instruments | 2.3 | 6 | 23 |
| **Total current assets** |  | **10065** | **11359** |
| **Non-current assets** |  |  |  |
| Property, plant and equipment | 2.7 | 1448 | 1497 |
| Right-of-use assets | 2.8 | 680 | 738 |
| Goodwill | 2.9 | 1294 | 1182 |
| Intangible assets |  | 342 | 323 |
| Non-current investments | 2.2 | 990 | 1294 |
| Unbilled revenue | 2.17 | 224 | 261 |
| Deferred income tax assets | 2.12 | 193 | 130 |
| Income tax assets | 2.12 | 260 | 190 |
| Other non-current assets | 2.4 | 457 | 445 |
| **Total Non-current assets** |  | **5888** | **6060** |
| **Total assets** |  | **15953** | **17419** |
| **LIABILITIES AND EQUITY** |  |  |  |
| **Current liabilities** |  |  |  |
| Trade payables |  | 537 | 487 |
| Lease liabilities | 2.8 | 332 | 287 |
| Derivative financial instruments | 2.3 | 44 | 7 |
| Current income tax liabilities | 2.12 | 611 | 567 |
| Unearned revenue |  | 1235 | 994 |
| Employee benefit obligations |  | 384 | 340 |
| Provisions | 2.6 | 195 | 173 |
| Other current liabilities | 2.5 | 2217 | 2157 |
| **Total current liabilities** |  | **5555** | **5012** |
| **Non-current liabilities** |  |  |  |
| Lease liabilities | 2.8 | 646 | 675 |
| Deferred income tax liabilities | 2.12 | 177 | 202 |
| Employee benefit obligations |  | 12 | 11 |
| Other non-current liabilities | 2.5 | 276 | 264 |
| **Total Non-current liabilities** |  | **1111** | **1152** |
| **Total liabilities** |  | **6666** | **6164** |
| **Equity** |  |  |  |
| Share capital - ![](rupee-symbol.gif)5 ($0.16) par value 4,800,000,000 (4800000000) equity shares authorized, issued and outstanding 4,045,683,463 (4143607528) equity shares fully paid up, net of 8,984,436 (9655927) treasury shares as at December 31, 2025 (March 31, 2025) | 2.18 | 319 | 325 |
| Share premium |  | 431 | 500 |
| Retained earnings |  | 12481 | 13766 |
| Cash flow hedge reserves |  | (1) | (2) |
| Other reserves |  | 831 | 1171 |
| Capital redemption reserve |  | 30 | 24 |
| Other components of equity |  | (4858) | (4579) |
| **Total equity attributable to equity holders of the Company** |  | **9233** | **11205** |
| Non-controlling interests |  | 54 | 50 |
| **Total equity** |  | **9287** | **11255** |
| **Total liabilities and equity** |  | **15953** | **17419** |

---

*The accompanying notes form an integral part of the interim condensed consolidated financial statements.*

*As per our report of even date attached*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*for* Deloitte Haskins & Sells LLP | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;*Chartered Accountants* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;Firm's Registration No: | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;117366W/ W-100018<br>| &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp; Vikas Bagaria<br> *Partner*<br>Membership No. 060408 | &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman*<br>| &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director*<br>| &nbsp;&nbsp; Bobby Parikh<br> *Director*<br>|
|  | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp; A.G.S. Manikantha<br> *Company Secretary*<br>|  |
| &nbsp;&nbsp; Bengaluru<br> January 14, 2026 |  |  |  |

---

*(Dollars in millions except equity share and per equity share data)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
| **Condensed Consolidated Statement of Comprehensive Income for the**  | **Note** | **December 31, 2025** | **December 31, 2024** | **December 31, 2025** | **December 31, 2024** |
| **Revenues** | 2.16 | **5099** | **4939** | **15117** | **14547** |
| Cost of sales | 2.19 | 3660 | 3444 | 10593 | 10103 |
| **Gross profit** |  | **1439** | **1495** | **4524** | **4444** |
| **Operating expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling and marketing expenses | 2.19 | 257 | 218 | 769 | 671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative expenses | 2.19 | 245 | 224 | 725 | 693 |
| Total operating expenses |  | **502** | **442** | **1494** | **1364** |
| **Operating profit** |  | **937** | **1053** | **3030** | **3080** |
| Other income, net | 2.19 | 109 | 102 | 343 | 287 |
| Finance cost |  | 11 | 12 | 35 | 38 |
| **Profit before income taxes** |  | **1035** | **1143** | **3338** | **3329** |
| Income tax expense | 2.12 | 287 | 337 | 942 | 981 |
| **Net profit** |  | **748** | **806** | **2396** | **2348** |
| **Other comprehensive income** |  |  |  |  |  |
| *Items that will not be reclassified subsequently to profit or loss* |  |  |  |  |  |
| Remeasurement of the net defined benefit liability/asset, net |  | 7 | (6) | (6) | 6 |
| Equity instruments through other comprehensive income, net |  | *–* | (2) | 3 | (1) |
|  |  | 7 | (8) | (3) | 5 |
| *Items that will be reclassified subsequently to profit or loss* |  |  |  |  |  |
| Fair value changes on investments, net |  | (2) | 1 | 8 | 16 |
| Fair value changes on derivatives designated as cash flow hedge, net |  | *–* | 7 | 1 | 4 |
| Exchange differences on translation of foreign operations |  | (73) | (276) | (283) | (270) |
|  |  | (75) | (268) | (274) | (250) |
| **Total other comprehensive income/(loss), net of tax** |  | **(68)** | **(276)** | **(277)** | **(245)** |
| **Total comprehensive income** |  | **680** | **530** | **2119** | **2103** |
| **Profit attributable to:** |  |  |  |  |  |
| Owners of the Company |  | 747 | 804 | 2393 | 2345 |
| Non-controlling interests |  | 1 | 2 | 3 | 3 |
|  |  | **748** | **806** | **2396** | **2348** |
| **Total comprehensive income attributable to:** |  |  |  |  |  |
| Owners of the Company |  | 679 | 530 | 2115 | 2100 |
| Non-controlling interests |  | 1 | - | 4 | 3 |
|  |  | **680** | **530** | **2119** | **2103** |
| **Earnings per equity share** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic ($) |  | 0.18 | 0.19 | 0.58 | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted ($) |  | 0.18 | 0.19 | 0.58 | 0.56 |
| **Weighted average equity shares used in computing earnings per equity share** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic (in shares) | 2.13 | 4114946425 | 4141941436 | 4134675070 | 4141344081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted (in shares) | 2.13 | 4121795902 | 4151534784 | 4142266340 | 4151568329 |

---

*The accompanying notes form an integral part of the interim condensed consolidated financial statements.*

*As per our report of even date attached*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*for* Deloitte Haskins & Sells LLP | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;*Chartered Accountants* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;Firm's Registration No: | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;117366W/ W-100018<br>| &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp; Vikas Bagaria<br> *Partner*<br>Membership No. 060408 | &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman*<br>| &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director*<br>| &nbsp;&nbsp; Bobby Parikh<br> *Director*<br>|
|  | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp; A.G.S. Manikantha<br> *Company Secretary*<br>|  |
| &nbsp;&nbsp; Bengaluru<br> January 14, 2026 |  |  |  |

---

**Condensed Consolidated Statement of Changes in Equity**

*(Dollars in millions except equity share data)*

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Number of Shares<sup>(1)</sup>** | **Share capital** | **Share premium** | **Retained earnings** | **Other reserves<sup>(2)</sup>** | **Capital redemption reserve** | **Cash flow hedge reserve** | **Other components of equity** | **Total equity attributable to equity holders of the Company** | **Non-controlling interest** | **Total equity** |
| **Balance as at April 1, 2024** | **4139950635** | **325** | **425** | **12557** | **1623** | **24** | **1** | **(4396)** | **10559** | **46** | **10605** |
| **Changes in equity for the nine months ended December 31, 2024** |  |  |  |  |  |  |  |  |  |  |  |
| Net profit | *–* | *–* | *–* | 2345 | *–* | *–* | *–* | *–* | 2345 | 3 | 2348 |
| Remeasurement of the net defined benefit liability/asset, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 6 | 6 | *–* | 6 |
| Equity instruments through other comprehensive income, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (1) | (1) | *–* | (1) |
| Fair value changes on derivatives designated as Cash flow hedge, net\* | *–* | *–* | *–* | *–* | *–* | *–* | 4 | *–* | 4 | *–* | 4 |
| Exchange differences on translation of foreign operations | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (270) | (270) | *–* | (270) |
| Fair value changes on investments, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 16 | 16 | *–* | 16 |
| **Total comprehensive income for the period** |  ***–*** |  ***–*** |  ***–*** | **2345** |  ***–*** |  ***–*** | **4** | **(249)** | **2100** | **3** | **2103** |
| Shares issued on exercise of employee stock options (Refer to note 2.11) | 2131446 | *–* | 1 | *–* | *–* | *–* | *–* | *–* | 1 | *–* | 1 |
| Employee stock compensation expense (Refer to note 2.11) | *–* | *–* | 70 | *–* | *–* | *–* | *–* | *–* | 70 | *–* | 70 |
| Transfer on account of options not exercised | *–* | *–* | (2) | 2 | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Income tax benefit arising on exercise of stock options (Refer to note 2.12) | *–* | *–* | 1 | *–* | *–* | *–* | *–* | *–* | 1 | *–* | 1 |
| Transferred to other reserves | *–* | *–* | *–* | (9) | 9 | *–* | *–* | *–* | *–* | *–* | *–* |
| Transferred from other reserves on utilization | *–* | *–* | *–* | 45 | (45) | *–* | *–* | *–* | *–* | *–* | *–* |
| Transferred from other reserves to retained earnings | *–* | *–* | *–* | 357 | (357) | *–* | *–* | *–* | *–* | *–* | *–* |
| Dividends<sup>#</sup> | *–* | *–* | *–* | (2424) | *–* | *–* | *–* | *–* | (2424) | *–* | (2424) |
| **Balance as at December 31, 2024** | **4142082081** | **325** | **495** | **12873** | **1230** | **24** | **5** | **(4645)** | **10307** | **49** | **10356** |
| **Balance as at April 1, 2025** | **4143607528** | **325** | **500** | **13766** | **1171** | **24** | **(2)** | **(4579)** | **11205** | **50** | **11255** |
| **Changes in equity for the nine months ended December 31, 2025** |  |  |  |  |  |  |  |  |  |  |  |
| Net profit | *–* | *–* | *–* | 2393 | *–* | *–* | *–* | *–* | 2393 | 3 | 2396 |
| Remeasurement of the net defined benefit liability/asset, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (6) | (6) | *–* | (6) |
| Equity instruments through other comprehensive income, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 3 | 3 | *–* | 3 |
| Fair value changes on derivatives designated as Cash flow hedge, net\* | *–* | *–* | *–* | *–* | *–* | *–* | 1 | *–* | 1 | *–* | 1 |
| Exchange differences on translation of foreign operations | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (284) | (284) | 1 | (283) |
| Fair value changes on investments, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 8 | 8 | *–* | 8 |
| **Total comprehensive income for the period** |  ***–*** |  ***–*** |  ***–*** | **2393** |  ***–*** |  ***–*** | **1** | **(279)** | **2115** | **4** | **2119** |
| Shares issued on exercise of employee stock options (Refer to note 2.11) | 2075935 | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Buyback of equity shares (Refer to note 2.18) | (100000000) | (6) | (140) | (1875) | *–* | *–* |  ***–*** | *–* | (2021) |  ***–*** | (2021) |
| Transaction cost relating to buyback\* |  ***–*** | *–* | (2) | (3) | *–* | *–* |  ***–*** | *–* | (5) |  ***–*** | (5) |
| Amount transferred to capital redemption reserve upon buyback (Refer to note 2.18) |  ***–*** | *–* | *–* | (6) | *–* | 6 |  ***–*** | *–* | *–* |  ***–*** | *–* |
| Financial liability under option arrangements | *–* | *–* | *–* | (1) | *–* | *–* | *–* | *–* | (1) | *–* | (1) |
| Changes in the controlling stake of a subsidiary | *–* | *–* | *–* | 1 | *–* | *–* | *–* | *–* | 1 | *–* | 1 |
| Employee stock compensation expense (Refer to note 2.11) | *–* | *–* | 78 | *–* | *–* | *–* | *–* | *–* | 78 | *–* | 78 |
| Transferred on account of options not exercised | *–* | *–* | (7) | 7 | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Income tax benefit arising on exercise of stock options (Refer to note 2.12) | *–* | *–* | 2 | *–* | *–* | *–* | *–* | *–* | 2 | *–* | 2 |
| Transferred from other reserves on utilization | *–* | *–* | *–* | 81 | (81) | *–* | *–* | *–* | *–* | *–* | *–* |
| Transferred from other reserves to retained earnings | *–* | *–* | *–* | 259 | (259) | *–* | *–* | *–* | *–* | *–* | *–* |
| Dividends<sup>#</sup> | *–* | *–* | *–* | (2141) | *–* | *–* | *–* | *–* | (2141) | *–* | (2141) |
| **Balance as at December 31, 2025** | **4045683463** | **319** | **431** | **12481** | **831** | **30** | **(1)** | **(4858)** | **9233** | **54** | **9287** |

---

*\** *net of tax*

*#* *net of treasury shares*

*<sup>(1)</sup>* *excludes treasury shares of 89,84,436 as at December 31, 2025, 9,655,927 as at April 1, 2025, 10,187,113 as at December 31, 2024 and 10,916,829 as at April 1, 2024 held by consolidated trust.*

*<sup>(2)</sup>* *Represents the Special Economic Zone Re-investment reserve created out of the profit of the eligible SEZ unit in terms of the provisions of Sec 10AA(1)(ii) of Income Tax Act,1961. The reserve should be utilized by the Group for acquiring new plant and machinery for the purpose of its business in terms of the provisions of the Sec 10AA(2) of the Income Tax Act, 1961.*

*The accompanying notes form an integral part of the interim condensed consolidated financial statements.*

*As per our report of even date attached*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*for* Deloitte Haskins & Sells LLP | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;*Chartered Accountants* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;Firm's Registration No: | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;117366W/ W-100018<br>| &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp; Vikas Bagaria<br> *Partner*<br>Membership No. 060408 | &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman*<br>| &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director*<br>| &nbsp;&nbsp; Bobby Parikh<br> *Director*<br>|
|  | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp; A.G.S. Manikantha<br> *Company Secretary*<br>|  |
| &nbsp;&nbsp; Bengaluru<br> January 14, 2026 |  |  |  |

---

**Condensed Consolidated Statement of Cash Flows**

**Accounting Policy**

Cash flows are reported using the indirect method, whereby profit for the period is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Group are segregated. The Group considers all highly liquid investments that are readily convertible to known amounts of cash to be cash equivalents.

*(Dollars in millions)*

---

| | | | |
|:---|:---|:---|:---|
| | | **Nine months ended** | **Nine months ended** |
| **Particulars** | **Note** | **December 31, 2025** | **December 31, 2024** |
| **Operating activities** |  |  |  |
| Net Profit |  | 2396 | 2348 |
| **Adjustments to reconcile net profit to net cash provided by operating activities** |  |  |  |
| Depreciation and amortization |  | 398 | 419 |
| Interest and dividend income |  | (96) | (99) |
| Finance cost |  | 35 | 38 |
| Income tax expense | 2.12 | 942 | 981 |
| Exchange differences on translation of assets and liabilities, net |  | 69 | 5 |
| Impairment loss recognized/(reversed) under expected credit loss model |  | 10 | 12 |
| Stock compensation expense |  | 80 | 72 |
| Provision for post sale client support |  | (8) | 14 |
| Other adjustments |  | 124 | 67 |
| **Changes in working capital** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables and unbilled revenue |  | (617) | (338) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepayments and other assets |  | (167) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade payables |  | 61 | (37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unearned revenue |  | 297 | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities and provisions |  | 299 | 78 |
| **Cash generated from operations** |  | **3823** | **3716** |
| Income taxes (paid) / received |  | (721) | (341) |
| **Net cash generated by operating activities** |  | **3102** | **3375** |
| **Investing activities** |  |  |  |
| Expenditure on property, plant and equipment and intangibles |  | (202) | (179) |
| Deposits placed with Corporation |  | (95) | (128) |
| Redemption of deposits placed with Corporation |  | 65 | 82 |
| Interest and dividend received |  | 86 | 92 |
| Payment for acquisition of business, net of cash acquired | 2.10 | (76) | (377) |
| Payment of contingent consideration pertaining to acquisition of business |  | (1) | *–* |
| Escrow and other deposits pertaining to Buyback |  | (204) | *–* |
| Redemption of escrow and other deposits pertaining to Buyback |  | 204 | *–* |
| Other receipts |  | 1 | 1 |
| Payments to acquire Investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds units |  | (6410) | (6541) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit |  | (1044) | (334) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quoted debt securities |  | (469) | (162) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial paper |  | (307) | (290) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other investments |  | (4) | (5) |
| Proceeds on sale of investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds units |  | 6430 | 6534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target maturity funds units |  | 56 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit |  | 1088 | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quoted debt securities |  | 987 | 233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial paper |  | 624 | 854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other investments |  | *–* | 1 |
| **Net cash generated from investing activities** |  | **729** | **401** |
| **Financing activities** |  |  |  |
| Payment of lease liabilities |  | (231) | (212) |
| Payment of dividends |  | (2133) | (2416) |
| Shares issued on exercise of employee stock options |  | *–* | 1 |
| Loan repayment of in-tech Holding GmbH |  | *–* | (118) |
| Other payments |  | (26) | (54) |
| Buyback of equity shares including transaction costs |  | (2005) | *–* |
| **Net cash used in financing activities** |  | **(4395)** | **(2799)** |
| Net increase/(decrease) in cash and cash equivalents |  | (564) | 977 |
| Effect of exchange rate changes on cash and cash equivalents |  | (81) | (87) |
| Cash and cash equivalents at the beginning of the period | 2.1 | 2861 | 1773 |
| **Cash and cash equivalents at the end of the period** | 2.1 | **2216** | **2663** |
| **Supplementary information:** |  |  |  |
| Restricted cash balance | 2.1 | 46 | 50 |

---

*The accompanying notes form an integral part of the interim condensed consolidated financial statements.*

*As per our report of even date attached*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*for* Deloitte Haskins & Sells LLP | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;*Chartered Accountants* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;Firm's Registration No: | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;117366W/ W-100018<br>| &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp; Vikas Bagaria<br> *Partner*<br>Membership No. 060408 | &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman*<br>| &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director*<br>| &nbsp;&nbsp; Bobby Parikh<br> *Director*<br>|
|  | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp; A.G.S. Manikantha<br> *Company Secretary*<br>|  |
| &nbsp;&nbsp; Bengaluru<br> January 14, 2026 |  |  |  |

---

**Overview and Notes to the Interim Condensed Consolidated Financial Statements**

**1. Overview**

**1.1 Company overview**

Infosys Limited ('the Company' or Infosys) provides consulting, technology, outsourcing and next-generation digital services, to enable clients to execute strategies for their digital transformation. Infosys strategic objective is to build a sustainable organization that remains relevant to the agenda of clients, while creating growth opportunities for employees and generating profitable returns for investors. Infosys strategy is to be a navigator for our clients as they ideate, plan and execute on their journey to a digital future.

Infosys together with its subsidiaries and controlled trusts is herein after referred to as the "Group".

The company is a public limited company incorporated and domiciled in India and has its registered office at Electronics city, Hosur Road, Bengaluru 560100, Karnataka, India. The company has its primary listings on the BSE Ltd. and National Stock Exchange of India Limited. The company's American Depositary Shares (ADS) representing equity shares are listed on the New York Stock Exchange (NYSE).

The Group's interim condensed consolidated financial statements are approved for issue by the company's Board of Directors on January 14, 2026.

**1.2 Basis of preparation of financial statements**

The interim condensed consolidated financial statements have been prepared in compliance with IAS 34, Interim Financial Reporting as issued by International Accounting Standards Board, under the historical cost convention on accrual basis except for certain financial instruments which are measured at fair values and defined benefit liability/(asset) which is recognized at the present value of defined benefit obligation less fair value of plan assets. Accordingly, these interim condensed consolidated financial statements do not include all the information required for a complete set of financial statements. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the company's Annual Report on Form 20-F for the year ended March 31, 2025. Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

The material accounting policy information used in preparation of the audited interim condensed consolidated financial statements have been discussed in the respective notes.

As the quarter and year to date figures are taken from the source and rounded to the nearest digits, the quarter figures in this statement added up to the figures reported for the previous quarters might not always add up to the year to date figures reported in this statement.

**1.3 Basis of consolidation**

Infosys consolidates entities which it owns or controls. The interim condensed consolidated financial statements comprise the financial statements of the company, its controlled trusts and its subsidiaries. Control exists when the parent has power over the entity, is exposed, or has rights to variable returns from its involvement with the entity and has the ability to affect those returns by using its power over the entity. Power is demonstrated through existing rights that give the ability to direct relevant activities, those which significantly affect the entity's returns. Subsidiaries are consolidated from the date control commences until the date control ceases.

The financial statements of the Group companies are consolidated on a line-by-line basis and intra-group balances and transactions including unrealized gain / loss from such transactions are eliminated upon consolidation. These financial statements are prepared by applying uniform accounting policies in use at the Group. Non-controlling interests which represent part of the net profit or loss and net assets of subsidiaries that are not, directly or indirectly, owned or controlled by the company, are excluded.

**1.4 Use of estimates and judgments**

The preparation of the Interim condensed consolidated financial statements in conformity with IFRS requires Management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the interim condensed consolidated financial statements and reported amounts of revenues and expenses during the period. The application of accounting policies that require critical accounting estimates involving complex and subjective judgments and the use of assumptions in these financial statements have been disclosed in Note 1.5. Critical Accounting estimates and judgments could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as Management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates and judgements are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the interim condensed consolidated financial statements.

**1.5 Critical accounting estimates and judgments**

**a. Revenue recognition** 

The Group's contracts with customers include promises to transfer multiple products and services to a customer. Revenues from customer contracts are considered for recognition and measurement when the contract has been approved, in writing, by the parties to the contract, the parties to contract are committed to perform their respective obligations under the contract, and the contract is legally enforceable. The Group assesses the services promised in a contract and identifies distinct performance obligations in the contract. Identification of distinct performance obligations to determine the deliverables and the ability of the customer to benefit independently from such deliverables, and allocation of transaction price to these distinct performance obligations involves significant judgement.

Fixed price maintenance revenue is recognized ratably on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period. Revenue from fixed price maintenance contract is recognized ratably using a percentage of completion method when the pattern of benefits from the services rendered to the customer and Group's costs to fulfil the contract is not even through the period of the contract because the services are generally discrete in nature and not repetitive. The use of method to recognize the maintenance revenues requires judgment and is based on the promises in the contract and nature of the deliverables.

The Group uses the percentage-of-completion method in accounting for other fixed-price contracts. Use of the percentage-of-completion method requires the Group to determine the actual efforts or costs expended to date as a proportion of the estimated total efforts or costs to be incurred. Efforts or costs expended have been used to measure progress towards completion as there is a direct relationship between input and productivity. The estimation of total efforts or costs involves significant judgement and is assessed throughout the period of the contract to reflect any changes based on the latest available information.

Contracts with customers includes subcontractor services or third-party vendor equipment or software in certain integrated services arrangements. In these types of arrangements, revenue from sales of third-party vendor products or services is recorded net of costs when the Group is acting as an agent between the customer and the vendor, and gross when the Group is the principal for the transaction. In doing so, the Group first evaluates whether it obtains control of the specified goods or services before they are transferred to the customer. The Group considers whether it is primarily responsible for fulfilling the promise to provide the specified goods or services, inventory risk, pricing discretion and other factors to determine whether it controls the specified goods or services and therefore, is acting as a principal or an agent.

Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract.

**b. Income taxes**

The Group's two major tax jurisdictions are India and the United States, though the company also files tax returns in other overseas jurisdictions.

Significant judgments are involved in determining the provision for income taxes, including amount expected to be paid/recovered for uncertain tax positions.

In assessing the realizability of deferred income tax assets, Management considers whether some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible. Management considers the scheduled reversals of deferred income tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred income tax assets are deductible, Management believes that the group will realize the benefits of those deductible differences. The amount of the deferred income tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry forward period are reduced. (Refer to note 2.12)

**c. Business combinations and intangible assets**

Business combinations are accounted for using IFRS 3 (Revised), Business Combinations. IFRS 3 requires us to fair value identifiable intangible assets and contingent consideration to ascertain the net fair value of identifiable assets, liabilities and contingent liabilities of the acquiree. These valuations are conducted by external valuation experts. Estimates are required to be made in determining the value of contingent consideration, value of option arrangements and intangible assets. These measurements are based on information available at the acquisition date and are based on expectations and assumptions that have been deemed reasonable by Management. (Refer to note 2.10 and 2.9.2)

**d. Property, plant and equipment** 

Property, plant and equipment represent a significant proportion of the asset base of the Group. The charge in respect of periodic depreciation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The useful lives and residual values of Group's assets are determined by Management at the time the asset is acquired and reviewed periodically, including at each financial year end. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology (Refer to note 2.7)

**e. Impairment of Goodwill**

Goodwill is tested for impairment on an annual basis and whenever there is an indication that the recoverable amount of a cash generating unit (CGUs) is less than it's carrying amount. For the impairment test, goodwill is allocated to the CGU or groups of CGUs which benefit from the synergies of the acquisition and which represent the lowest level at which goodwill is monitored for internal management purposes.

The recoverable amount of CGUs is determined based on higher of value-in-use and fair value less cost to sell. Key assumptions in the cash flow projections are prepared based on current economic conditions and comprises estimated long term growth rates, weighted average cost of capital and estimated operating margins. (Refer to note 2.9.1)

**1.6 Recent accounting pronouncements** 

**New and revised IFRS Standards in issue but not yet effective:**

---

| | |
|:---|:---|
| &nbsp;&nbsp;IFRS 18 Presentation and Disclosures in Financial Statements | &nbsp;&nbsp;Presentation and Disclosures in Financial Statements |
| &nbsp;&nbsp;Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures | &nbsp;&nbsp;Amendments to the Classification and Measurement of Financial Instruments |
| &nbsp;&nbsp;Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures | &nbsp;&nbsp;Contracts Referencing Nature-dependent Electricity |

---

**IFRS 18 – Presentation and Disclosures in Financial Statements**

On April 9, 2024, IASB has issued IFRS 18 – Presentation and Disclosures in Financial Statements that will replace IAS 1 Presentation of Financial Statements from its effective date. IFRS 18 introduces new requirements for information presented in the primary financial statements and disclosed in the notes. The new requirements are focused on the statement of profit or loss. IFRS 18 introduces three categories for income and expenses, that is, operating, investing and financing to improve the structure of the income statement. IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, although early adoption is permitted. The Group is yet to evaluate the impact of the amendment.

**Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures**

On May 30, 2024, IASB has issued amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures, which clarifies the classification of financial assets with environmental, social and corporate governance (ESG) and similar features, derecognition of financial liability settled through electronic payment systems and also introduces additional disclosure requirements to enhance transparency for investors regarding investments in equity instruments designated at fair value through other comprehensive income and financial instruments with contingent features.

The effective date for adoption of this amendment is annual reporting periods beginning on or after January 1, 2026, although early adoption is permitted. The Group is in the process of evaluating the impact of the amendment.

On December 18, 2024, IASB has issued amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures, relating to factors an entity is required to consider in assessing the own-use requirements for contracts to buy and take delivery of nature-dependent renewable electricity; hedge accounting treatment for nature-dependent renewable electricity and related disclosures.

The effective date for adoption of these amendments is annual reporting periods beginning on or after January 1, 2026, although early adoption is permitted. The Group has evaluated the amendment and there is no impact on its consolidated financial statements.

**2. Notes to the Interim Condensed Consolidated Financial Statements**

**2.1 Cash and cash equivalents** 

Cash and cash equivalents consist of the following:

*(Dollars in millions)* 

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| Cash and bank deposits | 2216 | 2861 |
| **Total Cash and cash equivalents** | **2216** | **2861** |

---

Cash and cash equivalents as at December 31, 2025 and March 31, 2025 include restricted cash and bank balances of $46 million and $50 million, respectively. The restrictions are primarily on account of bank balances held by irrevocable trusts controlled by the company.

The deposits maintained by the Group with banks comprise of time deposits, which can be withdrawn by the Group at any point without prior notice or penalty on the principal.

**2.2 Investments**

The carrying value of the investments are as follows:

*(Dollars in millions)* 

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| **(i) Current Investments** |  |  |
| **Amortized Cost** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quoted debt securities | 11 | 20 |
| **Fair Value through other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quoted Debt Securities | 68 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposits | 363 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Paper | 108 | 426 |
| **Fair Value through profit or loss** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units | 219 | 229 |
| **Total current investments** | **769** | **1460** |
| **(ii) Non-current Investments** |  |  |
| **Amortized Cost** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quoted debt securities | 48 | 173 |
| **Fair Value through other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quoted debt securities | 884 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quoted equity securities | 9 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unquoted equity and preference securities | 19 | 20 |
| **Fair Value through profit or loss** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target maturity fund units | *–* | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unquoted equity and preference securities | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others<sup>(1)</sup> | 27 | 23 |
| **Total Non-current investments** | **990** | **1294** |
| **Total investments** | **1759** | **2754** |
| Investments carried at amortized cost | 59 | 193 |
| Investments carried at fair value through other comprehensive income | 1451 | 2252 |
| Investments carried at fair value through profit or loss | 249 | 309 |

---

*<sup>(1)</sup>* *Uncalled capital commitments outstanding as on December 31, 2025 and March 31, 2025 was $11 million and $14 million, respectively.*

Refer to note 2.3 for accounting policies on financial instruments.

**Method of fair valuation:**

*(Dollars in millions)* 

---

| | | | |
|:---|:---|:---|:---|
| | | **Fair value as at** | **Fair value as at** |
| **Class of Investment** | **Method** | **December 31, 2025** | **March 31, 2025** |
| Mutual fund units - carried at fair value through profit or loss | Quoted price | 219 | 229 |
| Target maturity fund units - carried at fair value through profit or loss | Quoted price | *–* | 54 |
| Quoted debt securities- carried at amortized cost | Quoted price and market observable inputs | 61 | 213 |
| Quoted debt securities- carried at fair value through other comprehensive income | Quoted price and market observable inputs | 952 | 1389 |
| Commercial Paper - carried at fair value through other comprehensive income | Market observable inputs | 108 | 426 |
| Certificates of Deposit - carried at fair value through other comprehensive income | Market observable inputs | 363 | 410 |
| Unquoted equity and preference securities - carried at fair value through profit or loss | Discounted cash flows method, Market multiples method, Option pricing model | 3 | 3 |
| Unquoted equity and preference securities - carried at fair value through other comprehensive income | Discounted cash flows method, Market multiples method, Option pricing model | 19 | 20 |
| Quoted equity securities - carried at fair value through other comprehensive income | Quoted price | 9 | 7 |
| Others - carried at fair value through profit or loss | Discounted cash flows method, Market multiples method, Option pricing model | 27 | 23 |
| **Total** |  | **1761** | **2774** |

---

Note: Certain quoted investments are classified as Level 2 in the absence of active market for such investments.

**2.3 Financial instruments**

**Accounting Policy**

**2.3.1 Initial recognition**

The Group recognizes financial assets and financial liabilities when it becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are recognized at fair value on initial recognition, except for trade receivables which are initially measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities, which are not at fair value through profit or loss, are added to the fair value on initial recognition. Regular way purchase and sale of financial assets are accounted for at trade date.

**2.3.2 Subsequent measurement**

**a. Non-derivative financial instruments**

***(i) Financial assets carried at amortized cost***

A financial asset is subsequently measured at amortized cost if it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

***(ii) Financial assets carried at fair value through other comprehensive income (FVOCI)***

A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Group has made an irrevocable election for certain investments which are classified as equity instruments to present the subsequent changes in fair value in other comprehensive income based on its business model.

***(iii) Financial assets carried at fair value through profit or loss (FVTPL)***

A financial asset which is not classified in any of the above categories is subsequently fair valued through profit or loss.

***(iv) Financial liabilities***

Financial liabilities are subsequently carried at amortized cost using the effective interest method, except for contingent consideration and financial liability under option arrangements recognized in a business combination which is subsequently measured at fair value through profit or loss.

**b. Derivative financial instruments**

The Group holds derivative financial instruments such as foreign exchange forward and option contracts to mitigate the risk of changes in exchange rates on foreign currency exposures. The counterparty for such contracts is generally a bank.

**(i) Financial assets or financial liabilities, carried at fair value through profit or loss**

This category includes derivative financial assets or liabilities which are not designated as hedges.

Although the Group believes that these derivatives constitute hedges from an economic perspective, they may not qualify for hedge accounting under IFRS 9, Financial Instruments. Any derivative that is either not designated as hedge, or is so designated but is ineffective as per IFRS 9, is categorized as a financial asset or financial liability carried at fair value through profit or loss.

Derivatives not designated as hedges are recognized initially at fair value and attributable transaction costs are recognized in net profit in the consolidated statement of comprehensive income when incurred. Subsequent to initial recognition, these derivatives are measured at fair value through profit or loss and the resulting exchange gains or losses are included in other income. Assets/ liabilities in this category are presented as current assets/current liabilities if they are either held for trading or are expected to be realized within 12 months after the balance sheet date.

**(ii) Cash flow hedge**

Primarily the Group designates certain foreign exchange forward and options contracts as cash flow hedges to mitigate the risk of foreign exchange exposure on highly probable forecast cash transaction.

When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the cash flow hedging reserve. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in the net profit in the interim consolidated statement of comprehensive income. If the hedging instrument no longer meets the criteria for hedge accounting, then hedge accounting is discontinued prospectively. If the hedging instrument expires or is sold, terminated or exercised, the cumulative gain or loss on the hedging instrument recognized in cash flow hedging reserve till the period the hedge was effective remains in cash flow hedging reserve until the forecasted transaction occurs. The cumulative gain or loss previously recognized in the cash flow hedging reserve is transferred to the net profit in the consolidated statement of comprehensive income upon the occurrence of the related forecasted transaction. If the forecasted transaction is no longer expected to occur, then the amount accumulated in cash flow hedging reserve is reclassified to net profit in the interim condensed consolidated statement of comprehensive income.

**2.3.3 Derecognition of financial instruments**

The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition under IFRS 9. A financial liability (or a part of a financial liability) is derecognized from the group's balance sheet when the obligation specified in the contract is discharged or cancelled or expires.

**2.3.4 Fair value of financial instruments**

In determining the fair value of its financial instruments, the Group uses a variety of methods and assumptions that are based on market conditions and risks existing at each reporting date. The methods used to determine fair value include discounted cash flow analysis, option pricing model, market multiples, available quoted market prices and dealer quotes. All methods of assessing fair value result in general approximation of value, and such value may never actually be realized.

Refer to table 'Financial instruments by category' below for the disclosure on carrying value and fair value of financial assets and liabilities. For financial assets and liabilities maturing within one year from the Balance Sheet date and which are not carried at fair value, the carrying amounts approximate fair value due to the short maturity of these instruments.

**2.3.5 Impairment** 

The Group recognizes loss allowances using the expected credit loss (ECL) model for the financial assets and unbilled revenue which are not fair valued through profit or loss. Loss allowance for trade receivables and unbilled revenues with no significant financing component is measured at an amount equal to lifetime ECL. For all other financial assets, expected credit losses are measured at an amount equal to the 12-month ECL, unless there has been a significant increase in credit risk from initial recognition in which case those are measured at lifetime ECL.

The Group determines the allowance for credit losses based on historical loss experience adjusted to reflect current and estimated future economic conditions. The Group considers current and anticipated future economic conditions relating to industries the Group deals with and the countries where it operates.

The amount of ECL (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recorded is recognized as an impairment loss or gain in interim condensed consolidated statement of comprehensive income.

**Financial instruments by category**

The carrying value and fair value of financial instruments by categories as at December 31, 2025 are as follows:

*(Dollars in millions)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Financial assets / liabilities at fair value through profit or loss** | **Financial assets / liabilities at fair value through profit or loss** | **Financial assets / liabilities at fair value through OCI** | **Financial assets / liabilities at fair value through OCI** | | |
| **Particulars** | **Amortized cost** | **Designated upon initial recognition** | **Mandatory** | **Equity instruments designated upon initial recognition** | **Mandatory** | **Total carrying value** | **Total fair value** |
| **Assets:** |  |  |  |  |  |  |  |
| Cash and cash equivalents (Refer to note 2.1) | 2216 | *–* | *–* | *–* | *–* | 2216 | 2216 |
| Investments (Refer to note 2.2) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units | *–* | *–* | 219 | *–* | *–* | 219 | 219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quoted debt securities | 59 | *–* | *–* | *–* | 952 | 1011 | 1013<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | *–* | *–* | *–* | *–* | 363 | 363 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Papers | *–* | *–* | *–* | *–* | 108 | 108 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quoted equity securities | *–* | *–* | *–* | 9 | *–* | 9 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unquoted equity and preference securities | *–* | 3 | *–* | 19 | *–* | 22 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unquoted investment others | *–* | *–* | 27 | *–* | *–* | 27 | 27 |
| Trade receivables | 4020 | *–* | *–* | *–* | *–* | 4020 | 4020 |
| Unbilled revenues (Refer to note 2.17)<sup>(3)</sup> | 1172 | *–* | *–* | *–* | *–* | 1172 | 1172 |
| Prepayments and other assets (Refer to note 2.4) | 827 | *–* | *–* | *–* | *–* | 827 | 825<sup>(2)</sup> |
| Derivative financial instruments | *–* | *–* | 3 | *–* | 3 | 6 | 6 |
| **Total** | **8294** | **3** | **249** | **28** | **1426** | **10000** | **10000** |
| **Liabilities:** |  |  |  |  |  |  |  |
| Trade payables | 537 | *–* | *–* | *–* | *–* | 537 | 537 |
| Lease liabilities (Refer to note 2.8) | 978 | *–* | *–* | *–* | *–* | 978 | 978 |
| Derivative financial instruments | *–* | *–* | 42 | *–* | 2 | 44 | 44 |
| Financial liability under option arrangements <br> (Refer to note 2.5) | *–* | *–* | 84 | *–* | *–* | 84 | 84 |
| Other liabilities including contingent consideration<br> (Refer to note 2.5) | 1910 | *–* | 10 | *–* | *–* | 1920 | 1920 |
| **Total** | **3425** |  ***–*** | **136** |  ***–*** | **2** | **3563** | **3563** |

---

*<sup>(1)</sup>* *On account of fair value changes including interest accrued*

*<sup>(2)</sup>* *Excludes interest accrued on quoted debt securities carried at amortized cost of $2 million*

*<sup>(3)</sup>* *Excludes unbilled revenue for contracts where the right to consideration is dependent on completion of contractual milestones*

The carrying value and fair value of financial instruments by categories as at March 31, 2025 were as follows:

*(Dollars in millions)* 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Financial assets/ liabilities at fair value through profit or loss** | **Financial assets/ liabilities at fair value through profit or loss** | **Financial assets/liabilities at fair value through OCI** | **Financial assets/liabilities at fair value through OCI** | | |
| **Particulars** | **Amortized cost** | **Designated upon initial recognition** | **Mandatory** | **Equity instruments designated upon initial recognition** | **Mandatory** | **Total carrying value** | **Total fair value** |
| **Assets:** |  |  |  |  |  |  |  |
| Cash and cash equivalents (Refer to note 2.1) | 2861 | *–* | *–* | *–* | *–* | 2861 | 2861 |
| Investments (Refer to note 2.2) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units | *–* | *–* | 229 | *–* | *–* | 229 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target maturity fund units | *–* | *–* | 54 | *–* | *–* | 54 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quoted debt securities | 193 | *–* | *–* | *–* | 1389 | 1582 | 1602<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | *–* | *–* | *–* | *–* | 410 | 410 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Papers | *–* | *–* | *–* | *–* | 426 | 426 | 426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quoted equity securities | *–* | *–* | *–* | 7 | *–* | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unquoted equity and preference securities | *–* | 3 | *–* | 20 | *–* | 23 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unquoted investments others | *–* | *–* | 23 | *–* | *–* | 23 | 23 |
| Trade receivables | 3645 | *–* | *–* | *–* | *–* | 3645 | 3645 |
| Unbilled revenues (Refer to note 2.17)<sup>(3)</sup> | 1195 | *–* | *–* | *–* | *–* | 1195 | 1195 |
| Prepayments and other assets (Refer to note 2.4) | 844 | *–* | *–* | *–* | *–* | 844 | 835<sup>(2)</sup> |
| Derivative financial instruments | *–* | *–* | 20 | *–* | 3 | 23 | 23 |
| **Total** | **8738** | **3** | **326** | **27** | **2228** | **11322** | **11333** |
| **Liabilities:** |  |  |  |  |  |  |  |
| Trade payables | 487 | *–* | *–* | *–* | *–* | 487 | 487 |
| Lease liabilities (Refer to note 2.8) | 962 | *–* | *–* | *–* | *–* | 962 | 962 |
| Derivative financial instruments | *–* | *–* | 3 | *–* | 4 | 7 | 7 |
| Financial liability under option arrangements (Refer to note 2.5) | *–* | *–* | 77 | *–* | *–* | 77 | 77 |
| Other liabilities including contingent consideration (Refer to note 2.5) | 1932 | *–* | 3 | *–* | *–* | 1935 | 1935 |
| **Total** | **3381** |  ***–*** | **83** |  ***–*** | **4** | **3468** | **3468** |

---

*<sup>(1)</sup>* *On account of fair value changes including interest accrued*

*<sup>(2)</sup>* *Excludes interest accrued on quoted debt securities carried at amortized cost of $9 million*

*<sup>(3)</sup>* *Excludes unbilled revenue for contracts where the right to consideration is dependent on completion of contractual milestones*

For trade receivables and trade payables, other assets and payables maturing within one year from the balance sheet date, the carrying amounts approximate fair value due to the short maturity of these instruments.

**Fair value hierarchy**

**Level 1** - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

**Level 2** – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

**Level 3** - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at December 31, 2025 is as follows:

*(Dollars in millions)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Fair value measurement at end of the reporting period using** | **Fair value measurement at end of the reporting period using** | **Fair value measurement at end of the reporting period using** |
| **Particulars** | **As at December 31, 2025** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |  |
| **Investments (Refer to note 2.2)** |  |  |  |  |
| Investments in Mutual fund units | 219 | 219 | *–* | *–* |
| Investments in target maturity fund units | *–* | *–* | *–* | *–* |
| Investments in quoted debt securities | 1013 | 1000 | 13 | *–* |
| Investments in certificates of deposit | 363 | *–* | 363 | *–* |
| Investments in commercial paper | 108 | *–* | 108 | *–* |
| Investments in unquoted equity and preference securities | 22 | *–* | *–* | 22 |
| Investments in quoted equity securities | 9 | 9 | *–* | *–* |
| Investments in unquoted investments others | 27 | *–* | *–* | 27 |
| **Others** |  |  |  |  |
| Derivative financial instruments- gain | 6 | *–* | 6 | *–* |
| **Liabilities** |  |  |  |  |
| Derivative financial instruments - loss | 44 | *–* | 44 | *–* |
| Financial liability under option arrangements (Refer to note 2.5)<sup>(1)</sup> | 84 | *–* | *–* | 84 |
| Liability towards contingent consideration (Refer to note 2.5)<sup>(2)</sup> | 10 | *–* | *–* | 10 |

---

*<sup>(1)</sup>* *Discount rate ranges from 9% to 15%*

*<sup>(2)</sup>* *Discount rate ranges from 3% to 6%*

During the nine months ended December 31, 2025, quoted debt securities of $7 million were transferred from Level 2 to Level 1 of fair value hierarchy, since these were valued based on quoted price and quoted debt securities of $4 million were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs.

The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at March 31, 2025 is as follows:

*(Dollars in millions)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Fair value measurement at end of the reporting period using** | **Fair value measurement at end of the reporting period using** | **Fair value measurement at end of the reporting period using** |
| **Particulars** | **As at March 31, 2025** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |  |
| **Investments (Refer to note 2.2)** |  |  |  |  |
| Investments in mutual fund units | 229 | 229 | *–* | *–* |
| Investments in target maturity fund units | 54 | 54 | *–* | *–* |
| Investments in quoted debt securities | 1602 | 1533 | 69 | *–* |
| Investments in unquoted equity and preference securities | 23 | *–* | *–* | 23 |
| Investments in certificates of deposit | 410 | *–* | 410 | *–* |
| Investments in commercial paper | 426 | *–* | 426 | *–* |
| Investments in quoted equity securities | 7 | 7 | *–* | *–* |
| Investments in unquoted investments others | 23 | *–* | *–* | 23 |
| **Others** |  |  |  |  |
| Derivative financial instruments- gain | 23 | *–* | 23 | *–* |
| **Liabilities** |  |  |  |  |
| Derivative financial instruments- loss | 7 | *–* | 7 | *–* |
| Financial liability under option arrangements (Refer to note 2.5)<sup>(1)</sup> | 77 | *–* | *–* | 77 |
| Liability towards contingent consideration (Refer to note 2.5)<sup>(2)</sup> | 3 | *–* | *–* | 3 |

---

*<sup>(1)</sup>* *Discount rate ranges from 9% to 15%*

*<sup>(2)</sup>* *Discount rate - 6%*

During the year ended March 31, 2025, quoted debt securities of $35 million were transferred from Level 2 to Level 1 of fair value hierarchy, since these were valued based on quoted price and quoted debt securities of $65 million were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs.

A one percentage point change in the unobservable inputs used in fair valuation of Level 3 assets and liabilities does not have a significant impact in its value.

Majority of investments of the Group are fair valued based on Level 1 or Level 2 inputs. These investments primarily include investment in mutual fund units, target maturity fund units, quoted debt securities, certificates of deposit, commercial paper, quoted bonds issued by government and quasi-government organizations. The Group invests after considering counterparty risks based on multiple criteria including Tier I Capital, Capital Adequacy Ratio, Credit Rating, Profitability, NPA levels and Deposit base of banks and financial institutions. These risks are monitored regularly as per Group's risk management program.

**2.4 Prepayments and other assets**

Prepayments and other assets consist of the following:

*(Dollars in millions)* 

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| **Current** |  |  |
| Security deposits<sup>(1)</sup> | 8 | 8 |
| Loans to employees<sup>(1)</sup> | 26 | 29 |
| Prepaid expenses*<sup>(2)</sup>* | 437 | 360 |
| Interest accrued and not due<sup>(1)</sup> | 40 | 99 |
| Withholding taxes and others*<sup>(2)(4)</sup>* | 336 | 332 |
| Advance payments to vendors for supply of goods*<sup>(2)</sup>* | 28 | 48 |
| Deposit with corporations<sup>(1)(3)</sup> | 353 | 345 |
| Deferred contract cost |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of obtaining a contract<sup>(2)</sup> | 39 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of fulfillment<sup>(2)</sup> | 68 | 59 |
| Other non financial assets *<sup>(2)</sup>* | 15 | 11 |
| Net investment in lease<sup>(1)</sup> | 163 | 133 |
| Other financial assets<sup>(1)</sup> | 61 | 55 |
| **Total Current prepayment and other assets** | **1574** | **1519** |
| **Non-current** |  |  |
| Security deposits<sup>(1)</sup> | 31 | 32 |
| Loans to employees<sup>(1)</sup> | 1 | 2 |
| Prepaid expenses*<sup>(2)</sup>* | 58 | 33 |
| Deposit with corporations<sup>(1)(3)</sup> | 13 | 10 |
| Defined benefit plan assets*<sup>(2)</sup>* | 1 | 35 |
| Deferred contract cost |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of obtaining a contract <sup>(2)</sup> | 56 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of fulfillment<sup>(2)</sup> | 98 | 103 |
| Withholding taxes and others*<sup>(2)(4)</sup>* | 68 | 63 |
| Net investment in lease<sup>(1)</sup> | 129 | 129 |
| Other financial assets<sup>(1)</sup> | 2 | 2 |
| **Total Non- current prepayment and other assets** | **457** | **445** |
| **Total prepayment and other assets** | **2031** | **1964** |
| *<sup>(1)</sup>* Financial assets carried at amortized cost | 827 | 844 |

---

*<sup>(2)</sup>* Non financial assets

<sup>(3)</sup> Deposit with corporation represents amounts deposited to settle certain employee-related obligations as and when they arise during the normal course of business.

<sup>(4)</sup> Withholding taxes and others primarily consist of input tax credits and VAT recoverable from tax authorities.

**2.5 Other liabilities**

Other liabilities comprise the following:

*(Dollars in millions)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| **Current** |  |  |
| Accrued compensation to employees<sup>(1)</sup> | 547 | 576 |
| Accrued expenses<sup>(1)</sup> | 1081 | 991 |
| Accrued defined benefit liability<sup>(3)</sup> | 4 | 1 |
| Withholding taxes and others<sup>(3)</sup> | 413 | 381 |
| Liabilities of controlled trusts<sup>(1)</sup> | 19 | 20 |
| Liability towards contingent consideration<sup>(2)</sup> | 2 | 1 |
| Capital Creditors<sup>(1)</sup> | 42 | 61 |
| Financial liability under option arrangements<sup>(2)(4)</sup> | 70 | 64 |
| Other non-financial liabilities<sup>(3)</sup> | 2 | 1 |
| Other financial liabilities<sup>(1)(5)</sup> | 37 | 61 |
| **Total current other liabilities** | **2217** | **2157** |
| **Non-current** |  |  |
| Accrued compensation to employees<sup>(1)</sup> | 3 | 1 |
| Accrued expenses<sup>(1)</sup> | 174 | 221 |
| Accrued defined benefit liability <sup>(3)</sup> | 60 | 14 |
| Liability towards contingent consideration<sup>(2)</sup> | 8 | 2 |
| Financial liability under option arrangements<sup>(2)(4)</sup> | 14 | 13 |
| Other non-financial liabilities<sup>(3)</sup> | 10 | 12 |
| Other financial liabilities<sup>(1)(5)</sup> | 7 | 1 |
| **Total non-current other liabilities** | **276** | **264** |
| **Total other liabilities** | **2493** | **2421** |
| <sup>(1)</sup> Financial liability carried at amortized cost | 1910 | 1932 |
| <sup>(2)</sup> Financial liability carried at fair value through profit or loss | 94 | 80 |

---

*<sup>(3)</sup>* Non financial liabilities

<sup>(4)</sup> Represents liability related to options issued by the Group over the non-controlling interests in its subsidiaries.

<sup>(5)</sup> The Group entered into financing arrangements with a third party towards technology assets taken over by the Group from a customer as a part of transformation project which was not considered as distinct goods or services as the control related to those assets was not transferred to the Group in accordance with IFRS 15 - Revenue from contract with customers. As at December 31, 2025 and March 31, 2025, the financial liability pertaining to such arrangements amounts to $3 million and $8 million, respectively.

Accrued expenses primarily relate to cost of technical sub-contractors, telecommunication charges, legal and professional charges, brand building expenses, overseas travel expenses and office maintenance and cost of third party software and hardware.

**2.6 Provisions and other contingencies**

**Accounting Policy**

**2.6.1 Provisions**

A provision is recognized if, as a result of a past event, the Group has a present legal or constructive obligation that is reasonably estimable, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The Group recognizes a reimbursement asset when, and only when, it is virtually certain that the reimbursement will be received if the Group settles the obligation.

Contingent liability is a possible obligation arising from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity or a present obligation that arises from past events but is not recognized because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability.

**a. Post sales client support**

The Group provides its clients with a fixed-period post sales support on its fixed-price, fixed-timeframe contracts. Costs associated with such support services are accrued at the time related revenues are recorded and included in cost of sales. The Group estimates such costs based on historical experience and estimates are reviewed on a periodic basis for any material changes in assumptions and likelihood of occurrence.

**b. Onerous contracts**

Provisions for onerous contracts are recognized when the expected benefits to be derived by the Group from a contract are lower than the unavoidable costs of meeting the future obligations under the contract. Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established the Group recognizes any impairment loss on the assets associated with that contract.

**Provision for post sales client support and other provisions**

*(Dollars in millions)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| Post-sales client support and others provisions | 180 | 155 |
| Provision pertaining to settlement (refer to note 2.6.2) | 15 | 18 |
| **Total provisions** | **195** | **173** |

---

Provision for post sales client support and other provisions majorly represents costs associated with providing post sales support services which are accrued at the time of recognition of revenues and are expected to be utilized over a period of 1 year.

Provision for post sales client support and other provisions is included in cost of sales in the interim condensed consolidated statement of comprehensive income.

As at December 31, 2025 and March 31, 2025, claims against the Group, not acknowledged as debts, (excluding demands from income tax authorities- Refer to Note 2.12) amounted to $133 million (![](rupee-symbol.gif)1,192 crore) and $119 million (![](rupee-symbol.gif)1,020 crore), respectively.

Amount paid to statutory authorities against the claims (excluding demands from income tax authorities- Refer to Note 2.12) amounted to $2 million (![](rupee-symbol.gif)17 crore) and $1 million (![](rupee-symbol.gif)8 crore) as at December 31, 2025 and March 31, 2025 respectively.

**2.6.2 Legal Proceedings**

**McCamish Cybersecurity incident** 

In November 2023, certain systems of Infosys McCamish Systems LLC ("McCamish"), a subsidiary of Infosys BPM Limited (a wholly owned subsidiary of Infosys Limited), were encrypted by ransomware, resulting in the non-availability of certain applications and systems. McCamish initiated its incident response and engaged cybersecurity and other specialists to assist in its investigation of and response to the incident and remediation and restoration of impacted applications and systems. By December 31, 2023, McCamish, with external specialists' assistance, substantially remediated and restored the affected applications and systems. Actions taken by McCamish included investigative analysis conducted by a third-party cybersecurity firm to determine, among other things, whether and the extent to which company or customer data was subject to unauthorized access or exfiltration. McCamish also engaged a third-party eDiscovery vendor in assessing the extent and nature of such data. McCamish in coordination with its third-party eDiscovery vendor has identified corporate customers and individuals whose information was subject to unauthorized access and exfiltration. McCamish processes personal data on behalf of its corporate customers.

From March 6, 2024 through July 25, 2024, six actions were filed in the U.S. District Court for the Northern District of Georgia against McCamish. The actions arise out of the cybersecurity incident at McCamish initially disclosed on November 3, 2023. All six actions have since been consolidated, and the consolidated class action complaint was filed on November 7, 2024, purportedly on behalf of all persons residing in the United States whose personally identifiable information was compromised in the incident, including all who were sent a notice of the incident. On December 20, 2024, the Court granted the parties' joint motion to stay proceedings pending the parties' efforts to resolve the lawsuit through mediation. On March 13, 2025, McCamish and the plaintiffs engaged in mediation, resulting in an in-principle agreement that sets forth the terms of a proposed settlement of the class action lawsuits against McCamish, as well as seven class action lawsuits arising out of the incident that have been filed against McCamish's customers. Under the settlement terms, McCamish has agreed to pay $17.5 million into a fund to settle these matters. On December 18, 2025, the Court granted the final approval on the settlement. If the settlement is not appealed within 30 days, then it will become effective and resolve all allegations made in the class action lawsuits without admission of any liability.

During the three months ended March 31, 2025, McCamish had recorded an accrual of $17.5 million related to the settlement and had recognized an insurance reimbursement receivable of $17 million which has been offset against the settlement expense of $17.5 million in the Statement of Comprehensive Income. McCamish may incur additional costs including from indemnities or damages/claims, which are indeterminable at this time.

**Government Investigation**

The U.S. Department of Justice ("DOJ") is conducting an investigation regarding how the Company classified certain H-1B visa-recipient employees working for one of its clients in immigration documents filed with certain U.S. government authorities. The Company is engaged in discussions with the DOJ regarding its ongoing investigation and continues its own inquiry regarding the matter. At this stage, the Company is unable to predict the outcome of this matter, including whether such outcome could have a material adverse effect on the Company's business and results of operations.

**Others**

Apart from the foregoing, the Group is subject to legal proceedings and claims which have arisen in the ordinary course of business. The Group's management reasonably expects that such ordinary course legal actions, when ultimately concluded and determined, may not have a material and adverse effect on the Group's results of operations or financial condition.

**2.7 Property, plant and equipment**

**Accounting Policy**

Property, plant and equipment are stated at cost, less accumulated depreciation and impairment, if any. Costs directly attributable to acquisition are capitalized until the property, plant and equipment are ready for use, as intended by Management. The charge in respect of periodic depreciation is derived at after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The Group depreciates property, plant and equipment over their estimated useful lives using the straight-line method. The estimated useful lives of assets are as follows:

---

| | |
|:---|:---|
| Building | 22-25 years |
| Plant and machinery<sup>(1)</sup> | 5 years |
| Computer equipment | 3-5 years |
| Furniture and fixtures | 5 years |
| Vehicles | 5 years |
| Leasehold improvements | Lower of useful life of the asset or lease term |

---

*<sup>(1)</sup> Includes solar plant with a useful life of 25 years*

Depreciation methods, useful lives and residual values are reviewed periodically, including at each financial year end. The useful lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology.

Advances paid towards the acquisition of property, plant and equipment outstanding at each balance sheet date and the cost of assets not ready to use before such date are disclosed under 'Capital work-in-progress'. Subsequent expenditures relating to property, plant and equipment is capitalized only when it is probable that future economic benefits associated with these will flow to the Group and the cost of the item can be measured reliably. The cost and related accumulated depreciation are eliminated from the financial statements upon sale or retirement of the asset.

**Impairment**

Property, plant and equipment are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.

If such assets are considered to be impaired, the impairment to be recognized in net profit in the interim condensed consolidated statement of comprehensive income is measured by the amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. An impairment loss is reversed in net profit in the statement of comprehensive income if there has been a change in the estimates used to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated depreciation) had no impairment loss been recognized for the asset in prior years.

The changes in the carrying value of property, plant and equipment for the three months ended December 31, 2025 are as follows:

*(Dollars in millions)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Land** | **Buildings** | **Plant and machinery** | **Computer equipment** | **Furniture and fixtures** | **Vehicles** | **Total** |
| **Gross carrying value as at October 1, 2025** | **169** | **1327** | **617** | **1076** | **373** | **5** | **3567** |
| Additions | 1 | 2 | 4 | 47 | 5 |  ***–*** | 59 |
| Deletions\*\* | (7) |  ***–*** | (4) | (54) | (6) | *–* | (71) |
| Translation difference | (3) | (13) | (6) | (13) | (3) | *–* | (38) |
| **Gross carrying value as at December 31, 2025** | **160** | **1316** | **611** | **1056** | **369** | **5** | **3517** |
| **Accumulated depreciation as at October 1, 2025** |  ***–*** | **(631)** | **(508)** | **(806)** | **(312)** | **(4)** | **(2261)** |
| Depreciation |  ***–*** | (14) | (9) | (30) | (7) | *–* | (60) |
| Accumulated depreciation on deletions\*\* |  ***–*** |  ***–*** | 4 | 54 | 6 | *–* | 64 |
| Translation difference |  ***–*** | 8 | 5 | 9 | 3 | *–* | 25 |
| **Accumulated depreciation as at December 31, 2025** |  ***–*** | **(637)** | **(508)** | **(773)** | **(310)** | **(4)** | **(2232)** |
| Capital work-in progress as at October 1, 2025 |  |  |  |  |  |  | 146 |
| **Carrying value as at October 1, 2025** | **169** | **696** | **109** | **270** | **61** | **1** | **1452** |
| Capital work-in progress as at December 31, 2025 |  |  |  |  |  |  | 163 |
| **Carrying value as at December 31, 2025** | **160** | **679** | **103** | **283** | **59** | **1** | **1448** |

---

The changes in the carrying value of property, plant and equipment for the three months ended December 31, 2024 are as follows:

*(Dollars in millions)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Land** | **Buildings** | **Plant and machinery** | **Computer equipment** | **Furniture and fixtures** | **Vehicles** | **Total** |
| **Gross carrying value as at October 1, 2024** | **171** | **1408** | **644** | **1040** | **409** | **6** | **3678** |
| Additions | *–* | 1 | 8 | 32 | 6 | *–* | 47 |
| Deletions\* | *–* | (8) | (4) | (26) | (4) | *–* | (42) |
| Translation difference | (4) | (33) | (16) | (26) | (10) | *–* | (89) |
| **Gross carrying value as at December 31, 2024** | **167** | **1368** | **632** | **1020** | **401** | **6** | **3594** |
| **Accumulated depreciation as at October 1, 2024** | *–* | **(615)** | **(513)** | **(808)** | **(331)** | **(5)** | **(2272)** |
| Depreciation | *–* | (13) | (10) | (37) | (8) | *–* | (68) |
| Accumulated depreciation on deletions\* | *–* | 1 | 3 | 26 | 3 | *–* | 33 |
| Translation difference | *–* | 15 | 13 | 19 | 8 | *–* | 55 |
| **Accumulated depreciation as at December 31, 2024** |  ***–*** | **(612)** | **(507)** | **(800)** | **(328)** | **(5)** | **(2252)** |
| Capital work-in progress as at October 1, 2024 |  |  |  |  |  |  | 80 |
| **Carrying value as at October 1, 2024** | **171** | **793** | **131** | **232** | **78** | **1** | **1486** |
| Capital work-in progress as at December 31, 2024 |  |  |  |  |  |  | 100 |
| **Carrying value as at December 31, 2024** | **167** | **756** | **125** | **220** | **73** | **1** | **1442** |

---

The changes in the carrying value of property, plant and equipment for the nine months ended December 31, 2025 are as follows:

*(Dollars in millions)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Land** | **Buildings** | **Plant and machinery** | **Computer equipment** | **Furniture and fixtures** | **Vehicles** | **Total** |
| **Gross carrying value as at April 1, 2025** | **173** | **1371** | **632** | **1088** | **386** | **6** | **3656** |
| Additions | 3 | 3 | 16 | 118 | 11 | *–* | 151 |
| Additions - Business Combination (Refer to Note 2.10) | *–* | *–* | *–* | 1 | *–* | *–* | 1 |
| Deletions\*\* | (7) | (1) | (7) | (104) | (14) | (1) | (134) |
| Translation difference | (9) | (57) | (30) | (47) | (14) | *–* | (157) |
| **Gross carrying value as at December 31, 2025** | **160** | **1316** | **611** | **1056** | **369** | **5** | **3517** |
| **Accumulated depreciation as at April 1, 2025** | *–* | **(627)** | **(511)** | **(820)** | **(315)** | **(5)** | **(2278)** |
| Depreciation | *–* | (39) | (29) | (91) | (21) | *–* | (180) |
| Accumulated depreciation on deletions\*\* | *–* | *–* | 6 | 103 | 14 | 1 | 124 |
| Translation difference | *–* | 29 | 26 | 35 | 12 | *–* | 102 |
| **Accumulated depreciation as at December 31, 2025** |  ***–*** | **(637)** | **(508)** | **(773)** | **(310)** | **(4)** | **(2232)** |
| Capital work-in progress as at April 1, 2025 |  |  |  |  |  |  | 119 |
| **Carrying value as at April 1, 2025** | **173** | **744** | **121** | **268** | **71** | **1** | **1497** |
| Capital work-in progress as at December 31, 2025 |  |  |  |  |  |  | 163 |
| **Carrying value as at December 31, 2025** | **160** | **679** | **103** | **283** | **59** | **1** | **1448** |

---

\*\* During the three months and nine months ended December 31, 2025, certain assets which were not in use having gross book value of $41 million (net book value: Nil) and $95 million (net book value: Nil) respectively, were retired.

The changes in the carrying value of property, plant and equipment for the nine months ended December 31, 2024 are as follows:

*(Dollars in millions)*

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Land** | **Buildings** | **Plant and machinery** | **Computer equipment** | **Furniture and fixtures** | **Vehicles** | **Total** |
| **Gross carrying value as at April 1, 2024** | **171** | **1411** | **637** | **1032** | **406** | **6** | **3663** |
| Additions | *–* | 5 | 23 | 74 | 17 | *–* | 119 |
| Additions - Business Combination (Refer to Note 2.10) | *–* | *–* | 1 | 1 | 3 | *–* | 5 |
| Deletions\* | *–* | (13) | (11) | (58) | (15) | *–* | (97) |
| Translation difference | (4) | (35) | (18) | (29) | (10) | *–* | (96) |
| **Gross carrying value as at December 31, 2024** | **167** | **1368** | **632** | **1020** | **401** | **6** | **3594** |
| **Accumulated depreciation as at April 1, 2024** |  ***–*** | **(590)** | **(498)** | **(765)** | **(322)** | **(5)** | **(2180)** |
| Depreciation | *–* | (40) | (34) | (114) | (28) | *–* | (216) |
| Accumulated depreciation on deletions\* | *–* | 2 | 10 | 57 | 14 | *–* | 83 |
| Translation difference | *–* | 16 | 15 | 22 | 8 | *–* | 61 |
| **Accumulated depreciation as at December 31, 2024** |  ***–*** | **(612)** | **(507)** | **(800)** | **(328)** | **(5)** | **(2252)** |
| Capital work-in progress as at April 1, 2024 |  |  |  |  |  |  | 54 |
| **Carrying value as at April 1, 2024** | **171** | **821** | **139** | **267** | **84** | **1** | **1537** |
| Capital work-in progress as at December 31, 2024 |  |  |  |  |  |  | 100 |
| **Carrying value as at December 31, 2024** | **167** | **756** | **125** | **220** | **73** | **1** | **1442** |

---

\* During the three months and nine months ended December 31, 2024, certain assets which were not in use having gross book value of $20 million (net book value: Nil) and $47 million (net book value: Nil) respectively, were retired.

The aggregate depreciation expense is included in cost of sales in the interim condensed consolidated statement of comprehensive income.

Repairs and maintenance costs are recognized in the interim condensed consolidated statement of comprehensive income when incurred.

Consequent to the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 ("the Rules"), the Company was required to transfer its CSR capital assets installed prior to January 2021. Towards this the Company had incorporated a subsidiary 'Infosys Green Forum' (IGF) under Section 8 of the Companies Act, 2013. During the year ended March 31, 2022, the Company had completed the transfer of assets upon obtaining the required approvals from regulatory authorities, as applicable. During fiscal 2024, the application filed by IGF for regularization of the provisional registration was rejected and registration cancelled vide order dated March 26, 2024 by Income Tax Commissioner (Exemption). IGF has filed an appeal before Income Tax Tribunal against the order.

The Group had contractual commitments for capital expenditure primarily comprising of commitments for infrastructure facilities and computer equipments aggregating to $127 million and $109 million as at December 31, 2025 and March 31, 2025, respectively.

**2.8 Leases**

**Accounting Policy**

**The Group as a lessee**

The Group's lease asset classes primarily consist of leases for land, buildings and computers. The group assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the group assesses whether: (1) the contract involves the use of an identified asset (2) the group has substantially all of the economic benefits from use of the asset through the period of the lease and (3) the group has the right to direct the use of the asset.

At the date of commencement of the lease, the Group recognizes a right-of-use asset ("ROU") and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases. For these short-term and low value leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.

As a lessee, the Group determines the lease term as the non-cancellable period of a lease adjusted with any option to extend or terminate the lease, if the use of such option is reasonably certain. The Group makes an assessment on the expected lease term on a lease-by-lease basis and thereby assesses whether it is reasonably certain that any options to extend or terminate the contract will be exercised. In evaluating the lease term, the Group considers factors such as any significant leasehold improvements undertaken over the lease term, costs relating to the termination of the lease and the importance of the underlying asset to Group's operations taking into account the location of the underlying asset and the availability of suitable alternatives. The lease term in future periods is reassessed to ensure that the lease term reflects the current economic circumstances.

Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised.

The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and useful life of the underlying asset.

Right-of-use assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.

The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of these leases. Lease liabilities are remeasured with a corresponding adjustment to the related right-of-use asset if the Group changes its assessment if whether it will exercise an extension or a termination option.

Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.

**The Group as a lessor** 

Leases for which the Group is a lessor is classified as a finance or operating lease. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.

When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sublease separately. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease.

For operating leases, rental income is recognized on a straight-line basis over the term of the relevant lease.

Following are the changes in the carrying value of right-of-use assets for the three months ended December 31, 2025:

*(Dollars in millions)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | |
| **Particulars** | **Land** | **Buildings** | **Vehicles** | **Computers** | **Total** |
| **Balance as at October 1, 2025** | **68** | **375** | **3** | **274** | **720** |
| Additions<sup>\*</sup> | *–* | 14 | 1 | 45 | 60 |
| Deletions | (6) | (2) | *–* | (36) | (44) |
| Depreciation | (1) | (21) | (1) | (30) | (53) |
| Translation difference | *–* | (2) | *–* | (1) | (3) |
| **Balance as at December 31, 2025** | **61** | **364** | **3** | **252** | **680** |

---

*<sup>\*</sup>* *Net of adjustments on account of modifications*

Following are the changes in the carrying value of right-of-use assets for the three months ended December 31, 2024:

*(Dollars in millions)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | |
| **Particulars** | **Land** | **Buildings** | **Vehicles** | **Computers** | **Total** |
| **Balance as at October 1, 2024** | **72** | **415** | **3** | **308** | **798** |
| Additions<sup>\*</sup> | *–* | 17 | 1 | 30 | 48 |
| Deletions | *–* | (12) | *–* | (17) | (29) |
| Depreciation | (1) | (22) | *–* | (32) | (55) |
| Translation difference | (1) | (8) | (1) | (11) | (21) |
| **Balance as at December 31, 2024** | **70** | **390** | **3** | **278** | **741** |

---

*<sup>\*</sup>* *Net of adjustments on account of modifications*

Following are the changes in the carrying value of right-of-use assets for the nine months ended December 31, 2025:

*(Dollars in millions)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | |
| **Particulars** | **Land** | **Buildings** | **Vehicles** | **Computers** | **Total** |
| **Balance as at April 1, 2025** | **70** | **392** | **3** | **273** | **738** |
| Additions<sup>\*</sup> | *–* | 48 | 1 | 144 | 193 |
| Deletions | (6) | (4) | *–* | (79) | (89) |
| Depreciation | (1) | (64) | (1) | (97) | (163) |
| Translation difference | (2) | (8) | *–* | 11 | 1 |
| **Balance as at December 31, 2025** | **61** | **364** | **3** | **252** | **680** |

---

*<sup>\*</sup>* *Net of adjustments on account of modifications*

Following are the changes in the carrying value of right-of-use assets for the nine months ended December 31, 2024:

*(Dollars in millions)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | |
| **Particulars** | **Land** | **Buildings** | **Vehicles** | **Computers** | **Total** |
| **Balance as at April 1, 2024** | **72** | **396** | **2** | **316** | **786** |
| Additions<sup>\*</sup> | *–* | 63 | 2 | 111 | 176 |
| Addition due to Business Combination *(Refer to Note 2.10)* | *–* | 19 | 1 | *–* | 20 |
| Deletions | *–* | (16) | (1) | (55) | (72) |
| Depreciation | (1) | (64) | (1) | (88) | (154) |
| Translation difference | (1) | (8) | *–* | (6) | (15) |
| **Balance as at December 31, 2024** | **70** | **390** | **3** | **278** | **741** |

---

*<sup>\*</sup>* *Net of adjustments on account of modifications*

The aggregate depreciation expense on ROU assets is included in cost of sales in the interim condensed consolidated statement of comprehensive income.

The following is the break-up of current and non-current lease liabilities as of December 31, 2025 and March 31, 2025:

*(Dollars in millions)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| Current lease liabilities | 332 | 287 |
| Non-current lease liabilities | 646 | 675 |
| **Total** | **978** | **962** |

---

**2.9 Goodwill and Intangible assets**

**2.9.1 Goodwill**

**Accounting Policy**

Goodwill represents purchase consideration in excess of the Group's interest in the net fair value of identifiable assets, liabilities and contingent liabilities of the acquired entity. When the net fair value of the identifiable assets, liabilities and contingent liabilities acquired exceeds the purchase consideration, the fair value of net assets acquired is reassessed and the bargain purchase gain is recognized immediately in the net profit in the Statement of Comprehensive Income. Goodwill is measured at cost less accumulated impairment losses.

**Impairment**

Goodwill is tested for impairment on an annual basis and whenever there is an indication that the recoverable amount of a cash generating unit (CGU) is less than its carrying amount. For the impairment test, goodwill is allocated to the CGU or groups of CGU's which benefit from the synergies of the acquisition and which represents the lowest level at which goodwill is monitored for internal management purposes. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or group of assets. Impairment occurs when the carrying amount of a CGU including the goodwill, exceeds the estimated recoverable amount of the CGU. The recoverable amount of a CGU is the higher of its fair value less cost to sell and its value-in-use. Value-in-use is the present value of future cash flows expected to be derived from the CGU. Key assumptions in the cash flow projections are prepared based on current economic conditions and includes estimated long term growth rates, weighted average cost of capital and estimated operating margins.

Following is a summary of changes in the carrying amount of goodwill:

*(Dollars in millions)* 

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| Carrying value at the beginning | **1182** | **875** |
| Goodwill on acquisitions *(Refer to note 2.10)* | 52 | 309 |
| Translation differences | 60 | (2) |
| **Carrying value at the end** | **1294** | **1182** |

---

For the purpose of impairment testing, goodwill acquired in a business combination is allocated to the CGU or groups of CGUs, which benefit from the synergies of the acquisition.

**2.9.2 Intangible assets**

**Accounting Policy**

Intangible assets are stated at cost less accumulated amortization and impairment. Intangible assets are amortized over their respective individual estimated useful lives on a straight-line basis, from the date that they are available for use. The estimated useful life of an identifiable intangible asset is based on a number of factors including the effects of obsolescence, demand, competition, and other economic factors (such as the stability of the industry and known technological advances), and the level of maintenance expenditures required to obtain the expected future cash flows from the asset. Amortization methods and useful lives are reviewed periodically including at each financial year end.

Research costs are expensed as incurred. Software product development costs are expensed as incurred unless technical and commercial feasibility of the project is demonstrated, future economic benefits are probable, the Group has an intention and ability to complete and use or sell the software and the costs can be measured reliably. The costs which can be capitalized include the cost of material, direct labour, overhead costs that are directly attributable to prepare the asset for its intended use.

**Impairment**

Intangible assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the CGU to which the asset belongs.

If such assets are considered to be impaired, the impairment to be recognized in the net profit in the statement of comprehensive income is measured by the amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. An impairment loss is reversed in the net profit in the statement of comprehensive income if there has been a change in the estimates used to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortization) had no impairment loss been recognized for the asset in prior years.

**2.10 Business combinations**

**Accounting policy**

Business combinations have been accounted for using the acquisition method under the provisions of IFRS 3 (Revised), Business Combinations.

The purchase price in an acquisition is measured at the fair value of the assets transferred, equity instruments issued and liabilities incurred or assumed at the date of acquisition, which is the date on which control is transferred to the Group. The purchase price also includes the fair value of any contingent consideration. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value on the date of acquisition. Contingent consideration is remeasured at fair value at each reporting date and changes in the fair value of the contingent consideration are recognized in the interim condensed Consolidated Statement of Comprehensive Income.

The interest of non-controlling shareholders is initially measured either at fair value or at the non-controlling interests' proportionate share of the acquiree's identifiable net assets. The choice of measurement basis is made on an acquisition-by-acquisition basis. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests' share of subsequent changes in equity of subsidiaries.

Business combinations between entities under common control is outside the scope of IFRS 3 (Revised), Business Combinations and is accounted for at carrying value of assets acquired and liabilities assumed.

The payments related to options issued by the Group over the non-controlling interests in its subsidiaries are accounted as financial liabilities and initially recognized at the estimated present value of gross obligations. Such options are subsequently measured at fair value in order to reflect the amount payable under the option at the date at which it becomes exercisable. In the event that the option expires unexercised, the liability is derecognized.

**Acquisition**

During the nine months ended December 31, 2025 the Group, completed two business combinations by acquiring 100% partnership interests/voting interests in:

1) MRE Consulting Ltd., a leading Energy and business consulting services company, headquartered in Texas, U.S. on April 30, 2025, which is expected to bring newer capabilities for the Group in trading and risk management, especially in the energy sector.

2) The Missing Link Security Pty. Ltd., The Missing Link Security Limited and The Missing Link Automation Pty. Ltd. (collectively known as "The Missing Link"), a leading Cybersecurity service provider headquartered in Australia on April 30, 2025, which is expected to further strengthen the Group's capabilities in the cybersecurity sector and bolster its presence in the fast growing Australian Market.

The provisional purchase price is allocated to assets acquired and liabilities assumed based upon determination of fair values at the date of acquisition as follows:

*(Dollars in million)*

---

| | | | |
|:---|:---|:---|:---|
| **Component** | **Acquiree's carrying amount** | **Fair value adjustments** | **Purchase price allocated** |
| Net Assets <sup>(1)</sup> | 14 | *–* | 14 |
| Intangible assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;Customer related<sup>#</sup> | &nbsp;&nbsp;&nbsp; *–* | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;Vendor relationship<sup>#</sup> | &nbsp;&nbsp;&nbsp; *–* | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;Brand<sup>#</sup> | &nbsp;&nbsp;&nbsp; *–* | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;Deferred tax liabilities on intangible assets | &nbsp;&nbsp;&nbsp; *–* | &nbsp;&nbsp;&nbsp; (5) | &nbsp;&nbsp;&nbsp; (5) |
| **Total** | **14** | **30** | **44** |
| Goodwill |  |  | 52 |
| **Total purchase price** |  |  | **96** |

---

*<sup>(1)</sup>* *Includes cash and cash equivalents acquired of $12 million.*

 

*<sup>#</sup>* *The estimated useful life is around 1 year to 7 years*

The excess of the purchase consideration paid over the fair value of assets acquired has been attributed to goodwill. The primary items that generated this goodwill are the value of the acquired assembled workforce and estimated synergies, neither of which qualify as an intangible asset.

Goodwill amounting to $9 million is expected to be deductible for tax purposes.

The total purchase consideration of $96 million includes upfront cash consideration of $88 million and contingent consideration with an estimated fair value of $8 million as on the date of acquisition.

At the acquisition date, the key inputs used in determination of the fair value of contingent consideration are the probabilities assigned towards achievement of financial targets and discount rates ranging from 2% - 3%. The undiscounted value of contingent consideration as of December 31, 2025 was approximately $9 million.

Additionally, these acquisitions have retention bonus and management incentives payable to the employees of the acquiree over 2-3 years, subject to their continuous employment with the Group and achievement of financial targets for the respective years. Retention bonus and management incentives are recognized in employee benefit expenses in the Statement of Comprehensive Income over the period of service.

Fair value of trade receivables acquired is $23 million as of acquisition date and as of December 31, 2025, the amounts are substantially collected.

Transaction costs that the Group incurs in connection with a business combination such as finder's fees, legal fees, due diligence fees, and other professional and consulting fees are expensed as incurred. The transaction costs of $4 million related to the acquisition have been included under administrative expenses in the Consolidated Statement of Comprehensive Income for the nine months ended December 31, 2025.

**Proposed Acquisitions**

On August 13, 2025, Infosys Singapore Pte. Ltd., a wholly owned subsidiary of Infosys Limited, entered into a definitive agreement to acquire 75% of the equity share capital in Telstra Purple Pty Ltd, including some of its subsidiaries (together known as Versent Group), Australia's leading Digital Transformation Solutions Provider for a consideration including earn-outs and deferred consideration amounting up to AUD 233 million (approximately $152 million), excluding retention bonus and management incentives, subject to regulatory approvals and customary closing adjustments.

**2.11 Employees' Stock Option Plans (ESOP)**

**Accounting Policy**

The Group recognizes compensation expense relating to share-based payments in net profit based on estimated fair-values of the awards on the grant date. The estimated fair value of awards is recognized as an expense in net profit in the interim condensed consolidated statement of comprehensive income on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was in-substance, multiple awards with a corresponding increase to share premium.

**Infosys Expanded Stock Ownership Program 2019 (the 2019 Plan)**

On June 22, 2019 pursuant to approval by the shareholders in the Annual General Meeting, the Board has been authorized to introduce, offer, issue and provide share-based incentives to eligible employees of the Company and its subsidiaries under the 2019 Plan. The maximum number of shares under the 2019 plan shall not exceed 50,000,000 equity shares. To implement the 2019 Plan, up to 45,000,000 equity shares may be issued by way of secondary acquisition of shares by Infosys Expanded Stock Ownership Trust. The Restricted Stock Units (RSUs) granted under the 2019 plan shall vest based on the achievement of defined annual performance parameters as determined by the administrator (Nomination and Remuneration Committee). The performance parameters will be based on a combination of relative Total Shareholder Return (TSR) against selected industry peers and certain broader market domestic and global indices and operating performance metrics of the company as decided by administrator. Each of the above performance parameters will be distinct for the purposes of calculation of quantity of shares to vest based on performance. These instruments will generally vest between a minimum of 1 to maximum of 3 years from the grant date.

**2015 Stock Incentive Compensation Plan (the 2015 Plan):**

On March 31, 2016, pursuant to the approval by the shareholders through postal ballot, the Board was authorized to introduce, offer, issue and allot share-based incentives to eligible employees of the Company and its subsidiaries under the 2015 Plan. The maximum number of shares under the 2015 plan shall not exceed 24,038,883 equity shares (this includes 11,223,576 equity shares which are held by the trust towards the 2011 Plan as at March 31, 2016). These instruments will generally vest over a period of 4 years. The plan numbers mentioned above are further adjusted with the September 2018 bonus issue.

The equity settled and cash settled RSUs and stock options would vest generally over a period of 4 years and shall be exercisable within the period as approved by the Nomination and Remuneration Committee (NARC). The exercise price of the RSUs will be equal to the par value of the shares and the exercise price of the stock options would be the market price as on the date of grant.

Controlled trust holds 8,984,436 and 9,655,927 shares as at December 31, 2025 and March 31, 2025, respectively under the 2015 plan. Out of these shares, 2,00,000 equity shares each have been earmarked for welfare activities of the employees as at December 31, 2025 and March 31, 2025.

The following is the summary of grants during three months and nine months ended December 31, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
| **Particulars** | **2025** | **2024** | **2025** | **2024** |
| **2015 Plan: RSU** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity settled RSUs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | *–* | *–* | 277077 | 295168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees other than KMP | 109893 | 22880 | 117293 | 152220 |
|  | **109893** | **22880** | **394370** | **447388** |
| **2015 Plan: Employee Stock Options (ESOPs)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity settled RSUs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | *–* |  ***–*** | 237370 |  ***–*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees other than KMP | *–* |  ***–*** | 5412790 |  ***–*** |
|  |  ***–*** | *–* | **5650160** | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash settled RSUs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | *–* |  ***–*** | *–* |  ***–*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees other than KMP | *–* |  ***–*** | 108180 |  ***–*** |
|  |  ***–*** | *–* | **108180** | *–* |
| **Total Grants under 2015 Plan** | **109893** | **22880** | **6152710** | **447388** |
| **2019 Plan: RSU** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity settled RSUs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | *–* |  ***–*** | 66366 | 70699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees other than KMP | 3065 |  ***–*** | 3065 | 6848 |
|  | **3065** | *–* | **69431** | **77547** |
| **Total Grants under 2019 Plan** | **3065** |  ***–*** | **69431** | **77547** |

---

***Notes on grants to KMP:***

**CEO & MD**

**Under the 2015 plan:**

The Board, on April 17, 2025, based on the recommendations of the Nomination and Remuneration Committee approved the following grants for fiscal 2026. In accordance with such approval the following grants were made effective May 2, 2025.

- 230,621 performance-based RSUs (Annual performance equity grant) of fair value of ![](rupee-symbol.gif)34.75 crore. These RSUs will vest in line with the employment agreement based on achievement of certain performance targets.

- 13,273 performance-based grant of RSUs (Annual performance equity ESG grant) of fair value of ![](rupee-symbol.gif)2 crore. These RSUs will vest in line with the employment agreement based on achievement of certain environment, social and governance milestones as determined by the Board.

- 33,183 performance-based grant of RSUs (Annual performance Equity TSR grant) of fair value of ![](rupee-symbol.gif)5 crore . These RSUs will vest in line with the employment agreement based on Company's performance on cumulative relative TSR over the years and as determined by the Board.

Though the annual time based grants and annual performance equity TSR grant for the remaining employment term ending on March 31, 2027 have not been granted as of December 31, 2025, since the service commencement date precedes the grant date, the company has recorded employment stock compensation expense in accordance with IFRS 2, Share based payments. The grant date for this purpose in accordance with IFRS 2, Share based payments is July 1, 2022.

**Under the 2019 plan:**

The Board, on April 17, 2025, based on the recommendations of the Nomination and Remuneration Committee, approved performance-based grant of RSUs amounting to ![](rupee-symbol.gif)10 crore for fiscal 2026 under the 2019 Plan. These RSUs will vest based on achievement of certain performance targets. Accordingly, 66,366 performance based RSU's were granted effective May 2, 2025.

**Other KMP**

**Under the 2015 plan:**

During the nine months ended December 31, 2025, based on recommendations of Nomination and Remuneration Committee, the Board approved time based grants of 237,370 ESOPs to Other KMP under the 2015 Plan. These stock options will vest over a period of 4 years and shall be exercisable within the period as approved by the Committee. The exercise price of the stock options would be the market price as on the date of grant.

**The break-up of employee stock compensation expense is as follows:**

*(Dollars in millions)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
| **Particulars** | **2025** | **2024** | **2025** | **2024** |
| *Granted to:* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;KMP | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;Employees other than KMP | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; 66 |
| **Total <sup>(1)</sup>** | **26** | **22** | **80** | **72** |
| *<sup>(1)</sup> Cash settled stock compensation expense included in the above* | 1 | 1 | 2 | 2 |

---

The fair value of the awards are estimated using the Black-Scholes Model for time and non-market performance based options and Monte Carlo simulation model is used for TSR based options.

The inputs to the model include the share price at date of grant, exercise price, expected volatility, expected dividends, expected term and the risk free rate of interest. Expected volatility during the expected term of the options is based on historical volatility of the observed market prices of the Company's publicly traded equity shares during a period equivalent to the expected term of the options. Expected volatility of the comparative company have been modelled based on historical movements in the market prices of their publicly traded equity shares during a period equivalent to the expected term of the options. Correlation coefficient is calculated between each peer entity and the indices as a whole or between each entity in the peer group.

**The fair value of each equity settled award is estimated on the date of grant using the following assumptions:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For options granted in** | **For options granted in** | **For options granted in** | **For options granted in** | **For options granted in** | **For options granted in** |
| **Particulars** | **Fiscal 2026- <br> Equity Shares-RSU** | **Fiscal 2026- <br> ADR RSU** | **Fiscal 2026- <br> Equity Shares-ESOP** | **Fiscal 2026- <br> ADS-ESOP** | **Fiscal 2025- <br> Equity Shares-RSU** | **Fiscal 2025- <br> ADS-RSU** |
| Weighted average share price (![](rupee-symbol.gif)) / ($ ADS) | 1505 | 16.57 | 1554 | 17.93 | 1437 | 18.42 |
| Exercise price (![](rupee-symbol.gif))/ ($ ADS) | 5.00 | 0.10 | 1554 | 17.93 | 5.00 | 0.07 |
| Expected volatility (%) | 23-26 | 25-26 | 25-28 | 26-30 | 21-26 | 23-28 |
| Expected life of the option (years) | 1-4 | 1-4 | 3-7 | 3-7 | 1-4 | 1-4 |
| Expected dividends (%) | 2-3 | 2-3 | 2-3 | 2-3 | 2-3 | 2-3 |
| Risk-free interest rate (%) | 6 | 4 | 6 | 4 | 7 | 4-5 |
| Weighted average fair value as on grant date (![](rupee-symbol.gif)) / ($ ADS) | 1354 | 15.16 | 390 | 4.09 | 1319 | 16.94 |

---

The expected life of the RSU/ESOP is estimated based on the vesting term and contractual term of the RSU/ESOP, as well as expected exercise behavior of the employee who receives the RSU/ESOP.

**2.12 Income Taxes**

**Accounting policy**

Income tax expense comprises current and deferred income tax. Income tax expense is recognized in net profit in the consolidated statement of comprehensive income except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity or other comprehensive income. Current income tax for current and prior periods is recognized at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date. Deferred income tax assets and liabilities are recognized for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements except when the deferred income tax arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

Deferred income tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date and are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of changes in tax rates on deferred income tax assets and liabilities is recognized as income or expense in the period that includes the enactment or the substantive enactment date. A deferred income tax asset is recognized to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and tax losses can be utilized. Deferred income taxes are not provided on the undistributed earnings of subsidiaries and branches where it is expected that the earnings of the subsidiary or branch will not be distributed in the foreseeable future.

The Group offsets current tax assets and current tax liabilities; deferred tax assets and deferred tax liabilities, where it has a legally enforceable right to set off the recognized amounts and where it intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. The income tax provision for the interim period is made based on the best estimate of the annual average tax rate expected to be applicable for the full financial year. Tax benefits of deductions earned on exercise of employee share options in excess of compensation charged to income are credited to equity.

Income tax expense in the interim condensed consolidated statement of comprehensive income comprises:

*(Dollars in million)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
| **Particulars** | **2025** | **2024** | **2025** | **2024** |
| **Current taxes** |  |  |  |  |
| Domestic taxes | 236 | 289 | 786 | 845 |
| Foreign taxes | 85 | 89 | 254 | 268 |
|  | **321** | **378** | **1040** | **1113** |
| **Deferred taxes** |  |  |  |  |
| Domestic taxes | (23) | (24) | (62) | (84) |
| Foreign taxes | (11) | (17) | (36) | (48) |
|  | **(34)** | **(41)** | **(98)** | **(132)** |
| **Income tax expense** | **287** | **337** | **942** | **981** |

---

Income tax expense for the three months ended December 31, 2025 and December 31, 2024 includes reversals (net of provisions) of $9 million and provisions (net of reversals) of $13 million. Income tax expense for the nine months ended December 31, 2025 and December 31, 2024 includes provisions (net of reversals) of $5 million and provisions (net of reversals) of $30 million. These provisions and reversals pertaining to prior periods are primarily on account of adjudication of certain disputed matters, upon filing of tax return and completion of assessments, across various jurisdictions.

Deferred income tax for the three months and nine months ended December 31, 2025 and December 31, 2024 substantially relates to origination and reversal of temporary differences.

The Company's Advanced Pricing Arrangement (APA) with the Internal Revenue Service (IRS) for US branch income tax expired in March 2021. The Company has applied for renewal of APA and currently the US taxable income is based on the Company's best estimate determined based on the expected value method.

As at December 31, 2025, claims against the Group not acknowledged as debts from the Income tax authorities amounted to $229 million (![](rupee-symbol.gif)2,054 crore). As at March 31, 2025, claims against the Group not acknowledged as debts from the Income tax authorities amounted to $226 million (![](rupee-symbol.gif)1,933 crore).

Amount paid to statutory authorities against the tax claims amounted to $188 million (![](rupee-symbol.gif)1,693 crore) and $491 million (![](rupee-symbol.gif)4,199 crore) as at December 31, 2025 and March 31, 2025 respectively.

The claims against the Group primarily represent demands arising on completion of assessment proceedings under the Income Tax Act, 1961. These claims are on account of issues of disallowance of expenditure towards software being held as capital in nature, payments made to Associated Enterprises held as liable for withholding of taxes, among others. These matters are pending before various Income Tax Authorities and the Management including its tax advisors expect that its position will likely be upheld on ultimate resolution and will not have a material adverse effect on the Group's financial position and results of operations.

**2.13 Earnings per equity share**

**Accounting Policy**

Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Group by the weighted average number of equity shares outstanding during the period. Diluted earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Group by the weighted average number of equity shares considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the proceeds receivable had the equity shares been actually issued at fair value (i.e. the average market value of the outstanding equity shares). Dilutive potential equity shares are deemed converted as at the beginning of the period, unless issued at a later date. Dilutive potential equity shares are determined independently for each period presented.

The number of equity shares and potentially dilutive equity shares are adjusted retrospectively for all periods presented for any share splits and bonus shares issues including for changes effected prior to the approval of the financial statements by the Board of Directors.

**2.14 Related party transactions**

Refer Note 2.20 "Related party transactions" in the Company's 2025 Annual Report on Form 20-F for the full names and other details of the Company's subsidiaries and controlled trusts.

**Changes in Subsidiaries**

During the nine months ended December 31, 2025, the following are the changes in the subsidiaries:

---

| | |
|:---|:---|
| **.** | Infosys Energy Consulting Services LLC , a wholly-owned subsidiary of Infosys Nova Holdings LLC was incorporated on April 16, 2025. |

---

---

| | |
|:---|:---|
| **.** | Infosys Saudi Arabia LLC, a wholly-owned subsidiary of Infosys Limited was incorporated on April 21, 2025. |

---

---

| | |
|:---|:---|
| **.** | Infosys Australia Technology Service Pty Ltd, a wholly-owned subsidiary of Infosys Singapore Pte. Limited was incorporated on April 23, 2025. |

---

---

| | |
|:---|:---|
| **.** | On April 30, 2025, Infosys Nova Holdings LLC , a wholly-owned subsidiary of Infosys Limited, acquired 98.21% of partnership interests in MRE Consulting Ltd along with its subsidiary MRE Technology Services, LLC. The remaining 1.79% was acquired by Infosys Energy Consulting Services LLC , a Wholly-owned subsidiary of Infosys Nova Holdings LLC. |

---

---

| | |
|:---|:---|
| **.** | On April 30, 2025, Infosys Australia Technology Service Pty Ltd, a wholly owned subsidiary of Infosys Singapore Pte. Limited, acquired 100% of voting interests in The Missing Link Automation Pty Ltd, The Missing Link Network Integration Pty Ltd and The Missing Link Security Pty Ltd along with its subsidiary The Missing Link Security Ltd |

---

---

| | |
|:---|:---|
| **.** | in-tech Automotive Engineering de. R L de. C V, a wholly-owned subsidiary of in-tech GmbH has been liquidated effective May 07, 2025. |

---

---

| | |
|:---|:---|
| **.** | On May 13, 2025, Infosys Singapore Pte Ltd diluted 2% stake of HIPUS Co., Ltd to Mitsubishi Heavy Industries, Ltd. |

---

---

| | |
|:---|:---|
| **.** | Infosys BPM Canada Inc, a Wholly-owned subsidiary of Infosys BPM UK Limited was incorporated on July 28, 2025 |

---

---

| | |
|:---|:---|
| **.** | Infosys Germany Gmbh, a Wholly-owned subsidiary of Infosys Singapore Pte Ltd merged into Infosys Germany SE (formerly known as Blitz 24-893 SE) effective September 24, 2025 |

---

---

| | |
|:---|:---|
| **.** | in-tech Engineering services S.R.L, (Wholly-owned subsidiary of in-tech GmbH) merged into ProIT (Wholly-owned subsidiary of in-tech GmbH) effective November 30, 2025 |

---

**Transactions with key management personnel**

The table below describes the compensation to key management personnel which comprise directors and executive officers:

*(Dollars in millions)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
| **Particulars** | **2025** | **2024** | **2025** | **2024** |
| Salaries and other short term employee benefits to whole-time directors and executive officers<sup>(1)(2)</sup> | 3 | 3 | 10 | 10 |
| Commission and other benefits to non-executive/ independent directors | 1 | 1 | 2 | 2 |
| **Total** | **4** | **4** | **12** | **12** |

---

*<sup>(1)</sup>* *Total employee stock compensation expense for the three months ended December 31, 2025 and December 31, 2024 includes a charge of $2 million respectively, towards key management personnel. For the nine months ended December 31, 2025 and December 31, 2024, includes a charge of $6 million respectively, towards key management personnel. (Refer note 2.11).*

 

*<sup>(2)</sup>* *Does not include post-employment benefits and other long-term benefits, based on actuarial valuation as these are done for the Company as a whole.*

**2.15 Segment reporting**

IFRS 8 Operating Segments establishes standards for the way that public business enterprises report information about operating segments and related disclosures about products and services, geographic areas, and major customers. The Group's operations predominantly relate to providing end-to-end business solutions to enable clients to enhance business performance.

The Chief Operating Decision Maker (CODM) 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 business segments. The accounting principles used in the preparation of the financial statements are consistently applied to record revenue and expenditure in individual segments, and are as set out in the accounting policies.

Business segments of the Group are primarily enterprises in Financial Services and Insurance, enterprises in Manufacturing, enterprises in Retail, Consumer Packaged Goods and Logistics, enterprises in the Energy, Utilities, Resources and Services, enterprises in Communication, Telecom OEM and Media, enterprises in Hi-Tech, enterprises in Life Sciences and Healthcare and all other segments. The Financial services reportable segments has been aggregated to include the Financial Services operating segment and Finacle operating segment because of the similarity of the economic characteristics. All other segments represent the operating segments of businesses in India, Japan, China, Infosys Public Services & identified enterprises in Public Services.

Revenue and identifiable operating expenses in relation to segments are categorized based on items that are individually identifiable to that segment. Revenue for 'all other segments' represents revenue generated by Infosys Public Services and revenue generated from customers located in India, Japan and China and other enterprises in public service. Allocated expenses of segments include expenses incurred for rendering services from the Group's offshore software development centers and on-site expenses, which are categorized in relation to the associated efforts of the segment. Certain expenses such as depreciation and amortization, which form a significant component of total expenses, are not specifically allocable to specific segments as the underlying assets are used interchangeably. The Management believes that it is not practical to provide segment disclosures relating to those costs and expenses, and accordingly these expenses are separately disclosed as "unallocated" and adjusted against the total income of the Group.

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 currently not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.

Business segment revenue information is collated based on individual customers invoiced or in relation to which the revenue is otherwise recognized.

Disclosure of revenue by geographic locations is given in note 2.16 Revenue from operations

**2.15.1 Business segments**

**For the three months ended December 31, 2025 and December 31, 2024**

*(Dollars in millions)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Financial Services<sup>(1)</sup>** | **Manufacturing** | **Energy, Utilities, Resources and Services** | **Retail<sup>(2)</sup>** | **Communication<sup>(3)</sup>** | **Hi-Tech** | **Life Sciences<sup>(4)</sup>** | **All other segments<sup>(5)</sup>** | **Total** |
| Revenue | 1437 | 849 | 674 | 654 | 619 | 378 | 366 | 122 | 5099 |
|  | *1371* | *766* | *666* | *679* | *555* | *388* | *378* | *136* | *4939* |
| Identifiable operating expenses | 810 | 514 | 376 | 320 | 397 | 225 | 225 | 81 | 2948 |
|  | *811* | *488* | *382* | *332* | *363* | *227* | *225* | *92* | *2920* |
| Allocated expenses | 265 | 140 | 131 | 125 | 117 | 67 | 63 | 33 | 941 |
|  | *243* | *118* | *103* | *114* | *95* | *65* | *56* | *29* | *823* |
| **Segment Profit** | **362** | **195** | **167** | **209** | **105** | **86** | **78** | **8** | **1210** |
|  | *317* | *160* | *181* | *233* | *97* | *96* | *97* | *15* | *1196* |
| Unallocable expenses\* |  |  |  |  |  |  |  |  | 273 |
|  |  |  |  |  |  |  |  |  | *143* |
| **Operating profit** |  |  |  |  |  |  |  |  | **937** |
|  |  |  |  |  |  |  |  |  | *1053* |
| Other income, net |  |  |  |  |  |  |  |  | 109 |
|  |  |  |  |  |  |  |  |  | *102* |
| Finance Cost |  |  |  |  |  |  |  |  | 11 |
|  |  |  |  |  |  |  |  |  | *12* |
| **Profit before income taxes** |  |  |  |  |  |  |  |  | **1035** |
|  |  |  |  |  |  |  |  |  | *1143* |
| Income tax expense |  |  |  |  |  |  |  |  | 287 |
|  |  |  |  |  |  |  |  |  | *337* |
| **Net profit** |  |  |  |  |  |  |  |  | **748** |
|  |  |  |  |  |  |  |  |  | *806* |
| Depreciation and amortization |  |  |  |  |  |  |  |  | 130 |
|  |  |  |  |  |  |  |  |  | *143* |
| Non-cash expenses other than depreciation and amortization | Non-cash expenses other than depreciation and amortization |  |  |  |  |  |  |  | **–** |
|  |  |  |  |  |  |  |  |  |  ***–*** |

---

*<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>* *Others include operating segments of businesses in India, Japan, China, Infosys Public Services & identified enterprises in Public Services*

**For the nine months ended December 31, 2025 and December 31, 2024**

*(Dollars in millions)*

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Financial Services<sup>(1)</sup>** | **Manufacturing** | **Energy, Utilities, Resources and Services** | **Retail<sup>(2)</sup>** | **Communication<sup>(3)</sup>** | **Hi-Tech** | **Life Sciences<sup>(4)</sup>** | **All other segments<sup>(5)</sup>** | **Total** |
| Revenue | 4222 | 2482 | 2024 | 1958 | 1830 | 1185 | 1014 | 402 | 15117 |
|  | *4000* | *2226* | *1954* | *1981* | *1706* | *1155* | *1080* | *445* | *14547* |
| Identifiable operating expenses | 2390 | 1520 | 1141 | 982 | 1175 | 722 | 630 | 250 | 8810 |
|  | *2289* | *1428* | *1085* | *977* | *1114* | *666* | *658* | *283* | *8500* |
| Allocated expenses | 774 | 403 | 376 | 373 | 332 | 201 | 180 | 97 | 2736 |
|  | *740* | *362* | *330* | *350* | *293* | *200* | *178* | *95* | *2548* |
| **Segment Profit** | **1058** | **559** | **507** | **603** | **323** | **262** | **204** | **55** | **3571** |
|  | *971* | *436* | *539* | *654* | *299* | *289* | *244* | *67* | *3499* |
| Unallocable expenses\* |  |  |  |  |  |  |  |  | 541 |
|  |  |  |  |  |  |  |  |  | *419* |
| **Operating profit** |  |  |  |  |  |  |  |  | **3030** |
|  |  |  |  |  |  |  |  |  | *3080* |
| Other income, net |  |  |  |  |  |  |  |  | 343 |
|  |  |  |  |  |  |  |  |  | *287* |
| Finance Cost |  |  |  |  |  |  |  |  | 35 |
|  |  |  |  |  |  |  |  |  | *38* |
| **Profit before income taxes** |  |  |  |  |  |  |  |  | **3338** |
|  |  |  |  |  |  |  |  |  | *3329* |
| Income tax expense |  |  |  |  |  |  |  |  | 942 |
|  |  |  |  |  |  |  |  |  | *981* |
| **Net profit** |  |  |  |  |  |  |  |  | **2396** |
|  |  |  |  |  |  |  |  |  | *2348* |
| Depreciation and amortization |  |  |  |  |  |  |  |  | 398 |
|  |  |  |  |  |  |  |  |  | *419* |
| Non-cash expenses other than depreciation and amortization |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | *–* |

---

 ****

*<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>* *Others include operating segments of businesses in India, Japan, China, Infosys Public Services & identified enterprises in Public Services*

*\** *Unallocable expense includes impact of $143 million towards impact of Labour Codes for the three months and nine months ended December 31, 2025 (refer to note 2.19.4)*

**2.15.2 Significant clients**

No client individually accounted for more than 10% of the Revenue for the three months and nine months ended December 31, 2025 and December 31, 2024, respectively

**2.16 Revenue from Operations**

**Accounting Policy:**

The Group derives revenues primarily from IT services comprising software development and related services, cloud and infrastructure services, maintenance, consulting and package implementation, licensing of software products and platforms across the Group's core and digital offerings (together called as "software related services") and business process management services. Contracts with customers are either on a time-and-material, unit of work, fixed-price or on a fixed-timeframe basis.

Revenues from customer contracts are considered for recognition and measurement when the contract has been approved in writing, by the parties, to the contract, the parties to contract are committed to perform their respective obligations under the contract, and the contract is legally enforceable. Revenue is recognized upon transfer of control of promised products or services ("performance obligations") to customers in an amount that reflects the consideration the Group has received or expects to receive in exchange for these products or services ("transaction price"). When there is uncertainty as to collectability, revenue recognition is postponed until such uncertainty is resolved.

The Group assesses the services promised in a contract and identifies distinct performance obligations in the contract. The Group allocates the transaction price to each distinct performance obligation based on the relative standalone selling price. The price that is regularly charged for an item when sold separately is the best evidence of its standalone selling price. In the absence of such evidence, the primary method used to estimate standalone selling price is the expected cost plus a margin, under which the Group estimates the cost of satisfying the performance obligation and then adds an appropriate margin based on similar services.

The Group's contracts may include variable consideration including rebates, volume discounts and penalties. The Group includes variable consideration as part of transaction price when there is a basis to reasonably estimate the amount of the variable consideration and when it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved.

Revenue on time-and-material and unit of work based contracts, are recognized as the related services are performed. Fixed price maintenance revenue is recognized ratably either on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period or ratably using a percentage of completion method when the pattern of benefits from the services rendered to the customer and Group's costs to fulfil the contract is not even through the period of contract because the services are generally discrete in nature and not repetitive. Revenue from other fixed-price, fixed-timeframe contracts, where the performance obligations are satisfied over time is recognized using the percentage-of-completion method. Efforts or costs expended are used to determine progress towards completion as there is a direct relationship between input and productivity. Progress towards completion is measured as the ratio of costs or efforts incurred to date (representing work performed) to the estimated total costs or efforts. Estimates of transaction price and total costs or efforts are continuously monitored over the term of the contracts and are recognized in net profit in the period when these estimates change or when the estimates are revised. Revenues and the estimated total costs or efforts are subject to revision as the contract progresses. Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract.

The billing schedules agreed with customers include periodic performance based billing and / or milestone based progress billings. Revenues in excess of billing are classified as unbilled revenue while billing in excess of revenues are classified as contract liabilities (which we refer to as unearned revenues).

In arrangements for software development and related services and maintenance services, by applying the revenue recognition criteria for each distinct performance obligation, the arrangements with customers generally meet the criteria for considering software development and related services as distinct performance obligations. For allocating the transaction price, the Group measures the revenue in respect of each performance obligation of a contract at its relative standalone selling price. The price that is regularly charged for an item when sold separately is the best evidence of its standalone selling price. In cases where the Group is unable to determine the standalone selling price, the Group uses the expected cost plus margin approach in estimating the standalone selling price. For software development and related services, the performance obligations are satisfied as and when the services are rendered since the customer generally obtains control of the work as it progresses.

Certain cloud and infrastructure services contracts include multiple elements which may be subject to other specific accounting guidance, such as leasing guidance. These contracts are accounted in accordance with such specific accounting guidance. In such arrangements where the Group is able to determine that hardware and services are distinct performance obligations, it allocates the consideration to these performance obligations on a relative standalone selling price basis. In the absence of standalone selling price, the Group uses the expected cost-plus margin approach in estimating the standalone selling price. When such arrangements are considered as a single performance obligation, revenue is recognized over the period and measure of progress is determined based on promise in the contract.

Revenue from licenses where the customer obtains a "right to use" the licenses is recognized at the time the license is made available to the customer. Revenue from licenses where the customer obtains a "right to access" is recognized over the access period.

Arrangements to deliver software products generally have three elements: license, implementation and Annual Technical Services (ATS). When implementation services are provided in conjunction with the licensing arrangement and the license and implementation have been identified as two distinct separate performance obligations, the transaction price for such contracts are allocated to each performance obligation of the contract based on their relative standalone selling prices. In the absence of standalone selling price for implementation, the Group uses the expected cost plus margin approach in estimating the standalone selling price. Where the license is required to be substantially customized as part of the implementation service the entire arrangement fee for license and implementation is considered to be a single performance obligation and the revenue is recognized using the percentage-of-completion method as the implementation is performed. Revenue from client training, support and other services arising due to the sale of software products is recognized as the performance obligations are satisfied. ATS revenue is recognized ratably on a straight-line basis over the period in which the services are rendered.

Contracts with customers includes subcontractor services or third-party vendor equipment or software in certain integrated services arrangements. In these types of arrangements, revenue from sales of third-party vendor products or services is recorded net of costs when the Group is acting as an agent between the customer and the vendor, and gross when the Group is the principal for the transaction. In doing so, the Group first evaluates whether it obtains control of the specified goods or services before they are transferred to the customer. The Group considers whether it is primarily responsible for fulfilling the promise to provide the specified goods or services, inventory risk, pricing discretion and other factors to determine whether it controls the specified goods or services and therefore, is acting as a principal or an agent.

A contract modification is a change in the scope or price or both of a contract that is approved by the parties to the contract. A contract modification that results in the addition of distinct performance obligations are accounted for either as a separate contract if the additional services are priced at the standalone selling price or as a termination of the existing contract and creation of a new contract if they are not priced at the standalone selling price. If the modification does not result in a distinct performance obligation, it is accounted for as part of the existing contract on a cumulative catch-up basis.

The incremental costs of obtaining a contract (i.e., costs that would not have been incurred if the contract had not been obtained) are recognized as an asset if the Group expects to recover them.

Certain eligible, nonrecurring costs (e.g. set-up or transition or transformation costs) that do not represent a separate performance obligation are recognized as an asset when such costs (a) relate directly to the contract; (b) generate or enhance resources of the Group that will be used in satisfying the performance obligation in the future; and (c) are expected to be recovered.

Capitalized contract costs relating to upfront payments to customers are amortized to revenue and other capitalized costs are amortized to cost of sales over the respective contract life on a systematic basis consistent with the transfer of goods or services to customer to which the asset relates. Capitalized costs are monitored regularly for impairment. Impairment losses are recorded when present value of projected remaining operating cash flows is not sufficient to recover the carrying amount of the capitalized costs.

The Group presents revenues net of indirect taxes in its interim Consolidated Statement of Comprehensive Income.

Revenues for the three months and nine months ended December 31, 2025 and December 31, 2024 is as follows:

*(Dollars in millions)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
| **Particulars** | **2025** | **2024** | **2025** | **2024** |
| Revenue from software services | 4850 | 4703 | 14401 | 13871 |
| Revenue from products and platforms | 249 | 236 | 716 | 676 |
| **Total revenue from operations** | **5099** | **4939** | **15117** | **14547** |

---

**Products & platforms**

The Group also derives revenues from the sale of products and platforms like Finacle – core banking solution, Edge Suite of products, Panaya platform, Stater digital platform and Infosys McCamish – insurance platform.

**Disaggregated revenue information**

Revenue disaggregation by business segments has been included in segment information (Refer note 2.15). The table below presents disaggregated revenues from contracts with customers by geography and contract type. The Group believes that this disaggregation best depicts how the nature, amount, timing and uncertainty of revenues and cash flows are affected by industry, market and other economic factors.

**For the three months and nine months ended December 31, 2025 and December 31, 2024**

*(Dollars in millions)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
| **Particulars** | **2025** | **2024** | **2025** | **2024** |
| **Revenues by Geography<sup>\*</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;North America | &nbsp;&nbsp;&nbsp; 2851 | &nbsp;&nbsp;&nbsp; 2886 | &nbsp;&nbsp;&nbsp; 8496 | &nbsp;&nbsp;&nbsp; 8468 |
| &nbsp;&nbsp;&nbsp;Europe | &nbsp;&nbsp;&nbsp; 1665 | &nbsp;&nbsp;&nbsp; 1470 | &nbsp;&nbsp;&nbsp; 4835 | &nbsp;&nbsp;&nbsp; 4269 |
| &nbsp;&nbsp;&nbsp;India | &nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp; 444 | &nbsp;&nbsp;&nbsp; 454 |
| &nbsp;&nbsp;&nbsp;Rest of the world | &nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp;&nbsp; 1342 | &nbsp;&nbsp;&nbsp; 1356 |
| **Total** | **5099** | **4939** | **15117** | **14547** |

---

*<sup>\*</sup>* *Geographical revenue is based on the domicile of customer*

The percentage of revenue from fixed-price contracts for each of the three months ended December 31, 2025 and December 31, 2024 is 55%. The percentage of revenue from fixed-price contracts for each of the nine months ended December 31, 2025 and December 31, 2024 is 54%.

**Trade Receivables and Contract Balances**

The timing of revenue recognition, billings and cash collections results in receivables, unbilled revenue, and unearned revenue on the Group's Consolidated Balance Sheet. Amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals (e.g., monthly or quarterly) or upon achievement of contractual milestones.

The Group's receivables are rights to consideration that are unconditional. Unbilled revenues comprising revenues in excess of billings from time and material contracts and fixed price maintenance contracts are classified as financial asset when the right to consideration is unconditional and is due only after a passage of time.

Invoicing to the clients for other fixed price contracts is based on milestones as defined in the contract and therefore the timing of revenue recognition is different from the timing of invoicing to the customers. Therefore, unbilled revenues for other fixed price contracts (contract asset) are classified as non-financial asset because the right to consideration is dependent on completion of contractual milestones.

Invoicing in excess of earnings are classified as unearned revenue.

Trade receivable and unbilled revenues are presented net of impairment in the consolidated balance sheet.

**2.17 Unbilled Revenue**

*(Dollars in millions)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| Unbilled financial asset *<sup>(1)</sup>* | 1172 | 1195 |
| Unbilled non financial asset *<sup>(2)</sup>* | 529 | 569 |
| **Total** | **1701** | **1764** |

---

*<sup>(1)</sup>* Right to consideration is unconditional and is due only after a passage of time.

*<sup>(2)</sup>* Right to consideration is dependent on completion of contractual milestones.

**2.18 Equity**

**Accounting policy**

**Ordinary Shares**

Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new ordinary shares, share options and buyback are recognized as a deduction from equity, net of any tax effects.

**Treasury Shares**

When any entity within the Group purchases the company's ordinary shares, the consideration paid including any directly attributable incremental cost is presented as a deduction from total equity, until they are cancelled, sold or reissued. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is transferred to/ from Share premium.

**Share premium**

The amount received in excess of the par value has been classified as share premium. Additionally, share-based compensation recognized in net profit in the interim condensed consolidated statement of comprehensive income is credited to share premium. Amounts have been utilized for bonus issue and share buyback from share premium account.

The Company has only one class of shares referred to as equity shares having a par value of ![](rupee-symbol.gif)5/-.

**Retained earnings**

Retained earnings represent the amount of accumulated earnings of the Group.

**Other Reserves**

The Special Economic Zone Re-investment reserve has been created out of the profit of the eligible SEZ unit in terms of the provisions of Sec 10AA (1)(ii) of Income Tax Act, 1961. The reserve should be utilized by the Company for acquiring new plant and machinery for the purpose of its business in terms of the provisions of the Sec 10AA (2) of the Income Tax Act, 1961.

**Capital Redemption Reserve**

In accordance with section 69 of the Indian Companies Act, 2013, the Company creates capital redemption reserve equal to the nominal value of the shares bought back as an appropriation from general reserve / retained earnings.

**Cash flow hedge reserve**

When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the cash flow hedging reserve. The cumulative gain or loss previously recognized in the cash flow hedging reserve is transferred to the net profit in the interim condensed consolidated Statement of Comprehensive Income upon the occurrence of the related forecasted transaction.

**Other components of equity**

Other components of equity include currency translation, re-measurement of net defined benefit liability/asset, fair value changes of equity instruments fair valued through other comprehensive income, changes on fair valuation of investments, net of taxes.

**2.18.1 Voting**

Each holder of equity shares is entitled to one vote per share. The equity shares represented by American Depositary Shares (ADS) carry similar rights to voting and dividends as the other equity shares. Each ADS represents one underlying equity share.

**2.18.2 Liquidation**

In the event of liquidation of the company, the holders of shares shall be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. However, no such preferential amounts exist currently, other than the amounts held by irrevocable controlled trusts. The amount distributed will be in proportion to the number of equity shares held by the shareholders. For irrevocable controlled trusts, the corpus would be settled in favor of the beneficiaries.

**2.18.3 Share options**

There are no voting, dividend or liquidation rights to the holders of options issued under the company's share option plans.

**2.18.4 Share capital and share premium**

The Company has only one class of shares referred to as equity shares having a par value of ![](rupee-symbol.gif)5/- each. 8,984,436 shares and 9,655,927 shares were held by controlled trust, as at December 31, 2025 and March 31, 2025, respectively.

**2.18.5 Capital allocation policy**

Effective 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.

**Buyback completed in December 2025**

In line with the capital allocation policy, the Board, at its meeting held on September 11, 2025, approved a proposal for the Company to buyback its fully paid-up equity shares of face value of ![](rupee-symbol.gif)5/- each from the eligible equity shareholders of the Company for an amount of ![](rupee-symbol.gif)18,000 crore subject to shareholders' approval by way of Postal Ballot. The shareholders approved the said proposal of buyback of Equity Shares recommended by its Board of Directors by way of e-voting through postal ballot, the results of which were declared on November 6, 2025. The Buyback offer comprised a purchase of 100,000,000 Equity Shares comprising approximately 2.41% of the total paid-up equity share capital of the Company as of June 30, 2025 (on standalone basis) at a price of ![](rupee-symbol.gif)1,800 per Equity share. The buyback was offered to all eligible equity shareholders (including those who became equity shareholders as on the Record date by cancelling American Depository Shares and withdrawing underlying Equity shares) of the Company as on the Record Date (i.e. November 14, 2025) on a proportionate basis through the "Tender offer" route. The tender period for buyback commenced on November 20, 2025 and was open until November 26, 2025. The Company concluded the buyback procedures on December 4, 2025 and 100,000,000 equity shares were bought back and extinguished. The buyback resulted in cash outflow of ![](rupee-symbol.gif)18,000 crore (excluding transaction costs). The Company funded the buyback from its free reserves including securities premium as explained in Section 68 of the Companies Act, 2013. In accordance with Section 69 of the Companies Act, 2013, the Company has created a Capital Redemption Reserve of ![](rupee-symbol.gif)50 crore (approximately $6 million) equal to the nominal value of the shares bought back as an appropriation from the general reserve during the quarter ended December 31, 2025.

The Company's objective when managing capital is to safeguard its ability to continue as a going concern and to maintain an optimal capital structure so as to maximize shareholder value. In order to maintain or achieve an optimal capital structure, the Company may adjust the amount of dividend payment, return capital to shareholders, issue new shares or buy back issued shares. As of December 31, 2025, the Company has only one class of equity shares and has no debt. Consequent to the above capital structure there are no externally imposed capital requirements.

**Dividend**

The final dividend on shares is recorded as a liability on the date of approval by the shareholders and interim dividends are recorded as a liability on the date of declaration by the Company's Board of Directors. Income tax consequences of dividends on financial instruments classified as equity will be recognized according to where the entity originally recognized those past transactions or events that generated distributable profits.

The Company declares and pays dividends in Indian rupees. Companies are required to pay/distribute dividend after deducting applicable taxes. The remittance of dividends outside India is governed by Indian law on foreign exchange and is also subject to withholding tax at applicable rates.

The amount of per share dividend recognized as distribution to equity shareholders is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Nine months ended December 31, 2025** | **Nine months ended December 31, 2025** | **Nine months ended December 31, 2024** | **Nine months ended December 31, 2024** |
| **Particulars** | **in ![](rupee-symbol.gif)** | **in US Dollars** | **in ![](rupee-symbol.gif)** | **in US Dollars** |
| Interim dividend for fiscal 2026 | 23 | 0.26 | *–* | *–* |
| Final dividend for fiscal 2025 | 22 | 0.26 | *–* | *–* |
| Interim dividend for fiscal 2025 | *–* | *–* | 21.00 | 0.25 |
| Special dividend for fiscal 2024 | *–* | *–* | 8.00 | 0.10 |
| Final dividend for fiscal 2024 | *–* | *–* | 20.00 | 0.24 |

---

The Board of Directors in their meeting held on April 17, 2025 recommended a final dividend of ![](rupee-symbol.gif)22/- per equity share (approximately $0.26 per equity share) for the financial year ended March 31, 2025. The same was approved by the shareholders at the Annual General Meeting (AGM) of the Company held on June 25, 2025 which resulted in a net cash outflow of $1,062 million, excluding dividend paid on treasury shares. The final dividend was paid on June 30, 2025.

The Board of Directors in their meeting held on October 16, 2025 declared an interim dividend of ![](rupee-symbol.gif)23/- per equity share (approximately $0.26 per equity share) which resulted in a net cash outflow of $1,070 million excluding dividend paid on treasury shares.

**2.19 Break-up of expenses and other income, net**

**Accounting policy**

**Gratuity and Pensions**

The Group provides for gratuity, a defined benefit retirement plan ('the Gratuity Plan') covering eligible employees majorly of Infosys and its Indian subsidiaries. The Gratuity Plan provides a lump-sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee's salary and the tenure of employment with the Group. The Company contributes Gratuity liabilities to the Infosys Limited Employees' Gratuity Fund Trust (the Trust). In case of Infosys BPM and EdgeVerve, contributions are made to the Infosys BPM Employees' Gratuity Fund Trust and EdgeVerve Systems Limited Employees' Gratuity Fund Trust, respectively. Trustees administer contributions made to the Trusts and contributions are invested in a scheme with the Life Insurance Corporation of India as permitted by Indian law.

The Group operates defined benefit pension plan in certain overseas jurisdictions, in accordance with the local laws. These plans are managed by third party fund managers. The plans provide for periodic payouts after retirement or for a lumpsum payment as set out in rules of each fund and includes death and disability benefits. The defined benefit plans require contributions which are based on a percentage of salary that varies depending on the age of the respective employees.

Liabilities with regard to these defined benefit plans are determined by actuarial valuation, performed by an external actuary, at each Balance Sheet date using the projected unit credit method. These defined benefit plans expose the Group to actuarial risks, such as longevity risk, interest rate risk and market risk.

The Group recognizes the net obligation of a defined benefit plan in its Balance Sheet as an asset or liability. Gains and losses through re-measurements of the net defined benefit liability/(asset) are recognized in other comprehensive income and are not reclassified to profit or loss in subsequent periods. The actual return of the portfolio of plan assets, in excess of the yields computed by applying the discount rate used to measure the defined benefit obligation is recognized in other comprehensive income. The effect of any plan amendments is recognized in net profits in the interim condensed consolidated statement of comprehensive income.

**Superannuation**

Certain employees of Infosys, Infosys BPM and EdgeVerve are participants in a defined contribution plan. The Group has no further obligations to the Plan beyond its monthly contributions which are periodically contributed to a trust fund, the corpus of which is invested with the Life Insurance Corporation of India.

**Provident fund**

Eligible employees of Infosys receive benefits from a provident fund, which is a defined benefit plan. Both the eligible employee and the company make monthly contributions to the provident fund plan equal to a specified percentage of the covered employee's salary. The company contributes a portion of the contributions to the Infosys Limited Employees' Provident Fund Trust. The trust invests in specific designated instruments as permitted by Indian law. The remaining portion is contributed to the government administered pension fund. The rate at which the annual interest is payable to the beneficiaries by the trust is being administered by the Government of India. The company has an obligation to make good the shortfall, if any, between the return from the investments of the Trust and the notified interest rate.

In respect of Indian subsidiaries, eligible employees receive benefits from a provident fund, which is a defined contribution plan. Both the eligible employee and the respective companies make monthly contributions to this provident fund plan equal to a specified percentage of the covered employee's salary. Amounts collected under the provident fund plan are deposited in a government administered provident fund. The companies have no further obligation to the plan beyond its monthly contributions.

**Compensated absences**

The Group has a policy on compensated absences which are both accumulating and non-accumulating in nature. The expected cost of accumulating compensated absences is determined by actuarial valuation performed by an external actuary at each balance sheet date using projected unit credit method on the additional amount expected to be paid/availed as a result of the unused entitlement that has accumulated at the balance sheet date. Expense on non-accumulating compensated absences is recognized in the period in which the absences occur.

**Other income, net**

Other income is comprised primarily of interest income, dividend income, gain/loss on investment and exchange gain/loss on forward and options contracts and on translation of foreign currency assets and liabilities. Interest income is recognized using the effective interest method. Dividend income is recognized when the right to receive payment is established.

**Foreign Currency**

*Functional currency and presentation currency*

The functional currency of Infosys, its Indian subsidiaries and controlled trusts is the Indian rupee. The functional currencies for foreign subsidiaries are their respective local currencies. These financial statements are presented in U.S. dollars (rounded off to the nearest million) to facilitate the investors' ability to evaluate Infosys' performance and financial position in comparison to similar companies domiciled in other geographic locations.

 

*Transactions and translations*

Foreign-currency denominated monetary assets and liabilities are translated into the relevant functional currency at exchange rates in effect at the Balance Sheet date. The gains or losses resulting from such translations are recognized in the interim condensed Consolidated Statement of Comprehensive Income and reported within exchange gains/ (losses) on translation of assets and liabilities, net, except when deferred in Other Comprehensive Income as qualifying cash flow hedges. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at fair value are translated at the exchange rate prevalent at the date when the fair value was determined. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at historical cost are translated at the exchange rate prevalent at the date of transaction. The related revenue and expense are recognized using the same exchange rate.

Transaction gains or losses realized upon settlement of foreign currency transactions are included in determining net profit for the period in which the transaction is settled. Revenue, expense and cash-flow items denominated in foreign currencies are translated into the relevant functional currencies using the exchange rate in effect on the date of the transaction.

The translation of financial statements of the foreign subsidiaries to the presentation currency is performed for assets and liabilities using the exchange rate in effect at the Balance Sheet date and for revenue, expense and cash-flow items using the average exchange rate for the respective periods. The gains or losses resulting from such translation are included in currency translation reserves under other components of equity. When a subsidiary is disposed off, in full, the relevant amount is transferred to net profit in the Statement of Comprehensive Income. However, when a change in the parent's ownership does not result in loss of control of a subsidiary, such changes are recorded through equity.

Other Comprehensive Income, net of taxes includes translation differences on non-monetary financial assets measured at fair value at the reporting date, such as equities classified as financial instruments and measured at fair value through other comprehensive income (FVOCI).

Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the exchange rate in effect at the Balance Sheet date.

**Government grants**

The Group recognizes government grants only when there is reasonable assurance that the conditions attached to them shall be complied with, and the grants will be received. Government grants related to assets are treated as deferred income and are recognized in the net profit in the statement of comprehensive income on a systematic and rational basis over the useful life of the asset. Government grants related to revenue are recognized on a systematic basis in the statement of comprehensive income over the periods necessary to match them with the related costs which they are intended to compensate.

**Operating Profits**

Operating profit of the Group is computed considering the revenues, net of cost of sales, selling and marketing expenses and administrative expenses.

**The table below provides details of break-up of expenses:**

**2.19.1 Cost of sales**

*(Dollars in millions)*

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
| **Particulars** | **2025** | **2024** | **2025** | **2024** |
| Employee benefit costs | 2551 | 2285 | 7334 | 6858 |
| Depreciation and amortization | 130 | 143 | 398 | 419 |
| Travelling costs | 35 | 33 | 113 | 108 |
| Cost of technical sub-contractors | 459 | 390 | 1311 | 1151 |
| Cost of software packages for own use | 76 | 70 | 224 | 206 |
| Third party items bought for service delivery to clients | 366 | 472 | 1104 | 1214 |
| Consultancy and professional charges | (1) | 6 | *–* | 27 |
| Communication costs | 9 | 8 | 26 | 27 |
| Repairs and maintenance | 17 | 15 | 52 | 44 |
| Provision for post-sales client support and other provisions | 4 | 11 | (8) | 14 |
| Others | 14 | 11 | 39 | 35 |
| **Total** | **3660** | **3444** | **10593** | **10103** |

---

**2.19.2 Selling and marketing expenses**

*(Dollars in millions)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
| **Particulars** | **2025** | **2024** | **2025** | **2024** |
| Employee benefit costs | 196 | 168 | 575 | 511 |
| Travelling costs | 13 | 12 | 44 | 36 |
| Branding and marketing | 35 | 33 | 113 | 105 |
| Consultancy and professional charges | 7 | 4 | 24 | 13 |
| Communication costs | 1 | 1 | 1 | 1 |
| Others | 5 | - | 12 | 5 |
| **Total** | **257** | **218** | **769** | **671** |

---

**2.19.3 Administrative expenses** 

*(Dollars in millions)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
| **Particulars** | **2025** | **2024** | **2025** | **2024** |
| Employee benefit costs | 102 | 83 | 287 | 252 |
| Consultancy and professional charges | 48 | 44 | 140 | 121 |
| Repairs and maintenance | 33 | 31 | 96 | 93 |
| Power and fuel | 6 | 6 | 19 | 21 |
| Communication costs | 9 | 10 | 25 | 29 |
| Travelling costs | 8 | 7 | 23 | 20 |
| Rates and taxes | 8 | 7 | 28 | 32 |
| Insurance charges | 10 | 8 | 28 | 26 |
| Commission to non-whole time directors | 1 | 1 | 2 | 2 |
| Impairment loss recognized/(reversed) under expected credit loss model | 6 | 1 | 10 | 12 |
| Contribution towards Corporate Social Responsibility | 20 | 20 | 51 | 59 |
| Others \* | (6) | 6 | 16 | 26 |
| **Total** | **245** | **224** | **725** | **693** |

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\* Includes profit on sale of property, plant and equipment amounting to $18 million for the three months ended December 31, 2025.

**2.19.4 Impact of Labour Codes**

On November 21, 2025, the Government of India notified provisions of the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020, ('Labour Codes') which consolidate twenty-nine existing labour laws into a unified framework governing employee benefits during employment and post-employment. The Labour Codes, amongst other things introduces changes, including a uniform definition of wages and enhanced benefits relating to leave. The Group has assessed the financial implications of these changes which has resulted in increase in gratuity liability arising out of past service cost and increase in leave liability by $143 million which is recognized in the Consolidated Statement of Comprehensive Income for the three months and nine months ended December 31, 2025. The Group continues to monitor the developments pertaining to Labour Codes and will evaluate impact if any on the measurement of the employee benefits liability.

**2.19.5 Other income, net:**

Other income for the three months and nine months ended December 31, 2025 and December 31, 2024 is as follows:

*(Dollars in millions)*

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
| **Particulars** | **2025** | **2024** | **2025** | **2024** |
| Interest income on financial assets carried at amortized cost | 41 | 47 | 155 | 132 |
| Interest income on financial assets carried at fair value through other comprehensive income | 26 | 23 | 92 | 88 |
| Income on investments carried at fair value through other comprehensive income | 2 | *–* | 2 | *–* |
| Gain/(loss) on investments carried at fair value through profit or loss | 9 | 6 | 24 | 28 |
| Gain/(loss) on investments carried at amortized cost | *–* | *–* | 9 | *–* |
| Exchange gains / (losses) on forward and options contracts | (16) | 28 | (172) | (16) |
| Exchange gains / (losses) on translation of other assets and liabilities | 35 | (12) | 212 | 34 |
| Others | 12 | 10 | 21 | 21 |
| **Total** | **109** | **102** | **343** | **287** |

---

*for and on behalf of the Board of Directors of Infosys Limited*

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman* | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director* | &nbsp;&nbsp; Bobby Parikh<br> *Director*<br>|
| &nbsp;&nbsp;Bengaluru | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp; A.G.S. Manikantha<br> *Company Secretary* |
| &nbsp;&nbsp;January 14, 2026 |  |  |

---

## Exhibit 99.13

**Exhibit 99.8**

**IFRS INR Earning Release**

**INDEPENDENT AUDITOR'S REPORT** 

**TO THE BOARD OF DIRECTORS OF INFOSYS LIMITED**

**Report on the Audit of the Interim Consolidated Financial Statements**

**Opinion**

We have audited the accompanying interim condensed consolidated financial statements of **INFOSYS LIMITED** (the "Company"), and its subsidiaries (the Company and its subsidiaries together referred to as the "Group"), which comprise the Condensed Consolidated Balance Sheet as at December 31, 2025, the Condensed Consolidated Statement of Comprehensive Income for the three months and nine months ended on that date, the Condensed Consolidated Statement of Changes in Equity, and the Condensed Consolidated Statement of Cash Flows for the nine months ended on that date, and notes to the financial statements, including a summary of material accounting policies and other explanatory information (hereinafter referred to as the "Interim Condensed Consolidated Financial Statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Interim Condensed Consolidated Financial Statements give a true and fair view in conformity with International Accounting Standard 34 "Interim Financial Reporting" ("IAS 34") as issued by the International Accounting Standards Board ("IASB"), of the consolidated state of affairs of the Group as at December 31, 2025, its consolidated profit and its consolidated total comprehensive income for the three months and nine months ended on that date, its consolidated changes in equity and its consolidated cash flows for the nine months ended on that date.

**Basis for Opinion**

We conducted our audit of the Interim Condensed Consolidated Financial Statements in accordance with the Standards on Auditing ("SAs") issued by the Institute of Chartered Accountants of India ("ICAI"). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Interim Condensed Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the ICAI, and we have fulfilled our other ethical responsibilities in accordance with the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the Interim Condensed Consolidated Financial Statements.

**Responsibilities of Management and Board of Directors for the Interim Condensed Consolidated Financial Statements**

The Company's Board of Directors is responsible for the preparation and presentation of these Interim Condensed Consolidated Financial Statements that give a true and fair view of the consolidated financial position, consolidated financial performance, consolidated total comprehensive income, consolidated changes in equity and consolidated cash flows of the Group in accordance with IAS 34 as issued by the IASB. The respective Boards of Directors of the entities included in the Group are responsible for maintenance of the adequate accounting records for safeguarding assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the respective interim financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error which have been used for the purpose of preparation of the Interim Condensed Consolidated Financial Statements by the Directors of the Company, as aforesaid.

In preparing the Interim Condensed Consolidated Financial Statements, the respective Boards of Directors of the entities included in the Group are responsible for assessing the ability of the respective entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Boards of Directors either intend to liquidate their respective entities or to cease operations, or have no realistic alternative but to do so.

The respective Boards of Directors of the entities included in the Group are also responsible for overseeing the financial reporting process of the Group.

**Auditor's Responsibilities for the Audit of the Interim Condensed Consolidated Financial Statements**

Our objectives are to obtain reasonable assurance about whether the Interim Condensed Consolidated Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Interim Condensed Consolidated Financial Statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

&nbsp;&nbsp;&nbsp;&nbsp;· Identify and assess
the risks of material misstatement of the Interim Condensed Consolidated Financial Statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis
for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

&nbsp;&nbsp;&nbsp;&nbsp;· Obtain an understanding
of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on effectiveness of such controls.

&nbsp;&nbsp;&nbsp;&nbsp;· Evaluate the appropriateness
of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

&nbsp;&nbsp;&nbsp;&nbsp;· Conclude on the
appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether
a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue
as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report
to the related disclosures in the Interim Condensed Consolidated Financial Statements or, if such disclosures are inadequate, to modify
our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events
or conditions may cause the Group to cease to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;· Evaluate the overall
presentation, structure and content of the Interim Condensed Consolidated Financial Statements, including the disclosures, and whether
the Interim Condensed Consolidated Financial Statements represent the underlying transactions and events in a manner that achieves fair
presentation.

&nbsp;&nbsp;&nbsp;&nbsp;· Obtain sufficient
appropriate audit evidence regarding the financial information of the entities within the Group to express an opinion on the Interim
Condensed Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the audit of financial
statements of such entities included in the Interim Condensed Consolidated Financial Statements of which we are independent auditors.

Materiality is the magnitude of misstatements in the Interim Condensed Consolidated Financial Statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Interim Condensed Consolidated Financial Statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Interim Condensed Consolidated Financial Statements.

We communicate with those charged with governance of the Company and such other entities included in the Interim Condensed Consolidated Financial Statements of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal financial controls that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

---

| | |
|:---|:---|
| Place: Bengaluru<br> Date: January 14, 2026 | **For DELOITTE HASKINS & SELLS LLP**<br> Chartered Accountants<br> (Firm's Registration No. 117366W/W-100018)<br>**Vikas Bagaria**<br> Partner<br> (Membership No.060408)<br> UDIN: 26060408ASDBCX4556  |

---

**INFOSYS LIMITED AND SUBSIDIARIES**

***Condensed Consolidated Financial Statements under International Financial Reporting Standards (IFRS) in Indian Rupee for the three months and nine months ended December 31, 2025***

---

| |
|:---|
| **Index** |
| Condensed Consolidated Balance Sheet |
| Condensed Consolidated Statement of Comprehensive Income |
| Condensed Consolidated Statement of Changes in Equity |
| Condensed Consolidated Statement of Cash Flows |
| **Overview and Notes to the Interim Condensed Consolidated Financial Statements** |
| **1. Overview** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Company overview |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Basis of preparation of financial statements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 Basis of consolidation |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 Use of estimates and judgments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 Critical accounting estimates and judgements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 Recent accounting pronouncements |
| **2. Notes to the Interim Condensed Consolidated Financial Statements** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Cash and cash equivalents |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Investments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Financial instruments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Prepayments and other assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 Other liabilities |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 Provisions and other contingencies |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 Property, plant and equipment |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 Leases |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 Goodwill and Intangible Assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 Business combinations |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 Employees' Stock Option Plans (ESOP) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 Income Taxes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 Earnings per equity share |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 Related party transactions |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 Segment reporting |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 Revenue from Operations |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 Unbilled Revenue |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 Equity |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 Break-up of expenses and other income, net |

---

**Infosys Limited and subsidiaries**

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

---

| | | | |
|:---|:---|:---|:---|
| **Condensed Consolidated Balance Sheet as at** | **Note** | **December 31, 2025** | **March 31, 2025** |
| **ASSETS** |  |  |  |
| **Current assets** |  |  |  |
| Cash and cash equivalents | 2.1 | 19915 | 24455 |
| Current investments | 2.2 | 6911 | 12482 |
| Trade receivables |  | 36131 | 31158 |
| Unbilled revenue | 2.17 | 13276 | 12851 |
| Prepayments and other current assets | 2.4 | 14147 | 12986 |
| Income tax assets | 2.12 | 29 | 2975 |
| Derivative financial instruments | 2.3 | 49 | 192 |
| **Total current assets** |  | **90458** | **97099** |
| **Non-current assets** |  |  |  |
| Property, plant and equipment | 2.7 | 13010 | 12800 |
| Right-of-use assets | 2.8 | 6115 | 6311 |
| Goodwill | 2.9 | 11634 | 10106 |
| Intangible assets |  | 3073 | 2766 |
| Non-current investments | 2.2 | 8899 | 11059 |
| Unbilled revenue | 2.17 | 2017 | 2232 |
| Deferred income tax assets | 2.12 | 1740 | 1108 |
| Income tax assets | 2.12 | 2335 | 1622 |
| Other non-current assets | 2.4 | 4103 | 3800 |
| **Total non-current assets** |  | **52926** | **51804** |
| **Total assets** |  | **143384** | **148903** |
| **LIABILITIES AND EQUITY** |  |  |  |
| **Current liabilities** |  |  |  |
| Trade payables |  | 4826 | 4164 |
| Lease liabilities | 2.8 | 2985 | 2455 |
| Derivative financial instruments | 2.3 | 392 | 63 |
| Current income tax liabilities | 2.12 | 5497 | 4853 |
| Unearned revenue |  | 11103 | 8492 |
| Employee benefit obligations |  | 3455 | 2908 |
| Provisions | 2.6 | 1753 | 1475 |
| Other current liabilities | 2.5 | 19923 | 18440 |
| **Total current liabilities** |  | **49934** | **42850** |
| **Non-current liabilities** |  |  |  |
| Lease liabilities | 2.8 | 5811 | 5772 |
| Deferred income tax liabilities | 2.12 | 1594 | 1722 |
| Employee benefit obligations |  | 108 | 99 |
| Other non-current liabilities | 2.5 | 2484 | 2257 |
| **Total non-current liabilities** |  | **9997** | **9850** |
| **Total liabilities** |  | **59931** | **52700** |
| **Equity** |  |  |  |
| Share capital - ![rupee symbol](rupee-symbol.gif)5 par value 4,800,000,000 (4800000000) equity shares authorized, issued and outstanding 4,045,683,463 (4143607528) equity shares fully paid up, net of 8,984,436 (9655927) treasury shares as at December 31, 2025 (March 31, 2025) | 2.18 | 2024 | 2073 |
| Share premium |  | 1559 | 2180 |
| Retained earnings |  | 68582 | 80096 |
| Cash flow hedge reserves |  | (8) | (18) |
| Other reserves |  | 5375 | 8298 |
| Capital redemption reserve |  | 219 | 169 |
| Other components of equity |  | 5275 | 3020 |
| **Total equity attributable to equity holders of the Company** |  | **83026** | **95818** |
| Non-controlling interests |  | 427 | 385 |
| **Total equity** |  | **83453** | **96203** |
| **Total liabilities and equity** |  | **143384** | **148903** |

---

 

*The accompanying notes form an integral part of the interim condensed consolidated financial statements.*

*As per our report of even date attached*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*for* Deloitte Haskins & Sells LLP | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;*Chartered Accountants* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;Firm's Registration No: | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;117366W/ W-100018<br>| &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp; Vikas Bagaria<br> *Partner* <br>Membership No. 060408  | &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman* | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director*<br>| &nbsp;&nbsp; Bobby Parikh<br> *Director* |
|  | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp; A.G.S. Manikantha<br> *Company Secretary* |  |
| &nbsp;&nbsp; Bengaluru<br> January 14, 2026 |  |  |  |

---

**Infosys Limited and subsidiaries**

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Condensed Consolidated Statement of Comprehensive Income for the** | **Note** | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
|  |  | **2025** | **2024** | **2025** | **2024** |
| **Revenues** | 2.16 | **45479** | **41764** | **132248** | **122064** |
| Cost of sales | 2.19 | 32652 | 29120 | 92676 | 84771 |
| **Gross profit** |  | **12827** | **12644** | **39572** | **37293** |
| **Operating expenses** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling and marketing expenses | 2.19 | 2292 | 1839 | 6724 | 5631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrative expenses | 2.19 | 2180 | 1893 | 6337 | 5813 |
| Total operating expenses |  | 4472 | 3732 | 13061 | 11444 |
| **Operating profit** |  | **8355** | **8912** | **26511** | **25849** |
| Other income, net | 2.19 | 974 | 859 | 2998 | 2410 |
| Finance cost |  | 100 | 101 | 310 | 314 |
| **Profit before income taxes** |  | **9229** | **9670** | **29199** | **27945** |
| Income tax expense | 2.12 | 2563 | 2848 | 8234 | 8233 |
| **Net profit** |  | **6666** | **6822** | **20965** | **19712** |
| **Other comprehensive income** |  |  |  |  |  |
| *Items that will not be reclassified subsequently to profit or loss* |  |  |  |  |  |
| Remeasurement of the net defined benefit liability/asset, net |  | 56 | (45) | (52) | 53 |
| Equity instruments through other comprehensive income, net | 2.2 | (4) | (15) | 23 | (10) |
|  |  | 52 | (60) | (29) | 43 |
| *Items that will be reclassified subsequently to profit or loss* |  |  |  |  |  |
| Fair value changes on derivatives designated as cash flow hedge, net |  | 4 | 56 | 10 | 32 |
| Exchange differences on translation of foreign operations |  | 354 | (483) | 2235 | (27) |
| Fair value changes on investments, net | 2.2 | (23) | 10 | 66 | 136 |
|  |  | 335 | (417) | 2311 | 141 |
| **Total other comprehensive income/(loss), net of tax** |  | **387** | **(477)** | **2282** | **184** |
| **Total comprehensive income** |  | **7053** | **6345** | **23247** | **19896** |
| **Profit attributable to:** |  |  |  |  |  |
| Owners of the Company |  | 6654 | 6806 | 20939 | 19680 |
| Non-controlling interests |  | 12 | 16 | 26 | 32 |
|  |  | **6666** | **6822** | **20965** | **19712** |
| **Total comprehensive income attributable to:** |  |  |  |  |  |
| Owners of the Company |  | 7040 | 6336 | 23204 | 19863 |
| Non-controlling interests |  | 13 | 9 | 43 | 33 |
|  |  | **7053** | **6345** | **23247** | **19896** |
| **Earnings per equity share** |  |  |  |  |  |
| Equity shares of par value ![rupee symbol](rupee-symbol.gif)5/- each |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic (![rupee symbol](rupee-symbol.gif)) |  | 16.17 | 16.43 | 50.64 | 47.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted (![rupee symbol](rupee-symbol.gif)) |  | 16.14 | 16.39 | 50.55 | 47.40 |
| **Weighted average equity shares used in computing earnings per equity share** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic (in shares) | 2.13 | 4114946425 | 4141941436 | 4134675070 | 4141344081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted (in shares) | 2.13 | 4121795902 | 4151534784 | 4142266340 | 4151568329 |

---

 

*The accompanying notes form an integral part of the interim condensed consolidated financial statements.*

*As per our report of even date attached*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*for* Deloitte Haskins & Sells LLP | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;*Chartered Accountants* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;Firm's Registration No: | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;117366W/ W-100018<br>| &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp; Vikas Bagaria<br> *Partner* <br>Membership No. 060408  | &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman* | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director*<br>| &nbsp;&nbsp; Bobby Parikh<br> *Director* |
|  | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp; A.G.S. Manikantha<br> *Company Secretary* |  |
| &nbsp;&nbsp; Bengaluru<br> January 14, 2026 |  |  |  |

---

**Infosys Limited and subsidiaries**

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Condensed Consolidated Statement of Changes in Equity** | **Number of Shares<sup>(1)</sup>** | **Share capital** | **Share premium** | **Retained earnings** | **Other reserves<sup>(2)</sup>** | **Capital redemption reserve** | **Other components of equity** | **Cash flow hedge reserve** | **Total equity attributable to equity holders of the Company** | **Non-controlling interest** | **Total equity** |
| **Balance as at April 1, 2024** | **4139950635** | **2071** | **1550** | **69674** | **12104** | **169** | **2542** | **6** | **88116** | **345** | **88461** |
| **Changes in equity for nine months ended December 31, 2024** |  |  |  |  |  |  |  |  |  |  |  |
| Net profit | *–* | *–* | *–* | 19680 | *–* | *–* | *–* | *–* | 19680 | 32 | 19712 |
| Remeasurement of the net defined benefit liability/asset, net\* | *–* | *–* | *–* | *–* | *–* | *–* | 53 | *–* | 53 | *–* | 53 |
| Equity instruments through other comprehensive income, net\* | *–* | *–* | *–* | *–* | *–* | *–* | (10) | *–* | (10) | *–* | (10) |
| Fair value changes on derivatives designated as Cash flow hedge, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 32 | 32 | *–* | 32 |
| Exchange differences on translation of foreign operations | *–* | *–* | *–* | *–* | *–* | *–* | (28) | *–* | (28) | 1 | (27) |
| Fair value changes on investments, net\* | *–* | *–* | *–* | *–* | *–* | *–* | 136 | *–* | 136 | *–* | 136 |
| **Total comprehensive income for the period** |  ***–*** |  ***–*** |  ***–*** | **19680** |  ***–*** |  ***–*** | **151** | **32** | **19863** | **33** | **19896** |
| Shares issued on exercise of employee stock options (Refer to note 2.11) | 2131446 | 1 | 4 | *–* | *–* | *–* | *–* | *–* | 5 | *–* | 5 |
| Employee stock compensation expense (Refer to note 2.11) | *–* | *–* | 591 | *–* | *–* | *–* | *–* | *–* | 591 | *–* | 591 |
| Income tax benefit arising on exercise of stock options (Refer to note 2.12) | *–* | *–* | 12 | *–* | *–* | *–* | *–* | *–* | 12 | *–* | 12 |
| Transfer on account of options not exercised | *–* | *–* | (21) | 21 | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Transferred to other reserves | *–* | *–* | *–* | (74) | 74 | *–* | *–* | *–* | *–* | *–* | *–* |
| Transferred from other reserves to retained earnings | *–* | *–* | *–* | 2999 | (2999) | *–* | *–* | *–* | *–* | *–* | *–* |
| Transferred from other reserves on utilization | *–* | *–* | *–* | 377 | (377) | *–* | *–* | *–* | *–* | *–* | *–* |
| Dividends paid to non controlling interest of subsidiary | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (2) | (2) |
| Dividends<sup>#</sup> | *–* | *–* | *–* | (20295) | *–* | *–* | *–* | *–* | (20295) | *–* | (20295) |
| **Balance as at December 31, 2024** | **4142082081** | **2072** | **2136** | **72382** | **8802** | **169** | **2693** | **38** | **88292** | **376** | **88668** |
| **Balance as at April 1, 2025**<br>| **4143607528** | **2073** | **2180** | **80096** | **8298** | **169** | **3020** | **(18)** | **95818** | **385** | **96203** |
| **Changes in equity for nine months ended December 31, 2025** |  |  |  |  |  |  |  |  |  |  |  |
| Net profit | *–* | *–* | *–* | 20939 | *–* | *–* | *–* | *–* | 20939 | 26 | 20965 |
| Remeasurement of the net defined benefit liability/asset, net\* | *–* | *–* | *–* | *–* | *–* | *–* | (52) | *–* | (52) | *–* | (52) |
| Equity instruments through other comprehensive income, net\* | *–* | *–* | *–* | *–* | *–* | *–* | 23 | *–* | 23 | *–* | 23 |
| Fair value changes on derivatives designated as cash flow hedge, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 10 | 10 | *–* | 10 |
| Exchange differences on translation of foreign operations | *–* | *–* | *–* | *–* | *–* | *–* | 2218 | *–* | 2218 | 17 | 2235 |
| Fair value changes on investments, net\* | *–* | *–* | *–* | *–* | *–* | *–* | 66 | *–* | 66 | *–* | 66 |
| **Total comprehensive income for the period** |  ***–*** |  ***–*** |  ***–*** | **20939** |  ***–*** |  ***–*** | **2255** | **10** | **23204** | **43** | **23247** |
| Shares issued on exercise of employee stock options (Refer to note 2.11) | 2075935 | 1 | 1 | *–* | *–* | *–* | *–* | *–* | 2 | *–* | 2 |
| Buyback of equity shares (Refer to note 2.18) | (100000000) | (50) | (1244) | (16706) | *–* | *–* | *–* | *–* | (18000) | *–* | (18000) |
| Transaction cost relating to buyback\* (Refer to note 2.18) | *–* | *–* | (17) | (26) | *–* | *–* | *–* | *–* | (43) | *–* | (43) |
| Amount transferred to capital redemption reserve upon Buyback (Refer to note 2.18) | *–* | *–* | *–* | (50) | *–* | 50 | *–* | *–* | *–* | *–* | *–* |
| Employee stock compensation expense (Refer to note 2.11) | *–* | *–* | 687 | *–* | *–* | *–* | *–* | *–* | 687 | *–* | 687 |
| Income tax benefit arising on exercise of stock options (Refer to note 2.12) | *–* | *–* | 14 | *–* | *–* | *–* | *–* | *–* | 14 | *–* | 14 |
| Transferred on account of options not exercised | *–* | *–* | (62) | 62 | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Financial liability under option arrangements | *–* | *–* | *–* | (10) | *–* | *–* | *–* | *–* | (10) | *–* | (10) |
| Changes in the controlling stake of a subsidiary | *–* | *–* | *–* | 7 | *–* | *–* | *–* | *–* | 7 | 2 | 9 |
| Transferred from other reserves on utilization | *–* | *–* | *–* | 709 | (709) | *–* | *–* | *–* | *–* | *–* | *–* |
| Transferred from other reserves to retained earnings | *–* | *–* | *–* | 2214 | (2214) | *–* | *–* | *–* | *–* | *–* | *–* |
| Dividends paid to non controlling interest of subsidiary | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (3) | (3) |
| Dividends<sup>#</sup><br>| *–* | *–* | *–* | (18653) | *–* | *–* | *–* | *–* | (18653) | *–* | (18653) |
| **Balance as at December 31, 2025** | **4045683463** | **2024** | **1559** | **68582** | **5375** | **219** | **5275** | **(8)** | **83026** | **427** | **83453** |

---

 

*\** *net of tax*

*#* *net of treasury shares*

*<sup>(1)</sup>* *excludes treasury shares of 8,984,436 as at December 31, 2025, 9,655,927 as at April 1, 2025, 10,187,113 as at December 31, 2024 and 10,916,829 as at April 1, 2024 held by consolidated trust.*

*<sup>(2)</sup>* *Represents the Special Economic Zone Re-investment reserve created out of the profit of the eligible SEZ unit in terms of the provisions of Sec 10AA(1)(ii) of Income Tax Act,1961. The reserve should be utilized by the Group for acquiring new plant and machinery for the purpose of its business in terms of the provisions of the Sec 10AA(2) of the Income Tax Act, 1961.*

 

*The accompanying notes form an integral part of the interim condensed consolidated financial statements.*

*As per our report of even date attached*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*for* Deloitte Haskins & Sells LLP | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;*Chartered Accountants* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;Firm's Registration No: | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;117366W/ W-100018<br>| &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp; Vikas Bagaria<br> *Partner* <br>Membership No. 060408  | &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman* | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director*<br>| &nbsp;&nbsp; Bobby Parikh<br> *Director* |
|  | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp; A.G.S. Manikantha<br> *Company Secretary* |  |
| &nbsp;&nbsp; Bengaluru<br> January 14, 2026 |  |  |  |

---

**Infosys Limited and subsidiaries**

**Condensed Consolidated Statement of Cash Flows**

**Accounting Policy**

Cash flows are reported using the indirect method, whereby profit for the period is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Group are segregated. The Group considers all highly liquid investments that are readily convertible to known amounts of cash to be cash equivalents.

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

---

| | | | |
|:---|:---|:---|:---|
| **Particulars** | **Note** | **Nine months ended December 31,** | **Nine months ended December 31,** |
|  |  | **2025** | **2024** |
| **Operating activities** |  |  |  |
| Net Profit |  | 20965 | 19712 |
| **Adjustments to reconcile net profit to net cash provided by operating activities** |  |  |  |
| Depreciation and amortization |  | 3478 | 3512 |
| Income tax expense | 2.12 | 8234 | 8233 |
| Finance cost |  | 310 | 314 |
| Interest and dividend income |  | (851) | (833) |
| Exchange differences on translation of assets and liabilities, net |  | 637 | 64 |
| Impairment loss recognized/(reversed) under expected credit loss model |  | 88 | 100 |
| Stock compensation expense |  | 702 | 605 |
| Provision for post sale client support |  | (61) | 117 |
| Other adjustments |  | 1073 | 557 |
| **Changes in working capital** |  |  |  |
| Trade receivables and unbilled revenue |  | (5400) | (2839) |
| Prepayments and other assets |  | (1457) | 198 |
| Trade payables |  | 537 | (313) |
| Unearned revenue |  | 2596 | 1110 |
| Other liabilities and provisions |  | 2616 | 653 |
| **Cash generated from operations** |  | **33467** | **31190** |
| Income taxes (paid) / received |  | (6310) | (2864) |
| **Net cash generated by operating activities** |  | **27157** | **28326** |
| **Investing activities** |  |  |  |
| Expenditure on property, plant and equipment and intangibles |  | (1771) | (1514) |
| Deposits placed with corporation |  | (828) | (1075) |
| Redemption of deposits placed with corporation |  | 573 | 688 |
| Interest and dividend received |  | 749 | 773 |
| Payment for acquisition of business, net of cash acquired | 2.10 | (637) | (3155) |
| Payment of contingent consideration pertaining to acquisition of business |  | (13) | *–* |
| Escrow and other deposits pertaining to Buyback |  | (1815) | *–* |
| Redemption of escrow and other deposits pertaining to Buyback |  | 1815 | *–* |
| Other receipts |  | 15 | 7 |
| Payments to acquire Investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Quoted debt securities |  | (4103) | (1363) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Mutual fund units |  | (56082) | (54887) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Certificates of deposit |  | (9130) | (2793) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Commercial paper |  | (2686) | (2421) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Other investments |  | (36) | (43) |
| Proceeds on sale of investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Quoted debt securities |  | 8632 | 1961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Mutual fund units |  | 56255 | 54843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Target maturity funds units |  | 487 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Certificates of deposit |  | 9517 | 5199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Commercial paper |  | 5460 | 7135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Other investments |  | *–* | 11 |
| **Net cash generated from investing activities** |  | **6402** | **3366** |
| **Financing activities** |  |  |  |
| Payment of lease liabilities |  | (2021) | (1775) |
| Payment of dividends |  | (18654) | (20286) |
| Other payments |  | (224) | (455) |
| Loan repayment of in-tech Holding GmbH |  | *–* | (985) |
| Payment of dividends to non-controlling interests of subsidiary |  | (3) | (2) |
| Buyback of equity shares including transaction costs |  | (18053) | *–* |
| Shares issued on exercise of employee stock options |  | 2 | 5 |
| **Net cash used in financing activities** |  | **(38953)** | **(23498)** |
| Net increase/(decrease) in cash and cash equivalents |  | (5394) | 8194 |
| Effect of exchange rate changes on cash and cash equivalents |  | 854 | (176) |
| Cash and cash equivalents at the beginning of the period | 2.1 | 24455 | 14786 |
| **Cash and cash equivalents at the end of the period** | 2.1 | **19915** | **22804** |
| **Supplementary information:** |  |  |  |
| Restricted cash balance | 2.1 | 409 | 424 |

---

 

*The accompanying notes form an integral part of the interim condensed consolidated financial statements.*

*As per our report of even date attached*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*for* Deloitte Haskins & Sells LLP | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;*Chartered Accountants* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;Firm's Registration No: | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;117366W/ W-100018<br>| &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp; Vikas Bagaria<br> *Partner* <br>Membership No. 060408  | &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman* | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director*<br>| &nbsp;&nbsp; Bobby Parikh<br> *Director* |
|  | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp; A.G.S. Manikantha<br> *Company Secretary* |  |
| &nbsp;&nbsp; Bengaluru<br> January 14, 2026 |  |  |  |

---

**INFOSYS LIMITED AND SUBSIDIARIES**

**Overview and Notes to the Interim condensed Consolidated Financial Statements**

**1. Overview**

**1.1 Company overview**

Infosys Limited ('the Company' or Infosys) provides consulting, technology, outsourcing and next-generation digital services, to enable clients to execute strategies for their digital transformation. Infosys strategic objective is to build a sustainable organization that remains relevant to the agenda of clients, while creating growth opportunities for employees and generating profitable returns for investors. Infosys strategy is to be a navigator for our clients as they ideate, plan and execute on their journey to a digital future.

Infosys together with its subsidiaries and controlled trusts is herein after referred to as the "Group".

The Company is a public limited company incorporated and domiciled in India and has its registered office at Electronics City, Hosur Road, Bengaluru -560100, Karnataka, India. The Company has its primary listings on the BSE Ltd. and National Stock Exchange of India Limited. The Company's American Depositary Shares (ADS) representing equity shares are listed on the New York Stock Exchange (NYSE).

The Group's interim condensed consolidated financial statements are approved for issue by the Company's Board of Directors on January 14, 2026.

**1.2 Basis of preparation of financial statements**

The interim condensed consolidated financial statements have been prepared in compliance with IAS 34, Interim Financial Reporting as issued by International Accounting Standards Board, under the historical cost convention on the accrual basis except for certain financial instruments which are measured at fair values and defined benefit liability/(asset) which is recognized at the present value of defined benefit obligation less fair value of plan assets. Accordingly, these interim condensed consolidated financial statements do not include all the information required for a complete set of financial statements. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the company's Annual Report on Form 20-F for the year ended March 31, 2025. Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

The material accounting policy information used in preparation of the audited interim condensed consolidated financial statements have been discussed in the respective notes.

As the quarter and year to date figures are taken from the source and rounded to the nearest digits, the quarter figures in this statement added up to the figures reported for the previous quarters might not always add up to the year to date figures reported in this statement.

**1.3 Basis of consolidation**

Infosys consolidates entities which it owns or controls. The interim condensed consolidated financial statements comprise the financial statements of the Company, its controlled trusts and its subsidiaries. Control exists when the parent has power over the entity, is exposed, or has rights to variable returns from its involvement with the entity and has the ability to affect those returns by using its power over the entity. Power is demonstrated through existing rights that give the ability to direct relevant activities, those which significantly affect the entity's returns. Subsidiaries are consolidated from the date control commences until the date control ceases.

The financial statements of the Group Companies are consolidated on a line-by-line basis and intra-group balances and transactions including unrealized gain / loss from such transactions are eliminated upon consolidation. These financial statements are prepared by applying uniform accounting policies in use at the Group. Non-controlling interests which represent part of the net profit or loss and net assets of subsidiaries that are not, directly or indirectly, owned or controlled by the Company, are excluded.

**1.4 Use of estimates and judgments**

The preparation of the interim condensed consolidated financial statements in conformity with IFRS requires management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the interim condensed consolidated financial statements and reported amounts of revenues and expenses during the period. Application of accounting policies that require critical accounting estimates involving complex and subjective judgments and the use of assumptions in these financial statements have been disclosed in Note 1.5. Critical Accounting estimates and judgments could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates and judgments are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the interim condensed consolidated financial statements.

**1.5 Critical accounting estimates and judgments**

**a. Revenue recognition** 

The Group's contracts with customers include promises to transfer multiple products and services to a customer. Revenues from customer contracts are considered for recognition and measurement when the contract has been approved, in writing, by the parties to the contract, the parties to the contract are committed to perform their respective obligations under the contract, and the contract is legally enforceable. The Group assesses the services promised in a contract and identifies distinct performance obligations in the contract. Identification of distinct performance obligations to determine the deliverables and the ability of the customer to benefit independently from such deliverables, and allocation of transaction price to these distinct performance obligations involves significant judgement.

Fixed price maintenance revenue is recognized ratably on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period. Revenue from a fixed price maintenance contract is recognized ratably using a percentage of completion method when the pattern of benefits from the services rendered to the customer and the Group's costs to fulfil the contract is not even through the period of the contract because the services are generally discrete in nature and not repetitive. The use of method to recognize the maintenance revenues requires judgment and is based on the promises in the contract and nature of the deliverables.

The Group uses the percentage-of-completion method in accounting for other fixed-price contracts. Use of the percentage-of-completion method requires the Group to determine the actual efforts or costs expended to date as a proportion of the estimated total efforts or costs to be incurred. Efforts or costs expended have been used to measure progress towards completion as there is a direct relationship between input and productivity. The estimation of total efforts or costs involves significant judgement and is assessed throughout the period of the contract to reflect any changes based on the latest available information.

Contracts with customers includes subcontractor services or third-party vendor equipment or software in certain integrated services arrangements. In these types of arrangements, revenue from sales of third-party vendor products or services is recorded net of costs when the Group is acting as an agent between the customer and the vendor, and gross when the Group is the principal for the transaction. In doing so, the Group first evaluates whether it obtains control of the specified goods or services before they are transferred to the customer. The Group considers whether it is primarily responsible for fulfilling the promise to provide the specified goods or services, inventory risk, pricing discretion and other factors to determine whether it controls the specified goods or services and therefore, is acting as a principal or an agent.

Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract.

**b. Income taxes**

The Group's two major tax jurisdictions are India and the United States, though the Company also files tax returns in other overseas jurisdictions.

Significant judgments are involved in determining the provision for income taxes, including amount expected to be paid/recovered for uncertain tax positions.

In assessing the realizability of deferred income tax assets, the Management considers whether some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible. Management considers the scheduled reversals of deferred income tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred income tax assets are deductible, the Management believes that the group will realize the benefits of those deductible differences. The amount of the deferred income tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry forward period are reduced. (Refer to Note 2.12)

**c. Business combinations and intangible assets**

Business combinations are accounted for using IFRS 3 (Revised), Business Combinations. IFRS 3 requires us to fair value identifiable intangible assets and contingent consideration to ascertain the net fair value of identifiable assets, liabilities and contingent liabilities of the acquiree. These valuations are conducted by external valuation experts. Estimates are required to be made in determining the value of contingent consideration, value of option arrangements and intangible assets. These measurements are based on information available at the acquisition date and are based on expectations and assumptions that have been deemed reasonable by Management. (Refer to Note 2.10 and 2.9.2).

**d. Property, plant and equipment** 

Property, plant and equipment represent a significant proportion of the asset base of the Group. The charge in respect of periodic depreciation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The useful lives and residual values of Group's assets are determined by Management at the time the asset is acquired and reviewed periodically, including at each financial year end. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology. (Refer to Note 2.7).

**e. Impairment of Goodwill**

Goodwill is tested for impairment on an annual basis and whenever there is an indication that the recoverable amount of a cash generating unit (CGUs) is less than its carrying amount. For the impairment test, goodwill is allocated to the CGU or groups of CGUs which benefit from the synergies of the acquisition and which represent the lowest level at which goodwill is monitored for internal management purposes.

The recoverable amount of CGUs is determined based on higher of value-in-use and fair value less cost to sell. Key assumptions in the cash flow projections are prepared based on current economic conditions and comprises estimated long term growth rates, weighted average cost of capital and estimated operating margins. (Refer to note 2.9.1)

**1.6 Recent accounting pronouncements** 

**New and revised IFRS Standards in issue but not yet effective:**

---

| | |
|:---|:---|
| IFRS 18 Presentation and Disclosures in Financial Statements | Presentation and Disclosures in Financial Statements |
| Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures | Amendments to the Classification and Measurement of Financial Instruments |
| Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures | Contracts Referencing Nature-dependent Electricity |

---

**IFRS 18 – Presentation and Disclosures in Financial Statements**

On April 9, 2024, IASB has issued IFRS 18 – Presentation and Disclosures in Financial Statements that will replace IAS 1 Presentation of Financial Statements from its effective date. IFRS 18 introduces new requirements for information presented in the primary financial statements and disclosed in the notes. The new requirements are focused on the statement of profit or loss. IFRS 18 introduces three categories for income and expenses, that is, operating, investing and financing to improve the structure of the income statement. IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, although early adoption is permitted. The Group is yet to evaluate the impact of the amendment.

**Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures**

On May 30, 2024, IASB has issued amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures, which clarifies the classification of financial assets with environmental, social and corporate governance (ESG) and similar features, derecognition of financial liability settled through electronic payment systems and also introduces additional disclosure requirements to enhance transparency for investors regarding investments in equity instruments designated at fair value through other comprehensive income and financial instruments with contingent features.

The effective date for adoption of this amendment is annual reporting periods beginning on or after January 1, 2026, although early adoption is permitted. The Group is in the process of evaluating the impact of the amendment.

On December 18, 2024, IASB has issued amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures, relating to factors an entity is required to consider in assessing the own-use requirements for contracts to buy and take delivery of nature-dependent renewable electricity; hedge accounting treatment for nature-dependent renewable electricity and related disclosures.

The effective date for adoption of these amendments is annual reporting periods beginning on or after January 1, 2026, although early adoption is permitted. The Group has evaluated the amendment and there is no impact on its consolidated financial statements.

**2. Notes to the Interim Condensed Consolidated Financial Statements**

**2.1 Cash and cash equivalents** 

Cash and cash equivalents consist of the following:

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

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| Cash and bank deposits | 19915 | 24455 |
| **Total Cash and cash equivalents** | **19915** | **24455** |

---

Cash and cash equivalents as at December 31, 2025 and March 31, 2025 include restricted cash and bank balances of ![rupee symbol](rupee-symbol.gif)409 crore and ![rupee symbol](rupee-symbol.gif)424 crore, respectively. The restrictions are primarily on account of bank balances held by irrevocable trusts controlled by the Company.

The deposits maintained by the Group with banks comprise of time deposits, which can be withdrawn by the Group at any point without prior notice or penalty on the principal.

**2.2 Investments**

The carrying value of the investments are as follows:

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

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| **(i) Current Investments** |  |  |
| **Amortized Cost** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quoted debt securities | 101 | 169 |
| **Fair Value through other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quoted debt securities | 606 | 3211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial papers | 970 | 3641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificate of deposit | 3264 | 3504 |
| **Fair Value through profit or loss** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units | 1970 | 1957 |
| **Total current investments** | **6911** | **12482** |
| **(ii) Non-current Investments** |  |  |
| **Amortized Cost** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quoted debt securities | 432 | 1481 |
| **Fair Value through other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quoted debt securities | 7948 | 8666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quoted equity securities | 77 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unquoted equity and preference securities | 175 | 169 |
| **Fair Value through profit or loss** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target maturity fund units |  | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unquoted equity and preference securities | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others<sup>(1)</sup> | 242 | 196 |
| **Total non-current investments** | **8899** | **11059** |
| **Total investments** | **15810** | **23541** |
| Investments carried at amortized cost | 533 | 1650 |
| Investments carried at fair value through other comprehensive income | 13040 | 19248 |
| Investments carried at fair value through profit or loss | 2237 | 2643 |

---

** 

*<sup>(1)</sup>* *Uncalled capital commitments outstanding as at December 31, 2025 and March 31, 2025 was ![rupee symbol](rupee-symbol.gif)94 crore and ![rupee symbol](rupee-symbol.gif)122 crore, respectively.*

*Refer to note 2.3 for accounting policies on financial instruments.*

**Method of fair valuation:**

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

---

| | | | |
|:---|:---|:---|:---|
| | | **Fair value as at** | **Fair value as at** |
| **Class of Investment** | **Method** | **December 31, 2025** | **March 31, 2025** |
| Mutual fund units - carried at fair value through profit or loss | Quoted price | 1970 | 1957 |
| Target maturity fund units - carried at fair value through profit or loss | Quoted price |  | 465 |
| Quoted debt securities - carried at amortized cost | Quoted price and market observable inputs | 551 | 1812 |
| Quoted debt securities - carried at fair value through other comprehensive income | Quoted price and market observable inputs | 8554 | 11877 |
| Commercial papers - carried at fair value through other comprehensive income | Market observable inputs | 970 | 3641 |
| Certificates of deposit - carried at fair value through other comprehensive income | Market observable inputs | 3264 | 3504 |
| Quoted equity securities - carried at fair value through other comprehensive income | Quoted price | 77 | 57 |
| Unquoted equity and preference securities - carried at fair value through profit or loss | Discounted cash flows method, Market multiples method, option pricing model | 25 | 25 |
| Unquoted equity and preference securities - carried at fair value through other comprehensive income | Discounted cash flows method, Market multiples method, option pricing model | 175 | 169 |
| Others - carried at fair value through profit or loss | Discounted cash flows method, Market multiples method, option pricing model | 242 | 196 |
| **Total** |  | **15828** | **23703** |

---

 

*Note: Certain quoted investments are classified as Level 2 in the absence of active market for such investments.*

**2.3 Financial instruments**

**Accounting Policy**

**2.3.1 Initial recognition**

The Group recognizes financial assets and financial liabilities when it becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are recognized at fair value on initial recognition, except for trade receivables which are initially measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities which are not at fair value through profit or loss, are added to the fair value on initial recognition. Regular way purchase and sale of financial assets are accounted for at trade date.

**2.3.2 Subsequent measurement**

**a. Non-derivative financial instruments**

***(i) Financial assets carried at amortized cost***

A financial asset is subsequently measured at amortized cost if it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

***(ii) Financial assets carried at fair value through other comprehensive income (FVOCI)***

A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Group has made an irrevocable election for certain investments which are classified as equity instruments to present the subsequent changes in fair value in other comprehensive income based on its business model.

***(iii) Financial assets carried at fair value through profit or loss (FVTPL)***

A financial asset which is not classified in any of the above categories is subsequently fair valued through profit or loss.

***(iv) Financial liabilities***

Financial liabilities are subsequently carried at amortized cost using the effective interest method, except for contingent consideration and financial liability under option arrangements recognized in a business combination which are subsequently measured at fair value through profit or loss.

**b. Derivative financial instruments**

The Group holds derivative financial instruments such as foreign exchange forward and option contracts to mitigate the risk of changes in exchange rates on foreign currency exposures. The counterparty for such contracts is generally a bank.

**(i) Financial assets or financial liabilities, carried at fair value through profit or loss**

This category includes derivative financial assets or liabilities which are not designated as hedges.

Although the Group believes that these derivatives constitute hedges from an economic perspective, they may not qualify for hedge accounting under IFRS 9, Financial Instruments. Any derivative that is either not designated as hedge, or is so designated but is ineffective as per IFRS 9, is categorized as a financial asset or financial liability, carried at fair value through profit or loss.

Derivatives not designated as hedges are recognized initially at fair value and attributable transaction costs are recognized in net profit in the consolidated statement of comprehensive income when incurred. Subsequent to initial recognition, these derivatives are measured at fair value through profit or loss and the resulting exchange gains or losses are included in other income. Assets/ liabilities in this category are presented as current assets/current liabilities if they are either held for trading or are expected to be realized within 12 months after the Balance Sheet date.

**(ii) Cash flow hedge**

Primarily, the Group designates certain foreign exchange forward and options contracts as cash flow hedges to mitigate the risk of foreign exchange exposure on highly probable forecast cash transactions.

When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the cash flow hedging reserve. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in the net profit in the interim consolidated statement of comprehensive income. If the hedging instrument no longer meets the criteria for hedge accounting, then hedge accounting is discontinued prospectively. If the hedging instrument expires or is sold, terminated or exercised, the cumulative gain or loss on the hedging instrument recognized in cash flow hedging reserve till the period the hedge was effective remains in cash flow hedging reserve until the forecasted transaction occurs. The cumulative gain or loss previously recognized in the cash flow hedging reserve is transferred to the net profit in the consolidated statement of comprehensive income upon the occurrence of the related forecasted transaction. If the forecasted transaction is no longer expected to occur, then the amount accumulated in cash flow hedging reserve is reclassified to net profit in the consolidated statement of comprehensive income.

**2.3.3 Derecognition of financial instruments**

The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition under IFRS 9. A financial liability (or a part of a financial liability) is derecognized from the Group's Balance Sheet when the obligation specified in the contract is discharged or cancelled or expires.

**2.3.4 Fair value of financial instruments**

In determining the fair value of its financial instruments, the Group uses a variety of methods and assumptions that are based on market conditions and risks existing at each reporting date. The methods used to determine fair value include discounted cash flow analysis, available quoted market prices, option pricing model, market multiples, and dealer quotes. All methods of assessing fair value result in general approximation of value, and such value may never actually be realized.

Refer to table 'Financial instruments by category' below for the disclosure on carrying value and fair value of financial assets and liabilities. For financial assets and liabilities maturing within one year from the Balance Sheet date and which are not carried at fair value, the carrying amounts approximate fair value due to the short maturity of these instruments.

**2.3.5 Impairment** 

The Group recognizes loss allowances using the expected credit loss (ECL) model for the financial assets and unbilled revenue which are not fair valued through profit or loss. Loss allowance for trade receivables and unbilled revenues with no significant financing component is measured at an amount equal to lifetime ECL. For all other financial assets, expected credit losses are measured at an amount equal to the 12-month ECL, unless there has been a significant increase in credit risk from initial recognition in which case those are measured at lifetime ECL.

The Group determines the allowance for credit losses based on historical loss experience adjusted to reflect current and estimated future economic conditions. The Group considers current and anticipated future economic conditions relating to industries the Group deals with and the countries where it operates.

The amount of ECL (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recorded is recognized as an impairment loss or gain in the condensed consolidated statement of comprehensive income.

**Financial instruments by category**

The carrying value and fair value of financial instruments by categories as at December 31, 2025 are as follows:

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Financial assets / liabilities at fair value through profit or loss** | **Financial assets / liabilities at fair value through profit or loss** | **Financial assets / liabilities at fair value through OCI** | **Financial assets / liabilities at fair value through OCI** | | |
| **Particulars** | **Amortized cost** | **Designated upon initial recognition** | **Mandatory** | **Equity instruments designated upon initial recognition** | **Mandatory** | **Total carrying value** | **Total fair value** |
| **Assets:** |  |  |  |  |  |  |  |
| Cash and cash equivalents (Refer to note 2.1) | 19915 | *–* | *–* | *–* | *–* | 19915 | 19915 |
| Investments (Refer to note 2.2) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units | *–* | *–* | 1970 | *–* | *–* | 1970 | 1970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quoted debt securities | 533 | *–* | *–* | *–* | 8554 | 9087 | 9105 *<sup>(1)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Papers | *–* | *–* | *–* | *–* | 970 | 970 | 970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | *–* | *–* | *–* | *–* | 3264 | 3264 | 3264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quoted equity securities | *–* | *–* | *–* | 77 | *–* | 77 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unquoted equity and preference securities | *–* | 25 | *–* | 175 | *–* | 200 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unquoted investment others | *–* | *–* | 242 | *–* | *–* | 242 | 242 |
| Trade receivables | 36131 | *–* | *–* | *–* | *–* | 36131 | 36131 |
| Unbilled revenues (Refer to note 2.17)<sup>(3)</sup> | 10537 | *–* | *–* | *–* | *–* | 10537 | 10537 |
| Prepayments and other assets (Refer to note 2.4) | 7416 | *–* | *–* | *–* | *–* | 7416 | 7398 *<sup>(2)</sup>* |
| Derivative financial instruments | *–* | *–* | 25 | *–* | 24 | 49 | 49 |
| **Total** | **74532** | **25** | **2237** | **252** | **12812** | **89858** | **89858** |
| **Liabilities:** |  |  |  |  |  |  |  |
| Trade payables | 4826 | *–* | *–* | *–* | *–* | 4826 | 4826 |
| Lease liabilities (Refer to note 2.8) | 8796 | *–* | *–* | *–* | *–* | 8796 | 8796 |
| Derivative financial instruments | *–* | *–* | 372 | *–* | 20 | 392 | 392 |
| Financial liability under option arrangements (Refer to note 2.5) | *–* | *–* | 756 | *–* | *–* | 756 | 756 |
| Other liabilities including contingent consideration (Refer to note 2.5) | 17167 | *–* | 97 | *–* | *–* | 17264 | 17264 |
| **Total** | **30789** |  ***–*** | **1225** |  ***–*** | **20** | **32034** | **32034** |

---

** 

*<sup>(1)</sup>* *On account of fair value changes including interest accrued*

*<sup>(2)</sup>* *Excludes interest accrued on quoted debt securities carried at amortized cost of ![rupee symbol](rupee-symbol.gif)18 crore*

*<sup>(3)</sup>* *Excludes unbilled revenue for contracts where the right to consideration is dependent on completion of contractual milestones*

The carrying value and fair value of financial instruments by categories as at March 31, 2025 were as follows:

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Financial assets / liabilities at fair value through profit or loss** | **Financial assets / liabilities at fair value through profit or loss** | **Financial assets / liabilities at fair value through OCI** | **Financial assets / liabilities at fair value through OCI** | | |
| **Particulars** | **Amortized cost** | **Designated upon initial recognition** | **Mandatory** | **Equity instruments designated upon initial recognition** | **Mandatory** | **Total carrying value** | **Total fair value** |
| **Assets:** |  |  |  |  |  |  |  |
| Cash and cash equivalents (Refer to note 2.1) | 24455 | *–* | *–* | *–* | *–* | 24455 | 24455 |
| Investments (Refer to note 2.2) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mutual fund units | *–* | *–* | 1957 | *–* | *–* | 1957 | 1957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target maturity fund units | *–* | *–* | 465 | *–* | *–* | 465 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quoted debt securities | 1650 | *–* | *–* | *–* | 11877 | 13527 | 13689 *<sup>(1)</sup>* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial papers | *–* | *–* | *–* | *–* | 3641 | 3641 | 3641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | *–* | *–* | *–* | *–* | 3504 | 3504 | 3504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Quoted equity securities | *–* | *–* | *–* | 57 | *–* | 57 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unquoted equity and preference securities | *–* | 25 | *–* | 169 | *–* | 194 | 194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unquoted investments others | *–* | *–* | 196 | *–* | *–* | 196 | 196 |
| Trade receivables | 31158 | *–* | *–* | *–* | *–* | 31158 | 31158 |
| Unbilled revenue (Refer to note 2.17)<sup>(3)</sup> | 10214 | *–* | *–* | *–* | *–* | 10214 | 10214 |
| Prepayments and other assets (Refer to note 2.4) | 7210 | *–* | *–* | *–* | *–* | 7210 | 7130 *<sup>(2)</sup>* |
| Derivative financial instruments | *–* | *–* | 164 | *–* | 28 | 192 | 192 |
| **Total** | **74687** | **25** | **2782** | **226** | **19050** | **96770** | **96852** |
| **Liabilities:** |  |  |  |  |  |  |  |
| Trade payables | 4164 | *–* | *–* | *–* | *–* | 4164 | 4164 |
| Lease liabilities (Refer to note 2.8) | 8227 | *–* | *–* | *–* | *–* | 8227 | 8227 |
| Derivative financial instruments | *–* | *–* | 30 | *–* | 33 | 63 | 63 |
| Financial liability under option arrangements (Refer to note 2.5) | *–* | *–* | 667 | *–* | *–* | 667 | 667 |
| Other liabilities including contingent consideration (Refer to note 2.5) | 16511 | *–* | 31 | *–* | *–* | 16542 | 16542 |
| **Total** | **28902** |  ***–*** | **728** |  ***–*** | **33** | **29663** | **29663** |

---

** 

*<sup>(1)</sup>* *On account of fair value changes including interest accrued*

*<sup>(2)</sup>* *Excludes interest accrued on quoted debt securities carried at amortized cost of ![rupee symbol](rupee-symbol.gif)80 crore*

*<sup>(3)</sup>* *Excludes unbilled revenue for contracts where the right to consideration is dependent on completion of contractual milestones*

For trade receivables, trade payables, other assets and payables maturing within one year from the balance sheet date, the carrying amounts approximate fair value due to the short maturity of these instruments.

**Fair value hierarchy**

**Level 1 -** Quoted prices (unadjusted) in active markets for identical assets or liabilities.

**Level 2 -** Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

**Level 3 -** Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at December 31, 2025 is as follows:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Fair value measurement at end of the reporting period using** | **Fair value measurement at end of the reporting period using** | **Fair value measurement at end of the reporting period using** |
| **Particulars** | **As at <br> December 31, 2025** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |  |
| **Investments (Refer to note 2.2)** |  |  |  |  |
| Investments in mutual fund units | 1970 | 1970 | *–* | *–* |
| Investments in quoted debt securities | 9105 | 8985 | 120 | *–* |
| Investments in certificates of deposit | 3264 | *–* | 3264 | *–* |
| Investments in commercial papers | 970 | *–* | 970 | *–* |
| Investments in quoted equity securities | 77 | 77 | *–* | *–* |
| Investments in unquoted equity and preference securities | 200 | *–* | *–* | 200 |
| Investments in unquoted investments others | 242 | *–* | *–* | 242 |
| **Others** |  |  |  |  |
| Derivative financial instruments - gain | 49 | *–* | 49 | *–* |
| **Liabilities** |  |  |  |  |
| Derivative financial instruments - loss | 392 | *–* | 392 | *–* |
| Financial liability under option arrangements (Refer to note 2.5)<sup>(1)</sup> | 756 | *–* | *–* | 756 |
| Liability towards contingent consideration (Refer to note 2.5)<sup>(2)</sup> | 97 | *–* | *–* | 97 |

---

** 

*<sup>(1)</sup>* *Discount rate ranges from 9% to 15%*

*<sup>(2)</sup>* *Discount rate ranges from 3% to 6%*

During the nine month ended December 31, 2025, quoted debt securities of ![rupee symbol](rupee-symbol.gif)60 crore were transferred from Level 2 to Level 1 of fair value hierarchy, since these were valued based on quoted price and quoted debt securities of ![rupee symbol](rupee-symbol.gif)36 crore were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs.

The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at March 31, 2025 was as follows:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Fair value measurement at end of the reporting period using** | **Fair value measurement at end of the reporting period using** | **Fair value measurement at end of the reporting period using** |
| **Particulars** | **As at <br> December 31, 2025** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |  |
| **Investments (Refer to note 2.2)** |  |  |  |  |
| Investments in mutual fund units | 1957 | 1957 | *–* | *–* |
| Investments in target maturity fund units | 465 | 465 | *–* | *–* |
| Investments in quoted debt securities | 13689 | 13099 | 590 | *–* |
| Investments in unquoted equity and preference securities | 194 | *–* | *–* | 194 |
| Investments in quoted equity securities | 57 | 57 | *–* | *–* |
| Investments in certificates of deposit | 3504 | *–* | 3504 | *–* |
| Investments in commercial papers | 3641 | *–* | 3641 | *–* |
| Investments in unquoted investments others | 196 | *–* | *–* | 196 |
| **Others** |  |  |  |  |
| Derivative financial instruments- gain | 192 | *–* | 192 | *–* |
| **Liabilities** |  |  |  |  |
| Derivative financial instruments- loss | 63 | *–* | 63 | *–* |
| Financial liability under option arrangements (Refer to note 2.5)<sup>(1)</sup> | 667 | *–* | *–* | 667 |
| Liability towards contingent consideration (Refer to note 2.5)<sup>(2)</sup> | 31 | *–* | *–* | 31 |

---

** 

*<sup>(1)</sup>* *Discount rate ranges from 9% to 15%*

*<sup>(2)</sup>* *Discount rate – 6%*

During the year ended March 31, 2025, quoted debt securities of ![rupee symbol](rupee-symbol.gif)297 crore were transferred from Level 2 to Level 1 of fair value hierarchy, since these were valued based on quoted price and quoted debt securities of ![rupee symbol](rupee-symbol.gif)554 crore were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs.

A one percentage point change in the unobservable inputs used in fair valuation of Level 3 assets and liabilities does not have a significant impact in its value.

Majority of investments of the Group are fair valued based on Level 1 or Level 2 inputs. These investments primarily include investment in mutual fund units, target maturity fund units, quoted debt securities, certificates of deposit, commercial paper, quoted bonds issued by government and quasi-government organizations. The Group invests after considering counterparty risks based on multiple criteria including Tier I Capital, Capital Adequacy Ratio, Credit Rating, Profitability, NPA levels and Deposit base of banks and financial institutions. These risks are monitored regularly as per Group's risk management program.

**2.4 Prepayments and other assets**

Prepayments and other assets consist of the following:

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

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| **Current** |  |  |
| Security deposits<sup>(1)</sup> | 68 | 65 |
| Loans to employees<sup>(1)</sup> | 234 | 249 |
| Prepaid expenses<sup>(2)</sup> | 3925 | 3080 |
| Interest accrued and not due<sup>(1)</sup> | 362 | 842 |
| Withholding taxes and others<sup>(2)(4)</sup> | 3021 | 2841 |
| Advance payments to vendors for supply of goods<sup>(2)</sup> | 256 | 413 |
| Deposit with corporations<sup>(1)(3)</sup> | 3170 | 2949 |
| Deferred contract cost |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of obtaining a contract <sup>(2)</sup> | 348 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of fulfillment <sup>(2)</sup> | 617 | 504 |
| Net investment in lease<sup>(1)</sup> | 1465 | 1139 |
| Other non financial assets <sup>(2)</sup> | 134 | 91 |
| Other financial assets<sup>(1)</sup> | 547 | 470 |
| **Total Current prepayment and other assets** | **14147** | **12986** |
| **Non-current** |  |  |
| Security deposits<sup>(1)</sup> | 276 | 273 |
| Loans to employees<sup>(1)</sup> | 9 | 16 |
| Prepaid expenses<sup>(2)</sup> | 522 | 282 |
| Withholding taxes and others<sup>(2)(4)</sup> | 612 | 534 |
| Deposit with corporations<sup>(1)(3)</sup> | 116 | 82 |
| Deferred contract cost |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of obtaining a contract <sup>(2)</sup> | 505 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of fulfillment <sup>(2)</sup> | 882 | 879 |
| Defined benefit plan assets<sup>(2)</sup> | 12 | 297 |
| Net investment in lease<sup>(1)</sup> | 1156 | 1106 |
| Other financial assets<sup>(1)</sup> | 13 | 19 |
| **Total Non- current prepayment and other assets** | **4103** | **3800** |
| **Total prepayment and other assets** | **18250** | **16786** |
| <sup>(1)</sup> Financial assets carried at amortized cost | **7416** | **7210** |

---

 

<sup>(2)</sup> Non financial assets

<sup>(3)</sup> Deposit with corporation represents amounts deposited to settle certain employee-related obligations as and when they arise during the normal course of business.

<sup>(4)</sup> Withholding taxes and others primarily consist of input tax credits and VAT recoverable from tax authorities.

**2.5 Other liabilities**

Other liabilities comprise the following:

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

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| **Current** |  |  |
| Accrued compensation to employees<sup>(1)</sup> | 4917 | 4924 |
| Accrued defined benefit liability <sup>(3)</sup> | 30 | 6 |
| Accrued expenses<sup>(1)</sup> | 9712 | 8467 |
| Withholding taxes and others<sup>(3)</sup> | 3713 | 3256 |
| Liabilities of controlled trusts<sup>(1)</sup> | 173 | 173 |
| Liability towards contingent consideration<sup>(2)</sup> | 20 | 11 |
| Capital Creditors<sup>(1)</sup> | 379 | 520 |
| Financial liability under option arrangements<sup>(2)(4)</sup> | 630 | 552 |
| Other non-financial liabilities <sup>(3)</sup> | 16 | 11 |
| Other financial liabilities<sup>(1)(5)</sup> | 333 | 520 |
| **Total current other liabilities** | **19923** | **18440** |
| **Non-current** |  |  |
| Accrued expenses<sup>(1)</sup> | 1562 | 1890 |
| Accrued defined benefit liability <sup>(3)</sup> | 538 | 115 |
| Accrued compensation to employees<sup>(1)</sup> | 29 | 12 |
| Liability towards contingent consideration<sup>(2)</sup> | 77 | 20 |
| Financial liability under option arrangements<sup>(2)(4)</sup> | 126 | 115 |
| Other financial liabilities<sup>(1)(5)</sup> | 62 | 5 |
| Other non-financial liabilities<sup>(3)</sup> | 90 | 100 |
| **Total non-current other liabilities** | **2484** | **2257** |
| **Total other liabilities** | **22407** | **20697** |
| <sup>(1)</sup> Financial liability carried at amortized cost | 17167 | 16511 |
| <sup>(2)</sup> Financial liability carried at fair value through profit or loss | 853 | 698 |

---

 

<sup>(3)</sup> Non financial liabilities

<sup>(4)</sup> Represents liability related to options issued by the Group over the non-controlling interests in its subsidiaries

<sup>(5)</sup> The Group entered into financing arrangements with a third party towards technology assets taken over by the Group from a customer as a part of transformation project which was not considered as distinct goods or services as the control related to those assets was not transferred to the Group in accordance with IFRS 15 - Revenue from contract with customers. As at December 31, 2025 and March 31, 2025, the financial liability pertaining to such arrangements amounts to ![rupee symbol](rupee-symbol.gif)28 crore and ![rupee symbol](rupee-symbol.gif)67 crore, respectively.

Accrued expenses primarily relates to cost of technical sub-contractors, telecommunication charges, legal and professional charges, brand building expenses, overseas travel expenses and office maintenance and cost of third party software and hardware.

**2.6 Provisions and other contingencies**

**Accounting Policy**

**2.6.1 Provisions**

A provision is recognized if, as a result of a past event, the Group has a present legal or constructive obligation that is reasonably estimable, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The Group recognizes a reimbursement asset when, and only when, it is virtually certain that the reimbursement will be received if the Group settles the obligation.

Contingent liability is a possible obligation arising from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity or a present obligation that arises from past events but is not recognized because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability.

**a. Post sales client support**

The Group provides its clients with a fixed-period post sales support on its fixed-price, fixed-timeframe contracts. Costs associated with such support services are accrued at the time related revenues are recorded and included in cost of sales. The Group estimates such costs based on historical experience and estimates are reviewed on a periodic basis for any material changes in assumptions and likelihood of occurrence.

**b. Onerous contracts**

Provisions for onerous contracts are recognized when the expected benefits to be derived by the Group from a contract are lower than the unavoidable costs of meeting the future obligations under the contract. Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established the Group recognizes any impairment loss on the assets associated with that contract.

**Provision for post sales client support and other provisions**

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

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| Post sales client support and other provisions | 1618 | 1325 |
| Provisions pertaining to settlement (refer to note 2.6.2) | 135 | 150 |
| **Total provisions** | **1753** | **1475** |

---

Provision for post sales client support and other provisions majorly represents cost associated with providing post sales support services which are accrued at the time of recognition of revenues and are expected to be utilized over a period of 1 year.

Provision for post sales client support and other provisions is included in cost of sales in the interim condensed consolidated statement of comprehensive income.

As at December 31, 2025 and March 31, 2025 claims against the Group, not acknowledged as debts, (excluding demands from income tax authorities - Refer to note 2.12) amounted to ![rupee symbol](rupee-symbol.gif)1,192 crore and ![rupee symbol](rupee-symbol.gif)1,020 crore respectively.

The amount paid to statutory authorities against the claims (excluding demands from income tax authorities - Refer to note 2.12) amounted to ![rupee symbol](rupee-symbol.gif)17 crore and ![rupee symbol](rupee-symbol.gif)8 crore as at December 31, 2025 and March 31, 2025, respectively.

**2.6.2 Legal proceedings**

**McCamish Cybersecurity incident**

In November 2023, certain systems of Infosys McCamish Systems LLC ("McCamish"), a subsidiary of Infosys BPM Limited (a wholly owned subsidiary of Infosys Limited), were encrypted by ransomware, resulting in the non-availability of certain applications and systems. McCamish initiated its incident response and engaged cybersecurity and other specialists to assist in its investigation of and response to the incident and remediation and restoration of impacted applications and systems. By December 31, 2023, McCamish, with external specialists' assistance, substantially remediated and restored the affected applications and systems. Actions taken by McCamish included investigative analysis conducted by a third-party cybersecurity firm to determine, among other things, whether and the extent to which company or customer data was subject to unauthorized access or exfiltration. McCamish also engaged a third-party eDiscovery vendor in assessing the extent and nature of such data. McCamish in coordination with its third-party eDiscovery vendor has identified corporate customers and individuals whose information was subject to unauthorized access and exfiltration. McCamish processes personal data on behalf of its corporate customers.

From March 6, 2024 through July 25, 2024, six actions were filed in the U.S. District Court for the Northern District of Georgia against McCamish. The actions arise out of the cybersecurity incident at McCamish initially disclosed on November 3, 2023. All six actions have since been consolidated, and the consolidated class action complaint was filed on November 7, 2024, purportedly on behalf of all persons residing in the United States whose personally identifiable information was compromised in the incident, including all who were sent a notice of the incident. On December 20, 2024, the Court granted the parties' joint motion to stay proceedings pending the parties' efforts to resolve the lawsuit through mediation. On March 13, 2025, McCamish and the plaintiffs engaged in mediation, resulting in an in-principle agreement that sets forth the terms of a proposed settlement of the class action lawsuits against McCamish, as well as seven class action lawsuits arising out of the incident that have been filed against McCamish's customers. Under the settlement terms, McCamish has agreed to pay $17.5 million (approximately ![rupee symbol](rupee-symbol.gif)150 crore) into a fund to settle these matters. On December 18, 2025, the Court granted the final approval on the settlement. If the settlement is not appealed within 30 days, then it will become effective and resolve all allegations made in the class action lawsuits without admission of any liability.

During the three months ended March 31, 2025, McCamish had recorded an accrual of $17.5 million (approximately ![rupee symbol](rupee-symbol.gif)150 crore) related to the settlement and had recognized an insurance reimbursement receivable of $17 million (approximately ![rupee symbol](rupee-symbol.gif)145 crore) which has been offset against the settlement expense of $17.5 million (approximately ![rupee symbol](rupee-symbol.gif)150 crore) in the Statement of Comprehensive Income. McCamish may incur additional costs including from indemnities or damages/claims, which are indeterminable at this time.

**Government Investigation**

The U.S. Department of Justice ("DOJ") is conducting an investigation regarding how the Company classified certain H-1B visa-recipient employees working for one of its clients in immigration documents filed with certain U.S. government authorities. The Company is engaged in discussions with the DOJ regarding its ongoing investigation and continues its own inquiry regarding the matter. At this stage, the Company is unable to predict the outcome of this matter, including whether such outcome could have a material adverse effect on the Company's business and results of operations.

**Others**

Apart from the foregoing, the Group is subject to legal proceedings and claims which have arisen in the ordinary course of business. The Group's management reasonably expects that such ordinary course legal actions, when ultimately concluded and determined, may not have a material and adverse effect on the Group's results of operations or financial condition.

**2.7 Property, plant and equipment**

**Accounting Policy**

Property, plant and equipment are stated at cost, less accumulated depreciation and impairment, if any. Costs directly attributable to acquisition are capitalized until the property, plant and equipment are ready for use, as intended by the Management. The charge in respect of periodic depreciation is derived at after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The Group depreciates property, plant and equipment over their estimated useful lives using the straight-line method. The estimated useful lives of assets are as follows:

---

| | |
|:---|:---|
| Building | 22-25 years |
| Plant and machinery<sup>(1)</sup> | 5 years |
| Computer equipment | 3-5 years |
| Furniture and fixtures | 5 years |
| Vehicles | 5 years |
| Leasehold improvements | Lower of useful life of the asset or lease term |

---

*<sup>(1)</sup>* *Includes solar plant with a useful life of 25 years*

Depreciation methods, useful lives and residual values are reviewed periodically, including at each financial year end. The useful lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology.

Advances paid towards the acquisition of property, plant and equipment outstanding at each balance sheet date and the cost of assets not ready to use before such date are disclosed under 'Capital work-in-progress'. Subsequent expenditures relating to property, plant and equipment is capitalized only when it is probable that future economic benefits associated with these will flow to the Group and the cost of the item can be measured reliably. The cost and related accumulated depreciation are eliminated from the financial statements upon sale or retirement of the asset.

**Impairment**

Property, plant and equipment are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.

If such assets are considered to be impaired, the impairment to be recognized in net profit in the interim condensed consolidated statement of comprehensive income is measured by the amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. An impairment loss is reversed in net profit in the consolidated statement of comprehensive income if there has been a change in the estimates used to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated depreciation) had no impairment loss been recognized for the asset in prior years.

The changes in the carrying value of property, plant and equipment for the three months ended December 31, 2025 are as follows:

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Land** | **Buildings** | **Plant and machinery** | **Computer equipment** | **Furniture and fixtures** | **Vehicles** | **Total** |
| **Gross carrying value as at October 1, 2025** | **1497** | **11781** | **5530** | **9554** | **3318** | **45** | **31725** |
| Additions | 7 | 20 | 43 | 419 | 47 | *–* | 536 |
| Deletions\*\* | (66) | (6) | (34) | (488) | (51) | *–* | (645) |
| Translation difference | *–* | 30 | 5 | 10 | 11 | *–* | 56 |
| **Gross carrying value as at December 31, 2025** | **1438** | **11825** | **5544** | **9495** | **3325** | **45** | **31672** |
| **Accumulated depreciation as at October 1, 2025** |  ***–*** | **(5598)** | **(4561)** | **(7156)** | **(2774)** | **(40)** | **(20129)** |
| Depreciation | *–* | (113) | (84) | (270) | (61) | *–* | (528) |
| Accumulated depreciation on deletions\*\* | *–* | *–* | 34 | 483 | 50 | *–* | 567 |
| Translation difference | *–* | (10) | (5) | (6) | (10) | *–* | (31) |
| **Accumulated depreciation as at December 31, 2025** |  ***–*** | **(5721)** | **(4616)** | **(6949)** | **(2795)** | **(40)** | **(20121)** |
| Capital work-in progress as at October 1, 2025 |  |  |  |  |  |  | 1296 |
| **Carrying value as at October 1, 2025** | **1497** | **6183** | **969** | **2398** | **544** | **5** | **12892** |
| Capital work-in progress as at December 31, 2025 |  |  |  |  |  |  | 1459 |
| **Carrying value as at December 31, 2025** | **1438** | **6104** | **928** | **2546** | **530** | **5** | **13010** |

---

The changes in the carrying value of property, plant and equipment for the three months ended December 31, 2024 are as follows:

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Land** | **Buildings** | **Plant and machinery** | **Computer equipment** | **Furniture and fixtures** | **Vehicles** | **Total** |
| **Gross carrying value as at October 1, 2024** | **1430** | **11800** | **5429** | **8714** | **3432** | **47** | **30852** |
| Additions | *–* | 6 | 68 | 266 | 51 | 1 | 392 |
| Deletions\* | *–* | (65) | (35) | (228) | (37) | *–* | (365) |
| Translation difference | *–* | (25) | (4) | (18) | (13) | *–* | (60) |
| **Gross carrying value as at December 31, 2024** | **1430** | **11716** | **5458** | **8734** | **3433** | **48** | **30819** |
| **Accumulated depreciation as at October 1, 2024** |  ***–*** | **(5151)** | **(4331)** | **(6771)** | **(2777)** | **(42)** | **(19072)** |
| Depreciation | *–* | (111) | (87) | (309) | (70) | (1) | (578) |
| Accumulated depreciation on deletions\* | *–* | 6 | 24 | 224 | 31 | *–* | 285 |
| Translation difference | *–* | 9 | 4 | 10 | 12 | *–* | 35 |
| **Accumulated depreciation as at December 31, 2024** |  ***–*** | **(5247)** | **(4390)** | **(6846)** | **(2804)** | **(43)** | **(19330)** |
| Capital work-in progress as at October 1, 2024 |  |  |  |  |  |  | 676 |
| **Carrying value as at October 1, 2024** | **1430** | **6649** | **1098** | **1943** | **655** | **5** | **12456** |
| Capital work-in progress as at December 31, 2024 |  |  |  |  |  |  | 858 |
| **Carrying value as at December 31, 2024** | **1430** | **6469** | **1068** | **1888** | **629** | **5** | **12347** |

---

The changes in the carrying value of property, plant and equipment for the nine months ended December 31, 2025 are as follows:

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Land** | **Buildings** | **Plant and machinery** | **Computer equipment** | **Furniture and fixtures** | **Vehicles** | **Total** |
| **Gross carrying value as at April 1, 2025** | **1477** | **11721** | **5438** | **9306** | **3300** | **48** | **31290** |
| Additions | 27 | 29 | 143 | 1038 | 99 | 1 | 1337 |
| Additions - Business Combination (Refer to Note 2.10) | *–* | *–* | *–* | 3 | *–* | *–* | 3 |
| Deletions\*\* | (66) | (11) | (59) | (923) | (124) | (4) | (1187) |
| Translation difference | *–* | 86 | 22 | 71 | 50 | *–* | 229 |
| **Gross carrying value as at December 31, 2025** | **1438** | **11825** | **5544** | **9495** | **3325** | **45** | **31672** |
| **Accumulated depreciation as at April 1, 2025** |  ***–*** | **(5358)** | **(4402)** | **(7013)** | **(2696)** | **(43)** | **(19512)** |
| Depreciation | *–* | (336) | (254) | (800) | (179) | (1) | (1570) |
| Accumulated depreciation on deletions\*\* | *–* | 1 | 58 | 907 | 123 | 4 | 1093 |
| Translation difference | *–* | (28) | (18) | (43) | (43) | *–* | (132) |
| **Accumulated depreciation as at December 31, 2025** |  ***–*** | **(5721)** | **(4616)** | **(6949)** | **(2795)** | **(40)** | **(20121)** |
| Capital work-in progress as at April 1, 2025 |  |  |  |  |  |  | 1022 |
| **Carrying value as at April 1, 2025** | **1477** | **6363** | **1036** | **2293** | **604** | **5** | **12800** |
| Capital work-in progress as at December 31, 2025 |  |  |  |  |  |  | 1459 |
| **Carrying value as at December 31, 2025** | **1438** | **6104** | **928** | **2546** | **530** | **5** | **13010** |

---

\*\* During the three months and nine months ended December 31, 2025, certain assets which were not in use having gross book value of ![rupee symbol](rupee-symbol.gif)369 crore (net book value: Nil) and ![rupee symbol](rupee-symbol.gif)842 crore (net book value: Nil), respectively were retired.

The changes in the carrying value of property, plant and equipment for the nine months ended December 31, 2024 are as follows:

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Land** | **Buildings** | **Plant and machinery** | **Computer equipment** | **Furniture and fixtures** | **Vehicles** | **Total** |
| **Gross carrying value as at April 1, 2024** | **1430** | **11770** | **5341** | **8611** | **3390** | **45** | **30587** |
| Additions |  ***–*** | 38 | 195 | 620 | 145 | 2 | 1000 |
| Additions - Business Combination (Refer to Note 2.10) | *–* | 1 | 11 | 6 | 23 | 2 | 43 |
| Deletions\* | *–* | (107) | (90) | (493) | (127) | (1) | (818) |
| Translation difference | *–* | 14 | 1 | (10) | 2 | *–* | 7 |
| **Gross carrying value as at December 31, 2024** | **1430** | **11716** | **5458** | **8734** | **3433** | **48** | **30819** |
| **Accumulated depreciation as at April 1, 2024** |  ***–*** | **(4921)** | **(4182)** | **(6380)** | **(2692)** | **(42)** | **(18217)** |
| Depreciation | *–* | (335) | (286) | (957) | (231) | (2) | (1811) |
| Accumulated depreciation on deletions\* | *–* | 12 | 79 | 483 | 120 | 1 | 695 |
| Translation difference | *–* | (3) | (1) | 8 | (1) | *–* | 3 |
| **Accumulated depreciation as at December 31, 2024** |  ***–*** | **(5247)** | **(4390)** | **(6846)** | **(2804)** | **(43)** | **(19330)** |
| Capital work-in progress as at April 1, 2024 |  |  |  |  |  |  | 448 |
| **Carrying value as at April 1, 2024** | **1430** | **6849** | **1159** | **2231** | **698** | **3** | **12818** |
| Capital work-in progress as at December 31, 2024 |  |  |  |  |  |  | 858 |
| **Carrying value as at December 31, 2024** | **1430** | **6469** | **1068** | **1888** | **629** | **5** | **12347** |

---

\* During the three months and nine months ended December 31, 2024, certain assets which were not in use having gross book value of ![rupee symbol](rupee-symbol.gif)171 crore (net book value: Nil) and ![rupee symbol](rupee-symbol.gif)400 crore (net book value: Nil), respectively were retired.

The aggregate depreciation expense is included in cost of sales in the interim condensed consolidated statement of comprehensive income.

Repairs and maintenance costs are recognized in the interim condensed consolidated statement of comprehensive income when incurred.

Consequent to the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 ("the Rules"), the Company was required to transfer its CSR capital assets installed prior to January 2021. Towards this the Company had incorporated a subsidiary 'Infosys Green Forum' (IGF) under Section 8 of the Companies Act, 2013. During the year ended March 31, 2022, the Company had completed the transfer of assets upon obtaining the required approvals from regulatory authorities, as applicable. During fiscal 2024, the application filed by IGF for regularization of the provisional registration was rejected and registration cancelled vide order dated March 26, 2024 by Income Tax Commissioner (Exemption). IGF has filed an appeal before Income Tax Tribunal against the order.

The Group had contractual commitments for capital expenditure primarily comprising of commitments for infrastructure facilities and computer equipment aggregating to ![rupee symbol](rupee-symbol.gif)1,137 crore and ![rupee symbol](rupee-symbol.gif)935 crore as at December 31, 2025 and March 31, 2025, respectively.

**2.8 Leases**

**Accounting Policy**

**The Group as a lessee** 

The Group's lease asset classes primarily consist of leases for land, buildings and computers. The Group assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether: (1) the contract involves the use of an identified asset (2) the Group has substantially all of the economic benefits from use of the asset through the period of the lease and (3) the Group has the right to direct the use of the asset.

At the date of commencement of the lease, the Group recognizes a right-of-use asset ("ROU") and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases. For these short-term and low value leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.

As a lessee, the Group determines the lease term as the non-cancellable period of a lease adjusted with any option to extend or terminate the lease, if the use of such option is reasonably certain. The Group makes an assessment on the expected lease term on a lease-by-lease basis and thereby assesses whether it is reasonably certain that any options to extend or terminate the contract will be exercised. In evaluating the lease term, the Group considers factors such as any significant leasehold improvements undertaken over the lease term, costs relating to the termination of the lease and the importance of the underlying asset to Group's operations taking into account the location of the underlying asset and the availability of suitable alternatives. The lease term in future periods is reassessed to ensure that the lease term reflects the current economic circumstances.

Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised.

The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and useful life of the underlying asset.

Right-of-use assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.

The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of these leases. Lease liabilities are remeasured with a corresponding adjustment to the related right-of-use asset if the group changes its assessment of whether it will exercise an extension or a termination option.

Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.

**The Group as a lessor** 

Leases for which the group is a lessor is classified as a finance or operating lease. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.

When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sublease separately. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease.

For operating leases, rental income is recognized on a straight line basis over the term of the relevant lease.

Following are the changes in the carrying value of right-of-use assets for the three months ended December 31, 2025:

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | |
| **Particulars** | **Land** | **Buildings** | **Vehicles** | **Computers** | **Total** |
| **Balance as at October 1, 2025** | **600** | **3329** | **24** | **2437** | **6390** |
| Additions<sup>(1)</sup> | *–* | 131 | 4 | 406 | 541 |
| Deletions | (54) | (13) | (2) | (320) | (389) |
| Depreciation | (2) | (188) | (2) | (267) | (459) |
| Translation difference | 4 | 11 | *–* | 17 | 32 |
| **Balance as at December 31, 2025** | **548** | **3270** | **24** | **2273** | **6115** |

---

** 

*<sup>(1)</sup>* *Net of adjustments on account of modifications*

Following are the changes in the carrying value of right-of-use assets for the three months ended December 31, 2024:

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | |
| **Particulars** | **Land** | **Buildings** | **Vehicles** | **Computers** | **Total** |
| **Balance as of October 1, 2024** | **604** | **3481** | **23** | **2584** | **6692** |
| Additions<sup>(1)</sup> | *–* | 147 | 5 | 262 | 414 |
| Deletions | *–* | (97) | *–* | (145) | (242) |
| Depreciation | (2) | (186) | (2) | (269) | (459) |
| Translation difference | (1) | (6) | (2) | (51) | (60) |
| **Balance as at December 31, 2024** | **601** | **3339** | **24** | **2381** | **6345** |

---

** 

*<sup>(1)</sup>* *Net of adjustments on account of modifications*

Following are the changes in the carrying value of right-of-use assets for the nine months ended December 31, 2025:

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | |
| **Particulars** | **Land** | **Buildings** | **Vehicles** | **Computers** | **Total** |
| **Balance as of April 1, 2025** | **600** | **3348** | **24** | **2339** | **6311** |
| Additions<sup>(1)</sup> | *–* | 424 | 7 | 1263 | 1694 |
| Deletions | (54) | (32) | (2) | (689) | (777) |
| Depreciation | (5) | (562) | (8) | (843) | (1418) |
| Translation difference | 7 | 92 | 3 | 203 | 305 |
| **Balance as of December 31, 2025** | **548** | **3270** | **24** | **2273** | **6115** |

---

** 

*<sup>(1)</sup>* *Net of adjustments on account of modifications*

Following are the changes in the carrying value of right-of-use assets for the nine months ended December 31, 2024:

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | |
| **Particulars** | **Land** | **Buildings** | **Vehicles** | **Computers** | **Total** |
| **Balance as of April 1, 2024** | **605** | **3298** | **17** | **2632** | **6552** |
| Additions<sup>(1)</sup> | *–* | 532 | 11 | 936 | 1479 |
| Addition due to Business Combination (Refer to Note 2.10) | *–* | 155 | 5 | *–* | 160 |
| Deletions | *–* | (132) | (6) | (460) | (598) |
| Depreciation | (5) | (534) | (8) | (742) | (1289) |
| Translation difference | 1 | 20 | 5 | 15 | 41 |
| **Balance as of December 31, 2024** | **601** | **3339** | **24** | **2381** | **6345** |

---

** 

*<sup>(1)</sup>* *Net of adjustments on account of modifications*

The aggregate depreciation expense on ROU assets is included in cost of sales in the interim condensed consolidated statement of comprehensive income.

The following is the break-up of current and non-current lease liabilities as of December 31, 2025 and March 31, 2025:

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

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| Current lease liabilities | 2985 | 2455 |
| Non-current lease liabilities | 5811 | 5772 |
| **Total** | **8796** | **8227** |

---

**2.9 Goodwill and Intangible assets**

**2.9.1 Goodwill**

**Accounting Policy**

Goodwill represents the purchase consideration in excess of the Group's interest in the net fair value of identifiable assets, liabilities and contingent liabilities of the acquired entity. When the net fair value of the identifiable assets, liabilities and contingent liabilities acquired exceeds the purchase consideration, the fair value of net assets acquired is reassessed and the bargain purchase gain is recognized immediately in the net profit in the Statement of Comprehensive Income. Goodwill is measured at cost less accumulated impairment losses.

**Impairment**

Goodwill is tested for impairment on an annual basis and whenever there is an indication that the recoverable amount of a cash generating unit (CGU) is less than its carrying amount. For the impairment test, goodwill is allocated to the CGU or groups of CGU's which benefit from the synergies of the acquisition and which represents the lowest level at which goodwill is monitored for internal management purposes. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or group of assets. Impairment occurs when the carrying amount of a CGU including the goodwill, exceeds the estimated recoverable amount of the CGU. The recoverable amount of a CGU is the higher of its fair value less cost to sell and its value-in-use. Value-in-use is the present value of future cash flows expected to be derived from the CGU. Key assumptions in the cash flow projections are prepared based on current economic conditions and includes estimated long term growth rates, weighted average cost of capital and estimated operating margins.

Following is a summary of changes in the carrying amount of goodwill:

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

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| **Carrying value at the beginning** | **10106** | **7303** |
| Goodwill on acquisitions *(Refer to note 2.10)* | 444 | 2593 |
| Translation differences | 1084 | 210 |
| **Carrying value at the end** | **11634** | **10106** |

---

For the purpose of impairment testing, goodwill acquired in a business combination is allocated to the CGUs or groups of CGUs, which are benefited from the synergies of the acquisition.

**2.9.2 Intangible assets**

**Accounting Policy**

Intangible assets are stated at cost less accumulated amortization and impairment. Intangible assets are amortized over their respective individual estimated useful lives on a straight-line basis, from the date that they are available for use. The estimated useful life of an identifiable intangible asset is based on a number of factors including the effects of obsolescence, demand, competition, and other economic factors (such as the stability of the industry and known technological advances), and the level of maintenance expenditures required to obtain the expected future cash flows from the asset. Amortization methods and useful lives are reviewed periodically including at each financial year end.

Research costs are expensed as incurred. Software product development costs are expensed as incurred unless technical and commercial feasibility of the project is demonstrated, future economic benefits are probable, the Group has an intention and ability to complete and use or sell the software and the costs can be measured reliably. The costs which can be capitalized include the cost of material, direct labour, overhead costs that are directly attributable to prepare the asset for its intended use.

**Impairment**

Intangible assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the CGU to which the asset belongs.

If such assets are considered to be impaired, the impairment to be recognized in net profit in the statement of comprehensive income is measured by the amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. An impairment loss is reversed in net profit in the statement of comprehensive income if there has been a change in the estimates used to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortization) had no impairment loss been recognized for the asset in prior years.

**2.10 Business combinations**

**Accounting policy**

Business combinations have been accounted for using the acquisition method under the provisions of IFRS 3 (Revised), Business Combinations.

The purchase price in an acquisition is measured at the fair value of the assets transferred, equity instruments issued and liabilities incurred or assumed at the date of acquisition, which is the date on which control is transferred to the Group. The purchase price also includes the fair value of any contingent consideration. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value on the date of acquisition. Contingent consideration is remeasured at fair value at each reporting date and changes in the fair value of the contingent consideration are recognized in the interim condensed Consolidated Statement of Comprehensive Income.

The interest of non-controlling shareholders is initially measured either at fair value or at the non-controlling interests' proportionate share of the acquiree's identifiable net assets. The choice of measurement basis is made on an acquisition-by-acquisition basis. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests' share of subsequent changes in equity of subsidiaries.

Business combinations between entities under common control is outside the scope of IFRS 3 (Revised), Business Combinations and is accounted for at carrying value of assets acquired and liabilities assumed.

The payments related to options issued by the Group over the non-controlling interests in its subsidiaries are accounted as financial liabilities and initially recognized at the estimated present value of gross obligations. Such options are subsequently measured at fair value in order to reflect the amount payable under the option at the date at which it becomes exercisable. In the event that the option expires unexercised, the liability is derecognized.

**Acquisition**

During the nine months ended December 31, 2025 the Group, completed two business combinations by acquiring 100% partnership interests/voting interests in:

1) MRE Consulting Ltd., a leading Energy and business consulting services company, headquartered in Texas, U.S. on April 30, 2025, which is expected to bring newer capabilities for the Group in trading and risk management, especially in the energy sector.

2) The Missing Link Security Pty. Ltd., The Missing Link Security Limited and The Missing Link Automation Pty. Ltd. (collectively known as "The Missing Link"), a leading Cybersecurity service provider headquartered in Australia on April 30, 2025, which is expected to further strengthen the Group's capabilities in the cybersecurity sector and bolster its presence in the fast growing Australian Market.

The provisional purchase price is allocated to assets acquired and liabilities assumed based upon determination of fair values at the date of acquisition as follows:

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

---

| | | | |
|:---|:---|:---|:---|
| **Component** | **Acquiree's carrying amount** | **Fair value adjustments** | **Purchase price allocated** |
| Net Assets <sup>(1)</sup> | 116 | *–* | 116 |
| Intangible assets: |  |  |  |
| Customer related<sup>#</sup> | *–* | 222 | 222 |
| Vendor relationship<sup>#</sup> | *–* | 55 | 55 |
| Brand<sup>#</sup> | *–* | 20 | 20 |
| Deferred tax liabilities on intangible assets | *–* | (46) | (46) |
| **Total** | **116** | **251** | **367** |
| Goodwill |  |  | 444 |
| **Total purchase price** |  |  | **811** |

---

** 

*<sup>(1)</sup>* *Includes cash and cash equivalents acquired of ![rupee symbol](rupee-symbol.gif)102 crore*

*<sup>#</sup>* *The estimated useful life is around 1 year to 7 years*

The excess of the purchase consideration paid over the fair value of assets acquired has been attributed to goodwill. The primary items that generated this goodwill are the value of the acquired assembled workforce and estimated synergies, neither of which qualify as an intangible asset.

Goodwill amounting to ![rupee symbol](rupee-symbol.gif)79 crore is expected to be deductible for tax purposes.

The total purchase consideration of ![rupee symbol](rupee-symbol.gif)811 crore includes upfront cash consideration of ![rupee symbol](rupee-symbol.gif)741 crore and contingent consideration with an estimated fair value of ![rupee symbol](rupee-symbol.gif)70 crore as on the date of acquisition.

At the acquisition date, the key inputs used in determination of the fair value of contingent consideration are the probabilities assigned towards achievement of financial targets and discount rates ranging from 2% - 3%. The undiscounted value of contingent consideration as of December 31, 2025 was approximately ![rupee symbol](rupee-symbol.gif)81 crore.

Additionally, these acquisitions have retention bonus and management incentives payable to the employees of the acquiree over 2-3 years, subject to their continuous employment with the Group and achievement of financial targets for the respective years. Retention bonus and management incentives are recognized in employee benefit expenses in the Statement of Comprehensive Income over the period of service.

Fair value of trade receivables acquired is ![rupee symbol](rupee-symbol.gif)194 crore as of acquisition date and as of December 31, 2025, the amounts are substantially collected.

Transaction costs that the Group incurs in connection with a business combination such as finder's fees, legal fees, due diligence fees, and other professional and consulting fees are expensed as incurred. The transaction costs of ![rupee symbol](rupee-symbol.gif)34 crore related to the acquisition have been included under administrative expenses in the Consolidated Statement of Comprehensive Income for the nine months ended December 31, 2025.

**Proposed Acquisition**

On August 13, 2025, Infosys Singapore Pte. Ltd., a wholly owned subsidiary of Infosys Limited, entered into a definitive agreement to acquire 75% of the equity share capital in Telstra Purple Pty Ltd, including some of its subsidiaries (together known as Versent Group), Australia's leading Digital Transformation Solutions Provider for a consideration including earn-outs and deferred consideration amounting up to AUD 233 million (approximately ![rupee symbol](rupee-symbol.gif)1,335 crore), excluding retention bonus and management incentives, subject to regulatory approvals and customary closing adjustments.

**2.11 Employees' Stock Option Plans (ESOP)**

**Accounting Policy**

The Group recognizes compensation expense relating to share-based payments in net profit based on estimated fair-values of the awards on the grant date. The estimated fair value of awards is recognized as an expense in net profit in the interim condensed consolidated statement of comprehensive income on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was in-substance, multiple awards with a corresponding increase to share premium.

**Infosys Expanded Stock Ownership Program 2019 (the 2019 Plan):**

On June 22, 2019 pursuant to the approval by the shareholders in the Annual General Meeting, the Board has been authorized to introduce, offer, issue and provide share-based incentives to eligible employees of the Company and its subsidiaries under the 2019 Plan. The maximum number of shares under the 2019 plan shall not exceed 50,000,000 equity shares. To implement the 2019 Plan , up to 45,000,000 equity shares may be issued by way of secondary acquisition of shares by the Infosys Expanded Stock Ownership Trust. The Restricted Stock Units (RSUs) granted under the 2019 plan shall vest based on the achievement of defined annual performance parameters as determined by the administrator (Nomination and Remuneration Committee). The performance parameters will be based on a combination of relative Total Shareholder Return (TSR) against selected industry peers and certain broader market domestic and global indices and operating performance metrics of the company as decided by administrator. Each of the above performance parameters will be distinct for the purposes of calculation of quantity of shares to vest based on performance. These instruments will generally vest between a minimum of 1 to maximum of 3 years from the grant date.

**2015 Stock Incentive Compensation Plan (the 2015 Plan):**

On March 31, 2016, pursuant to the approval by the shareholders through postal ballot, the Board was authorized to introduce, offer, issue and allot share-based incentives to eligible employees of the Company and its subsidiaries under the 2015 Stock Incentive Compensation Plan. The maximum number of shares under the 2015 plan shall not exceed 24,038,883 equity shares (this includes 11,223,576 equity shares which are held by the trust towards the 2011 Plan as at March 31, 2016). These instruments will generally vest over a period of 4 years. The plan numbers mentioned above are further adjusted with the September 2018 bonus issue.

The equity settled and cash settled RSUs and stock options would vest generally over a period of 4 years and shall be exercisable within the period as approved by the Nomination and Remuneration Committee (NARC). The exercise price of the RSUs will be equal to the par value of the shares and the exercise price of the stock options would be the market price as on the date of grant.

Controlled trust holds 8,984,436 and 9,655,927 shares as at December 31, 2025 and March 31, 2025, respectively under the 2015 plan, out of these shares 200,000 equity shares each have been earmarked for welfare activities of the employees as at December 31, 2025 and March 31, 2025.

The following is the summary of grants during three months and nine months ended December 31, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
| **Particulars** | **2025** | **2024** | **2025** | **2024** |
| **2015 Plan: RSU** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity settled RSUs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | *–* | *–* | 277077 | 295168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees other than KMP | 109893 | 22880 | 117293 | 152220 |
|  | **109893** | **22880** | **394370** | **447388** |
| **2015 Plan: Employee Stock Options (ESOPs)** |  |  |  |  |
| **Equity settled RSUs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | *–* | *–* | 237370 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees other than KMP | *–* | *–* | 5412790 | *–* |
|  |  ***–*** |  ***–*** | **5650160** |  ***–*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash settled RSUs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | *–* | *–* | *–* | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees other than KMP | *–* | *–* | 108180 | *–* |
|  |  ***–*** |  ***–*** | **108180** |  ***–*** |
| **Total Grants under 2015 Plan** | **109893** | **22880** | **6152710** | **447388** |
| **2019 Plan: RSU** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity settled RSUs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | *–* | *–* | 66366 | 70699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees other than KMP | 3065 | *–* | 3065 | 6848 |
|  | **3065** |  ***–*** | **69431** | **77547** |
| **Total Grants under 2019 Plan** | **3065** |  ***–*** | **69431** | **77547** |

---

***Notes on grants to KMP:***

**CEO & MD**

**Under the 2015 plan:**

The Board, on April 17, 2025, based on the recommendations of the Nomination and Remuneration Committee approved the following grants for fiscal 2026. In accordance with such approval the following grants were made effective May 2, 2025.

230,621 performance-based RSUs (Annual performance equity grant) of fair value of ![rupee symbol](rupee-symbol.gif)34.75 crore. These RSUs will vest in line with the employment agreement based on achievement of certain performance targets.

13,273 performance-based grant of RSUs (Annual performance equity ESG grant) of fair value of ![rupee symbol](rupee-symbol.gif)2 crore. These RSUs will vest in line with the employment agreement based on achievement of certain environment, social and governance milestones as determined by the Board.

33,183 performance-based grant of RSUs (Annual performance Equity TSR grant) of fair value of ![rupee symbol](rupee-symbol.gif)5 crore . These RSUs will vest in line with the employment agreement based on Company's performance on cumulative relative TSR over the years and as determined by the Board.

Though the annual time based grants and annual performance equity TSR grant for the remaining employment term ending on March 31, 2027 have not been granted as of December 31, 2025, since the service commencement date precedes the grant date, the company has recorded employment stock compensation expense in accordance with IFRS 2, Share based payments. The grant date for this purpose in accordance with IFRS 2, Share based payments is July 1, 2022.

**Under the 2019 plan:**

The Board, on April 17, 2025, based on the recommendations of the Nomination and Remuneration Committee, approved performance-based grant of RSUs amounting to ![rupee symbol](rupee-symbol.gif)10 crore for fiscal 2026 under the 2019 Plan. These RSUs will vest based on achievement of certain performance targets. Accordingly, 66,366 performance based RSU's were granted effective May 2, 2025.

**Other KMP**

**Under the 2015 plan:**

During the nine months ended December 31, 2025, based on recommendations of Nomination and Remuneration Committee, the Board approved time based grants of 237,370 ESOPs to Other KMP under the 2015 Plan. These stock options will vest over a period of 4 years and shall be exercisable within the period as approved by the Committee. The exercise price of the stock options would be the market price as on the date of grant.

**The break-up of employee stock compensation expense is as follows:**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
| **Particulars** | **2025** | **2024** | **2025** | **2024** |
| *Granted to:* |  |  |  |  |
| KMP | 17 | 17 | 53 | 52 |
| Employees other than KMP | 213 | 168 | 649 | 553 |
| **Total <sup>(1)</sup>** | **230** | **185** | **702** | **605** |
| *<sup>(1)</sup> Cash settled stock compensation expense included in the above* | 6 | 2 | 15 | 14 |

---

The fair value of the awards are estimated using the Black-Scholes Model for time and non-market performance based options and Monte Carlo simulation model is used for TSR based options.

The inputs to the model include the share price at date of grant, exercise price, expected volatility, expected dividends, expected term and the risk free rate of interest. Expected volatility during the expected term of the options is based on historical volatility of the observed market prices of the Company's publicly traded equity shares during a period equivalent to the expected term of the options. Expected volatility of the comparative company have been modelled based on historical movements in the market prices of their publicly traded equity shares during a period equivalent to the expected term of the options. Correlation coefficient is calculated between each peer entity and the indices as a whole or between each entity in the peer group.

The fair value of each equity settled award is estimated on the date of grant using the following assumptions:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For options granted in** | **For options granted in** | **For options granted in** | **For options granted in** | **For options granted in** | **For options granted in** |
| **Particulars** | **Fiscal 2026- <br> Equity Shares-RSU** | **Fiscal 2026- <br> ADR RSU** | **Fiscal 2026- <br> Equity Shares-ESOP** | **Fiscal 2026- <br> ADS-ESOP** | **Fiscal 2025- <br> Equity Shares-RSU** | **Fiscal 2025- <br> ADS-RSU** |
| Weighted average share price (![rupee symbol](rupee-symbol.gif)) / ($ ADS) | 1505 | 16.57 | 1554 | 17.93 | 1437 | 18.42 |
| Exercise price (![rupee symbol](rupee-symbol.gif))/ ($ ADS) | 5.00 | 0.10 | 1554 | 17.93 | 5.00 | 0.07 |
| Expected volatility (%) | 23-26 | 25-26 | 25-28 | 26-30 | 21-26 | 23-28 |
| Expected life of the option (years) | 1-4 | 1-4 | 3-7 | 3-7 | 1-4 | 1-4 |
| Expected dividends (%) | 2-3 | 2-3 | 2-3 | 2-3 | 2-3 | 2-3 |
| Risk-free interest rate (%) | 6 | 4 | 6 | 4 | 7 | 4-5 |
| Weighted average fair value as on grant date (![rupee symbol](rupee-symbol.gif)) / ($ ADS) | 1354 | 15.16 | 390 | 4.09 | 1319 | 16.94 |

---

The expected life of the RSU/ESOP is estimated based on the vesting term and contractual term of the RSU/ESOP, as well as expected exercise behavior of the employee who receives the RSU/ESOP.

**2.12 Income Taxes**

**Accounting policy**

Income tax expense comprises current and deferred income tax. Income tax expense is recognized in net profit in the interim condensed Consolidated Statement of Comprehensive income except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity or other comprehensive income. Current income tax for current and prior periods is recognized at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date. Deferred income tax assets and liabilities are recognized for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements except when the deferred income tax arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

Deferred income tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date and are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of changes in tax rates on deferred income tax assets and liabilities is recognized as income or expense in the period that includes the enactment or the substantive enactment date. A deferred income tax asset is recognized to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and tax losses can be utilized. Deferred income taxes are not provided on the undistributed earnings of subsidiaries and branches where it is expected that the earnings of the subsidiary or branch will not be distributed in the foreseeable future.

The Group offsets current tax assets and current tax liabilities; deferred tax assets and deferred tax liabilities, where it has a legally enforceable right to set off the recognized amounts and where it intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. The income tax provision for the interim period is made based on the best estimate of the annual average tax rate expected to be applicable for the full financial year. Tax benefits of deductions earned on exercise of employee share options in excess of compensation charged to income are credited to equity.

Income tax expense in the interim condensed consolidated statement of comprehensive income comprises:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
| **Particulars** | **2025** | **2024** | **2025** | **2024** |
| **Current taxes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domestic taxes | 2106 | 2450 | 6884 | 7093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes | 765 | 752 | 2219 | 2253 |
|  | **2871** | **3202** | **9103** | **9346** |
| **Deferred taxes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Domestic taxes | (210) | (209) | (550) | (705) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign taxes | (98) | (145) | (319) | (408) |
|  | **(308)** | **(354)** | **(869)** | **(1113)** |
| **Income tax expense** | **2563** | **2848** | **8234** | **8233** |

---

Income tax expense for the three months ended December 31, 2025 and December 31, 2024 includes reversal (net of provisions) of ![rupee symbol](rupee-symbol.gif)77 crore and provisions (net of reversal) of ![rupee symbol](rupee-symbol.gif)106 crore, respectively. Income tax expense for the nine months ended December 31, 2025 and December 31, 2024 includes provisions (net of reversal) of ![rupee symbol](rupee-symbol.gif)38 crore and provisions (net of reversal) of ![rupee symbol](rupee-symbol.gif)249 crore, respectively. These provisions and reversals pertaining to prior periods are primarily on account of adjudication of certain disputed matters, upon filing of tax return and completion of assessments, across various jurisdictions.

Deferred income tax for the three months and nine months ended December 31, 2025 and December 31, 2024 substantially relates to origination and reversal of temporary differences.

The Company's Advanced Pricing Arrangement (APA) with the Internal Revenue Service (IRS) for US branch income tax expired in March 2021. The Company has applied for renewal of APA and currently the US taxable income is based on the Company's best estimate determined based on the expected value method.

As at December 31, 2025, claims against the Group not acknowledged as debts from the Income tax authorities amounted to ![rupee symbol](rupee-symbol.gif)2,054 crore.

As at March 31, 2025, claims against the Group not acknowledged as debts from the Income tax authorities amounted to ![rupee symbol](rupee-symbol.gif)1,933 crore.

The amount paid to statutory authorities against the tax claims amounted to ![rupee symbol](rupee-symbol.gif)1,693 crore and ![rupee symbol](rupee-symbol.gif)4,199 crore as at December 31, 2025 and March 31, 2025, respectively.

The claims against the Group primarily represent demands arising on completion of assessment proceedings under the Income Tax Act, 1961. These claims are on account of issues of disallowance of expenditure towards software being held as capital in nature, payments made to Associated Enterprises held as liable for withholding of taxes, among others. These matters are pending before various Income Tax Authorities and the Management including its tax advisors expect that its position will likely be upheld on ultimate resolution and will not have a material adverse effect on the Group's financial position and results of operations.

**2.13 Earnings per equity share**

**Accounting Policy**

Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Group by the weighted average number of equity shares outstanding during the period. Diluted earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Group by the weighted average number of equity shares considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the proceeds receivable had the equity shares been actually issued at fair value (i.e. the average market value of the outstanding equity shares). Dilutive potential equity shares are deemed converted as at the beginning of the period, unless issued at a later date. Dilutive potential equity shares are determined independently for each period presented.

The number of equity shares and potentially dilutive equity shares are adjusted retrospectively for all periods presented for any share splits and bonus shares issues including for changes effected prior to the approval of the financial statements by the Board of Directors.

**2.14 Related party transactions** 

Refer to note 2.14 "Related party transactions" in the Company's 2025 Consolidated financial statements under IFRS in Indian rupee for the full names and other details of the Company's subsidiaries and controlled trusts.

**Changes in Subsidiaries**

During the nine months ended December 31, 2025, the following are the changes in the subsidiaries:

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys Energy Consulting
Services LLC , a wholly-owned subsidiary of Infosys Nova Holdings LLC was incorporated on April 16, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys Saudi Arabia
LLC, a wholly-owned subsidiary of Infosys Limited was incorporated on April 21, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys Australia
Technology Service Pty Ltd, a wholly-owned subsidiary of Infosys Singapore Pte. Limited was incorporated on April 23, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;· On April 30, 2025,
Infosys Nova Holdings LLC , a wholly owned subsidiary of Infosys Limited, acquired 98.21% of partnership interests in MRE Consulting
Ltd along with its subsidiary MRE Technology Services, LLC. The remaining 1.79% was acquired by Infosys Energy Consulting Services LLC
, a Wholly-owned subsidiary of Infosys Nova Holdings LLC.

&nbsp;&nbsp;&nbsp;&nbsp;· On April 30, 2025,
Infosys Australia Technology Service Pty Ltd, a wholly owned subsidiary of Infosys Singapore Pte. Limited, acquired 100% of voting interests
in The Missing Link Automation Pty Ltd, The Missing Link Network Integration Pty Ltd and The Missing Link Security Pty Ltd along with
its subsidiary The Missing Link Security Ltd

&nbsp;&nbsp;&nbsp;&nbsp;· in-tech Automotive
Engineering de. R L de. C V, a wholly-owned subsidiary of in-tech GmbH has been liquidated effective May 07, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;· On May 13, 2025,
Infosys Singapore Pte Ltd diluted 2% stake of HIPUS Co., Ltd to Mitsubishi Heavy Industries, Ltd.

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys BPM Canada
Inc, a Wholly-owned subsidiary of Infosys BPM UK Limited was incorporated on July 28, 2025

&nbsp;&nbsp;&nbsp;&nbsp;· Infosys Germany
Gmbh, a Wholly-owned subsidiary of Infosys Singapore Pte Ltd merged into Infosys Germany SE (formerly known as Blitz 24-893 SE) effective
September 24, 2025

&nbsp;&nbsp;&nbsp;&nbsp;· in-tech Engineering
services S.R.L, (Wholly-owned subsidiary of in-tech GmbH) merged into ProIT (Wholly-owned subsidiary of in-tech GmbH) effective November
30, 2025

**Transactions with key management personnel**

The table below describes the compensation to key management personnel which comprise directors and executive officers:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
| **Particulars** | **2025** | **2024** | **2025** | **2024** |
| Salaries and other short term employee benefits to whole-time directors and executive officers<sup>(1)(2)</sup> | 29 | 28 | 89 | 84 |
| Commission and other benefits to non-executive/ independent directors | 6 | 5 | 15 | 14 |
| **Total** | **35** | **33** | **104** | **98** |

---

** 

*<sup>(1)</sup>* *Total employee stock compensation expense for the three months ended December 31, 2025 and December 31, 2024 includes a charge of ![rupee symbol](rupee-symbol.gif)17 crore and ![rupee symbol](rupee-symbol.gif)17 crore respectively, towards key management personnel. For the nine months ended December 31, 2025 and December 31, 2024, includes a charge of ![rupee symbol](rupee-symbol.gif)53 crore and ![rupee symbol](rupee-symbol.gif)52 crore respectively, towards key management personnel. (Refer note 2.11)*

*<sup>(2)</sup>* *Does not include post-employment benefits and other long-term benefits based on actuarial valuation as these are done for the Company as a whole.*

**2.15 Segment reporting**

IFRS 8 Operating Segments establishes standards for the way that public business enterprises report information about operating segments and related disclosures about products and services, geographic areas, and major customers. The Group's operations predominantly relate to providing end-to-end business solutions to enable clients to enhance business performance. The Chief Operating Decision Maker (CODM) 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 business segments. The accounting principles used in the preparation of the financial statements are consistently applied to record revenue and expenditure in individual segments, and are as set out in the accounting policies.

Business segments of the Group are primarily enterprises in Financial Services and Insurance, enterprises in Manufacturing, enterprises in Retail, Consumer Packaged Goods and Logistics, enterprises in the Energy, Utilities, Resources and Services, enterprises in Communication, Telecom OEM and Media, enterprises in Hi-Tech, enterprises in Life Sciences and Healthcare and all other segments. The Financial services reportable segments has been aggregated to include the Financial Services operating segment and Finacle operating segment because of the similarity of the economic characteristics. All other segments represents the operating segments of businesses in India, Japan, China, Infosys Public Services & identified enterprises in Public Services.

Revenue and identifiable operating expenses in relation to segments are categorized based on items that are individually identifiable to that segment. Revenue for 'all other segments' represents revenue generated by Infosys Public Services and revenue generated from customers located in India, Japan and China and other enterprises in Public services. Allocated expenses of segments include expenses incurred for rendering services from the Group's offshore software development centers and on-site expenses, which are categorized in relation to the associated efforts of the segment. Certain expenses such as depreciation and amortization, which form a significant component of total expenses, are not specifically allocable to specific segments as the underlying assets are used interchangeably. The Management believes that it is not practical to provide segment disclosures relating to those costs and expenses, and accordingly these expenses are separately disclosed as "unallocated" and adjusted against the total income of the Group.

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 currently not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.

Business segment revenue information is collated based on individual customers invoiced or in relation to which the revenue is otherwise recognized.

Disclosure of revenue by geographic locations is given in note 2.16 Revenue from operations.

**2.15.1 Business segments**

**For the Three months ended December 31, 2025 and December 31, 2024**

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

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Financial Services<sup>(1)</sup>** | **Manufacturing** | **Energy, Utilities, Resources and Services** | **Retail<sup>(2)</sup>** | **Communication<sup>(3)</sup>** | **Hi-Tech** | **Life Sciences<sup>(4)</sup>** | **All other segments<sup>(5)</sup>** | **Total** |
| Revenue | 12817 | 7570 | 6016 | 5829 | 5518 | 3371 | 3267 | 1091 | 45479 |
|  | *11589* | *6479* | *5635* | *5746* | *4688* | *3279* | *3195* | *1153* | *41764* |
| Identifiable operating expenses | 7221 | 4584 | 3356 | 2848 | 3539 | 2008 | 2007 | 721 | 26284 |
|  | *6859* | *4128* | *3229* | *2803* | *3067* | *1914* | *1906* | *781* | *24687* |
| Allocated expenses | 2360 | 1251 | 1167 | 1114 | 1043 | 596 | 562 | 303 | 8396 |
|  | *2051* | *994* | *878* | *968* | *803* | *549* | *470* | *249* | *6962* |
| **Segment Profit** | **3236** | **1735** | **1493** | **1867** | **936** | **767** | **698** | **67** | **10799** |
|  | *2679* | *1357* | *1528* | *1975* | *818* | *816* | *819* | *123* | *10115* |
| Unallocable expenses\* |  |  |  |  |  |  |  |  | 2444 |
|  |  |  |  |  |  |  |  |  | *1203* |
| **Operating profit** |  |  |  |  |  |  |  |  | **8355** |
|  |  |  |  |  |  |  |  |  | *8912* |
| Other income, net |  |  |  |  |  |  |  |  | 974 |
|  |  |  |  |  |  |  |  |  | *859* |
| Finance cost |  |  |  |  |  |  |  |  | 100 |
|  |  |  |  |  |  |  |  |  | *101* |
| **Profit before income taxes** |  |  |  |  |  |  |  |  | **9229** |
|  |  |  |  |  |  |  |  |  | *9670* |
| Income tax expense |  |  |  |  |  |  |  |  | 2563 |
|  |  |  |  |  |  |  |  |  | *2848* |
| **Net profit** |  |  |  |  |  |  |  |  | **6666** |
|  |  |  |  |  |  |  |  |  | *6822* |
| Depreciation and amortization |  |  |  |  |  |  |  |  | **1155** |
|  |  |  |  |  |  |  |  |  | *1203* |
| Non-cash expenses other than depreciation and amortization |  |  |  |  |  |  |  |  | – |

---

** 

*<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>* *Others include operating segments of businesses in India, Japan, China, Infosys Public Services & identified enterprises in Public Services*

**For the Nine months ended December 31, 2025 and December 31, 2024**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Financial Services<sup>(1)</sup>** | **Manufacturing** | **Energy, Utilities, Resources and Services** | **Retail<sup>(2)</sup>** | **Communication<sup>(3)</sup>** | **Hi-Tech** | **Life Sciences<sup>(4)</sup>** | **All other segments<sup>(5)</sup>** | **Total** |
| Revenue | 36932 | 21721 | 17704 | 17119 | 16013 | 10370 | 8874 | 3515 | 132248 |
|  | *33561* | *18680* | *16402* | *16619* | *14311* | *9692* | *9065* | *3734* | *122064* |
| Identifiable operating expenses | 20900 | 13297 | 9979 | 8577 | 10273 | 6312 | 5519 | 2186 | 77043 |
|  | *19206* | *11984* | *9111* | *8195* | *9346* | *5587* | *5527* | *2372* | *71328* |
| Allocated expenses | 6765 | 3521 | 3289 | 3264 | 2906 | 1760 | 1569 | 853 | 23927 |
|  | *6205* | *3035* | *2771* | *2931* | *2459* | *1681* | *1493* | *800* | *21375* |
| **Segment Profit** | **9267** | **4903** | **4436** | **5278** | **2834** | **2298** | **1786** | **476** | **31278** |
|  | *8150* | *3661* | *4520* | *5493* | *2506* | *2424* | *2045* | *562* | *29361* |
| Unallocable expenses\* |  |  |  |  |  |  |  |  | 4767 |
|  |  |  |  |  |  |  |  |  | *3512* |
| **Operating profit** |  |  |  |  |  |  |  |  | **26511** |
|  |  |  |  |  |  |  |  |  | *25849* |
| Other income, net |  |  |  |  |  |  |  |  | 2998 |
|  |  |  |  |  |  |  |  |  | *2410* |
| Finance cost |  |  |  |  |  |  |  |  | 310 |
|  |  |  |  |  |  |  |  |  | *314* |
| **Profit before income taxes** |  |  |  |  |  |  |  |  | **29199** |
|  |  |  |  |  |  |  |  |  | *27945* |
| Income tax expense |  |  |  |  |  |  |  |  | 8234 |
|  |  |  |  |  |  |  |  |  | *8233* |
| **Net profit** |  |  |  |  |  |  |  |  | **20965** |
|  |  |  |  |  |  |  |  |  | *19712* |
| Depreciation and amortization |  |  |  |  |  |  |  |  | **3478** |
|  |  |  |  |  |  |  |  |  | *3512* |
| Non-cash expenses other than depreciation and amortization |  |  |  |  |  |  |  |  | **–** |

---

** 

*<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>* *Others include operating segments of businesses in India, Japan, China, Infosys Public Services & identified enterprises in Public Services*

*\** *Unallocable expense includes impact of ![rupee symbol](rupee-symbol.gif)1,289 crore towards impact of Labour Codes for the three months and nine months ended December 31, 2025. (Refer to note 2.19.4)*

**2.15.2 Significant clients**

No client individually accounted for more than 10% of the revenues for the three months and nine months ended December 31, 2025 and December 31, 2024, respectively.

**2.16 Revenue from Operations**

**Accounting Policy**

The Group derives revenues primarily from IT services comprising software development and related services, cloud and infrastructure services, maintenance, consulting and package implementation, licensing of software products and platforms across the Group's core and digital offerings (together called as "software related services") and business process management services. Contracts with customers are either on a time-and-material, unit of work, fixed-price or on a fixed-time frame basis.

Revenues from customer contracts are considered for recognition and measurement when the contract has been approved in writing by the parties, to the contract, the parties to contract are committed to perform their respective obligations under the contract, and the contract is legally enforceable. Revenue is recognized upon transfer of control of promised products or services ("performance obligations") to customers in an amount that reflects the consideration the Group has received or expects to receive in exchange for these products or services ("transaction price"). When there is uncertainty as to collectability, revenue recognition is postponed until such uncertainty is resolved.

The Group assesses the services promised in a contract and identifies distinct performance obligations in the contract. The Group allocates the transaction price to each distinct performance obligation based on the relative standalone selling price. The price that is regularly charged for an item when sold separately is the best evidence of its standalone selling price. In the absence of such evidence, the primary method used to estimate standalone selling price is the expected cost plus a margin, under which the Group estimates the cost of satisfying the performance obligation and then adds an appropriate margin based on similar services.

The Group's contracts may include variable consideration including rebates, volume discounts and penalties. The Group includes variable consideration as part of transaction price when there is a basis to reasonably estimate the amount of the variable consideration and when it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved.

Revenue on time-and-material and unit of work based contracts, are recognized as the related services are performed. Fixed price maintenance revenue is recognized ratably either on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period or ratably using a percentage of completion method when the pattern of benefits from the services rendered to the customer and Group's costs to fulfil the contract is not even through the period of contract because the services are generally discrete in nature and not repetitive. Revenue from other fixed-price, fixed-timeframe contracts, where the performance obligations are satisfied over time is recognized using the percentage-of-completion method. Efforts or costs expended are used to determine progress towards completion as there is a direct relationship between input and productivity. Progress towards completion is measured as the ratio of costs or efforts incurred to date (representing work performed) to the estimated total costs or efforts. Estimates of transaction price and total costs or efforts are continuously monitored over the term of the contracts and are recognized in net profit in the period when these estimates change or when the estimates are revised. Revenues and the estimated total costs or efforts are subject to revision as the contract progresses. Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract.

The billing schedules agreed with customers include periodic performance based billing and / or milestone based progress billings. Revenues in excess of billing are classified as unbilled revenue while billing in excess of revenues are classified as contract liabilities (which we refer to as unearned revenues).

In arrangements for software development and related services and maintenance services, by applying the revenue recognition criteria for each distinct performance obligation, the arrangements with customers generally meet the criteria for considering software development and related services as distinct performance obligations. For allocating the transaction price, the Group measures the revenue in respect of each performance obligation of a contract at its relative standalone selling price. The price that is regularly charged for an item when sold separately is the best evidence of its standalone selling price. In cases where the Group is unable to determine the standalone selling price, the Group uses the expected cost plus margin approach in estimating the standalone selling price. For software development and related services, the performance obligations are satisfied as and when the services are rendered since the customer generally obtains control of the work as it progresses.

Certain cloud and infrastructure services contracts include multiple elements which may be subject to other specific accounting guidance, such as leasing guidance. These contracts are accounted in accordance with such specific accounting guidance. In such arrangements where the Group is able to determine that hardware and services are distinct performance obligations, it allocates the consideration to these performance obligations on a relative standalone selling price basis. In the absence of standalone selling price, the Group uses the expected cost-plus margin approach in estimating the standalone selling price. When such arrangements are considered as a single performance obligation, revenue is recognized over the period and measure of progress is determined based on promise in the contract.

Revenue from licenses where the customer obtains a "right to use" the licenses is recognized at the time the license is made available to the customer. Revenue from licenses where the customer obtains a "right to access" is recognized over the access period.

Arrangements to deliver software products generally have three elements: license, implementation and Annual Technical Services (ATS). When implementation services are provided in conjunction with the licensing arrangement and the license and implementation have been identified as two distinct separate performance obligations, the transaction price for such contracts are allocated to each performance obligation of the contract based on their relative standalone selling prices. In the absence of standalone selling price for implementation, the Group uses the expected cost plus margin approach in estimating the standalone selling price. Where the license is required to be substantially customized as part of the implementation service the entire arrangement fee for license and implementation is considered to be a single performance obligation and the revenue is recognized using the percentage-of-completion method as the implementation is performed. Revenue from client training, support and other services arising due to the sale of software products is recognized as the performance obligations are satisfied. ATS revenue is recognized ratably on a straight line basis over the period in which the services are rendered.

Contracts with customers includes subcontractor services or third-party vendor equipment or software in certain integrated services arrangements. In these types of arrangements, revenue from sales of third-party vendor products or services is recorded net of costs when the Group is acting as an agent between the customer and the vendor, and gross when the Group is the principal for the transaction. In doing so, the Group first evaluates whether it obtains control of the specified goods or services before they are transferred to the customer. The Group considers whether it is primarily responsible for fulfilling the promise to provide the specified goods or services, inventory risk, pricing discretion and other factors to determine whether it controls the specified goods or services and therefore, is acting as a principal or an agent.

A contract modification is a change in the scope or price or both of a contract that is approved by the parties to the contract. A contract modification that results in the addition of distinct performance obligations are accounted for either as a separate contract if the additional services are priced at the standalone selling price or as a termination of the existing contract and creation of a new contract if they are not priced at the standalone selling price. If the modification does not result in a distinct performance obligation, it is accounted for as part of the existing contract on a cumulative catch-up basis.

The incremental costs of obtaining a contract (i.e., costs that would not have been incurred if the contract had not been obtained) are recognized as an asset if the Group expects to recover them.

Certain eligible, nonrecurring costs (e.g. set-up or transition or transformation costs) that do not represent a separate performance obligation are recognized as an asset when such costs (a) relate directly to the contract; (b) generate or enhance resources of the Group that will be used in satisfying the performance obligation in the future; and (c) are expected to be recovered.

Capitalized contract costs relating to upfront payments to customers are amortized to revenue and other capitalized costs are amortized to cost of sales over the respective contract life on a systematic basis consistent with the transfer of goods or services to customer to which the asset relates. Capitalized costs are monitored regularly for impairment. Impairment losses are recorded when present value of projected remaining operating cash flows is not sufficient to recover the carrying amount of the capitalized costs.

The Group presents revenues net of indirect taxes in its interim condensed Consolidated Statement of Comprehensive Income.

Revenues for the three months and nine months ended December 31, 2025 and December 31, 2024 is as follows:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
| **Particulars** | **2025** | **2024** | **2025** | **2024** |
| Revenue from software services | 43257 | 39766 | 125980 | 116395 |
| Revenue from products and platforms | 2222 | 1998 | 6268 | 5669 |
| **Total revenue from operations** | **45479** | **41764** | **132248** | **122064** |

---

**Products & platforms**

The Group also derives revenues from the sale of products and platforms like Finacle – core banking solution, Edge Suite of products, Panaya platform, Stater digital platform and Infosys McCamish – insurance platform.

**Disaggregated revenue information**

Revenue disaggregation by business segments has been included in segment information (Refer note 2.15). The table below presents disaggregated revenues from contracts with customers by geography and contract type. The Group believes that this disaggregation best depicts how the nature, amount, timing and uncertainty of revenues and cash flows are affected by industry, market and other economic factors.

**For the three months and nine months ended December 31, 2025 and December 31, 2024**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
| **Particulars** | **2025** | **2024** | **2025** | **2024** |
| **Revenues by Geography<sup>\*</sup>** |  |  |  |  |
| North America | 25422 | 24404 | 74316 | 71053 |
| Europe | 14850 | 12430 | 42313 | 35824 |
| India | 1279 | 1293 | 3885 | 3808 |
| Rest of the world | 3928 | 3637 | 11734 | 11379 |
| **Total** | **45479** | **41764** | **132248** | **122064** |

---

** 

*<sup>\*</sup>* *Geographical revenues is based on the domicile of customer.*

The percentage of revenue from fixed-price contracts for each of the three months ended December 31, 2025 and December 31, 2024 is 55%. The percentage of revenue from fixed-price contracts for each of the nine months ended December 31, 2025 and December 31, 2024 is 54%.

**Trade Receivables and Contract Balances**

The timing of revenue recognition, billings and cash collections results in receivables, unbilled revenue, and unearned revenue on the Group's Consolidated Balance Sheet. Amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals (e.g., monthly or quarterly) or upon achievement of contractual milestones.

The Group's Receivables are rights to consideration that are unconditional. Unbilled revenues comprising revenues in excess of billings from time and material contracts and fixed price maintenance contracts are classified as financial asset when the right to consideration is unconditional and is due only after a passage of time.

Invoicing to the clients for other fixed price contracts is based on milestones as defined in the contract and therefore the timing of revenue recognition is different from the timing of invoicing to the customers. Therefore, unbilled revenues for other fixed price contracts (contract asset) are classified as non-financial asset because the right to consideration is dependent on completion of contractual milestones.

Invoicing in excess of earnings are classified as unearned revenue.

Trade receivables and unbilled revenues are presented net of impairment in the consolidated statement of balance sheet.

**2.17 Unbilled Revenue**

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

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| Unbilled financial asset *<sup>(1)</sup>* | 10537 | 10214 |
| Unbilled non financial asset *<sup>(2)</sup>* | 4756 | 4869 |
| **Total** | **15293** | **15083** |

---

*<sup>(1)</sup>* Right to consideration is unconditional and is due only after a passage of time.

*<sup>(2)</sup>* Right to consideration is dependent on completion of contractual milestones.

**2.18 Equity**

**Accounting policy**

**Ordinary Shares**

Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new ordinary shares, share options and buyback are recognized as a deduction from equity, net of any tax effects.

**Treasury Shares**

When any entity within the Group purchases the company's ordinary shares, the consideration paid including any directly attributable incremental cost is presented as a deduction from total equity, until they are cancelled, sold or reissued. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is transferred to/from Share premium.

**Description of reserves**

**Retained earnings**

Retained earnings represent the amount of accumulated earnings of the Group.

**Share premium**

The amount received in excess of the par value of equity shares has been classified as share premium. Additionally, share-based compensation recognized in net profit in the condensed consolidated statement of comprehensive income is credited to share premium. Amounts have been utilized for bonus issue and share buyback from share premium account.

**Other Reserve**

The Special Economic Zone Re-investment reserve has been created out of the profit of the eligible SEZ unit in terms of the provisions of Sec 10AA (1)(ii) of Income Tax Act, 1961. The reserve should be utilized by the Company for acquiring new plant and machinery for the purpose of its business in terms of the provisions of the Sec 10AA (2) of the Income Tax Act, 1961.

**Capital Redemption Reserve**

In accordance with section 69 of the Indian Companies Act, 2013, the Company creates capital redemption reserve equal to the nominal value of the shares bought back as an appropriation from general reserve / retained earnings.

**Cash flow hedge reserve**

When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the cash flow hedging reserve. The cumulative gain or loss previously recognized in the cash flow hedging reserve is transferred to the net profit in the interim condensed consolidated Statement of Comprehensive Income upon the occurrence of the related forecasted transaction.

**Other components of equity**

Other components of equity include currency translation, re-measurement of net defined benefit liability/asset, fair value changes of equity instruments fair valued through other comprehensive income, changes on fair valuation of investments, net of taxes.

**2.18.1 Voting**

Each holder of equity shares is entitled to one vote per share. The equity shares represented by American Depositary Shares (ADS) carry similar rights to voting and dividends as the other equity shares. Each ADS represents one underlying equity share.

**2.18.2 Liquidation**

In the event of liquidation of the company, the holders of shares shall be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. However, no such preferential amounts exist currently, other than the amounts held by irrevocable controlled trusts. The amount distributed will be in proportion to the number of equity shares held by the shareholders. For irrevocable controlled trusts, the corpus would be settled in favor of the beneficiaries.

**2.18.3 Share options**

There are no voting, dividend or liquidation rights to the holders of options issued under the company's share option plans.

**2.18.4 Share capital and share premium**

The Company has only one class of shares referred to as equity shares having a par value of ![rupee symbol](rupee-symbol.gif)5/- each. 8,984,436 shares and 9,655,927 shares were held by controlled trust, as at December 31, 2025 and March 31, 2025, respectively.

**2.18.5 Capital allocation policy**

Effective 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.

**Buyback completed in December 2025**

In line with the capital allocation policy, the Board, at its meeting held on September 11, 2025, approved a proposal for the Company to buyback its fully paid-up equity shares of face value of ![rupee symbol](rupee-symbol.gif)5/- each from the eligible equity shareholders of the Company for an amount of ![rupee symbol](rupee-symbol.gif)18,000 crore subject to shareholders' approval by way of Postal Ballot. The shareholders approved the said proposal of buyback of Equity Shares recommended by its Board of Directors by way of e-voting through postal ballot, the results of which were declared on November 6, 2025. The Buyback offer comprised a purchase of 10,00,00,000 Equity Shares comprising approximately 2.41% of the total paid-up equity share capital of the Company as of June 30, 2025 (on standalone basis) at a price of ![rupee symbol](rupee-symbol.gif)1,800 per Equity share. The buyback was offered to all eligible equity shareholders (including those who became equity shareholders as on the Record date by cancelling American Depository Shares and withdrawing underlying Equity shares) of the Company as on the Record Date (i.e., November 14, 2025) on a proportionate basis through the "Tender offer" route. The tender period for buyback commenced on November 20, 2025 and was open until November 26, 2025. The Company concluded the buyback procedures on December 4, 2025 and 10,00,00,000 equity shares were bought back and extinguished. The buyback resulted in a cash outflow of ![rupee symbol](rupee-symbol.gif)18,000 crore (excluding transactions costs). The Company funded the buyback from its free reserves including securities premium as explained in Section 68 of the Companies Act, 2013. In accordance with Section 69 of the Companies Act, 2013, the Company has created a Capital Redemption Reserve of ![rupee symbol](rupee-symbol.gif)50 crore equal to the nominal value of the shares bought back as an appropriation from the general reserve during the quarter ended December 31, 2025.

The Company's objective when managing capital is to safeguard its ability to continue as a going concern and to maintain an optimal capital structure so as to maximize shareholder value. In order to maintain or achieve an optimal capital structure, the Company may adjust the amount of dividend payment, return capital to shareholders, issue new shares or buy back issued shares. As of December 31, 2025, the Company has only one class of equity shares and has no debt. Consequent to the above capital structure there are no externally imposed capital requirements.

**Dividend**

The final dividend on shares is recorded as a liability on the date of approval by the shareholders and interim dividends are recorded as a liability on the date of declaration by the Company's Board of Directors. Income tax consequences of dividends on financial instruments classified as equity will be recognized according to where the entity originally recognized those past transactions or events that generated distributable profits.

The Company declares and pays dividends in Indian rupees. Companies are required to pay / distribute dividend after deducting applicable taxes. The remittance of dividends outside India is governed by Indian law on foreign exchange and is also subject to withholding tax at applicable rates.

The amount of per share dividend recognized as distribution to equity shareholders is as follows:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
| **Particulars** | **2025** | **2024** | **2025** | **2024** |
| Interim dividend for fiscal 2026 | 23.00 | *–* | 23.00 | *–* |
| Final dividend for fiscal 2025 | *–* | *–* | 22.00 | *–* |
| Interim dividend for fiscal 2025 | *–* | 21.00 | *–* | 21.00 |
| Special dividend for fiscal 2024 | *–* | *–* | *–* | 8.00 |
| Final dividend for fiscal 2024 | *–* | *–* | *–* | 20.00 |

---

The Board of Directors in their meeting held on April 17, 2025 recommended a final dividend of ![rupee symbol](rupee-symbol.gif)22/- per equity share for the financial year ended March 31, 2025. The same was approved by the shareholders at the Annual General Meeting (AGM) of the Company held on June 25, 2025 which resulted in a net cash outflow of ![rupee symbol](rupee-symbol.gif)9,119 crore, excluding dividend paid on treasury shares. The final dividend was paid on June 30, 2025.

The Board of Directors in their meeting held on October 16, 2025 declared an interim dividend of ![rupee symbol](rupee-symbol.gif)23/- per equity share which resulted in a net cash outflow of ![rupee symbol](rupee-symbol.gif)9,534 crore, excluding dividend paid on treasury shares.

**2.19 Break-up of expenses and other income, net**

**Accounting policy**

**Gratuity and Pensions**

The Group provides for gratuity, a defined benefit retirement plan ('the Gratuity Plan') covering eligible employees majorly of Infosys and its Indian subsidiaries. The Gratuity Plan provides a lump-sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee's salary and the tenure of employment with the Group. The Company contributes Gratuity liabilities to the Infosys Limited Employees' Gratuity Fund Trust (the Trust). In case of Infosys BPM and EdgeVerve, contributions are made to the Infosys BPM Employees' Gratuity Fund Trust and EdgeVerve Systems Limited Employees' Gratuity Fund Trust, respectively. Trustees administer contributions made to the Trusts and contributions are invested in a scheme with the Life Insurance Corporation of India as permitted by Indian law.

The Group operates defined benefit pension plan in certain overseas jurisdictions, in accordance with the local laws. These plans are managed by third party fund managers. The plans provide for periodic payouts after retirement and/or a lumpsum payment as set out in rules of each fund and includes death and disability benefits. The defined benefit plans require contributions which are based on a percentage of salary that varies depending on the age of the respective employees.

Liabilities with regard to these defined benefit plans are determined by actuarial valuation, performed by an external actuary, at each Balance Sheet date using the projected unit credit method. These defined benefit plans expose the Group to actuarial risks, such as longevity risk, interest rate risk and market risk.

The Group recognizes the net obligation of a defined benefit plan in its Balance Sheet as an asset or liability. Gains and losses through re-measurements of the net defined benefit liability / (asset) are recognized in other comprehensive income and are not reclassified to profit or loss in subsequent periods. The actual return of the portfolio of plan assets, in excess of the yields computed by applying the discount rate used to measure the defined benefit obligation is recognized in other comprehensive income. The effect of any plan amendments is recognized in net profit in the Consolidated Statement of Comprehensive Income.

**Provident fund**

Eligible employees of Infosys receive benefits from a provident fund, which is a defined benefit plan. Both the eligible employee and the Company make monthly contributions to the provident fund plan equal to a specified percentage of the covered employee's salary. The Company contributes a portion to the Infosys Limited Employees' Provident Fund Trust. The trust invests in specific designated instruments as permitted by Indian law. The remaining portion is contributed to the government administered pension fund. The rate at which the annual interest is payable to the beneficiaries by the trust is being administered by the Government of India. The Company has an obligation to make good the shortfall, if any, between the return from the investments of the trust and the notified interest rate.

In respect of Indian subsidiaries, eligible employees receive benefits from a provident fund, which is a defined contribution plan. Both the eligible employee and the respective companies make monthly contributions to this provident fund plan equal to a specified percentage of the covered employee's salary. Amounts collected under the provident fund plan are deposited in a government administered provident fund. The Companies have no further obligation to the plan beyond its monthly contributions.

**Superannuation**

Certain employees of Infosys, Infosys BPM and EdgeVerve are participants in a defined contribution plan. The Group has no further obligations to the plan beyond its monthly contributions which are periodically contributed to a trust fund, the corpus of which is invested with the Life Insurance Corporation of India.

**Compensated absences**

The Group has a policy on compensated absences which are both accumulating and non-accumulating in nature. The expected cost of accumulating compensated absences is determined by actuarial valuation performed by an external actuary at each Balance Sheet date using projected unit credit method on the additional amount expected to be paid/availed as a result of the unused entitlement that has accumulated at the Balance Sheet date. Expense on non-accumulating compensated absences is recognized in the period in which the absences occur.

**Other income, net**

Other income is comprised primarily of interest income, dividend income, gain/loss on investment and exchange gain/loss on forward and options contracts and on translation of foreign currency assets and liabilities. Interest income is recognized using the effective interest method. Dividend income is recognized when the right to receive payment is established.

**Foreign currency** 

**Accounting policy**

*Functional currency*

The functional currency of Infosys, its Indian subsidiaries and controlled trusts is the Indian rupee. The functional currencies for foreign subsidiaries are their respective local currencies. These financial statements are presented in Indian rupees (rounded off to crore; one crore equals ten million).

*Transactions and translations*

Foreign-currency denominated monetary assets and liabilities are translated into the relevant functional currency at exchange rates in effect at the Balance Sheet date. The gains or losses resulting from such translations are recognized in the interim condensed Consolidated Statement of Comprehensive Income and reported within exchange gains/ (losses) on translation of assets and liabilities, net, except when deferred in Other Comprehensive Income as qualifying cash flow hedges. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at fair value are translated at the exchange rate prevalent at the date when the fair value was determined. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at historical cost are translated at the exchange rate prevalent at the date of transaction. The related revenue and expense are recognized using the same exchange rate.

Transaction gains or losses realized upon settlement of foreign currency transactions are included in determining net profit for the period in which the transaction is settled. Revenue, expense and cash-flow items denominated in foreign currencies are translated into the relevant functional currencies using the exchange rate in effect on the date of the transaction.

The translation of financial statements of the foreign subsidiaries to the presentation currency is performed for assets and liabilities using the exchange rate in effect at the Balance Sheet date and for revenue, expense and cash-flow items using the average exchange rate for the respective periods. The gains or losses resulting from such translation are included in currency translation reserves under other components of equity. When a subsidiary is disposed off, in full, the relevant amount is transferred to net profit in the statement of comprehensive income. However when a change in the parent's ownership does not result in loss of control of a subsidiary, such changes are recorded through equity.

Other Comprehensive Income, net of taxes includes translation differences on non-monetary financial assets measured at fair value at the reporting date, such as equities classified as financial instruments and measured at fair value through other comprehensive income (FVOCI).

Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the exchange rate in effect at the Balance Sheet date.

**Government grants**

The Group recognizes government grants only when there is reasonable assurance that the conditions attached to them will be complied with, and the grants will be received. Government grants related to assets are treated as deferred income and are recognized in the net profit in the statement of comprehensive income on a systematic and rational basis over the useful life of the asset. Government grants related to revenue are recognized on a systematic basis in the statement of comprehensive income over the periods necessary to match them with the related costs which they are intended to compensate.

**Operating Profits**

Operating profit of the Group is computed considering the revenues, net of cost of sales, selling and marketing expenses and administrative expenses.

**The table below provides details of break-up of expenses:**

**2.19.1 Cost of sales**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
| **Particulars** | **2025** | **2024** | **2025** | **2024** |
| Employee benefit costs (Refer to note 2.19.4) | 22752 | 19316 | 64157 | 57534 |
| Depreciation and amortization | 1155 | 1203 | 3478 | 3512 |
| Travelling costs | 317 | 279 | 985 | 908 |
| Cost of technical sub-contractors | 4092 | 3300 | 11469 | 9659 |
| Cost of software packages for own use | 678 | 586 | 1955 | 1726 |
| Third party items bought for service delivery to clients | 3262 | 3995 | 9665 | 10199 |
| Consultancy and professional charges | (5) | 57 | (5) | 230 |
| Communication costs | 78 | 71 | 232 | 226 |
| Repairs and maintenance | 158 | 130 | 456 | 370 |
| Provision for post-sales client support and other provisions | 35 | 91 | (61) | 117 |
| Others | 130 | 92 | 345 | 290 |
| **Total** | **32652** | **29120** | **92676** | **84771** |

---

**2.19.2 Selling and marketing expenses**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
| **Particulars** | **2025** | **2024** | **2025** | **2024** |
| Employee benefit costs (Refer to note 2.19.4) | 1751 | 1418 | 5028 | 4289 |
| Travelling costs | 120 | 103 | 381 | 302 |
| Branding and marketing | 310 | 273 | 985 | 876 |
| Communication costs | 5 | 2 | 11 | 8 |
| Consultancy and professional charges | 65 | 37 | 207 | 111 |
| Others | 41 | 6 | 112 | 45 |
| **Total** | **2292** | **1839** | **6724** | **5631** |

---

**2.19.3 Administrative expenses** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
| **Particulars** | **2025** | **2024** | **2025** | **2024** |
| Employee benefit costs (Refer to note 2.19.4) | 908 | 702 | 2511 | 2111 |
| Consultancy and professional charges | 426 | 365 | 1227 | 1013 |
| Repairs and maintenance | 290 | 264 | 838 | 782 |
| Power and fuel | 56 | 51 | 169 | 172 |
| Communication costs | 76 | 84 | 219 | 239 |
| Travelling costs | 73 | 57 | 198 | 165 |
| Impairment loss recognized/(reversed) under expected credit loss model | 54 | 5 | 88 | 100 |
| Rates and taxes | 72 | 61 | 242 | 268 |
| Insurance charges | 87 | 72 | 250 | 221 |
| Commission to non-whole time directors | 5 | 5 | 14 | 13 |
| Contribution towards Corporate Social Responsibility | 181 | 164 | 446 | 493 |
| Others\* | (48) | 63 | 135 | 236 |
| **Total** | **2180** | **1893** | **6337** | **5813** |

---

\*Includes profit on sale of property plant and equipment amounting to ![rupee symbol](rupee-symbol.gif)165 crore for the three months ended December 31, 2025.

**2.19.4 Impact of Labour Codes**

On November 21, 2025, the Government of India notified provisions of the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020, ('Labour Codes') which consolidate twenty-nine existing labour laws into a unified framework governing employee benefits during employment and post-employment. The Labour Codes, amongst other things introduces changes, including a uniform definition of wages and enhanced benefits relating to leave. The Group has assessed the financial implications of these changes which has resulted in increase in gratuity liability arising out of past service cost and increase in leave liability by ![rupee symbol](rupee-symbol.gif)1,289 crore which is recognized in the Consolidated Statement of Comprehensive Income for the three months and nine months ended December 31, 2025. The Group continues to monitor the developments pertaining to Labour Codes and will evaluate impact if any on the measurement of the employee benefits liability.

**2.19.5 Other income, net**

Other income for the three months and nine months ended December 31, 2025 and December 31, 2024 is as follows:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
| **Particulars** | **2025** | **2024** | **2025** | **2024** |
| Interest income on financial assets carried at amortized cost | 370 | 396 | 1350 | 1106 |
| Interest income on financial assets carried at fair value through other comprehensive income | 228 | 195 | 802 | 741 |
| Gain/(loss) on investments carried at fair value through profit or loss | 79 | 52 | 210 | 233 |
| Gain/(loss) on investments carried at fair value through other comprehensive income | 17 | *–* | 17 | 2 |
| Gain/(loss) on investments carried at amortized cost | *–* | *–* | 81 | *–* |
| Exchange gains / (losses) on forward and options contracts | (146) | 231 | (1495) | (135) |
| Exchange gains / (losses) on translation of other assets and liabilities | 312 | (104) | 1852 | 285 |
| Others | 114 | 89 | 181 | 178 |
| **Total** | **974** | **859** | **2998** | **2410** |

---

 

 

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman* | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director* | &nbsp;&nbsp; Bobby Parikh<br> *Director* |
| &nbsp;&nbsp;Bengaluru<br> January 14, 2026 | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp; A.G.S. Manikantha<br> *Company Secretary* |

---

## Exhibit 99.9

**Exhibit 99.9**<br> **Ind AS Standalone**

**INDEPENDENT AUDITOR'S REPORT**

**TO THE BOARD OF DIRECTORS OF INFOSYS LIMITED**

**Report on the Audit of the Interim Condensed Standalone Financial Statements**

**Opinion**

We have audited the accompanying interim condensed standalone financial statements of **INFOSYS LIMITED** (the "Company"), which comprise the Condensed Balance Sheet as at December 31, 2025, the Condensed Statement of Profit and Loss (including Other Comprehensive Income), for the three months and nine months ended on that date, the Condensed Statement of Changes in Equity, and the Condensed Statement of Cash Flows for the nine months ended on that date, and notes to the financial statements including a summary of the material accounting policies and other explanatory information (hereinafter referred to as the "interim condensed standalone financial statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid interim condensed standalone financial statements give a true and fair view in conformity with Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34") prescribed under section 133 of the Companies Act, 2013 (the "Act"), read with relevant rules issued thereunder and other accounting principles generally accepted in India, of the state of affairs of the Company as at December 31, 2025, its profit and total comprehensive income for the three months and nine months ended on that date, changes in equity and its cash flows for the nine months ended on that date.

**Basis for Opinion**

We conducted our audit of the interim condensed standalone financial statements in accordance with the Standards on Auditing ("SAs") specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Interim Condensed Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("ICAI") together with the ethical requirements that are relevant to our audit of the interim condensed standalone financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the interim condensed standalone financial statements.

**Responsibilities of Management and Board of Directors for the Interim Condensed Standalone Financial Statements**

The Company's Board of Directors is responsible for the preparation and presentation of these interim condensed standalone financial statements that give a true and fair view of the financial position, financial performance, including total comprehensive income, changes in equity and cash flows of the Company in accordance with Ind AS 34 and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the interim condensed standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the interim condensed standalone financial statements, Board of Directors is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financial reporting process.

**Auditor's Responsibilities for the Audit of the Interim Condensed Standalone Financial Statements**

Our objectives are to obtain reasonable assurance about whether the interim condensed standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these interim condensed standalone financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

&nbsp;&nbsp;&nbsp;&nbsp;· Identify and assess
the risks of material misstatement of the interim condensed standalone financial statements, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for
our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

&nbsp;&nbsp;&nbsp;&nbsp;· Obtain an understanding
of internal financial controls relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but
not for the purpose of expressing an opinion on effectiveness of such controls.

&nbsp;&nbsp;&nbsp;&nbsp;· Evaluate the appropriateness
of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

&nbsp;&nbsp;&nbsp;&nbsp;· Conclude on the
appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether
a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue
as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report
to the related disclosures in the interim condensed standalone financial statements or, if such disclosures are inadequate, to modify
our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events
or conditions may cause the Company to cease to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;· Evaluate the overall
presentation, structure and content of the interim condensed standalone financial statements, including the disclosures, and whether
the interim condensed standalone financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.

Materiality is the magnitude of misstatements in the interim condensed standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the interim condensed standalone financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the interim condensed standalone financial statements.

We also communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

---

| | |
|:---|:---|
| Place: Bengaluru<br> Date: January 14, 2026 | **For DELOITTE HASKINS & SELLS LLP**<br> Chartered Accountants<br> (Firm's Registration No. 117366W/W-100018)<br>**Vikas Bagaria**<br> Partner<br> (Membership No.060408)<br> UDIN:26060408AMJGPE5746 |

---

 ****

**INFOSYS LIMITED**

***Condensed Standalone Financial Statements under Indian Accounting Standards (Ind AS) for the three months and nine months ended December 31, 2025***

---

| |
|:---|
| **<u>Index</u>** |
| Condensed Balance Sheet |
| Condensed Statement of Profit and Loss |
| Condensed Statement of Changes in Equity |
| Condensed Statement of Cash Flows |
| **Overview and Notes to the Interim Condensed Standalone Financial Statements** |
| **1. Overview** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Company overview |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Basis of preparation of financial statements |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 Use of estimates and judgments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 Critical accounting estimates and judgements |
| **2. Notes to the Interim Condensed Financial Statements** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Property, plant and equipment |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 Goodwill and intangible assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 Leases |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Investments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 Loans |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 Other financial assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 Trade Receivables |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 Cash and cash equivalents |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 Other assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 Financial instruments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 Equity |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 Other financial liabilities |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 Trade payables |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 Other liabilities |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 Provisions |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 Income taxes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 Revenue from operations |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 Other income, net |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 Expenses |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 Earnings per equity share |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 Contingent liabilities and commitments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 Related party transactions |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 Segment Reporting |

---

**INFOSYS LIMITED**

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

---

| | | | |
|:---|:---|:---|:---|
| **Condensed Standalone Balance Sheet as at** | **Note No.** | **December 31, 2025** | **March 31, 2025** |
| **ASSETS** |  |  |  |
| **Non-current assets** |  |  |  |
| Property, plant and equipment | 2.1 | 9745 | 10070 |
| Right-of-use assets | 2.3 | 2981 | 3078 |
| Capital work-in-progress |  | 1246 | 778 |
| Goodwill | 2.2 | 211 | 211 |
| Other intangible assets |  | *–* | *–* |
| Financial assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 2.4 | 26034 | 27371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans | 2.5 | 7 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial assets | 2.6 | 2293 | 2350 |
| Deferred tax assets (net) | 2.16 | 1020 | 497 |
| Income tax assets (net) | 2.16 | 1724 | 1164 |
| Other non-current assets | 2.9 | 2228 | 2223 |
| **Total non-current assets** |  | **47489** | **47768** |
| **Current assets** |  |  |  |
| Financial assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 2.4 | 5885 | 11147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables | 2.7 | 31558 | 26413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 2.8 | 7461 | 14265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans | 2.5 | 187 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial assets | 2.6 | 13336 | 12569 |
| Income tax assets (net) | 2.16 | *–* | 2949 |
| Other current assets | 2.9 | 10488 | 9618 |
| **Total current assets** |  | **68915** | **77168** |
| **Total assets** |  | **116404** | **124936** |
| **EQUITY AND LIABILITIES** |  |  |  |
| **Equity** |  |  |  |
| Equity share capital | 2.11 | 2027 | 2076 |
| Other equity |  | 70565 | 85256 |
| **Total equity** |  | **72592** | **87332** |
| **LIABILITIES** |  |  |  |
| **Non-current liabilities** |  |  |  |
| Financial liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 2.3 | 2890 | 2694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities | 2.12 | 1712 | 1991 |
| Deferred tax liabilities (net) |  | 837 | 1062 |
| Other non-current liabilities | 2.14 | 473 | 95 |
| **Total non - current liabilities** |  | **5912** | **5842** |
| **Current liabilities** |  |  |  |
| Financial liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 2.3 | 882 | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade payables | 2.13 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total outstanding dues of micro enterprises and small enterprises |  | 205 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total outstanding dues of creditors other than micro enterprises and small enterprises |  | 3346 | 2720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities | 2.12 | 15487 | 14101 |
| Other current liabilities | 2.14 | 11899 | 9159 |
| Provisions | 2.15 | 1203 | 993 |
| Income tax liabilities (net) |  | 4878 | 4016 |
| **Total current liabilities** |  | **37900** | **31762** |
| **Total equity and liabilities** |  | **116404** | **124936** |

---

*The accompanying notes form an integral part of the interim condensed standalone financial statements.*

*As per our report of even date attached*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*for* Deloitte Haskins & Sells LLP | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;*Chartered Accountants* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;Firm's Registration No: | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;117366W/ W-100018<br>| &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp; Vikas Bagaria<br> *Partner*<br>Membership No. 060408 | &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman*<br>DIN: 00041245 | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director*<br>DIN: 01876159<br>| &nbsp;&nbsp; Bobby Parikh<br> *Director*<br>DIN: 00019437 |
| &nbsp;&nbsp; Bengaluru<br> January 14, 2026 | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp;A.G.S. Manikantha<br> *Company Secretary*<br>Membership No. A21918 |  |

---

**INFOSYS LIMITED**

(In ![rupee symbol](rupee-symbol.gif) crore except equity share and per equity share data)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Condensed Standalone Statement of Profit and Loss for the** | **Note No.** | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
|  |  | **2025** | **2024** | **2025** | **2024** |
| Revenue from operations | 2.17 | 37996 | 34915 | 110178 | 102455 |
| Other income, net | 2.18 | 2277 | 1001 | 5427 | 3459 |
| **Total income** |  | **40273** | **35916** | **115605** | **105914** |
| **Expenses** |  |  |  |  |  |
| Employee benefit expenses | 2.19 | 18607 | 16849 | 54354 | 50208 |
| Cost of technical sub-contractors |  | 5787 | 4829 | 16608 | 14412 |
| Travel expenses |  | 380 | 329 | 1194 | 1054 |
| Cost of software packages and others | 2.19 | 2348 | 2977 | 6859 | 7474 |
| Communication expenses |  | 111 | 115 | 323 | 344 |
| Consultancy and professional charges |  | 444 | 322 | 1285 | 887 |
| Depreciation and amortization expenses |  | 585 | 661 | 1794 | 2029 |
| Finance cost |  | 45 | 50 | 153 | 170 |
| Other expenses | 2.19 | 1149 | 940 | 3089 | 2957 |
| **Total expenses** |  | **29456** | **27072** | **85659** | **79535** |
| **Profit before exceptional item and tax** |  | **10817** | **8844** | **29946** | **26379** |
| **Exceptional item** |  |  |  |  |  |
| Impact of Labour Codes | 2.19.5 | 1146 | *–* | 1146 | *–* |
| **Profit before tax** |  | **9671** | **8844** | **28800** | **26379** |
| Tax expense: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current tax | 2.16 | 2587 | 2785 | 8340 | 8428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax | 2.16 | (279) | (299) | (776) | (988) |
| **Profit for the period** |  | **7363** | **6358** | **21236** | **18939** |
| **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 |  | 59 | (37) | (40) | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity instruments through other comprehensive income, net |  | (4) | (16) | 23 | (11) |
| *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 hedge, net |  | 4 | 57 | 10 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fair value changes on investments, net |  | (23) | 9 | 65 | 128 |
| **Total other comprehensive income/ (loss), net of tax** |  | **36** | **13** | **58** | **213** |
| **Total comprehensive income for the period** |  | **7399** | **6371** | **21294** | **19152** |
| **Earnings per equity share** |  |  |  |  |  |
| Equity shares of par value ![rupee symbol](rupee-symbol.gif)5/- each |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic (in ![rupee symbol](rupee-symbol.gif) per share) |  | 17.85 | 15.31 | 51.25 | 45.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted (in ![rupee symbol](rupee-symbol.gif) per share) |  | 17.83 | 15.29 | 51.18 | 45.53 |
| **Weighted average equity shares used in computing earnings per equity share** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic (in shares) | 2.20 | 4124016061 | 4152169718 | 4143887009 | 4151766693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted (in shares) | 2.20 | 4129090804 | 4159730983 | 4149506080 | 4159798359 |

---

*The accompanying notes form an integral part of the interim condensed standalone financial statements.*

*As per our report of even date attached*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*for* Deloitte Haskins & Sells LLP | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;*Chartered Accountants* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;Firm's Registration No: | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;117366W/ W-100018<br>| &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp; Vikas Bagaria<br> *Partner*<br>Membership No. 060408 | &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman*<br>DIN: 00041245 | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director*<br>DIN: 01876159<br>| &nbsp;&nbsp; Bobby Parikh<br> *Director*<br>DIN: 00019437 |
| &nbsp;&nbsp; Bengaluru<br> January 14, 2026 | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp;A.G.S. Manikantha<br> *Company Secretary*<br>Membership No. A21918 |  |

---

**INFOSYS LIMITED**

**Condensed Standalone Statement of Changes in Equity**

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

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | |
| | | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Other comprehensive income** | **Other comprehensive income** | **Other comprehensive income** | |
| | | **Capital reserve** | **Capital reserve** | | | | | | **Special Economic Zone Re-investment reserve** *<sup>(1)</sup>* | | | | |
| **Particulars**<br>| <br>**Equity Share Capital** | **Capital reserve** | **Other reserves *<sup>(2)</sup>*** | **Capital redemption reserve** | **Securities Premium** | **Retained earnings** | **General reserve** | **Share Options Outstanding Account** | | **Equity Instruments through other comprehensive income** | **Effective portion of Cash flow hedges** | **Other items of other comprehensive income / (loss)** | <br>**Total equity attributable to equity holders of the Company** |
| **Balance as at April 1, 2024** | **2075** | **54** | **2862** | **169** | **580** | **62551** | **162** | **913** | **11787** | **279** | **6** | **(262)** | **81176** |
| **Changes in equity for the nine months ended December 31, 2024** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Profit for the period | *–* | *–* | *–* | *–* | *–* | 18939 | *–* | *–* | *–* | *–* | *–* | *–* | 18939 |
| Remeasurement of the net defined benefit liability/asset, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 63 | 63 |
| Equity instruments through other comprehensive income, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (11) | *–* | *–* | (11) |
| Fair value changes on derivatives designated as cash flow hedge, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 33 | *–* | 33 |
| Fair value changes on investments, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 128 | 128 |
| **Total comprehensive income for the period** | ***–*** | ***–*** | ***–*** | ***–*** | ***–*** | **18939** | ***–*** | ***–*** | ***–*** | **(11)** | **33** | **191** | **19152** |
| Transferred from Special Economic Zone Re-investment reserve on utilization | *–* | *–* | *–* | *–* | *–* | 337 | *–* | *–* | (337) | *–* | *–* | *–* | *–* |
| Transferred from Special Economic Zone Re-investment reserve to retained earnings | *–* | *–* | *–* | *–* | *–* | 2999 | *–* | *–* | (2999) | *–* | *–* | *–* | *–* |
| Transferred to Special Economic Zone Re-investment reserve | *–* | *–* | *–* | *–* | *–* | (74) | *–* | *–* | 74 |  |  |  |  |
| Transferred on account of exercise of stock options (Refer to note 2.11) | *–* | *–* | *–* | *–* | 253 | *–* | *–* | (253) | *–* | *–* | *–* | *–* | *–* |
| Transferred on account of options not exercised | *–* | *–* | *–* | *–* | *–* | *–* | 21 | (21) | *–* | *–* | *–* | *–* | *–* |
| Shares issued on exercise of employee stock options (Refer to note 2.11) | 1 | *–* | *–* | *–* | 2 | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 3 |
| Employee stock compensation expense (Refer to note 2.11) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 591 | *–* | *–* | *–* | *–* | 591 |
| Income tax benefit arising on exercise of stock options | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 12 | *–* | *–* | *–* | *–* | 12 |
| Dividends | *–* | *–* | *–* | *–* | *–* | (20345) | *–* | *–* | *–* | *–* | *–* | *–* | (20345) |
| **Balance as at December 31, 2024** | **2076** | **54** | **2862** | **169** | **835** | **64407** | **183** | **1242** | **8525** | **268** | **39** | **(71)** | **80589** |

---

**INFOSYS LIMITED**

**Condensed Standalone Statement of Changes in Equity (contd.)**

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

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | **Other Equity** | |
| | | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Other comprehensive income** | **Other comprehensive income** | **Other comprehensive income** | |
| | | **Capital reserve** | **Capital reserve** | | | | | | **Special Economic Zone Re-investment reserve** *<sup>(1)</sup>* | | | | |
| **Particulars**<br>| <br>**Equity Share Capital** | **Capital reserve** | **Other reserves *<sup>(2)</sup>*** | **Capital redemption reserve** | **Securities Premium** | **Retained earnings** | **General reserve** | **Share Options Outstanding Account** | | **Equity Instruments through other comprehensive income** | **Effective portion of Cash flow hedges** | **Other items of other comprehensive income / (loss)** | <br>**Total equity attributable to equity holders of the Company** |
| **Balance as at April 1, 2025** | **2076** | **54** | **2862** | **169** | **1054** | **71520** | **359** | **1069** | **8041** | **298** | **(18)** | **(152)** | **87332** |
| **Changes in equity for the nine months ended December 31, 2025** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Profit for the period | *–* | *–* | *–* | *–* | *–* | 21236 | *–* | *–* | *–* | *–* | *–* | *–* | 21236 |
| Remeasurement of the net defined benefit liability/asset, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (40) | (40) |
| Equity instruments through other comprehensive income, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 23 | *–* | *–* | 23 |
| Fair value changes on derivatives designated as cash flow hedge, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 10 | *–* | 10 |
| Fair value changes on investments, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 65 | 65 |
| **Total comprehensive income for the period** | ***–*** | ***–*** | ***–*** | ***–*** | ***–*** | **21236** | ***–*** | ***–*** | ***–*** | **23** | **10** | **25** | **21294** |
| Buyback of equity shares (Refer to note 2.11) | (50) | ***–*** | ***–*** | *–* | (1244) | (16346) | (360) | ***–*** | ***–*** | ***–*** | ***–*** | ***–*** | (18000) |
| Transaction cost relating to buyback (Refer to note 2.11) | *–* | ***–*** | ***–*** | *–* | (18) | (26) | ***–*** | ***–*** | ***–*** | ***–*** | ***–*** | ***–*** | (44) |
| Amount transferred to capital redemption reserve upon buyback (Refer to note 2.11) | *–* | ***–*** | ***–*** | 50 | ***–*** | ***–*** | (50) | ***–*** | ***–*** | ***–*** | ***–*** | ***–*** | *–* |
| Transferred to Special Economic Zone Re-investment reserve | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Transferred from Special Economic Zone Re-investment reserve on utilization | *–* | *–* | *–* | *–* | *–* | 709 | *–* | *–* | (709) | *–* | *–* | *–* | *–* |
| Transferred from Special Economic Zone Re-investment reserve to retained earnings | *–* | *–* | *–* | *–* | *–* | 1956 | *–* | *–* | (1956) | *–* | *–* | *–* | *–* |
| Transferred on account of exercise of stock options (Refer to note 2.11) | *–* | *–* | *–* | *–* | 266 | *–* | *–* | (266) | *–* | *–* | *–* | *–* | *–* |
| Transferred on account of options not exercised | *–* | *–* | *–* | *–* | *–* | *–* | 63 | (63) | *–* | *–* | *–* | *–* | *–* |
| Shares issued on exercise of employee stock options (Refer to note 2.11) | 1 | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 1 |
| Employee stock compensation expense (Refer to note 2.11) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 689 | *–* | *–* | *–* | *–* | 689 |
| Income tax benefit arising on exercise of stock options | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 14 | *–* | *–* | *–* | *–* | 14 |
| Dividends | *–* | *–* | *–* | *–* | *–* | (18694) | *–* | *–* | *–* | *–* | *–* | *–* | (18694) |
| **Balance as at December 31, 2025** | **2027** | **54** | **2862** | **219** | **58** | **60355** | **12** | **1443** | **5376** | **321** | **(8)** | **(127)** | **72592** |

---

*\** *net of tax*

*<sup>(1)</sup>* *The Special Economic Zone Re-investment Reserve has been created out of the profit of eligible SEZ units in terms of the provisions of Sec 10AA(1)(ii) of Income Tax Act, 1961. The reserve should be utilized by the Company for acquiring new plant and machinery for the purpose of its business in the terms of the Sec 10AA(2) of the Income Tax Act, 1961.*

*<sup>(2)</sup>* *Profit / loss on transfer of business between entities under common control taken to reserve.*

*The accompanying notes form an integral part of the interim condensed standalone financial statements.*

*As per our report of even date attached*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*for* Deloitte Haskins & Sells LLP | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;*Chartered Accountants* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;Firm's Registration No: | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;117366W/ W-100018<br>| &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp; Vikas Bagaria<br> *Partner*<br>Membership No. 060408 | &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman*<br>DIN: 00041245 | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director*<br>DIN: 01876159<br>| &nbsp;&nbsp; Bobby Parikh<br> *Director*<br>DIN: 00019437 |
| &nbsp;&nbsp; Bengaluru<br> January 14, 2026 | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp;A.G.S. Manikantha<br> *Company Secretary*<br>Membership No. A21918 |  |

---

**INFOSYS LIMITED**

**Condensed Standalone Statement of Cash Flows**

**Accounting Policy**

Cash flows are reported using the indirect method, whereby profit for the period is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated. The Company considers all highly liquid investments that are readily convertible to known amounts of cash to be cash equivalents.

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

---

| | | | |
|:---|:---|:---|:---|
| **Particulars** | **Note No.** | **Nine months ended December 31,** | **Nine months ended December 31,** |
|  |  | **2025** | **2024** |
| **Cash flow from operating activities** |  |  |  |
| Profit for the period |  | 21236 | 18939 |
| **Adjustments to reconcile net profit to net cash provided by operating activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and Amortization |  | 1794 | 2029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 2.16 | 7564 | 7440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment loss recognized / (reversed) under expected credit loss model |  | 114 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance cost |  | 153 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend income |  | (4463) | (2888) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock compensation expense |  | 622 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for post sale client support |  | (78) | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange differences on translation of assets and liabilities, net |  | 482 | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other adjustments |  | 432 | 107 |
| **Changes in assets and liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables and unbilled revenue |  | (5619) | (3984) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans, other financial assets and other assets |  | (1892) | (784) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade payables |  | 823 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities, other liabilities and provisions |  | 4405 | 2942 |
| **Cash generated from operations** |  | **25573** | **25033** |
| Income taxes (paid)/received |  | (5180) | (2106) |
| **Net cash generated by operating activities** |  | **20393** | **22927** |
| **Cash flow from investing activities** |  |  |  |
| Expenditure on property, plant and equipment |  | (1371) | (1018) |
| Deposits placed with corporation |  | (592) | (915) |
| Redemption of deposits placed with corporation |  | 389 | 531 |
| Interest and dividend received |  | 2083 | 1465 |
| Dividend received from subsidiary |  | 2676 | 1322 |
| Loan given to subsidiaries |  | *–* | (10) |
| Loan repaid by subsidiaries |  | 10 | *–* |
| Payment of contingent consideration pertaining to acquisition of business |  | (13) | *–* |
| Investment in subsidiaries |  | (785) | (4360) |
| Payment towards acquisition |  | *–* | (184) |
| Receipt towards business transfer for entities under common control |  | *–* | *–* |
| Payments to acquire investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units |  | (51792) | (49723) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial papers |  | (2331) | (2273) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit |  | (8001) | (2246) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds and government bonds |  | (32) | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Securities |  | (1277) | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-convertible debentures |  | (2360) | (1361) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other investments |  | (2) | (25) |
| Proceeds on sale of investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units |  | 51970 | 49790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial papers |  | 4900 | 6660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit |  | 8592 | 4945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-convertible debentures |  | 3818 | 1290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Securities |  | 3165 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds and government bonds |  | 1269 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other investments |  | *–* | 11 |
| Escrow and deposits pertaining to buyback |  | (1815) | *–* |
| Redemption of escrow and other deposits pertaining to buyback |  | 1815 | *–* |
| **Net cash (used in) / generated from investing activities** |  | **10316** | **4099** |
| **Cash flow from financing activities** |  |  |  |
| Payment of Lease Liabilities |  | (661) | (687) |
| Shares issued on exercise of employee stock options |  | 1 | 3 |
| Other payments |  | (113) | (168) |
| Payment of dividends |  | (18695) | (20336) |
| Buyback of equity shares including transaction cost |  | (18053) | *–* |
| **Net cash used in financing activities** |  | **(37521)** | **(21188)** |
| Net increase / (decrease) in cash and cash equivalents |  | (6812) | 5838 |
| Effect of exchange rate changes on cash and cash equivalents |  | 8 | (8) |
| Cash and cash equivalents at the beginning of the period | 2.8 | 14265 | 8191 |
| **Cash and cash equivalents at the end of the period** | 2.8 | **7461** | **14021** |
| **Supplementary information:** |  |  |  |
| Restricted cash balance | 2.8 | 55 | 58 |

---

*The accompanying notes form an integral part of the interim condensed standalone financial statements.*

*As per our report of even date attached*

 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*for* Deloitte Haskins & Sells LLP | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;*Chartered Accountants* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;Firm's Registration No: | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;117366W/ W-100018<br>| &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp; Vikas Bagaria<br> *Partner*<br>Membership No. 060408 | &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman*<br>DIN: 00041245 | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director*<br>DIN: 01876159<br>| &nbsp;&nbsp; Bobby Parikh<br> *Director*<br>DIN: 00019437 |
| &nbsp;&nbsp; Bengaluru<br> January 14, 2026 | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp;A.G.S. Manikantha<br> *Company Secretary*<br>Membership No. A21918 |  |

---

**INFOSYS LIMITED**

**Overview and Notes to the Interim Condensed Standalone Financial Statements**

**1. Overview**

**1.1 Company overview**

Infosys Limited ('the Company' or Infosys) provides consulting, technology, outsourcing and next-generation digital services, to enable clients to execute strategies for their digital transformation. Infosys strategic objective is to build a sustainable organization that remains relevant to the agenda of clients, while creating growth opportunities for employees and generating profitable returns for investors. Infosys strategy is to be a navigator for our clients as they ideate, plan and execute on their journey to a digital future.

The Company is a public limited company incorporated and domiciled in India and has its registered office at Electronics City, Hosur Road, Bengaluru 560100, Karnataka, India. The company has its primary listings on the BSE Ltd. and National Stock Exchange of India Limited. The Company's American Depositary Shares (ADS) representing equity shares are listed on the New York Stock Exchange (NYSE).

The interim condensed standalone financial statements are approved for issue by the Company's Board of Directors on January 14, 2026.

**1.2 Basis of preparation of financial statements**

These interim condensed standalone financial statements are prepared in compliance with Indian Accounting Standard (Ind AS) 34 Interim Financial Reporting, under the historical cost convention on accrual basis except for certain financial instruments which are measured at fair values and defined benefit liability/(asset) which is recognised at the present value of defined benefit obligation less fair value of plan assets, the provisions of the Companies Act, 2013 (''the Act'') and guidelines issued by the Securities and Exchange Board of India (SEBI). Accordingly, these interim condensed standalone financial statements do not include all the information required for a complete set of financial statements. These interim condensed standalone financial statements should be read in conjunction with the standalone financial statements and related notes included in the Company's Annual Report for the year ended March 31, 2025. The Ind AS are prescribed under Section 133 of the Act read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules issued thereafter.

Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use. The material accounting policy information used in preparation of the audited interim condensed standalone financial statements have been discussed in the respective notes.

As the quarter and year-to-date figures are taken from the source and rounded to the nearest digits, the quarter figures in this statement added up to the figures reported for the previous quarters might not always add up to the year-to-date figures reported in this statement.

**1.3 Use of estimates and judgments**

The preparation of the interim condensed standalone financial statements in conformity with Ind AS requires the management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the interim condensed standalone financial statements and reported amounts of revenues and expenses during the period. The application of accounting policies that require critical accounting estimates involving complex and subjective judgments and the use of assumptions in these financial statements have been disclosed in Note no. 1.4. Critical accounting estimates and judgments could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates and judgements are reflected in the interim condensed standalone financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the interim condensed standalone financial statements.

**1.4 Critical accounting estimates and judgments**

**a. Revenue recognition** 

The Company's contracts with customers include promises to transfer multiple products and services to a customer. Revenues from customer contracts are considered for recognition and measurement when the contract has been approved, in writing, by the parties to the contract, the parties to contract are committed to perform their respective obligations under the contract, and the contract is legally enforceable. The Company assesses the services promised in a contract and identifies distinct performance obligations in the contract. Identification of distinct performance obligations to determine the deliverables and the ability of the customer to benefit independently from such deliverables, and allocation of transaction price to these distinct performance obligations involves significant judgement.

Fixed price maintenance revenue is recognized ratably on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period. Revenue from fixed price maintenance contract is recognized ratably using a percentage of completion method when the pattern of benefits from the services rendered to the customer and Company's costs to fulfil the contract is not even through the period of the contract because the services are generally discrete in nature and not repetitive. The use of method to recognize the maintenance revenues requires judgment and is based on the promises in the contract and nature of the deliverables.

The Company uses the percentage-of-completion method in accounting for other fixed-price contracts. Use of the percentage-of-completion method requires the Company to determine the actual efforts or costs expended to date as a proportion of the estimated total efforts or costs to be incurred. Efforts or costs expended have been used to measure progress towards completion as there is a direct relationship between input and productivity. The estimation of total efforts or costs involves significant judgement and is assessed throughout the period of the contract to reflect any changes based on the latest available information.

Contracts with customers includes subcontractor services or third-party vendor equipment or software in certain integrated services arrangements. In these types of arrangements, revenue from sales of third-party vendor products or services is recorded net of costs when the Company is acting as an agent between the customer and the vendor, and gross when the Company is the principal for the transaction. In doing so, the Company first evaluates whether it obtains control of the specified goods or services before they are transferred to the customer. The Company considers whether it is primarily responsible for fulfilling the promise to provide the specified goods or services, inventory risk, pricing discretion and other factors to determine whether it controls the specified goods or services and therefore, is acting as a principal or an agent.

Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract.

**b. Income taxes**

The Company's two major tax jurisdictions are India and the United States, though the Company also files tax returns in other overseas jurisdictions.

Significant judgments are involved in determining the provision for income taxes, including amount expected to be paid/recovered for uncertain tax positions.

In assessing the realizability of deferred income tax assets, Management considers whether some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible. Management considers the scheduled reversals of deferred income tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred income tax assets are deductible, management believes that the company will realize the benefits of those deductible differences. The amount of the deferred income tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry forward period are reduced. (Refer to note 2.16).

**c. Property, plant and equipment** 

Property, plant and equipment represent a significant proportion of the asset base of the Company. The charge in respect of periodic depreciation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The useful lives and residual values of Company's assets are determined by the management at the time the asset is acquired and reviewed periodically, including at each financial year end. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology. (Refer to note 2.1).

**2. Notes to the Interim Condensed Standalone Financial Statements**

**2.1 PROPERTY, PLANT AND EQUIPMENT**

**Accounting Policy**

Property, plant and equipment are stated at cost, less accumulated depreciation and impairment, if any. Costs directly attributable to acquisition are capitalized until the property, plant and equipment are ready for use, as intended by the Management. The charge in respect of periodic depreciation is derived at after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The Company depreciates property, plant and equipment over their estimated useful lives using the straight-line method.

The estimated useful lives of assets are as follows:

---

| | |
|:---|:---|
| Building*<sup>(1)</sup>* | 22-25 years |
| Plant and machinery*<sup>(1)</sup>* | 5 years |
| Office equipment | 5 years |
| Computer equipment*<sup>(1)</sup>* | 3-5 years |
| Furniture and fixtures*<sup>(1)</sup>* | 5 years |
| Vehicles*<sup>(1)</sup>* | 5 years |
| Leasehold improvements | Lower of useful life of the asset or lease term |

---

*<sup>(1)</sup>* *Based on technical evaluation, the Management believes that the useful lives as given above best represent the period over which Management expects to use these assets. Hence, the useful lives for these assets is different from the useful lives as prescribed under Part C of Schedule II of the Companies Act 2013.*

Depreciation methods, useful lives and residual values are reviewed periodically, including at each financial year end. The useful lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology.

Advances paid towards the acquisition of property, plant and equipment outstanding at each Balance Sheet date is classified as capital advances under other non-current assets and the cost of assets not ready to use before such date are disclosed under 'Capital work-in-progress'. Subsequent expenditures relating to property, plant and equipment is capitalized only when it is probable that future economic benefits associated with these will flow to the Company and the cost of the item can be measured reliably. The cost and related accumulated depreciation are eliminated from the financial statements upon sale or retirement of the asset.

**Impairment**

Property, plant and equipment are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.

If such assets are considered to be impaired, the impairment to be recognized in the interim condensed Statement of Profit and Loss is measured by the amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. An impairment loss is reversed in the condensed Statement of Profit and Loss if there has been a change in the estimates used to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated depreciation) had no impairment loss been recognized for the asset in prior years.

The changes in the carrying value of property, plant and equipment for the three months ended December 31, 2025 are as follows:

(In ![rupee symbol](rupee-symbol.gif) crore)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Land- Freehold** | **Buildings<sup>(1)(2)</sup>** | **Plant and<br> machinery<sup>(2)</sup>** | **Office<br> Equipment<sup>(2)</sup>** | **Computer equipment<sup>(2)</sup>** | **Furniture and<br> fixtures<sup>(2)</sup>** | **Leasehold <br> Improvements** | **Vehicles** | **Total** |
| **Gross carrying value as at October 1, 2025** | **1497** | **10619** | **3261** | **1452** | **8030** | **2092** | **809** | **43** | **27803** |
| Additions | 7 | 19 | 25 | 9 | 325 | 28 | 14 | *–* | 427 |
| Deletions\* | (66) | (6) | (6) | (10) | (361) | (15) | (29) | *–* | (493) |
| **Gross carrying value as at December 31, 2025** | **1438** | **10632** | **3280** | **1451** | **7994** | **2105** | **794** | **43** | **27737** |
| **Accumulated depreciation as at October 1, 2025** | *–* | **(5163)** | **(2956)** | **(1230)** | **(6129)** | **(1806)** | **(651)** | **(40)** | **(17975)** |
| Depreciation | *–* | (101) | (40) | (24) | (216) | (35) | (19) | *–* | (435) |
| Accumulated depreciation on deletions\* | *–* | *–* | 6 | 10 | 358 | 15 | 29 | *–* | 418 |
| **Accumulated depreciation as at December 31, 2025** | ***–*** | **(5264)** | **(2990)** | **(1244)** | **(5987)** | **(1826)** | **(641)** | **(40)** | **(17992)** |
| **Carrying value as at October 1, 2025** | **1497** | **5456** | **305** | **222** | **1901** | **286** | **158** | **3** | **9828** |
| **Carrying value as at December 31, 2025** | **1438** | **5368** | **290** | **207** | **2007** | **279** | **153** | **3** | **9745** |

---

The changes in the carrying value of property, plant and equipment for the three months ended December 31, 2024 are as follows:

(In ![rupee symbol](rupee-symbol.gif) crore)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Land- Freehold** | **Buildings<sup>(1)(2)</sup>** | **Plant and<br> machinery<sup>(2)</sup>** | **Office<br> Equipment<sup>(2)</sup>** | **Computer equipment<sup>(2)</sup>** | **Furniture and<br> fixtures<sup>(2)</sup>** | **Leasehold <br> Improvements** | **Vehicles** | **Total** |
| **Gross carrying value as at October 1, 2024** | **1430** | **10660** | **3240** | **1401** | **7398** | **2154** | **943** | **45** | **27271** |
| Additions | *–* | 5 | 5 | 34 | 189 | 15 | 19 | *–* | 267 |
| Deletions\*\* | *–* | (42) | (4) | (14) | (148) | (7) | (17) | *–* | (232) |
| **Gross carrying value as at December 31, 2024** | **1430** | **10623** | **3241** | **1421** | **7439** | **2162** | **945** | **45** | **27306** |
| **Accumulated depreciation as at October 1, 2024** | *–* | **(4771)** | **(2817)** | **(1172)** | **(5810)** | **(1767)** | **(753)** | **(42)** | **(17132)** |
| Depreciation | *–* | (102) | (43) | (25) | (259) | (41) | (31) | *–* | (501) |
| Accumulated depreciation on deletions\*\* | *–* | 6 | 4 | 14 | 148 | 7 | 14 | *–* | 193 |
| **Accumulated depreciation as at December 31, 2024** | ***–*** | **(4867)** | **(2856)** | **(1183)** | **(5921)** | **(1801)** | **(770)** | **(42)** | **(17440)** |
| **Carrying value as at October 1, 2024** | **1430** | **5889** | **423** | **229** | **1588** | **387** | **190** | **3** | **10139** |
| **Carrying value as at December 31, 2024** | **1430** | **5756** | **385** | **238** | **1518** | **361** | **175** | **3** | **9866** |

---

The changes in the carrying value of property, plant and equipment for the Nine months ended December 31, 2025 are as follows:

(In ![rupee symbol](rupee-symbol.gif) crore)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Land- Freehold** | **Buildings<sup>(1)(2)</sup>** | **Plant and<br> machinery<sup>(2)</sup>** | **Office<br> Equipment<sup>(2)</sup>** | **Computer equipment<sup>(2)</sup>** | **Furniture and<br> fixtures<sup>(2)</sup>** | **Leasehold <br> Improvements** | **Vehicles** | **Total** |
| **Gross carrying value as at April 1, 2025** | **1477** | **10621** | **3238** | **1423** | **7917** | **2126** | **781** | **46** | **27629** |
| Additions | 27 | 22 | 55 | 52 | 813 | 54 | 42 | 1 | 1066 |
| Deletions\* | (66) | (11) | (13) | (24) | (736) | (75) | (29) | (4) | (958) |
| **Gross carrying value as at December 31, 2025** | **1438** | **10632** | **3280** | **1451** | **7994** | **2105** | **794** | **43** | **27737** |
| **Accumulated depreciation as at April 1, 2025** | *–* | **(4964)** | **(2888)** | **(1195)** | **(6062)** | **(1796)** | **(611)** | **(43)** | **(17559)** |
| Depreciation | *–* | (301) | (115) | (72) | (648) | (105) | (59) | (1) | (1301) |
| Accumulated depreciation on deletions\* | *–* | 1 | 13 | 23 | 723 | 75 | 29 | 4 | 868 |
| **Accumulated depreciation as at December 31, 2025** | ***–*** | **(5264)** | **(2990)** | **(1244)** | **(5987)** | **(1826)** | **(641)** | **(40)** | **(17992)** |
| **Carrying value as at April 1, 2025** | **1477** | **5657** | **350** | **228** | **1855** | **330** | **170** | **3** | **10070** |
| **Carrying value as at December 31, 2025** | **1438** | **5368** | **290** | **207** | **2007** | **279** | **153** | **3** | **9745** |

---

\* During the three months and nine months ended December 31, 2025, certain assets which were not in use having gross book value of ![rupee symbol](rupee-symbol.gif)324 crore (net book value: ![rupee symbol](rupee-symbol.gif)Nil) and ![rupee symbol](rupee-symbol.gif)734 crore (net book value: ![rupee symbol](rupee-symbol.gif)Nil), respectively were retired.

The changes in the carrying value of property, plant and equipment for the Nine months ended December 31, 2024 are as follows:

(In ![rupee symbol](rupee-symbol.gif) crore)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Land- Freehold** | **Buildings<sup>(1)(2)</sup>** | **Plant and<br> machinery<sup>(2)</sup>** | **Office<br> Equipment<sup>(2)</sup>** | **Computer equipment<sup>(2)</sup>** | **Furniture and<br> fixtures<sup>(2)</sup>** | **Leasehold <br> Improvements** | **Vehicles** | **Total** |
| **Gross carrying value as at April 1, 2024** | **1430** | **10679** | **3214** | **1370** | **7379** | **2160** | **963** | **45** | **27240** |
| Additions | *–* | 29 | 39 | 82 | 437 | 41 | 51 | 1 | 680 |
| Deletions\*\* | *–* | (85) | (12) | (31) | (377) | (39) | (69) | (1) | (614) |
| **Gross carrying value as at December 31, 2024** | **1430** | **10623** | **3241** | **1421** | **7439** | **2162** | **945** | **45** | **27306** |
| **Accumulated depreciation as at April 1, 2024** | *–* | **(4575)** | **(2732)** | **(1139)** | **(5497)** | **(1709)** | **(733)** | **(42)** | **(16427)** |
| Depreciation | *–* | (304) | (136) | (75) | (796) | (130) | (103) | (1) | (1545) |
| Accumulated depreciation on deletions\*\* | *–* | 12 | 12 | 31 | 372 | 38 | 66 | 1 | 532 |
| **Accumulated depreciation as at December 31, 2024** | ***–*** | **(4867)** | **(2856)** | **(1183)** | **(5921)** | **(1801)** | **(770)** | **(42)** | **(17440)** |
| **Carrying value as at April 1, 2024** | **1430** | **6104** | **482** | **231** | **1882** | **451** | **230** | **3** | **10813** |
| **Carrying value as at December 31, 2024** | **1430** | **5756** | **385** | **238** | **1518** | **361** | **175** | **3** | **9866** |

---

\*\* During the three months and nine months ended December 31, 2024, certain assets which were not in use having gross book value of ![rupee symbol](rupee-symbol.gif)142 crore (net book value: ![rupee symbol](rupee-symbol.gif)Nil) and ![rupee symbol](rupee-symbol.gif)335 crore (net book value: ![rupee symbol](rupee-symbol.gif)Nil), respectively were retired.

*<sup>(1)</sup>* *Buildings include ![rupee symbol](rupee-symbol.gif)250/- being the value of five shares of ![rupee symbol](rupee-symbol.gif)50/- each in Mittal Towers Premises Co-operative Society Limited.*

*<sup>(2)</sup>* *Includes certain assets provided on cancellable operating lease to subsidiaries.*

The aggregate depreciation has been included under depreciation and amortization expense in the condensed standalone statement of Profit and Loss.

Repairs and maintenance costs are recognized in the condensed standalone statement of Profit and Loss when incurred.

**2.2 GOODWILL AND INTANGIBLE ASSETS**

**2.2.1 Goodwill**

Following is a summary of changes in the carrying amount of goodwill:

(In ![rupee symbol](rupee-symbol.gif) crore)

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| Carrying value at the beginning | 211 | 211 |
| **Carrying value at the end** | **211** | **211** |

---

**2.2.2 Other Intangible Assets**

**Accounting Policy**

Intangible assets are stated at cost less accumulated amortization and impairment. Intangible assets are amortized over their respective individual estimated useful lives on a straight-line basis, from the date that they are available for use. The estimated useful life of an identifiable intangible asset is based on a number of factors including the effects of obsolescence, demand, competition, and other economic factors (such as the stability of the industry, and known technological advances), and the level of maintenance expenditures required to obtain the expected future cash flows from the asset. Amortization methods and useful lives are reviewed periodically including at each financial year end.

Research costs are expensed as incurred. Software product development costs are expensed as incurred unless technical and commercial feasibility of the project is demonstrated, future economic benefits are probable, the Company has an intention and ability to complete and use or sell the software and the costs can be measured reliably. The costs which can be capitalized include the cost of material, direct labor, overhead costs that are directly attributable to prepare the asset for its intended use.

**2.3 LEASES** 

**Accounting Policy**

**The Company as a lessee** 

The Company's lease asset classes primarily consist of leases for land, buildings and computers. The Company assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: (i) the contract involves the use of an identified asset (ii) the Company has substantially all of the economic benefits from use of the asset through the period of the lease and (iii) the Company has the right to direct the use of the asset.

At the date of commencement of the lease, the Company recognizes a right-of-use asset ("ROU") and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases. For these short-term and low value leases, the Company recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.

As a lessee, the Company determines the lease term as the non-cancellable period of a lease adjusted with any option to extend or terminate the lease, if the use of such option is reasonably certain. The Company makes an assessment on the expected lease term on a lease-by-lease basis and thereby assesses whether it is reasonably certain that any options to extend or terminate the contract will be exercised. In evaluating the lease term, the Company considers factors such as any significant leasehold improvements undertaken over the lease term, costs relating to the termination of the lease and the importance of the underlying asset to Infosys's operations taking into account the location of the underlying asset and the availability of suitable alternatives. The lease term in future periods is reassessed to ensure that the lease term reflects the current economic circumstances.

Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised.

The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and useful life of the underlying asset. Right-of-use assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.

The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of these leases. Lease liabilities are remeasured with a corresponding adjustment to the related right of use asset if the Company changes its assessment if whether it will exercise an extension or a termination option. Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.

**The Company as a lessor** 

Leases for which the Company is a lessor is classified as a finance or operating lease. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.

When the Company is an intermediate lessor, it accounts for its interests in the head lease and the sublease separately. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease.

For operating leases, rental income is recognized on a straight line basis over the term of the relevant lease.

Following are the changes in the carrying value of right-of-use assets for the three months ended December 31, 2025:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | |
| **Particulars** | **Land** | **Buildings** | **Computers** | **Total**  |
| **Balance as at October 1, 2025** | 528 | 2117 | 492 | 3137 |
| Additions\* | *–* | 64 | 94 | 158 |
| Deletions | (53) | (5) | (102) | (160) |
| Depreciation | *–* | (102) | (52) | (154) |
| **Balance as at December 31, 2025** | **475** | **2074** | **432** | **2981** |

---

*\** *Net of adjustments on account of modifications*

Following are the changes in the carrying value of right-of-use assets for the three months ended December 31, 2024:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | |
| **Particulars** | **Land** | **Buildings** | **Computers** | **Total**  |
| **Balance as at October 1, 2024** | 532 | 2133 | 604 | 3269 |
| Additions\* | *–* | 140 | 21 | 161 |
| Deletions | *–* | (74) | (70) | (144) |
| Depreciation | (1) | (107) | (53) | (161) |
| **Balance as at December 31, 2024** | **531** | **2092** | **502** | **3125** |

---

*\** *Net of adjustments on account of modifications*

Following are the changes in the carrying value of right-of-use assets for the nine months ended December 31, 2025:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | |
| **Particulars** | **Land** | **Buildings** | **Computers** | **Total**  |
| **Balance as at April 1, 2025** | 530 | 2105 | 443 | 3078 |
| Additions\* | *–* | 294 | 380 | 674 |
| Deletions | (53) | (6) | (213) | (272) |
| Depreciation | (2) | (319) | (178) | (499) |
| **Balance as at December 31, 2025** | **475** | **2074** | **432** | **2981** |

---

*\** *Net of adjustments on account of modifications*

Following are the changes in the carrying value of right-of-use assets for the nine months ended December 31, 2024:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | |
| **Particulars** | **Land** | **Buildings** | **Computers** | **Total**  |
| **Balance as at April 1, 2024** | 534 | 2266 | 503 | 3303 |
| Additions\* | *–* | 218 | 305 | 523 |
| Deletions | *–* | (74) | (139) | (213) |
| Depreciation | (3) | (318) | (167) | (488) |
| **Balance as at December 31, 2024** | **531** | **2092** | **502** | **3125** |

---

 

*\** *Net of adjustments on account of modifications*

The aggregate depreciation expense on ROU assets is included under depreciation and amortization expense in the interim condensed statement of Profit and Loss.

The following is the break-up of current and non-current lease liabilities as at December 31, 2025 and March 31, 2025:

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

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| Current lease liabilities | 882 | 765 |
| Non-current lease liabilities | 2890 | 2694 |
| **Total** | **3772** | **3459** |

---

**2.4 INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| **Non-current investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity instruments of subsidiaries | 14509 | 13724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Redeemable Preference shares of subsidiary | 2831 | 2831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preference securities and equity securities | 277 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target maturity fund units | *–* | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others | 65 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds | 409 | 1465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government bonds | *–* | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-convertible debentures | 3313 | 3320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Securities | 4630 | 5240 |
| **Total non-current investments** | **26034** | **27371** |
| **Current investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units | 1643 | 1185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Papers | 970 | 3442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | 2800 | 3257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds | 48 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government bonds | 47 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Securities | 274 | 1560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-convertible debentures | 103 | 1549 |
| **Total current investments** | **5885** | **11147** |
| **Total carrying value** | **31919** | **38518** |

---

*(In ![rupee symbol](rupee-symbol.gif) crore, except as otherwise stated)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| **Non-current investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Unquoted** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investment carried at cost** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in equity instruments of subsidiaries |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys BPM Limited | 662 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33,828 (33828) equity shares of ![rupee symbol](rupee-symbol.gif)10,000/- each, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Technologies (China) Co. Limited | 369 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Technologies, S. de R.L. de C.V., Mexico | 65 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17,49,99,990 (174999990) equity shares of MXN 1 par value, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Technologies (Sweden) AB | 76 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,000 (1000) equity shares of SEK 100 par value, fully paid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Technologies (Shanghai) Company Limited | 1010 | 1010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Public Services, Inc. | 99 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,50,00,000 (35000000) shares of USD 0.50 par value, fully paid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Consulting Holding AG | 1323 | 1323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23,350 (23350) - Class A shares of CHF 1,000 each and |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26,460 (26460) - Class B Shares of CHF 100 each, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EdgeVerve Systems Limited | 1312 | 1312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,31,18,40,000 (1311840000) equity shares of ![rupee symbol](rupee-symbol.gif)10/- each, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Nova Holdings LLC<sup>#</sup> | 3308 | 3017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Singapore Pte Ltd | 4821 | 4327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,88,39,411 (27319411) shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brilliant Basics Holding Limited | 59 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,346 (1346) shares of GBP 0.005 each, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Arabia Limited | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 (70) shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Panaya Inc. | 582 | 582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 (2) shares of USD 0.01 per share, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Chile SpA | 7 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 (100) shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Luxembourg S.a r.l. | 26 | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30,000 (30000) shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Austria GmbH | *–* | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80,000 (80000) shares of EUR 1 par value, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Consulting Brazil | 337 | 337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,50,71,070 (275071070) shares of BRL 1 per share, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Consulting S.R.L. (Romania) | 34 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99,183 (99183) shares of RON 100 per share, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Limited Bulgaria EOOD | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,58,000 (458000) shares of BGN 1 per share, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Germany Holdings GmbH | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25,000 (25000) shares EUR 1 per share, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Green Forum | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,00,000 (1000000) shares ![rupee symbol](rupee-symbol.gif)10 per share, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Automotive and Mobility GmbH | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Turkey Bilgi Teknolojileri Limited Sirketi | 79 | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27,70,326 (2770326) share Turkish Liras 100 (10000) per share, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Consulting S.R.L. (Argentina) | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2,94,500 (294500) shares AR$100 per share, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Business Solutions LLC | 8 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,000 (10000) shares USD 100 per share, fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Idunn Information Technology Private Limited | 82 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3,27,788 (327788) shares ![rupee symbol](rupee-symbol.gif) 10 per share fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;InSemi Technology Services Private Limited | 198 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,33,440 (1033440) shares ![rupee symbol](rupee-symbol.gif) 10 per share fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in-tech Group India Private Limited | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10,000 (10000) shares ![rupee symbol](rupee-symbol.gif) 10 per share fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Services (Thailand) Limited | 13 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49,99,998 (4999998) shares THB 10 per share fully paid up |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in Redeemable Preference shares of subsidiary |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Infosys Singapore Pte Ltd | 2831 | 2831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51,02,00,000 (51,02,00,000) shares |  |  |
|  | **17340** | **16555** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at fair value through profit or loss** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target maturity fund units | *–* | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity and Preference securities | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others <sup>(1)</sup> | 65 | 61 |
|  | **90** | **551** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at fair value through other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preference securities | 173 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities | 2 | 2 |
|  | **175** | **169** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Quoted** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at amortized cost** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds | 409 | 1465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government bonds | *–* | 14 |
|  | **409** | **1479** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at fair value through other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-convertible debentures | 3313 | 3320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity Securities | 77 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Securities | 4630 | 5240 |
|  | **8020** | **8617** |
| **Total non-current investments** | **26034** | **27371** |
| **Current investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Unquoted** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at fair value through profit or loss** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units | 1643 | 1185 |
|  | **1643** | **1185** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at fair value through other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Papers | 970 | 3442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | 2800 | 3257 |
|  | **3770** | **6699** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Quoted** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at amortized cost** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds | 48 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government bonds | 47 | *–* |
|  | **95** | **154** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at fair value through other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Securities | 274 | 1560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-convertible debentures | 103 | 1549 |
|  | **377** | **3109** |
| **Total current investments** | **5885** | **11147** |
| **Total investments** | **31919** | **38518** |
| Aggregate amount of quoted investments | 8901 | 13359 |
| Market value of quoted investments (including interest accrued), current | 474 | 3266 |
| Market value of quoted investments (including interest accrued), non-current | 8445 | 10269 |
| Aggregate amount of unquoted investments | 23018 | 25159 |
| *<sup>#</sup>* Aggregate amount of impairment in value of investments | 94 | 94 |
| Reduction in the fair value of assets held for sale | 854 | 854 |
| Investments carried at cost | 17340 | 16555 |
| Investments carried at amortized cost | 504 | 1633 |
| Investments carried at fair value through other comprehensive income | 12342 | 18594 |
| Investments carried at fair value through profit or loss | 1733 | 1736 |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Uncalled capital commitments outstanding as of December 31, 2025 and March 31, 2025 was ![rupee symbol](rupee-symbol.gif) 26 crore and ![rupee symbol](rupee-symbol.gif) 27 crore, respectively.* 

*Refer to note 2.10 for accounting policies on financial instruments.*

**Method of fair valuation:**

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

---

| | | | |
|:---|:---|:---|:---|
| | | **Fair value as at** | **Fair value as at** |
| **Class of investment** | **Method** | **December 31, 2025** | **March 31, 2025** |
| Mutual fund units - carried at fair value through profit or loss | Quoted price | 1643 | 1185 |
| Target maturity fund units - carried at fair value through profit or loss | Quoted price | *–* | 465 |
| Tax free bonds and government bonds - carried at amortized cost | Quoted price and market observable inputs | 521 | 1796 |
| Non-convertible debentures - carried at fair value through other comprehensive income | Quoted price and market observable inputs | 3416 | 4869 |
| Government securities - carried at fair value through other comprehensive income | Quoted price and market observable inputs | 4904 | 6800 |
| Commercial Papers - carried at fair value through other comprehensive income | Market observable inputs | 970 | 3442 |
| Certificates of deposit - carried at fair value through other comprehensive income | Market observable inputs | 2800 | 3257 |
| Quoted equity securities - carried at fair value through other comprehensive income | Quoted price | 77 | 57 |
| Unquoted equity and preference securities - carried at fair value through other comprehensive income | Discounted cash flows method, Market multiples method, Option pricing model | 175 | 169 |
| Unquoted equity and preference securities - carried at fair value through profit or loss | Discounted cash flows method, Market multiples method, Option pricing model | 25 | 25 |
| Others - carried at fair value through profit or loss | Discounted cash flows method, Market multiples method, Option pricing model | 65 | 61 |
| **Total** |  | **14596** | **22126** |

---

Note : Certain quoted investments are classified as Level 2 in the absence of active market for such investments.

**2.5 LOANS**

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

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| **Non- Current** |  |  |
| Loan to subsidiary | *–* | 10 |
| Loans considered good - Unsecured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Loans |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans to employees | 7 | 16 |
| **Total non - current loans** | **7** | **26** |
| **Current** |  |  |
| Loans considered good - Unsecured |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Loans |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans to employees | 187 | 207 |
| **Total current loans** | **187** | **207** |
| **Total Loans** | **194** | **233** |

---

**2.6 OTHER FINANCIAL ASSETS**

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

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| **Non-current** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security deposits <sup>(1)</sup> | 212 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenues <sup>(1)(5)#</sup> | 1770 | 1904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment in lease<sup>(1)</sup> | 311 | 241 |
| **Total non-current other financial assets** | **2293** | **2350** |
| **Current** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security deposits <sup>(1)</sup> | 10 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted deposits <sup>(1)\*</sup> | 2918 | 2716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenues <sup>(1)(5)#</sup> | 6125 | 5681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest accrued but not due <sup>(1)</sup> | 265 | 739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward and options contracts <sup>(2)(3)</sup> | 40 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment in lease <sup>(1)</sup> | 296 | 228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others <sup>(1)(4)</sup> | 3682 | 3013 |
| **Total current other financial assets** | **13336** | **12569** |
| **Total other financial assets** | **15629** | **14919** |
| <sup>(1)</sup> Financial assets carried at amortized cost | 15589 | 14748 |
| <sup>(2)</sup> Financial assets carried at fair value through other comprehensive income | 24 | 28 |
| <sup>(3)</sup> Financial assets carried at fair value through Profit or Loss | 16 | 143 |
| *<sup>(4)</sup> Includes dues from subsidiaries* | 3448 | 2863 |
| *<sup>(5)</sup> Includes dues from subsidiaries* | 140 | 165 |

---

\* Restricted deposits represent deposit with financial institutions to settle employee related obligations as and when they arise during the normal course of business.

---

| | |
|:---|:---|
| **<sup>#</sup>** | Classified as financial asset as right to consideration is unconditional and is due only after a passage of time. |

---

**2.7 TRADE RECEIVABLES** 

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

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| **Current** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade Receivable considered good - Unsecured <sup>(1)</sup> | 32056 | 26807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Allowance for expected credit loss | 498 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade Receivable considered good - Unsecured | 31558 | 26413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade Receivable - credit impaired - Unsecured | 195 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Allowance for credit impairment | 195 | 169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade Receivable - credit impaired - Unsecured | *–* | *–* |
| **Total trade receivables <sup>(2)</sup>** | **31558** | **26413** |
| *<sup>(1)</sup> Includes dues from subsidiaries* | 429 | 250 |
| *<sup>(2)</sup> Includes dues from companies where directors are interested* | *–* | *–* |

---

**2.8 CASH AND CASH EQUIVALENTS**

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

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| Balances with banks |  |  |
| &nbsp;&nbsp;&nbsp;In current and deposit accounts | 7461 | 14265 |
| Cash on hand | *–* | *–* |
| **Total Cash and cash equivalents** | **7461** | **14265** |
| *Balances with banks in unpaid dividend accounts* | 44 | 45 |
| *Deposit with more than 12 months maturity* | *–* | *–* |

---

Cash and cash equivalents as at December 31, 2025 and March 31, 2025 include restricted cash and bank balances of ![rupee symbol](rupee-symbol.gif)55 crore and ![rupee symbol](rupee-symbol.gif)45 crore, respectively.

The deposits maintained by the Company with banks and financial institutions comprise of time deposits, which can be withdrawn by the Company at any point without prior notice or penalty on the principal.

**2.9 OTHER ASSETS** 

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

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| **Non-current** |  |  |
| Capital advances | 178 | 206 |
| Advances other than capital advances |  |  |
| Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 489 | 154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Defined benefit plan assets | *–* | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred contract cost |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of obtaining a contract | 318 | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of fulfillment | 549 | 676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenues<sup>(2)</sup> | 112 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withholding taxes and others<sup>(3)</sup> | 582 | 512 |
| **Total non-current other assets** | **2228** | **2223** |
| **Current** |  |  |
| Advances other than capital advances |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment to vendors for supply of goods | 196 | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses <sup>(1)</sup> | 2844 | 2003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenues<sup>(2)</sup> | 4137 | 4284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred contract cost |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of obtaining a contract | 245 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of fulfillment | 555 | 428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withholding taxes and others<sup>(3)</sup> | 2490 | 2309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables <sup>(1)</sup> | 21 | 9 |
| **Total current other assets** | **10488** | **9618** |
| **Total other assets** | **12716** | **11841** |
| *<sup>(1)</sup> Includes dues from subsidiaries* | 129 | 151 |

---

*<sup>(2)</sup>* *Classified as non-financial asset as the contractual right to consideration is dependent on completion of contractual milestones.*

<sup>(3)</sup> Withholding taxes and others primarily consist of input tax credits and VAT recoverable from tax authorities.

**2.10 FINANCIAL INSTRUMENTS**

**Accounting Policy**

**2.10.1 Initial recognition**

The Company recognizes financial assets and financial liabilities when it becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are recognized at fair value on initial recognition, except for trade receivables which are initially measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities, which are not at fair value through profit or loss, are added to the fair value on initial recognition. Regular way purchase and sale of financial assets are accounted for at trade date.

**2.10.2 Subsequent measurement**

**a. Non-derivative financial instruments**

***(i) Financial assets carried at amortized cost***

 ****

A financial asset is subsequently measured at amortized cost if it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

***(ii) Financial assets carried at fair value through other comprehensive income (FVOCI)***

 ****

A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Company has made an irrevocable election for certain investments which are classified as equity instruments to present the subsequent changes in fair value in other comprehensive income based on its business model.

***(iii) Financial assets carried at fair value through profit or loss (FVTPL)***

 ****

A financial asset which is not classified in any of the above categories is subsequently fair valued through profit or loss.

***(iv) Financial liabilities***

 ****

Financial liabilities are subsequently carried at amortized cost using the effective interest method, except for contingent consideration recognized in a business combination which is subsequently measured at fair value through profit or loss.

***(v) Investment in subsidiaries***

 ****

Investment in subsidiaries is carried at cost in the separate financial statements.

**b. Derivative financial instruments**

The Company holds derivative financial instruments such as foreign exchange forward and option contracts to mitigate the risk of changes in exchange rates on foreign currency exposures. The counterparty for such contracts is generally a bank.

***(i) Financial assets or financial liabilities, carried at fair value through profit or loss.***

This category includes derivative financial assets or liabilities which are not designated as hedges.

Although the Company believes that these derivatives constitute hedges from an economic perspective, they may not qualify for hedge accounting under Ind AS 109, Financial Instruments. Any derivative that is either not designated as hedge, or is so designated but is ineffective as per Ind AS 109, is categorized as a financial asset or financial liability, at fair value through profit or loss.

Derivatives not designated as hedges are recognized initially at fair value and attributable transaction costs are recognized in net profit in the Statement of Profit and Loss when incurred. Subsequent to initial recognition, these derivatives are measured at fair value through profit or loss and the resulting exchange gains or losses are included in other income. Assets/ liabilities in this category are presented as current assets/current liabilities if they are either held for trading or are expected to be realized within 12 months after the Balance Sheet date.

***(ii) Cash flow hedge***

Primarily the Company designates certain foreign exchange forward and options contracts as cash flow hedges to mitigate the risk of foreign exchange exposure on highly probable forecast cash transactions. When a derivative is designated as a cash flow hedge instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the cash flow hedge reserve. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in the net profit in the condensed standalone Statement of Profit and Loss. If the hedging instrument no longer meets the criteria for hedge accounting, then hedge accounting is discontinued prospectively. If the hedging instrument expires or is sold, terminated or exercised, the cumulative gain or loss on the hedging instrument recognized in cash flow hedge reserve till the period the hedge was effective remains in cash flow hedge reserve until the forecasted transaction occurs. The cumulative gain or loss previously recognized in the cash flow hedge reserve is transferred to the net profit in the condensed standalone Statement of Profit and Loss upon the occurrence of the related forecasted transaction. If the forecasted transaction is no longer expected to occur, then the amount accumulated in cash flow hedge reserve is reclassified to net profit in the Statement of Profit and Loss.

**2.10.3 Derecognition of financial instruments**

The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition under Ind AS 109. A financial liability (or a part of a financial liability) is derecognized from the Company's Balance Sheet when the obligation specified in the contract is discharged or cancelled or expires.

**2.10.4 Fair value of financial instruments**

In determining the fair value of its financial instruments, the Company uses a variety of methods and assumptions that are based on market conditions and risks existing at each reporting date. The methods used to determine fair value include discounted cash flow analysis, option pricing model, market multiples, available quoted market prices and dealer quotes. All methods of assessing fair value result in general approximation of value, and such value may never actually be realized.

Refer to table 'Financial instruments by category' below for the disclosure on carrying value and fair value of financial assets and liabilities. For financial assets and liabilities maturing within one year from the Balance Sheet date and which are not carried at fair value, the carrying amounts approximate fair value due to the short maturity of these instruments.

**2.10.5 Impairment** 

The Company recognizes loss allowances using the expected credit loss (ECL) model for the financial assets and unbilled revenues which are not fair valued through profit or loss. Loss allowance for trade receivables and unbilled revenues with no significant financing component is measured at an amount equal to lifetime ECL. For all other financial assets, expected credit losses are measured at an amount equal to the 12-month ECL, unless there has been a significant increase in credit risk from initial recognition in which case those are measured at lifetime ECL. The Company determines the allowance for credit losses based on historical loss experience adjusted to reflect current and estimated future economic conditions. The Company considers current and anticipated future economic conditions relating to industries the Company deals with and the countries where it operates.The amount of ECLs (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recorded is recognized as an impairment loss or gain in statement of profit and loss.

**Financial instruments by category**

The carrying value and fair value of financial instruments by categories as at December 31, 2025 are as follows:

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Financial assets/ liabilities at fair value through profit or loss** | **Financial assets/ liabilities at fair value through profit or loss** | **Financial assets/liabilities at fair value through OCI** | **Financial assets/liabilities at fair value through OCI** | | |
| **Particulars** | **Amortized cost** | **Designated upon initial recognition** | **Mandatory** | **Equity instruments designated upon initial recognition** | **Mandatory** | **Total carrying value** | **Total fair value** |
| **Assets:** |  |  |  |  |  |  |  |
| Cash and cash equivalents (Refer to note 2.8) | 7461 | *–* | *–* | *–* | *–* | 7461 | 7461 |
| Investments (Refer to note 2.4) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preference securities, Equity securities and others | *–* | 25 | 65 | 252 | *–* | 342 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds and government bonds | 504 | *–* | *–* | *–* | *–* | 504 | 521<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units | *–* | *–* | 1643 | *–* | *–* | 1643 | 1643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Papers | *–* | *–* | *–* | *–* | 970 | 970 | 970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | *–* | *–* | *–* | *–* | 2800 | 2800 | 2800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non convertible debentures | *–* | *–* | *–* | *–* | 3416 | 3416 | 3416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Securities | *–* | *–* | *–* | *–* | 4904 | 4904 | 4904 |
| Trade receivables (Refer to note 2.7) | 31558 | *–* | *–* | *–* | *–* | 31558 | 31558 |
| Loans (Refer to note 2.5) | 194 | *–* | *–* | *–* | *–* | 194 | 194 |
| Other financial assets (Refer to note 2.6) | 15589 | *–* | 16 | *–* | 24 | 15629 | 15612<sup>(2)</sup> |
| **Total** | **55306** | **25** | **1724** | **252** | **12114** | **69421** | **69421** |
| **Liabilities:** |  |  |  |  |  |  |  |
| Trade payables (Refer to note 2.13) | 3551 | *–* | *–* | *–* | *–* | 3551 | 3551 |
| Lease liabilities (Refer to note 2.3) | 3772 | *–* | *–* | *–* | *–* | 3772 | 3772 |
| Other financial liabilities (Refer to note 2.12) | 13937 | *–* | 432 | *–* | 20 | 14389 | 14389 |
| **Total** | **21260** | *–* | **432** | *–* | **20** | **21712** | **21712** |

---

*<sup>(1)</sup>* *On account of fair value changes including interest accrued*

*<sup>(2)</sup>* *Excludes interest accrued on tax free bonds and government bonds carried at amortized cost of ![rupee symbol](rupee-symbol.gif)17 crore*

The carrying value and fair value of financial instruments by categories as at March 31, 2025 were as follows:

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Financial assets/ liabilities at fair value through profit or loss** | **Financial assets/ liabilities at fair value through profit or loss** | **Financial assets/liabilities at fair value through OCI** | **Financial assets/liabilities at fair value through OCI** | | |
| **Particulars** | **Amortized cost** | **Designated upon initial recognition** | **Mandatory** | **Equity instruments designated upon initial recognition** | **Mandatory** | **Total carrying value** | **Total fair value** |
| **Assets:** |  |  |  |  |  |  |  |
| Cash and cash equivalents (Refer to note 2.8) | 14265 | *–* | *–* | *–* | *–* | 14265 | 14265 |
| Investments (Refer to note 2.4) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preference securities, Equity securities and others | *–* | 25 | 61 | 226 | *–* | 312 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds and government bonds | 1633 | *–* | *–* | *–* | *–* | 1633 | 1796<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target maturity fund units | *–* | *–* | 465 | *–* | *–* | 465 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units | *–* | *–* | 1185 | *–* | *–* | 1185 | 1185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Papers | *–* | *–* | *–* | *–* | 3442 | 3442 | 3442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | *–* | *–* | *–* | *–* | 3257 | 3257 | 3257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non convertible debentures | *–* | *–* | *–* | *–* | 4869 | 4869 | 4869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Securities | *–* | *–* | *–* | *–* | 6800 | 6800 | 6800 |
| Trade receivables (Refer to note 2.7) | 26413 | *–* | *–* | *–* | *–* | 26413 | 26413 |
| Loans (Refer to note 2.5) | 233 | *–* | *–* | *–* | *–* | 233 | 233 |
| Other financial assets (Refer to note 2.6) | 14748 | *–* | 143 | *–* | 28 | 14919 | 14839<sup>(2)</sup> |
| **Total** | **57292** | **25** | **1854** | **226** | **18396** | **77793** | **77876** |
| **Liabilities:** |  |  |  |  |  |  |  |
| Trade payables (Refer to note 2.13) | 2728 | *–* | *–* | *–* | *–* | 2728 | 2728 |
| Lease Liabilities (Refer to note 2.3) | 3459 | *–* | *–* | *–* | *–* | 3459 | 3459 |
| Other financial liabilities (Refer to note 2.12) | 13593 | *–* | 54 | *–* | 33 | 13680 | 13680 |
| **Total** | **19780** | ***–*** | **54** | ***–*** | **33** | **19867** | **19867** |

---

*<sup>(1)</sup>* *On account of fair value changes including interest accrued*

*<sup>(2)</sup>* *Excludes interest accrued on tax free bonds and government bonds carried at amortized cost of ![rupee symbol](rupee-symbol.gif)80 crore*

For trade receivables, trade payables, other assets and payables maturing within one year from the Balance Sheet date, the carrying amounts approximate the fair value due to the short maturity of these instruments.

**Fair value hierarchy**

**Level 1** - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

**Level 2** – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

**Level 3** - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at December 31, 2025 is as follows:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Fair value measurement at end of the <br> reporting period using** | **Fair value measurement at end of the <br> reporting period using** | **Fair value measurement at end of the <br> reporting period using** |
| **Particulars** | **As at December 31, 2025** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |  |
| **Investments (Refer to note 2.4)** |  |  |  |  |
| Investments in tax free bonds | 473 | 425 | 48 | *–* |
| Investments in government bonds | 48 | 48 | *–* | *–* |
| Investments in mutual fund units | 1643 | 1643 | *–* | *–* |
| Investments in target maturity fund units | *–* | *–* | *–* | *–* |
| Investments in certificates of deposit | 2800 | *–* | 2800 | *–* |
| Investments in commercial papers | 970 | *–* | 970 | *–* |
| Investments in non convertible debentures | 3416 | 3416 | *–* | *–* |
| Investments in government securities | 4904 | 4832 | 72 | *–* |
| Investments in equity securities | 79 | 77 | *–* | 2 |
| Investments in preference securities | 198 | *–* | *–* | 198 |
| Other investments | 65 | *–* | *–* | 65 |
| **Others** |  |  |  |  |
| Derivative financial instruments - gains (Refer to note 2.6) | 40 | *–* | 40 | *–* |
| **Liabilities** |  |  |  |  |
| Derivative financial instruments - loss (Refer to note 2.12) | 372 | *–* | 372 | *–* |
| Liability towards contingent consideration (Refer to note 2.12)<sup>(1)</sup> | 80 | *–* | *–* | 80 |

---

*<sup>(1)</sup>* *Discount rate ranges from 3% to 6%*

During the nine months ended December 31, 2025, tax free bonds of ![rupee symbol](rupee-symbol.gif)60 crore was transferred from Level 2 to Level 1 of fair value hierarchy, since these were valued based on quoted price. Further, state government securities of ![rupee symbol](rupee-symbol.gif)36 crore were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs.

The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at March 31, 2025 was as follows:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Fair value measurement at end of the <br> reporting period using** | **Fair value measurement at end of the <br> reporting period using** | **Fair value measurement at end of the <br> reporting period using** |
| **Particulars** | **As at March 31, 2025** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |  |
| **Investments (Refer to note 2.4)** |  |  |  |  |
| Investments in tax free bonds | 1781 | 1227 | 554 | *–* |
| Investments in target maturity fund units | 465 | 465 | *–* | *–* |
| Investments in government bonds | 15 | 15 | *–* | *–* |
| Investments in mutual fund units | 1185 | 1185 | *–* | *–* |
| Investments in certificates of deposit | 3257 | *–* | 3257 | *–* |
| Investments in commercial papers | 3442 | *–* | 3442 | *–* |
| Investments in non convertible debentures | 4869 | 4869 | *–* | *–* |
| Investments in government securities | 6800 | 6763 | 37 | *–* |
| Investments in equity securities | 59 | 57 | *–* | 2 |
| Investments in preference securities | 192 | *–* | *–* | 192 |
| Other investments | 61 | *–* | *–* | 61 |
| **Others** |  |  |  |  |
| Derivative financial instruments - gains (Refer to note 2.6) | 171 | *–* | 171 | *–* |
| **Liabilities** |  |  |  |  |
| Derivative financial instruments - loss (Refer note 2.12) | 56 | *–* | 56 | *–* |
| Liability towards contingent consideration (Refer to note 2.12)<sup>(1)</sup> | 31 | *–* | *–* | 31 |

---

*<sup>(1)</sup>* *Discount rate - 6 %*

 

During the year ended March 31, 2025, State government securities and non-convertible debentures of ![rupee symbol](rupee-symbol.gif)36 crore and ![rupee symbol](rupee-symbol.gif)261 crore were transferred from Level 2 to Level 1 of fair value hierarchy since these were valued based on quoted price. Further Tax free bond of ![rupee symbol](rupee-symbol.gif)554 crore were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs.

A one percentage point change in the unobservable inputs used in fair valuation of Level 3 assets and liabilities does not have a significant impact in its value.

Majority of investments of the Company are fair valued based on Level 1 or Level 2 inputs. These investments primarily include investment in mutual fund units, target maturity fund units, tax free bonds, certificates of deposit, commercial papers, treasury bills, government securities, non-convertible debentures, quoted bonds issued by government and quasi-government organizations. The Company invests after considering counterparty risks based on multiple criteria including Tier I capital, Capital Adequacy Ratio, Credit Rating, Profitability, NPA levels and Deposit base of banks and financial institutions. These risks are monitored regularly as per Company's risk management program.

**2.11 EQUITY**

**Accounting policy**

**Ordinary Shares**

Ordinary shares are classified as equity share capital. Incremental costs directly attributable to the issuance of new ordinary shares, share options and buyback are recognized as a deduction from equity, net of any tax effects.

**Description of reserves**

**Capital redemption reserve**

In accordance with section 69 of the Indian Companies Act, 2013, the Company creates capital redemption reserve equal to the nominal value of the shares bought back as an appropriation from general reserve / retained earnings.

**Retained earnings**

Retained earnings represent the amount of accumulated earnings of the Company.

**Securities premium**

The amount received in excess of the par value of equity shares has been classified as securities premium. Amounts have been utilized for bonus issue and share buyback from share premium account.

**Share options outstanding account**

The Share options outstanding account is used to record the fair value of equity-settled share based payment transactions with employees. The amounts recorded in share options outstanding account are transferred to securities premium upon exercise of stock options and transferred to general reserve on account of stock options not exercised by employees.

**Special Economic Zone Re-investment reserve**

The Special Economic Zone Re-investment reserve has been created out of the profit of the eligible SEZ unit in terms of the provisions of Sec 10AA (1)(ii) of Income Tax Act, 1961. The reserve should be utilized by the Company for acquiring new plant and machinery for the purpose of its business in terms of the provisions of the Sec 10AA (2) of the Income Tax Act, 1961.

**Other components of equity**

Other components of equity include remeasurement of net defined benefit liability / asset, equity instruments fair valued through other comprehensive income, changes on fair valuation of investments and changes in fair value of derivatives designated as cash flow hedges, net of taxes.

**Cash flow hedge reserve**

When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the cash flow hedging reserve. The cumulative gain or loss previously recognized in the cash flow hedging reserve is transferred to the condensed standalone Statement of Profit and Loss upon the occurrence of the related forecasted transaction.

**2.11.1 EQUITY SHARE CAPITAL**

*(In ![rupee symbol](rupee-symbol.gif) crore, except as otherwise stated)*

---

| | | |
|:---|:---|:---|
| | **As at** | |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| **Authorized** |  |  |
| Equity shares, ![rupee symbol](rupee-symbol.gif)5/- par value |  |  |
| 480,00,00,000 (4800000000) equity shares | 2400 | 2400 |
| **Issued, Subscribed and Paid-Up** |  |  |
| Equity shares, ![rupee symbol](rupee-symbol.gif)5/- par value<sup>(1)</sup> | 2027 | 2076 |
| 405,46,67,899 (4153263455) equity shares fully paid-up |  |  |
|  | **2027** | **2076** |

---

*<sup>(1)</sup>* *Refer to note 2.20 for details of basic and diluted shares*

Forfeited shares amounted to ![rupee symbol](rupee-symbol.gif)1,500/- (![rupee symbol](rupee-symbol.gif)1,500/-)

The Company has only one class of shares referred to as equity shares having a par value of ![rupee symbol](rupee-symbol.gif)5/-. Each holder of equity shares is entitled to one vote per share. The equity shares represented by American Depository Shares (ADS) carry similar rights to voting and dividends as the other equity shares. Each ADS represents one underlying equity share.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the company in proportion to the number of equity shares held by the shareholders, after distribution of all preferential amounts. However, no such preferential amounts exist currently. There are no voting, dividend or liquidation rights to the holders of options issued under the company's share option plans.For details of shares reserved for issue under the employee stock option plan of the Company, refer to the note below.

The reconciliation of the number of shares outstanding and the amount of share capital as at December 31, 2025 and March 31, 2025 is set out below:

*(in ![rupee symbol](rupee-symbol.gif) crore, except as stated otherwise)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As at December 31, 2025** | **As at December 31, 2025** | **As at March 31, 2025** | **As at March 31, 2025** |
| **Particulars** | **Number of shares** | **Amount** | **Number of shares** | **Amount** |
| **As at the beginning of the period** | **4153263455** | **2076** | **4150867464** | **2075** |
| Add: Shares issued on exercise of employee stock options | 1404444 | 1 | 2395991 | 1 |
| Less: Shares bought back | 100000000 | 50 | *–* | *–* |
| **As at the end of the period** | **4054667899** | **2027** | **4153263455** | **2076** |

---

**Capital allocation policy** 

Effective 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

**Buyback completed in December 2025**

In line with the capital allocation policy, the Board, at its meeting held on September 11, 2025, approved a proposal for the Company to buyback its fully paid-up equity shares of face value of ![rupee symbol](rupee-symbol.gif)5/- each from the eligible equity shareholders of the Company for an amount of ![rupee symbol](rupee-symbol.gif)18,000 crore subject to shareholders' approval by way of Postal Ballot. The shareholders approved the said proposal of buyback of Equity Shares recommended by its Board of Directors by way of e-voting through postal ballot, the results of which were declared on November 6, 2025. The Buyback offer comprised a purchase of 10,00,00,000 Equity Shares comprising approximately 2.41% of the total paid-up equity share capital of the Company as of June 30, 2025 (on standalone basis) at a price of ![rupee symbol](rupee-symbol.gif)1,800 per Equity share. The buyback was offered to all eligible equity shareholders (including those who became equity shareholders as on the Record date by cancelling American Depository Shares and withdrawing underlying Equity shares) of the Company as on the Record Date (i.e. November 14, 2025) on a proportionate basis through the "Tender offer" route. The tender period for buyback commenced on November 20, 2025 and was open until November 26, 2025. The Company concluded the buyback procedures on December 4, 2025 and 10,00,00,000 equity shares were bought back and extinguished. The buyback resulted in cash outflow of ![rupee symbol](rupee-symbol.gif)18,000 crore (excluding transaction costs). The Company funded the buyback from its free reserves including securities premium as explained in Section 68 of the Companies Act, 2013. In accordance with Section 69 of the Companies Act, 2013, the Company has created a Capital Redemption Reserve of ![rupee symbol](rupee-symbol.gif)50 crore equal to the nominal value of the shares bought back as an appropriation from the general reserve during the quarter ended December 31, 2025.

The Company's objective when managing capital is to safeguard its ability to continue as a going concern and to maintain an optimal capital structure so as to maximize shareholder value. In order to maintain or achieve an optimal capital structure, the Company may adjust the amount of dividend payment, return capital to shareholders, issue new shares or buy back issued shares. As of December 31, 2025, the Company has only one class of equity shares and has no debt. Consequent to the above capital structure there are no externally imposed capital requirements.

**2.11.2 DIVIDEND**

The final dividend on shares is recorded as a liability on the date of approval by the shareholders and interim dividends are recorded as a liability on the date of declaration by the Company's Board of Directors. Income tax consequences of dividends on financial instruments classified as equity will be recognized according to where the entity originally recognized those past transactions or events that generated distributable profits.

The Company declares and pays dividends in Indian rupees. Companies are required to pay/distribute dividend after deducting applicable taxes. The remittance of dividends outside India is governed by Indian law on foreign exchange and is also subject to withholding tax at applicable rates.

The amount of per share dividend recognized as distribution to equity shareholders in accordance with Companies Act 2013 is as follows:-

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
| **Particulars** | **2025** | **2024** | **2025** | **2024** |
| Interim dividend for fiscal 2026 | 23.00 | *–* | 23.00 | *–* |
| Final dividend for fiscal 2025 | *–* | *–* | 22.00 | *–* |
| Interim dividend for fiscal 2025 | *–* | 21.00 | *–* | 21.00 |
| Special dividend for fiscal 2024 | *–* | *–* | *–* | 8.00 |
| Final dividend for fiscal 2024 | *–* | *–* | *–* | 20.00 |

---

The Board of Directors in their meeting held on April 17, 2025 recommended a final dividend of ![rupee symbol](rupee-symbol.gif)22/- per equity share for the financial year ended March 31, 2025. The same was approved by the shareholders at the Annual General Meeting (AGM) of the Company held on June 25, 2025 which resulted in a net cash outflow of ![rupee symbol](rupee-symbol.gif)9,139 crore. The final dividend was paid on June 30, 2025.

The Board of Directors in their meeting held on October 16, 2025 declared an interim dividend of ![rupee symbol](rupee-symbol.gif)23/- per equity share which resulted in a net cash outflow of ![rupee symbol](rupee-symbol.gif)9,555 crore.

**2.11.3 Employee Stock Option Plan (ESOP):**

**Accounting Policy**

The Company recognizes compensation expense relating to share-based payments in net profit based on estimated fair-values of the awards on the grant date. The estimated fair value of awards is recognized as an expense in the statement of profit and loss on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was in-substance, multiple awards with a corresponding increase to share options outstanding account.

**Infosys Expanded Stock Ownership Program 2019 (the 2019 Plan):**

On June 22, 2019 pursuant to approval by the shareholders in the Annual General Meeting, the Board has been authorized to introduce, offer, issue and provide share-based incentives to eligible employees of the Company and its subsidiaries under the 2019 Plan. The maximum number of shares under the 2019 plan shall not exceed 5,00,00,000 equity shares. To implement the 2019 Plan, up to 4,50,00,000 equity shares may be issued by way of secondary acquisition of shares by Infosys Expanded Stock Ownership Trust. The Restricted Stock Units (RSUs) granted under the 2019 plan shall vest based on the achievement of defined annual performance parameters as determined by the administrator (Nomination and Remuneration Committee). The performance parameters will be based on a combination of relative Total Shareholder Return (TSR) against selected industry peers and certain broader market domestic and global indices and operating performance metrics of the company as decided by administrator. Each of the above performance parameters will be distinct for the purposes of calculation of quantity of shares to vest based on performance. These instruments will generally vest between a minimum of 1 to maximum of 3 years from the grant date.

**2015 Stock Incentive Compensation Plan (the 2015 Plan):**

On March 31, 2016, pursuant to the approval by the shareholders through postal ballot, the Board was authorized to introduce, offer, issue and allot share-based incentives to eligible employees of the Company and its subsidiaries under the 2015 Plan. The maximum number of shares under the 2015 plan shall not exceed 2,40,38,883 equity shares (this includes 1,12,23,576 equity shares which are held by the trust towards the 2011 Plan as at March 31, 2016). These instruments will generally vest over a period of 4 years. The plan numbers mentioned above are further adjusted with the September 2018 bonus issue.

The equity settled and cash settled RSUs and stock options would vest generally over a period of 4 years and shall be exercisable within the period as approved by the Nomination and Remuneration Committee (NARC). The exercise price of the RSUs will be equal to the par value of the shares and the exercise price of the stock options would be the market price as on the date of grant.

Controlled trust holds 8,984,436 and 96,55,927 shares as at December 31, 2025 and March 31, 2025, respectively under the 2015 plan. Out of these shares, 2,00,000 equity shares each have been earmarked for welfare activities of the employees as at December 31, 2025 and March 31, 2025.

The following is the summary of grants made during the three months and nine months ended December 31, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
| **Particulars** | **2025** | **2024** | **2025** | **2024** |
| **2015 Plan: RSU** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity settled RSUs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | *–* | *–* | 277077 | 295168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees other than KMP | 109893 | 22880 | 117293 | 152220 |
|  | **109893** | **22880** | **394370** | **447388** |
| **2015 Plan: Employee Stock Options (ESOPs)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity settled RSUs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | *–* | *–* | 237370 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees other than KMP | *–* | *–* | 5412790 | *–* |
|  | ***–*** | ***–*** | **5650160** | ***–*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash settled RSUs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | *–* | *–* | *–* | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees other than KMP | *–* | *–* | 108180 | *–* |
|  | ***–*** | ***–*** | **108180** | ***–*** |
| **Total Grants under 2015 Plan** | **109893** | **22880** | **6152710** | **447388** |
| **2019 Plan: RSU** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity settled RSUs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | *–* | *–* | 66366 | 70699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employees other than KMP | 3065 | *–* | 3065 | 6848 |
|  | **3065** | ***–*** | **69431** | **77547** |
| **Total Grants under 2019 Plan** | **3065** | ***–*** | **69431** | **77547** |

---

 ****

 ****

***Notes on grants to KMP:***

**CEO & MD**

**Under the 2015 plan:**

The Board, on April 17, 2025, based on the recommendations of the Nomination and Remuneration Committee approved the following grants for fiscal 2026. In accordance with such approval the following grants were made effective May 2, 2025. - 2,30,621 performance-based RSUs (Annual performance equity grant) of fair value of ![rupee symbol](rupee-symbol.gif)34.75 crore. These RSUs will vest in line with the employment agreement based on achievement of certain performance targets. - 13,273 performance-based grant of RSUs (Annual performance equity ESG grant) of fair value of ![rupee symbol](rupee-symbol.gif)2 crore. These RSUs will vest in line with the employment agreement based on achievement of certain environment, social and governance milestones as determined by the Board. - 33,183 performance-based grant of RSUs (Annual performance Equity TSR grant) of fair value of ![rupee symbol](rupee-symbol.gif)5 crore . These RSUs will vest in line with the employment agreement based on Company's performance on cumulative relative TSR over the years and as determined by the Board.

Though the annual time based grants and annual performance equity TSR grant for the remaining employment term ending on March 31, 2027 have not been granted as of December 31, 2025, since the service commencement date precedes the grant date, the company has recorded employment stock compensation expense in accordance with Ind AS 102, Share based payment. The grant date for this purpose in accordance with Ind AS 102, Share based payment is July 1, 2022.

**Under the 2019 plan:**

The Board, on April 17, 2025, based on the recommendations of the Nomination and Remuneration Committee, approved performance-based grant of RSUs amounting to ![rupee symbol](rupee-symbol.gif)10 crore for fiscal 2026 under the 2019 Plan. These RSUs will vest based on achievement of certain performance targets. Accordingly, 66,366 performance based RSU's were granted effective May 2, 2025.

**Other KMP**

**Under the 2015 plan:**

During the nine months ended December 31, 2025, based on recommendations of Nomination and Remuneration Committee, the Board approved time based grants of 237,370 ESOPs to Other KMP under the 2015 Plan. These stock options will vest over a period of 4 years and shall be exercisable within the period as approved by the Committee. The exercise price of the stock options would be the market price as on the date of grant.

**The break-up of employee stock compensation expense is as follows:** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
| **Particulars** | **2025** | **2024** | **2025** | **2024** |
| Granted to: |  |  |  |  |
| KMP | 17 | 17 | 53 | 52 |
| Employees other than KMP | 186 | 150 | 569 | 485 |
| **Total <sup>(1)</sup>** | **203** | **167** | **622** | **537** |
| *<sup>(1)</sup> Cash settled stock compensation expense included in the above* | 2 | 2 | 5 | 7 |

---

The fair value of the awards are estimated using the Black-Scholes Model for time and non-market performance-based options and Monte Carlo simulation model is used for TSR based options.The inputs to the model include the share price at date of grant, exercise price, expected volatility, expected dividends, expected term and the risk free rate of interest. Expected volatility during the expected term of the options is based on historical volatility of the observed market prices of the Company's publicly traded equity shares during a period equivalent to the expected term of the options. Expected volatility of the comparative company have been modelled based on historical movements in the market prices of their publicly traded equity shares during a period equivalent to the expected term of the options. Correlation coefficient is calculated between each peer entity and the indices as a whole or between each entity in the peer group.

The fair value of each equity settled award is estimated on the date of grant using the following assumptions:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For options granted in** | **For options granted in** | **For options granted in** | **For options granted in** | **For options granted in** | **For options granted in** |
| **Particulars** | **Fiscal 2026- <br> Equity Shares-RSU** | **Fiscal 2026- <br> ADR RSU** | **Fiscal 2026- <br> Equity Shares-ESOP** | **Fiscal 2026- <br> ADS-ESOP** | **Fiscal 2025- <br> Equity Shares-RSU** | **Fiscal 2025- <br> ADS-RSU** |
| Weighted average share price (![rupee symbol](rupee-symbol.gif)) / ($ ADS) | 1505 | 16.57 | 1554 | 17.93 | 1437 | 18.42 |
| Exercise price (![rupee symbol](rupee-symbol.gif)) / ($ ADS) | 5.00 | 0.10 | 1554 | 17.93 | 5.00 | 0.07 |
| Expected volatility (%) | 23-26 | 25-26 | 25-28 | 26-30 | 21-26 | 23-28 |
| Expected life of the option (years) | 1-4 | 1-4 | 3-7 | 3-7 | 1-4 | 1-4 |
| Expected dividends (%) | 2-3 | 2-3 | 2-3 | 2-3 | 2-3 | 2-3 |
| Risk-free interest rate (%) | 6 | 4 | 6 | 4 | 7 | 4-5 |
| Weighted average fair value as on grant date (![rupee symbol](rupee-symbol.gif)) / ($ ADS) | 1354 | 15.16 | 390 | 4.09 | 1319 | 16.94 |

---

The expected life of the RSU/ESOP is estimated based on the vesting term and contractual term of the RSU/ESOP, as well as expected exercise behavior of the employee who receives the RSU/ESOP.

**2.12 OTHER FINANCIAL LIABILITIES**

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

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| **Non-current** |  |  |
| Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensated absences | 97 | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation to employees <sup>(1)</sup> | 10 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses <sup>(1)</sup> | 1545 | 1876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for acquisition of business - Contingent consideration <sup>(2)</sup> | 60 | 20 |
| **Total non-current other financial liabilities** | **1712** | **1991** |
| **Current** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unpaid dividends <sup>(1)</sup> | 44 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation to employees <sup>(1)</sup> | 3664 | 3781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses <sup>(1)(4)</sup> | 7438 | 6210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital creditors <sup>(1)</sup> | 338 | 470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensated absences | 2713 | 2322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for acquisition of business - Contingent consideration <sup>(2)</sup> | 20 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other payables <sup>(1)(5)</sup> | 898 | 1206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward and options contracts <sup>(2)(3)</sup> | 372 | 56 |
| **Total current other financial liabilities** | **15487** | **14101** |
| **Total other financial liabilities** | **17199** | **16092** |
| *<sup>(1)</sup> Financial liability carried at amortized cost* | 13937 | 13593 |
| *<sup>(2)</sup> Financial liability carried at fair value through profit or loss* | 432 | 54 |
| *<sup>(3)</sup> Financial liability carried at fair value through other comprehensive income* | 20 | 33 |
| *<sup>(4)</sup> Includes dues to subsidiaries* | 85 | 56 |
| *<sup>(5)</sup> Includes dues to subsidiaries* | 762 | 962 |

---

Accrued expenses primarily relate to cost of technical sub-contractors, telecommunication charges, legal and professional charges, brand building expenses, overseas travel expenses, office maintenance and cost of third party software and hardware.

**2.13 TRADE PAYABLES**

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

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| Outstanding dues of micro enterprises and small enterprises | 205 | 8 |
| Outstanding dues of creditors other than micro enterprises and small enterprises<sup>(1)</sup> | 3346 | 2720 |
| **Total trade payables** | **3551** | **2728** |
| *<sup>(1)</sup> Includes dues to subsidiaries* | 930 | 907 |

---

**2.14 OTHER LIABILITIES**

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

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| **Non-current** |  |  |
| Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued defined benefit liability | 441 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others | 32 | 21 |
| **Total non - current other liabilities** | **473** | **95** |
| **Current** |  |  |
| Unearned revenue | 9086 | 6713 |
| Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withholding taxes and others | 2800 | 2433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued defined benefit liability | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others | 10 | 10 |
| **Total current other liabilities** | **11899** | **9159** |
| **Total other liabilities** | **12372** | **9254** |

---

**2.15 PROVISIONS**

**Accounting Policy**

A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that is reasonably estimable, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The Company recognizes a reimbursement asset when, and only when, it is virtually certain that the reimbursement will be received if the Company settles the obligation.

**a. Post-sales client support**

The Company provides its clients with a fixed-period post sales support on its fixed-price, fixed-timeframe contracts. Costs associated with such support services are accrued at the time related revenues are recorded in the Statement of Profit and Loss. The Company estimates such costs based on historical experience and estimates are reviewed on a periodic basis for any material changes in assumptions and likelihood of occurrence.

**b. Onerous contracts**

Provisions for onerous contracts are recognized when the expected benefits to be derived by the Company from a contract are lower than the unavoidable costs of meeting the future obligations under the contract. Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Company recognizes any impairment loss on the assets associated with that contract.

**Provision for post-sales client support and other provisions**

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

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| **Current** |  |  |
| Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-sales client support and other provisions | 1203 | 993 |
| **Total provisions** | **1203** | **993** |

---

Provision for post sales client support and other provisions majorly represents costs associated with providing post sales support services which are accrued at the time of recognition of revenues and are expected to be utilized over a period of 1 year.

Provision for post sales client support and other provisions is included in cost of sales in the condensed standalone statement of profit and loss.

**2.16 INCOME TAXES**

**Accounting Policy**

Income tax expense comprises current and deferred income tax. Income tax expense is recognized in net profit in the Statement of Profit and Loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity or other comprehensive income. Current income tax for current and prior periods is recognized at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date. Deferred income tax assets and liabilities are recognized for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

Deferred income tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date and are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of changes in tax rates on deferred income tax assets and liabilities is recognized as income or expense in the period that includes the enactment or the substantive enactment date. A deferred income tax asset is recognized to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and tax losses can be utilized. Deferred income taxes are not provided on the undistributed earnings of subsidiaries and branches where it is expected that the earnings of the subsidiary or branch will not be distributed in the foreseeable future.The Company offsets current tax assets and current tax liabilities; deferred tax assets and deferred tax liabilities, where it has a legally enforceable right to set off the recognized amounts and where it intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. The income tax provision for the interim period is made based on the best estimate of the annual average tax rate expected to be applicable for the full financial year. Tax benefits of deductions earned on exercise of employee share options in excess of compensation charged to income are credited to equity.

Income tax expense in the condensed Standalone statement of Profit and Loss comprises:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
| **Particulars** | **2025** | **2024** | **2025** | **2024** |
| Current taxes | 2587 | 2785 | 8340 | 8428 |
| Deferred taxes | (279) | (299) | (776) | (988) |
| **Income tax expense** | **2308** | **2486** | **7564** | **7440** |

---

Income tax expense for the three months ended December 31, 2025 and December 31, 2024 includes reversals (net of provisions) of ![rupee symbol](rupee-symbol.gif)28 crore and provisions (net of reversals) of ![rupee symbol](rupee-symbol.gif)82 crore, respectively. Income tax expense for the nine months ended December 31, 2025 and December 31, 2024 includes provisions (net of reversals) of ![rupee symbol](rupee-symbol.gif)87 crore and provisions (net of reversals) of ![rupee symbol](rupee-symbol.gif)215 crore. These provisions and reversals pertaining to prior periods are primarily on account of adjudication of certain disputed matters, upon filing of tax return and completion of assessments, across various jurisdictions.

Deferred income tax for the three months and nine months ended December 31, 2025 and December 31, 2024 substantially relates to origination and reversal of temporary differences.

The Company's Advanced Pricing Arrangement (APA) with the Internal Revenue Service (IRS) for US branch income tax expired in March 2021. The Company has applied for renewal of APA and currently the US taxable income is based on the Company's best estimate determined based on the expected value method.

**2.17 REVENUE FROM OPERATIONS**

**Accounting Policy**

The Company derives revenues primarily from IT services comprising software development and related services, cloud and infrastructure services, maintenance, consulting and package implementation, licensing of software products and platforms across the Company's core and digital offerings (together called as "software related services"). Contracts with customers are either on a time-and-material, unit of work, fixed-price or on a fixed-timeframe basis.

Revenues from customer contracts are considered for recognition and measurement when the contract has been approved in writing, by the parties, to the contract, the parties to contract are committed to perform their respective obligations under the contract, and the contract is legally enforceable. Revenue is recognized upon transfer of control of promised products or services ("performance obligations") to customers in an amount that reflects the consideration the Company has received or expects to receive in exchange for these products or services ("transaction price"). When there is uncertainty as to collectability, revenue recognition is postponed until such uncertainty is resolved.

The Company assesses the services promised in a contract and identifies distinct performance obligations in the contract. The Company allocates the transaction price to each distinct performance obligation based on the relative standalone selling price. The price that is regularly charged for an item when sold separately is the best evidence of its standalone selling price. In the absence of such evidence, the primary method used to estimate standalone selling price is the expected cost plus a margin, under which the Company estimates the cost of satisfying the performance obligation and then adds an appropriate margin based on similar services.

The Company's contracts may include variable consideration including rebates, volume discounts and penalties. The Company includes variable consideration as part of transaction price when there is a basis to reasonably estimate the amount of the variable consideration and when it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved.

Revenue on time-and-material and unit of work based contracts, are recognized as the related services are performed. Fixed price maintenance revenue is recognized ratably either on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period or ratably using a percentage of completion method when the pattern of benefits from the services rendered to the customer and Company's costs to fulfil the contract is not even through the period of contract because the services are generally discrete in nature and not repetitive. Revenue from other fixed-price, fixed-timeframe contracts, where the performance obligations are satisfied over time is recognized using the percentage-of-completion method. Efforts or costs expended are used to determine progress towards completion as there is a direct relationship between input and productivity. Progress towards completion is measured as the ratio of costs or efforts incurred to date (representing work performed) to the estimated total costs or efforts. Estimates of transaction price and total costs or efforts are continuously monitored over the term of the contracts and are recognized in net profit in the period when these estimates change or when the estimates are revised. Revenues and the estimated total costs or efforts are subject to revision as the contract progresses. Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract.

The billing schedules agreed with customers include periodic performance based billing and / or milestone based progress billings. Revenues in excess of billing are classified as unbilled revenue while billing in excess of revenues are classified as contract liabilities (which we refer to as "unearned revenues").

In arrangements for software development and related services and maintenance services, by applying the revenue recognition criteria for each distinct performance obligation, the arrangements with customers generally meet the criteria for considering software development and related services as distinct performance obligations. For allocating the transaction price, the Company measures the revenue in respect of each performance obligation of a contract at its relative standalone selling price. The price that is regularly charged for an item when sold separately is the best evidence of its standalone selling price. In cases where the Company is unable to determine the standalone selling price, the Company uses the expected cost plus margin approach in estimating the standalone selling price. For software development and related services, the performance obligations are satisfied as and when the services are rendered since the customer generally obtains control of the work as it progresses.

Certain cloud and infrastructure services contracts include multiple elements which may be subject to other specific accounting guidance, such as leasing guidance. These contracts are accounted in accordance with such specific accounting guidance. In such arrangements where the Company is able to determine that hardware and services are distinct performance obligations, it allocates the consideration to these performance obligations on a relative standalone selling price basis. In the absence of standalone selling price, the Company uses the expected cost-plus margin approach in estimating the standalone selling price. When such arrangements are considered as a single performance obligation, revenue is recognized over the period and measure of progress is determined based on promise in the contract.

Revenue from licenses where the customer obtains a "right to use" the licenses is recognized at the time the license is made available to the customer. Revenue from licenses where the customer obtains a "right to access" is recognized over the access period.

Arrangements to deliver software products generally have three elements: license, implementation and Annual Technical Services (ATS). When implementation services are provided in conjunction with the licensing arrangement and the license and implementation have been identified as two distinct separate performance obligations, the transaction price for such contracts are allocated to each performance obligation of the contract based on their relative standalone selling prices. In the absence of standalone selling price for implementation, the Company uses the expected cost plus margin approach in estimating the standalone selling price. Where the license is required to be substantially customized as part of the implementation service the entire arrangement fee for license and implementation is considered to be a single performance obligation and the revenue is recognized using the percentage-of-completion method as the implementation is performed. Revenue from client training, support and other services arising due to the sale of software products is recognized as the performance obligations are satisfied. ATS revenue is recognized ratably on a straight line basis over the period in which the services are rendered.

Contracts with customers includes subcontractor services or third-party vendor equipment or software in certain integrated services arrangements. In these types of arrangements, revenue from sales of third-party vendor products or services is recorded net of costs when the Company is acting as an agent between the customer and the vendor, and gross when the Company is the principal for the transaction. In doing so, the Company first evaluates whether it obtains control of the specified goods or services before they are transferred to the customer. The Company considers whether it is primarily responsible for fulfilling the promise to provide the specified goods or services, inventory risk, pricing discretion and other factors to determine whether it controls the specified goods or services and therefore, is acting as a principal or an agent.

A contract modification is a change in the scope or price or both of a contract that is approved by the parties to the contract. A contract modification that results in the addition of distinct performance obligations are accounted for either as a separate contract if the additional services are priced at the standalone selling price or as a termination of the existing contract and creation of a new contract if they are not priced at the standalone selling price. If the modification does not result in a distinct performance obligation, it is accounted for as part of the existing contract on a cumulative catch-up basis.

The incremental costs of obtaining a contract (i.e., costs that would not have been incurred if the contract had not been obtained) are recognized as an asset if the Company expects to recover them. Certain eligible, nonrecurring costs (e.g. set-up or transition or transformation costs) that do not represent a separate performance obligation are recognized as an asset when such costs (a) relate directly to the contract; (b) generate or enhance resources of the Company that will be used in satisfying the performance obligation in the future; and (c) are expected to be recovered. Capitalized contract costs relating to upfront payments to customers are amortized to revenue and other capitalized costs are amortized to expenses over the respective contract life on a systematic basis consistent with the transfer of goods or services to customer to which the asset relates. Capitalized costs are monitored regularly for impairment. Impairment losses are recorded when present value of projected remaining operating cash flows is not sufficient to recover the carrying amount of the capitalized costs.

The Company presents revenues net of indirect taxes in its Statement of Profit and Loss.

Revenue from operations for the three months and nine months ended December 31, 2025 and December 31, 2024 is as follows:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
| **Particulars** | **2025** | **2024** | **2025** | **2024** |
| Revenue from software services | 37730 | 34631 | 109413 | 101648 |
| Revenue from products and platforms | 266 | 284 | 765 | 807 |
| **Total revenue from operations** | **37996** | **34915** | **110178** | **102455** |

---

The percentage of revenue from fixed-price contracts for each of the three months ended December 31, 2025 and December 31, 2024 is 59%. The percentage of revenue from fixed-price contracts for each of the nine months ended December 31, 2025 and December 31, 2024 is 58%.

**Trade receivables and Contract Balances**

The timing of revenue recognition, billings and cash collections results in receivables, unbilled revenue, and unearned revenue on the Company's Balance Sheet. Amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals (e.g., monthly or quarterly) or upon achievement of contractual milestones.

The Company's receivables are rights to consideration that are unconditional. Unbilled revenues comprising revenues in excess of billings from time and material contracts and fixed price maintenance contracts are classified as financial asset when the right to consideration is unconditional and is due only after a passage of time.

Invoicing to the clients for other fixed price contracts is based on milestones as defined in the contract and therefore the timing of revenue recognition is different from the timing of invoicing to the customers. Therefore unbilled revenues for other fixed price contracts (contract asset) are classified as non-financial asset because the right to consideration is dependent on completion of contractual milestones.

Invoicing in excess of earnings are classified as unearned revenue.

Trade receivables and unbilled revenues are presented net of impairment in the Balance Sheet.

**2.18 OTHER INCOME, NET**

**2.18.1 Other income** 

**Accounting Policy**

Other income is comprised primarily of interest income, dividend income, gain / loss on investments and exchange gain/loss on forward and options contracts and on translation of foreign currency assets and liabilities. Interest income is recognized using the effective interest method. Dividend income is recognized when the right to receive payment is established.

**2.18.2 Foreign currency** 

**Accounting Policy**

*Functional currency*

 

The functional currency of the Company is the Indian rupee. These financial statements are presented in Indian rupees (rounded off to crore; one crore equals ten million).

*Transactions and translations*

 

Foreign-currency denominated monetary assets and liabilities are translated into the relevant functional currency at exchange rates in effect at the Balance Sheet date. The gains or losses resulting from such translations are recognized in the condensed standalone Statement of Profit and Loss and reported within exchange gains/(losses) on translation of assets and liabilities, net, except when deferred in Other Comprehensive Income as qualifying cash flow hedges. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at fair value are translated at the exchange rate prevalent at the date when the fair value was determined. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at historical cost are translated at the exchange rate prevalent at the date of the transaction. The related revenue and expense are recognized using the same exchange rate.

Transaction gains or losses realized upon settlement of foreign currency transactions are included in determining net profit for the period in which the transaction is settled. Revenue, expense and cash-flow items denominated in foreign currencies are translated into the relevant functional currencies using the exchange rate in effect on the date of the transaction.

Other Comprehensive Income, net of taxes includes translation differences on non-monetary financial assets measured at fair value at the reporting date, such as equities classified as financial instruments and measured at fair value through other comprehensive income (FVOCI).

**Government grant**

The Company recognizes government grants only when there is reasonable assurance that the conditions attached to them shall be complied with, and the grants will be received. Government grants related to assets are treated as deferred income and are recognized in the net profit in the Statement of Profit and Loss on a systematic and rational basis over the useful life of the asset. Government grants related to revenue are recognized on a systematic basis in the net profit in the Statement of Profit and Loss over the periods necessary to match them with the related costs which they are intended to compensate.

Other income for the three months and nine months ended December 31, 2025 and December 31, 2024 is as follows:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
| **Particulars** | **2025** | **2024** | **2025** | **2024** |
| Interest income on financial assets carried at amortized cost |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds and government bonds | 6 | 31 | 48 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deposit with Bank and others | 258 | 277 | 965 | 764 |
| Interest income on financial assets carried at fair value through other comprehensive income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-convertible debentures, commercial papers, certificates of deposit and government securities | 219 | 185 | 774 | 711 |
| Income on investments carried at fair value through profit or loss |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain / (loss) on mutual funds and other investments | 72 | 37 | 175 | 194 |
| Income on investments carried at fair value through other comprehensive income | 17 | *–* | 17 | 2 |
| Income on investments carried at amortized cost | *–* | *–* | 81 | *–* |
| Dividend received from subsidiary | 1278 | 200 | 2676 | 1322 |
| Exchange gains/(losses) on foreign currency forward and options contracts | (141) | 274 | (1501) | (107) |
| Exchange gains/(losses) on translation of other assets and liabilities | 288 | (93) | 1820 | 281 |
| Miscellaneous income, net\* | 280 | 90 | 372 | 201 |
| **Total other income** | **2277** | **1001** | **5427** | **3459** |

---

\* Includes profit on sale of property plant and equipment amounting to ![rupee symbol](rupee-symbol.gif)165 crore for the three months ended December 31, 2025.

**2.19 EXPENSES**

**Accounting Policy**

**2.19.1 Gratuity and Pension**

The Company provides for gratuity, a defined benefit retirement plan ('the Gratuity Plan') covering eligible Indian employees of Infosys. The Gratuity Plan provides a lump-sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee's salary and the tenure of employment with the Company. The Company contributes Gratuity liabilities to the Infosys Limited Employees' Gratuity Fund Trust (the Trust). Trustees administer contributions made to the Trusts and contributions are invested in a scheme with the Life Insurance Corporation of India as permitted by Indian law.

The Company operates defined benefit pension plan in certain overseas jurisdictions, in accordance with the local laws. These plans are managed by third party fund managers. The plans provide for periodic payouts after retirement and / or for a lumpsum payment as set out in rules of each fund and includes death and disability benefits. The defined benefit plans require contributions which are based on a percentage of salary that varies depending on the age of the respective employees.

Liabilities with regard to these defined benefit plans are determined by actuarial valuation, performed by an external actuary, at each Balance Sheet date using the projected unit credit method. These defined benefit plans expose the Company to actuarial risks, such as longevity risk, interest rate risk and market risk.

The Company recognizes the net obligation of a defined benefit plan in its Balance Sheet as an asset or liability. Gains and losses through re-measurements of the net defined benefit liability/(asset) are recognized in other comprehensive income and are not reclassified to profit or loss in subsequent periods. The actual return of the portfolio of plan assets, in excess of the yields computed by applying the discount rate used to measure the defined benefit obligation is recognized in other comprehensive income. The effect of any plan amendments is recognized in net profit in the Statement of Profit and Loss.

**2.19.2 Provident fund**

Eligible employees of Infosys receive benefits from a provident fund, which is a defined benefit plan. Both the eligible employee and the Company make monthly contributions to the provident fund plan equal to a specified percentage of the covered employee's salary. The Company contributes a portion to the Infosys Limited Employees' Provident Fund Trust. The trust invests in specific designated instruments as permitted by Indian law. The remaining portion is contributed to the government administered pension fund. The rate at which the annual interest is payable to the beneficiaries by the trust is being administered by the Government of India. The Company has an obligation to make good the shortfall, if any, between the return from the investments of the Trust and the notified interest rate.

**2.19.3 Superannuation**

Certain employees of Infosys are participants in a defined contribution plan. The Company has no further obligations to the Plan beyond its monthly contributions which are periodically contributed to a trust fund, the corpus of which is invested with the Life Insurance Corporation of India.

**2.19.4 Compensated absences** 

The Company has a policy on compensated absences which are both accumulating and non-accumulating in nature. The expected cost of accumulating compensated absences is determined by actuarial valuation performed by an external actuary at each Balance Sheet date using projected unit credit method on the additional amount expected to be paid/availed as a result of the unused entitlement that has accumulated at the Balance Sheet date. Expense on non-accumulating compensated absences is recognized in the period in which the absences occur.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
| **Particulars** | **2025** | **2024** | **2025** | **2024** |
| *Employee benefit expenses* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Salaries including bonus | 17714 | 16036 | 51676 | 47866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contribution to provident and other funds | 582 | 527 | 1733 | 1545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share based payments to employees (Refer to note 2.11) | 203 | 167 | 622 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Staff welfare | 108 | 119 | 323 | 260 |
|  | **18607** | **16849** | **54354** | **50208** |
| *Cost of software packages and others* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For own use | 566 | 488 | 1619 | 1434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Third party items bought for service delivery to clients | 1782 | 2489 | 5240 | 6040 |
|  | **2348** | **2977** | **6859** | **7474** |
| *Other expenses* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Power and fuel | 49 | 45 | 149 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brand and Marketing | 254 | 229 | 841 | 757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rates and taxes | 46 | 39 | 168 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repairs and Maintenance | 286 | 245 | 830 | 732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumables | 9 | 6 | 23 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance | 72 | 63 | 201 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for post-sales client support and others | 24 | 92 | (78) | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commission to non-whole time directors | 5 | 5 | 14 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment loss recognized / (reversed) under expected credit loss model | 50 | 19 | 114 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Auditor's remuneration |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statutory audit fees | 2 | 2 | 6 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contributions towards Corporate Social Responsibility | 169 | 153 | 412 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others | 183 | 42 | 409 | 236 |
|  | **1149** | **940** | **3089** | **2957** |

---

**2.19.5 Impact of Labour Codes**

On November 21, 2025, the Government of India notified provisions of the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020, ('Labour Codes') which consolidate twenty-nine existing labour laws into a unified framework governing employee benefits during employment and post-employment. The Labour Codes, amongst other things introduces changes, including a uniform definition of wages and enhanced benefits relating to leave. The Company has assessed the financial implications of these changes which has resulted in increase in gratuity liability arising out of past service cost and increase in leave liability by ![rupee symbol](rupee-symbol.gif)1,146 crore. Considering the impact arising out of an enactment of the new legislation is an event of non-recurring nature, the Company has presented this incremental amount as "Impact of Labour Codes" under "Exceptional Item" in the Condensed Standalone Statement of Profit and Loss for the three months and nine months ended December 31, 2025. The Company continues to monitor the developments pertaining to Labour Codes and will evaluate impact if any on the measurement of the employee benefits liability.

**2.20 EARNINGS PER EQUITY SHARE**

**Accounting Policy**

Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Company by the weighted average number of equity shares outstanding during the period. Diluted earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Company by the weighted average number of equity shares considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the proceeds receivable had the equity shares been actually issued at fair value (i.e. the average market value of the outstanding equity shares). Dilutive potential equity shares are deemed converted as at the beginning of the period, unless issued at a later date. Dilutive potential equity shares are determined independently for each period presented. The number of equity shares and potentially dilutive equity shares are adjusted retrospectively for all periods presented for any share splits and bonus shares issues including for changes effected prior to the approval of the financial statements by the Board of Directors.

**2.21 CONTINGENT LIABILITIES AND COMMITMENTS**

**Accounting Policy**

Contingent liability is a possible obligation arising from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity or a present obligation that arises from past events but is not recognized because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability.

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

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| **Contingent liabilities:** |  |  |
| Claims against the Company, not acknowledged as debts<sup>(1)</sup> | 1997 | 1772 |
| [Amount paid to statutory authorities ![rupee symbol](rupee-symbol.gif)1,314 crore (![rupee symbol](rupee-symbol.gif)3,815 crore)] |  |  |
| **Commitments:** |  |  |
| Estimated amount of contracts remaining to be executed on capital contracts and not provided for (net of advances and deposits)<sup>(2)</sup> | 1052 | 868 |
| Other Commitments\* | 26 | 27 |

---

 

*\** *Uncalled capital pertaining to investments*

<sup>(1)</sup> As at December 31, 2025 and March 31, 2025, claims against the Company not acknowledged as debts in respect of income tax matters amounted to ![rupee symbol](rupee-symbol.gif)1,380 crore and ![rupee symbol](rupee-symbol.gif)1,290 crore, respectively. The claims against the Company primarily represent demands arising on completion of assessment proceedings under the Income Tax Act, 1961. These claims are on account of issues of disallowance of expenditure towards software being held as capital in nature, payments made to Associated Enterprises held as liable for withholding of taxes, among others. These matters are pending before various Income Tax Authorities and the Management including its tax advisors expect that its position will likely be upheld on ultimate resolution and will not have a material adverse effect on the Company financial position and results of operations. Amount paid to statutory authorities against the tax claims amounted to ![rupee symbol](rupee-symbol.gif)1,306 crore and ![rupee symbol](rupee-symbol.gif)3,810 crore as at December 31, 2025 and March 31, 2025, respectively.

<sup>(2)</sup> Capital contracts primarily comprises of commitments for infrastructure facilities and computer equipments.

**Legal Proceedings**

**Government Investigation**

The U.S. Department of Justice ("DOJ") is conducting an investigation regarding how the Company classified certain H-1B visa-recipient employees working for one of its clients in immigration documents filed with certain U.S. government authorities. The Company is engaged in discussions with the DOJ regarding its ongoing investigation and continues its own inquiry regarding the matter. At this stage, the Company is unable to predict the outcome of this matter, including whether such outcome could have a material adverse effect on the Company's business and results of operations.

**Others**

Apart from the foregoing, the Company is subject to legal proceedings and claims, which have arisen in the ordinary course of business. The Company's management reasonably expects that such ordinary course legal actions, when ultimately concluded and determined, may not have a material and adverse effect on the Company's results of operations or financial condition.

**2.22 RELATED PARTY TRANSACTIONS**

Refer to the Company's Annual Report for the year ended March 31, 2025 for the full names and other details of the Company's subsidiaries and controlled trusts.

**Changes in Subsidiaries**

During the nine months ended December 31, 2025, the following are the changes in the subsidiaries:

**-** Infosys Energy Consulting Services LLC , a wholly-owned subsidiary of Infosys Nova Holdings LLC was incorporated on April 16, 2025.

**-** Infosys Saudi Arabia LLC, a wholly-owned subsidiary of Infosys Limited was incorporated on April 21, 2025.

**-** Infosys Australia Technology Service Pty Ltd, a wholly-owned subsidiary of Infosys Singapore Pte. Limited was incorporated on April 23, 2025.

On April 30, 2025, Infosys Nova Holdings LLC , a wholly-owned subsidiary of Infosys Limited, acquired 98.21% of voting interests in MRE Consulting Ltd along with its subsidiary MRE Technology Services, LLC. The remaining 1.79% was acquired by Infosys Energy Consulting Services LLC , a Wholly-owned subsidiary of Infosys Nova Holdings LLC.

On April 30, 2025, Infosys Australia Technology Service Pty Ltd, a wholly owned subsidiary of Infosys Singapore Pte. Limited, acquired 100% of voting interests in The Missing Link Automation Pty Ltd, The Missing Link Network Integration Pty Ltd and The Missing Link Security Pty Ltd along with its subsidiary The Missing Link Security Ltd

**-** in-tech Automotive Engineering de. R L de. C V, a wholly-owned subsidiary of in-tech GmbH has been liquidated effective May 07, 2025.

On May 13, 2025, Infosys Singapore Pte Ltd diluted 2% stake of HIPUS Co., Ltd to Mitsubishi Heavy Industries, Ltd.

**-** Infosys BPM Canada Inc, a Wholly-owned subsidiary of Infosys BPM UK Limited was incorporated on July 28, 2025

**-** Infosys Germany Gmbh, a Wholly-owned subsidiary of Infosys Singapore Pte Ltd merged into Infosys Germany SE (formerly known as Blitz 24-893 SE) effective September 24, 2025

**-** in-tech Engineering services S.R.L, (Wholly-owned subsidiary of in-tech GmbH) merged into ProIT (Wholly-owned subsidiary of in-tech GmbH) effective November 30, 2025

The Company's related party transactions during the three months and nine months ended December 31, 2025 and December 31, 2024 and outstanding balances as at December 31, 2025 and March 31, 2025 are with its subsidiaries with whom the Company generally enters into transactions which are at arms length and in the ordinary course of business.

**Transactions with key management personnel**

The table below describes the compensation to key management personnel which comprise directors and executive officers:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
| **Particulars** | **2025** | **2024** | **2025** | **2024** |
| Salaries and other short term employee benefits to whole-time directors and executive officers*<sup>(1)(2)</sup>* | 29 | 28 | 89 | 84 |
| Commission and other benefits to non-executive / independent directors | 6 | 5 | 15 | 14 |
| **Total** | **35** | **33** | **104** | **98** |

---

<sup>(1)</sup> Total employee stock compensation expense for the three months ended December 31, 2025 and December 31, 2024 includes a charge of ![rupee symbol](rupee-symbol.gif)17 crore and ![rupee symbol](rupee-symbol.gif)17 crore, respectively, towards key management personnel.For the nine months ended December 31, 2025 and December 31, 2024, includes a charge of ![rupee symbol](rupee-symbol.gif)53 crore and ![rupee symbol](rupee-symbol.gif)52 crore respectively, towards key management personnel. (Refer to note 2.11).

*<sup>(2)</sup>* *Does not include post-employment benefits and other long-term benefits based on actuarial valuation as these are done for the Company as a whole.*

**2.23 SEGMENT REPORTING**

The Company publishes this financial statement along with the interim condensed consolidated financial statements. In accordance with Ind AS 108, Operating Segments, the Company has disclosed the segment information in the interim condensed consolidated financial statements.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman*<br> DIN: 00041245 | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director*<br> DIN: 01876159 | &nbsp;&nbsp; Bobby Parikh<br> *Director*<br> DIN: 00019437 |
| &nbsp;&nbsp;Bengaluru<br> January 14, 2026 | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp; A.G.S. Manikantha<br> *Company Secretary*<br> Membership No. A21918 |

---

## Exhibit 99.10

**Exhibit 99.10**<br> **Ind AS Consolidated**

**INDEPENDENT AUDITOR'S REPORT**

**TO THE BOARD OF DIRECTORS OF INFOSYS LIMITED**

**Report on the Audit of the Interim Condensed Consolidated Financial Statements** 

**Opinion**

We have audited the accompanying interim condensed consolidated financial statements of **INFOSYS LIMITED** (the "Company"), and its subsidiaries (the Company and its subsidiaries together referred to as the "Group"), which comprise the Condensed Consolidated Balance Sheet as at December 31, 2025, the Condensed Consolidated Statement of Profit and Loss (including Other Comprehensive Income) for the three months and nine months ended on that date, the Condensed Consolidated Statement of Changes in Equity, and the Condensed Consolidated Statement of Cash Flows for the nine months ended on that date, and notes to the financial statements including a summary of the material accounting policies and other explanatory information (hereinafter referred to as the "interim condensed consolidated financial statements").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid interim condensed consolidated financial statements give a true and fair view in conformity with the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34") prescribed under section 133 of the Companies Act, 2013 (the "Act"), read with relevant rules issued thereunder and other accounting principles generally accepted in India, of the consolidated state of affairs of the Group as at December 31, 2025, its consolidated profit, its consolidated total comprehensive income for the three months and nine months ended on that date, its consolidated changes in equity and its consolidated cash flows for the nine months ended on that date.

**Basis for Opinion**

We conducted our audit of the interim condensed consolidated financial statements in accordance with the Standards on Auditing ("SAs") specified under section 143 (10) of the Act. Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Interim Condensed Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("ICAI") together with the ethical requirements that are relevant to our audit of the interim condensed consolidated financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the interim condensed consolidated financial statements.

**Responsibilities of Management and Board of Directors for the Interim Condensed Consolidated Financial Statements**

The Company's Board of Directors is responsible for the preparation and presentation of these interim condensed consolidated financial statements that give a true and fair view of the consolidated financial position, consolidated financial performance, consolidated total comprehensive income, consolidated changes in equity and consolidated cash flows of the Group in accordance with Ind AS 34 and other accounting principles generally accepted in India. The respective Boards of Directors of the entities included in the Group are responsible for maintenance of the adequate accounting records for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the respective interim financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error which have been used for the purpose of preparation of the interim condensed consolidated financial statements by the Directors of the Company, as aforesaid.

In preparing the interim condensed consolidated financial statements, the respective Boards of Directors of the entities included in the Group are responsible for assessing the ability of the respective entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Boards of Directors either intend to liquidate their own respective entities or to cease operations, or have no realistic alternative but to do so.

The respective Boards of Directors of the entities included in the Group are also responsible for overseeing the financial reporting process of the Group.

**Auditor's Responsibilities for the Audit of the Interim Condensed Consolidated Financial Statements**

Our objectives are to obtain reasonable assurance about whether the interim condensed consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these interim condensed consolidated financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

&nbsp;&nbsp;&nbsp;&nbsp;· Identify and assess the risks of material misstatement of the interim condensed consolidated
financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations,
or the override of internal control.

&nbsp;&nbsp;&nbsp;&nbsp;· Obtain an understanding of internal financial controls relevant to the audit in order to
design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on effectiveness
of such controls.

&nbsp;&nbsp;&nbsp;&nbsp;· Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.

&nbsp;&nbsp;&nbsp;&nbsp;· Conclude on the appropriateness of management's use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant
doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditor's report to the related disclosures in the interim condensed consolidated financial statements
or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date
of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;· Evaluate the overall presentation, structure and content of the interim condensed consolidated
financial statements, including the disclosures, and whether the interim condensed consolidated financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.

&nbsp;&nbsp;&nbsp;&nbsp;· Obtain sufficient appropriate audit evidence regarding the financial information of the entities
within the Group to express an opinion on the interim condensed consolidated financial statements. We are responsible for the direction,
supervision and performance of the audit of financial statements of such entities included in the interim condensed consolidated financial
statements of which we are independent auditors.

Materiality is the magnitude of misstatements in the interim condensed consolidated financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the interim condensed consolidated financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the interim condensed consolidated financial statements.

We communicate with those charged with governance of the Company and such other entities included in the Interim Condensed Consolidated Financial Statements of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings including any significant deficiencies in internal financial controls that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

---

| | |
|:---|:---|
| Place: Bengaluru<br> Date: January 14, 2026 | **For DELOITTE HASKINS & SELLS LLP**<br> Chartered Accountants<br> (Firm's Registration No. 117366W/W-100018)<br>**Vikas Bagaria**<br> Partner<br> (Membership No.060408)<br> UDIN:26060408JWRYFQ3859 |

---

 ****

**INFOSYS LIMITED AND SUBSIDIARIES**

***Condensed Consolidated Financial Statements under Indian Accounting Standards (Ind AS) for the three months and nine months ended December 31, 2025***

---

| |
|:---|
| &nbsp;&nbsp;**Index** |
| &nbsp;&nbsp;Condensed Consolidated Balance Sheet |
| &nbsp;&nbsp;Condensed Consolidated Statement of Profit and Loss |
| &nbsp;&nbsp;Condensed Consolidated Statement of Changes in Equity |
| &nbsp;&nbsp;Condensed Consolidated Statement of Cash Flows |
| &nbsp;&nbsp;**Overview and Notes to the Interim Condensed Consolidated Financial Statements** |
| &nbsp;&nbsp;**1. Overview** |
| &nbsp;&nbsp;1.1 Company overview |
| &nbsp;&nbsp;1.2 Basis of preparation of financial statements |
| &nbsp;&nbsp;1.3 Basis of consolidation |
| &nbsp;&nbsp;1.4 Use of estimates and judgments |
| &nbsp;&nbsp;1.5 Critical accounting estimates and judgments |
| &nbsp;&nbsp;**2. Notes to the Interim Condensed Consolidated Financial Statements** |
| &nbsp;&nbsp;2.1 Business Combinations |
| &nbsp;&nbsp;2.2 Property, plant and equipment |
| &nbsp;&nbsp;2.3 Goodwill and intangible assets |
| &nbsp;&nbsp;2.4 Investments |
| &nbsp;&nbsp;2.5 Loans |
| &nbsp;&nbsp;2.6 Other financial assets |
| &nbsp;&nbsp;2.7 Trade receivables |
| &nbsp;&nbsp;2.8 Cash and cash equivalents |
| &nbsp;&nbsp;2.9 Other assets |
| &nbsp;&nbsp;2.10 Financial instruments |
| &nbsp;&nbsp;2.11 Equity |
| &nbsp;&nbsp;2.12 Other financial liabilities |
| &nbsp;&nbsp;2.13 Other liabilities |
| &nbsp;&nbsp;2.14 Provisions |
| &nbsp;&nbsp;2.15 Income taxes |
| &nbsp;&nbsp;2.16 Revenue from operations |
| &nbsp;&nbsp;2.17 Other income, net |
| &nbsp;&nbsp;2.18 Expenses |
| &nbsp;&nbsp;2.19 Leases |
| &nbsp;&nbsp;2.20 Earnings per equity share |
| &nbsp;&nbsp;2.21 Contingent liabilities and commitments |
| &nbsp;&nbsp;2.22 Related party transactions |
| &nbsp;&nbsp;2.23 Segment reporting |

---

**INFOSYS LIMITED AND SUBSIDIARIES**

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

---

| | | | |
|:---|:---|:---|:---|
| **Condensed Consolidated Balance Sheets as at** | **Note No.** | **December 31, 2025** | **March 31, 2025** |
| **ASSETS** |  |  |  |
| **Non-current assets** |  |  |  |
| Property, plant and equipment | 2.2 | 11551 | 11778 |
| Right-of-use assets | 2.19 | 6115 | 6311 |
| Capital work-in-progress |  | 1277 | 814 |
| Goodwill | 2.3 | 11634 | 10106 |
| Other intangible assets |  | 3073 | 2766 |
| Financial assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 2.4 | 8899 | 11059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans | 2.5 | 9 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial assets | 2.6 | 3419 | 3511 |
| Deferred tax assets (net) |  | 1740 | 1108 |
| Income tax assets (net) |  | 2335 | 1622 |
| Other non-current assets | 2.9 | 2874 | 2713 |
| **Total non-current assets** |  | **52926** | **51804** |
| **Current assets** |  |  |  |
| Financial assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 2.4 | 6911 | 12482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables | 2.7 | 36131 | 31158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 2.8 | 19915 | 24455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans | 2.5 | 234 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial assets | 2.6 | 14340 | 13840 |
| Income tax assets (net) |  | 29 | 2975 |
| Other current assets | 2.9 | 12898 | 11940 |
| **Total current assets** |  | **90458** | **97099** |
| **Total assets** |  | **143384** | **148903** |
| **EQUITY AND LIABILITIES** |  |  |  |
| **Equity** |  |  |  |
| Equity share capital | 2.11 | 2024 | 2073 |
| Other equity |  | 81002 | 93745 |
| **Total equity attributable to equity holders of the Company** |  | **83026** | **95818** |
| Non-controlling interests |  | 427 | 385 |
| **Total equity** |  | **83453** | **96203** |
| **Liabilities** |  |  |  |
| **Non-current liabilities** |  |  |  |
| Financial Liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 2.19 | 5811 | 5772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities | 2.12 | 1964 | 2141 |
| Deferred tax liabilities (net) |  | 1594 | 1722 |
| Other non-current liabilities | 2.13 | 628 | 215 |
| **Total non-current liabilities** |  | **9997** | **9850** |
| **Current liabilities** |  |  |  |
| Financial Liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | 2.19 | 2985 | 2455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade payables |  | 4826 | 4164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities | 2.12 | 20011 | 18138 |
| Other current liabilities | 2.13 | 14862 | 11765 |
| Provisions | 2.14 | 1753 | 1475 |
| Income tax liabilities (net) |  | 5497 | 4853 |
| **Total current liabilities** |  | **49934** | **42850** |
| **Total equity and liabilities** |  | **143384** | **148903** |

---

*The accompanying notes form an integral part of the interim condensed consolidated financial statements.*

*As per our report of even date attached*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*for* Deloitte Haskins & Sells LLP | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;*Chartered Accountants* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;Firm's Registration No: | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;117366W/ W-100018<br>| &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp; Vikas Bagaria<br> *Partner*<br>Membership No. 060408 | &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman*<br>DIN: 00041245 | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director*<br>DIN: 01876159<br>| &nbsp;&nbsp; Bobby Parikh<br> *Director*<br>DIN: 00019437 |
|  | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp; A.G.S. Manikantha<br> *Company Secretary*<br>Membership No. A21918 |  |
| &nbsp;&nbsp; Bengaluru<br> January 14, 2026 |  |  |  |

---

 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Condensed Consolidated Statement of Profit and Loss for the** | **Note No.** | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
|  |  | **2025** | **2024** | **2025** | **2024** |
| Revenue from operations | 2.16 | 45479 | 41764 | 132248 | 122064 |
| Other income, net | 2.17 | 1139 | 859 | 3163 | 2410 |
| **Total income** |  | **46618** | **42623** | **135411** | **124474** |
| **Expenses** |  |  |  |  |  |
| Employee benefit expenses | 2.18 | 24122 | 21436 | 70407 | 63934 |
| Cost of technical sub-contractors |  | 4092 | 3302 | 11469 | 9661 |
| Travel expenses |  | 510 | 439 | 1564 | 1375 |
| Cost of software packages and others | 2.18 | 3982 | 4607 | 11753 | 12012 |
| Communication expenses |  | 159 | 157 | 462 | 473 |
| Consultancy and professional charges |  | 486 | 459 | 1429 | 1354 |
| Depreciation and amortization expenses |  | 1155 | 1203 | 3478 | 3512 |
| Finance cost |  | 100 | 101 | 310 | 314 |
| Other expenses | 2.18 | 1494 | 1249 | 4051 | 3894 |
| **Total expenses** |  | **36100** | **32953** | **104923** | **96529** |
| **Profit before exceptional item and tax** |  | **10518** | **9670** | **30488** | **27945** |
| **Exceptional item** |  |  |  |  |  |
| Impact of Labour Codes | 2.18.1 | 1289 | *–* | 1289 | *–* |
| **Profit before tax** |  | **9229** | **9670** | **29199** | **27945** |
| Tax expense: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current tax | 2.15 | 2871 | 3202 | 9103 | 9346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax | 2.15 | (308) | (354) | (869) | (1113) |
| **Profit for the period** |  | **6666** | **6822** | **20965** | **19712** |
| **Other comprehensive income** |  |  |  |  |  |
| *Items that will not be reclassified subsequently to profit or loss* |  |  |  |  |  |
| Remeasurement of the net defined benefit liability/asset, net |  | 56 | (45) | (52) | 53 |
| Equity instruments through other comprehensive income, net |  | (4) | (15) | 23 | (10) |
|  |  | **52** | **(60)** | **(29)** | **43** |
| *Items that will be reclassified subsequently to profit or loss* |  |  |  |  |  |
| Fair value changes on derivatives designated as cash flow hedge, net |  | 4 | 56 | 10 | 32 |
| Exchange differences on translation of foreign operations |  | 354 | (483) | 2235 | (27) |
| Fair value changes on investments, net |  | (23) | 10 | 66 | 136 |
|  |  | **335** | **(417)** | **2311** | **141** |
| **Total other comprehensive income /(loss), net of tax** |  | **387** | **(477)** | **2282** | **184** |
| **Total comprehensive income for the period** |  | **7053** | **6345** | **23247** | **19896** |
| **Profit attributable to:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Owners of the Company |  | 6654 | 6806 | 20939 | 19680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests |  | 12 | 16 | 26 | 32 |
|  |  | **6666** | **6822** | **20965** | **19712** |
| **Total comprehensive income attributable to:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Owners of the Company |  | 7040 | 6336 | 23204 | 19863 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interests |  | 13 | 9 | 43 | 33 |
|  |  | **7053** | **6345** | **23247** | **19896** |
| **Earnings per equity share** |  |  |  |  |  |
| Equity shares of par value ![rupee symbol](rupee-symbol.gif)5/- each |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic (![rupee symbol](rupee-symbol.gif)) |  | 16.17 | 16.43 | 50.64 | 47.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted (![rupee symbol](rupee-symbol.gif)) |  | 16.14 | 16.39 | 50.55 | 47.40 |
| Weighted average equity shares used in computing earnings per equity share |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic (in shares) | 2.20 | 4114946425 | 4141941436 | 4134675070 | 4141344081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted (in shares) | 2.20 | 4121795902 | 4151534784 | 4142266340 | 4151568329 |

---

*The accompanying notes form an integral part of the interim condensed consolidated financial statements.*

*As per our report of even date attached*

 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*for* Deloitte Haskins & Sells LLP | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;*Chartered Accountants* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;Firm's Registration No: | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;117366W/ W-100018<br>| &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp; Vikas Bagaria<br> *Partner*<br>Membership No. 060408 | &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman*<br>DIN: 00041245 | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director*<br>DIN: 01876159<br>| &nbsp;&nbsp; Bobby Parikh<br> *Director*<br>DIN: 00019437 |
|  | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp; A.G.S. Manikantha<br> *Company Secretary*<br>Membership No. A21918 |  |
| &nbsp;&nbsp; Bengaluru<br> January 14, 2026 |  |  |  |

---

**Condensed Consolidated Statement of Changes in Equity**

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

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | | | |
| | | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Other comprehensive income** | **Other comprehensive income** | **Other comprehensive income** | **Other comprehensive income** | | | |
| **Particulars**<br>| <br>**Equity Share capital <sup>(1)</sup>** | **Capital reserve** | **Capital redemption reserve** | **Securities Premium** | **Retained earnings** | **General reserve** | **Share Options Outstanding Account** | **Special Economic Zone Re-investment reserve <sup>(2)</sup>** | **Other reserves <sup>(3)</sup>** | **Equity instruments through other comprehensive income** | **Exchange differences on translating the financial statements of a foreign operation** | **Effective portion of Cash Flow Hedges** | **Other items of other comprehensive income / (loss)** | <br>**Total equity attributable to equity holders of the Company** | <br>**Non-controlling interest** | <br>**Total equity** |
| **Balance as at April 1, 2024** | **2071** | **54** | **169** | **616** | **68405** | **1214** | **913** | **12104** | **22** | **266** | **2552** | **6** | **(276)** | **88116** | **345** | **88461** |
| **Changes in equity for the nine months ended December 31, 2024** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Profit for the period | *–* | *–* | *–* | *–* | 19680 | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 19680 | 32 | 19712 |
| Remeasurement of the net defined benefit liability/asset, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 53 | 53 | *–* | 53 |
| Equity instruments through other comprehensive income, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (10) | *–* | *–* | *–* | (10) | *–* | (10) |
| Fair value changes on derivatives designated as cash flow hedge, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 32 | *–* | 32 | *–* | 32 |
| Exchange differences on translation of foreign operations | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (28) | *–* | *–* | (28) | 1 | (27) |
| Fair value changes on investments, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 136 | 136 | *–* | 136 |
| **Total Comprehensive income for the period** |  ***–*** |  ***–*** |  ***–*** |  ***–*** | **19680** |  ***–*** |  ***–*** |  ***–*** |  ***–*** | **(10)** | **(28)** | **32** | **189** | **19863** | **33** | **19896** |
| Shares issued on exercise of employee stock options *(Refer to Note 2.11)* | 1 | *–* | *–* | 4 | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 5 | *–* | 5 |
| Employee stock compensation expense *(Refer to Note 2.11)* | *–* | *–* | *–* | *–* | *–* | *–* | 591 | *–* | *–* | *–* | *–* | *–* | *–* | 591 | *–* | 591 |
| Transferred on account of exercise of stock options (Refer to note 2.11) | *–* | *–* | *–* | 253 | *–* | *–* | (253) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Transferred on account of options not exercised | *–* | *–* | *–* | *–* | *–* | 21 | (21) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Income tax benefit arising on exercise of stock options | *–* | *–* | *–* | *–* | *–* | *–* | 12 | *–* | *–* | *–* | *–* | *–* | *–* | 12 | *–* | 12 |
| Transfer to legal reserve | *–* | *–* | *–* | *–* | (2) | *–* | *–* | *–* | 2 | *–* | *–* | *–* | *–* | *–* |  | *–* |
| Dividends <sup>(1)</sup> | *–* | *–* | *–* | *–* | (20295) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (20295) | *–* | (20295) |
| Dividends paid to non controlling interest of subsidiary | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (2) | (2) |
| Transferred to Special Economic Zone Re-investment reserve | *–* | *–* | *–* | *–* | (74) | *–* | *–* | 74 | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Transferred from Special Economic Zone Re-investment reserve to retained earnings | *–* | *–* | *–* | *–* | 2999 | *–* | *–* | (2999) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Transferred from Special Economic Zone Re-investment reserve on utilization | *–* | *–* | *–* | *–* | 377 | *–* | *–* | (377) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| **Balance as at December 31, 2024** | **2072** | **54** | **169** | **873** | **71090** | **1235** | **1242** | **8802** | **24** | **256** | **2524** | **38** | **(87)** | **88292** | **376** | **88668** |

---

**Condensed Consolidated Statement of Changes in Equity (contd.)**

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

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | **OTHER EQUITY** | | | |
| | | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Reserves & Surplus** | **Other comprehensive income** | **Other comprehensive income** | **Other comprehensive income** | **Other comprehensive income** | | | |
| **Particulars**<br>| <br>**Equity Share capital <sup>(1)</sup>** | **Capital reserve** | **Capital redemption reserve** | **Securities Premium** | **Retained earnings** | **General reserve** | **Share Options Outstanding Account** | **Special Economic Zone Re-investment reserve <sup>(2)</sup>** | **Other reserves <sup>(3)</sup>** | **Equity instruments through other comprehensive income** | **Exchange differences on translating the financial statements of a foreign operation** | **Effective portion of Cash Flow Hedges** | **Other items of other comprehensive income / (loss)** | <br>**Total equity attributable to equity holders of the Company** | <br>**Non-controlling interest** | <br>**Total equity** |
| **Balance as at April 1, 2025** | **2073** | **54** | **169** | **1091** | **78627** | **1412** | **1068** | **8298** | **24** | **285** | **2904** | **(18)** | **(169)** | **95818** | **385** | **96203** |
| **Changes in equity for the nine months ended December 31, 2025** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Profit for the period | *–* | *–* | *–* | *–* | 20939 | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 20939 | 26 | 20965 |
| Remeasurement of the net defined benefit liability/asset, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (52) | (52) | *–* | (52) |
| Equity instruments through other comprehensive income, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 23 | *–* | *–* | *–* | 23 | *–* | 23 |
| Fair value changes on derivatives designated as cash flow hedge, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 10 | *–* | 10 | *–* | 10 |
| Exchange differences on translation of foreign operations | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 2218 | *–* | *–* | 2218 | 17 | 2235 |
| Fair value changes on investments, net\* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 66 | 66 | *–* | 66 |
| **Total Comprehensive income for the period** |  ***–*** |  ***–*** |  ***–*** |  ***–*** | **20939** |  ***–*** |  ***–*** |  ***–*** |  ***–*** | **23** | **2218** | **10** | **14** | **23204** | **43** | **23247** |
| Shares issued on exercise of employee stock options *(Refer to Note 2.11)* | 1 | *–* | *–* | 1 | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 2 | *–* | 2 |
| Employee stock compensation expense *(Refer to Note 2.11)* | *–* | *–* | *–* | *–* | *–* | *–* | 687 | *–* | *–* | *–* | *–* | *–* | *–* | 687 | *–* | 687 |
| Transferred on account of exercise of stock options (Refer to Note 2.11) | *–* | *–* | *–* | 266 | *–* | *–* | (266) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Transferred on account of options not exercised | *–* | *–* | *–* | *–* | *–* | 62 | (62) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Income tax benefit arising on exercise of stock options | *–* | *–* | *–* | *–* | *–* | *–* | 14 | *–* | *–* | *–* | *–* | *–* | *–* | 14 | *–* | 14 |
| Financial liability under option arrangements | *–* | *–* | *–* | *–* | (10) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (10) | *–* | (10) |
| Changes in the controlling stake of a subsidiary | *–* | *–* | *–* | *–* | 7 | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | 7 | 2 | 9 |
| Transfer to legal reserve | *–* | *–* | *–* | *–* | (9) | *–* | *–* | *–* | 9 | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Buyback of equity shares | (50) | *–* | *–* | (1244) | (16346) | (360) | *–* | *–* | *–* | *–* | *–* |  | *–* | (18000) | *–* | (18000) |
| Transaction cost relating to buyback\* | *–* | *–* | *–* | (17) | (26) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (43) | *–* | (43) |
| Amount transferred to capital redemption reserve upon Buyback | *–* | *–* | 50 | *–* | *–* | (50) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Dividends <sup>(1)</sup> | *–* | *–* | *–* | *–* | (18653) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (18653) | *–* | (18653) |
| Dividends paid to non controlling interest of subsidiary | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | (3) | (3) |
| Transferred to Special Economic Zone Re-investment reserve | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Transferred from Special Economic Zone Re-investment reserve to retained earnings | *–* | *–* | *–* | *–* | 2214 | *–* | *–* | (2214) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| Transferred from Special Economic Zone Re-investment reserve on utilization | *–* | *–* | *–* | *–* | 709 | *–* | *–* | (709) | *–* | *–* | *–* | *–* | *–* | *–* | *–* | *–* |
| **Balance as at December 31, 2025** | **2024** | **54** | **219** | **97** | **67452** | **1064** | **1441** | **5375** | **33** | **308** | **5122** | **(8)** | **(155)** | **83026** | **427** | **83453** |

---

*\** *Net of tax*

*<sup>(1)</sup>* *Net of treasury shares*

*<sup>(2)</sup>* *The Special Economic Zone Re-investment Reserve has been created out of the profit of eligible SEZ units in terms of the provisions of Sec 10AA(1)(ii) of Income Tax Act, 1961. The reserve should be utilized by the Group for acquiring new plant and machinery for the purpose of its business in the terms of the Sec 10AA(2) of the Income Tax Act, 1961.*

*<sup>(3)</sup>* *Under the Swiss Code of Obligation, few subsidiaries of Infosys Consulting are required to appropriate a certain percentage of the annual profit to legal reserve which may be used only to cover losses or for measures designed to sustain the Company through difficult times, to prevent unemployment or to mitigate its consequences.*

*The accompanying notes form an integral part of the interim condensed consolidated financial statements.*

*As per our report of even date attached*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*for* Deloitte Haskins & Sells LLP | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;*Chartered Accountants* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;Firm's Registration No: | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;117366W/ W-100018<br>| &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp; Vikas Bagaria<br> *Partner*<br>Membership No. 060408 | &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman*<br>DIN: 00041245 | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director*<br>DIN: 01876159<br>| &nbsp;&nbsp; Bobby Parikh<br> *Director*<br>DIN: 00019437 |
|  | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp; A.G.S. Manikantha<br> *Company Secretary*<br>Membership No. A21918 |  |
| &nbsp;&nbsp; Bengaluru<br> January 14, 2026 |  |  |  |

---

**Condensed Consolidated Statement of Cash Flows**

**Accounting policy**

Cash flows are reported using the indirect method, whereby profit for the period is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Group are segregated. The Group considers all highly liquid investments that are readily convertible to known amounts of cash to be cash equivalents.

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

---

| | | | |
|:---|:---|:---|:---|
| **Particulars** | **Note No.** | **Nine months ended December 31,** | **Nine months ended December 31,** |
|  |  | **2025** | **2024** |
| **Cash flow from operating activities** |  |  |  |
| Profit for the period |  | 20965 | 19712 |
| **Adjustments to reconcile net profit to net cash provided by operating activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | 2.15 | 8234 | 8233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization |  | 3478 | 3512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and dividend income |  | (2152) | (1847) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finance cost |  | 310 | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment loss recognized / (reversed) under expected credit loss model |  | 88 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange differences on translation of assets and liabilities, net |  | 637 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock compensation expense |  | 702 | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for post sale client support |  | (61) | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other adjustments |  | 1073 | 557 |
| **Changes in assets and liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables and unbilled revenue |  | (5411) | (2839) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans, other financial assets and other assets |  | (1864) | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade payables |  | 537 | (313) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financial liabilities, other liabilities and provisions |  | 5212 | 1763 |
| **Cash generated from operations** |  | **31748** | **30213** |
| Income taxes (paid) / received |  | (6310) | (2864) |
| **Net cash generated by operating activities** |  | **25438** | **27349** |
| **Cash flows from investing activities** |  |  |  |
| Expenditure on property, plant and equipment and intangibles |  | (1771) | (1514) |
| Deposits placed with corporation |  | (828) | (1075) |
| Redemption of deposits placed with Corporation |  | 573 | 688 |
| Interest and dividend received |  | 2468 | 1750 |
| Payment towards acquisition of business, net of cash acquired | 2.1 | (637) | (3155) |
| Payment of contingent consideration pertaining to acquisition of business |  | (13) | *–* |
| Escrow and other deposits pertaining to Buyback |  | (1815) | *–* |
| Redemption of escrow and other deposits pertaining to Buyback |  | 1815 | *–* |
| Other receipts |  | 15 | 7 |
| Payments to acquire Investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds and government bonds |  | (59) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units |  | (56082) | (54887) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit |  | (9130) | (2793) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Papers |  | (2686) | (2421) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-convertible debentures |  | (2767) | (1361) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government securities |  | (1277) | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investments |  | (36) | (43) |
| Proceeds on sale of Investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds and government bonds |  | 1284 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target Maturity funds |  | 487 | *–* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds units |  | 56255 | 54843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit |  | 9517 | 5199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Papers |  | 5460 | 7135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-convertible debentures |  | 4083 | 1506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government securities |  | 3265 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others |  | *–* | 11 |
| **Net cash generated / (used in) from investing activities** |  | **8121** | **4343** |
| **Cash flows from financing activities** |  |  |  |
| Payment of lease liabilities |  | (2021) | (1775) |
| Payment of dividends |  | (18654) | (20286) |
| Loan repayment of in-tech Holding GmbH |  | *–* | (985) |
| Payment of dividend to non-controlling interest of subsidiary |  | (3) | (2) |
| Shares issued on exercise of employee stock options |  | 2 | 5 |
| Buyback of equity shares including transaction costs |  | (18053) | *–* |
| Other payments |  | (224) | (455) |
| **Net cash used in financing activities** |  | **(38953)** | **(23498)** |
| Net increase / (decrease) in cash and cash equivalents |  | (5394) | 8194 |
| Effect of exchange rate changes on cash and cash equivalents |  | 854 | (176) |
| **Cash and cash equivalents at the beginning of the period** | 2.8 | 24455 | 14786 |
| **Cash and cash equivalents at the end of the period** | 2.8 | **19915** | **22804** |
| **Supplementary information:** |  |  |  |
| Restricted cash balance | 2.8 | 409 | 424 |

---

*The accompanying notes form an integral part of the interim condensed consolidated financial statements.*

*As per our report of even date attached*

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;*for* Deloitte Haskins & Sells LLP | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;*Chartered Accountants* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;Firm's Registration No: | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp;117366W/ W-100018 | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* | &nbsp;&nbsp;*for and on behalf of the Board of Directors of Infosys Limited* |
| &nbsp;&nbsp; Vikas Bagaria<br> *Partner*<br> Membership No. 060408 | &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman*<br> DIN: 00041245 | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director*<br> DIN: 01876159 | &nbsp;&nbsp; Bobby Parikh<br> *Director*<br> DIN: 00019437 |
| &nbsp;&nbsp; Bengaluru<br> January 14, 2026 | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp; A.G.S. Manikantha<br> *Company Secretary*<br> Membership No. A21918 |  |

---

**Overview and notes to the Interim Condensed Consolidated Financial Statements** 

**1. Overview**

**1.1 Company overview**

Infosys Limited ('the Company' or Infosys) provides consulting, technology, outsourcing and next-generation digital services, to enable clients to execute strategies for their digital transformation. Infosys strategic objective is to build a sustainable organization that remains relevant to the agenda of clients, while creating growth opportunities for employees and generating profitable returns for investors. Infosys strategy is to be a navigator for our clients as they ideate, plan and execute on their journey to a digital future.

Infosys together with its subsidiaries and controlled trusts is hereinafter referred to as the "Group".

The Company is a public limited company incorporated and domiciled in India and has its registered office at Electronics city, Hosur Road, Bengaluru 560100, Karnataka, India. The Company has its primary listings on the BSE Ltd. and National Stock Exchange of India Limited. The Company's American Depositary Shares (ADS) representing equity shares are listed on the New York Stock Exchange (NYSE).

The Group's interim condensed consolidated financial statements are approved for issue by the Company's Board of Directors on January 14, 2026.

**1.2 Basis of preparation of financial statements**

These interim condensed consolidated financial statements are prepared in compliance with Indian Accounting Standard (Ind AS) 34 Interim Financial Reporting , under the historical cost convention on accrual basis except for certain financial instruments which are measured at fair values and defined benefit liability/(asset) which is recognised at the present value of defined benefit obligation less fair value of plan assets, the provisions of the Companies Act, 2013 ('the Act') and guidelines issued by the Securities and Exchange Board of India (SEBI). Accordingly, these interim condensed consolidated financial statements do not include all the information required for a complete set of financial statements. These interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in the Company's Annual Report for the year ended March 31, 2025. The Ind AS are prescribed under Section 133 of the Act read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules issued thereafter.

Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use. The material accounting policy information used in preparation of the audited interim condensed consolidated financial statements have been discussed in the respective notes.

As the quarter and year-to-date figures are taken from the source and rounded to the nearest digits, the quarter figures in this statement added up to the figures reported for the previous quarters might not always add up to the year-to-date figures reported in this statement.

**1.3 Basis of consolidation**

Infosys consolidates entities which it owns or controls. The interim condensed consolidated financial statements comprise the financial statements of the Company, its controlled trusts and its subsidiaries. Control exists when the parent has power over the entity, is exposed, or has rights to variable returns from its involvement with the entity and has the ability to affect those returns by using its power over the entity. Power is demonstrated through existing rights that give the ability to direct relevant activities, those which significantly affect the entity's returns. Subsidiaries are consolidated from the date control commences until the date control ceases.

The financial statements of the Group companies are consolidated on a line-by-line basis and intra-group balances and transactions including unrealized gain / loss from such transactions are eliminated upon consolidation. These financial statements are prepared by applying uniform accounting policies in use at the Group. Non-controlling interests which represent part of the net profit or loss and net assets of subsidiaries that are not, directly or indirectly, owned or controlled by the Company, are excluded.

**1.4 Use of estimates and judgments**

The preparation of the interim condensed consolidated financial statements in conformity with Ind AS requires the Management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the interim condensed consolidated financial statements and reported amounts of revenues and expenses during the period. The application of accounting policies that require critical accounting estimates involving complex and subjective judgments and the use of assumptions in these financial statements have been disclosed in *Note no. 1.5*. Critical accounting estimates and judgments could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as Management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates and judgements are reflected in the interim condensed consolidated financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the interim condensed consolidated financial statements.

**1.5 Critical accounting estimates and judgments**

**a. Revenue recognition**

The Group's contracts with customers include promises to transfer multiple products and services to a customer. Revenues from customer contracts are considered for recognition and measurement when the contract has been approved, in writing, by the parties to the contract, the parties to contract are committed to perform their respective obligations under the contract, and the contract is legally enforceable. The Group assesses the services promised in a contract and identifies distinct performance obligations in the contract. Identification of distinct performance obligations to determine the deliverables and the ability of the customer to benefit independently from such deliverables, and allocation of transaction price to these distinct performance obligations involves significant judgment.

Fixed price maintenance revenue is recognized ratably on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period. Revenue from fixed price maintenance contract is recognized ratably using a percentage of completion method when the pattern of benefits from the services rendered to the customer and the Group's costs to fulfil the contract is not even through the period of the contract because the services are generally discrete in nature and not repetitive. The use of method to recognize the maintenance revenues requires judgment and is based on the promises in the contract and nature of the deliverables.

The Group uses the percentage-of-completion method in accounting for other fixed-price contracts. Use of the percentage-of-completion method requires the Group to determine the actual efforts or costs expended to date as a proportion of the estimated total efforts or costs to be incurred. Efforts or costs expended have been used to measure progress towards completion as there is a direct relationship between input and productivity. The estimation of total efforts or costs involves significant judgment and is assessed throughout the period of the contract to reflect any changes based on the latest available information.

Contracts with customers includes subcontractor services or third-party vendor equipment or software in certain integrated services arrangements. In these types of arrangements, revenue from sales of third-party vendor products or services is recorded net of costs when the Group is acting as an agent between the customer and the vendor, and gross when the Group is the principal for the transaction. In doing so, the Group first evaluates whether it obtains control of the specified goods or services before they are transferred to the customer. The Group considers whether it is primarily responsible for fulfilling the promise to provide the specified goods or services, inventory risk, pricing discretion and other factors to determine whether it controls the specified goods or services and therefore, is acting as a principal or an agent.

Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract.

**b. Income taxes**

The Group's two major tax jurisdictions are India and the United States, though the Company also files tax returns in other overseas jurisdictions.

Significant judgments are involved in determining the provision for income taxes, including amount expected to be paid / recovered for uncertain tax positions.

In assessing the realizability of deferred income tax assets, the Management considers whether some portion or all of the deferred income tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible. Management considers the scheduled reversals of deferred income tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred income tax assets are deductible, the Management believes that the Group will realize the benefits of those deductible differences. The amount of the deferred income tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carry forward period are reduced *(Refer to Notes 2.15).*

**c. Business combinations and intangible assets**

Business combinations are accounted for using Ind AS 103, Business Combinations. Ind AS 103 requires us to fair value identifiable intangible assets and contingent consideration to ascertain the net fair value of identifiable assets, liabilities and contingent liabilities of the acquiree. These valuations are conducted by external valuation experts. Estimates are required to be made in determining the value of contingent consideration, value of option arrangements and intangible assets. These measurements are based on information available at the acquisition date and are based on expectations and assumptions that have been deemed reasonable by the Management *(Refer to Note 2.1 and 2.3)*.

**d. Property, plant and equipment** 

Property, plant and equipment represent a significant proportion of the asset base of the Group. The charge in respect of periodic depreciation is derived after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The useful lives and residual values of Group's assets are determined by the Management at the time the asset is acquired and reviewed periodically, including at each financial year end. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology *(Refer to Note 2.2).*

**e. Impairment of Goodwill**

Goodwill is tested for impairment on an annual basis and whenever there is an indication that the recoverable amount of a cash generating unit (CGUs) is less than its carrying amount. For the impairment test, goodwill is allocated to the CGU or groups of CGUs which benefit from the synergies of the acquisition and which represent the lowest level at which goodwill is monitored for internal management purposes.

The recoverable amount of CGUs is determined based on higher of value-in-use and fair value less cost to sell. Key assumptions in the cash flow projections are prepared based on current economic conditions and comprises estimated long term growth rates, weighted average cost of capital and estimated operating margins *(Refer to note 2.3).*

**2. Notes to the Interim Condensed Consolidated Financial Statements**

**2.1 BUSINESS COMBINATIONS**

**Accounting policy**

Business combinations have been accounted for using the acquisition method under the provisions of Ind AS 103, Business Combinations.

The purchase price in an acquisition is measured at the fair value of the assets transferred, equity instruments issued and liabilities incurred or assumed at the date of acquisition, which is the date on which control is transferred to the Group. The purchase price also includes the fair value of any contingent consideration. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value on the date of acquisition. Contingent consideration is remeasured at fair value at each reporting date and changes in the fair value of the contingent consideration are recognized in the interim condensed Consolidated Statement of Profit and Loss.

The interest of non-controlling shareholders is initially measured either at fair value or at the non-controlling interests' proportionate share of the acquiree's identifiable net assets. The choice of measurement basis is made on an acquisition-by-acquisition basis. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests' share of subsequent changes in equity of subsidiaries.

Business combinations between entities under common control is accounted for at carrying value of the assets acquired and liabilities assumed in the Group's consolidated financial statements.

The payments related to options issued by the Group over the non-controlling interests in its subsidiaries are accounted as financial liabilities and initially recognized at the estimated present value of gross obligations. Such options are subsequently measured at fair value in order to reflect the amount payable under the option at the date at which it becomes exercisable. In the event that the option expires unexercised, the liability is derecognized.

**Acquisition**

During the nine months ended December 31, 2025 the Group, completed two business combinations by acquiring 100% partnership interests/voting interests in:

1) MRE Consulting Ltd., a leading Energy and business consulting services company, headquartered in Texas, U.S. on April 30, 2025, which is expected to bring newer capabilities for the Group in trading and risk management, especially in the energy sector.

2) The Missing Link Security Pty. Ltd., The Missing Link Security Limited and The Missing Link Automation Pty. Ltd. (collectively known as "The Missing Link"), a leading Cybersecurity service provider headquartered in Australia on April 30, 2025, which is expected to further strengthen the Group's capabilities in the cybersecurity sector and bolster its presence in the fast growing Australian Market.

The provisional purchase price is allocated to assets acquired and liabilities assumed based upon determination of fair values at the date of acquisition as follows:

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

---

| | | | |
|:---|:---|:---|:---|
| **Component** | **Acquiree's carrying amount** | **Fair value adjustments** | **Purchase price allocated** |
| Net Assets <sup>(1)</sup> | 116 | *–* | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer related<sup>#</sup> | *–* | 222 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Vendor relationship<sup>#</sup> | *–* | 55 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brand<sup>#</sup> | *–* | 20 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax liabilities on intangible assets | *–* | (46) | (46) |
| **Total** | **116** | **251** | **367** |
| Goodwill |  |  | 444 |
| **Total purchase price** |  |  | **811** |

---

*<sup>(1)</sup>* *Includes cash and cash equivalents acquired of ![rupee symbol](rupee-symbol.gif)102 crore.*

*<sup>#</sup>* *The estimated useful life is around 1 year to 7 years*

The excess of the purchase consideration paid over the fair value of assets acquired has been attributed to goodwill. The primary items that generated this goodwill are the value of the acquired assembled workforce and estimated synergies, neither of which qualify as an intangible asset.

Goodwill amounting to ![rupee symbol](rupee-symbol.gif)79 crore is expected to be deductible for tax purposes.

The total purchase consideration of ![rupee symbol](rupee-symbol.gif)811 crore includes upfront cash consideration of ![rupee symbol](rupee-symbol.gif)741 crore and contingent consideration with an estimated fair value of ![rupee symbol](rupee-symbol.gif)70 crore as on the date of acquisition.

At the acquisition date, the key inputs used in determination of the fair value of contingent consideration are the probabilities assigned towards achievement of financial targets and discount rates ranging from 2% - 3%. The undiscounted value of contingent consideration as of December 31, 2025 was approximately ![rupee symbol](rupee-symbol.gif)81 crore.

Additionally, these acquisitions have retention bonus and management incentives payable to the employees of the acquiree over 2-3 years, subject to their continuous employment with the Group and achievement of financial targets for the respective years. Retention bonus and management incentives are recognized in employee benefit expenses in the Consolidated Statement of Profit and Loss over the period of service.

Fair value of trade receivables acquired is ![rupee symbol](rupee-symbol.gif)194 crore as of acquisition date and as of December 31, 2025, the amounts are substantially collected.

Transaction costs that the Group incurs in connection with a business combination such as finder's fees, legal fees, due diligence fees, and other professional and consulting fees are expensed as incurred. The transaction costs of ![rupee symbol](rupee-symbol.gif)34 crore related to the acquisition have been included under administrative expenses in the Consolidated Statement of Profit and Loss for the nine months ended December 31, 2025.

**Proposed Acquisition**

On August 13, 2025, Infosys Singapore Pte. Ltd., a wholly owned subsidiary of Infosys Limited, entered into a definitive agreement to acquire 75% of the equity share capital in Telstra Purple Pty Ltd, including some of its subsidiaries (together known as Versent Group), Australia's leading Digital Transformation Solutions Provider for a consideration including earn-outs and deferred consideration amounting up to AUD 233 million (approximately ![rupee symbol](rupee-symbol.gif)1,335 crore), excluding retention bonus and management incentives, subject to regulatory approvals and customary closing adjustments.

**2.2 PROPERTY, PLANT AND EQUIPMENT**

**Accounting policy**

Property, plant and equipment are stated at cost, less accumulated depreciation and impairment, if any. Costs directly attributable to acquisition are capitalized until the property, plant and equipment are ready for use, as intended by the Management. The charge in respect of periodic depreciation is derived at after determining an estimate of an asset's expected useful life and the expected residual value at the end of its life. The Group depreciates property, plant and equipment over their estimated useful lives using the straight-line method. The estimated useful lives of assets are as follows:

---

| | |
|:---|:---|
| Buildings *<sup>(1)</sup>* | 22-25 years |
| Plant and machinery *<sup>(1)(2)</sup>* | 5 years |
| Office equipment | 5 years |
| Computer equipment *<sup>(1)</sup>* | 3-5 years |
| Furniture and fixtures *<sup>(1)</sup>* | 5 years |
| Vehicles*<sup>(1)</sup>* | 5 years |
| Leasehold improvements | Lower of useful life of the asset or lease term |

---

*<sup>(1)</sup>* *Based on technical evaluation, the Management believes that the useful lives as given above best represent the period over which the Management expects to use these assets. Hence, the useful lives for these assets is different from the useful lives as prescribed under Part C of Schedule II of the Companies Act 2013*

*<sup>(2)</sup>* *Includes Solar plant with a useful life of 25 years*

Depreciation methods, useful lives and residual values are reviewed periodically, including at each financial year end. The useful lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology.

Advances paid towards the acquisition of property, plant and equipment outstanding at each Balance Sheet date is classified as capital advances under other non-current assets and the cost of assets not ready to use before such date are disclosed under 'Capital work-in-progress'. Subsequent expenditures relating to property, plant and equipment is capitalized only when it is probable that future economic benefits associated with these will flow to the Group and the cost of the item can be measured reliably. The cost and related accumulated depreciation are eliminated from the financial statements upon sale or retirement of the asset.

**Impairment**

Property, plant and equipment are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.

If such assets are considered to be impaired, the impairment to be recognized in the Consolidated Statement of Profit and Loss is measured by the amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. An impairment loss is reversed in the Consolidated Statement of Profit and Loss if there has been a change in the estimates used to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated depreciation) had no impairment loss been recognized for the asset in prior years.

The changes in the carrying value of property, plant and equipment for the three months ended December 31, 2025 are as follows:

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Land - Freehold** | **Buildings *<sup>(1)</sup>*** | **Plant and machinery** | **Office Equipment** | **Computer equipment** | **Furniture and fixtures** | **Leasehold Improvements** | **Vehicles** | **Total** |
| **Gross carrying value as at October 1, 2025** | **1499** | **11781** | **3493** | **1672** | **9554** | **2317** | **1364** | **45** | **31725** |
| Additions | 7 | 20 | 26 | 17 | 419 | 34 | 13 | *–* | 536 |
| Deletions\*\* | (66) | (6) | (11) | (14) | (488) | (20) | (40) | *–* | (645) |
| Translation difference | *–* | 30 | 4 | 3 | 10 | 1 | 8 | *–* | 56 |
| **Gross carrying value as at December 31, 2025** | **1440** | **11825** | **3512** | **1678** | **9495** | **2332** | **1345** | **45** | **31672** |
| **Accumulated depreciation as at October 1, 2025** |  ***–*** | **(5598)** | **(2899)** | **(1387)** | **(7156)** | **(1949)** | **(1100)** | **(40)** | **(20129)** |
| Depreciation | *–* | (113) | (46) | (29) | (270) | (43) | (27) | *–* | (528) |
| Accumulated depreciation on deletions\*\* | *–* | *–* | 10 | 14 | 483 | 20 | 40 | *–* | 567 |
| Translation difference | *–* | (10) | (3) | (2) | (6) | (2) | (8) | *–* | (31) |
| **Accumulated depreciation as at December 31, 2025** | *–* | **(5721)** | **(2938)** | **(1404)** | **(6949)** | **(1974)** | **(1095)** | **(40)** | **(20121)** |
| **Carrying value as at October 1, 2025** | **1499** | **6183** | **594** | **285** | **2398** | **368** | **264** | **5** | **11596** |
| **Carrying value as at December 31, 2025** | **1440** | **6104** | **574** | **274** | **2546** | **358** | **250** | **5** | **11551** |

---

The changes in the carrying value of property, plant and equipment for the three months ended December 31, 2024 are as follows:

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Land - Freehold** | **Buildings *<sup>(1)</sup>*** | **Plant and machinery** | **Office Equipment** | **Computer equipment** | **Furniture and fixtures** | **Leasehold Improvements** | **Vehicles** | **Total** |
| **Gross carrying value as at October 1, 2024** | **1432** | **11800** | **3465** | **1578** | **8714** | **2367** | **1449** | **47** | **30852** |
| Additions | *–* | 6 | 8 | 51 | 266 | 24 | 36 | 1 | 392 |
| Deletions\* | *–* | (65) | (13) | (18) | (228) | (15) | (26) | *–* | (365) |
| Translation difference | *–* | (25) | (1) | (3) | (18) | (5) | (8) | *–* | (60) |
| **Gross carrying value as at December 31, 2024** | **1432** | **11716** | **3459** | **1608** | **8734** | **2371** | **1451** | **48** | **30819** |
| **Accumulated depreciation as at October 1, 2024** |  ***–*** | **(5151)** | **(2735)** | **(1309)** | **(6771)** | **(1899)** | **(1165)** | **(42)** | **(19072)** |
| Depreciation |  ***–*** | (111) | (44) | (30) | (309) | (44) | (39) | (1) | (578) |
| Accumulated depreciation on deletions\* |  ***–*** | 6 | 3 | 18 | 224 | 10 | 24 | *–* | 285 |
| Translation difference |  ***–*** | 9 | 2 | 2 | 10 | 3 | 9 | *–* | 35 |
| **Accumulated depreciation as at December 31, 2024** |  ***–*** | **(5247)** | **(2774)** | **(1319)** | **(6846)** | **(1930)** | **(1171)** | **(43)** | **(19330)** |
| **Carrying value as at October 1, 2024** | **1432** | **6649** | **730** | **269** | **1943** | **468** | **284** | **5** | **11780** |
| **Carrying value as at December 31, 2024** | **1432** | **6469** | **685** | **289** | **1888** | **441** | **280** | **5** | **11489** |

---

The changes in the carrying value of property, plant and equipment for the nine months ended December 31, 2025 are as follows:

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Land - Freehold** | **Buildings <sup>(1)</sup>** | **Plant and machinery** | **Office Equipment** | **Computer equipment** | **Furniture and fixtures** | **Leasehold Improvements** | **Vehicles** | **Total** |
| **Gross carrying value as at April 1, 2025** | **1479** | **11721** | **3461** | **1628** | **9306** | **2340** | **1307** | **48** | **31290** |
| Additions | 27 | 29 | 61 | 68 | 1038 | 68 | 45 | 1 | **1337** |
| Additions on Business Combinations *(Refer to note 2.1)* | *–* | *–* | *–* | *–* | 3 | *–* | *–* |  | **3** |
| Deletions\*\* | (66) | (11) | (19) | (30) | (923) | (92) | (42) | (4) | **(1187)** |
| Translation difference | *–* | 86 | 9 | 12 | 71 | 16 | 35 | *–* | **229** |
| **Gross carrying value as at December 31, 2025** | **1440** | **11825** | **3512** | **1678** | **9495** | **2332** | **1345** | **45** | **31672** |
| **Accumulated depreciation as at April 1, 2025** |  ***–*** | **(5358)** | **(2813)** | **(1337)** | **(7013)** | **(1929)** | **(1019)** | **(43)** | **(19512)** |
| Depreciation | *–* | (336) | (135) | (89) | (800) | (124) | (85) | (1) | **(1570)** |
| Accumulated depreciation on deletions\*\* | *–* | 1 | 18 | 30 | 907 | 91 | 42 | 4 | **1093** |
| Translation difference | *–* | (28) | (8) | (8) | (43) | (12) | (33) | *–* | **(132)** |
| **Accumulated depreciation as at December 31, 2025** |  ***–*** | **(5721)** | **(2938)** | **(1404)** | **(6949)** | **(1974)** | **(1095)** | **(40)** | **(20121)** |
| **Carrying value as at April 1, 2025** | **1479** | **6363** | **648** | **291** | **2293** | **411** | **288** | **5** | **11778** |
| **Carrying value as at December 31, 2025** | **1440** | **6104** | **574** | **274** | **2546** | **358** | **250** | **5** | **11551** |

---

\*\* During the three months and nine months ended December 31, 2025, certain assets which were not in use having gross book value of ![rupee symbol](rupee-symbol.gif) 369 crore (net book value: ![rupee symbol](rupee-symbol.gif) Nil) and ![rupee symbol](rupee-symbol.gif) 842 crore (net book value: ![rupee symbol](rupee-symbol.gif) Nil), respectively were retired.

The changes in the carrying value of property, plant and equipment for the nine months ended December 31, 2024 are as follows:

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Land - Freehold** | **Buildings <sup>(1)</sup>** | **Plant and machinery** | **Office Equipment** | **Computer equipment** | **Furniture and fixtures** | **Leasehold Improvements** | **Vehicles** | **Total** |
| **Gross carrying value as at April 1, 2024** | **1432** | **11770** | **3428** | **1528** | **8611** | **2326** | **1447** | **45** | **30587** |
| Additions | *–* | 38 | 52 | 108 | 620 | 81 | 99 | 2 | 1000 |
| Additions on Business Combinations *(Refer to note 2.1)* | *–* | 1 | *–* | 11 | 6 | 23 | *–* | 2 | 43 |
| Deletions\* | *–* | (107) | (22) | (39) | (493) | (55) | (101) | (1) | (818) |
| Translation difference | *–* | 14 | 1 | *–* | (10) | (4) | 6 | *–* | 7 |
| **Gross carrying value as at December 31, 2024** | **1432** | **11716** | **3459** | **1608** | **8734** | **2371** | **1451** | **48** | **30819** |
| **Accumulated depreciation as at April 1, 2024** |  ***–*** | **(4921)** | **(2630)** | **(1269)** | **(6380)** | **(1837)** | **(1138)** | **(42)** | **(18217)** |
| Depreciation |  ***–*** | (335) | (156) | (88) | (957) | (146) | (127) | (2) | (1811) |
| Accumulated depreciation on deletions\* |  ***–*** | 12 | 12 | 38 | 483 | 50 | 99 | 1 | 695 |
| Translation difference |  ***–*** | (3) | *–* | *–* | 8 | 3 | (5) |  ***–*** | 3 |
| **Accumulated depreciation as at December 31, 2024** |  ***–*** | **(5247)** | **(2774)** | **(1319)** | **(6846)** | **(1930)** | **(1171)** | **(43)** | **(19330)** |
| **Carrying value as at April 1, 2024** | **1432** | **6849** | **798** | **259** | **2231** | **489** | **309** | **3** | **12370** |
| **Carrying value as at December 31, 2024** | **1432** | **6469** | **685** | **289** | **1888** | **441** | **280** | **5** | **11489** |

---

\* During the three months and nine months ended December 31, 2024, certain assets which were not in use having gross book value of ![rupee symbol](rupee-symbol.gif)171 crore (net book value: ![rupee symbol](rupee-symbol.gif) Nil) and ![rupee symbol](rupee-symbol.gif)400 crore (net book value: ![rupee symbol](rupee-symbol.gif) Nil), respectively were retired.

*<sup>(1)</sup>* *Buildings include ![rupee symbol](rupee-symbol.gif)250/- being the value of five shares of ![rupee symbol](rupee-symbol.gif)50/- each in Mittal Towers Premises Co-operative Society Limited.*

The aggregate depreciation has been included under depreciation and amortization expense in the condensed Consolidated Statement of Profit and Loss.

Repairs and maintenance costs are recognized in the condensed Consolidated Statement of Profit and Loss when incurred.

Consequent to the Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 ("the Rules"), the Company was required to transfer its CSR capital assets installed prior to January 2021. Towards this the Company had incorporated a subsidiary 'Infosys Green Forum' (IGF) under Section 8 of the Companies Act, 2013. During the year ended March 31, 2022, the Company had completed the transfer of assets upon obtaining the required approvals from regulatory authorities, as applicable. During fiscal 2024, the application filed by IGF for regularization of the provisional registration was rejected and registration cancelled vide order dated March 26, 2024 by Income Tax Commissioner (Exemption). IGF has filed an appeal before Income Tax Tribunal against the order.

**2.3 GOODWILL AND OTHER INTANGIBLE ASSETS**

**2.3.1 Goodwill**

**Accounting policy**

Goodwill represents the purchase consideration in excess of the Group's interest in the net fair value of identifiable assets, liabilities and contingent liabilities of the acquired entity. When the net fair value of the identifiable assets, liabilities and contingent liabilities acquired exceeds purchase consideration, the fair value of net assets acquired is reassessed and the bargain purchase gain is recognized in capital reserve. Goodwill is measured at cost less accumulated impairment losses.

**Impairment**

Goodwill is tested for impairment on an annual basis and whenever there is an indication that the recoverable amount of a cash generating unit (CGU) is less than its carrying amount. For the impairment test, goodwill is allocated to the CGU or groups of CGUs which benefit from the synergies of the acquisition and which represents the lowest level at which goodwill is monitored for internal management purposes. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or group of assets. Impairment occurs when the carrying amount of a CGU including the goodwill, exceeds the estimated recoverable amount of the CGU. The recoverable amount of a CGU is the higher of its fair value less cost to sell and its value-in-use. Value-in-use is the present value of future cash flows expected to be derived from the CGU. Key assumptions in the cash flow projections are prepared based on current economic conditions and includes estimated long term growth rates, weighted average cost of capital and estimated operating margins.

Following is a summary of changes in the carrying amount of goodwill:

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

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| **Carrying value at the beginning** | **10106** | **7303** |
| Goodwill on acquisitions *(Refer to note 2.1)* | 444 | 2593 |
| Translation differences | 1084 | 210 |
| **Carrying value at the end** | **11634** | **10106** |

---

For the purpose of impairment testing, goodwill acquired in a business combination is allocated to the CGU or groups of CGUs, which benefit from the synergies of the acquisition.

**2.3.2 Intangible Assets**

**Accounting policy**

Intangible assets are stated at cost less accumulated amortization and impairment. Intangible assets are amortized over their respective individual estimated useful lives on a straight-line basis, from the date that they are available for use. The estimated useful life of an identifiable intangible asset is based on a number of factors including the effects of obsolescence, demand, competition, and other economic factors (such as the stability of the industry, and known technological advances) and the level of maintenance expenditures required to obtain the expected future cash flows from the asset. Amortization methods and useful lives are reviewed periodically including at each financial year end.

Research costs are expensed as incurred. Software product development costs are expensed as incurred unless technical and commercial feasibility of the project is demonstrated, future economic benefits are probable, the Group has an intention and ability to complete and use or sell the software and the costs can be measured reliably. The costs which can be capitalized include the cost of material, direct labor, overhead costs that are directly attributable to prepare the asset for its intended use.

**Impairment**

Intangible assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the CGU to which the asset belongs.

If such assets are considered to be impaired, the impairment to be recognized in the Consolidated Statement of Profit and Loss is measured by the amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. An impairment loss is reversed in the Consolidated Statement of Profit and Loss if there has been a change in the estimates used to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been determined (net of any accumulated amortization) had no impairment loss been recognized for the asset in prior years.

**2.4 INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| **Non-current Investments** |  |  |
| &nbsp;&nbsp;&nbsp;**Unquoted** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at fair value through other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preference securities | 173 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities | 2 | 2 |
|  | **175** | **169** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at fair value through profit or loss** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target maturity fund units | *–* | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity and Preference securities | 25 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others <sup>(1)</sup> | 242 | 196 |
|  | **267** | **686** |
| &nbsp;&nbsp;&nbsp;**Quoted** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at amortized cost** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government bonds | 23 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds | 409 | 1465 |
|  | **432** | **1481** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at fair value through other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non convertible debentures | 3313 | 3320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities | 77 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government securities | 4635 | 5346 |
|  | **8025** | **8723** |
| **Total non-current investments** | **8899** | **11059** |
| **Current Investments** |  |  |
| &nbsp;&nbsp;&nbsp;**Unquoted** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at fair value through profit or loss** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units | 1970 | 1957 |
|  | **1970** | **1957** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at fair value through other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial Paper | 970 | 3641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | 3264 | 3504 |
|  | **4234** | **7145** |
| &nbsp;&nbsp;&nbsp;**Quoted** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Investments carried at amortized cost** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government bonds | 53 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds | 48 | 154 |
|  | **101** | **169** |
| &nbsp;&nbsp;&nbsp;**Investments carried at fair value through other comprehensive income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non convertible debentures | 231 | 1549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government securities | 375 | 1662 |
|  | **606** | **3211** |
| **Total current investments** | **6911** | **12482** |
| **Total investments** | **15810** | **23541** |
| Aggregate amount of quoted investments | 9164 | 13584 |
| Market value of quoted investments (including interest accrued), current | 704 | 3369 |
| Market value of quoted investments (including interest accrued), non current | 8479 | 10392 |
| Aggregate amount of unquoted investments | 6646 | 9957 |
| Investments carried at amortized cost | 533 | 1650 |
| Investments carried at fair value through other comprehensive income | 13040 | 19248 |
| Investments carried at fair value through profit or loss | 2237 | 2643 |

---

*<sup>(1)</sup>* *Uncalled capital commitments outstanding as at December 31, 2025 and March 31, 2025 was ![rupee symbol](rupee-symbol.gif)94 crore and ![rupee symbol](rupee-symbol.gif)122 crore, respectively.*

*Refer to Note 2.10 for Accounting policies on Financial Instruments.*

**Method of fair valuation:**

 

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

---

| | | | |
|:---|:---|:---|:---|
| | | **Fair value as at** | **Fair value as at** |
| **Class of investment** | **Method** | **December 31, 2025** | **March 31, 2025** |
| Mutual fund units - carried at fair value through profit or loss | Quoted price | 1970 | 1957 |
| Target maturity fund units - carried at fair value through profit or loss | Quoted price | *–* | 465 |
| Tax free bonds and government bonds - carried at amortized cost | Quoted price and market observable inputs | 551 | 1812 |
| Non-convertible debentures - carried at fair value through other comprehensive income | Quoted price and market observable inputs | 3544 | 4869 |
| Government securities - carried at fair value through other comprehensive income | Quoted price and market observable inputs | 5010 | 7008 |
| Commercial Papers - carried at fair value through other comprehensive income | Market observable inputs | 970 | 3641 |
| Certificates of deposit - carried at fair value through other comprehensive income | Market observable inputs | 3264 | 3504 |
| Quoted Equity securities - carried at fair value through other comprehensive income | Quoted price | 77 | 57 |
| Unquoted equity and preference securities - carried at fair value through profit or loss | Discounted cash flows method, Market multiples method, Option pricing model | 25 | 25 |
| Unquoted equity and preference securities - carried at fair value through other comprehensive income | Discounted cash flows method, Market multiples method, Option pricing model | 175 | 169 |
| Others - carried at fair value through profit or loss | Discounted cash flows method, Market multiples method, Option pricing model | 242 | 196 |
| **Total** |  | **15828** | **23703** |

---

*Note: Certain quoted investments are classified as Level 2 in the absence of active market for such investments.*

**2.5 LOANS**

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

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| **Non Current** |  |  |
| Loans considered good - Unsecured |  |  |
| &nbsp;&nbsp;&nbsp;Other loans |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans to employees | 9 | 16 |
|  | **9** | **16** |
| Loans credit impaired - Unsecured |  |  |
| &nbsp;&nbsp;&nbsp;Other loans |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans to employees | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Allowance for credit impairment | (3) | (3) |
|  |  ***–*** |  ***–*** |
| **Total non-current loans** | **9** | **16** |
| **Current** |  |  |
| Loans considered good - Unsecured |  |  |
| &nbsp;&nbsp;&nbsp;Other loans |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans to employees | 234 | 249 |
| **Total current loans** | **234** | **249** |
| **Total loans** | **243** | **265** |

---

**2.6 OTHER FINANCIAL ASSETS**

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

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| **Non Current** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security deposits <sup>(1)</sup> | 276 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenues <sup>(1)#</sup> | 1858 | 2031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted deposits <sup>(1)\*</sup> | 116 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment in lease<sup>(1)</sup> | 1156 | 1106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others <sup>(1)</sup> | 13 | 19 |
| **Total non-current other financial assets** | **3419** | **3511** |
| **Current** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Security deposits <sup>(1)</sup> | 68 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted deposits <sup>(1)\*</sup> | 3170 | 2949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenues <sup>(1)#</sup> | 8679 | 8183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest accrued but not due <sup>(1)</sup> | 362 | 842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward and options contracts <sup>(2) (3)</sup> | 49 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment in lease<sup>(1)</sup> | 1465 | 1139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others <sup>(1)</sup> | 547 | 470 |
| **Total current other financial assets** | **14340** | **13840** |
| **Total other financial assets** | **17759** | **17351** |
| <sup>(1)</sup> Financial assets carried at amortized cost | 17710 | 17159 |
| <sup>(2)</sup> Financial assets carried at fair value through other comprehensive income | 24 | 28 |
| <sup>(3)</sup> Financial assets carried at fair value through profit or loss | 25 | 164 |

---

\* Restricted deposits represent deposits with financial institutions to settle employee related obligations as and when they arise during the normal course of business.

# Classified as financial asset as right to consideration is unconditional and is due only after a passage of time.

**2.7 TRADE RECEIVABLES**

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

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| **Current** |  |  |
| Trade Receivable considered good - Unsecured | 36748 | 31670 |
| Less: Allowance for expected credit loss | 617 | 512 |
| Trade Receivable considered good - Unsecured | 36131 | 31158 |
| Trade Receivable - credit impaired - Unsecured | 225 | 206 |
| Less: Allowance for credit impairment | 225 | 206 |
| Trade Receivable - credit impaired - Unsecured | *–* | *–* |
| **Total trade receivables** | **36131** | **31158** |

---

**2.8 CASH AND CASH EQUIVALENTS**

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

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| Balances with banks |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In current and deposit accounts | 19915 | 24455 |
| Cash on hand | *–* | *–* |
| **Total cash and cash equivalents** | **19915** | **24455** |
| *Balances with banks in unpaid dividend accounts* | 44 | 45 |
| *Deposit with more than 12 months maturity* | 53 | 75 |

---

Cash and cash equivalents as at December 31, 2025 and March 31, 2025 include restricted cash and bank balances of ![rupee symbol](rupee-symbol.gif)409 crore and ![rupee symbol](rupee-symbol.gif)424 crore respectively. The restrictions are primarily on account of bank balances held by irrevocable trusts controlled by the company.

The deposits maintained by the Group with banks and financial institutions comprise of time deposits, which can be withdrawn by the Group at any point without prior notice or penalty on the principal.

**2.9 OTHER ASSETS**

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

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| **Non-current** |  |  |
| &nbsp;&nbsp;&nbsp;Capital advances | 182 | 208 |
| &nbsp;&nbsp;&nbsp;Advances other than capital advances |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withholding taxes and others\* | 612 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenues <sup>#</sup> | 159 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Defined benefit plan assets | 12 | 297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 522 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred Contract Cost |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of obtaining a contract | 505 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of fulfillment | 882 | 879 |
| **Total non-current other assets** | **2874** | **2713** |
| **Current** |  |  |
| &nbsp;&nbsp;&nbsp;Advances other than capital advances |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment to vendors for supply of goods | 256 | 413 |
| &nbsp;&nbsp;&nbsp;Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenues <sup>#</sup> | 4597 | 4668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withholding taxes and others\* | 3021 | 2841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 3925 | 3080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred Contract Cost |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of obtaining a contract | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 348 | 343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of fulfillment | 617 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables | 134 | 91 |
| **Total current other assets** | **12898** | **11940** |
| **Total other assets** | **15772** | **14653** |

---

 

<sup>#</sup> Classified as non financial asset as the contractual right to consideration is dependent on completion of contractual milestones.

\* Withholding taxes and others primarily consist of input tax credits and VAT recoverable from tax authorities.

**2.10 FINANCIAL INSTRUMENTS**

**Accounting policy**

**2.10.1 Initial recognition**

The Group recognizes financial assets and financial liabilities when it becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are recognized at fair value on initial recognition, except for trade receivables which are initially measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities, which are not at fair value through profit or loss, are added to the fair value on initial recognition. Regular way purchase and sale of financial assets are accounted for at trade date.

**2.10.2 Subsequent measurement**

**a. Non-derivative financial instruments**

***(i) Financial assets carried at amortized cost***

A financial asset is subsequently measured at amortized cost if it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

***(ii) Financial assets carried at fair value through other comprehensive income (FVOCI)***

A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Group has made an irrevocable election for certain investments which are classified as equity instruments to present the subsequent changes in fair value in other comprehensive income based on its business model.

***(iii) Financial assets carried at fair value through profit or loss (FVTPL)***

A financial asset which is not classified in any of the above categories is subsequently fair valued through profit or loss.

***(iv) Financial liabilities***

Financial liabilities are subsequently carried at amortized cost using the effective interest method, except for contingent consideration and financial liability under option arrangements recognized in a business combination which is subsequently measured at fair value through profit or loss.

**b. Derivative financial instruments**

The Group holds derivative financial instruments such as foreign exchange forward and option contracts to mitigate the risk of changes in exchange rates on foreign currency exposures. The counterparty for such contracts is generally a bank.

***(i) Financial assets or financial liabilities, carried at fair value through profit or loss.***

This category includes derivative financial assets or liabilities which are not designated as hedges.

Although the Group believes that these derivatives constitute hedges from an economic perspective, they may not qualify for hedge accounting under Ind AS 109, Financial Instruments. Any derivative that is either not designated as hedge, or is so designated but is ineffective as per Ind AS 109, is categorized as a financial asset or financial liability, at fair value through profit or loss.

Derivatives not designated as hedges are recognized initially at fair value and attributable transaction costs are recognized in net profit in the Consolidated Statement of Profit and Loss when incurred. Subsequent to initial recognition, these derivatives are measured at fair value through profit or loss and the resulting exchange gains or losses are included in other income. Assets/ liabilities in this category are presented as current assets/current liabilities if they are either held for trading or are expected to be realized within 12 months after the Balance Sheet date.

***(ii) Cash flow hedge***

Primarily, the Group designates certain foreign exchange forward and options contracts as cash flow hedges to mitigate the risk of foreign exchange exposure on highly probable forecast cash transactions.

When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the cash flow hedging reserve. Any ineffective portion of changes in the fair value of the derivative is recognized immediately in the net profit in the interim condensed Consolidated Statement of Profit and Loss. If the hedging instrument no longer meets the criteria for hedge accounting, then hedge accounting is discontinued prospectively. If the hedging instrument expires or is sold, terminated or exercised, the cumulative gain or loss on the hedging instrument recognized in cash flow hedging reserve till the period the hedge was effective remains in cash flow hedging reserve until the forecasted transaction occurs. The cumulative gain or loss previously recognized in the cash flow hedging reserve is transferred to the net profit in the Interim condensed Consolidated Statement of Profit and Loss upon the occurrence of the related forecasted transaction. If the forecasted transaction is no longer expected to occur, then the amount accumulated in cash flow hedging reserve is reclassified to net profit in the Interim condensed Consolidated Statement of Profit and Loss.

**2.10.3 Derecognition of financial instruments**

The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition under Ind AS 109. A financial liability (or a part of a financial liability) is derecognized from the Group's Balance Sheet when the obligation specified in the contract is discharged or cancelled or expires.

**2.10.4 Fair value of financial instruments**

In determining the fair value of its financial instruments, the Group uses a variety of methods and assumptions that are based on market conditions and risks existing at each reporting date. The methods used to determine fair value include discounted cash flow analysis, option pricing model, market multiples, available quoted market prices and dealer quotes. All methods of assessing fair value result in general approximation of value, and such value may never actually be realized.

Refer to table 'Financial instruments by category' below for the disclosure on carrying value and fair value of financial assets and liabilities. For financial assets and liabilities maturing within one year from the Balance Sheet date and which are not carried at fair value, the carrying amounts approximates fair value due to the short maturity of these instruments.

**2.10.5 Impairment** 

The Group recognizes loss allowances using the expected credit loss (ECL) model for the financial assets and unbilled revenue which are not fair valued through profit or loss. Loss allowance for trade receivables and unbilled revenues with no significant financing component is measured at an amount equal to lifetime ECL. For all other financial assets, ECLs are measured at an amount equal to the 12-month ECL, unless there has been a significant increase in credit risk from initial recognition in which case those are measured at lifetime ECL.

The Group determines the allowance for credit losses based on historical loss experience adjusted to reflect current and estimated future economic conditions. The Group considers current and anticipated future economic conditions relating to industries the Group deals with and the countries where it operates.

The amount of ECL (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recorded is recognized as an impairment loss or gain in Interim condensed Consolidated Statement of Profit and Loss.

**Financial instruments by category**

The carrying value and fair value of financial instruments by categories as at December 31, 2025 are as follows:

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Financial assets/ liabilities at fair value through profit or loss** | **Financial assets/ liabilities at fair value through profit or loss** | **Financial assets/liabilities at fair value through OCI** | **Financial assets/liabilities at fair value through OCI** | | |
| **Particulars** | **Amortized <br> cost** | **Designated upon initial recognition** | **Mandatory** | **Equity instruments designated upon initial recognition** | **Mandatory** | **Total carrying value** | **Total fair value** |
| **Assets:** |  |  |  |  |  |  |  |
| Cash and cash equivalents *(Refer to Note 2.8)* | 19915 | *–* | *–* | *–* | *–* | 19915 | 19915 |
| Investments *(Refer to Note 2.4)* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity and preference securities | *–* | 25 | *–* | 252 | *–* | 277 | 277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds and government bonds | 533 | *–* | *–* | *–* | *–* | 533 | 551<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units | *–* | *–* | 1970 | *–* | *–* | 1970 | 1970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non convertible debentures | *–* | *–* | *–* | *–* | 3544 | 3544 | 3544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government securities | *–* | *–* | *–* | *–* | 5010 | 5010 | 5010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial paper | *–* | *–* | *–* | *–* | 970 | 970 | 970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | *–* | *–* | *–* | *–* | 3264 | 3264 | 3264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other investments | *–* | *–* | 242 | *–* | *–* | 242 | 242 |
| Trade receivables *(Refer to Note 2.7)* | 36131 | *–* | *–* | *–* | *–* | 36131 | 36131 |
| Loans *(Refer to Note 2.5)* | 243 | *–* | *–* | *–* | *–* | 243 | 243 |
| Other financials assets *(Refer to Note 2.6)* | 17710 | *–* | 25 | *–* | 24 | 17759 | 17741<sup>(2)</sup> |
| **Total** | **74532** | **25** | **2237** | **252** | **12812** | **89858** | **89858** |
| **Liabilities:** |  |  |  |  |  |  |  |
| Trade payables | 4826 | *–* | *–* | *–* | *–* | 4826 | 4826 |
| Lease liabilities *(Refer to Note 2.19)* | 8796 | *–* | *–* | *–* | *–* | 8796 | 8796 |
| Financial Liability under option arrangements *(Refer to Note 2.12)* | *–* | *–* | 756 | *–* | *–* | 756 | 756 |
| Other financial liabilities *(Refer to Note 2.12)* | 17167 | *–* | 469 | *–* | 20 | 17656 | 17656 |
| **Total** | **30789** |  ***–*** | **1225** |  ***–*** | **20** | **32034** | **32034** |

---

*<sup>(1)</sup>* *On account of fair value changes including interest accrued*

*<sup>(2)</sup>* *Excludes interest accrued on tax free bonds and government bonds carried at amortized cost of ![rupee symbol](rupee-symbol.gif)18 crore*

The carrying value and fair value of financial instruments by categories as at March 31, 2025 were as follows:

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Financial assets/ liabilities at fair value through profit or loss** | **Financial assets/ liabilities at fair value through profit or loss** | **Financial assets/liabilities at fair value through OCI** | **Financial assets/liabilities at fair value through OCI** | | |
| **Particulars** | **Amortized cost** | **Designated upon initial recognition** | **Mandatory** | **Equity instruments designated upon initial recognition** | **Mandatory** | **Total carrying value** | **Total fair value** |
| **Assets:** |  |  |  |  |  |  |  |
| Cash and cash equivalents *(Refer to Note 2.8)* | 24455 | *–* | *–* | *–* | *–* | 24455 | 24455 |
| Investments *(Refer to Note 2.4)* |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity and preference securities | *–* | 25 | *–* | 226 | *–* | 251 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax free bonds and government bonds | 1650 | *–* | *–* | *–* | *–* | 1650 | 1812<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mutual fund units | *–* | *–* | 1957 | *–* | *–* | 1957 | 1957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Target maturity fund units | *–* | *–* | 465 | *–* | *–* | 465 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non convertible debentures | *–* | *–* | *–* | *–* | 4869 | 4869 | 4869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government securities | *–* | *–* | *–* | *–* | 7008 | 7008 | 7008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commercial paper | *–* | *–* | *–* | *–* | 3641 | 3641 | 3641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certificates of deposit | *–* | *–* | *–* | *–* | 3504 | 3504 | 3504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other investments | *–* | *–* | 196 | *–* | *–* | 196 | 196 |
| Trade receivables *(Refer to Note 2.7)* | 31158 | *–* | *–* | *–* | *–* | 31158 | 31158 |
| Loans *(Refer to Note 2.5)* | 265 | *–* | *–* | *–* | *–* | 265 | 265 |
| Other financials assets *(Refer to Note 2.6)* | 17159 | *–* | 164 | *–* | 28 | 17351 | 17271<sup>(2)</sup> |
| **Total** | **74687** | **25** | **2782** | **226** | **19050** | **96770** | **96852** |
| **Liabilities:** |  |  |  |  |  |  |  |
| Trade payables | 4164 | *–* | *–* | *–* | *–* | 4164 | 4164 |
| Lease liabilities *(Refer to Note 2.19)* | 8227 | *–* | *–* | *–* | *–* | 8227 | 8227 |
| Financial Liability under option arrangements *(Refer to Note 2.12)* | *–* | *–* | 667 | *–* | *–* | 667 | 667 |
| Other financial liabilities *(Refer to Note 2.12)* | 16511 | *–* | 61 | *–* | 33 | 16605 | 16605 |
| **Total** | **28902** |  ***–*** | **728** |  ***–*** | **33** | **29663** | **29663** |

---

*<sup>(1)</sup>* *On account of fair value changes including interest accrued*

*<sup>(2)</sup>* *Excludes interest accrued on tax free bonds and government bonds carried at amortized cost of ![rupee symbol](rupee-symbol.gif)80 crore*

For trade receivables, trade payables, other assets and payables maturing within one year from the Balance Sheet date, the carrying amounts approximate the fair value due to the short maturity of these instruments.

**Fair value hierarchy**

**Level 1** - Quoted prices (unadjusted) in active markets for identical assets or liabilities.

**Level 2 -** Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

**Level 3** - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at December 31, 2025 is as follows:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Fair value measurement at end of the reporting period using** | **Fair value measurement at end of the reporting period using** | **Fair value measurement at end of the reporting period using** |
| **Particulars** | **As at December 31, 2025** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |  |
| **Investments (Refer to note 2.4)** |  |  |  |  |
| Investments in mutual fund units | 1970 | 1970 | *–* | *–* |
| Investments in target maturity fund units | *–* | *–* | *–* | *–* |
| Investments in tax free bonds | 475 | 427 | 48 | *–* |
| Investments in government bonds | 76 | 76 | *–* | *–* |
| Investments in non convertible debentures | 3544 | 3544 | *–* | *–* |
| Investments in government securities | 5010 | 4938 | 72 | *–* |
| Investments in equity securities | 79 | 77 | *–* | 2 |
| Investments in preference securities | 198 | *–* | *–* | 198 |
| Investments in commercial paper | 970 | *–* | 970 | *–* |
| Investments in certificates of deposit | 3264 | *–* | 3264 | *–* |
| Other investments | 242 | *–* | *–* | 242 |
| **Others** |  |  |  |  |
| Derivative financial instruments - gain *(Refer to Note 2.6)* | 49 | *–* | 49 | *–* |
| **Liabilities** |  |  |  |  |
| Derivative financial instruments - loss *(Refer to Note 2.12)* | 392 | *–* | 392 | *–* |
| Financial liability under option arrangements *(Refer to Note 2.12)* <sup>(1)</sup> | 756 | *–* | *–* | 756 |
| Liability towards contingent consideration *(Refer to Note 2.12)*<sup>(2)</sup> | 97 | *–* | *–* | 97 |

---

*<sup>(1)</sup>* *Discount rate ranges from 9% to 15%*

*<sup>(2)</sup>* *Discount rate ranges from 3% to 6%*

During the nine months ended December 31, 2025, tax free bonds of ![rupee symbol](rupee-symbol.gif)60 crore was transferred from Level 2 to Level 1 of fair value hierarchy, since these were valued based on quoted price. Further, state government securities of ![rupee symbol](rupee-symbol.gif)36 crore were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs.

The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at March 31, 2025 was as follows:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | | **Fair value measurement at end of the reporting period using** | **Fair value measurement at end of the reporting period using** | **Fair value measurement at end of the reporting period using** |
| **Particulars** | **As at March 31, 2025** | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |  |
| **Investments (Refer to note 2.4)** |  |  |  |  |
| Investments in mutual fund units | 1957 | 1957 | *–* | *–* |
| Investments in target maturity fund units | 465 | 465 | *–* | *–* |
| Investments in tax free bonds | 1781 | 1227 | 554 | *–* |
| Investments in government bonds | 31 | 31 | *–* | *–* |
| Investments in non convertible debentures | 4869 | 4869 | *–* | *–* |
| Investments in government securities | 7008 | 6972 | 36 | *–* |
| Investments in equity securities | 59 | 57 | *–* | 2 |
| Investments in preference securities | 192 | *–* | *–* | 192 |
| Investments in commercial paper | 3641 | *–* | 3641 | *–* |
| Investments in certificates of deposit | 3504 | *–* | 3504 | *–* |
| Other investments | 196 | *–* | *–* | 196 |
| **Others** |  |  |  |  |
| Derivative financial instruments - gain *(Refer to Note 2.6)* | 192 | *–* | 192 | *–* |
| **Liabilities** |  |  |  |  |
| Derivative financial instruments - loss *(Refer to Note 2.12)* | 63 | *–* | 63 | *–* |
| Financial liability under option arrangements *(Refer to Note 2.12)* <sup>(1)</sup> | 667 | *–* | *–* | 667 |
| Liability towards contingent consideration *(Refer to Note 2.12)* <sup>(2)</sup> | 31 | *–* | *–* | 31 |

---

*<sup>(1)</sup>* *Discount rate ranges from 9% to 15%*

*<sup>(2)</sup>* *Discount rate - 6%*

During the year ended March 31, 2025, government securities and non convertible debentures of ![rupee symbol](rupee-symbol.gif)297 crore was transferred from Level 2 to Level 1 of fair value hierarchy, since these were valued based on quoted price. Further, non convertible debentures and tax free bonds of ![rupee symbol](rupee-symbol.gif)554 crore were transferred from Level 1 to Level 2 of fair value hierarchy, since these were valued based on market observable inputs.

A one percentage point change in the unobservable inputs used in fair valuation of Level 3 assets and liabilities does not have a significant impact in its value.

Majority of investments of the Group are fair valued based on Level 1 or Level 2 inputs. These investments primarily include investment in mutual fund units, target maturity fund units, tax-free bonds, certificates of deposit, commercial papers, treasury bills, government securities, non-convertible debentures, quoted bonds issued by government and quasi-government organizations. The Group invests after considering counterparty risks based on multiple criteria including Tier I capital, Capital Adequacy Ratio, Credit Rating, Profitability, NPA levels and Deposit base of banks and financial institutions. These risks are monitored regularly as per Group's risk management program.

**2.11 EQUITY**

**Accounting policy**

**Ordinary Shares**

Ordinary shares are classified as equity share capital. Incremental costs directly attributable to the issuance of new ordinary shares, share options and buyback are recognized as a deduction from equity, net of any tax effects.

**Treasury Shares**

When any entity within the Group purchases the company's ordinary shares, the consideration paid including any directly attributable incremental cost is presented as a deduction from total equity, until they are cancelled, sold or reissued. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus or deficit on the transaction is transferred to / from securities premium.

**Description of reserves**

**Capital Redemption Reserve**

In accordance with section 69 of the Indian Companies Act, 2013, the Company creates capital redemption reserve equal to the nominal value of the shares bought back as an appropriation from general reserve / retained earnings.

**Retained earnings**

Retained earnings represent the amount of accumulated earnings of the Group.

**Securities premium**

The amount received in excess of the par value of equity shares has been classified as securities premium. Amounts have been utilized for bonus issue and share buyback from share premium account.

**Share options outstanding account**

The share options outstanding account is used to record the fair value of equity-settled share based payment transactions with employees. The amounts recorded in share options outstanding account are transferred to securities premium upon exercise of stock options and transferred to general reserve on account of stock options not exercised by employees.

**Special Economic Zone Re-investment reserve**

The Special Economic Zone Re-investment reserve has been created out of the profit of the eligible SEZ unit in terms of the provisions of Sec 10AA (1)(ii) of Income Tax Act, 1961. The reserve should be utilized by the Company for acquiring new plant and machinery for the purpose of its business in terms of the provisions of the Sec 10AA (2) of the Income Tax Act, 1961.

**Other components of equity**

Other components of equity include currency translation, remeasurement of net defined benefit liability / asset, equity instruments fair valued through other comprehensive income, changes on fair valuation of investments and changes in fair value of derivatives designated as cash flow hedges, net of taxes.

**Currency translation reserve**

The exchange differences arising from the translation of financial statements of foreign subsidiaries with functional currency other than Indian rupees is recognized in other comprehensive income and is presented within equity.

**Cash flow hedge reserve**

When a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognized in other comprehensive income and accumulated in the cash flow hedging reserve. The cumulative gain or loss previously recognized in the cash flow hedging reserve is transferred to the interim condensed Consolidated Statement of Profit and Loss upon the occurrence of the related forecasted transaction.

**EQUITY SHARE CAPITAL**

*(In ![rupee symbol](rupee-symbol.gif) crore, except as otherwise stated)*

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| **Authorized** |  |  |
| Equity shares, ![rupee symbol](rupee-symbol.gif)5 par value |  |  |
| 480,00,00,000 (4800000000) equity shares | 2400 | 2400 |
| **Issued, Subscribed and Paid-Up** |  |  |
| Equity shares, ![rupee symbol](rupee-symbol.gif)5 par value<sup>(1)</sup> | 2024 | 2073 |
| 404,56,83,463 (4143607528) equity shares fully paid-up<sup>(2)</sup> |  |  |
|  | **2024** | **2073** |

---

Note: Forfeited shares amounted to ![rupee symbol](rupee-symbol.gif)1,500 (![rupee symbol](rupee-symbol.gif)1,500)

*<sup>(1)</sup>* *Refer to Note 2.20 for details of basic and diluted shares*

*<sup>(2)</sup>* *Net of treasury shares 89,84,436 (96,55,927)*

The Company has only one class of shares referred to as equity shares having a par value of ![rupee symbol](rupee-symbol.gif)5/-. Each holder of equity shares is entitled to one vote per share. The equity shares represented by American Depositary Shares (ADS) carry similar rights to voting and dividends as the other equity shares. Each ADS represents one underlying equity share.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company in proportion to the number of equity shares held by the shareholders, after distribution of all preferential amounts. However, no such preferential amounts exist currently, other than the amounts held by irrevocable controlled trusts. For irrevocable controlled trusts, the corpus would be settled in favor of the beneficiaries.

There are no voting, dividend or liquidation rights to the holders of options issued under the company's share option plans

For details of shares reserved for issue under the employee stock option plan of the Company refer to the note below.

The reconciliation of the number of shares outstanding and the amount of share capital as at December 31, 2025 and March 31, 2025 are as follows:

*(In ![rupee symbol](rupee-symbol.gif) crore, except as stated otherwise)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As at December 31, 2025** | **As at December 31, 2025** | **As at March 31, 2025** | **As at March 31, 2025** |
| **Particulars** | **Number of shares** | **Amount** | **Number of shares** | **Amount** |
| **As at the beginning of the period** | **4143607528** | **2073** | **4139950635** | **2071** |
| Add: Shares issued on exercise of employee stock options | 2075935 | 1 | 3656893 | 2 |
| Less: Shares bought back | 100000000 | 50 | *–* | *–* |
| **As at the end of the period** | **4045683463** | **2024** | **4143607528** | **2073** |

---

**Capital allocation policy** 

Effective 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.

**Buyback completed in December 2025**

In line with the capital allocation policy, the Board, at its meeting held on September 11, 2025, approved a proposal for the Company to buyback its fully paid-up equity shares of face value of ![rupee symbol](rupee-symbol.gif)5/- each from the eligible equity shareholders of the Company for an amount of ![rupee symbol](rupee-symbol.gif)18,000 crore subject to shareholders' approval by way of Postal Ballot. The shareholders approved the said proposal of buyback of Equity Shares recommended by its Board of Directors by way of e-voting through postal ballot, the results of which were declared on November 6, 2025. The Buyback offer comprised a purchase of 10,00,00,000 Equity Shares comprising approximately 2.41% of the total paid-up equity share capital of the Company as of June 30, 2025 (on standalone basis) at a price of ![rupee symbol](rupee-symbol.gif)1,800 per Equity share. The buyback was offered to all eligible equity shareholders (including those who became equity shareholders as on the Record date by cancelling American Depository Shares and withdrawing underlying Equity shares) of the Company as on the Record Date (i.e. November 14, 2025) on a proportionate basis through the "Tender offer" route. The tender period for buyback commenced on November 20, 2025 and was open until November 26, 2025. The Company concluded the buyback procedures on December 4, 2025 and 10,00,00,000 equity shares were bought back and extinguished. The buyback resulted in cash outflow of ![rupee symbol](rupee-symbol.gif)18,000 crore (excluding transaction costs). The Company funded the buyback from its free reserves including securities premium as explained in Section 68 of the Companies Act, 2013. In accordance with Section 69 of the Companies Act, 2013, the Company has created a Capital Redemption Reserve of ![rupee symbol](rupee-symbol.gif)50 crore equal to the nominal value of the shares bought back as an appropriation from the general reserve during the quarter ended December 31, 2025.

The Company's objective when managing capital is to safeguard its ability to continue as a going concern and to maintain an optimal capital structure so as to maximize shareholder value. In order to maintain or achieve an optimal capital structure, the Company may adjust the amount of dividend payment, return capital to shareholders, issue new shares or buy back issued shares. As of December 31, 2025, the Company has only one class of equity shares and has no debt. Consequent to the above capital structure there are no externally imposed capital requirements.

**Dividend**

The final dividend on shares is recorded as a liability on the date of approval by the shareholders and interim dividends are recorded as a liability on the date of declaration by the Company's Board of Directors. Income tax consequences of dividends on financial instruments classified as equity will be recognized according to where the entity originally recognized those past transactions or events that generated distributable profits.

The Company declares and pays dividends in Indian rupees. Companies are required to pay/distribute dividend after deducting applicable taxes. The remittance of dividends outside India is governed by Indian law on foreign exchange and is also subject to withholding tax at applicable rates.

The amount of per share dividend recognized as distribution to equity shareholders in accordance with Companies Act 2013 is as follows:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
| **Particulars** | **2025** | **2024** | **2025** | **2024** |
| Interim dividend for fiscal 2026 | 23.00 | *–* | 23.00 | *–* |
| Final dividend for fiscal 2025 | *–* | *–* | 22.00 | *–* |
| Interim dividend for fiscal 2025 | *–* | 21.00 | *–* | 21.00 |
| Special dividend for fiscal 2024 | *–* | *–* | *–* | 8.00 |
| Final dividend for fiscal 2024 | *–* | *–* | *–* | 20.00 |

---

The Board of Directors in their meeting held on April 17, 2025 recommended a final dividend of ![rupee symbol](rupee-symbol.gif)22/- per equity share for the financial year ended March 31, 2025. The same was approved by the shareholders at the Annual General Meeting (AGM) of the Company held on June 25, 2025 which resulted in a net cash outflow of ![rupee symbol](rupee-symbol.gif)9,119 crore, excluding dividend paid on treasury shares. The final dividend was paid on June 30, 2025.

The Board of Directors in their meeting held on October 16, 2025 declared an interim dividend of ![rupee symbol](rupee-symbol.gif)23/- per equity share which resulted in a net cash outflow of ![rupee symbol](rupee-symbol.gif)9,534 crore, excluding dividend paid on treasury shares.

**Employee Stock Option Plan (ESOP):**

**Accounting policy**

The Group recognizes compensation expense relating to share-based payments in net profit based on estimated fair values of the awards on the grant date. The estimated fair value of awards is recognized as an expense in the statement of profit and loss on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was in-substance, multiple awards with a corresponding increase to share options outstanding account.

**Infosys Expanded Stock Ownership Program 2019 (the 2019 Plan) :**

On June 22, 2019 pursuant to approval by the shareholders in the Annual General Meeting, the Board has been authorized to introduce, offer, issue and provide share-based incentives to eligible employees of the Company and its subsidiaries under the 2019 Plan. The maximum number of shares under the 2019 Plan shall not exceed 5,00,00,000 equity shares. To implement the 2019 Plan, up to 4,50,00,000 equity shares may be issued by way of secondary acquisition of shares by Infosys Expanded Stock Ownership Trust. The Restricted Stock Units (RSUs) granted under the 2019 Plan shall vest based on the achievement of defined annual performance parameters as determined by the administrator (Nomination and Remuneration Committee). The performance parameters will be based on a combination of relative Total Shareholder Return (TSR) against selected industry peers and certain broader market domestic and global indices and operating performance metrics of the Company as decided by administrator. Each of the above performance parameters will be distinct for the purposes of calculation of quantity of shares to vest based on performance. These instruments will generally vest between a minimum of 1 to maximum of 3 years from the grant date.

**2015 Stock Incentive Compensation Plan (the 2015 Plan) :** 

On March 31, 2016, pursuant to the approval by the shareholders through postal ballot, the Board was authorized to introduce, offer, issue and allot share-based incentives to eligible employees of the Company and its subsidiaries under the 2015 Stock Incentive Compensation Plan. The maximum number of shares under the 2015 Plan shall not exceed 2,40,38,883 equity shares (this includes 1,12,23,576 equity shares which are held by the trust towards the 2011 Plan as at March 31, 2016). These instruments will generally vest over a period of 4 years. The plan numbers mentioned above are further adjusted with the September 2018 bonus issue.

The equity settled and cash settled RSUs and stock options would vest generally over a period of 4 years and shall be exercisable within the period as approved by the Nomination and Remuneration Committee (NARC). The exercise price of the RSUs will be equal to the par value of the shares and the exercise price of the stock options would be the market price as on the date of grant.

Controlled trust holds 89,84,436 and 96,55,927 shares as at December 31, 2025 and March 31, 2025, respectively, under the 2015 Plan. Out of these shares, 200,000 equity shares each have been earmarked for welfare activities of the employees as at December 31, 2025 and March 31, 2025.

The following is the summary of grants made during the three months and nine months ended December 31, 2025 and December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
| **Particulars** | **2025** | **2024** | **2025** | **2024** |
| **2015 Plan: RSU** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Equity settled RSUs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | *–* | *–* | 277077 | 295168 |
| &nbsp;&nbsp;&nbsp;Employees other than KMP | 109893 | 22880 | 117293 | 152220 |
|  | **109893** | **22880** | **394370** | **447388** |
| **2015 Plan: Employee Stock Options (ESOPs)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Equity settled RSUs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | *–* | *–* | 237370 | *–* |
| &nbsp;&nbsp;&nbsp;Employees other than KMP | *–* | *–* | 5412790 | *–* |
|  |  ***–*** |  ***–*** | **5650160** |  ***–*** |
| &nbsp;&nbsp;&nbsp;**Cash settled RSUs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | *–* | *–* | *–* | *–* |
| &nbsp;&nbsp;&nbsp;Employees other than KMP | *–* | *–* | 108180 | *–* |
|  |  ***–*** |  ***–*** | **108180** |  ***–*** |
| **Total Grants under 2015 Plan** | **109893** | **22880** | **6152710** | **447388** |
| **2019 Plan: RSU** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Equity settled RSUs** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Key Management Personnel (KMP) | *–* | *–* | 66366 | 70699 |
| &nbsp;&nbsp;&nbsp;Employees other than KMP | 3065 | *–* | 3065 | 6848 |
|  | **3065** |  ***–*** | **69431** | **77547** |
| **Total Grants under 2019 Plan** | **3065** |  ***–*** | **69431** | **77547** |

---

***Notes on grants to KMP:***

**CEO & MD**

**Under the 2015 Plan:**

The Board, on April 17, 2025, based on the recommendations of the Nomination and Remuneration Committee approved the following grants for fiscal 2026. In accordance with such approval the following grants were made effective May 2, 2025.

2,30,621 performance-based RSUs (Annual performance equity grant) of fair value of ![rupee symbol](rupee-symbol.gif)34.75 crore. These RSUs will vest in line with the employment agreement based on achievement of certain performance targets.

13,273 performance-based grant of RSUs (Annual performance equity ESG grant) of fair value of ![rupee symbol](rupee-symbol.gif)2 crore. These RSUs will vest in line with the employment agreement based on achievement of certain environment, social and governance milestones as determined by the Board.

33,183 performance-based grant of RSUs (Annual performance Equity TSR grant) of fair value of ![rupee symbol](rupee-symbol.gif)5 crore. These RSUs will vest in line with the employment agreement based on Company's performance on cumulative relative TSR over the years and as determined by the Board.

Though the annual time based grants and annual performance equity TSR grant for the remaining employment term ending on March 31, 2027 have not been granted as of December 31, 2025, since the service commencement date precedes the grant date, the company has recorded employment stock compensation expense in accordance with Ind AS 102, Share based payment. The grant date for this purpose in accordance with Ind AS 102, Share based payment is July 01, 2022.

**Under the 2019 Plan:**

The Board, on April 17, 2025, based on the recommendations of the Nomination and Remuneration Committee, approved performance-based grant of RSUs amounting to ![rupee symbol](rupee-symbol.gif)10 crore for fiscal 2026 under the 2019 Plan. These RSUs will vest based on achievement of certain performance targets. Accordingly, 66,366 performance based RSU's were granted effective May 2, 2025.

**Other KMP**

**Under the 2015 plan:**

During the nine months ended December 31, 2025, based on recommendations of Nomination and Remuneration Committee, the Board approved time based grants of 2,37,370 ESOPs to Other KMP under the 2015 Plan. These stock options will vest over a period of 4 years and shall be exercisable within the period as approved by the Committee. The exercise price of the stock options would be the market price as on the date of grant.

**The break-up of employee stock compensation expense is as follows:**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
| **Particulars** | **2025** | **2024** | **2025** | **2024** |
| *Granted to:* |  |  |  |  |
| KMP | 17 | 17 | 53 | 52 |
| Employees other than KMP | 213 | 168 | 649 | 553 |
| **Total *<sup>(1)</sup>*** | **230** | **185** | **702** | **605** |
| *<sup>(1)</sup> Cash-settled stock compensation expense included in the above* | 6 | 2 | 15 | 14 |

---

The fair value of the awards are estimated using the Black-Scholes Model for time and non-market performance based options and Monte Carlo simulation model is used for TSR based options.

The inputs to the model include the share price at date of grant, exercise price, expected volatility, expected dividends, expected term and the risk free rate of interest. Expected volatility during the expected term of the options is based on historical volatility of the observed market prices of the Company's publicly traded equity shares during a period equivalent to the expected term of the options. Expected volatility of the comparative company have been modelled based on historical movements in the market prices of their publicly traded equity shares during a period equivalent to the expected term of the options. Correlation coefficient is calculated between each peer entity and the indices as a whole or between each entity in the peer group.

The fair value of each equity settled award is estimated on the date of grant using the following assumptions:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For options granted in** | **For options granted in** | **For options granted in** | **For options granted in** | **For options granted in** | **For options granted in** |
| **Particulars** | **Fiscal 2026- <br> Equity Shares-RSU** | **Fiscal 2026- <br> ADR RSU** | **Fiscal 2026- <br> Equity Shares-ESOP** | **Fiscal 2026- <br> ADS-ESOP** | **Fiscal 2025- <br> Equity Shares-RSU** | **Fiscal 2025- <br> ADS-RSU** |
| Weighted average share price (![rupee symbol](rupee-symbol.gif)) / ($ ADS) | 1505 | 16.57 | 1554 | 17.93 | 1437 | 18.42 |
| Exercise price (![rupee symbol](rupee-symbol.gif)) / ($ ADS) | 5.00 | 0.10 | 1554 | 17.93 | 5.00 | 0.07 |
| Expected volatility (%) | 23-26 | 25-26 | 25-28 | 26-30 | 21-26 | 23-28 |
| Expected life of the option (years) | 1-4 | 1-4 | 3-7 | 3-7 | 1-4 | 1-4 |
| Expected dividends (%) | 2-3 | 2-3 | 2-3 | 2-3 | 2-3 | 2-3 |
| Risk-free interest rate (%) | 6 | 4 | 6 | 4 | 7 | 4-5 |
| Weighted average fair value as on grant date (![rupee symbol](rupee-symbol.gif)) / ($ ADS) | 1354 | 15.16 | 390 | 4.09 | 1319 | 16.94 |

---

The expected life of the RSU/ESOP is estimated based on the vesting term and contractual term of the RSU/ESOP, as well as expected exercise behavior of the employee who receives the RSU/ESOP.

**2.12 OTHER FINANCIAL LIABILITIES**

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

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| **Non-current** |  |  |
| Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation to employees <sup>(1)</sup> | 29 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses <sup>(1)</sup> | 1562 | 1890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensated absences | 108 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial liability under option arrangements <sup>(2) #</sup> | 126 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for acquisition of business - Contingent consideration <sup>(2)</sup> | 77 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Payables <sup>(1)(4)</sup> | 62 | 5 |
| **Total non-current other financial liabilities** | **1964** | **2141** |
| **Current** |  |  |
| Unpaid dividends <sup>(1)</sup> | 44 | 45 |
| Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation to employees <sup>(1)</sup> | 4917 | 4924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses <sup>(1)</sup> | 9712 | 8467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for acquisition of business - Contingent consideration <sup>(2)</sup> | 20 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable by controlled trusts <sup>(1)</sup> | 173 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensated absences | 3455 | 2908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial liability under option arrangements <sup>(2) #</sup> | 630 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency forward and options contracts <sup>(2) (3)</sup> | 392 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital creditors <sup>(1)</sup> | 379 | 520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other payables <sup>(1)(4)</sup> | 289 | 475 |
| **Total current other financial liabilities** | **20011** | **18138** |
| **Total other financial liabilities** | **21975** | **20279** |
| <sup>(1)</sup> Financial liability carried at amortized cost | 17167 | 16511 |
| <sup>(2)</sup> Financial liability carried at fair value through profit or loss | 1225 | 728 |
| <sup>(3)</sup> Financial liability carried at fair value through other comprehensive income | 20 | 33 |

---

<sup>(4)</sup> The Group entered into financing arrangements with a third party towards technology assets taken over by the Group from a customer as a part of transformation project which was not considered as distinct goods or services as the control related to those assets was not transferred to the Group in accordance with Ind AS 115 - Revenue from contract with customers. As at December 31, 2025 and March 31, 2025, the financial liability pertaining to such arrangements amounts to ![rupee symbol](rupee-symbol.gif)28 crore and ![rupee symbol](rupee-symbol.gif)67 crore, respectively.

<sup>#</sup> Represents liability related to options issued by the Group over the non-controlling interests in its subsidiaries

Accrued expenses primarily relate to cost of technical sub-contractors, telecommunication charges, legal and professional charges, brand building expenses, overseas travel expenses, office maintenance and cost of third party software and hardware.

**2.13 OTHER LIABILITIES**

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

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| **Non-current** |  |  |
| Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued defined benefit liability | 538 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others | 90 | 100 |
| **Total non-current other liabilities** | **628** | **215** |
| **Current** |  |  |
| Unearned revenue | 11103 | 8492 |
| Others |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withholding taxes and others | 3713 | 3256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued defined benefit liability | 30 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others | 16 | 11 |
| **Total current other liabilities** | **14862** | **11765** |
| **Total other liabilities** | **15490** | **11980** |

---

**2.14 PROVISIONS**

**Accounting policy**

A provision is recognized if, as a result of a past event, the Group has a present legal or constructive obligation that is reasonably estimable, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The Group recognizes a reimbursement asset when, and only when, it is virtually certain that the reimbursement will be received if the Group settles the obligation.

**a. Post sales client support**

The Group provides its clients with a fixed-period post sales support on its fixed-price, fixed-timeframe contracts. Costs associated with such support services are accrued at the time related revenues are recorded and included in Consolidated Statement of Profit and Loss. The Group estimates such costs based on historical experience and estimates are reviewed on a periodic basis for any material changes in assumptions and likelihood of occurrence.

**b. Onerous contracts**

Provisions for onerous contracts are recognized when the expected benefits to be derived by the Group from a contract are lower than the unavoidable costs of meeting the future obligations under the contract. Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established the Group recognizes any impairment loss on the assets associated with that contract.

**Provision for post-sales client support and other provisions:**

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

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| **Current** |  |  |
| Others |  |  |
| Post-sales client support and others | 1618 | 1325 |
| Other provisions pertaining to settlement (refer to note 2.21.2) | 135 | 150 |
| **Total provisions** | **1753** | **1475** |

---

Provision for post-sales client support and other provisions majorly represents costs associated with providing sales support services which are accrued at the time of recognition of revenues and are expected to be utilized over a period of 1 year.

Provision for post sales client support and other provisions is included in cost of sales in the condensed consolidated statement of profit and loss.

**2.6.2 Legal proceedings**

**McCamish Cybersecurity incident**

In November 2023, certain systems of Infosys McCamish Systems LLC ("McCamish"), a subsidiary of Infosys BPM Limited (a wholly owned subsidiary of Infosys Limited), were encrypted by ransomware, resulting in the non-availability of certain applications and systems. McCamish initiated its incident response and engaged cybersecurity and other specialists to assist in its investigation of and response to the incident and remediation and restoration of impacted applications and systems. By December 31, 2023, McCamish, with external specialists' assistance, substantially remediated and restored the affected applications and systems. Actions taken by McCamish included investigative analysis conducted by a third-party cybersecurity firm to determine, among other things, whether and the extent to which company or customer data was subject to unauthorized access or exfiltration. McCamish also engaged a third-party eDiscovery vendor in assessing the extent and nature of such data. McCamish in coordination with its third-party eDiscovery vendor has identified corporate customers and individuals whose information was subject to unauthorized access and exfiltration. McCamish processes personal data on behalf of its corporate customers.

From March 6, 2024 through July 25, 2024, six actions were filed in the U.S. District Court for the Northern District of Georgia against McCamish. The actions arise out of the cybersecurity incident at McCamish initially disclosed on November 3, 2023. All six actions have since been consolidated, and the consolidated class action complaint was filed on November 7, 2024, purportedly on behalf of all persons residing in the United States whose personally identifiable information was compromised in the incident, including all who were sent a notice of the incident. On December 20, 2024, the Court granted the parties' joint motion to stay proceedings pending the parties' efforts to resolve the lawsuit through mediation. On March 13, 2025, McCamish and the plaintiffs engaged in mediation, resulting in an in-principle agreement that sets forth the terms of a proposed settlement of the class action lawsuits against McCamish, as well as seven class action lawsuits arising out of the incident that have been filed against McCamish's customers. Under the settlement terms, McCamish has agreed to pay $17.5 million (approximately ![rupee symbol](rupee-symbol.gif)150 crore) into a fund to settle these matters. On December 18, 2025, the Court granted the final approval on the settlement. If the settlement is not appealed within 30 days, then it will become effective and resolve all allegations made in the class action lawsuits without admission of any liability.

During the three months ended March 31, 2025, McCamish had recorded an accrual of $17.5 million (approximately ![rupee symbol](rupee-symbol.gif)150 crore) related to the settlement and had recognized an insurance reimbursement receivable of $17 million (approximately ![rupee symbol](rupee-symbol.gif)145 crore) which has been offset against the settlement expense of $17.5 million (approximately ![rupee symbol](rupee-symbol.gif)150 crore) in the Statement of Comprehensive Income. McCamish may incur additional costs including from indemnities or damages/claims, which are indeterminable at this time.

**Government Investigation**

The U.S. Department of Justice ("DOJ") is conducting an investigation regarding how the Company classified certain H-1B visa-recipient employees working for one of its clients in immigration documents filed with certain U.S. government authorities. The Company is engaged in discussions with the DOJ regarding its ongoing investigation and continues its own inquiry regarding the matter. At this stage, the Company is unable to predict the outcome of this matter, including whether such outcome could have a material adverse effect on the Company's business and results of operations.

**Others**

Apart from the foregoing, the Group is subject to legal proceedings and claims which have arisen in the ordinary course of business. The Group's management reasonably expects that such ordinary course legal actions, when ultimately concluded and determined, may not have a material and adverse effect on the Group's results of operations or financial condition.

 **2.15 INCOME TAXES**

**Accounting policy**

Income tax expense comprises current and deferred income tax. Income tax expense is recognized in net profit in the Consolidated Statement of Profit and Loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity or other comprehensive income. Current income tax for current and prior periods is recognized at the amount expected to be paid to or recovered from the tax authorities, using the tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date. Deferred income tax assets and liabilities are recognized for all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements except when the deferred income tax arises from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

Deferred income tax assets and liabilities are measured using tax rates and tax laws that have been enacted or substantively enacted by the Balance Sheet date and are expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of changes in tax rates on deferred income tax assets and liabilities is recognized as income or expense in the period that includes the enactment or the substantive enactment date. A deferred income tax asset is recognized to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences and tax losses can be utilized. Deferred income taxes are not provided on the undistributed earnings of subsidiaries and branches where it is expected that the earnings of the subsidiary or branch will not be distributed in the foreseeable future.

The Group offsets current tax assets and current tax liabilities; deferred tax assets and deferred tax liabilities, where it has a legally enforceable right to set off the recognized amounts and where it intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. The income tax provision for the interim period is made based on the best estimate of the annual average tax rate expected to be applicable for the full financial year. Tax benefits of deductions earned on exercise of employee share options in excess of compensation charged to income are credited to equity.

Income tax expense in the condensed Consolidated Statement of Profit and Loss comprises:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
| **Particulars** | **2025** | **2024** | **2025** | **2024** |
| Current taxes | 2871 | 3202 | 9103 | 9346 |
| Deferred taxes | (308) | (354) | (869) | (1113) |
| **Income tax expense** | **2563** | **2848** | **8234** | **8233** |

---

Income tax expense for the three months ended December 31, 2025 and December 31, 2024 includes reversals (net of provisions) of ![rupee symbol](rupee-symbol.gif)77 crore and provisions (net of reversals) of ![rupee symbol](rupee-symbol.gif)106 crore, respectively. Income tax expense for the nine months ended December 31, 2025 and December 31, 2024 includes provisions (net of reversals) of ![rupee symbol](rupee-symbol.gif)38 crore and provisions (net of reversals) of ![rupee symbol](rupee-symbol.gif)249 crore, respectively .These provisions and reversals pertaining to prior periods are primarily on account of adjudication of certain disputed matters, upon filing of tax return and completion of assessments, across various jurisdictions.

Deferred income tax for the three months and nine months ended December 31, 2025 and December 31, 2024 substantially relates to origination and reversal of temporary differences.

The Company's Advanced Pricing Arrangement (APA) with the Internal Revenue Service (IRS) for US branch income tax expired in March 2021. The Company has applied for renewal of APA and currently the US taxable income is based on the Company's best estimate determined based on the expected value method.

**2.16 REVENUE FROM OPERATIONS**

**Accounting policy**

The Group derives revenues primarily from IT services comprising software development and related services, cloud and infrastructure services, maintenance, consulting and package implementation, licensing of software products and platforms across the Group's core and digital offerings (together called as "software related services") and business process management services. Contracts with customers are either on a time-and-material, unit of work, fixed-price or on a fixed-timeframe basis.

Revenues from customer contracts are considered for recognition and measurement when the contract has been approved in writing by the parties, to the contract, the parties to contract are committed to perform their respective obligations under the contract, and the contract is legally enforceable. Revenue is recognized upon transfer of control of promised products or services ("performance obligations") to customers in an amount that reflects the consideration the Group has received or expects to receive in exchange for these products or services ("transaction price"). When there is uncertainty as to collectability, revenue recognition is postponed until such uncertainty is resolved.

The Group assesses the services promised in a contract and identifies distinct performance obligations in the contract. The Group allocates the transaction price to each distinct performance obligation based on the relative standalone selling price. The price that is regularly charged for an item when sold separately is the best evidence of its standalone selling price. In the absence of such evidence, the primary method used to estimate standalone selling price is the expected cost plus a margin, under which the Group estimates the cost of satisfying the performance obligation and then adds an appropriate margin based on similar services.

The Group's contracts may include variable consideration including rebates, volume discounts and penalties. The Group includes variable consideration as part of transaction price when there is a basis to reasonably estimate the amount of the variable consideration and when it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved.

Revenue on time-and-material and unit of work based contracts, are recognized as the related services are performed. Fixed price maintenance revenue is recognized ratably either on a straight-line basis when services are performed through an indefinite number of repetitive acts over a specified period or ratably using a percentage of completion method when the pattern of benefits from the services rendered to the customer and the Group's costs to fulfil the contract is not even through the period of contract because the services are generally discrete in nature and not repetitive. Revenue from other fixed-price, fixed-timeframe contracts, where the performance obligations are satisfied over time is recognized using the percentage-of-completion method. Efforts or costs expended are used to determine progress towards completion as there is a direct relationship between input and productivity. Progress towards completion is measured as the ratio of costs or efforts incurred to date (representing work performed) to the estimated total costs or efforts. Estimates of transaction price and total costs or efforts are continuously monitored over the term of the contracts and are recognized in net profit in the period when these estimates change or when the estimates are revised. Revenues and the estimated total costs or efforts are subject to revision as the contract progresses. Provisions for estimated losses, if any, on incomplete contracts are recorded in the period in which such losses become probable based on the estimated efforts or costs to complete the contract.

The billing schedules agreed with customers include periodic performance based billing and / or milestone based progress billings. Revenues in excess of billing are classified as unbilled revenue while billing in excess of revenues are classified as contract liabilities (which we refer to as unearned revenues).

In arrangements for software development and related services and maintenance services, by applying the revenue recognition criteria for each distinct performance obligation, the arrangements with customers generally meet the criteria for considering software development and related services as distinct performance obligations. For allocating the transaction price, the Group measures the revenue in respect of each performance obligation of a contract at its relative standalone selling price. The price that is regularly charged for an item when sold separately is the best evidence of its standalone selling price. In cases where the Group is unable to determine the standalone selling price, the Group uses the expected cost plus margin approach in estimating the standalone selling price. For software development and related services, the performance obligations are satisfied as and when the services are rendered since the customer generally obtains control of the work as it progresses.

Certain cloud and infrastructure services contracts include multiple elements which may be subject to other specific accounting guidance, such as leasing guidance. These contracts are accounted in accordance with such specific accounting guidance. In such arrangements where the Group is able to determine that hardware and services are distinct performance obligations, it allocates the consideration to these performance obligations on a relative standalone selling price basis. In the absence of standalone selling price, the Group uses the expected cost-plus margin approach in estimating the standalone selling price. When such arrangements are considered as a single performance obligation, revenue is recognized over the period and measure of progress is determined based on promise in the contract.

Revenue from licenses where the customer obtains a "right to use" the licenses is recognized at the time the licenses are made available to the customer. Revenue from licenses where the customer obtains a "right to access" is recognized over the access period.

Arrangements to deliver software products generally have three elements: license, implementation and Annual Technical Services (ATS).When implementation services are provided in conjunction with the licensing arrangement and the license and implementation have been identified as two distinct separate performance obligations, the transaction price for such contracts are allocated to each performance obligation of the contract based on their relative standalone selling prices. In the absence of standalone selling price for implementation, the Group uses the expected cost plus margin approach in estimating the standalone selling price. Where the license is required to be substantially customized as part of the implementation service the entire arrangement fee for license and implementation is considered to be a single performance obligation and the revenue is recognized using the percentage-of-completion method as the implementation is performed. Revenue from client training, support and other services arising due to the sale of software products is recognized as the performance obligations are satisfied. ATS revenue is recognized ratably on a straight line basis over the period in which the services are rendered.

Contracts with customers includes subcontractor services or third-party vendor equipment or software in certain integrated services arrangements. In these types of arrangements, revenue from sales of third-party vendor products or services is recorded net of costs when the Group is acting as an agent between the customer and the vendor, and gross when the Group is the principal for the transaction. In doing so, the Group first evaluates whether it obtains control of the specified goods or services before they are transferred to the customer. The Group considers whether it is primarily responsible for fulfilling the promise to provide the specified goods or services, inventory risk, pricing discretion and other factors to determine whether it controls the specified goods or services and therefore, is acting as a principal or an agent.

A contract modification is a change in the scope or price or both of a contract that is approved by the parties to the contract. A contract modification that results in the addition of distinct performance obligations are accounted for either as a separate contract if the additional services are priced at the standalone selling price or as a termination of the existing contract and creation of a new contract if they are not priced at the standalone selling price. If the modification does not result in a distinct performance obligation, it is accounted for as part of the existing contract on a cumulative catch-up basis.

The incremental costs of obtaining a contract (i.e., costs that would not have been incurred if the contract had not been obtained) are recognized as an asset if the Group expects to recover them.

Certain eligible, nonrecurring costs (e.g. set-up or transition or transformation costs) that do not represent a separate performance obligation are recognized as an asset when such costs (a) relate directly to the contract; (b) generate or enhance resources of the Group that will be used in satisfying the performance obligation in the future; and (c) are expected to be recovered.

Capitalized contract costs relating to upfront payments to customers are amortized to revenue and other capitalized costs are amortized to expenses over the respective contract life on a systematic basis consistent with the transfer of goods or services to customer to which the asset relates. Capitalized costs are monitored regularly for impairment. Impairment losses are recorded when present value of projected remaining operating cash flows is not sufficient to recover the carrying amount of the capitalized costs.

The Group presents revenues net of indirect taxes in its Consolidated Statement of Profit and Loss.

Revenue from operation for the three months and nine months ended December 31, 2025 and December 31, 2024 are as follows:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
| **Particulars** | **2025** | **2024** | **2025** | **2024** |
| Revenue from software services | 43257 | 39766 | 125980 | 116395 |
| Revenue from products and platforms | 2222 | 1998 | 6268 | 5669 |
| **Total revenue from operations** | **45479** | **41764** | **132248** | **122064** |

---

**Products & platforms**

The Group also derives revenues from the sale of products and platforms like Finacle – core banking solution, Edge Suite of products, Panaya platform, Stater digital platform and Infosys McCamish – insurance platform.

**Disaggregated revenue information**

Revenue disaggregation by business segments has been included in segment information *(Refer to Note 2.23)*. The table below presents disaggregated revenues from contracts with customers by geography and contract type. The Group believes that this disaggregation best depicts how the nature, amount, timing and uncertainty of revenues and cash flows are affected by industry, market and other economic factors.

For the three months and nine months ended December 31, 2025 and December 31, 2024:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
| **Particulars** | **2025** | **2024** | **2025** | **2024** |
| **Revenues by Geography\*** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North America | 25422 | 24404 | 74316 | 71053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Europe | 14850 | 12430 | 42313 | 35824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 1279 | 1293 | 3885 | 3808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rest of the world | 3928 | 3637 | 11734 | 11379 |
| **Total** | **45479** | **41764** | **132248** | **122064** |

---

*<sup>\*</sup>* *Geographical revenue is based on the domicile of customer*

The percentage of revenue from fixed-price contracts for each of the three months ended December 31, 2025 and December 31, 2024 is 55%. The percentage of revenue from fixed-price contracts for each of the nine months ended December 31, 2025 and December 31, 2024 is 54%.

**Trade Receivables and Contract Balances**

The timing of revenue recognition, billings and cash collections results in receivables, unbilled revenue, and unearned revenue on the Group's Consolidated Balance Sheet. Amounts are billed as work progresses in accordance with agreed-upon contractual terms, either at periodic intervals (e.g., monthly or quarterly) or upon achievement of contractual milestones.

The Group's receivables are rights to consideration that are unconditional. Unbilled revenues comprising revenues in excess of billings from time and material contracts and fixed price maintenance contracts are classified as financial asset when the right to consideration is unconditional and is due only after a passage of time.

Invoicing to the clients for other fixed price contracts is based on milestones as defined in the contract and therefore the timing of revenue recognition is different from the timing of invoicing to the customers. Therefore unbilled revenues for other fixed price contracts (contract asset) are classified as non-financial asset because the right to consideration is dependent on completion of contractual milestones.

Invoicing in excess of earnings are classified as unearned revenue.

Trade receivables and unbilled revenues are presented net of impairment in the consolidated Balance Sheet.

**2.17 OTHER INCOME, NET**

**Accounting policy**

Other income is comprised primarily of interest income, dividend income, gain/loss on investment and exchange gain/loss on forward and options contracts and on translation of foreign currency assets and liabilities. Interest income is recognized using the effective interest method. Dividend income is recognized when the right to receive payment is established.

**Foreign currency** 

**Accounting policy**

*Functional currency*

The functional currency of Infosys, its Indian subsidiaries and controlled trusts is the Indian rupee. The functional currencies for foreign subsidiaries are their respective local currencies. These financial statements are presented in Indian rupees (rounded off to crore; one crore equals ten million).

*Transactions and translations*

Foreign-currency denominated monetary assets and liabilities are translated into the relevant functional currency at exchange rates in effect at the Balance Sheet date. The gains or losses resulting from such translations are recognized in the Condensed Consolidated Statement of Profit and Loss and reported within exchange gains/ (losses) on translation of assets and liabilities, net, except when deferred in Other Comprehensive Income as qualifying cash flow hedges. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at fair value are translated at the exchange rate prevalent at the date when the fair value was determined. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at historical cost are translated at the exchange rate prevalent at the date of transaction. The related revenue and expense are recognized using the same exchange rate.

Transaction gains or losses realized upon settlement of foreign currency transactions are included in determining net profit for the period in which the transaction is settled. Revenue, expense and cash-flow items denominated in foreign currencies are translated into the relevant functional currencies using the exchange rate in effect on the date of the transaction.

The translation of financial statements of the foreign subsidiaries to the presentation currency is performed for assets and liabilities using the exchange rate in effect at the Balance Sheet date and for revenue, expense and cash-flow items using the average exchange rate for the respective periods. The gains or losses resulting from such translation are included in currency translation reserves under other components of equity. When a subsidiary is disposed off, in full, the relevant amount is transferred to net profit in the Condensed Consolidated Statement of Profit and Loss. However when a change in the parent's ownership does not result in loss of control of a subsidiary, such changes are recorded through equity.

Other Comprehensive Income, net of taxes includes translation differences on non-monetary financial assets measured at fair value at the reporting date, such as equities classified as financial instruments and measured at fair value through other comprehensive income (FVOCI).

Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the exchange rate in effect at the Balance Sheet date.

**Government grant**

The Group recognizes government grants only when there is reasonable assurance that the conditions attached to them shall be complied with, and the grants will be received. Government grants related to assets are treated as deferred income and are recognized in net profit in the Consolidated Statement of Profit and Loss on a systematic and rational basis over the useful life of the asset. Government grants related to revenue are recognized on a systematic basis in net profit in the Consolidated Statement of Profit and Loss over the periods necessary to match them with the related costs which they are intended to compensate.

Other income for the three months and nine months ended December 31, 2025 and December 31, 2024 is as follows:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
| **Particulars** | **2025** | **2024** | **2025** | **2024** |
| Interest income on financial assets carried at amortized cost |  |  |  |  |
| Tax free bonds and Government bonds | 7 | 31 | 49 | 92 |
| Deposit with Bank and others | 363 | 365 | 1301 | 1014 |
| Interest income on financial assets carried at fair value through other comprehensive income |  |  |  |  |
| Non-convertible debentures, commercial paper, certificates of deposit and government securities | 228 | 195 | 802 | 741 |
| Income on investments carried at fair value through profit or loss |  |  |  |  |
| Gain / (loss) on mutual funds and other investments | 79 | 52 | 210 | 233 |
| Income on investments carried at fair value through other comprehensive income | 17 | *–* | 17 | 2 |
| Income on investments carried at amortized cost | *–* | *–* | 81 | *–* |
| Exchange gains / (losses) on forward and options contracts | (146) | 231 | (1495) | (135) |
| Exchange gains / (losses) on translation of other assets and liabilities | 312 | (104) | 1852 | 285 |
| Miscellaneous income, net\* | 279 | 89 | 346 | 178 |
| **Total other income** | **1139** | **859** | **3163** | **2410** |

---

\* Includes profit on sale of property plant and equipment amounting to ![rupee symbol](rupee-symbol.gif)165 crore for the three months ended December 31, 2025.

**2.18 EXPENSES**

**Accounting policy**

**Gratuity and Pensions**

The Group provides for gratuity, a defined benefit retirement plan ('the Gratuity Plan') covering eligible employees majorly of Infosys and its Indian subsidiaries. The Gratuity Plan provides a lump-sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee's salary and the tenure of employment with the Group. The Company contributes Gratuity liabilities to the Infosys Limited Employees' Gratuity Fund Trust (the Trust). In case of Infosys BPM and EdgeVerve, contributions are made to the Infosys BPM Employees' Gratuity Fund Trust and EdgeVerve Systems Limited Employees' Gratuity Fund Trust, respectively. Trustees administer contributions made to the Trusts and contributions are invested in a scheme with the Life Insurance Corporation of India as permitted by Indian law.

The Group operates defined benefit pension plan in certain overseas jurisdictions, in accordance with the local laws. These plans are managed by third party fund managers. The plans provide for periodic payouts after retirement and/or for a lumpsum payment as set out in rules of each fund and includes death and disability benefits. The defined benefit plans require contributions which are based on a percentage of salary that varies depending on the age of the respective employees.

Liabilities with regard to these defined benefit plans are determined by actuarial valuation, performed by an external actuary, at each Balance Sheet date using the projected unit credit method. These defined benefit plans expose the Group to actuarial risks, such as longevity risk, interest rate risk and market risk.

The Group recognizes the net obligation of a defined benefit plan in its Balance Sheet as an asset or liability. Gains and losses through re-measurements of the net defined benefit liability / (asset) are recognized in other comprehensive income and are not reclassified to profit or loss in subsequent periods. The actual return of the portfolio of plan assets, in excess of the yields computed by applying the discount rate used to measure the defined benefit obligation is recognized in other comprehensive income. The effect of any plan amendments is recognized in net profit in the Consolidated Statement of Profit and Loss.

**Provident fund**

Eligible employees of Infosys receive benefits from a provident fund, which is a defined benefit plan. Both the eligible employee and the Company make monthly contributions to the provident fund plan equal to a specified percentage of the covered employee's salary. The Company contributes a portion to the Infosys Limited Employees' Provident Fund Trust. The trust invests in specific designated instruments as permitted by Indian law. The remaining portion is contributed to the government administered pension fund. The rate at which the annual interest is payable to the beneficiaries by the trust is being administered by the Government of India. The Company has an obligation to make good the shortfall, if any, between the return from the investments of the trust and the notified interest rate.

In respect of Indian subsidiaries, eligible employees receive benefits from a provident fund, which is a defined contribution plan. Both the eligible employee and the respective companies make monthly contributions to this provident fund plan equal to a specified percentage of the covered employee's salary. Amounts collected under the provident fund plan are deposited in a government administered provident fund. The Companies have no further obligation to the plan beyond its monthly contributions.

**Superannuation**

Certain employees of Infosys, Infosys BPM and EdgeVerve are participants in a defined contribution plan. The Group has no further obligations to the plan beyond its monthly contributions which are periodically contributed to a trust fund, the corpus of which is invested with the Life Insurance Corporation of India.

**Compensated absences**

The Group has a policy on compensated absences which are both accumulating and non-accumulating in nature. The expected cost of accumulating compensated absences is determined by actuarial valuation performed by an external actuary at each Balance Sheet date using projected unit credit method on the additional amount expected to be paid/availed as a result of the unused entitlement that has accumulated at the Balance Sheet date. Expense on non-accumulating compensated absences is recognized in the period in which the absences occur.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
| **Particulars** | **2025** | **2024** | **2025** | **2024** |
| *Employee benefit expenses* |  |  |  |  |
| Salaries including bonus | 23079 | 20502 | 67300 | 61173 |
| Contribution to provident and other funds | 658 | 591 | 1957 | 1738 |
| Share based payments to employees *(Refer to Note 2.11)* | 230 | 185 | 702 | 605 |
| Staff welfare | 155 | 158 | 448 | 418 |
|  | **24122** | **21436** | **70407** | **63934** |
| *Cost of software packages and others* |  |  |  |  |
| For own use | 720 | 612 | 2088 | 1813 |
| Third party items bought for service delivery to clients | 3262 | 3995 | 9665 | 10199 |
|  | **3982** | **4607** | **11753** | **12012** |
| *Other expenses* |  |  |  |  |
| Repairs and maintenance | 388 | 336 | 1121 | 997 |
| Power and fuel | 55 | 51 | 169 | 172 |
| Brand and marketing | 311 | 274 | 988 | 879 |
| Rates and taxes | 73 | 63 | 244 | 270 |
| Consumables | 65 | 60 | 184 | 162 |
| Insurance | 88 | 75 | 253 | 228 |
| Provision for post-sales client support and others | 35 | 91 | (61) | 117 |
| Commission to non-whole time directors | 5 | 5 | 14 | 13 |
| Impairment loss recognized / (reversed) under expected credit loss model | 54 | 5 | 88 | 100 |
| Contributions towards Corporate Social Responsibility | 181 | 164 | 446 | 493 |
| Others | 239 | 125 | 605 | 463 |
|  | **1494** | **1249** | **4051** | **3894** |

---

**2.18.1 Impact of Labour Codes**

On November 21, 2025, the Government of India notified provisions of the Code on Wages, 2019, the Industrial Relations Code, 2020, the Code on Social Security, 2020 and the Occupational Safety, Health and Working Conditions Code, 2020, ('Labour Codes') which consolidate twenty-nine existing labour laws into a unified framework governing employee benefits during employment and post-employment. The Labour Codes, amongst other things introduces changes, including a uniform definition of wages and enhanced benefits relating to leave. The Group has assessed the financial implications of these changes which has resulted in increase in gratuity liability arising out of past service cost and increase in leave liability by ![rupee symbol](rupee-symbol.gif)1,289 crore. Considering the impact arising out of an enactment of the new legislation is an event of non-recurring nature, the Group has presented this incremental amount as "Impact of Labour Codes" under "Exceptional Item" in the Condensed Consolidated Statement of Profit and Loss for the three months and nine months ended December 31, 2025. The Group continues to monitor the developments pertaining to Labour Codes and will evaluate impact if any on the measurement of the employee benefits liability.

**2.19 Leases**

**Accounting Policy**

**The Group as a lessee**

The Group's lease asset classes primarily consist of leases for land, buildings and computers. The Group assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the group assesses whether: (1) the contract involves the use of an identified asset (2) the Group has substantially all of the economic benefits from use of the asset through the period of the lease and (3) the Group has the right to direct the use of the asset.

At the date of commencement of the lease, the Group recognizes a right-of-use asset ("ROU") and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases. For these short-term and low value leases, the Group recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.

As a lessee, the Group determines the lease term as the non-cancellable period of a lease adjusted with any option to extend or terminate the lease, if the use of such option is reasonably certain. The Group makes an assessment on the expected lease term on a lease-by-lease basis and thereby assesses whether it is reasonably certain that any options to extend or terminate the contract will be exercised. In evaluating the lease term, the Group considers factors such as any significant leasehold improvements undertaken over the lease term, costs relating to the termination of the lease and the importance of the underlying asset to Group's operations taking into account the location of the underlying asset and the availability of suitable alternatives. The lease term in future periods is reassessed to ensure that the lease term reflects the current economic circumstances.

Certain lease arrangements includes the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised.

The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and useful life of the underlying asset.

Right-of-use assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.

The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of these leases. Lease liabilities are remeasured with a corresponding adjustment to the related right-of-use asset if the Group changes its assessment if whether it will exercise an extension or a termination option.

Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been classified as financing cash flows.

**The Group as a lessor** 

Leases for which the Group is a lessor is classified as a finance or operating lease. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.

When the Group is an intermediate lessor, it accounts for its interests in the head lease and the sublease separately. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease.

For operating leases, rental income is recognized on a straight line basis over the term of the relevant lease.

Following are the changes in the carrying value of right-of-use assets for the three months ended December 31, 2025:

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | |
| **Particulars** | **Land** | **Buildings** | **Vehicles** | **Computers** | **Total** |
| **Balance as at October 1, 2025** | **600** | **3329** | **24** | **2437** | **6390** |
| Additions<sup>\*</sup> | *–* | 131 | 4 | 406 | 541 |
| Deletions | (54) | (13) | (2) | (320) | (389) |
| Depreciation | (2) | (188) | (2) | (267) | (459) |
| Translation difference | 4 | 11 | *–* | 17 | 32 |
| **Balance as at December 31, 2025** | **548** | **3270** | **24** | **2273** | **6115** |

---

*<sup>\*</sup>* *Net of adjustments on account of modifications.*

Following are the changes in the carrying value of right-of-use assets for the three months ended December 31, 2024:

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | |
| **Particulars** | **Land** | **Buildings** | **Vehicles** | **Computers** | **Total** |
| **Balance as of October 1, 2024** | **604** | **3481** | **23** | **2584** | **6692** |
| Additions<sup>\*</sup> | *–* | 147 | 5 | 262 | 414 |
| Deletions | *–* | (97) | *–* | (145) | (242) |
| Depreciation | (2) | (186) | (2) | (269) | (459) |
| Translation difference | (1) | (6) | (2) | (51) | (60) |
| **Balance as of December 31, 2024** | **601** | **3339** | **24** | **2381** | **6345** |

---

*<sup>\*</sup>* *Net of adjustments on account of modifications*

Following are the changes in the carrying value of right-of-use assets for the nine months ended December 31, 2025:

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | |
| **Particulars** | **Land** | **Buildings** | **Vehicles** | **Computers** | **Total** |
| **Balance as of April 1, 2025** | **600** | **3348** | **24** | **2339** | **6311** |
| Additions<sup>\*</sup> | *–* | 424 | 7 | 1263 | 1694 |
| Deletions | (54) | (32) | (2) | (689) | (777) |
| Depreciation | (5) | (562) | (8) | (843) | (1418) |
| Translation difference | 7 | 92 | 3 | 203 | 305 |
| **Balance as of December 31, 2025** | **548** | **3270** | **24** | **2273** | **6115** |

---

*<sup>\*</sup>* *Net of adjustments on account of modifications.*

Following are the changes in the carrying value of right-of-use assets for the nine months ended December 31, 2024:

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | **Category of ROU asset** | |
| **Particulars** | **Land** | **Buildings** | **Vehicles** | **Computers** | <br>**Total** |
| **Balance as of April 1, 2024** | **605** | **3298** | **17** | **2632** | **6552** |
| Additions<sup>\*</sup> | *–* | 532 | 11 | 936 | 1479 |
| Addition due to Business Combination *(Refer to Note 2.1)* | *–* | 155 | 5 | *–* | 160 |
| Deletions | *–* | (132) | (6) | (460) | (598) |
| Depreciation | (5) | (534) | (8) | (742) | (1289) |
| Translation difference | 1 | 20 | 5 | 15 | 41 |
| **Balance as of December 31, 2024** | **601** | **3339** | **24** | **2381** | **6345** |

---

*<sup>\*</sup>* *Net of adjustments on account of modifications*

The aggregate depreciation expense on ROU assets is included under depreciation and amortization expense in the interim condensed Consolidated Statement of Profit and Loss.

The following is the break-up of current and non-current lease liabilities as at December 31, 2025 and March 31, 2025:

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

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| Current lease liabilities | 2985 | 2455 |
| Non-current lease liabilities | 5811 | 5772 |
| **Total** | **8796** | **8227** |

---

**2.20 EARNINGS PER EQUITY SHARE**

**Accounting policy**

Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Group by the weighted average number of equity shares outstanding during the period. Diluted earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Group by the weighted average number of equity shares considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the proceeds receivable had the equity shares been actually issued at fair value (i.e. the average market value of the outstanding equity shares). Dilutive potential equity shares are deemed converted as at the beginning of the period, unless issued at a later date. Dilutive potential equity shares are determined independently for each period presented.

The number of equity shares and potentially dilutive equity shares are adjusted retrospectively for all periods presented for any share splits and bonus shares issues including for changes effected prior to the approval of the financial statements by the Board of Directors.

**2.21 CONTINGENT LIABILITIES AND COMMITMENTS** 

**Accounting policy**

Contingent liability is a possible obligation arising from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity or a present obligation that arises from past events but is not recognized because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability.

**2.21.1 Contingent liability**

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

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| **Contingent liabilities :** |  |  |
| Claims against the Group, not acknowledged as debts*<sup>(1)</sup>* | 3246 | 2953 |
| [Amount paid to statutory authorities ![rupee symbol](rupee-symbol.gif)1,710 crore *(![rupee symbol](rupee-symbol.gif)4,207 crore)*] | [Amount paid to statutory authorities ![rupee symbol](rupee-symbol.gif)1,710 crore *(![rupee symbol](rupee-symbol.gif)4,207 crore)*] | [Amount paid to statutory authorities ![rupee symbol](rupee-symbol.gif)1,710 crore *(![rupee symbol](rupee-symbol.gif)4,207 crore)*] |

---

*<sup>(1)</sup>* As at December 31, 2025 and March 31, 2025, claims against the Group not acknowledged as debts in respect of income tax matters amounted to ![rupee symbol](rupee-symbol.gif)2,054 crore and ![rupee symbol](rupee-symbol.gif)1,933 crore, respectively.

The claims against the Group primarily represent demands arising on completion of assessment proceedings under the Income Tax Act, 1961. These claims are on account of issues of disallowance of expenditure towards software being held as capital in nature, payments made to Associated Enterprises held as liable for withholding of taxes, among others. These matters are pending before various Income Tax Authorities and the Management including its tax advisors expect that its position will likely be upheld on ultimate resolution and will not have a material adverse effect on the Group's financial position and results of operations.

Amount paid to statutory authorities against the tax claims amounted to ![rupee symbol](rupee-symbol.gif)1,693 crore and ![rupee symbol](rupee-symbol.gif)4,199 crore as at December 31, 2025 and March 31, 2025, respectively.

**2.21.2 Legal Proceedings**

**McCamish Cybersecurity incident**

In November 2023, certain systems of Infosys McCamish Systems LLC ("McCamish"), a subsidiary of Infosys BPM Limited (a wholly owned subsidiary of Infosys Limited), were encrypted by ransomware, resulting in the non-availability of certain applications and systems. McCamish initiated its incident response and engaged cybersecurity and other specialists to assist in its investigation of and response to the incident and remediation and restoration of impacted applications and systems. By December 31, 2023, McCamish, with external specialists' assistance, substantially remediated and restored the affected applications and systems. Actions taken by McCamish included investigative analysis conducted by a third-party cybersecurity firm to determine, among other things, whether and the extent to which company or customer data was subject to unauthorized access or exfiltration. McCamish also engaged a third-party eDiscovery vendor in assessing the extent and nature of such data. McCamish in coordination with its third-party eDiscovery vendor has identified corporate customers and individuals whose information was subject to unauthorized access and exfiltration. McCamish processes personal data on behalf of its corporate customers.

From March 6, 2024 through July 25, 2024, six actions were filed in the U.S. District Court for the Northern District of Georgia against McCamish. The actions arise out of the cybersecurity incident at McCamish initially disclosed on November 3, 2023. All six actions have since been consolidated, and the consolidated class action complaint was filed on November 7, 2024, purportedly on behalf of all persons residing in the United States whose personally identifiable information was compromised in the incident, including all who were sent a notice of the incident. On December 20, 2024, the Court granted the parties' joint motion to stay proceedings pending the parties' efforts to resolve the lawsuit through mediation. On March 13, 2025, McCamish and the plaintiffs engaged in mediation, resulting in an in-principle agreement that sets forth the terms of a proposed settlement of the class action lawsuits against McCamish, as well as seven class action lawsuits arising out of the incident that have been filed against McCamish's customers. Under the settlement terms, McCamish has agreed to pay $17.5 million (approximately ![rupee symbol](rupee-symbol.gif)150 crore) into a fund to settle these matters. On December 18, 2025, the Court granted the final approval on the settlement. If the settlement is not appealed within 30 days, then it will become effective and resolve all allegations made in the class action lawsuits without admission of any liability.

During the three months ended March 31, 2025, McCamish had recorded an accrual of $17.5 million (approximately ![rupee symbol](rupee-symbol.gif)150 crore) related to the settlement and had recognized an insurance reimbursement receivable of $17 million (approximately ![rupee symbol](rupee-symbol.gif)145 crore) which has been offset against the settlement expense of $17.5 million (approximately ![rupee symbol](rupee-symbol.gif)150 crore) in the Statement of Comprehensive Income. McCamish may incur additional costs including from indemnities or damages/claims, which are indeterminable at this time.

**Government Investigation**

The U.S. Department of Justice ("DOJ") is conducting an investigation regarding how the Company classified certain H-1B visa-recipient employees working for one of its clients in immigration documents filed with certain U.S. government authorities. The Company is engaged in discussions with the DOJ regarding its ongoing investigation and has commenced its own inquiry regarding the matter. At this stage, the Company is unable to predict the outcome of this matter, including whether such outcome could have a material adverse effect on the Company's business and results of operations.

**Others**

Apart from the foregoing, the Group is subject to legal proceedings and claims which have arisen in the ordinary course of business. The Group's management reasonably expects that such ordinary course legal actions, when ultimately concluded and determined, may not have a material and adverse effect on the Group's results of operations or financial condition.

**2.21.3 Commitments**

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

---

| | | |
|:---|:---|:---|
| | **As at** | **As at** |
| **Particulars** | **December 31, 2025** | **March 31, 2025** |
| Estimated amount of contracts remaining to be executed on capital contracts and not provided for (net of advances and deposits)*<sup>(1)</sup>* | 1137 | 935 |
| Other commitments\* | 94 | 122 |

---

*<sup>(1)</sup>* Capital contracts primarily comprises of commitments for infrastructure facilities and computer equipment.

*\** *Uncalled capital pertaining to investments*

**2.22 RELATED PARTY TRANSACTIONS**

Refer Note 2.20 "Related party transactions" in the Company's 2025 Annual Report for the full names and other details of the Company's subsidiaries and controlled trusts.

**Changes in Subsidiaries**

During the nine months ended December 31, 2025, the following are the changes in the subsidiaries:

---

| | |
|:---|:---|
| **.** | Infosys Energy Consulting Services LLC , a wholly-owned subsidiary of Infosys Nova Holdings LLC was incorporated on April 16, 2025. |

---

---

| | |
|:---|:---|
| **.** | Infosys Saudi Arabia LLC, a wholly-owned subsidiary of Infosys Limited was incorporated on April 21, 2025. |

---

---

| | |
|:---|:---|
| **.** | Infosys Australia Technology Service Pty Ltd, a wholly-owned subsidiary of Infosys Singapore Pte. Limited was incorporated on April 23, 2025. |

---

---

| | |
|:---|:---|
| **.** | On April 30, 2025, Infosys Nova Holdings LLC , a wholly owned subsidiary of Infosys Limited, acquired 98.21% of voting interests in MRE Consulting Ltd along with its subsidiary MRE Technology Services, LLC. The remaining 1.79% was acquired by Infosys Energy Consulting Services LLC , a Wholly-owned subsidiary of Infosys Nova Holdings LLC. |

---

---

| | |
|:---|:---|
| **.** | On April 30, 2025, Infosys Australia Technology Service Pty Ltd, a wholly owned subsidiary of Infosys Singapore Pte. Limited, acquired 100% of voting interests in The Missing Link Automation Pty Ltd, The Missing Link Network Integration Pty Ltd and The Missing Link Security Pty Ltd along with its subsidiary The Missing Link Security Ltd. |

---

---

| | |
|:---|:---|
| **.** | in-tech Automotive Engineering de. R L de. C V, a wholly-owned subsidiary of in-tech GmbH has been liquidated effective May 07, 2025. |

---

---

| | |
|:---|:---|
| **.** | On May 13, 2025, Infosys Singapore Pte Ltd diluted 2% stake of HIPUS Co., Ltd to Mitsubishi Heavy Industries, Ltd. |

---

---

| | |
|:---|:---|
| **.** | Infosys BPM Canada Inc, a Wholly-owned subsidiary of Infosys BPM UK Limited was incorporated on July 28, 2025 |

---

---

| | |
|:---|:---|
| **.** | Infosys Germany Gmbh, a Wholly-owned subsidiary of Infosys Singapore Pte Ltd merged into Infosys Germany SE (formerly known as Blitz 24-893 SE) effective September 24, 2025 |

---

---

| | |
|:---|:---|
| **.** | in-tech Engineering services S.R.L, (Wholly-owned subsidiary of in-tech GmbH) merged into ProIT (Wholly-owned subsidiary of in-tech GmbH) effective November 30, 2025 |

---

**Transaction with key management personnel:**

The table below describes the compensation to key management personnel which comprise directors and executive officers:

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended December 31,** | **Three months ended December 31,** | **Nine months ended December 31,** | **Nine months ended December 31,** |
| **Particulars** | **2025** | **2024** | **2025** | **2024** |
| Salaries and other short term employee benefits to whole-time directors and executive officers *<sup>(1)(2)</sup>* | 29 | 28 | 89 | 84 |
| Commission and other benefits to non-executive/independent directors | 6 | 5 | 15 | 14 |
| **Total** | **35** | **33** | **104** | **98** |

---

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Total employee stock compensation expense for the three months ended December 31, 2025 and December 31, 2024 includes a charge of ![rupee symbol](rupee-symbol.gif) 17 crore and ![rupee symbol](rupee-symbol.gif) 17 crore, respectively, towards key management personnel. For the nine months ended December 31, 2025 and December 31, 2024 includes a charge of ![rupee symbol](rupee-symbol.gif) 53 crore and ![rupee symbol](rupee-symbol.gif) 52 crore, respectively, towards key management personnel. (Refer to Note 2.11)* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Does not include post-employment benefits and other long-term benefits based on actuarial valuation as these are done for the Company as a whole.* 

**2.23 SEGMENT REPORTING**

Ind AS 108, Operating segments, establishes standards for the way that public business enterprises report information about operating segments and related disclosures about products and services, geographic areas, and major customers. The Group's operations predominantly relate to providing end-to-end business solutions to enable clients to enhance business performance. The Chief Operating Decision Maker (CODM) 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 business segments. The accounting principles used in the preparation of the financial statements are consistently applied to record revenue and expenditure in individual segments, and are as set out in the accounting policies.

Business segments of the Group are primarily enterprises in Financial Services and Insurance, enterprises in Manufacturing, enterprises in Retail, Consumer Packaged Goods and Logistics, enterprises in the Energy, Utilities, Resources and Services, enterprises in Communication, Telecom OEM and Media, enterprises in Hi-Tech, enterprises in Life Sciences and Healthcare and all other segments. The Financial services reportable segments has been aggregated to include the Financial Services operating segment and Finacle operating segment because of the similarity of the economic characteristics. All other segments represent the operating segments of businesses in India, Japan, China, Infosys Public Services & identified enterprises in Public Services.

Revenue and identifiable operating expenses in relation to segments are categorized based on items that are individually identifiable to that segment. Revenue for 'all other segments' represents revenue generated by Infosys Public services and revenue generated from customers located in India, Japan and China and other enterprises in Public services. Allocated expenses of segments include expenses incurred for rendering services from the Group's offshore software development centers and on-site expenses, which are categorized in relation to the associated efforts of the segment. Certain expenses such as depreciation and amortization, which form a significant component of total expenses, are not specifically allocable to specific segments as the underlying assets are used interchangeably. The Management believes that it is not practical to provide segment disclosures relating to those costs and expenses, and accordingly these expenses are separately disclosed as "unallocated" and adjusted against the total income of the Group.

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 currently not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.

Business segment revenue information is collated based on individual customers invoiced or in relation to which the revenue is otherwise recognized.

Disclosure of revenue by geographic locations is given in note 2.16 Revenue from operations.

**Business Segments**

Three months ended December 31, 2025 and December 31, 2024:

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Financial Services <sup>(1)</sup>** | **Manufacturing** | **Energy, Utilities, Resources and Services** | **Retail <sup>(2)</sup>** | **Communication <sup>(3)</sup>** | **Hi-Tech** | **Life Sciences <sup>(4)</sup>** | **All other segments <sup>(5)</sup>** | **Total** |
| Revenue from operations | 12817 | 7570 | 6016 | 5829 | 5518 | 3371 | 3267 | 1091 | 45479 |
|  | *11589* | *6479* | *5635* | *5746* | *4688* | *3279* | *3195* | *1153* | *41764* |
| Identifiable operating expenses | 7221 | 4584 | 3356 | 2848 | 3539 | 2008 | 2007 | 721 | 26284 |
|  | *6859* | *4128* | *3229* | *2803* | *3067* | *1914* | *1906* | *781* | 24687 |
| Allocated expenses | 2360 | 1251 | 1167 | 1114 | 1043 | 596 | 562 | 303 | 8396 |
|  | *2051* | *994* | *878* | *968* | *803* | *549* | *470* | *249* | *6962* |
| **Segment Profit** | **3236** | **1735** | **1493** | **1867** | **936** | **767** | **698** | **67** | **10799** |
|  | *2679* | *1357* | *1528* | *1975* | *818* | *816* | *819* | *123* | *10115* |
| Unallocable expenses\* |  |  |  |  |  |  |  |  | 2444 |
|  |  |  |  |  |  |  |  |  | *1203* |
| Other income, net |  |  |  |  |  |  |  |  | 974 |
|  |  |  |  |  |  |  |  |  | *859* |
| Finance cost |  |  |  |  |  |  |  |  | 100 |
|  |  |  |  |  |  |  |  |  | *101* |
| **Profit before tax** |  |  |  |  |  |  |  |  | **9229** |
|  |  |  |  |  |  |  |  |  | *9670* |
| Income tax expense |  |  |  |  |  |  |  |  | 2563 |
|  |  |  |  |  |  |  |  |  | *2848* |
| **Net Profit** |  |  |  |  |  |  |  |  | **6666** |
|  |  |  |  |  |  |  |  |  | *6822* |
| Depreciation and amortization |  |  |  |  |  |  |  |  | 1155 |
|  |  |  |  |  |  |  |  |  | *1203* |
| Non-cash expenses other than depreciation and amortization |  |  |  |  |  |  |  |  |  |

---

Nine months ended December 31, 2025 and December 31, 2024:

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Particulars** | **Financial Services <sup>(1)</sup>** | **Manufacturing** | **Energy, Utilities, Resources and Services** | **Retail <sup>(2)</sup>** | **Communication <sup>(3)</sup>** | **Hi-Tech** | **Life Sciences <sup>(4)</sup>** | **All other segments <sup>(5)</sup>** | **Total** |
| Revenue from operations | 36932 | 21721 | 17704 | 17119 | 16013 | 10370 | 8874 | 3515 | 132248 |
|  | *33561* | *18680* | *16402* | *16619* | *14311* | *9692* | *9065* | *3734* | *122064* |
| Identifiable operating expenses | 20900 | 13297 | 9979 | 8577 | 10273 | 6312 | 5519 | 2186 | 77043 |
|  | *19206* | *11984* | *9111* | *8195* | *9346* | *5587* | *5527* | *2372* | *71328* |
| Allocated expenses | 6765 | 3521 | 3289 | 3264 | 2906 | 1760 | 1569 | 853 | 23927 |
|  | *6205* | *3035* | *2771* | *2931* | *2459* | *1681* | *1493* | *800* | *21375* |
| **Segment Profit** | **9267** | **4903** | **4436** | **5278** | **2834** | **2298** | **1786** | **476** | **31278** |
|  | *8150* | *3661* | *4520* | *5493* | *2506* | *2424* | *2045* | *562* | *29361* |
| Unallocable expenses\* |  |  |  |  |  |  |  |  | 4767 |
|  |  |  |  |  |  |  |  |  | *3512* |
| Other income, net |  |  |  |  |  |  |  |  | 2998 |
|  |  |  |  |  |  |  |  |  | *2410* |
| Finance cost |  |  |  |  |  |  |  |  | 310 |
|  |  |  |  |  |  |  |  |  | *314* |
| **Profit before tax** |  |  |  |  |  |  |  |  | **29199** |
|  |  |  |  |  |  |  |  |  | *27945* |
| Income tax expense |  |  |  |  |  |  |  |  | 8234 |
|  |  |  |  |  |  |  |  |  | *8233* |
| **Net Profit** |  |  |  |  |  |  |  |  | **20965** |
|  |  |  |  |  |  |  |  |  | *19712* |
| Depreciation and amortization expense |  |  |  |  |  |  |  |  | 3478 |
|  |  |  |  |  |  |  |  |  | *3512* |
| Non-cash expenses other than depreciation and amortization |  |  |  |  |  |  |  |  |  |

---

*<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>* *Others include operating segments of businesses in India, Japan, China, Infosys Public Services & identified enterprises in Public Services*

*\** *Unallocable expense includes impact of* ![rupee symbol](rupee-symbol.gif) *1,289 crore towards impact of Labour Codes for the three months and nine months ended December 31, 2025 (refer to note 2.18.1)*

**Significant clients**

No client individually accounted for more than 10% of the revenues for the three months and nine months ended December 31, 2025 and December 31, 2024, respectively.

*for and on behalf of the Board of Directors of Infosys Limited*

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Nandan M. Nilekani<br> *Chairman*<br> DIN: 00041245  | &nbsp;&nbsp; Salil Parekh<br> *Chief Executive Officer and Managing Director*<br> DIN: 01876159<br>| &nbsp;&nbsp; Bobby Parikh<br> *Director*<br> DIN: 00019437  |
| &nbsp;&nbsp; Bengaluru<br> January 14, 2026 | &nbsp;&nbsp; Jayesh Sanghrajka<br> *Chief Financial Officer* | &nbsp;&nbsp; A.G.S. Manikantha<br> *Company Secretary*<br> Membership No. A21918  |  |

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