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印度会计准则独立应用

独立核数师报告

致印孚瑟斯董事会 有限公司

对中期简明独立基本报表的稽核报告

意见

我们已审核了附属的中期独立基本报表 印孚瑟斯有限公司 （以下简称"公司"）的简明资产负债状表截至2024年9月30日，简明损益表（包括其他综合收益）截至该日期的三个月和六个月，截至该日期的简明权益变动表和截至该日期的六个月的简明现金流量表，以及有关的基本报表附注，包括对重大会计政策的摘要和其他解释性资讯（以下简称"中期独立基本报表"）。

根据我们的意见及我们所掌握的资讯，根据向我们提供的解释，上述的中期总体单独基本报表符合印度会计准则34“中期财务报告”（Ind AS 34），根据2013年公司法第133条的规定，阅读相关颁布的规则及其他印度通行的会计原则，截至2024年9月30日的公司财务状况、截至该日期止为期三个月和六个月的溢利及综合收益、权益变动及截至该日期止为期六个月的现金流量，均能展现真实和公允的情况。

意见基础

我们根据印度会计师公会（ICAI）颁布的审计准则（“SAs”）第143(10)条的规定，进行了对中期简明独立基本报表的审计。我们对这些标准下的责任在本报告的中期简明独立基本报表审计负责的部分得到了进一步的描述。根据ICAI颁布的道德规范以及与本审计相关的道德要求，我们与该公司独立无关，并已根据法案及相关规则下的条款履行了我们的其他道德责任，也根据这些要求和ICAI的道德规范履行了其他道德责任。我们相信我们取得的审计证据足够并且适当，可作为对中期简明独立基本报表的审计意见的依据。

管理层和治理机构对中期简明独立基本报表的责任

董事会负责准备和呈交这些暂行简明独立基本报表，根据印度国际会计准则第34号和其他普遍公认的会计准则，显示出公司的财务状况、财务绩效，包括总综合收益，权益变动和现金流量的真实和公正情况。这一责任还包括根据法案的规定维护足够的会计记录，保护公司的资产，防止和发现欺诈和其他不正当行为；选择和应用适当的会计政策；做出合理和谨慎的判断和估计；设计、实施和维护足够的内部财务控制，以确保会计记录的准确性和完整性，这些控制有效运作，确保暂行简明独立基本报表的准备和呈交呈现真实和公正的情况，并且免于实质性错误陈述，无论是因欺诈还是错误。

在准备中期简明独立基本报表时，董事会有责任评估公司作为持续经营实体的能力，披露与持续经营相关事项，并使用持续经营会计基础，除非董事会打算清算公司或停止运作，或是别无其他实际选择。

董事会也负责监督公司的财务报告流程。

核数师对中期简明独立基本报表的审计责任

我们的目标是对中期独立基本报表作为一个整体是否不存在重大错误提供合理保证，无论是诈骗还是错误，并发出包含我们意见的核数师报告。合理保证是一个高度的保证，但并不保证按照SAs进行的审计始终能够发现存在的重大错误。错误可以因诈骗或错误而产生，如果从单独或总数来看，错误可能会合理地预期对根据这些中期独立基本报表作出的用户的经济决策产生影响，那么这些错误被认为是重大的。

作为根据SAs进行审计的一部分，我们在整个审计过程中行使专业判断并保持专业怀疑。我们还：

实质性是指中期简明独立基本报表中的错误之规模，无论是独立存在或者累计存在，都可能导致一名具有合理知识的用户的经济决策受到影响。我们在计划审计工作的范围和评估工作结果时考虑定量实质性和定性因素，并评估中期简明独立基本报表中任何已识别错误的影响。

我们还就审计计划的范围和时间安排以及审计中发现的重大审计结果，包括我们在审计过程中识别的任何重大内部控制缺陷，与管理层沟通。

我们还向执掌治理职责的人提供一份声明，说明我们已遵守有关独立性的道德要求，并与他们沟通所有可能被认为影响我们独立性的关系和其他事项，以及如适用的相关保障措施。

印孚瑟斯有限公司

根据印度会计准则（Ind AS）编制截至2024年9月30日三个月和六个月的基本报表

印孚瑟斯有限公司

(在 亿)

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

As per our report of even date attached

INFOSYS LIMITED

(In crore except equity share and per equity share data) 

Condensed Statement of Profit and Loss for the	Note No.	Three months ended September 30,		Six months ended September 30,
		2024	2023	2024	2023
Revenue from operations	2.17	34,257	32,629	67,540	64,440
Other income, net	2.18	1,737	1,350	2,458	2,352
Total income		35,994	33,979	69,998	66,792
Expenses
Employee benefit expenses	2.19	16,864	16,435	33,359	32,788
Cost of technical sub-contractors		4,751	4,645	9,583	9,321
Travel expenses		354	345	725	705
Cost of software packages and others	2.19	2,380	1,809	4,497	2,982
Communication expenses		125	131	229	260
Consultancy and professional charges		299	275	565	490
Depreciation and amortization expenses		670	738	1,368	1,484
Finance cost		61	89	120	132
Other expenses	2.19	1,083	995	2,017	1,967
Total expenses		26,587	25,462	52,463	50,129
Profit before tax		9,407	8,517	17,535	16,663
Tax expense:
Current tax	2.16	2,956	2,180	5,643	4,245
Deferred tax	2.16	(362)	92	(689)	216
Profit for the period		6,813	6,245	12,581	12,202
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability/asset, net		81	(68)	100	19
Equity instruments through other comprehensive income, net		(9)	40	5	40
Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedge, net		(21)	23	(24)	29
Fair value changes on investments, net		83	(22)	119	46
Total other comprehensive income/ (loss), net of tax		134	(27)	200	134
Total comprehensive income for the period		6,947	6,218	12,781	12,336
Earnings per equity share
Equity shares of par value 5/- each
Basic (in per share)		16.41	15.05	30.30	29.40
Diluted (in per share)		16.38	15.04	30.25	29.38
Weighted average equity shares used in computing earnings per equity share
Basic (in shares)	2.20	4,152,049,056	4,150,281,476	4,151,564,079	4,149,722,579
Diluted (in shares)	2.20	4,159,157,472	4,152,882,245	4,158,951,829	4,152,824,424

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

As per our report of even date attached

INFOSYS LIMITED

Condensed Statement of Changes in Equity

(In crore)

INFOSYS LIMITED

Condensed Statement of Changes in Equity (contd.)

(In crore)

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

As per our report of even date attached

INFOSYS LIMITED

Condensed 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 crore)

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

As per our report of even date attached

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 October 17, 2024.

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, 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, 2024. 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-end 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-end 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. Accounting estimates 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).

2.1 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.

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 interim 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 September 30, 2024 are as follows:

(In crore)

The changes in the carrying value of property, plant and equipment for the three months ended September 30, 2023 are as follows:

(In crore)

The changes in the carrying value of property, plant and equipment for the six months ended September 30, 2024 are as follows:

(In crore)

**

During the three months and six months ended September 30, 2024, certain assets which were not in use having gross book value of 92 crore (net book value: Nil) and 193 crore (net book value: Nil), respectively were retired.

The changes in the carrying value of property, plant and equipment for the six months ended September 30, 2023 are as follows:

(In crore)

*

During the three months and six months ended September 30, 2023, certain assets which were not in use having gross book value of 111 crore (net book value: Nil) and 361 crore (net book value: Nil), respectively were retired.

(1)

Buildings include 250/- being the value of five shares of 50/- each in Mittal Towers Premises Co-operative Society Limited.

The aggregate depreciation has been included under depreciation and amortization expense in the statement of Profit and Loss.

Repairs and maintenance costs are recognized in the 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 crore)

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 September 30, 2024:

(In crore)

Following are the changes in the carrying value of right-of-use assets for the three months ended September 30, 2023: 

(In crore)

Following are the changes in the carrying value of right-of-use assets for the six months ended September 30, 2024:

(In crore)

Following are the changes in the carrying value of right-of-use assets for the six months ended September 30, 2023:

(In crore)

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 September 30, 2024 and March 31, 2024:

(In crore)

2.4 INVESTMENTS

(In crore)

(In crore, except as otherwise stated)

Particulars		As at
		September 30, 2024	March 31, 2024
Non-current investments
Unquoted
Investment carried at cost
Investments in equity instruments of subsidiaries
Infosys BPM Limited		662	662
33,828 (33,828) equity shares of 10,000/- each, fully paid up
Infosys Technologies (China) Co. Limited		369	369
Infosys Technologies, S. de R.L. de C.V., Mexico		65	65
17,49,99,990 (17,49,99,990) equity shares of MXN 1 par value, fully paid up
Infosys Technologies (Sweden) AB		76	76
1,000 (1,000) equity shares of SEK 100 par value, fully paid
Infosys Technologies (Shanghai) Company Limited		1,010	1,010
Infosys Public Services, Inc.		99	99
3,50,00,000 (3,50,00,000) shares of USD 0.50 par value, fully paid
Infosys Consulting Holding AG		1,323	1,323
23,350 (23,350) - Class A shares of CHF 1,000 each and
26,460 (26,460) - Class B Shares of CHF 100 each, fully paid up
Infosys Americas Inc.		–	–
Nil (Nil) shares of USD 10 per share, fully paid up
EdgeVerve Systems Limited		1,312	1,312
1,31,18,40,000 (1,31,18,40,000) equity shares of 10/- each, fully paid up
Infosys Nova Holdings LLC#		2,637	2,637
Infosys Singapore Pte Ltd		4,327	10
2,73,19,411 (1,09,90,000) shares
Brilliant Basics Holding Limited		59	59
1,346 (1,346) shares of GBP 0.005 each, fully paid up
Infosys Arabia Limited		2	2
70 (70) shares
Skava Systems Private Limited		–	–
Nil (Nil) shares of 10/- each, fully paid up
Panaya Inc.		582	582
2 (2) shares of USD 0.01 per share, fully paid up
Infosys Chile SpA		7	7
100 (100) shares
WongDoody, Inc.		380	380
100 (100) shares
Infosys Luxembourg S.a r.l.		26	26
30,000 (30,000) shares
Infosys Austria GmbH		–	–
80,000 (80,000) shares of EUR 1 par value, fully paid up
Infosys Consulting Brazil		337	337
27,50,71,070 (27,50,71,070) shares of BRL 1 per share, fully paid up
Infosys Consulting S.R.L. (Romania)		34	34
99,183 (99,183) shares of RON 100 per share, fully paid up
Infosys Limited Bulgaria EOOD		2	2
4,58,000 (4,58,000) shares of BGN 1 per share, fully paid up
Infosys Germany Holdings GmbH		2	2
25,000 (25,000) shares EUR 1 per share, fully paid up
Infosys Green Forum		1	1
10,00,000 (10,00,000) shares 10 per share, fully paid up
Infosys Automotive and Mobility GmbH		15	15
Infosys Turkey Bilgi Teknolojileri Limited Sirketi		79	48
1,508,060 (1,508,060) share Turkish Liras 100 (10,000) per share, fully paid up
Infosys Consulting S.R.L. (Argentina)		2	2
2,94,500 (2,94,500) shares AR$ 100 per share, fully paid up
Infosys Business Solutions LLC		8	8
10,000 (10,000) shares USD 100 per share, fully paid up
Danske IT and Support Services India Private Limited		82	82
3,27,788 (3,27,788) shares 10 per share fully paid up
InSemi Technology Services Private Limited(2)		198	–
10,33,440 (Nil) shares 10 per share fully paid up
in-tech Group India Private Limited		15	–
10,000 (Nil) shares 10 per share fully paid up
Infosys Services (Thailand) Limited		1	–
1,99,998 (Nil) shares THB 10 per share fully paid up
Investments in Redeemable Preference shares of subsidiary
Infosys Singapore Pte Ltd		2,831	2,831
51,02,00,000 (51,02,00,000 ) shares
		16,543	11,981
Investments carried at fair value through profit or loss
Target maturity fund units		448	431
Others (1)		90	84
		538	515
Investments carried at fair value through other comprehensive income
Preference securities		91	91
Equity securities		2	2
		93	93
Quoted
Investments carried at amortized cost
Tax free bonds		1,624	1,731
Government bonds		14	14
		1,638	1,745
Investments carried at fair value through other comprehensive income
Non-convertible debentures		1,617	2,216
Equity Securities		116	113
Government Securities		5,727	6,689
		7,460	9,018
Total non-current investments		26,272	23,352
Current investments
Unquoted
Investments carried at fair value through profit or loss
Liquid mutual fund units		1,540	1,913
		1,540	1,913
Investments carried at fair value through other comprehensive income
Commercial Papers		–	4,507
Certificates of deposit		997	2,945
		997	7,452
Quoted
Investments carried at amortized cost
Tax free bonds		102	–
		102	–
Investments carried at fair value through other comprehensive income
Government Securities		1,043	204
Non-convertible debentures		2,501	1,738
		3,544	1,942
Total current investments		6,183	11,307
Total investments		32,455	34,659
Aggregate amount of quoted investments		12,744	12,705
Market value of quoted investments (including interest accrued), current		3,648	1,942
Market value of quoted investments (including interest accrued), non-current		9,271	10,978
Aggregate amount of unquoted investments		19,711	21,954
# 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		16,543	11,981
Investments carried at amortized cost		1,740	1,745
Investments carried at fair value through other comprehensive income		12,094	18,505
Investments carried at fair value through profit or loss		2,078	2,428

(1)

Uncalled capital commitments outstanding as of September 30, 2024 and March 31, 2024 was 5 crore and 5 crore, respectively.

(2)

On May 10, 2024, Infosys Ltd acquired 100% voting interests in InSemi Technology Services Private Limited, a semiconductor design services company headquartered in India. This acquisition is expected to strengthen our expertise in semiconductor ecosystem and Engineering R&D services. The business acquisition was conducted by entering into a share purchase agreement for a total consideration of 198 crore as on acquisition date, which includes a cash consideration of 168 crore and contingent consideration of up to 35 crore. The fair value of contingent consideration as of June 30, 2024 is 30 crore.

Refer to note 2.10 for accounting policies on financial instruments.

Method of fair valuation:

(In crore)

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

2.5 LOANS

(In crore)

2.6 OTHER FINANCIAL ASSETS

(In crore)

2.7 TRADE RECEIVABLES

(In crore)

2.8 CASH AND CASH EQUIVALENTS

 (In crore)

Cash and cash equivalents as at September 30, 2024 and March 31, 2024 include restricted cash and bank balances of 61 crore and 44 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 crore)

Withholding taxes and others primarily consist of input tax credits and Cenvat/ VAT recoverable from Government of India.

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 its 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 are 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

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 September 30, 2024 are as follows:

(In crore)