Infosys Ltd.

INFYInformation Technology filings

Earnings calls

28 transcript(s)/analyst meet(s) served; 19 document(s) on file are not transcripts (cover letters, duplicates, unresolved) and are excluded. Speaker attribution is shown only where the segmenter attributes ≥ 95% of sentences to management or analysts (15 of 28 documents here); elsewhere sentences render unattributed.

Kind	Date	Period	Served
TRANSCRIPT	20190117	2018-12-31	yes
TRANSCRIPT	20190417	2019-03-31	yes
TRANSCRIPT	20190718	2019-06-30	yes
TRANSCRIPT	20191016	2019-09-30	yes
TRANSCRIPT	20200114	2019-12-31	yes
TRANSCRIPT	20200423	2020-03-31	yes
TRANSCRIPT	20201019	2020-09-30	yes
TRANSCRIPT	20210118	2020-12-31	yes
TRANSCRIPT	20210719	2021-06-30	yes
TRANSCRIPT	20220117	2021-12-31	yes
DUPLICATE	20220117	2021-12-31	no
ANALYST_MEET	20220419	2022-03-31	yes
DUPLICATE	20220419	2022-03-31	no
ANALYST_MEET	20220728	2022-06-30	yes
DUPLICATE	20220728	2022-06-30	no
ANALYST_MEET	20221017	2022-09-30	yes
DUPLICATE	20221017	2022-09-30	no
TRANSCRIPT	20230117	2022-12-31	yes
DUPLICATE	20230117	2022-12-31	no
ANALYST_MEET	20230418	2023-03-31	yes
DUPLICATE	20230418	2023-03-31	no
ANALYST_MEET	20230725	2023-06-30	yes
DUPLICATE	20230725	2023-06-30	no
TRANSCRIPT	20231018	2023-09-30	yes
DUPLICATE	20231018	2023-09-30	no
TRANSCRIPT	20240116	2023-12-31	yes
DUPLICATE	20240116	2023-12-31	no
TRANSCRIPT	20240423	2024-03-31	yes
DUPLICATE	20240423	2024-03-31	no
ANALYST_MEET	20240723	2024-06-30	yes
DUPLICATE	20240723	2024-06-30	no
TRANSCRIPT	20241022	2024-09-30	yes
DUPLICATE	20241022	2024-09-30	no
TRANSCRIPT	20250121	2024-12-31	yes
DUPLICATE	20250121	2024-12-31	no
ANALYST_MEET	20250422	2025-03-31	yes
DUPLICATE	20250422	2025-03-31	no
TRANSCRIPT	20250728	2025-06-30	yes
DUPLICATE	20250728	2025-06-30	no
TRANSCRIPT	20251021	2025-09-30	yes
DUPLICATE	20251021	2025-09-30	no
TRANSCRIPT	20260119	2025-12-31	yes
DUPLICATE	20260119	2025-12-31	no
ANALYST_MEET	20260427	2026-03-31	yes
DUPLICATE	20260427	2026-03-31	no
ANALYST_MEET	20260728	2026-06-30	yes
DUPLICATE	20260728	2026-06-30	no

Model workbook

Download INFY_model_v2.xlsx — every figure in it names the filing, the reporting context and the period it was read from.

Commentary — cross-call tabulation

Quarter	Theme	Management sentences	Analyst sentences	Management share
Q1FY20	AI and technology	51	18	0.12
Q1FY20	Capex and capacity	4	2	0.01
Q1FY20	Capital allocation	28	5	0.06
Q1FY20	Competition	4	5	0.01
Q1FY20	Credit quality	0	0	0.00
Q1FY20	Currency and macro	22	4	0.05
Q1FY20	Demand and volumes	42	13	0.10
Q1FY20	Deposits and liquidity	0	0	0.00
Q1FY20	Distribution and persistency	9	3	0.02
Q1FY20	Margins and costs	33	14	0.08
Q1FY20	People and attrition	44	25	0.10
Q1FY20	Pricing and realisation	6	8	0.01
Q1FY20	Raw materials and input costs	0	0	0.00
Q1FY20	Regulation and policy	11	5	0.03
Q1FY22	AI and technology	70	9	0.11
Q1FY22	Capex and capacity	5	0	0.01
Q1FY22	Capital allocation	14	2	0.02
Q1FY22	Competition	4	3	0.01
Q1FY22	Credit quality	0	1	0.00
Q1FY22	Currency and macro	12	2	0.02
Q1FY22	Demand and volumes	64	12	0.10
Q1FY22	Deposits and liquidity	0	0	0.00
Q1FY22	Distribution and persistency	14	3	0.02
Q1FY22	Margins and costs	56	24	0.09
Q1FY22	People and attrition	60	18	0.10
Q1FY22	Pricing and realisation	25	17	0.04
Q1FY22	Raw materials and input costs	2	0	0.00
Q1FY22	Regulation and policy	4	3	0.01
Q1FY23	AI and technology	42	0	0.09
Q1FY23	AI and technology	42	0	0.09
Q1FY23	Capex and capacity	4	1	0.01
Q1FY23	Capex and capacity	4	1	0.01
Q1FY23	Capital allocation	2	5	0.00
Q1FY23	Capital allocation	2	5	0.00
Q1FY23	Competition	4	1	0.01
Q1FY23	Competition	4	1	0.01
Q1FY23	Credit quality	2	2	0.00
Q1FY23	Credit quality	2	2	0.00
Q1FY23	Currency and macro	31	14	0.07
Q1FY23	Currency and macro	31	14	0.07
Q1FY23	Demand and volumes	76	20	0.16
Q1FY23	Demand and volumes	76	20	0.16
Q1FY23	Deposits and liquidity	0	0	0.00
Q1FY23	Deposits and liquidity	0	0	0.00
Q1FY23	Distribution and persistency	4	4	0.01
Q1FY23	Distribution and persistency	4	4	0.01
Q1FY23	Margins and costs	82	39	0.17
Q1FY23	Margins and costs	82	39	0.17
Q1FY23	People and attrition	47	12	0.10
Q1FY23	People and attrition	47	12	0.10
Q1FY23	Pricing and realisation	23	10	0.05
Q1FY23	Pricing and realisation	23	10	0.05
Q1FY23	Raw materials and input costs	0	0	0.00
Q1FY23	Raw materials and input costs	0	0	0.00
Q1FY23	Regulation and policy	0	1	0.00
Q1FY23	Regulation and policy	0	1	0.00
Q1FY24	AI and technology	48	6	0.11
Q1FY24	AI and technology	48	6	0.11
Q1FY24	Capex and capacity	3	2	0.01
Q1FY24	Capex and capacity	3	2	0.01
Q1FY24	Capital allocation	3	0	0.01
Q1FY24	Capital allocation	3	0	0.01
Q1FY24	Competition	0	2	0.00
Q1FY24	Competition	0	2	0.00
Q1FY24	Credit quality	0	0	0.00
Q1FY24	Credit quality	0	0	0.00
Q1FY24	Currency and macro	14	5	0.03
Q1FY24	Currency and macro	14	5	0.03
Q1FY24	Demand and volumes	49	22	0.11
Q1FY24	Demand and volumes	49	22	0.11
Q1FY24	Deposits and liquidity	1	0	0.00
Q1FY24	Deposits and liquidity	1	0	0.00
Q1FY24	Distribution and persistency	6	1	0.01
Q1FY24	Distribution and persistency	6	1	0.01
Q1FY24	Margins and costs	54	17	0.12
Q1FY24	Margins and costs	54	17	0.12
Q1FY24	People and attrition	16	9	0.04
Q1FY24	People and attrition	16	9	0.04
Q1FY24	Pricing and realisation	10	2	0.02
Q1FY24	Pricing and realisation	10	2	0.02
Q1FY24	Raw materials and input costs	0	0	0.00
Q1FY24	Raw materials and input costs	0	0	0.00
Q1FY24	Regulation and policy	2	0	0.00
Q1FY24	Regulation and policy	2	0	0.00
Q1FY25	AI and technology	63	12	0.12
Q1FY25	AI and technology	63	12	0.12
Q1FY25	Capex and capacity	6	1	0.01
Q1FY25	Capex and capacity	6	1	0.01
Q1FY25	Capital allocation	14	7	0.03
Q1FY25	Capital allocation	14	7	0.03
Q1FY25	Competition	3	0	0.01
Q1FY25	Competition	3	0	0.01
Q1FY25	Credit quality	0	2	0.00
Q1FY25	Credit quality	0	2	0.00
Q1FY25	Currency and macro	22	6	0.04
Q1FY25	Currency and macro	22	6	0.04
Q1FY25	Demand and volumes	40	17	0.08
Q1FY25	Demand and volumes	40	17	0.08
Q1FY25	Deposits and liquidity	0	0	0.00
Q1FY25	Deposits and liquidity	0	0	0.00
Q1FY25	Distribution and persistency	5	4	0.01
Q1FY25	Distribution and persistency	5	4	0.01
Q1FY25	Margins and costs	48	14	0.09
Q1FY25	Margins and costs	48	14	0.09
Q1FY25	People and attrition	11	4	0.02
Q1FY25	People and attrition	11	4	0.02
Q1FY25	Pricing and realisation	12	2	0.02
Q1FY25	Pricing and realisation	12	2	0.02
Q1FY25	Raw materials and input costs	0	0	0.00
Q1FY25	Raw materials and input costs	0	0	0.00
Q1FY25	Regulation and policy	0	1	0.00
Q1FY25	Regulation and policy	0	1	0.00
Q1FY26	AI and technology	64	18	0.12
Q1FY26	AI and technology	64	18	0.12
Q1FY26	Capex and capacity	2	0	0.00
Q1FY26	Capex and capacity	2	0	0.00
Q1FY26	Capital allocation	8	0	0.01
Q1FY26	Capital allocation	8	0	0.01
Q1FY26	Competition	1	1	0.00
Q1FY26	Competition	1	1	0.00

Guidance items

quarter	metric	direction	sentence	page
Q3FY19	margin	nan	Operating margin was at 22.6%, this included a very strong investment trajectory that we have put in place in sales, in localization especially in the US and Eu	4
Q3FY19	other	nan	We have not seen our clients change their spending trajectory so far.	4
Q3FY19	revenue growth	nan	With this strong performance during the year so far, we are revising our full year revenue guidance.	4
Q3FY19	revenue growth	nan	Our new revenue guidance is 8.5% to 9.0% growth in constant currency terms.	4
Q3FY19	margin	MAINTAINED	We retain our operating margin guidance at 22% to 24% for the full year.	4
Q3FY19	other	nan	While revenues have come above estimates you have also revised the guidance beyond what the street was expecting.	5
Q3FY19	margin	nan	You did talk about some investments that you are making, so is this one-off because you have retained the operating margin guidance at 22% to 24%?	5
Q3FY19	margin	nan	That plan is what we have driven our margin guidance towards and which is what we are executing upon.	6
Q3FY19	revenue growth	nan	I will start with the revenue guidance.	7
Q3FY19	other	nan	We feel confident for this full fiscal year 2019 and that is giving us the ability to talk about increasing the guidance.	7
Q3FY19	revenue growth	nan	The way we are looking at it, our segments are doing well, both our digital and core services are doing well and that is giving us some confidence for the reven	7
Q3FY19	margin	nan	As Salil rightly mentioned, at the beginning of the year when we guided for margin, we had taken into account all the investments and the business needs and aft	8
Q3FY19	margin	nan	This gives us good confidence on the full year margin being in the range of 22% to 24%.	8
Q3FY19	hiring / attrition	nan	If you look about 18 months back or so, utilization was always trending in the range of 78% to 80%, but since then we have inched up.	10
Q3FY19	other	nan	Our guidance is only focused on the fiscal year which ends on March 31, 2019.	11
Q3FY19	other	nan	Once we get into this quarter and start to close out the year, that is when we look more seriously at what the full year guidance for the next fiscal year will	12
Q3FY19	revenue growth	nan	Related to the communication vertical, this quarter on a constant currency basis, it degrew 0.5%, but on the back of some of the deals that we have won in the l	12
Q3FY19	other	nan	All I am saying is in what we see today and especially what we see in the very near future which is for this fiscal year, we remain confident of the guidance we	15
Q3FY19	other	nan	So we read, understand and interact and as we go through our Q4, we will have a better view for the next fiscal.	17
Q3FY19	other	nan	We have no view today beyond March 31, 2019 in terms of what we are going to do for next fiscal.	23
Q3FY19	margin	nan	So we are still within our guidance 22% to 24% on the margin and we do not see that changing for this fiscal.	24
Q3FY19	margin	nan	So we are very comfortable with where we are on the margin in terms of the guidance and we see now an increased traction on the growth where we are increasing t	24
Q3FY19	other	nan	This included our continuing investment trajectory in sales, localization, agile and reskilling that we have indicated from the start of the year.	28
Q3FY19	other	nan	There are macro level concerns in the environment but we have not seen as of now clients alter their spending plans or trajectory.	28
Q3FY19	revenue growth	nan	With a strong performance during the year we are revising our full year revenue growth guidance to 8.5% to 9% in constant currency terms.	28
Q3FY19	margin	MAINTAINED	We retain our operating margin guidance at 22% to 24% for the full year.	28
Q3FY19	other	nan	Overall budgets are expected to be flattish with higher allocation towards newer areas focused on change the business segment.	30
Q3FY19	other	nan	Our performance remained relatively steady even in a seasonally weak quarter due to ramp up of previous deal wins and we expect further momentum in the coming q	30
Q3FY19	margin	LOWERED	These are partly offset by benefits of rupee depreciation and revenue hedges of 50 basis points and benefit of lower leave cost and reduction in other expenses	32
Q3FY19	revenue growth	nan	Coming to guidance; driven by better than expected 8.1% constant currency growth in the first nine months of the year compared to nine months of FY2018, we have	32
Q3FY19	margin	nan	We are maintaining our FY2019 operating margin guidance band at 22% to 24%.	32
Q3FY19	margin	nan	We expect Q4 operating margins to be impacted due to rupee appreciation, targeted compensation corrections, continued investments in business and initial margin	32
Q3FY19	margin	nan	We have not really changed margin guidance every time in the past as well.	36
Q3FY19	other	nan	What we have said right now as well as at the beginning of the year, we gave a guidance of 22% to 24% that was after taking into account all the investments and	36
Q3FY19	other	nan	The first nine months of the year is at 23.3% and I have already laid out some of the headwinds in terms of compensation, continued investments and so on, but w	36
Q3FY19	revenue growth	nan	We see the benefits on sales and on localization already start to come through as you have seen in our sales trajectory and our revenue guidance.	37
Q3FY19	margin	nan	For fiscal 2020, at this stage we are not giving any view on what the margin or the revenue outlook is.	37
Q3FY19	deal wins / order book	RAISED	Of course as some of the deals have come in Q2, Q3 and we see a good pipeline today for Q4, we have raised our revenue 14 guidance for the full year in fiscal 2	38
Q3FY19	other	nan	Well Viju that is correct because we have some targeted compensation this Q4, which was not in the last Q4.	40
Q3FY19	other	nan	However, to be clear we are not making any specific comment on our fiscal 2020 outlook.	41
Q3FY19	other	nan	Coming to this quarter first, this quarter we got a benefit of rupee depreciation of 50-basis points and as we get into the next quarter, rupee has already appr	41
Q3FY19	deal wins / order book	nan	However, in the last couple of quarters we have had a few large deal wins in this segment, so we expect the trajectory to change in the coming quarter.	47
Q3FY19	other	nan	Having said that from the industry perspective definitely the sector is under stress but at the same time it also opens up new opportunities for outsourcing, to	47
Q3FY19	other	nan	The client budget process is progressing and it is likely to conclude in the next month or so, but the early indications are the budgets are expected to be flat	47
Q3FY19	other	nan	We will now in our fiscal year fourth quarter start to build more comprehensive view of how the next fiscal year starting in April will look like for us.	49
Q3FY19	other	nan	Internally we will also start to put some thoughts on a more specific basis on how this outlook will work on multiple year pieces.	49
Q3FY19	other	nan	At this stage, we are not ready to come and say specifically what fiscal 2020 will look like and so is what the midyear trajectory or margins will look like.	49
Q4FY19	deal wins / order book	nan	On large deals again we had an exceptional quarter. $1.6 billion in large deal wins, and a total of $6.3 billion for the full year - that is twice the value we	4
Q4FY19	margin	nan	Our margin for the full year was within our guided band at 22.8% and margins for Q4 was at 21.5%.	4
Q4FY19	other	nan	Going forward, we see the ability to drive operational efficiency into our business.	4
Q4FY19	revenue growth	nan	Our guidance for fiscal 2020 is - Revenue growth in the range of 7.5% to 9.5% in constant currency and operating margin in the range of 21% to 23%.	4
Q4FY19	other	nan	Let me start with the guidance.	6
Q4FY19	other	nan	The way we can start guidance is look at what we have done in terms of the full year in the new wins, and also making sure we look at what is going on in the ma	6
Q4FY19	other	nan	We had a very strong acceleration for the full year and, therefore, if you recall, for fiscal 2019, guidance was 6% to 8% and we have now bumped it up to 7.5% t	6
Q4FY19	other	nan	So, from our perspective it is a very strong movement of the guidance reflecting the growth.	6
Q4FY19	other	LOWERED	We have not actually cut guidance because we had guidance of 6% to 8% for this year and have delivered 9% and this 7.5% to 9.5% fits very well within the range	6
Q4FY19	margin	nan	So, as we guided the market at the beginning of the year, although we ended last year at 24.3%, our margin guidance was between 22% to 24%.	6
Q4FY19	margin	nan	This has been a thought through programme and the guidance for next year actually reflects the margin looking at where we are in Q4 and how we build forward.	6
Q4FY19	other	nan	So we expect in the next couple of quarters things should become better.	7
Q4FY19	other	nan	We want to bring it down to 13% to 15% that is where our comfort is going forward.	7
Q4FY19	other	nan	Overall, we feel there is still robustness in our business and that is what is reflected into our guidance.	8
Q4FY19	other	nan	In fact, some of those things we are starting to hit sooner, but we have given ourselves the journey time of three years to make sure that we become fully funct	8
Q4FY19	other	nan	That gives us confidence in the guidance, which we have given.	9
Q4FY19	other	nan	As Pravin shared, our Financial Services outlook for the full year is still quite strong and that is a large part of our business.	10
Q4FY19	other	nan	So those were some of the components that went in as we built the guidance for fiscal 2020.	10
Q4FY19	other	nan	The forex factor has been kept aside and this is based on where we see the spot FX today - so we do not factor into the guidance.	10
Q4FY19	other	nan	We believe that this is the right thing to do for us as a company because we are building Infosys for the next 10, 15, 20 years and not for the next quarter.	14
Q4FY19	other	nan	In the next quarter or the next year, they will have an impact, but the real impact is going to come over multiple years because these are partners, which are m	14
Q4FY19	other	nan	We expected to come back and as I said earlier we are comfortable with about 13% to 15% range.	15
Q4FY19	other	nan	So the reality is much more question of trajectory than question of long-term play.	19
Q4FY19	other	nan	That is the trajectory that we now put forward into the next fiscal year.	19
Q4FY19	other	nan	So between the trajectory and this reduced intensity of investments we now start to see that the operational levers will also start to benefit us.	19
Q4FY19	other	nan	Regarding when the margins will go above this guided range, we are only talking about fiscal 2020 here.	19
Q4FY19	other	nan	The average wage hike in India will be about 6%.	24
Q4FY19	other	nan	Average wage hike outside India will be about 1% to 1.5%.	24
Q4FY19	deal wins / order book	nan	Our large deal wins were also impressive at $ 1.6 bn for the quarter and $ 6.3 bn for the full year, which is twice the value of what we did in fiscal 2018.	27
Q4FY19	margin	nan	Our margin for the full year was 22.8% and for Q4 was at 21.5%.	27
Q4FY19	other	nan	Going forward, we see the ability to drive operational efficiencies more and more into our business.	27
Q4FY19	revenue growth	nan	With that, our guidance for fiscal 2020 is revenue growth of 7.5% to 9.5% in constant currencyand operating margins in the range between 21% and 23%.	27
Q4FY19	other	nan	We are in the final stretches of our localization effort with over 9,100 American workers hired till March 2019 vis-à-vis our target of 10,000.	28
Q4FY19	other	nan	As we entered FY2019, in Q1 our YoY growth was less than 5% (CC), but as we exited in Q4 it is 8.5% (CC); which gives us good comfort on the prospects of Financ	28
Q4FY19	other	nan	Customer acquisition, digital banking, cyber security and lending are expected to be key areas of strategic focus and spending in the current year.	28
Q4FY19	other	nan	Despite the structural issues affecting the sector, we expect steady performance in fiscal 2020.	28
Q4FY19	capex	nan	Hence, we expect capex to remain at these elevated levels for FY 20 as well.	31
Q4FY19	tax rate	nan	We expect the tax rate for FY 20 to be within 27%-28%. 9 With that let me summarize our performance for the full financial year 2019.	31
Q4FY19	revenue growth	nan	Our strong revenue performance through FY 19 led to 9% growth in constant currency terms, which was the upper end of our higher revised guidance of 8.5%-9% and	31
Q4FY19	margin	nan	As we had mentioned at the start of FY 19, that operating margin for the year will be within 22%-24% due to targeted investments in sales and marketing, near sh	31
Q4FY19	hiring / attrition	nan	The impact of these investments is visible in acceleration in our revenue trajectory and also our overseas local hiring.	31
Q4FY19	margin	nan	Consequently, operating margins for FY 19 was 22.8%, near the midpoint of the guided margin band of 22%-24%.	31
Q4FY19	other	nan	Coming to FY2020 guidance.	31
Q4FY19	revenue growth	nan	Driven by robust revenue momentum and guidance upgrade in FY 19, our FY 20 revenue guidance stands at 7.5% to 9.5% in constant currency terms.	31
Q4FY19	hiring / attrition	nan	The operating margin guidance for FY2020 stands at 21% to 23%. 10 While our margin band reflects the already made investments in various initiatives, we are als	31
Q4FY19	margin	nan	The question on what is our view with respect to this margin band and going forward I suspect beyond fiscal 2020.	36
Q4FY19	other	nan	The first part I could follow is which is I think what is the composition of our guidance with respect to acquisition.	37
Q4FY19	other	nan	The way we put our guidance today is it includes everything as we have announced.	37
Q4FY19	other	nan	So we made an estimate of that and it is built into our guidance.	37
Q4FY19	other	nan	But our guidance is for our full revenue with everything that we announced so far.	37
Q4FY19	other	nan	If there are any economic slowdowns, is that being factored in with the guidance if that is the question, we see overall a very robust environment from what we	37
Q4FY19	other	nan	All of that has been factored into the guidance.	37
Q4FY19	other	nan	Our guidance remains with what we see in the environment today.	37
Q4FY19	other	nan	We have not shared them outside beyond the guidance for fiscal 2020.	38
Q4FY19	revenue growth	nan	On the revenue side you had a question, our guidance was perceived as light.	38
Q4FY19	other	nan	Our view is that we will drive the business with the changes we are making as rapidly as we can and to drive that growth as aggressively as we can. 15 However,	38
Q4FY19	other	nan	As you saw in fiscal 2019 we started with 6-8% and as the year progressed we were fortunate enough to increase the guidance through the middle of the year.	38
Q4FY19	other	nan	For full fiscal year we had given a guidance of 22% to 24%.	39
Q4FY19	hiring / attrition	nan	The currency benefit for the year was about 210bps which we passed on largely with salary increases to our employees, and for stemming attrition where we had ta	39
Q4FY19	other	nan	Taking all that into account, we built a guidance which gives a range between 7.5% and 9.5% and that is how we see the business evolving today.	40
Q4FY19	other	nan	Of course, we started the year in fiscal 2019 with a view of what we could see then and 17 as the year evolved and as we had more clarity, we are more comfortab	40
Q4FY19	other	nan	In terms of trajectory it is difficult to say.	41
Q4FY19	other	nan	It is difficult to say how that will look specifically in the Q4 of next year.	41
Q4FY19	other	nan	Just wanted to add that from a guidance perspective, we expect the normal seasonality which we typically see both in H1 and H2.	41
Q4FY19	other	nan	We have not articulated them because we have not given any guidance beyond fiscal 2020 at this stage.	41
Q4FY19	other	nan	In terms of investments in fiscal 2019, as 18 we started to make many of those investments across the quarters, several of them came more back-ended in Q3 and Q	41
Q4FY19	other	nan	My comment was more about giving a guidance as we did last year based on where we see the business today.	44
Q4FY19	other	nan	But as we see things changing in the business, as we did in fiscal 2019, we will make those sort of changes in the guidance as we go through the year.	44
Q4FY19	margin	nan	As we mentioned earlier, when we looked at our guidance for next year of 21% to 23%, we have also seen where are we exiting the year, which is at 21.5% and like	44
Q4FY19	other	nan	And therefore as the year accelerates and we go through the year, we should see that improvement in margins within the guidance range.	44
Q4FY19	hiring / attrition	nan	Right now we have factored some level of attrition improvement in the guidance that we have given and in general, a part of it we can arrest through some expens	45
Q4FY19	margin	nan	So we are comfortable and I do not think that should be a great impact from a margin perspective.	45
Q4FY19	other	nan	In general, I am always disappointed every quarter with the growth that we get because we should be getting more.	46
Q4FY19	other	nan	I do not think this is a cause of concern as we go into large deals going forward.	46
Q4FY19	other	nan	We do not make any forward projection on the rupee, so the guidance is based on where we are.	47
Q1FY20	margin	nan	Second, operating margin comes in at 20.5% which is well above what the consensus was and on track to where we want to drive the rest of the year in terms of op	4
Q1FY20	revenue growth	nan	Next with all of that growth, excitement and changes we increase our revenue guidance.	4
Q1FY20	revenue growth	nan	Our revenue guidance in constant currency was 7.5% to 9.5%.	4
Q1FY20	revenue growth	nan	We see a really strong client connect and relevance and with that we have changed our revenue guidance.	4
Q1FY20	margin	MAINTAINED	We maintain operating margin guidance at 21% to 23% as it was at the start of the year.	4
Q1FY20	other	nan	The guidance that we have given is for all of our business, we have not split that out as guidance between organic or inorganic.	5
Q1FY20	other	RAISED	That is giving us confidence to raise the guidance.	5
Q1FY20	hiring / attrition	nan	So we expect, over a period of time the attrition will come down to a manageable level.	6
Q1FY20	other	nan	We are fortunate to see the growth coming in quite strongly in Q1, and with that demand we see the traction that I shared with you on digital and of course the	7
Q1FY20	other	nan	We expect to stay in that range 7 because it is an integral part of our supply chain.	7
Q1FY20	other	RAISED	Yes, that is the reason we have increased our guidance.	9
Q1FY20	other	nan	From the perspective of elements of how do we influence the margins going forward - of course automation is in the core of what we do 10 and we do it for oursel	10
Q1FY20	other	nan	We have had these first quarter impacts, which are, as I said, seasonal for the industry; but if we look forward into a guidance of 21% to 23%, then we are sitt	10
Q1FY20	other	nan	Our growth is evident in our numbers today and that is what really is critical and that is how we look at the business going forward as opposed to proxy measure	15
Q1FY20	other	nan	All it is doing is putting a discipline where we are going to return this money because that is the right way we think the business should be run.	15
Q1FY20	other	nan	That demand we see - I am not saying, it is good forever - but from what we see today, we can see this is supportive of the guidance we have given.	15
Q1FY20	other	nan	This is not to say that the macros are now going to be rosy all the time but within what we see today in terms of the client connects we have, the business we h	15
Q1FY20	other	nan	We have increased the range in our guidance from 8.5% to 10%.	20
Q1FY20	other	nan	It is not that our guidance is only 10%, so it is not a double digit guidance to be very clear, but it is part of the guidance and that is what we are driving t	20
Q1FY20	margin	nan	Like we said, that is behind us last year and as we look forward to this year, our guidance which is 21% to 23%, actually reflects a stabilization of our margin	20
Q1FY20	other	nan	We are at 20.5% and that was largely because of the one-offs, which is factored into the guidance.	20
Q1FY20	margin	nan	So like I said going forward we expect this margin profile to improve as the year progresses.	20
Q1FY20	other	nan	On the US numbers, we have no new numbers to announce today, we are really delighted that the 10000 is complete, we have an internal target for sure and we are	22
Q1FY20	revenue growth	nan	Given the evolution of our business outlook, we are now changing our revenue guidance.	26
Q1FY20	margin	MAINTAINED	We retain our margin guidance at 21%-23% for the full year.	26
Q1FY20	other	nan	We have reached our localization target in the USA and have recruited more than 10000 local employees.	28
Q1FY20	other	nan	Energy Utilities Resources & Services maintained the strong growth momentum and we expect broad based growth to continue in this fiscal on the back of continued	28
Q1FY20	revenue growth	nan	We have revised our FY2020 revenue growth guidance to 8.5%-10% in constant currency terms.	30

Claims reconciled to filings

Quarter	Metric	Claimed	Kind	Anchor	Anchor value	Verdict	Source
Q3FY19	revenue growth	10.1 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20190117_Infosys Ltd._Con p4
Q3FY19	revenue growth	33.1 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20190117_Infosys Ltd._Con p4
Q3FY19	operating margin	22.6 %	ratio	EBIT / core revenue	0.24	CLOSE_WITHIN_10PCT	Date_20190117_Infosys Ltd._Con p4
Q3FY19	operating margin	22 %	ratio	EBIT / core revenue	0.24	CLOSE_WITHIN_10PCT	Date_20190117_Infosys Ltd._Con p5
Q3FY19	operating margin	22 %	ratio	EBIT / core revenue	0.24	CLOSE_WITHIN_10PCT	Date_20190117_Infosys Ltd._Con p5
Q3FY19	revenue growth	10.1 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20190117_Infosys Ltd._Con p28
Q3FY19	revenue growth	33.1 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20190117_Infosys Ltd._Con p29
Q3FY19	operating margin	22.6 %	ratio	EBIT / core revenue	0.24	CLOSE_WITHIN_10PCT	Date_20190117_Infosys Ltd._Con p29
Q3FY19	revenue growth	8.5 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20190117_Infosys Ltd._Con p30
Q3FY19	operating margin	22 %	ratio	EBIT / core revenue	0.24	CLOSE_WITHIN_10PCT	Date_20190117_Infosys Ltd._Con p30
Q3FY19	revenue growth	2.7 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20190117_Infosys Ltd._Con p32
Q3FY19	operating margin	22.6 %	ratio	EBIT / core revenue	0.24	CLOSE_WITHIN_10PCT	Date_20190117_Infosys Ltd._Con p32
Q3FY19	operating margin	23.3 %	ratio	EBIT / core revenue	0.24	CLOSE_WITHIN_10PCT	Date_20190117_Infosys Ltd._Con p33
Q3FY19	operating margin	22 %	ratio	EBIT / core revenue	0.24	CLOSE_WITHIN_10PCT	Date_20190117_Infosys Ltd._Con p33
Q4FY19	operating margin	21 %	ratio	EBIT / core revenue	0.25	ADJUSTED_MEASURE_NOT_STATUTORY	Date_20190417_Infosys Ltd._Con p5
Q4FY19	revenue growth	7.5 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20190417_Infosys Ltd._Con p5
Q4FY19	revenue growth	7.5 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20190417_Infosys Ltd._Con p28
Q4FY19	revenue growth	2.1 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20190417_Infosys Ltd._Con p31
Q4FY19	revenue growth	11.7 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20190417_Infosys Ltd._Con p31
Q4FY19	operating margin	21.5 %	ratio	EBIT / core revenue	0.25	DIVERGES	Date_20190417_Infosys Ltd._Con p32
Q4FY19	operating margin	22.8 %	ratio	EBIT / core revenue	0.25	CLOSE_WITHIN_10PCT	Date_20190417_Infosys Ltd._Con p33
Q4FY19	operating margin	21 %	ratio	EBIT / core revenue	0.25	DIVERGES	Date_20190417_Infosys Ltd._Con p33
Q1FY20	operating margin	20.5 %	ratio	EBIT / core revenue	0.24	DIVERGES	Date_20190718_Infosys Ltd._Con p4
Q1FY20	operating margin	21 %	ratio	EBIT / core revenue	0.24	DIVERGES	Date_20190718_Infosys Ltd._Con p4
Q1FY20	operating margin	20.5 %	ratio	EBIT / core revenue	0.24	DIVERGES	Date_20190718_Infosys Ltd._Con p5
Q1FY20	revenue growth	70 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20190718_Infosys Ltd._Con p20
Q1FY20	revenue growth	41.9 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20190718_Infosys Ltd._Con p27
Q1FY20	operating margin	20.5 %	ratio	EBIT / core revenue	0.24	DIVERGES	Date_20190718_Infosys Ltd._Con p27
Q1FY20	revenue growth	2.8 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20190718_Infosys Ltd._Con p30
Q1FY20	operating margin	20.5 %	ratio	EBIT / core revenue	0.24	DIVERGES	Date_20190718_Infosys Ltd._Con p30
Q1FY20	revenue growth	8.5 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20190718_Infosys Ltd._Con p32
Q1FY20	operating margin	21 %	ratio	EBIT / core revenue	0.24	DIVERGES	Date_20190718_Infosys Ltd._Con p32
Q2FY20	operating margin	21.7 %	ratio	EBIT / core revenue	0.24	DIVERGES	Date_20191016_Infosys Ltd._Con p4
Q2FY20	operating margin	21.7 %	ratio	EBIT / core revenue	0.24	DIVERGES	Date_20191016_Infosys Ltd._Con p25
Q2FY20	revenue growth	8.5 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20191016_Infosys Ltd._Con p26
Q2FY20	revenue growth	31 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20191016_Infosys Ltd._Con p28
Q2FY20	revenue growth	3.3 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20191016_Infosys Ltd._Con p28
Q2FY20	operating margin	21.7 %	ratio	EBIT / core revenue	0.24	DIVERGES	Date_20191016_Infosys Ltd._Con p28
Q2FY20	operating margin	21.1 %	ratio	EBIT / core revenue	0.24	DIVERGES	Date_20191016_Infosys Ltd._Con p29
Q2FY20	operating margin	21 %	ratio	EBIT / core revenue	0.24	DIVERGES	Date_20191016_Infosys Ltd._Con p29
Q3FY20	operating margin	21.9 %	ratio	EBIT / core revenue	0.26	ADJUSTED_MEASURE_NOT_STATUTORY	Date_20200114_Infosys Ltd._Con p21
Q3FY20	revenue growth	10 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20200114_Infosys Ltd._Con p21
Q4FY20	operating margin	21.1 %	ratio	EBIT / core revenue	0.24	DIVERGES	Date_20200423_Infosys Ltd._Con p34
Q4FY20	operating margin	21.3 %	ratio	EBIT / core revenue	0.24	DIVERGES	Date_20200423_Infosys Ltd._Con p34
Q2FY21	revenue growth	2.2 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20201019_Infosys Ltd._Con p4
Q2FY21	revenue growth	25.4 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20201019_Infosys Ltd._Con p4
Q2FY21	operating margin	25.4 %	ratio	EBIT / core revenue	0.28	CLOSE_WITHIN_10PCT	Date_20201019_Infosys Ltd._Con p4
Q2FY21	revenue growth	25 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20201019_Infosys Ltd._Con p14
Q2FY21	revenue growth	2.2 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20201019_Infosys Ltd._Con p27
Q2FY21	revenue growth	25.4 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20201019_Infosys Ltd._Con p27
Q2FY21	operating margin	25.4 %	ratio	EBIT / core revenue	0.28	CLOSE_WITHIN_10PCT	Date_20201019_Infosys Ltd._Con p27
Q2FY21	revenue growth	4.0 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20201019_Infosys Ltd._Con p29
Q2FY21	revenue growth	4 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20201019_Infosys Ltd._Con p31
Q2FY21	operating margin	24.1 %	ratio	EBIT / core revenue	0.28	DIVERGES	Date_20201019_Infosys Ltd._Con p32
Q3FY21	revenue growth	6.6 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20210118_Infosys Ltd._Con p4
Q3FY21	revenue growth	31.3 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20210118_Infosys Ltd._Con p4
Q3FY21	operating margin	25.4 %	ratio	EBIT / core revenue	0.28	CLOSE_WITHIN_10PCT	Date_20210118_Infosys Ltd._Con p4
Q3FY21	revenue growth	6.6 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20210118_Infosys Ltd._Con p34
Q3FY21	revenue growth	31.3 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20210118_Infosys Ltd._Con p34
Q3FY21	operating margin	25.4 %	ratio	EBIT / core revenue	0.28	CLOSE_WITHIN_10PCT	Date_20210118_Infosys Ltd._Con p34
Q3FY21	revenue growth	5.3 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20210118_Infosys Ltd._Con p35
Q3FY21	operating margin	25.4 %	ratio	EBIT / core revenue	0.28	CLOSE_WITHIN_10PCT	Date_20210118_Infosys Ltd._Con p38
Q3FY21	operating margin	24.5 %	ratio	EBIT / core revenue	0.28	DIVERGES	Date_20210118_Infosys Ltd._Con p39
Q3FY21	operating margin	24.0 %	ratio	EBIT / core revenue	0.28	DIVERGES	Date_20210118_Infosys Ltd._Con p39
Q1FY22	operating margin	23.7 %	ratio	EBIT / core revenue	0.26	CLOSE_WITHIN_10PCT	Date_20210719_Infosys Ltd._Con p5
Q1FY22	revenue growth	12 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20210719_Infosys Ltd._Con p5
Q1FY22	operating margin	22 %	ratio	EBIT / core revenue	0.26	DIVERGES	Date_20210719_Infosys Ltd._Con p5
Q1FY22	revenue growth	2.9 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20210719_Infosys Ltd._Con p6
Q1FY22	operating margin	23.7 %	ratio	EBIT / core revenue	0.26	CLOSE_WITHIN_10PCT	Date_20210719_Infosys Ltd._Con p34
Q1FY22	operating margin	22 %	ratio	EBIT / core revenue	0.26	DIVERGES	Date_20210719_Infosys Ltd._Con p35
Q1FY22	revenue growth	53.9 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20210719_Infosys Ltd._Con p37
Q1FY22	revenue growth	16.9 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20210719_Infosys Ltd._Con p38
Q1FY22	operating margin	23.7 %	ratio	EBIT / core revenue	0.26	CLOSE_WITHIN_10PCT	Date_20210719_Infosys Ltd._Con p38
Q1FY22	revenue growth	14 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20210719_Infosys Ltd._Con p39
Q3FY22	operating margin	23.5 %	ratio	EBIT / core revenue	0.25	CLOSE_WITHIN_10PCT	Date_20220117_Infosys Ltd._Con p4
Q3FY22	revenue growth	16.5 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20220117_Infosys Ltd._Con p5
Q3FY22	operating margin	22 %	ratio	EBIT / core revenue	0.25	DIVERGES	Date_20220117_Infosys Ltd._Con p5
Q3FY22	revenue growth	7 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20220117_Infosys Ltd._Con p10
Q3FY22	revenue growth	40 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20220117_Infosys Ltd._Con p23
Q3FY22	operating margin	23.5 %	ratio	EBIT / core revenue	0.25	CLOSE_WITHIN_10PCT	Date_20220117_Infosys Ltd._Con p30
Q3FY22	operating margin	23.5 %	ratio	EBIT / core revenue	0.25	CLOSE_WITHIN_10PCT	Date_20220117_Infosys Ltd._Con p30
Q3FY22	revenue growth	16.5 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20220117_Infosys Ltd._Con p32
Q3FY22	operating margin	22 %	ratio	EBIT / core revenue	0.25	DIVERGES	Date_20220117_Infosys Ltd._Con p32
Q3FY22	operating margin	23.5 %	ratio	EBIT / core revenue	0.25	CLOSE_WITHIN_10PCT	Date_20220117_Infosys Ltd_Conc p4
Q3FY22	revenue growth	16.5 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20220117_Infosys Ltd_Conc p5
Q3FY22	operating margin	22 %	ratio	EBIT / core revenue	0.25	DIVERGES	Date_20220117_Infosys Ltd_Conc p5
Q3FY22	revenue growth	7 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20220117_Infosys Ltd_Conc p10
Q3FY22	revenue growth	40 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20220117_Infosys Ltd_Conc p23
Q3FY22	operating margin	23.5 %	ratio	EBIT / core revenue	0.25	CLOSE_WITHIN_10PCT	Date_20220117_Infosys Ltd_Conc p30
Q3FY22	operating margin	23.5 %	ratio	EBIT / core revenue	0.25	CLOSE_WITHIN_10PCT	Date_20220117_Infosys Ltd_Conc p30
Q3FY22	revenue growth	16.5 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20220117_Infosys Ltd_Conc p32
Q3FY22	operating margin	22 %	ratio	EBIT / core revenue	0.25	DIVERGES	Date_20220117_Infosys Ltd_Conc p32
Q4FY22	operating margin	23.0 %	ratio	EBIT / core revenue	0.24	CLOSE_WITHIN_10PCT	Date_20220419_Infosys Ltd._Con p5
Q4FY22	revenue growth	20.6 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20220419_Infosys Ltd._Con p5
Q4FY22	operating margin	21 %	ratio	EBIT / core revenue	0.24	DIVERGES	Date_20220419_Infosys Ltd._Con p6
Q4FY22	operating margin	23.0 %	ratio	EBIT / core revenue	0.24	CLOSE_WITHIN_10PCT	Date_20220419_Infosys Ltd._Con p8
Q4FY22	revenue growth	20.6 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20220419_Infosys Ltd._Con p9
Q4FY22	operating margin	21.3 %	ratio	EBIT / core revenue	0.24	CLOSE_WITHIN_10PCT	Date_20220419_Infosys Ltd._Con p17
Q4FY22	operating margin	23 %	ratio	EBIT / core revenue	0.24	CLOSE_WITHIN_10PCT	Date_20220419_Infosys Ltd._Con p33
Q4FY22	revenue growth	20.6 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20220419_Infosys Ltd._Con p33
Q4FY22	operating margin	21 %	ratio	EBIT / core revenue	0.24	DIVERGES	Date_20220419_Infosys Ltd._Con p34
Q4FY22	operating margin	23.0 %	ratio	EBIT / core revenue	0.24	CLOSE_WITHIN_10PCT	Date_20220419_Infosys Ltd_Conc p5
Q4FY22	revenue growth	20.6 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20220419_Infosys Ltd_Conc p5
Q4FY22	operating margin	21 %	ratio	EBIT / core revenue	0.24	DIVERGES	Date_20220419_Infosys Ltd_Conc p6
Q4FY22	operating margin	23.0 %	ratio	EBIT / core revenue	0.24	CLOSE_WITHIN_10PCT	Date_20220419_Infosys Ltd_Conc p8
Q4FY22	revenue growth	20.6 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20220419_Infosys Ltd_Conc p9
Q4FY22	operating margin	21.3 %	ratio	EBIT / core revenue	0.24	CLOSE_WITHIN_10PCT	Date_20220419_Infosys Ltd_Conc p17
Q4FY22	operating margin	23 %	ratio	EBIT / core revenue	0.24	CLOSE_WITHIN_10PCT	Date_20220419_Infosys Ltd_Conc p33
Q4FY22	revenue growth	20.6 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20220419_Infosys Ltd_Conc p33
Q4FY22	operating margin	21 %	ratio	EBIT / core revenue	0.24	DIVERGES	Date_20220419_Infosys Ltd_Conc p34
Q1FY23	revenue growth	37.5 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20220728_Infosys Ltd._Con p4
Q1FY23	operating margin	20 %	ratio	EBIT / core revenue	0.22	CLOSE_WITHIN_10PCT	Date_20220728_Infosys Ltd._Con p4
Q1FY23	revenue growth	13 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20220728_Infosys Ltd._Con p5
Q1FY23	revenue growth	37.5 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20220728_Infosys Ltd._Con p26
Q1FY23	operating margin	20 %	ratio	EBIT / core revenue	0.22	CLOSE_WITHIN_10PCT	Date_20220728_Infosys Ltd._Con p27
Q1FY23	revenue growth	13 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20220728_Infosys Ltd._Con p27
Q1FY23	revenue growth	5.5 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20220728_Infosys Ltd._Con p28
Q1FY23	revenue growth	37.5 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20220728_Infosys Ltd._Con p28
Q1FY23	operating margin	21 %	ratio	EBIT / core revenue	0.22	CLOSE_WITHIN_10PCT	Date_20220728_Infosys Ltd._Con p30
Q1FY23	revenue growth	37.5 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20220728_Infosys Ltd_Conc p4
Q1FY23	operating margin	20 %	ratio	EBIT / core revenue	0.22	CLOSE_WITHIN_10PCT	Date_20220728_Infosys Ltd_Conc p4
Q1FY23	revenue growth	13 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20220728_Infosys Ltd_Conc p5
Q1FY23	revenue growth	37.5 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20220728_Infosys Ltd_Conc p26
Q1FY23	operating margin	20 %	ratio	EBIT / core revenue	0.22	CLOSE_WITHIN_10PCT	Date_20220728_Infosys Ltd_Conc p27
Q1FY23	revenue growth	13 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20220728_Infosys Ltd_Conc p27
Q1FY23	revenue growth	5.5 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20220728_Infosys Ltd_Conc p28
Q1FY23	revenue growth	37.5 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20220728_Infosys Ltd_Conc p28
Q1FY23	operating margin	21 %	ratio	EBIT / core revenue	0.22	CLOSE_WITHIN_10PCT	Date_20220728_Infosys Ltd_Conc p30
Q2FY23	revenue growth	31.2 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20221017_Infosys Ltd._Con p4
Q2FY23	revenue growth	31.2 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20221017_Infosys Ltd._Con p25
Q2FY23	operating margin	21.5 %	ratio	EBIT / core revenue	0.23	CLOSE_WITHIN_10PCT	Date_20221017_Infosys Ltd._Con p25
Q2FY23	revenue growth	18.8 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20221017_Infosys Ltd._Con p27
Q2FY23	revenue growth	31.2 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20221017_Infosys Ltd._Con p27
Q2FY23	revenue growth	20.1 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20221017_Infosys Ltd._Con p27
Q2FY23	operating margin	21.5 %	ratio	EBIT / core revenue	0.23	CLOSE_WITHIN_10PCT	Date_20221017_Infosys Ltd._Con p27
Q2FY23	revenue growth	49 mn	money	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20221017_Infosys Ltd._Con p33
Q2FY23	revenue growth	31.2 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20221017_Infosys Ltd_Conc p4
Q2FY23	revenue growth	31.2 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20221017_Infosys Ltd_Conc p25
Q2FY23	operating margin	21.5 %	ratio	EBIT / core revenue	0.23	CLOSE_WITHIN_10PCT	Date_20221017_Infosys Ltd_Conc p25
Q2FY23	revenue growth	18.8 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20221017_Infosys Ltd_Conc p27
Q2FY23	revenue growth	31.2 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20221017_Infosys Ltd_Conc p27
Q2FY23	revenue growth	20.1 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20221017_Infosys Ltd_Conc p27
Q2FY23	operating margin	21.5 %	ratio	EBIT / core revenue	0.23	CLOSE_WITHIN_10PCT	Date_20221017_Infosys Ltd_Conc p27
Q2FY23	revenue growth	49 mn	money	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20221017_Infosys Ltd_Conc p33
Q3FY23	revenue growth	22 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20230117_Infosys Ltd._Con p5
Q3FY23	revenue growth	2.4 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20230117_Infosys Ltd._Con p5
Q3FY23	operating margin	21.5 %	ratio	EBIT / core revenue	0.24	CLOSE_WITHIN_10PCT	Date_20230117_Infosys Ltd._Con p5
Q3FY23	operating margin	21 %	ratio	EBIT / core revenue	0.24	DIVERGES	Date_20230117_Infosys Ltd._Con p5
Q3FY23	operating margin	21 %	ratio	EBIT / core revenue	0.24	DIVERGES	Date_20230117_Infosys Ltd._Con p6
Q3FY23	revenue growth	13.7 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20230117_Infosys Ltd._Con p6
Q3FY23	revenue growth	21.7 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20230117_Infosys Ltd._Con p6
Q3FY23	revenue growth	17.8 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20230117_Infosys Ltd._Con p7
Q3FY23	operating margin	21.0 %	ratio	EBIT / core revenue	0.24	DIVERGES	Date_20230117_Infosys Ltd._Con p7
Q3FY23	operating margin	21.5 %	ratio	EBIT / core revenue	0.24	CLOSE_WITHIN_10PCT	Date_20230117_Infosys Ltd._Con p7
Q3FY23	operating margin	21 %	ratio	EBIT / core revenue	0.24	DIVERGES	Date_20230117_Infosys Ltd._Con p9
Q3FY23	revenue growth	22 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20230117_Infosys Ltd._Con p31
Q3FY23	revenue growth	2.4 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20230117_Infosys Ltd._Con p31
Q3FY23	operating margin	21.5 %	ratio	EBIT / core revenue	0.24	CLOSE_WITHIN_10PCT	Date_20230117_Infosys Ltd._Con p31
Q3FY23	operating margin	21 %	ratio	EBIT / core revenue	0.24	DIVERGES	Date_20230117_Infosys Ltd._Con p32
Q3FY23	revenue growth	22 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20230117_Infosys Ltd_Conc p5
Q3FY23	revenue growth	2.4 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20230117_Infosys Ltd_Conc p5
Q3FY23	operating margin	21.5 %	ratio	EBIT / core revenue	0.24	CLOSE_WITHIN_10PCT	Date_20230117_Infosys Ltd_Conc p5
Q3FY23	operating margin	21 %	ratio	EBIT / core revenue	0.24	DIVERGES	Date_20230117_Infosys Ltd_Conc p5
Q3FY23	operating margin	21 %	ratio	EBIT / core revenue	0.24	DIVERGES	Date_20230117_Infosys Ltd_Conc p6
Q3FY23	revenue growth	13.7 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20230117_Infosys Ltd_Conc p6
Q3FY23	revenue growth	21.7 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20230117_Infosys Ltd_Conc p6
Q3FY23	revenue growth	17.8 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20230117_Infosys Ltd_Conc p7
Q3FY23	operating margin	21.0 %	ratio	EBIT / core revenue	0.24	DIVERGES	Date_20230117_Infosys Ltd_Conc p7
Q3FY23	operating margin	21.5 %	ratio	EBIT / core revenue	0.24	CLOSE_WITHIN_10PCT	Date_20230117_Infosys Ltd_Conc p7
Q3FY23	operating margin	21 %	ratio	EBIT / core revenue	0.24	DIVERGES	Date_20230117_Infosys Ltd_Conc p9
Q3FY23	revenue growth	22 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20230117_Infosys Ltd_Conc p31
Q3FY23	revenue growth	2.4 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20230117_Infosys Ltd_Conc p31
Q3FY23	operating margin	21.5 %	ratio	EBIT / core revenue	0.24	CLOSE_WITHIN_10PCT	Date_20230117_Infosys Ltd_Conc p31
Q3FY23	operating margin	21 %	ratio	EBIT / core revenue	0.24	DIVERGES	Date_20230117_Infosys Ltd_Conc p32
Q4FY23	operating margin	21 %	ratio	EBIT / core revenue	0.23	CLOSE_WITHIN_10PCT	Date_20230418_Infosys Ltd._Con p4
Q4FY23	operating margin	21 %	ratio	EBIT / core revenue	0.23	CLOSE_WITHIN_10PCT	Date_20230418_Infosys Ltd._Con p5
Q4FY23	revenue growth	1.9 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20230418_Infosys Ltd._Con p27
Q4FY23	operating margin	21 %	ratio	EBIT / core revenue	0.23	CLOSE_WITHIN_10PCT	Date_20230418_Infosys Ltd._Con p28
Q4FY23	operating margin	21 %	ratio	EBIT / core revenue	0.23	CLOSE_WITHIN_10PCT	Date_20230418_Infosys Ltd._Con p28
Q4FY23	operating margin	21 %	ratio	EBIT / core revenue	0.23	CLOSE_WITHIN_10PCT	Date_20230418_Infosys Ltd._Con p29
Q4FY23	revenue growth	8.8 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20230418_Infosys Ltd._Con p30
Q4FY23	operating margin	20 %	ratio	EBIT / core revenue	0.23	DIVERGES	Date_20230418_Infosys Ltd._Con p32
Q4FY23	operating margin	21 %	ratio	EBIT / core revenue	0.23	CLOSE_WITHIN_10PCT	Date_20230418_Infosys Ltd_Conc p4
Q4FY23	operating margin	21 %	ratio	EBIT / core revenue	0.23	CLOSE_WITHIN_10PCT	Date_20230418_Infosys Ltd_Conc p5
Q4FY23	revenue growth	1.9 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20230418_Infosys Ltd_Conc p27
Q4FY23	operating margin	21 %	ratio	EBIT / core revenue	0.23	CLOSE_WITHIN_10PCT	Date_20230418_Infosys Ltd_Conc p28
Q4FY23	operating margin	21 %	ratio	EBIT / core revenue	0.23	CLOSE_WITHIN_10PCT	Date_20230418_Infosys Ltd_Conc p28
Q4FY23	operating margin	21 %	ratio	EBIT / core revenue	0.23	CLOSE_WITHIN_10PCT	Date_20230418_Infosys Ltd_Conc p29
Q4FY23	revenue growth	8.8 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20230418_Infosys Ltd_Conc p30
Q4FY23	operating margin	20 %	ratio	EBIT / core revenue	0.23	DIVERGES	Date_20230418_Infosys Ltd_Conc p32
Q1FY24	operating margin	20.8 %	ratio	EBIT / core revenue	0.22	CLOSE_WITHIN_10PCT	Date_20230725_Infosys Ltd._Con p3
Q1FY24	revenue growth	1 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20230725_Infosys Ltd._Con p3
Q1FY24	operating margin	20.8 %	ratio	EBIT / core revenue	0.22	CLOSE_WITHIN_10PCT	Date_20230725_Infosys Ltd._Con p5
Q1FY24	revenue growth	1 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20230725_Infosys Ltd._Con p6
Q1FY24	operating margin	20.8 %	ratio	EBIT / core revenue	0.22	CLOSE_WITHIN_10PCT	Date_20230725_Infosys Ltd._Con p15
Q1FY24	revenue growth	1.0 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20230725_Infosys Ltd._Con p16
Q1FY24	revenue growth	4.2 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20230725_Infosys Ltd._Con p17
Q1FY24	revenue growth	1 %	ratio	not comparable without the prior year quarter in scope	nan	NO_ANCHOR	Date_20230725_Infosys Ltd._Con p17
Q1FY24	operating margin	20.8 %	ratio	EBIT / core revenue	0.22	CLOSE_WITHIN_10PCT	Date_20230725_Infosys Ltd._Con p17
Q1FY24	operating margin	20.8 %	ratio	EBIT / core revenue	0.22	CLOSE_WITHIN_10PCT	Date_20230725_Infosys Ltd_Conc p3

INFY

files the standard Schedule III statements. Every figure below opens to the filing it was read from; where a figure is not shown, the reason is printed in its place.

Identity


Statement division	general
Scope served	consolidated
Panels on this page	4

Market

No split, bonus or consolidation is on record for this company inside the period this price series covers, so the closes need no adjustment.


Last close	1,014.50
52-week range	985.3 – 1689.8
Return 1M	-11.32%
Return 3M	-2.56%
Return 1Y	-32.12%
Return 3Y	-31.18%
Return 5Y	-42.48%
Market capitalisation	not shown — we could not confirm it
Shares outstanding	not shown — we could not confirm it
P/E	not shown — we could not confirm it
P/B	not shown — we could not confirm it
EV/EBITDA	not shown — we could not confirm it

Latest quarter filed — period ending 2026-06-30

In INR crore except per-share figures. `period_id` is the period the filing names for the number; the date beside each cell is when it was filed.


Revenue from operations	48,211.00
Other income	984.00
Total income	49,195.00
Cost of materials consumed	0.00
Purchases of stock-in-trade	0.00
Changes in inventories	0.00
Employee benefit expense	25,287.00
Finance costs	119.00

Ownership — 2026-06-30, and the change from 2026-03-31

Holder	Per cent	Change
promoter and promoter group	0.14	-0.01
institutions foreign	0.27	-0.01
institutions domestic	0.43	-0.00
mutual funds	0.23	-0.00
public	0.86	0.01

Documents on file

Class	Most recent	On file
ANALYST_MEET	2026-06-30	9
DUPLICATE	2026-06-30	19
TRANSCRIPT	2025-12-31	19

Financial statements

Filed results, consolidated, in INR crore except per-share figures. Every figure opens to the filing it was read from. Quarterly and annual columns are the periods the filing itself names, never a document date.

Quarterly results, as filed

Line	2022-09-30	2022-12-31	2023-03-31	2023-06-30	2023-09-30	2023-12-31	2024-03-31	2024-06-30	2024-09-30	2024-12-31	2025-03-31	2025-06-30	2025-09-30	2025-12-31	2026-03-31	2026-06-30
Revenue from operations	36,538.00	38,318.00	37,441.00	37,933.00	38,994.00	38,821.00	37,923.00	39,315.00	40,986.00	41,764.00	40,925.00	42,279.00	44,490.00	45,479.00	46,402.00	48,211.00
Other income	584.00	769.00	671.00	561.00	632.00	789.00	2,729.00	838.00	712.00	859.00	1,190.00	1,042.00	982.00	1,139.00	1,159.00	984.00
Total income	37,122.00	39,087.00	38,112.00	38,494.00	39,626.00	39,610.00	40,652.00	40,153.00	41,698.00	42,623.00	42,115.00	43,321.00	45,472.00	46,618.00	47,561.00	49,195.00
Cost of materials consumed	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Purchases of stock-in-trade	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Changes in inventories	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Employee benefit expense	19,438.00	20,272.00	20,311.00	20,781.00	20,796.00	20,651.00	20,393.00	20,934.00	21,564.00	21,436.00	22,015.00	22,847.00	23,438.00	24,122.00	24,688.00	25,287.00
Finance costs	66.00	80.00	82.00	90.00	138.00	131.00	110.00	105.00	108.00	101.00	102.00	105.00	106.00	100.00	105.00	119.00
Depreciation and amortisation	1,029.00	1,125.00	1,121.00	1,173.00	1,166.00	1,176.00	1,163.00	1,149.00	1,160.00	1,203.00	1,299.00	1,140.00	1,182.00	1,155.00	1,424.00	1,246.00
Other expenses	8,198.00	8,679.00	8,132.00	8,088.00	8,758.00	9,033.00	8,746.00	8,944.00	9,613.00	10,213.00	9,036.00	9,489.00	10,517.00	10,723.00	10,547.00	11,515.00
Total expenses	28,731.00	30,156.00	29,646.00	30,132.00	30,858.00	30,991.00	30,412.00	31,132.00	32,445.00	32,953.00	32,452.00	33,581.00	35,243.00	36,100.00	36,764.00	38,167.00
Profit before exceptional items and tax	8,391.00	8,931.00	8,466.00	8,362.00	8,768.00	8,619.00	10,240.00	9,021.00	9,253.00	9,670.00	9,663.00	9,740.00	10,229.00	10,518.00	10,797.00	11,028.00
Exceptional items	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-1,289.00	0.00	0.00
Profit before tax	8,391.00	8,931.00	8,466.00	8,362.00	8,768.00	8,619.00	10,240.00	9,021.00	9,253.00	9,670.00	9,663.00	9,740.00	10,229.00	9,229.00	10,797.00	11,028.00
Current tax	2,482.00	2,195.00	2,260.00	2,307.00	2,491.00	2,419.00	1,173.00	2,998.00	3,146.00	3,202.00	2,784.00	3,053.00	3,178.00	2,871.00	2,664.00	3,356.00
Deferred tax	-117.00	150.00	72.00	110.00	62.00	87.00	1,092.00	-351.00	-409.00	-354.00	-159.00	-237.00	-324.00	-308.00	-376.00	-103.00
Tax expense	2,365.00	2,345.00	2,332.00	2,417.00	2,553.00	2,506.00	2,265.00	2,647.00	2,737.00	2,848.00	2,625.00	2,816.00	2,854.00	2,563.00	2,288.00	3,253.00
Profit for the period	6,026.00	6,586.00	6,134.00	5,945.00	6,215.00	6,113.00	7,975.00	6,374.00	6,516.00	6,822.00	7,038.00	6,924.00	7,375.00	6,666.00	8,509.00	7,775.00
Profit attributable to owners	6,021.00	6,586.00	6,128.00	6,132.00	6,212.00	6,106.00	7,969.00	6,368.00	6,506.00	6,806.00	7,033.00	6,921.00	7,364.00	6,654.00	8,501.00	7,769.00
Profit attributable to non-controlling interests	5.00	0.00	6.00	-3.00	3.00	7.00	6.00	6.00	10.00	16.00	5.00	3.00	11.00	12.00	8.00	6.00
Other comprehensive income	44.00	697.00	149.00	184.00	-16.00	504.00	-152.00	-33.00	694.00	-477.00	275.00	1,113.00	782.00	387.00	1,055.00	371.00
Total comprehensive income	6,070.00	7,283.00	6,283.00	6,129.00	6,199.00	6,617.00	7,823.00	6,341.00	7,210.00	6,345.00	7,313.00	8,037.00	8,157.00	7,053.00	9,564.00	8,146.00
Earnings per share, basic	14.35	15.72	14.79	14.37	15.01	14.76	19.25	15.38	15.71	16.43	16.98	16.70	17.76	16.17	21.01	19.19
Earnings per share, diluted	14.34	15.70	14.77	14.35	14.99	14.74	19.22	15.35	15.68	16.39	16.94	16.68	17.74	16.14	20.98	19.17

Annual results, as filed

Line	2019-03-31	2020-03-31	2021-03-31	2022-03-31	2023-03-31	2024-03-31	2025-03-31	2026-03-31
Revenue from operations	82,675.00	90,791.00	100,472.00	121,641.00	146,767.00	153,670.00	162,990.00	178,650.00
Other income	2,882.00	2,803.00	2,201.00	2,295.00	2,701.00	4,711.00	3,600.00	4,322.00
Total income	85,557.00	93,594.00	102,673.00	123,936.00	149,468.00	158,381.00	166,590.00	182,972.00
Cost of materials consumed	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Purchases of stock-in-trade	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Changes in inventories	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Employee benefit expense	45,315.00	50,887.00	55,541.00	63,986.00	78,359.00	82,620.00	85,950.00	95,094.00
Finance costs	0.00	170.00	195.00	200.00	284.00	470.00	416.00	416.00
Depreciation and amortisation	2,011.00	2,893.00	3,267.00	3,476.00	4,225.00	4,678.00	4,812.00	4,902.00
Other expenses	17,190.00	17,637.00	17,042.00	26,164.00	33,278.00	34,625.00	37,804.00	41,276.00
Total expenses	64,516.00	71,587.00	76,045.00	93,826.00	116,146.00	122,393.00	128,982.00	141,688.00
Profit before exceptional items and tax	21,041.00	22,007.00	26,628.00	30,110.00	33,322.00	35,988.00	37,608.00	41,284.00
Exceptional items	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-1,289.00
Profit before tax	21,041.00	22,007.00	26,628.00	30,110.00	33,322.00	35,988.00	37,608.00	39,995.00
Current tax	5,727.00	5,775.00	6,672.00	7,811.00	9,287.00	8,390.00	12,130.00	11,767.00
Deferred tax	-96.00	-407.00	533.00	153.00	-73.00	1,350.00	-1,272.00	-1,246.00
Tax expense	5,631.00	5,368.00	7,205.00	7,964.00	9,214.00	9,740.00	10,858.00	10,521.00
Profit for the period	15,410.00	16,639.00	19,423.00	22,146.00	24,108.00	26,248.00	26,750.00	29,474.00
Profit attributable to owners	15,404.00	16,594.00	19,351.00	22,110.00	24,095.00	26,233.00	26,713.00	29,440.00
Profit attributable to non-controlling interests	6.00	45.00	72.00	36.00	13.00	15.00	37.00	34.00
Other comprehensive income	134.00	151.00	306.00	182.00	514.00	520.00	459.00	3,337.00
Total comprehensive income	15,544.00	16,790.00	19,729.00	22,328.00	24,622.00	26,768.00	27,209.00	32,811.00
Earnings per share, basic	35.44	38.97	45.61	52.52	57.63	63.39	64.50	71.58
Earnings per share, diluted	35.38	38.91	45.52	52.41	57.54	63.29	64.34	71.46

Balance sheet, as filed

Line	2022-09-30	2023-03-31	2023-09-30	2024-03-31	2024-09-30	2025-03-31	2025-09-30	2026-03-31
Total assets	127,231.00	125,816.00	130,299.00	137,814.00	141,870.00	148,903.00	160,380.00	155,967.00
Non-current assets	52,300.00	54,935.00	53,232.00	48,382.00	52,339.00	51,804.00	54,613.00	52,478.00
Current assets	74,931.00	70,881.00	77,067.00	89,432.00	89,531.00	97,099.00	105,767.00	103,489.00
Property, plant and equipment	18,544.00	20,228.00	19,492.00	18,922.00	18,472.00	18,089.00	17,986.00	18,828.00
Capital work-in-progress	402.00	288.00	497.00	293.00	505.00	814.00	1,124.00	526.00
Goodwill	6,892.00	7,248.00	7,240.00	7,303.00	10,191.00	10,106.00	11,502.00	12,117.00
Other intangible assets	1,828.00	1,749.00	1,547.00	1,397.00	3,254.00	2,766.00	3,168.00	2,825.00
Inventories	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Trade receivables	25,397.00	25,424.00	28,261.00	30,193.00	32,013.00	31,158.00	33,968.00	35,234.00
Cash and cash equivalents	14,869.00	12,173.00	15,713.00	14,786.00	21,799.00	24,455.00	31,832.00	22,201.00
Total equity and liabilities	127,231.00	125,816.00	130,299.00	137,814.00	141,870.00	148,903.00	160,380.00	155,967.00
Equity	80,347.00	75,795.00	81,154.00	88,461.00	90,830.00	96,203.00	103,744.00	93,297.00
Equity share capital	2,099.00	2,069.00	2,070.00	2,071.00	2,072.00	2,073.00	2,074.00	2,024.00
Other equity	77,882.00	73,338.00	78,698.00	86,045.00	88,391.00	93,745.00	101,256.00	90,828.00
Total liabilities	46,884.00	50,021.00	49,145.00	49,353.00	51,040.00	52,700.00	56,636.00	62,670.00
Non-current liabilities	9,549.00	10,835.00	10,288.00	10,559.00	10,210.00	9,850.00	10,238.00	10,348.00
Current liabilities	37,335.00	39,186.00	38,857.00	38,794.00	40,830.00	42,850.00	46,398.00	52,322.00
Borrowings, non-current	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Borrowings, current	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Trade payables	4,162.00	3,865.00	3,203.00	3,956.00	3,841.00	4,164.00	3,839.00	4,744.00

Cash flow, as filed

Line	2022-09-30	2023-03-31	2023-09-30	2024-03-31	2024-09-30	2025-03-31	2025-09-30	2026-03-31
Net cash from operating activities	10,760.00	22,467.00	12,106.00	25,210.00	16,458.00	35,694.00	17,511.00	33,986.00
Net cash from investing activities	-5,757.00	-1,209.00	-52.00	-5,009.00	4,525.00	-1,946.00	-132.00	1,946.00
Net cash from financing activities	-7,389.00	-26,695.00	-8,479.00	-17,504.00	-14,031.00	-24,161.00	-10,687.00	-39,786.00
Purchase of property, plant and equipment	1,234.00	2,579.00	1,299.00	2,201.00	968.00	2,237.00	1,352.00	2,727.00
Net increase in cash	-2,603.00	-5,299.00	3,540.00	2,613.00	7,013.00	9,669.00	7,377.00	-2,254.00
con:CFO.BEFORE_TAX	14,987.00	31,261.00	16,644.00	34,441.00	18,623.00	41,296.00	20,507.00	42,634.00
con:INTEREST_RECEIVED.OPERATING	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
con:INTEREST_PAID.OPERATING	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
con:DIVIDENDS_RECEIVED.OPERATING	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
con:TAX_PAID.OPERATING	4,227.00	8,794.00	4,538.00	9,231.00	2,165.00	5,602.00	2,996.00	8,648.00
con:CF_OTHER.OPERATING	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
con:INVESTMENTS_PURCHASED	249.00	0.00	104.00	0.00	1,051.00	0.00	0.00	0.00
con:INVESTMENTS_SOLD	394.00	320.00	875.00	-296.00	1,030.00	0.00	0.00	0.00
con:PPE_DISPOSALS	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
con:CF_INVESTING.SUBSIDIARIES_SOLD	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
con:CF_INVESTING.SUBSIDIARIES_ACQUIRED	964.00	970.00	59.00	101.00	3,155.00	3,155.00	637.00	637.00
con:CF_INVESTING.JV_SOLD	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
con:CF_INVESTING.JV_ACQUIRED	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

Who owns it

The shareholding pattern filed with the exchange every quarter, as a series. Percentages are of total shares. Each figure names the filing it was read from and the date it was filed.

Holder	2023-06-30	2023-09-30	2023-12-31	2024-03-31	2024-06-30	2024-09-30	2024-12-31	2025-03-31	2025-06-30	2025-09-30	2025-12-04	2025-12-31	2026-03-31	2026-06-30
Promoter and promoter group	14.94	14.89	14.78	14.71	14.61	14.43	14.43	14.60	14.61	0.14	0.15	0.15	0.14	0.14
Domestic institutions	34.85	35.44	35.76	35.90	37.56	38.10	38.37	38.52	39.60	0.42	0.42	0.41	0.43	0.43
Mutual funds	—	—	—	—	—	—	—	—	20.86	0.23	0.23	0.22	0.23	0.23
Insurance companies	13.64	14.33	14.77	15.35	15.90	15.77	15.49	15.25	15.72	0.16	0.16	0.16	0.16	0.16
Foreign institutions	33.43	33.59	33.69	34.10	32.74	33.28	33.30	32.88	31.92	0.30	0.30	0.30	0.28	0.27
Government	—	—	—	—	—	—	—	—	0.02	0.00	0.00	0.00	0.00	0.00
Public	84.74	84.80	84.92	84.99	85.12	85.30	85.30	85.14	85.15	0.85	0.85	0.85	0.85	0.86
Non-institutional	16.44	15.74	15.43	14.96	14.80	13.90	13.61	13.72	13.61	0.14	0.14	0.14	0.14	0.16
Shares outstanding	4144025538	4149917241	4147174037	4146577952	4147929367	4147609205	4148937546	4149931807	4150178015	4145697930	4038697848	4044455938	4048277420	4041311051

Related parties

Transactions with related parties as disclosed to the exchange for the period ending 2024-09-30, by counterparty, largest first. Amounts are as filed. Each row names the filing and the date it was filed.

Counterparty	Relationship	Type	Amount in the period	Transactions
Infosys Singapore Pte. Ltd	Subsidiary	Interest paid, Interest received, Investment, Loan,	45,030,000,000.00	22
In-tech Holding GmbH, DE	Subsidiary	Investment	43,200,000,000.00	1
Infosys Germany GmbH	Subsidiary	Interest received, Investment, Loan	43,060,000,000.00	3
Infosys Public Services, Inc. USA	Subsidiary	Any other transaction, Purchase of goods or services	24,090,000,000.00	6
Infosys BPM Limited	Subsidiary	Dividend received, Purchase of goods or services, Sa	16,940,000,000.00	4
Infy Consulting Company Limited	Subsidiary	Purchase of goods or services, Sale of goods or serv	12,490,000,000.00	7
EdgeVerve Systems Limited	Subsidiary	Dividend received, Purchase of goods or services, Sa	10,520,000,000.00	5
WongDoody, Inc	Subsidiary	Any other transaction, Interest paid, Loan, Purchase	7,910,000,000.00	8
Stater N.V.	Subsidiary	Interest paid, Interest received, Loan, Purchase of	7,280,000,000.00	10
Infosys Automotive and Mobility GmbH & Co. KG	Subsidiary	Interest received, Loan, Purchase of goods or servic	5,710,000,000.00	9
Infosys Limited Employees Provident Fund Trust	Post Employment Benefit Plan	Any other transaction	4,370,000,000.00	2
Infosys Consulting AG	Subsidiary	Dividend received, Purchase of goods or services, Sa	3,520,000,000.00	11
ABN Amro Hypotheken Group BV	Related Party of Subsidiary	Sale of goods or services	3,370,000,000.00	2
ABN Amro Bank NV	Minority Shareholder	Any other transaction, Sale of goods or services	3,020,000,000.00	6
Infosys Foundation	Trust jointly controlled by KMP	Any other transaction	2,840,000,000.00	4

What management said

Every earnings call we hold for this company, read in full. Prepared remarks are separated from the question-and-answer session and every paragraph names who said it and on which page. These are management’s own words, not filed figures.

Date	Quarter	Who spoke
2026-07-28	Q1FY27	Avik Das, Beena Parmar, Haripriya Suresh, Jayesh Sanghrajka, Mansee Dave, Nandan Nilekani,	Read the call
2026-04-27	Q4FY26	Avik Das, Chandra R. Srikanth, Jayesh Sanghrajka, Mansee Dave, Padmini Dhruvaraj, Rishi Ba	Read the call
2026-01-19	Q3FY26	Jayesh Sanghrajka, Rishi Basu, Salil Parekh	Read the call
2025-10-21	Q2FY26	Beena Parmar, Jas Bardia, Jayesh Sanghrajka, Jude Sannith, Rishi Basu, Ritu Singh, Rukmini	Read the call
2025-07-28	Q1FY26	Avik Das, Ayanti Bera, Beena Parmar, Haripriya Suresh, Jas Bardia, Jayesh Sanghrajka, Resh	Read the call
2025-04-22	Q4FY25	Avik Das, Beena Parmar, Chandra R. Srikanth, Haripriya Sureban, Jas Bardia, Jayesh Sanghra	Read the call
2025-01-21	Q3FY25	Jayesh Sanghrajka, Rishi Basu, Salil Parekh	Read the call
2024-10-22	Q2FY25	Beena Parmar, Chandra R. Srikanth, Haripriya Sureban, Jas Bardia, Jayesh Sanghrajka, Padmi	Read the call
2024-07-23	Q1FY25	Beena Parmar, Chandra R. Srikanth, Corporate Communications, Haripriya Sureban, Haripriya	Read the call
2024-04-23	Q4FY24	Ayushman Baruah, Chandra R. Srikanth, Corporate Communications, Haripriya Sureban, Jas Bar	Read the call
2024-01-16	Q3FY24	Ayushman Baruah, Beena Parmar, Corporate Communications, Haripriya Sureban, Haripriya Sure	Read the call
2023-10-18	Q2FY24	Nilanjan Roy, Salil Parekh, Sandeep Mahindroo	Read the call
2023-07-25	Q1FY24	Ayushman Baruah, Corporate Communications, Haripriya Sureban, Nilanjan Roy, Reshab Shaw, R	Read the call
2023-04-18	Q4FY23	Nilanjan Roy, Salil Parekh, Sandeep Mahindroo	Read the call
2023-01-17	Q3FY23		Read the call
2022-10-17	Q2FY23		Read the call
2022-07-28	Q1FY23		Read the call
2022-04-19	Q4FY22		Read the call
2022-01-17	Q3FY22		Read the call
2021-07-19	Q1FY22		Read the call
2021-01-18	Q3FY21		Read the call
2020-10-19	Q2FY21		Read the call
2020-04-23	Q4FY20		Read the call
2020-01-14	Q3FY20		Read the call
2019-10-16	Q2FY20		Read the call
2019-07-18	Q1FY20		Read the call
2019-04-17	Q4FY19		Read the call
2019-01-17	Q3FY19		Read the call

What they said about it, quarter by quarter

Topic	Q3FY26	Q4FY19	Q4FY20	Q4FY22	Q4FY23	Q4FY24	Q4FY25	Q4FY26
Capex	—	—	—	—	We went above 100%, and the capex was low.	New capex allocation remains under check, while the budget remains tight.	—	—
Capital allocation	We will look in an acquisition approach to AI as they start to appear as larger AI services companies.	—	—	—	Yield on cash balance was 6.66% in Q4. The board has recommended a final dividend of ₹17.50 per share, which will result in a total dividend of ₹34 pe…	We are delighted to announce the strategic acquisition of a company in the engineering services space today.	We continue with our strategic expansion and acquisition in the energy and consulting space in the U.S.; acquisition in cybersecurity space in Austral…	The other acquisition was Optimum, which is not baked in because we have not closed it yet.
Costs	Overall, there is still cost pressure in Hi- Tech and we will push.	—	How do you see this model evolving for you in the medium to long-term and how does that kind of tie into some of the longer-term cost savings that you…	So should I assume that your increased visa cost that you have had, you have almost had like 1% impact in the quarter, the higher visa application is …	—	—	My view is, we will see because of the changes in the economic outlook, there will be some discussions which will be focused on more consolidation, mo…	—
Debt and cash	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 d…	—	Nilanjan Roy Our capital allocation is quite clear – linked to our free cash flows.	—	Nilanjan, also, if you can give us some understanding around the reduction in the free cash flows?	As I step into my new role, my areas of focus will be; - further strengthen collaboration with business to increase our market share, - work with Sali…	We generated $4.1 bn in free cash flow and we had $11.6 bn in large deals.	Free cash flow adjusted for the Labor Code and income tax refunds stood at $3.5 bn for FY and $882 mn for Q4. Adjusted free cash as a percentage of ne…
Demand	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 deman…	Beyond that our objective now is, in addition to driving growth which we start to see with double-digit growth in Q4 and Q3 and a strong pipeline comi…	About a third of that was demand led – partly from clients who have now started giving us approvals to work from home and partly because of some ramp …	What we see today is the demand environment from our client base is strong.	Our pipeline of large deals is extremely strong.	What you expect, what your conversation with clients has been, what the pipeline is looking like?	We are seeing growing demand from clients to partner with them on AI.	Now you look, I mentioned Financial Services, Energy, Utilities, but you look at Manufacturing, you look at Telco, some of the work we are doing in th…
Guidance	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 trying to sort of understand the award impact and also understand the impact on your margin guidance.	Ankur Rudra The first question is, we understand the need to drop guidance this time, I know it is an exceptional year; but based on your current visi…	Ankur Rudra The first question is on the revenue guidance.	We anticipate generative AI to provide more opportunities for work with our clients and to enable us to improve our own productivity.	Our large deal wins in FY24, will help us in FY25. With that, our revenue growth guidance for the FY25 is growth of 1% to 3% in constant currency term…	Based on what we see in the environment today and building on our large deal wins in the past quarters, our guidance for growth in financial year 2026…	Our revenue growth guidance for the financial year 2027 is 1.5% to 3.5% growth year-on-year in constant currency terms.
Margin	Our adjusted operating margin was 21.2%.	And then could you also talk about the margin impact – both the margins over time and how much of a drag on the upfront these are?	Just some broader comments on margin trends or boundaries or things to consider as we are looking at our models?	21% to 23% is a reasonable margin band we think we are comfortable to operate in for the next year.	Our operating margin for the full year was at 21%, and our attrition has continued to decline in each quarter of the year, including in Q4. We are lev…	Our operating margin for the full year was 20.7%.	We have had an excellent year in financial year 2025 – 4.2% growth, constant currency terms, 21.1% operating margin, $4.1 bn free cash flow and $11.6 …	Secondly, on your margin 21%, if you could break up for us, how much was the tailwind from currency, etc., what portion have you reinvested, what the …
People	I think the first part, I missed a little bit, it was the headcount increase, right?	Edward Caso My other question is your attrition is up a little bit.	We have talked about moving out of the hiring season, the freeze on promotions and salary hikes.	Nilanjan Roy I think firstly on the utilization we are still at the higher end at 87%.	And a second question on attrition as well, which has been coming down.	Also, I think now for the fifth quarter in a row, the headcount has been coming down.	And just one question on the hiring and wages.	And Jayesh, 20,000 was the figure you gave us for hiring for the last fiscal.
Pricing	So I will start with that, maybe a little bit on the pricing, Jayesh might have some views.	Second is that at the end of the day every business would have certain investment plans but there are ways and means of generating operational efficie…	If you were to look at the 2008-2010 timeframe and I do get your point that it is not really apples to apples here, typically in downturns, we do see …	On pricing, we have started discussions as Salil mentioned earlier with our clients.	And also relating to pricing and how we can drive that within our system, given the inflation that all of us have seen.	Jayesh, just wanted to ask you on the pricing as well.	And we do see opportunities in terms of increasing from VBS in terms of pricing etc., in terms of lean automation of doing more productivity, increasi…	And also, like how has pricing evolved so that you have been able to capture value adequately from these AI-led services?
Revenue growth	We aspire to make AI work for clients delivering business outcomes for cost, revenue growth and innovation.	Our Q4 YoY growth was faster than our full year YoY growth.	—	But since you are looking at revenue growth sequentially, I just wanted to call it out.?	We had an excellent full year performance in Financial Year 2023, with a growth of 15.4% in constant currency.	For the Financial Year '24, our revenue growth was at 1.4% in constant currency terms.	In Q4, we had year-on-year growth of 4.8% and operating margin of 21%.	We had growth of 3.1% for the full year in constant currency terms.

What they said they would do

Sentences in which management set an expectation. Each names the speaker and the page of the transcript it came from.

Date	Quarter	Who	What they said
2023-04-18	Q4FY23	Salil Parekh	Based on our sustained momentum in the financial year '23, the strong pipeline of opportunities, especially the ones in cost efficiency and consolidation, while also keeping in mind the uncertain environment, our revenue growth guidance for this financial year is 4% to 7% in constant currency.
2023-04-18	Q4FY23	Salil Parekh	Our operating margin guidance for the financial year is 20% to 22%.
2023-04-18	Q4FY23	Salil Parekh	And then that sort of explains why your full year revenue growth guidance is missed, what you guided at 16% - 16.5%.
2023-04-18	Q4FY23	Salil Parekh	Based on our sustained momentum in financial year ‘23, a strong pipeline of opportunities, especially focused on cost, efficiency and consolidation, while also keeping in mind the uncertain environment, our revenue growth guidance for this financial year is 4% to 7% in constant currency.
2023-04-18	Q4FY23	Salil Parekh	Operating margin guidance for this financial year is 20% to 22%.
2023-04-18	Q4FY23	Nilanjan Roy	We expect our revenues to grow by 4% to 7% in constant currency terms in FY '24.
2023-04-18	Q4FY23	Salil Parekh	So, keeping those factors in mind, we have built the guidance of 4% to 7%.
2023-04-18	Q4FY23	Nilanjan Roy	Our guidance is just today at a midpoint at the end of the year at 21%.
2023-04-18	Q4FY23	Nilanjan Roy	The guidance is just a reflection of the flexibility in this uncertain year and we have ended at 21% as you saw consistently during the last year as well.
2023-04-18	Q4FY23	Salil Parekh	We have a strong guidance for next year of 4% to 7% of growth.
2023-07-25	Q1FY24	Salil Parekh	Keeping that in mind, we are changing our revenue growth guidance for this financial year to growth of between 1% to 3.5% in constant currency.
2023-07-25	Q1FY24	Salil Parekh	Our operating margin guidance for this financial year remains unchanged at between 20% and 22%.