Ratio analysis

Quarter ended Nine months ended Year ended

December 31 December 31 March 31
2019 2018 2019 2018 2019
Financial performance (%)
Export revenue / revenue 97.2 97.4 97.4 97.4 97.5
Cost of Sales / revenue 66.6 65.5 67.0 64.7 65.2
Gross profit / revenue 33.4 34.5 33.0 35.3 34.8
Selling and marketing expenses / revenue 5.2 5.4 5.2 5.3 5.4
General and administrative expenses / revenue 6.3 6.5 6.4 6.6 6.6
Selling and marketing, general and administrative
expenses / revenue 11.5 11.9 11.6 11.9 12.0
Aggregate employee costs / revenue 56.3 54.3 56.2 54.4 54.8
Operating profit / revenue 21.9 22.6 21.4 23.3 22.8
Other income / revenue(6) 3.6 3.5 3.2 3.6 3.5
Profit before tax (PBT) / revenue(5) 25.3 24.0 24.5 25.8 25.5
Tax / revenue (3) 6.0 7.1 6.2 7.2 6.9
Effective tax rate - Tax / PBT(3) 23.6 29.7 25.5 28.1 26.8
Profit after tax (PAT) / revenue (3)(6) 19.3 16.9 18.2 18.5 18.6
Operating cash flows / revenue 23.8 20.3 20.1 19.2 19.2
Balance sheet
Current ratio (1) 2.5 3.1 2.5 3.1 2.8
Day's sales outstanding (Days) 73 67.0 73 67.0 66
Liquid assets / total assets (%) (2)(4) 28.3 36.8 28.3 36.8 36.2
Liquid assets / revenue (%) (2)(4) 27.4 38.5 27.4 38.5 37.1
Return
Return on Capital Employed (ROCE) (profit
before interest and taxes (PBIT) / Average Capital
Employed (%)(4) 34.7 33.0 34.7 33.0 32.4
Return on average invested capital (%) (2) 42.1 40.4 42.1 40.4 41.1
Per share
Basic EPS (`) (3) 10.51 8.30 28.79 26.06 35.44
Price / earnings, end of the year (1) (3) 18.9 19.1 18.9 19.1 21.0
Book value (`) (4) 144.42 148.88 144.42 148.88 150.00
Market capitalization / revenue, end of the year (1) 3.5 3.6 3.5 3.6 3.9
Note: The above ratio calculations are based on consolidated IFRS INR financial statements.
(1)
Represents number of times
(2)
Liquid assets include cash and cash equivalents and investments other than investments in unquoted equity and preference securities, convertible
promissory notes and others
(3)
During the year ended March 31, 2019, on account of the conclusion of an Advance Pricing Agreement (“APA”) in an overseas jurisdiction, the
Company has reversed income tax expense provision of ` 94 crore which pertains to previous period.
(4)
The shareholders approved the proposal of buyback of Equity shares recommended by its Board of Directors in its meeting held on January 11, 2019
through the postal ballot that concluded on March 12, 2019. The buyback was offered to all eligible equity shareholders of the Company (other
than the Promoters, the Promoter Group and Persons in Control of the Company) under the open market route through the stock exchange. The
buyback of equity shares through the stock exchange commenced on March 20, 2019 and was completed on August 26, 2019 and the Company
bought back and extinguished a total of 11,05,19,266 equity shares at an average buyback price of `747/- per equity share, comprising 2.53% of
the pre-buyback paid-up equity share capital of the Company. The buyback resulted in a cash outflow of `8,260 crore (excluding transaction costs).
(5)
The subsidiaries Kallidus and Skava (together referred to as “Skava”) and Panaya, are collectively referred to as the “Disposal Group”. In the
quarter ended June 30, 2018, the Company had recorded a reduction in the fair value by `270 crore in respect of its subsidiary Panaya. During
the quarter ended December 31, 2018, in accordance with Ind AS 105 -” Non current Assets held for Sale and Discontinued Operations”, the
Company concluded that the Disposal Group did not meet the criteria for “Held for Sale” classification and accordingly, on such reclassification,
the Company recorded an adjustment in respect of excess of carrying amount over recoverable amount of `451 crore in respect of Skava in the
consolidated statement of Profit and Loss.
(6)
Other income includes interest on income tax refunds amounting to `242 crore for the three month ended December 31, 2019 and `251 crore
for the nine month ended December 31, 2019. It also includes `51 crore for the three and nine month ended December 31, 2018.

1
 Operating profit / revenue Profit after tax (PAT) / revenue (1)(3)(4)
in % in %

Quarter ended Quarter ended

December 31, 2019 21.9 December 31, 2019 19.3
Quarter ended Quarter ended
December 31, 2018 22.6 December 31, 2018 16.9
Year ended Year ended
March 31, 2019 22.8 March 31, 2019 18.6

Return on Capital Employed(ROCE) (2) Liquid assets / total assets (2)

in % in %

Quarter ended Quarter ended

December 31, 2019 34.7 December 31, 2019 28.3
Quarter ended Quarter ended
December 31, 2018 33.0 December 31, 2018 36.8
Year ended Year ended
March 31, 2019 32.4 March 31, 2019 36.2

Basic EPS (1) Price / earnings end of the year (1)

in ` in `

Quarter ended Quarter ended

December 31, 2019 10.51 December 31, 2019 18.9
Quarter ended Quarter ended
December 31, 2018 8.30 December 31, 2018 19.1
Year ended Year ended
March 31, 2019 35.44 March 31, 2019 21.0

(1)
During the year ended March 31, 2019, on account of the conclusion of an Advance Pricing Agreement (“APA”) in an overseas jurisdiction, the Company
has reversed income tax expense provision of ` 94 crore which pertains to previous period.
(2)
The shareholders approved the proposal of buyback of Equity shares recommended by its Board of Directors in its meeting held on January 11, 2019
through the postal ballot that concluded on March 12, 2019. The buyback was offered to all eligible equity shareholders of the Company (other than
the Promoters, the Promoter Group and Persons in Control of the Company) under the open market route through the stock exchange. The buyback
of equity shares through the stock exchange commenced on March 20, 2019 and was completed on August 26, 2019 and the Company bought back
and extinguished a total of 11,05,19,266 equity shares at an average buyback price of `747/- per equity share, comprising 2.53% of the pre-buyback
paid-up equity share capital of the Company. The buyback resulted in a cash outflow of `8,260 crore (excluding transaction costs).
(3)
The subsidiaries Kallidus and Skava (together referred to as “Skava”) and Panaya, are collectively referred to as the “Disposal Group”. In the quarter
ended June 30, 2018, the Company had recorded a reduction in the fair value by `270 crore in respect of its subsidiary Panaya. During the quarter
ended December 31, 2018, in accordance with Ind AS 105 -” Non current Assets held for Sale and Discontinued Operations”, the Company concluded
that the Disposal Group did not meet the criteria for “Held for Sale” classification and accordingly, on such reclassification, the Company recorded an
adjustment in respect of excess of carrying amount over recoverable amount of `451 crore in respect of Skava in the consolidated statement of Profit
and Loss.
(4)
Other income includes interest on income tax refunds amounting to `242 crore for the three month ended December 31, 2019 and `251 crore for the
nine month ended December 31, 2019. It also includes `51 crore for the three and nine month ended December 31, 2018.

2
Report for the quarter and nine months ended December 31, 2019
Select financial data – IFRS (consolidated)
Statement of comprehensive income
(In ` crore, expect per equity share data)
Particulars 3 months ended Quarter 9 months ended Year Quarter Sequential
December December on-Quarter December December on-year ended Growth
31, 2019 31, 2018 Growth (%) 31, 2019 31, 2018 Growth September (%)
(%) 30, 2019
Revenues 23,092 21,400 7.9 67,524 61,137 10.4 22,629 2.0
Cost of sales 15,373 14,016 9.7 45,231 39,585 14.3 15,079 1.9
Gross Profit 7,719 7,384 4.5 22,293 21,552 3.4 7,550 2.2
Operating Expenses:
Selling and
marketing
expenses 1,204 1,156 4.2 3,539 3,248 9.0 1,162 3.6
Administrative
expenses 1,451 1,398 3.8 4,307 4,043 6.5 1,476 (1.7)
Total Operating
Expenses 2,655 2,554 4.0 7,846 7,291 7.6 2,638 0.6
Operating Profit 5,064 4,830 4.8 14,447 14,261 1.3 4,912 3.1
Operating Margin % 21.9 22.6 (0.6) 21.4 23.3 (1.9) 21.7 0.2
Other Income, net (1) 827 753 9.8 2,189 2,218 (1.3) 626 32.1
Finance cost(2) (42) – – (125) – – (42) –
Adjustment in
respect of excess of
carrying amount
over recoverable
amount on
reclassification from
"Held for Sale"(3) – (451) – – (451) – – –
Reduction in the fair
value of Disposal
Group held for sale(4) – – – – (270) – – –
Profit before income
taxes 5,849 5,132 14.0 16,511 15,758 4.8 5,496 6.4
Income tax expense 1,383 1,522 (9.1) 4,207 4,426 (4.9) 1,459 (5.2)
Net Profit 4,466 3,610 23.7 12,304 11,332 8.6 4,037 10.6
Non-controlling
interests 9 1 – 31 2 – 18 –
Net Profit (after
Non-controlling
interests) 4,457 3,609 23.5 12,273 11,330 8.3 4,019 10.9
Basic EPS (`) 10.51 8.30 26.6 28.79 26.06 10.40 9.46 11.20
Diluted EPS (`) 10.50 8.29 26.6 28.74 26.03 10.40 9.44 11.20
(1)
Other income includes interest on income tax refunds amounting to `242 crore for the three month ended December 31, 2019 and `251 crore for the
nine month ended December 31, 2019. It also includes `51 crore for the three and nine month ended December 31, 2018.
(2)
On account of adoption of IFRS 16- Leases effective April 1, 2019.
(3)
Represents an adjustment in respect of excess of carrying amount over recoverable amount of `451 crore in respect of Skava for the quarter ended
December 31, 2018.
(4)
Represents a reduction in the fair value amounting $39 million (`270 crore) in respect of Panaya for the quarter ended June 30, 2018.

3
Balance sheet data
(In ` crore)
Particulars December March
31,2019 31,2019
Cash and cash equivalents 17,288 19,568
Current investments 3,078 6,627
Trade receivables 18,055 14,827
Property, plant and equipment 13,538 13,356
Non current investments 4,241 4,634
Other assets 30,249 25,726
Total assets 86,449 84,738
Total liabilites 25,218 19,732
Total equity 61,231 65,006
Total liabilities and equity 86,449 84,738

Statement of comprehensive income

(in US $ millions, except per equity share data)
Particulars 3 months ended Quarter 9 months ended Year Quarter Sequential
December December on- December December on- year ended Growth
31, 2019 31, 2018 Quarter 31, 2019 31, 2018 Growth September (%)
Growth (%) 30, 2019
(%)
Revenues 3,243 2,987 8.6 9,583 8,740 9.7 3,210 1.0
Cost of sales 2,159 1,956 10.4 6,420 5,660 13.4 2,140 0.9
Gross Profit 1,084 1,031 5.1 3,163 3,080 2.7 1,070 1.3
Operating Expenses:
Selling and
marketing
expenses 169 161 5.0 502 464 8.2 165 2.4
Administrative
expenses 204 195 4.6 612 578 5.9 209 (2.4)
Total Operating
Expenses 373 356 4.8 1,114 1,042 6.9 374 (0.3)
Operating Profit 711 675 5.4 2,049 2,038 0.6 696 2.2
Operating Margin % 21.9 22.6 (0.7) 21.4 23.3 (1.9) 21.7 0.2
Other Income, net (1) 116 105 10.5 312 317 (1.6) 89 30.3
Finance cost(2) (6) – – (18) – (6) –
Adjustment in
respect of excess of
carrying amount over
recoverable amount
on reclassification
from "Held for
Sale"(3) – (65) – – (65) – – –
Reduction in the fair
value of Disposal
Group held for sale(4) – – – – (39) – – –
Profit before income
taxes 821 715 14.8 2,343 2,251 4.1 779 5.4
Income tax expense 194 213 (8.9) 597 633 (5.7) 207 (6.3)
Net Profit 627 502 24.8 1,746 1,618 7.9 572 9.6
Non-controlling
interests 1 – – 5 – – 3.0 –
Net Profit (after Non-
controlling interests) 626 502 24.6 1,741 1,618 7.6 569 9.9
Basic EPS ($) 0.15 0.12 27.7 0.41 0.37 9.7 0.13 10.2
Diluted EPS ($) 0.15 0.12 27.7 0.41 0.37 9.7 0.13 10.2

4
(1)
Other income includes interest on income tax refunds amounting to $34 million (`242 crore) for the three month ended December 31, 2019 and $35
million (`251 crore) for the nine month ended December 31, 2019. It also includes $7 million (`51 crore) for the three and nine month ended December
31, 2018.
(2)
On account of adoption of IFRS 16- Leases effective April 1, 2019.
(3)
Represents an adjustment in respect of excess of carrying amount over recoverable amount of $65 million (`451 crore) in respect of Skava for the quarter
ended Dec 30, 2018.
(4)
Represents a reduction in the fair value amounting $39 million (`270 crore) in respect of Panaya for the quarter ended June 30, 2018.

Balance sheet data

(in US $ millions)
Particulars December 31,2019 March 31,2019
Cash and cash equivalents 2,422 2,829
Current investments 431 958
Trade receivables 2,529 2,144
Property, plant and equipment 1,896 1,931
Non current investments 594 670
Other assets 4,238 3,720
Total assets 12,110 12,252
Total liabilites 3,533 2,852
Total equity 8,577 9,400
Total liabilities and equity 12,110 12,252

5
Shareholder information
Registered office
Electronics City, Hosur Road, Bengaluru 560 100, India
Tel.: +91-80-2852-0261, Fax: +91-80-2852-0362
Homepage: www.infosys.com

Listing on stock exchanges

In India: The BSE Limited (BSE), and National Stock Exchange of India Ltd. (NSE)
Outside India: New York Stock Exchange (NYSE)
Par value of equity shares
(`) 5/- each fully paid-up
Registrar and share transfer agent
Any communication regarding share certificate, dividends, change of address, etc. may be addressed to:
KFin Technologies Private Limited,
Registrars and Share Transfer Agents;
Karvy Selenium Tower B, Plot 31-32, Gachibowli
Financial District, Nanakramguda,
Hyderabad-500 032. India
Tel.: +91-40-6716 1559
Stock market data relating to shares listed in India
a. The company’s market capitalization is included in the computation of the BSE-30 Sensitive Index (Sensex), the BSE Dollex and S&P CNX NIFTY Index.
b. Monthly high and low quotations as well as the volume of shares traded at BSE and NSE for the quarter ended December 31, 2019, are as follows:
BSE NSE Total Volume
High (`) Low (`) Volume (No.) High (`) Low (`) Volume (No.) (BSE & NSE)
(No.)
Oct 2019 823.35 615.00 2,59,72,423 823.80 615.10 38,30,38,426 40,90,10,849
Nov 2019 732.50 678.30 1,00,69,662 732.50 678.15 22,23,00,056 23,23,69,718
Dec 2019 737.70 689.00 1,02,45,209 737.95 688.55 14,11,77,094 15,14,22,303
Total 4,62,87,294 74,65,15,576 79,28,02,870
Volume Q3 FY 2020 1.32 21.23 22.55
traded/
average
outstanding
shares (%) Q3 FY 2019 1.10 14.12 15.22

The number of shares outstanding 3,51,65,91,384. American Depositary Shares (ADSs) have been excluded for the purpose
of this calculation.
Investor services – Complaints Received
Nature of complaints Quarter ended Dec 31, 2019 Quarter ended Dec 31, 2019
Received Attended Received Attended to
Dividend/annual report related/others 474 474 467 467

The Company has attended to most of the investors’ grievances/correspondences within a period of 10 days from the
date of receipt of the same, during the quarter ended December 31, 2019 except in cases that are constrained by disputes
or legal impediments.
Legal Proceedings
There are some pending cases relating to disputes over title to shares, in which the company has been made a party. However,
these cases are not material in nature.

6
Categories of shareholders as on December 31, 2019
Category No. of shareholders Voting strength (%) No. of shares held
PROMOTER AND PROMOTER GROUP
Indian Promoters 22 13.15 56,01,82,338
Total Promoters holding (A) 22 13.15 56,01,82,338
PUBLIC SHAREHOLDING
Institutional investors
Mutual funds 37 13.37 56,90,48,824
Banks and financial institutions 19 0.13 54,22,692
Insurance companies 33 10.30 43,86,83,876
Alternative Investment Funds 22 0.19 82,60,186
Foreign institutional investors and Foreign Portfolio
Investors 1,083 31.76 1,35,26,22,244
Others – – –
Non-institutional investors
Indian public 10,39,250 9.91 42,16,75,145
NBFCs registered with RBI 19 – 82,681
Overseas Depositories (holding DRs)* 1 17.42 74,19,56,616
Others (Trusts, NRIs, OCBs etc.) 27,189 3.33 14,18,30,501
Total Public Shareholding (B) 10,67,653 86.41 36,79,58,27,645
NON PROMOTER-NON PUBLIC SHAREHOLDING
Employee Benefit Trust 1 0.44 1,87,82,897
Total Non-Promoter-Non Public Shareholding (C) 1 0.44 1,87,82,897
Total (A+B+C) 10,67,676 100 4,25,85,48,000
* Held by beneficial owners outside India.

Financial calendar (tentative and subject to change)

Financial results
Quarter ending March 31, 2020 April 14, 2020
Investors’ correspondence
For queries relating to financial For investor correspondence For queries relating to shares/
statements: dividends/ Compliances
Jayesh Sanghrajka, Sandeep Mahindroo, A.G.S. Manikantha,
Deputy Chief Financial Officer; Financial Controller; Company Secretary;
Infosys Limited, Electronics City, Hosur Road, Infosys Limited, Electronics City, Hosur Road, Infosys Limited,Electronics City, Hosur Road.
Bangalore-560 100, India. Bangalore-560 100, India. Bangalore- 560 100, India.
Tel.: +91-80-2852-1705 Tel.: +91-80-3980-1018 Tel.: +91-80-4116-7779
Fax: +91-80-2852-0754 Fax: +91-80-2852-0362 Fax: +91-80-2852-0362
E-mail: jayesh.sanghrajka@infosys.com E-mail: sandeep_mahindroo@infosys.com E-mail: manikantha_ags@infosys.com

Stock exchange codes

Reuters Code Bloomberg code Exchange
INFY.BO (BSE) INFO IB (BSE) 500209 (BSE)
INFY.NS (NSE) INFO IS (NSE) INFY(NSE)
INFY.K (NYSE) INFY UN (NYSE) INFY (NYSE)

Stock market data relating to American Depositary Shares (ADSs)

a. ADS listed at: NYSE
b. Ratio of ADS to equity shares: One ADS for one equity share
c. ADS symbol: INFY
d. The American Depositary Shares issued under the ADS program of the company were listed on the NASDAQ National Market
in the US on March 11, 1999. We had withdrawn the listing of our ADSs from NASDAQ, and listed the same in the New
York Stock Exchange. With effect from December 12, 2012, we transferred the listing of our ADSs from the NASDAQ to
NYSE. Also, the Company began trading of its ADSs on NYSE Euronext’s (NYX) London and Paris markets on February 20,
2013. The Company’s shares were delisted from Euronext Paris and Euronext London effective July 5, 2018 primarily due to
the low average daily trading volume of Infosys ADSs on Euronext Paris and Euronext London, which is not commensurate
with the related administrative requirements. The monthly high and low quotations as well as the volume of ADSs traded
at the NYSE for the quarter ended December 31, 2019 are

7
 High Low Volume at NYSE
$ ` $ `
Oct 2019 11.31 803.80 8.76 620.47 55,76,48,168
Nov 2019 10.12 718.72 9.51 672.57 26,36,44,886
Dec 2019 10.37 737.00 9.65 691.23 16,18,86,703
Total 98,31,79,757
Note: 1 ADS = 1 equity share. USD has been converted into Indian rupees at the daily closing rates for high and low respectively. The number of
(1)

ADSs outstanding as on December 31, 2019 was 74,19,56,616. The percentage of volume traded to the total float was 132.5%

ECS mandate and change of address

The Company has received complaints regarding non-receipt of dividend warrants and other corporate communication.
All shareholders are requested to update their bank account details and current address with their respective depositories
immediately. This would enable the Company to serve its investors better.