Subsidiaries Financial Statements 2022 23

Infosys Subsidiary Financials Report 2022-23
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Content
Infosys BPM Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Infosys McCamish Systems LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63
EdgeVerve Systems Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 91
Infosys Automotive and Mobility GmbH & Co. KG . . . . . . . . . . . . . . . . . . . . . . . . . . . 133
Infosys Public Services, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157
Infy Consulting Company Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 185
Infosys Technologies (China) Co. Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211
Infosys Poland Sp. z o.o. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 239
WONGDOODY, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 273
Blue Acorn iCi Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 287
Outbox Systems, Inc. dba Simplus (US). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 301
Infosys Compaz Pte. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 313
Infosys Technologies S. de R. L. de C. V. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 341
Infosys Technologies (Shanghai) Co. Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 357
Infosys Consulting GmbH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 383
Infosys Consulting AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 411
HIPUS Co., Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 417
Infosys Consulting Ltda. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 445
Infosys Consulting S.R.L. (Romania) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 473
Panaya Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 499
Portland Group Pty. Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 509
Fluido Oy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 531
Kaleidoscope Animations, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 549
Infosys Technologies (Sweden) AB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 561
Infosys Management Consulting Pty Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 573
GuideVision s.r.o. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 595
Infosys Luxembourg S.à r.l . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 607
Infosys BPO Americas LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 627
Infy Consulting B.V. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 637
Infosys (Malaysia) SDN. BHD. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 661
Infosys Middle East FZ-LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 685
Panaya Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 703
Infosys Consulting (Belgium) N.V. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 727
Infosys Chile SpA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 755
Infosys Turkey Bilgi Teknolojileri Limited Şirketi . . . . . . . . . . . . . . . . . . . . . . . . . . . . 767
Infosys Green Forum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 787
Infosys Consulting S.R.L (Argentina) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 815
Infosys Limited Bulgaria EOOD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 843
Infosys Austria GmbH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 863
Infosys Financial Services GmbH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 885
Infosys South Africa (Pty) Ltd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 905
Infosys Nova Holdings LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 923
Infosys Consulting Holding AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 939
Infosys Arabia Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 947
Infosys Germany Holding GmBH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 959
Infosys Americas Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 973
Infosys BPM UK Limited . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 987
Panaya Germany GmbH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1001
Infosys Business Solutions LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1015
Infosys Singapore Pte Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1029
Infosys Germany GmbH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1059
Infosys (Czech Republic) Limited s.r.o. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1083
Stater N.V. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1103
Infosys Consulting SAS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1185
Infosys BPM Limited
Independent Auditor’s Report
To the members of Infosys BPM Limited
Report on the Audit of the Standalone Financial Statements

Opinion
We have audited the accompanying standalone financial statements of Infosys BPM Limited (the “Company”), which comprise the
Balance Sheet as at March 31, 2023, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes
in Equity and the Statement of Cash Flows for the year ended on that date and a summary of significant accounting policies and other
explanatory information (hereinafter referred to as the “standalone financial statements”).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial
statements give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and give a true and fair
view in conformity with the Indian Accounting Standards prescribed under Section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015, as amended, (“Ind-AS”) and other accounting principles generally accepted in India, of the state of
affairs of the Company as at March, 31 2023, and its profit, Total Comprehensive Income, Changes In Equity and its cash flows for the year
ended on that date.
Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs) specified under
Section 143(10) of the Act. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit
of the standalone financial statements section of our report. We are independent of the Company in accordance with the Code of Ethics
issued by the Institute of Chartered Accountants of India (“ICAI”) together with the ethical requirements that are relevant to our audit
of the standalone financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other
ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained
by us is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Information Other than the Financial Statements and Auditor’s Report Thereon
The Company’s Board of Directors is responsible for the other information. The other information comprises the information included
in the Management Discussion and Analysis, Board’s Report, including Annexures to Board’s Report, Corporate Governance and
Shareholder’s Information, but does not include the consolidated financial statements, standalone financial statements and our
Auditor’s Report thereon.
Our opinion on the standalone financial statements does not cover the other information, and we do not express any form of
assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so,
consider whether the other information is materially inconsistent with the standalone financial statements, or our knowledge obtained
during the course of our audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to
report that fact. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements
The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of
these standalone financial statements that give a true and fair view of the financial position, financial performance, including Other
Comprehensive Income, Changes in Equity and Cash Flows of the Company in accordance with the Ind-AS and other accounting
principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent;
and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring
the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial
statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone financial statements, management is responsible for assessing the Company’s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Board of
Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors is also responsible for overseeing the Company’s financial reporting process.
6 | Infosys BPM Limited Infosys Subsidiary Financials Report 2022-23

Auditor’s Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high
level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:
• Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from
error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate
in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company
has adequate internal financial controls with reference to standalone financial statements in place and the operating effectiveness of
such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures
made by the management.
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence
obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s
ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
auditor’s report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our
opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or
conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and
whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.
Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable
that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced. We consider
quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and
(ii) to evaluate the effect of any identified misstatements in the standalone financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and
significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding
independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our audit we report that:
a. We have sought and obtained all the information and explanations, which to the best of our knowledge and belief were
necessary for the purposes of our audit.
b. In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our
examination of those books.
c. The Balance Sheet, the Statement of Profit and Loss, including Other Comprehensive Income, Statement of Changes in Equity and
the Statement of Cash Flows dealt with by this Report are in agreement with the books of account.
d. In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section 133 of the Act.
e. On the basis of the written representations received from the directors as on March 31, 2023 taken on record by the Board
of Directors, none of the directors is disqualified as on March 31, 2023 from being appointed as a director in terms of
Section 164(2) of the Act.
f. With respect to the adequacy of the internal financial controls with reference to standalone financial statements of the
Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure A”. Our report expresses an
unmodified opinion on the adequacy and operating effectiveness of the Company’s internal financial controls with reference to
standalone financial statements.
g. With respect to the other matters to be included in the Auditor’s Report in accordance with the requirements of section 197(16) of
the Act, as amended:
Infosys Subsidiary Financials Report 2022-23 Infosys BPM Limited | 7

In our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the
Company to its directors during the year is in accordance with the provisions of section 197 of the Act.
h. With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the
explanations given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its standalone financial statements -
Refer to Note 2.22 of the standalone financial statements.
ii. The Company has made provision, as required under the applicable law or accounting standards, for material
foreseeable losses, refer to Note 2.15 of the standalone financial statements. The Company did not have any long-term
derivative contracts.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection
Fund by the Company.
iv. (a) The Management has represented that, to the best of its knowledge and belief, other than as disclosed in the note
2.4 to the Standalone Financial Statements, no funds (which are material either individually or in the aggregate) have
been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind
of funds) by the Company to or in any other person or entity, including foreign entities (“Intermediaries”), with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly
lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company
(“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either
individually or in the aggregate) have been received by the Company from any person or entity, including foreign
entity (“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall,
whether, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries;
(c) Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, nothing
has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e),
as provided under (a) and (b) above, contain any material misstatement.
v. As stated in Note 2.11 to the standalone financial statements
(a) The final dividend proposed in the previous year, declared and paid by the Company during the year is in accordance
with Section 123 of the Act as applicable.
(b) The interim dividend declared and paid by the Company during the year and until the date of this report is in
compliance with Section 123 of the Act.
(c) The Board of Directors of the Company have proposed final dividend for the year, which is subject to the approval of
the members at the ensuing Annual General Meeting. The amount of dividend proposed is in accordance with Section
123 of the Act, as applicable.
vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using accounting software,
which has a feature of recording audit trail (edit log) facility is applicable to the Company w.e.f. April 1, 2023, and
accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 is not applicable for the financial
year ended March 31, 2023.
2. As required by the Companies (Auditor’s Report) Order, 2020 (the “Order”) issued by the Central Government in terms of
Section 143(11) of the Act, we give in “Annexure B” a statement on the matters specified in paragraphs 3 and 4 of the Order.
For Deloitte Haskins & Sells LLP

Chartered Accountants
(Firm Registration Number: 117366W/W-100018)
Gurvinder Singh
Partner
Membership No. 110128
UDIN: 23110128BGRDEF7140
Place: Bengaluru
Date: April 11, 2023

Annexure “A” to the Independent Auditor’s Report
(Referred to in paragraph 1(f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report to the Members of
Infosys BPM Limited of even date)
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of sub-section 3 of Section 143 of the Companies
Act, 2013 (the “Act”)
We have audited the internal financial controls over financial reporting of Infosys BPM Limited (the “Company”) as of March 31, 2023 in
conjunction with our audit of the standalone Ind-AS financial statements of the Company for the year ended on that date.
Management’s responsibility for internal financial controls

The Management of the Company is responsible for establishing and maintaining internal financial controls based on the internal control
with reference to standalone financial statements criteria established by the Company considering the essential components of internal
control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants of India (the “ICAI”). These responsibilities include the design, implementation and maintenance of adequate internal
financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to
Company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of
the accounting records, and the timely preparation of reliable financial information, as required under the Act.
Auditor’s responsibility
Our responsibility is to express an opinion on the Company’s internal financial controls with reference to standalone financial statements
of the Company based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial
Controls Over Financial Reporting (the “Guidance Note”) issued by the ICAI and the Standards on Auditing prescribed under Section
143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls with reference to standalone
financial statements. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to standalone financial
statements was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system with
reference to standalone financial statements and their operating effectiveness. Our audit of internal financial controls over financial
reporting included obtaining an understanding of internal financial controls with reference to standalone financial statement, assessing
the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based
on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained, is sufficient and appropriate to provide a basis for our audit opinion on the
Company’s internal financial controls with reference to standalone financial statements.
Meaning of internal financial controls with reference to standalone financial statements

A company’s internal financial control with reference to standalone financial statements is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles. A company’s internal financial control with reference to standalone financial statements
includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts
and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company;
and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the
Company’s assets that could have a material effect on the financial statements.
Inherent limitations of internal financial controls with reference to standalone financial statements
Because of the inherent limitations of internal financial controls with reference to standalone financial statements, including the
possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not
be detected. Also, projections of any evaluation of the internal financial controls with reference to standalone financial statements to
future periods are subject to the risk that the internal financial control with reference to standalone financial statements may become
inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion
In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an
adequate internal financial controls system with reference to standalone financial statements and such internal financial controls with
reference to standalone financial statements were operating effectively as at March 31, 2023, based on the criteria for internal financial
control statements established by the Company considering the essential components of internal control stated in the Guidance Note on
Audit of Internal Financial Controls statements issued by the ICAI.

(Firm Registration Numbe: 117366W/W-100018)
Gurvinder Singh
Partner
Place: Bengaluru

Annexure ‘B’ to the Independent Auditor’s Report
(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements’ section of our report to the Members of Infosys
BPM Limited of even date)
To the best of our information and according to the explanations provided to us by the Company and the books of account and records
examined by us in the normal course of audit, we state that:
i. In respect of the Company’s property, plant and equipment, right-of-use of assets and intangible assets:
(a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of
property, plant and equipment and relevant details of right-of-use assets.
(B) The Company does not have intangible assets. Hence, reporting under clause 3(i)(a)(B) of the Order is not applicable.
(b) The Company has a program of physical verification of property, plant and equipment and right-of-use assets so to cover all
the verifiable assets once every three years which, in our opinion, is reasonable having regard to the size of the Company and
the nature of its assets. Pursuant to the program, certain property, plant and equipment and right on use assets were due for
verification during the year and were physically verified by the management during the year. According to the information and
explanations given to us, no material discrepancies were noticed on such verification.
(c) Based on our examination of the property tax receipts and lease agreement for land on which the building is constructed,
registered sale deed / transfer deed / conveyance deed provided to us, we report that, the title in respect of self-constructed
buildings and title deeds of all the immovable properties (other than properties where the Company is the lessee and the lease
agreements are duly executed in favor of the lessee), disclosed in the financial statements included under property, plant and
equipment are held in the name of the Company as at the Balance Sheet date.
(d) The Company has not revalued any of its property, plant and equipment (including Right-of-Use assets) during the year.
(e) No proceedings have been initiated during the year or are pending against the Company as at March 31, 2023 for holding any
benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.
ii. (a) The Company does not have any inventory and hence reporting under clause3(ii)(a) of the order is not applicable.
(b) The Company has not been sanctioned working capital limits in excess of Rs. 5 crores, in aggregate, at any points of time
during the year, from banks or financial institutions on the basis of security of current assets and hence reporting under
clause3(ii)(b) of the order is not applicable.
iii. The Company has made investments in, companies, and granted unsecured loans to other parties, during the year,
in respect of which:
(a) The Company has not provided any loans or advances in the nature of loans or stood guarantee or provided security to any
other entity during the year, and hence reporting under paragraph 3(iii)(a) of the order is not applicable.
(b) In our opinion, the investments made and the terms and conditions of the grant of loans during the year are, prima facie, not
prejudicial to the Company’s interest.
(c) In respect of loans granted by the Company, the schedule of repayment of principal and payment of interest has been
stipulated and the repayments of principal amounts and receipts of interest are generally regular as per stipulation.
(d) In respect of loans granted by the Company, there is no overdue amount remaining outstanding as at the Balance Sheet date.
(e) No loan granted by the Company, which has fallen due during the year, has been renewed or extended or fresh loans granted
to settle the overdue of existing loans given to the same parties.
(f) The Company has not granted any loans or advances in the nature of loans either repayable on demand or without specifying
any terms or period of repayment during the year. Hence, reporting under clause 3(iii)(f) is not applicable.
The Company has not made investments in Firms and Limited Liability Partnerships during the year. Further the Company has not
provided any guarantee or security or granted any advances in the nature of loans, secured or unsecured, to Companies, Firms,
Limited Liability Partnerships or any other parties.
iv. The Company has complied with the provisions of Sections 185 and 186 of the Companies Act, 2013 in respect of loans granted,
investments made and guarantees and securities provided, as applicable.
v. The Company has not accepted any deposit or amounts, which are deemed to be deposits. Hence, reporting under clause 3(v) of the
order is not applicable.
vi. The maintenance of cost records has not been specified by the Central Government under sub Section (1) of Section 148 of the
Companies Act, 2013 for the business activities carried out by the Company. Hence, reporting under clause (vi) of the order is not
applicable to the Company.
vii. In respect of statutory dues:

(a) In our opinion, the Company has generally been regular in depositing undisputed statutory dues, including Goods and
Services Tax, Provident Fund, Employees’ State Insurance, Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise,
Value Added Tax, Cess and other material statutory dues applicable to it with the appropriate authorities.
There were no undisputed amounts payable in respect of Goods and Service tax, Provident Fund, Employees’ State Insurance,
Income Tax, Sales Tax, Service Tax, duty of Custom, duty of Excise, Value Added Tax, Cess and other material statutory dues in
arrears as at March 31, 2023 for a period of more than six months from the date they became payable.
(b) Details of statutory dues referred to in sub-clause (a) above which have not been deposited as on March 31, 2023 on account of
disputes are given below:
Amount Forum where dispute is

Nature of the statute Nature of dues Period to which the amount relates
in Crores pending
The Income Tax Act, 1961 Income Tax 15 AY 2011-12, AY 2016-17 and AY 2017-18 Commissioner
(Appeals)
The Income Tax Act, 1961 Income Tax –* AY 2008-09 to AY 2010-11, AY 2012-13, AY Assessing Officer
2013-14, AY 2015-16, AY 2016-17
Finance Act, 1994 Service Tax 101 FY 2004-05 to FY 2011-12, FY 2014-15 to FY Customs Excise and
2017-18 Service Tax Appellate
Tribunal
The Rajasthan Sales Tax Act, 1994 Value Added Tax –* FY 2017 -18 Joint Commissioner
(Appeals)
Goods and Service Tax Act, 2017 Goods and Service 1 FY 2017-18 and FY 2018-19 Joint Commissioner
Tax (Appeals)
Total 117
* Less than INR 1 crore
viii. There were no transactions relating to previously unrecorded income that have been surrendered or disclosed as income during
the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).
ix. (a) The Company has not taken any loans or other borrowings from any lender. Hence, reporting under clause 3(ix)(a) of the
Order is not applicable.
(b) The Company has not been declared wilful defaulter by any bank or financial institution or government or any
government authority.
(c) The Company has not taken any term loan during the year and there are no outstanding term loans at the beginning of the
year and hence, reporting under clause 3(ix)(c) of the Order is not applicable.
(d) On an overall examination of the financial statements of the Company, funds raised on short-term basis have, prima facie, not
been used during the year for long-term purposes by the Company.
(e) On an overall examination of the financial statements of the Company, the Company has not taken any funds from any entity
or person on account of or to meet the obligations of its subsidiaries.
(f) The Company has not raised any loans during the year and hence reporting on clause 3(ix)(f) of the Order is not applicable.
x. (a) The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) during
the year and hence reporting under clause 3(x)(a) of the Order is not applicable.
(b) During the year, the Company has not made any preferential allotment or private placement of shares or convertible
debentures (fully or partly or optionally) and hence reporting under paragraph 3(x)(b) of the order is not applicable.
xi. (a) No fraud by the Company and no material fraud on the Company has been noticed or reported during the year.
(b) No report under sub-Section (12) of Section 143 of the Companies Act has been filed in Form ADT-4 as prescribed under
rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and up to the
date of this report.
(c) We have taken into consideration the whistle blower complaints received by the Company during the year (and up to the
date of this report) while determining the nature, timing and extent of our audit procedures.
xii. The Company is not a Nidhi Company and hence reporting under clause 3(xii) of the Order is not applicable.
xiii. In our opinion, the Company is in compliance with Section 177 and 188 of the Companies Act, 2013 with respect to applicable
transactions with the related parties and the details of related party transactions have been disclosed in the standalone financial
statements as required by the applicable accounting standards.
xiv. (a) In our opinion the Company has an adequate internal audit system commensurate with the size and the nature of its business.

(b) We have considered, the internal audit reports for the year under audit, issued to the Company during the year and till date, in
determining the nature, timing and extent of our audit procedures.
xv. In our opinion during the year the Company has not entered into any non-cash transactions with its Directors or persons connected
with its directors and hence provisions of section 192 of the Companies Act, 2013 are not applicable to the Company.
xvi. (a) In our opinion, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Hence,
reporting under clause 3(xvi)(a), (b) and (c) of the Order is not applicable.
(b) In our opinion, there is no core investment company within the Group (as defined in the Core Investment Companies (Reserve
Bank) Directions, 2016) and accordingly reporting under clause 3(xvi)(d) of the Order is not applicable.
xvii. The Company has not incurred cash losses during the financial year covered by our audit and the immediately
preceding financial year.
xviii. There has been no resignation of the statutory auditors of the Company during the year.
xix. On the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities,
other information accompanying the financial statements and our knowledge of the Board of Directors and Management plans
and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us
to believe that any material uncertainty exists as on the date of the audit report indicating that Company is not capable of meeting
its liabilities existing at the date of Balance Sheet as and when they fall due within a period of one year from the Balance Sheet
date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is
based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling
due within a period of one year from the Balance Sheet date, will get discharged by the Company as and when they fall due.
xx. (a) The Company has fully spent the required amount towards Corporate Social Responsibility (CSR) and there are no unspent CSR
amount for the year requiring a transfer to a Fund specified in Schedule VII to the Companies Act in compliance with second
proviso to sub-section (5) of Section 135 of the said Act or special account in compliance with the provision of sub-section (6)
of Section 135 of the said Act. Accordingly, reporting under clause (xx) of the Order is not applicable for the year.

(Firm Registration Number: 117366W/W-100018)
Gurvinder Singh
Partner
(Membership No.110128)
Place: Bengaluru

Balance Sheet
(In ₹ crore)
Years ended March 31,

Particulars Note No.
2023 2022
ASSETS
Non-current assets
Property, plant and equipment 2.1 307 275
Right of use assets 2.2 540 433
Capital work-in-progress 2.3 12 4
Goodwill 19 19
Financial assets
Investments 2.4 1,396 1,752
Loans 2.5 2 2
Other financial assets 2.6 44 41
Deferred tax assets (net) 2.16 89 72
Income tax assets (net) 2.16 159 137
Other non-current assets 2.9 47 62
Total non-current assets 2,615 2,797
Current assets
Financial assets
Investments 2.4 1,916 660
Trade receivables 2.7 1,056 1,042
Cash and cash equivalents 2.8 303 1,497
Loans 2.5 26 18
Income tax assets (net) 2.16 6 54
Other current assets 2.9 246 236
Total current assets 4,016 3,832
Total assets 6,631 6,629
EQUITY AND LIABILITIES
Equity
Equity share capital 2.11 34 34
Other equity 4,404 4,784
Total equity 4,438 4,818
LIABILITIES
Non-current liabilities
Financial liabilities
Lease liabilities 2.2 536 417
Other financial liabilities 2.12 2 1
Other non-current liabilities 2.14 1 1
Total non-current liabilities 539 419
Current liabilities

2023 2022
Trade payables 2.13
Total outstanding dues of micro enterprises and small enterprises 3 –
Total outstanding dues of creditors other than micro enterprises and small 77 64
enterprises
Other current liabilities 2.14 331 331
Provisions 2.15 22 16
Income tax liabilities (net) 2.16 143 74
Total current liabilities 1,654 1,392
Total equity and liabilities 6,631 6,629
The accompanying notes form an integral part of the standalone financial statements
As per our report of even date attached for and on behalf of the Board of Directors of Infosys BPM Limited
for Deloitte Haskins & Sells LLP

Firm Registration Number:117366W/ W-100018
Gurvinder Singh Martha King Anantharaman Radhakrishnan

Partner Chairperson and Director Managing Director and Chief Executive Officer
Membership No.: 110128
Bengaluru Vasudeva Maipady Sudhir Gaonkar

April 11, 2023 Chief Financial Officer Company Secretary

Statement of Profit and Loss
(in ₹ crore, except equity share and per equity share data)

2023 2022
Revenue from operations 2.17 7,529 6,684
Other income, net 2.18 189 292
Total Income 7,718 6,976
Expenses
Employee benefit expenses 2.19 5,020 4,441
Cost of technical sub-contractors and professional charges 2.19 664 593
Travel expenses 100 18
Depreciation and amortization expense 2.1 & 2.2 220 186
Finance cost 2.2 32 29
Other expenses 2.19 559 474
Total expenses 6,595 5,741
Profit before tax 1,123 1,235
Tax expense:
Current tax 2.16 293 252
Deferred tax 2.16 (16) 23
277 275
Profit for the period 846 960
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability/asset, net of tax 2.20 (1) (12)
(1) (12)
Items that will be reclassified subsequently to profit or loss
Fair value changes on investments, net of tax 2.4 (19) (10)
(19) (10)
Total other comprehensive income/(loss), net of tax (20) (22)
Total comprehensive income for the period 826 938
Earnings per equity share
Equity shares of par value ₹ 10,000/- each
Basic and Diluted (₹) 250,170.00 283,726.18
Weighted average equity shares used in computing earnings per equity share
Basic and Diluted 33,828 33,828




Statement of Changes in Equity ( In ₹ crore )
Other equity
Total
Reserves & Surplus
equity
Special attributable
Equity
Capital reserve economic Other to equity
Particulars share Securities General Retained comprehensive
zone re- holders
capital premium(2) reserve earnings(2)
investment income(2) of the
Other company
Capital reserve(1)(2)
reserves
reserve (2)
Balance as at April 1, 2021 34 1 – 25 1,000 241 3,758 (29) 5,030

Changes in equity for the year
ended March 31, 2022
Profit for the period – – – – – – 960 – 960
Fair value changes on
investments, net of tax (Refer to
Note 2.4) – – – – – – – (10) (10)
Remeasurement of the net
defined benefit liability/asset,
net of tax – – – – – – – (12) (12)
Total comprehensive income
for the period – – – – – – 960 (22) 938
Transfer to Special Economic
Zone Re-investment Reserve – – – – – 261 (261) – –
Transfer from Special Economic
Zone Re-investment Reserve on
utilization – – – – – (88) 88 – –
Dividends (Refer to Note 2.11) – – – – – – (1,150) – (1,150)
Balance as at March 31, 2022 34 1 – 25 1,000 414 3,395 (51) 4,818
Balance as at April 1, 2022 34 1 – 25 1,000 414 3,395 (51) 4,818
Impact on account of adoption
of Ind AS 37 – – – – – – (1) – (1)
34 1 – 25 1,000 414 3,394 (51) 4,817
Profit for the period – – – – – – 846 – 846
Fair value changes on
investments, net of tax (Refer to
Note 2.4) – – – – – – – (19) (19)
Remeasurement of the net
defined benefit liability/asset,
net of tax – – – – – – – (1) (1)
Total comprehensive income
for the period – – – – – – 846 (20) 826
Transfer to Special Economic
Zone Re-investment Reserve – – – – – 13 (13) – –
Transfer from Special Economic
Zone Re-investment Reserve on
utilization – – – – – (67) 67 – –
Reserves recorded upon
business transfer under
common control (Refer to Note
2.11) – – (18) – – – – – (18)
Dividends (Refer to Note 2.11) – – – – – – (1,187) – (1,187)
Balance as at March 31, 2023 34 1 (18) 25 1,000 360 3,107 (71) 4,438

(1)
The Special Economic Zone Re-investment Reserve has been created out of the profit of eligible SEZ units in terms of the provisions of Sec 10AA(1)(ii) of
Income Tax Act,1961. The reserve should be utilized by the Company for acquiring new plant and machinery for the purpose of its business in the terms of
the Sec 10AA(2)of the Income Tax Act, 1961.
(2)
A description of the purposes of each reserve within equity have been disclosed in Note 2.11.




Statement of Cash Flows
Accounting Policy
Cash flows are reported using the indirect method, whereby profit for the period is adjusted for the effects of transactions of a non-cash
nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with
investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated. The
Company considers all highly liquid investments that are readily convertible to known amounts of cash to be cash equivalents.
(In ₹ crore)
Year ended March 31,

2023 2022
Cash flows from operating activities:
Profit for the period 846 960
Adjustments to reconcile net profit to net cash generated from operating
activities:
Depreciation and amortization expense 2.1 & 2.2 220 186
Income tax expense 2.16 277 275
Profit on sale of property, plant and equipment (1) (1)
Interest and dividend income (50) (200)
Income on other financial assets (122) (70)
Exchange differences on translation of assets and liabilities, net (18) (8)
Allowance for credit loss on financial assets 17 5
Other adjustments 16 14
Changes in assets and liabilities
Trade receivables and unbilled revenue (124) (63)
Loans, other financial assets and other assets (65) 77
Trade payables 16 2
Other financial liabilities, other liabilities and provisions 168 (151)
Cash generated from operations 1,212 1,055
Income taxes paid, net of refunds 2.16 (163) (292)
Net cash generated from operating activities 1,049 763
Cash flows from investing activities:
Expenditure on property, plant and equipment (178) (152)
Deposits placed with corporation (3) (10)
Interest received on bank deposits and others 139 168
Investment in subsidiary 2.4 (1) (72)
Payment towards business transfer for entities under common control 2.11 (19) –
Payment to acquire financial assets
Non-convertible debentures (247) (150)
Government Securities (198) (791)
Certificates of deposit (1,439) (287)
Government bonds (13) –
Liquid mutual fund units and fixed maturity plan securities (4,885) (4,192)
Commercial Paper (518) –
Proceeds on sale of financial assets
Non-convertible debentures 75 256

2023 2022
Government Securities 350 –
Certificates of deposit 950 –
Government bonds 8 –
Liquid mutual fund units and fixed maturity plan securities 4,831 4,115
Commercial Paper 200 –
Dividend received from subsidiary – 102
Net cash used in investing activities (948) (1,013)
Cash flows from financing activities:
Payment of lease liabilities 2.2 (109) (101)
Payment of dividends (1,187) (1,150)
Net cash used in financing activities (1,296) (1,251)
Effect of exchange differences on translation of foreign currency cash and cash 1 (2)
equivalents
Net decrease in cash and cash equivalents (1,195) (1,501)
Cash and cash equivalents at the beginning of the period 2.8 1,497 3,000
Cash and cash equivalents at the end of the period 2.8 303 1,497
Supplementary information:
Restricted cash balance 2.8 – –




1.4 Critical accounting estimates and judgements
Notes to the Standalone Financial a. Revenue recognition
Statements The Company’s contracts with customers include promises to

transfer multiple products and services to a customer. Revenues
1. Overview from customer contracts are considered for recognition and
measurement when the contract has been approved, in writing,
1.1 Company overview by the parties to the contract, the parties to contract are
Infosys BPM Limited (“Infosys BPM” or “the Company”) (formerly committed to perform their respective obligations under the
known as Infosys BPO Limited) was incorporated on April contract, and the contract is legally enforceable. The Company
3, 2002 to provide business process management services assesses the services promised in a contract and identifies
to organizations that outsource their business processes. distinct performance obligations in the contract. Identification of
Infosys BPM is a wholly-owned subsidiary of Infosys Limited. distinct performance obligations to determine the deliverables
The Company helps clients improve their competitive and the ability of the customer to benefit independently from
positioning by managing their business processes in addition to such deliverables, and allocation of transaction price to these
providing increased value. distinct performance obligations involves significant judgement.
The Company is a public limited company incorporated and Fixed-price business process management services revenue is
domiciled in India and has its registered office at Bengaluru, recognized ratably on a straight-line basis when services are
Karnataka, India. The name of the Company was changed performed through an indefinite number of repetitive acts over
from Infosys BPO Limited to Infosys BPM Limited with effect a specified period. Revenue from fixed-price business process
from December 18, 2017. management services contract is recognized ratably using a
The standalone financial statements are approved by the percentage of completion method when the pattern of benefits
Company’s Board of Directors on April 11, 2023. from the services rendered to the customer and Company’s
costs to fulfil the contract is not even through the period of the
contract because the services are generally discrete in nature
1.2 Basis of preparation of financial statements
and not repetitive. The use of method to recognize the business
These standalone financial statements are prepared in process management services revenue requires judgment
accordance with Indian Accounting Standards (Ind-AS), under the and is based on the promises in the contract and nature
historical cost convention on the accrual basis except for certain of the deliverables.
financial instruments, which are measured at fair values, the
provisions of the Companies Act, 2013 (‘the Act’) (to the extent The Company uses the percentage-of-completion method
notified) . The Ind-AS are prescribed under Section 133 of the Act in accounting for its other fixed-price contracts. Use of the
read with Rule 3 of the Companies (Indian Accounting Standards) percentage-of-completion method requires the Company to
Rules, 2015 and relevant amendment rules issued thereafter. determine the actual efforts or costs expended to date as a
proportion of the estimated total efforts or costs to be incurred.
Accounting policies have been applied consistently to all periods Efforts or costs expended have been used to measure progress
presented in these standalone financial statements except where towards completion as there is a direct relationship between
a newly-issued accounting standard is initially adopted or a input and productivity. The estimation of total efforts or costs
revision to an existing accounting standard requires a change in involves significant judgement and is assessed throughout the
the accounting policy hitherto in use. period of the contract to reflect any changes based on the latest
As the year-end figures are taken from the source and rounded to available information.
the nearest digits, the figures reported for the previous quarters Contracts with customers includes subcontractor services or
might not always add up to the year-end figures reported in this third-party vendor equipment or software in certain integrated
standalone financial statements. services arrangements. In these types of arrangements, revenue
from sales of third-party vendor products or services is recorded
1.3 Use of estimates and judgements net of costs when the Company is acting as an agent between
The preparation of the financial statements in conformity with the customer and the vendor, and gross when the Company is
Ind-AS requires management to make estimates, judgments and the principal for the transaction. In doing so, the Company first
assumptions. These estimates, judgments and assumptions affect evaluates whether it controls the good or service before it is
the application of accounting policies and the reported amounts transferred to the customer. The Company considers whether
of assets and liabilities, the disclosures of contingent assets and it has the primary obligation to fulfil the contract, inventory
liabilities at the date of the financial statements and reported risk, pricing discretion and other factors to determine whether
amounts of revenues and expenses during the period. The it controls the goods or service and therefore, is acting as a
application of accounting policies that require critical accounting principal or an agent.
estimates involving complex and subjective judgments and
Provisions for estimated losses, if any, on uncompleted contracts
the use of assumptions in the standalone financial statements
are recorded in the period in which such losses become probable
have been disclosed in Note 1.4. Accounting estimates could
based on the estimated efforts or costs to complete the contract.
change from period to period. Actual results could differ from
those estimates. Appropriate changes in estimates are made
as management becomes aware of changes in circumstances
surrounding the estimates. Changes in estimates are reflected in
the financial statements in the period in which changes are made
and, if material, their effects are disclosed in the notes to the
standalone financial statements.

b. Income taxes apply to transactions that give rise to equal and offsetting
The Company’s major tax jurisdiction is India even though the temporary differences. The effective date for adoption of this
Company also files tax returns in other overseas jurisdiction. amendment is annual periods beginning on or after April 1,2023.
Significant judgments are involved in determining the provision The Company has evaluated the amendment and there is no
for income taxes, including amount expected to be paid/ impact on its standalone financial statement.
recovered for uncertain tax positions. Also, Refer to Note No.
2.16 and Note No. 2.22. 2.1 Property, plant and equipment
In assessing the realizability of deferred income tax assets, Accounting Policy
management considers whether some portion or all of the Property, plant and equipment are stated at cost, less
deferred income tax assets will not be realized. The ultimate accumulated depreciation and impairment, if any. Costs
realization of deferred income tax assets is dependent upon the directly attributable to acquisition are capitalized until the
generation of future taxable income during the periods in which property, plant and equipment are ready for use, as intended
the temporary differences become deductible. Management by management. The Company depreciates property, plant and
considers the scheduled reversals of deferred income tax equipment over their estimated useful lives using the straight-
liabilities, projected future taxable income and tax planning line method. The estimated useful lives of assets are as follows:
strategies in making this assessment. Based on the level of
historical taxable income and projections for future taxable Building(1) 22-25 years
income over the periods in which the deferred income tax assets Plant and machinery (1)
5 years
are deductible, management believes that the Company will
Computer equipment(1) 3-5 years
realize the benefits of those deductible differences. The amount
of the deferred income tax assets considered realizable, however, Furniture and fixtures (1)
5 years
could be reduced in the near term if estimates of future taxable Office equipment (1)
5 years
income during the carry forward period are reduced.
Leasehold improvements Over the lease term or 5
years whichever is lower
c. Property, plant and equipment
Property, plant and equipment represent a significant proportion (1)
Based on technical evaluation, the Management believes that the
of the asset base of the Company. The charge in respect of useful lives as given above best represent the period over which the
periodic depreciation is derived after determining an estimate of Management expects to use these assets. Hence, the useful lives for
these assets is different from the useful lives as prescribed under Part C of
an asset’s expected useful life and the expected residual value Schedule II of the Companies Act, 2013.
at the end of its life. The useful lives and residual values of the
Company’s assets are determined by management at the time Depreciation methods, useful lives and residual values are
the asset is acquired and reviewed periodically, including at each reviewed periodically, including at each financial year end. The
financial year end. The lives are based on historical experience useful lives are based on historical experience with similar assets
with similar assets as well as anticipation of future events, which as well as anticipation of future events, which may impact their
may impact their life, such as changes in technology. Also life, such as changes in technology.
Refer to Note No. 2.1. Advances paid towards the acquisition of property, plant and
equipment outstanding at each Balance Sheet date is classified
1.5 Recent accounting pronouncements as capital advances under other non-current assets and the cost
Ministry of Corporate Affairs (“MCA”) notifies new standards of assets not put to use before such date are disclosed under
or amendments to the existing standards under Companies ‘Capital work-in-progress’. Subsequent expenditures relating
(Indian Accounting Standards) Rules as issued from time to to property, plant and equipment is capitalized only when
time. On March 31, 2023, MCA amended the Companies (Indian it is probable that future economic benefits associated with
Accounting Standards) Amendment Rules, 2023, as below: these will flow to the Company and the cost of the item can be
measured reliably. Repairs and maintenance costs are recognized
Ind-AS 1 - Presentation of Financial Statements - This amendment
in the Statement of Profit and Loss when incurred. The cost
requires the entities to disclose their material accounting policies
and related accumulated depreciation are eliminated from the
rather than their significant accounting policies. The effective
financial statements upon sale or retirement of the asset and
date for adoption of this amendment is annual periods beginning
the resultant gains or losses are recognized in the Statement
on or after April 1, 2023. The Company has evaluated the
of Profit and Loss.
amendment and the impact of the amendment is insignificant in
the Standalone financial statements.
Impairment
Ind-AS 8 - Accounting Policies, Changes in Accounting Estimates Property, plant and equipment are evaluated for recoverability
and Errors - This amendment has introduced a definition of whenever events or changes in circumstances indicate that their
‘accounting estimates’ and included amendments to Ind-AS 8 carrying amounts may not be recoverable. For the purpose of
to help entities distinguish changes in accounting policies from impairment testing, the recoverable amount (i.e. the higher of
changes in accounting estimates. The effective date for adoption the fair value less cost to sell or the value-in-use) is determined
of this amendment is annual periods beginning on or after April on an individual asset basis unless the asset does not generate
1, 2023. The Company has evaluated the amendment and there is cash flows that are largely independent of those from other
no impact on its standalone financial statements. assets. In such cases, the recoverable amount is determined for
Ind-AS 12 - Income Taxes - This amendment has narrowed the the Cash Generating Unit (“CGU”) to which the asset belongs.
scope of the initial recognition exemption so that it does not

If such assets are considered to be impaired, the impairment to be recognized in the Statement of Profit and Loss is measured by the
amount by which the carrying value of the assets exceeds the estimated recoverable amount of the asset. An impairment loss is reversed
in the Statement of Profit and Loss if there has been a change in the estimates used to determine the recoverable amount. The carrying
amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that
would have been determined (net of any accumulated amortization or depreciation) had no impairment loss been recognized for the
asset in prior years.
Following are the changes in the carrying value of property, plant and equipment for the year ended March 31, 2023:
(In ₹ crore)
Leasehold Plant and Office Computer Furniture and

Particulars Buildings (1) Total
improvements machinery equipment equipment fixtures
Gross carrying value as at April 1, 155 144 66 113 496 70 1,044
2022
Additions 7 37 5 6 101 6 162
Additions through Business – – – – 2 – 2
transfer (Refer to Note 2.11)
Deletions* – (11) (2) (24) (90) (44) (171)
Gross carrying value as at March 162 170 69 95 509 32 1,037
31, 2023
Accumulated depreciation as at 84 127 62 106 324 66 769
April 1, 2022
Depreciation 6 10 2 3 109 2 132
Accumulated depreciation on – (11) (2) (24) (90) (44) (171)
deletions*
March 31, 2023
Carrying value as at March 31, 2023 72 44 7 10 166 8 307
Carrying value as at April 1, 2022 71 17 4 7 172 4 275
*During the year ended March 31, 2023, certain assets, which were old and not in use having gross book value of ₹138 crore (net book
value: Nil) respectively, were retired.
Following are the changes in the carrying value of property, plant and equipment for the year ended March 31, 2022:
(In ₹ crore)

Particulars Buildings (1) Total
improvements machinery Equipment equipment fixtures
Gross carrying value as at April 155 141 64 114 412 69 955
1, 2021
Additions – 3 2 2 136 1 144
Deletions* – – – (3) (52) – (55)
Gross carrying value as at March 155 144 66 113 496 70 1,044
31, 2022
April 1, 2021
Depreciation 5 8 4 4 80 2 103
Accumulated depreciation on – – – (3) (52) – (55)
deletions*
March 31, 2022
Carrying value as at March 31, 71 17 4 7 172 4 275
2022
Carrying value as at April 1, 2021 76 22 6 9 116 5 234
*During the year ended March 31, 2022, certain assets, which were old and not in use having gross book value of ₹22 crore (net book
value: Nil) respectively, were retired.
(1)
Includes certain assets provided on cancellable operating lease to holding company.

The aggregate depreciation has been included largely independent of those from other assets. In such cases, the
under depreciation and amortization expense in the recoverable amount is determined as Cash Generating Unit (CGU)
Statement of Profit and Loss. to which the asset belongs.
The lease liability is initially measured at amortized cost at the
2.2 Leases present value of the future lease payments. The lease payments
are discounted using the interest rate implicit in the lease or, if
Accounting Policy not readily determinable, using the incremental borrowing rates
The Company as a lessee in the country of domicile of these leases. Lease liabilities are
The Company’s lease asset classes primarily consist of leases for remeasured with a corresponding adjustment to the related right
land and buildings. The Company assesses whether a contract of use asset if the Company changes its assessment if whether it
contains a lease, at inception of a contract. A contract is, or will exercise an extension or a termination option.
contains, a lease if the contract conveys the right to control the Lease liability and Right-of-use assets have been separately
use of an identified asset for a period of time in exchange for presented in the Balance Sheet and lease payments have been
consideration. To assess whether a contract conveys the right classified as financing cash flows.
to control the use of an identified asset, the Company assesses
whether: (1) the contact involves the use of an identified asset The Company as a lessor
(2) the Company has substantially all of the economic benefits
from use of the asset through the period of the lease and (3) the Leases for which the Company is a lessor is classified as a finance
Company has the right to direct the use of the asset. or operating lease. Whenever the terms of the lease transfer
substantially all the risks and rewards of ownership to the lessee,
At the date of commencement of the lease, the Company the contract is classified as a finance lease. All other leases are
recognizes a right-of-use asset (“ROU”) and a corresponding lease classified as operating leases.
liability for all lease arrangements in which it is a lessee, except
for leases with a term of twelve months or less (short-term leases) When the Company is an intermediate lessor, it accounts for
and low value leases. For these short-term and low value leases, its interests in the head lease and the sublease separately.
the Company recognizes the lease payments as an operating The sublease is classified as a financing or operating lease by
expense on a straight-line basis over the term of the lease. reference to the right-of-use asset arising from the head lease.
As a lessee, the Company determine the lease term as the non- For operating leases, rental income is recognized on a straight-
cancellable period of a lease adjusted with any option to extend line basis over the term of the relevant lease.
or terminate the lease, if the use of such option is reasonably The changes in the carrying value of right of use assets for the
certain. The Company makes an assessment on the expected year ended March 31, 2023 are as follows:
lease term on a lease-by-lease basis and thereby assesses
whether it is reasonably certain that any options to extend or (In ₹ crore)
terminate the contract will be exercised. In evaluating the lease
Particulars Category of ROU asset
term, the Company considers factors, such as any significant Total
leasehold improvements undertaken over the lease term, costs Land Buildings
relating to the termination of the lease and the importance of Balance as of April 1, 2022 10 423 433
the underlying asset to Infosys BPM’s operations taking into
Additions(1) – 195 195
account the location of the underlying asset and the availability
of suitable alternatives. The lease term in future periods is Deletions – – –
reassessed to ensure that the lease term reflects the current Depreciation – (88) (88)
economic circumstances.
Translation difference – – –
Certain lease arrangements includes the options to extend or Balance as of March 31, 2023 10 530 540
terminate the lease before the end of the lease term. ROU assets
and lease liabilities includes these options when it is reasonably (1)
Net of adjustments on account of modifications
certain that they will be exercised.
The changes in the carrying value of right-of-use assets for the
The right-of-use assets are initially recognized at cost, which year ended March 31, 2022 are as follows:
comprises the initial amount of the lease liability adjusted for
any lease payments made at or prior to the commencement date (In ₹ crore)
of the lease plus any initial direct costs less any lease incentives. Category of ROU asset
They are subsequently measured at cost less accumulated Particulars Total
depreciation and impairment losses. Land Buildings
Balance as of April 1, 2021 10 469 479
Right-of-use assets are depreciated from the commencement
date on a straight-line basis over the shorter of the lease term Additions (1)
– 44 44
and useful life of the underlying asset. Right of use assets Deletions – (7) (7)
are evaluated for recoverability whenever events or changes – (83) (83)
Depreciation
in circumstances indicate their carrying amounts may not
be recoverable. For the purpose of impairment testing, the Balance as of March 31, 2022 10 423 433
recoverable amount (i.e., the higher of the fair value less cost to (1)
sell and the value-in-use) is determined on an individual asset
basis unless the asset does not generate cash flows that are

The aggregate depreciation expense on ROU assets is Capital work-in-progress ageing schedule for the year
included under depreciation and amortisation expense in the ended March 31, 2023:
Statement of Profit and Loss.
(In ₹ crore )
The break-up of current and non-current lease liabilities as at
March 31, 2023 and March 31, 2022 are as follows: Amount in CWIP for a period of
Particulars
Less than 1 1-2 2-3 More
(In ₹ crore) year years years than 3 Total
As at March 31, years
Particulars Projects in 12 – – – 12
2023 2022
progress
Non-current lease liabilities 536 417
TotalCapital 12 – – – 12
Current lease liabilities 101 84
work-in-progress
Total 637 501
Capital work-in-progress ageing schedule for the year
The movement in lease liabilities during the years ended March ended March 31, 2022:
31, 2023 and March 31, 2022 are as follows:
(In ₹ crore )
(In ₹ crore)
Amount in CWIP for a period of
As at March 31,
Particulars Particulars Less than 1 1-2 2-3 More Total
2023 2022 year years years than 3
Balance at the beginning 501 548 years
Additions (1)
195 44 Projects in 4 – – – 4
progress
Deletions – (8)
Total Capital 4 – – – 4
Finance cost accrued during the year 32 29
work-in-progress
Payment of lease liabilities (109) (101)
During the year ended March 31,2023 and March 31, 2022, in
Translation difference 18 (11) capital-work-in progress there are no projects whose completion
Balance at the end 637 501 is overdue or has exceeded its cost compared to its original plan.
(1)
2.4 Investments
Rental expense recorded for short-term leases was ₹30 and ₹25 (In ₹ crore )
crore for the years ended March 31, 2023 and March 31, 2022.
As at March 31,
The details regarding the contractual maturities of lease liabilities Particulars
2023 2022
as at March 31, 2023 and March 31, 2022 on an undiscounted
basis are as follows: Non-current investments
Equity instruments of subsidiaries 693 692
(In ₹ crore)
As at March 31, Non-convertible debentures 222 259
Particulars
2023 2022 Government Securities 467 801
Less than one year 225 103 Total non-current investments 1,396 1,752
One to five years 682 325 Current investments
More than five years 280 182
Liquid mutual fund units 199 128
Total 1,187 610
Government bonds – 8
The Company does not face a significant liquidity risk Certificates of deposit 809 289
with regard to its lease liabilities as the current assets are
sufficient to meet the obligations related to lease liabilities as Non-convertible debentures 279 81
and when they fall due. Government Securities 308 154
2.3 Capital work-in-progress 1,916 660
Total current investments
(In ₹ crore)
Total carrying value 3,312 2,412
Particulars As at March 31,
2023 2022
Capital work-in-progress 12 4
Total Capital work-in-progress 12 4

(in ₹ crore, except as otherwise stated)
As at March 31,
Particulars
2023 2022
Non-current investments
Unquoted
Investments carried at cost
Investments in equity instruments of subsidiaries
Infosys (Czech Republic) Limited s.r.o., 18,75,000 (18,75,000) equity shares of CZK 10 each, full paid 3 3
Infosys Poland Sp z.o.o, 5,000 (5,000) equity shares of PLN 500 each, fully paid 59 59
Infosys McCamish Systems LLC 289 289
Portland Group Pty Limited, 1,74,50,000 (1,74,50,000) equity shares, fully paid 211 211
Infosys BPO Americas LLC 130 130
Infosys BPM UK Limited, 1,00,000 (NIL) equity shares of GBP 1 each, fully paid 1 –
693 692
Quoted
Investments carried at amortized cost
14 –
Investments carried at fair value through other comprehensive income
Government securities 467 801
689 1,060
Total Non-current investments 1,396 1,752
Current investments
Unquoted
Investments carried at fair value through profit or loss
Liquid mutual fund units 199 128
199 128
Certificates of deposit 809 289
1,130 289
Quoted
Investments carried at amortized cost
Government bonds – 8
– 8
Government securities 308 154
587 235
Total current investments 1,916 660
Total investments 3,312 2,412
Aggregate amount of quoted investments 1,290 1,303
Market value of quoted investments (including interest accrued thereon) - Non current 705 1,060
Market value of quoted investments (including interest accrued thereon) - Current 587 243
Aggregate amount of unquoted investments 2,022 1,109

As at March 31,
Particulars
2023 2022
Investment carried at cost 693 692
Investment carried at amortized cost 14 8
Investment carried at fair value through other comprehensive income 2,406 1,584
Investment carried at fair value through profit or loss 199 128
Refer to Note No. 2.10 for accounting policies on financial instruments.
Details of amounts recorded in Other Comprehensive income for:
(In ₹ crore )
2023 2022
Gross Tax Net Gross Tax Net
Net Gain/(loss) on
Non-convertible debentures (8) – (8) (7) 1 (6)
Government Securities (12) – (12) (4) – (4)
Certificates of deposit 1 – 1 – – –
Commercial Paper – – – – – –
Total (19) – (19) (11) 1 (10)
Method of fair valuation:
(In ₹ crore )
Fair Value as at March 31,

Class of investment Method
2023 2022
Non-convertible debentures Quoted price and market observable inputs 501 340
Liquid mutual fund units Quoted price 199 128
Government Securities Quoted price and market observable inputs 775 955
Certificates of deposit Market observable inputs 809 289
Commercial Paper Market observable inputs 321 –
Certain quoted investments are classified as Level 2 in the absence of active market for such investments.
2.5 Loans
(In ₹ crore )

2023 2022
Non-current
Unsecured, considered doubtful
Loans to employees – –
Less: Allowance for doubtful loans to employees – –
– –
Unsecured, considered good
Loans to employees 2 2
Total non-current loans 2 2
Current
Loans to employees 26 18
Total current loans 26 18
Total loans 28 20

2.6 Other financial assets
(In ₹ crore )
As at March 31,
Particulars
2023 2022
Non- current
Security deposits (1) 3 3
Rental deposits (1) 41 38
Total non-current other financial assets 44 41
Current
Security deposits (1) – –
Rental deposits (1) – –
Restricted deposits ** (1)
171 156
Unbilled revenues(1) (3)* 235 133
Interest accrued but not due (1)
16 26
Foreign currency forward contracts (2)
6 8
Others (1) (4) 35 2
Total current other financial assets 463 325
Total other financial assets 507 366
(1)
Financial assets carried at amortized cost 501 358
(2)
Financial assets carried at fair value through Profit or Loss 6 8
(3)
Includes dues from holding company, subsidiaries and other group companies 1 7
(4)
*Classified as financial asset as right to consideration is unconditional and is due only after a passage of time.
**Restricted deposits represent deposit with financial institutions to settle employee-related obligations as and when they arise during
the normal course of business.
2.7 Trade receivables

(In ₹ crore )
As at March 31,
Particulars
2023 2022
Current
Trade Receivable considered good - Unsecured(2) 1,071 1,056
Less: Allowance for expected credit loss 15 14
Trade Receivable considered good - Unsecured 1,056 1,042
Trade Receivable - credit impaired - Unsecured 6 5
Less: Allowance for credit impairment 6 5
Trade Receivable - credit impaired - Unsecured – –
Total trade receivables (1) 1,056 1,042
(1)
Includes dues from companies where directors are interested
(2)

The details regarding the ageing of Trade receivables as at March 31, 2023 are as follows:
(In ₹ crore )
Outstanding for following periods from due date of payment

Particulars Not Due Less than 6 6 months - 1 More than 3 Total
1-2 years 2-3 years
months year years
Undisputed Trade receivables - 935 132 – 4 – – 1,071
considered good
Undisputed Trade receivables - – – – – 1 – 1
credit impaired
Disputed Trade Receivables - – – – – – – –
considered good
Disputed Trade receivables - – – – – – 5 5
credit impaired
Less: Allowance for credit loss 21
Total trade receivables 935 132 – 4 1 5 1,056
The details regarding the ageing of Trade receivables as at March 31, 2022 are as follows:
(In ₹ crore )

Particulars Less than 6 6 months - 1 More than 3 Total
Not Due 1-2 years 2-3 years
months year years
Undisputed Trade 890 158 2 – 1 – 1,051
receivables - considered good
Undisputed Trade – – – – – – –
receivables - credit impaired
Disputed Trade – – – – – – –
Receivables - considered good
Disputed Trade – – – – – 5 5
receivables - credit impaired
Less: Allowance for credit loss 14
Total trade receivables 890 158 2 – 1 5 1,042
2.8 Cash and cash equivalents

(In ₹ crore )
As at March 31,
Particulars
2023 2022
Balances with banks
In current and deposit accounts 303 1,272
Cash on hand – –
Others
Deposits with financial institution – 225
Total Cash and cash equivalents 303 1,497
Balances with banks in unpaid dividend accounts – –
Deposits with more than 12 months maturity – 365
Cash and cash equivalents as at March 31, 2023 and March 31, 2022 include restricted bank balances of less than ₹1 crore each. This
represents restricted bank balance, in trust account, in accordance with collection agency licensing requirements.
The deposits maintained by the Company with banks and financial institutions comprise of time deposits, which can be withdrawn by
the Company at any point without prior notice or penalty on the principal.

2.9 Other assets
(In ₹ crore )
As at March 31,
Particulars
2023 2022
Non-current
Capital advances – 1
Others
Prepaid expenses – –
Defined benefit assets 6 4
Deferred contract cost (2)
24 39
Withholding taxes and others (3) 17 18
Total non-current other assets 47 62
Current
Advances other than capital advance
Payment to vendors for supply of goods and services 4 2
Others
Prepaid expenses 62 65
Deferred contract cost (2) 18 18
Withholding taxes and others (3)
122 110
Unbilled revenues (1)
40 41
Others – –
Total current other assets 246 236
Total other assets 293 298
(1)
Classified as non-financial asset as contractual right to consideration is dependent on completion of contractual milestones.
(2)
Deferred contract costs are upfront costs incurred for the contract and are amortized over the term of the contract. Cost which are expected to be amortized
within twelve months from the balance sheet date have been presented as current.
(3)
Withholding taxes and others primarily consists of input tax credits and Cenvat recoverable from Government of India.
2.10 Financial instruments

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

a. Non-derivative financial instruments
(i) Financial assets carried at amortized cost
A financial asset is subsequently measured at amortized cost if it is held within a business model whose objective is to hold the asset in
order to collect contractual cash flows and the contractual terms of the financial asset give rise on specified dates to cash flows that are
solely payments of principal and interest on the principal amount outstanding.
(ii) Financial assets at fair value through other comprehensive income

A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business model whose
objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset
give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Further,
in cases where the Company has made an irrevocable election based on its business model, for its investments, which are classified as
equity instruments, the subsequent changes in fair value are recognized in other comprehensive income.
(iii) Financial assets at fair value through profit or loss

A financial asset, which is not classified in any of the above categories are subsequently fair valued through profit or loss.

(iv) Financial liabilities
Financial liabilities are subsequently carried at amortized cost using the effective interest method, except for contingent consideration
recognized in a business combination, which is subsequently measured at fair value through profit or loss. For trade and other
payables maturing within one year from the Balance Sheet date, the carrying amounts approximate fair value due to the short maturity
of these instruments.
(v) Investment in subsidiaries

Investment in subsidiaries is carried at cost in the separate financial statements.
b. Derivative financial instruments

The Company holds derivative financial instruments, such as foreign exchange forward and option contracts to mitigate the risk of
changes in exchange rates on foreign currency exposures. The counterparty for these contracts is generally a bank.
(i) Financial assets or financial liabilities, at fair value through profit or loss
This category has derivative financial assets or liabilities, which are not designated as hedges.
Although the Company believes that these derivatives constitute hedges from an economic perspective, they may not qualify for hedge
accounting under Ind AS 109, Financial Instruments. Any derivative that is either not designated as hedge, or is so designated but is
ineffective as per Ind-AS 109, is categorized as a financial asset or financial liability, at fair value through profit or loss.
Derivatives not designated as hedges are recognized initially at fair value and attributable transaction costs are recognized in Statement
of Profit and Loss when incurred. Subsequent to initial recognition, these derivatives are measured at fair value through profit or loss and
the resulting exchange gains or losses are included in other income. Assets/liabilities in this category are presented as current assets/
current liabilities if they are either held for trading or are expected to be realized within twelve months after the Balance Sheet date.
2.10.3 Derecognition of financial instruments

The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers
the financial asset and the transfer qualifies for derecognition under Ind-AS 109. A financial liability (or a part of a financial liability) is
derecognized from the Company’s Balance Sheet when the obligation specified in the contract is discharged or cancelled or expires.
2.10.4 Fair value of financial instruments

In determining the fair value of its financial instruments, the Company uses a variety of methods and assumptions that are based on
market conditions and risks existing at each reporting date. The methods used to determine fair value include discounted cash flow
analysis, available quoted market prices and dealer quotes. All methods of assessing fair value result in general approximation of value,
and such value may never actually be realized.
Refer to financial instruments by category table below for the disclosure on carrying value and fair value on financial assets and liabilities.
For financial assets and liabilities maturing within one year from the Balance Sheet date and, which are not carried at fair value, the
carrying amounts approximate fair value due to short maturity of these instruments.
2.10.5 Impairment
The Company recognizes loss allowances using the Expected Credit Loss (ECL) model for the financial assets and unbilled revenues,
which are not fair valued through profit or loss. Loss allowance for trade receivables and unbilled revenues with no significant financing
component is measured at an amount equal to lifetime ECL. For all other financial assets, Expected Credit Losses are measured at an
amount equal to the 12-month ECL, unless there has been a significant increase in credit risk from initial recognition in which case those
are measured at lifetime ECL.
The Company determines the allowance for credit losses based on historical loss experience adjusted to reflect current and estimated
future economic conditions. The Company considered current and anticipated future economic conditions relating to industries the
Company deals with and the countries where it operates.
The amount of Expected Credit Losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that
is required to be recognized is recognized as an impairment gain or loss in Statement of Profit and Loss.

Financial instruments by category
The carrying value and fair value of financial instruments by categories as at March 31, 2023 are as follows:
(In ₹ crore)
Financial assets/ liabilities at

Financial assets/liabilities at
fair value through profit or
fair value through OCI
loss
Amortized
Equity Total Total
Particulars cost
Designated instruments carrying value fair value
upon initial Mandatory designated Mandatory
recognition upon initial
recognition
Assets:
Cash and cash 303 – – – – 303 303
equivalents (Refer to Note 2.8)
Investments (Refer to Note 2.4)
Non-convertible – – – – 501 501 501
debentures(1)
Government bonds(2) 14 – – – – 14 14
Liquid mutual fund units – – 199 – – 199 199
Certificates of deposit – – – – 809 809 809
Government Securities – – – – 775 775 775
Commercial Paper – – – – 321 321 321
Trade 1,056 – – – – 1,056 1,056
receivables (Refer to Note 2.7)
Loans (Refer to Note 2.5) 28 – – – – 28 28
Other financial assets 501 – 6 – – 507 507
(Refer to Note 2.6)(3)(4)
Total 1,902 – 205 – 2,406 4,513 4,513
Liabilities:
Lease 637 – – – – 637 637
liabilities (Refer to Note 2.2)
Trade payables 80 – – – – 80 80
(Refer to Note 2.13)
Other financial liabilities 814 – 4 – – 818 818
Total 1,531 – 4 – – 1,535 1,535
(1)
The carrying value of debentures approximates fair value as the instruments are at prevailing market rates
(2)
On account of fair value changes, including interest accrued
(3)
Excludes unbilled revenue on contracts where the right to consideration is dependent on completion of contractual milestones
(4)
Excludes interest accrued on government bonds carried at amortized cost of less than ₹1 crore

(In ₹ crore)
Financial assets/ liabilities

at fair value through profit
or loss Total Total
Amortized
Particulars Equity carrying fair
cost
Designated instruments value value
recognition
Assets:
Cash and cash equivalents (Refer to Note 1,497 – – – – 1,497 1,497
2.8)
Non-convertible debentures(1) – – – – 340 340 340
Government bonds (2)
8 – – – – 8 8
Liquid mutual fund units – – 128 – – 128 128
Certificates of deposit – – – – 289 289 289
Government Securities – – – – 955 955 955
Trade receivables (Refer to Note 2.7) 1,042 – – – – 1,042 1,042
Loans (Refer to Note 2.5) 20 – – – – 20 20
Other financial assets (Refer to Note 2.6)(3)(4) 358 – 8 – – 366 366
Total 2,925 – 136 – 1,584 4,645 4,645
Liabilities:
Lease liabilities (Refer to Note 2.2) 501 – – – – 501 501
Trade payables (Refer to Note 2.13) 64 – – – – 64 64
Other financial liabilities (Refer to Note 675 – 4 – – 679 679
2.12)
Total 1,240 – 4 – – 1,244 1,244
(1)
The carrying value of debentures approximates fair value as the instruments are at prevailing market rates.
(2)
On account of fair value changes including interest accrued
(3)
(4)
Excludes interest accrued on government bonds carried at amortized cost of less than ₹ 1 crore
For trade receivables, trade payables, other assets and payables maturing within one year from the Balance Sheet date, the carrying
amounts approximate the fair value due to the short maturity of these instruments.

Fair value hierarchy
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices)
or indirectly (i.e. derived from prices).
Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
The fair value hierarchy of assets and liabilities measured at fair value as at March 31, 2023 is as follows:
(In ₹ crore)
As at March 31, Fair value measurement at end of the reporting period

Particulars 2023 using
Level 1 Level 2 Level 3
Assets
Investments in liquid mutual fund units (Refer to Note 2.4) 199 199 – –
Investment in non-convertible debentures (Refer to Note 2.4) 501 428 73 –
Investments in government securities (Refer to Note 2.4) 775 692 83 –
Investment in certificates of deposit (Refer to Note 2.4) 809 – 809 –
Investment in commercial paper (Refer to Note 2.4) 321 – 321 –
Derivative financial instruments - Fair value gain on outstanding 6 – 6 –
foreign currency forward contracts (Refer to Note 2.6)
Liabilities
Derivative financial instruments - Fair value loss on outstanding 4 – 4 –
foreign currency forward contracts (Refer to Note 2.12)
The fair value hierarchy of assets and liabilities measured at fair value as at March 31, 2022 is as follows:
(In ₹ crore)
As at March 31, Fair value measurement at end of the reporting period

Particulars 2022 using
Assets
Investments in liquid mutual fund units (Refer to Note 2.4) 128 128 – –
Investment in non-convertible debentures 340 265 75 –
(Refer to Note 2.4)(1)
Investments in government securities (Refer to Note 2.4) 955 868 87 –
Investment in certificates of deposit (Refer to Note 2.4) 289 – 289 –
Derivative financial instruments - Fair value 8 – 8 –
gain on outstanding foreign currency forward
contracts (Refer to Note 2.6)
Liabilities
Derivative financial instruments - Fair value loss on 4 – 4 –
outstanding foreign exchange forward contracts
(1)
During the year ended March 31, 2022, the non-convertible debentures of ₹75 crore were transferred from Level 1 to Level 2, since they were valued based on
Observable market inputs other than quoted prices.
Financial risk management

Financial risk factors
The Company’s activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Company’s primary focus
is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance. The
primary market risk to the Company is foreign exchange risk. The Company uses derivative financial instruments to mitigate foreign
exchange related risk exposures. The Company’s exposure to credit risk is influenced mainly by the individual characteristic of each
customer and the concentration of risk from the top few customers.
The gross carrying amount of a financial asset is written off (either partially or in full) when there is no realistic prospect of recovery.

Market risk
The Company operates internationally, and a major portion of the business is transacted in several currencies and consequently the
Company is exposed to foreign exchange risk through its sales and services in the United States and elsewhere, and purchases from
overseas suppliers in various foreign currencies. The Company holds derivative financial instruments, such as foreign exchange forward
contracts to mitigate the risk of changes in exchange rates on foreign currency exposures. The exchange rate between the rupee and
foreign currencies has changed substantially in recent years and may fluctuate substantially in the future. Consequently, the results of the
Company’s operations are adversely affected as the rupee appreciates/ depreciates against these currencies.
The foreign currency risk from financial assets and liabilities as at March 31, 2023 is as follows:
(In ₹ crore)
United Kingdom
Particulars U.S. dollars Euro Australian dollars Other currencies Total
Pound Sterling
Net Financial Assets 1,107 202 87 28 77 1,501
Net Financial Liabilities (524) (110) (36) (16) (363) (1,049)
Total 583 92 51 12 (286) 452
The foreign currency risk from financial assets and liabilities as at March 31, 2022 is as follows:
(In ₹ crore)
UnitedKingdom Pound Australian Other

Particulars U.S. dollars Euro Total
Sterling dollars currencies
Net Financial Assets 946 195 37 21 36 1,235
Net Financial Liabilities (407) (92) (36) (17) (205) (757)
Total 539 103 1 4 (169) 478
Sensitivity analysis between Indian Rupees and USD

Particulars
2023 2022
Impact on the Company’s incremental Operating Margins 0.34% 0.32%
Sensitivity analysis is computed based on the changes in the income and expenses in foreign currency upon conversion into functional
currency, due to exchange rate fluctuations between the previous reporting period and the current reporting period.
Derivative financial instruments

The Company holds derivative financial instruments such as foreign exchange forward contracts to mitigate the risk of changes in
exchange rates on foreign currency exposures. The counterparty for these contracts is generally a bank. These derivative financial
instruments are valued based on inputs that are directly or indirectly observable in the marketplace.
The details in respect of outstanding foreign exchange forward contracts are as follows:
As at
Particulars March 31, 2023 March 31, 2022
In million In ₹ crore In million In ₹ crore
Forward contracts
In U.S. dollars 135 1,113 113 855
In Euro 11 98 11 93
In Czech koruna 364 134 296 102
Total forwards 1,345 1,050

The foreign exchange forward contracts mature within twelve months. The derivative financial instruments into relevant maturity
groupings based on the remaining period as at the Balance Sheet date is as follows:
(In ₹ crore)
As at March 31,
Particulars
2023 2022
Not later than one month 947 330
Later than one month and not later than three months 398 240
Later than three months and not later than one year – 480
1,345 1,050
The Company offsets a financial asset and a financial liability when it currently has a legally enforceable right to set off the recognized
amounts and the Company intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.
The quantitative information about offsetting of derivative financial assets and derivative financial liabilities is as follows:
(In ₹ crore)
As at
March 31, 2023 March 31, 2022
Particulars
Derivative Derivative Derivative Derivative
financial asset financial liability financial asset financial liability
Gross amount of recognized financial asset/liability 8 (6) 8 (4)

Amount set off (2) 2 – –
Net amount presented in the Balance Sheet 6 (4) 8 (4)
Credit risk
Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The maximum exposure to the
credit risk at the reporting date is primarily from trade receivables amounting to ₹1056 crore and ₹1042 crore as March 31, 2023 and
March 31, 2022, respectively and unbilled revenue amounting to ₹275 crore and ₹174 crore as at March 31, 2023 and March 31, 2022,
respectively. Trade receivables and unbilled revenue are typically unsecured and are derived from revenue earned from customers
primarily located in the United States.
Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of
customers to which the Company grants credit terms in the normal course of business. As per Ind-AS 109, the Company uses expected
credit loss model to assess the impairment loss or gain. The Company uses a provision matrix to compute the expected credit loss
allowance for trade receivables and unbilled revenues. The provision matrix takes into account available external and internal credit
risk factors such as credit default swap quotes, credit ratings from international credit rating agencies and the Company’s historical
experience for customers.
The details in respect of percentage of revenues generated from top customer and top ten customers are as follows:
(In %)

Particulars
2023 2022
Revenue from top customer 13% 16%
Revenue from top ten customers 44% 49%

Credit risk exposure
The allowance for lifetime Expected Credit Loss on customer balances is ₹ 3 crore and ₹ 2 for the year ended March 31, 2023 and March
31, 2022, respectively.
(In ₹ crore)

Particulars
2023 2022
Balance at the beginning 14 12
Provisions recognized / (reversed) 7 2
Write-offs (1) (1)
Translation differences 1 1
Balance at the end 21 14
Credit risk on cash and cash equivalents is limited as we generally invest in deposits with banks and financial institutions with high
credit ratings assigned by international and domestic credit rating agencies. Investment primarily include investment in liquid mutual
fund units, fixed maturity plan securities, certificates of deposit, commercial papers, quoted bonds issued by the government and quasi
government organizations, non-convertible debentures issued by government aided institutions.
Liquidity risk
Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time.
The Company’s principal sources of liquidity are cash and cash equivalents and the cash flow that is generated from operations. The
Company has no outstanding borrowing. The Company believes that the working capital is sufficient to meet its current requirements.
Accordingly, no liquidity risk is perceived.
As at March 31, 2023, the Company had a working capital of ₹ 2,362 crore, including cash and cash equivalents of ₹ 303 crore and
current investments of ₹ 1916 crore. As at March 31, 2022, the Company had a working capital of ₹ 2,440 crore, including cash and cash
equivalents of ₹ 1,497 crore and current investments of ₹ 660 crore.
As at March 31, 2023 and March 31, 2022, the outstanding compensated absences were ₹ 161 crore and ₹ 145 crore, respectively, which
have been substantially funded. Accordingly, no liquidity risk perceived.
The details regarding the contractual maturities of significant financial liabilities as at March 31, 2023 are as follows:
(In ₹ crore)
Particulars Less than 1 year 1-2 years 2-4 years 4-7 years Total
Trade payables 80 – – – 80
Other financial liabilities (Refer note 2.12) 818 – – – 818
The table below provides details regarding the contractual maturities of significant financial liabilities as at March 31, 2022:
(In ₹ crore)
Trade payables 64 – – – 64
Other financial liabilities (Refer note 2.12) 679 – – – 679
2.11 Equity
Accounting Policy
Ordinary Shares
Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new ordinary shares and share options
are recognized as a deduction from equity, net of any tax effects.
Description of reserves
Retained earnings
Retained earnings represent the amount of accumulated earnings of the Company.
Securities premium
The amount received in excess of the par value of equity shares has been classified as securities premium.

Special Economic Zone Re-investment reserve
The Special Economic Zone Re-investment reserve has been created out of the profit of the eligible SEZ unit in terms of the provisions
of Sec 10AA(1)(ii) of Income Tax Act, 1961. The reserve should be utilized by the Company for acquiring new plant and machinery for the
purpose of its business in terms of the provisions of the Sec 10AA (2) of the Income Tax Act, 1961.
Other components of equity

Other components of equity consist of remeasurement of net defined benefit liability / asset, equity instruments fair valued through
other comprehensive income, changes on fair valuation of investments and changes in fair value of derivatives designated as cash flow
hedges, net of taxes.
Business transfer reserve

Business combinations between entities under common control is accounted for at carrying value of the assets and liabilities in the
financial statements.
On January 09, 2023, the Board of Directors of the Company authorized to execute a Business Transfer Agreement and related documents
with its holding company, Infosys Limited, to transfer the German IBPM business of Infosys Limited to the Company for a consideration
based on an independent valuation.
Subsequently on February 22, 2023, the Company entered into a business transfer agreement to acquire the German IBPM business of
Infosys Limited with effective date as February 01, 2023 for a consideration of ₹19 crore resulting in recognition of a business transfer
reserve of ₹18 crore.
The details of the assets and liabilities taken over upon business transfer are as follows:
(In ₹ crore)
Assets/Liabilities Total
Property, plant and equipment 2
Other Financial liabilities (Employee obligations) (1)
Net assets/(liabilities) 1
Less: Consideration paid in cash 19
Business transfer reserve (18)
Equity share capital

(in ₹ crore, except as otherwise stated)
As at March 31,
Particulars
2023 2022
Authorized
Equity shares, ₹ 10,000/- par value
1,23,375 (1,23,375) equity shares 123 123
Issued, Subscribed and Paid-Up
Equity shares, ₹ 10,000/- par value
33,828 (33,828) equity shares fully paid up 34 34
34 34
The Company has only one class of shares referred to as equity shares having a par value of ₹ 10,000/-. Each holder of equity shares is
entitled to one vote per share.
The Board of Directors, in their meeting held on January 8, 2020, considered and approved the scheme of consolidation of authorized,
issued, subscribed and paid-up equity shares by increasing the par value of the equity shares from ₹ 10/- each to ₹10,000/- each such that
every 1,000 equity shares with par value of ₹ 10/- each held by a member are consolidated and re-designated into 1 equity share with
par value of ₹ 10,000/-
The scheme was approved by shareholders in Annual General Meeting held on July 09, 2020. The National Company Law Tribunal,
Bangalore Bench, vide its order dated December 08, 2021, approved the consolidation of the authorized, issued, subscribed and paid-up
equity share capital of the Company. The Company has approved January 03, 2022 as the effective date for consolidation of share capital.
On consolidation, the Issued, subscribed, and paid-up equity shares became 33,828 shares with par value of ₹10,000/- each.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the
Company in proportion to the number of equity shares held by the shareholders, after distribution of all preferential amounts. However,
no such preferential amounts exist currently.

The details of shareholder holding more than 5% shares as at March 31, 2023 and March 31, 2022 are as follows:
As at March 31,
Name of the shareholder
2023 2022
Number of % held Number of % held
shares shares
Infosys Limited (the holding company) 33,828 100.00 33,828 100.00
The details of shares held by promoters at the end of the year March 31, 2023 are as follows:
Promoter name No. of shares % of total shares % Change during the year
Infosys Limited, the holding company 33,828 100.00 –
The details of shares held by promoters at the end of the year March 31, 2022 are as follows:
Promoter name No. of shares % of total shares % Change during the year
Infosys Limited, the holding company 33,828 100.00 –
The reconciliation of the number of shares outstanding and the amount of share capital as at March 31, 2023 and March 31,
2022 are as follows:
(in ₹ crore, except equity share data)
As at March 31,
Particulars 2023 2022
Number of shares Amount Number of shares Amount
Number of shares at the beginning of the period 33,828 34 3,38,27,751 34
Add: Shares issued during the period – – – –
Less: Consolidation of par value from ₹10/- to ₹10,000/- – – (33,793,923) –
Number of shares at the end of the period 33,828 34 33,828 34
Dividends
Final dividends on shares are recorded as a liability on the date of approval by the shareholders and interim dividends are recorded as a
liability on the date of declaration by the Company’s Board of Directors.
The Company declares and pays dividends in Indian rupees. Companies are required to pay/distribute dividend after deducting
applicable withholding income taxes.
The amount of per share ₹ 10,000/- par value (₹ 10/- par value) dividend recognized as distribution to equity shareholders is as follows:
(in ₹)

Particulars
2023 2022
Interim Dividend for fiscal 2023 146,000 –
Final Dividend for fiscal 2022 205,000 –
Interim Dividend for fiscal 2022 – 165
Final Dividend for fiscal 2021 – 175
During the year ended March 31, 2023 on account of the final dividend for fiscal 2022 and interim dividend for fiscal 2023, the Company
has incurred a net cash outflow of ₹1,187 crore.
The Board of Directors, in their meeting on April 11, 2023, recommended a final dividend of ₹234,000 /- per equity share for the financial
year ended March 31, 2023. This payment is subject to the approval of shareholders in the ensuing Annual General Meeting (AGM) of the
Company and if approved, would result in a cash outflow of approximately ₹792 crore.

2.12 Other financial liabilities
(In ₹ crore)
As at March 31,
Particulars
2023 2022
Non-current
Others
Compensated absences 2 1
Total non-current other financial liabilities 2 1
Current
Others
Accrued compensation to employees(1) 362 398
Accrued expenses (1)(4)
280 239
Retention monies(1) 2 –
Capital creditors (1)
10 22
Other payables(1)(3) 160 16
Foreign currency forward contracts (2) 4 4
Total current other financial liabilities 977 823
Total other financial liabilities 979 824
(1)
Financial liability carried at amortized cost 814 675
(2)
Financial liability carried at fair value through profit or loss 4 4
(3)
Includes dues to holding, subsidiaries and other group companies 14 6
(4)
Includes dues to holding, subsidiaries and other group companies – –
2.13 Trade payables

(In ₹ crore)
As at March 31,
Particulars
2023 2022
Current
Outstanding dues of micro enterprises and small enterprises 3 –
Outstanding dues of creditors other than micro enterprises and small enterprises 77 64
Total Trade payables(1) 80 64
(1)
Includes dues to holding, subsidiaries and other group companies 27 22
There is no interest due or outstanding on the dues to Micro, Small and Medium Enterprises. During the year ended March 31, 2023
and March 31, 2022, an amount of ₹1 crore (including interest) and ₹3 crore (including interest) was paid beyond the appointed day as
defined in the Micro, Small and Medium Enterprises Development Act 2006.
The details regarding the ageing of Trade payables as at March 31, 2023 are as follows:
(In ₹ crore )

Particulars
Not Due Less than 1 year 1-2 years 2-3 years More than 3 years Total
MSME 3 – – – – 3
Others 70 7 – – – 77
Disputed Dues- MSME – – – – – –
Disputed Dues- Others – – – – – –
Total trade payables 73 7 – – – 80

The details regarding the ageing of Trade payables as at March 31, 2022 are as follows:
(In ₹ crore)

Particulars Total
Not Due Less than 1 year 1-2 years 2-3 years More than 3 years
MSME – – – – – –
Others 51 13 – – – 64
Total trade payables 51 13 – – – 64
2.14 Other liabilities

(In ₹ crore)
As at March 31,
Particulars
2023 2022
Non-current
Others
Accrued defined benefit plan liability 1 1
Total non-current other liabilities 1 1
Current
Unearned revenue 222 213
Client deposits 1 1
Others
Withholding taxes and others 108 117
Accrued defined benefit plan liability – –
Total current other liabilities 331 331
Total other liabilities 332 332
2.15 Provisions
Accounting Policy
A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that is reasonably
estimable, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by
discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the
risks specific to the liability.
a. Post sales client support

The Company provides its clients with a fixed-period post sales support on its fixed-price, fixed-timeframe and time and material
contracts. Costs associated with such support services are accrued at the time related revenues are recorded and included in Statement
of Profit or Loss. The Company estimates such costs based on historical experience and estimates are reviewed on a periodic basis for any
material changes in assumptions and likelihood of occurrence.
b. Onerous contracts
Provisions for onerous contracts are recognized when the expected benefits to be derived by the Company from a contract are lower
than the unavoidable costs of meeting the future obligations under the contract. The provision is measured at the present value of the
lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is
established the Company recognizes any impairment loss on the assets associated with that contract.

The provision for post sales client support and others as at March The Company offsets current tax assets and current tax liabilities,
31, 2023 and March 31, 2022 are as follows: where it has a legally enforceable right to set off the recognized
amounts and where it intends either to settle on a net basis,
(In ₹ crore) or to realize the asset and settle the liability simultaneously.
As at March 31,
Tax benefits of deductions earned on exercise of employee
Particulars share options in excess of compensation charged to income
2023 2022 are credited to equity.
Current
Income tax expense in the Statement of
Others Profit and Loss comprises:
Post-sales client support and 22 16
others (In ₹ crore)
Total Provisions 22 16 Years ended March 31,
Particulars
Provision for post-sales client support and others are expected to 2023 2022
be utilized over a period of six months to one year Current taxes 293 252
Provision for post-sales client support and others Deferred taxes (16) 23
The movement in the provision for post-sales client support and Income tax expense 277 275
others is as follows: Income tax expense for the year ended March 31, 2023 and
March 31, 2022 includes reversal (net of additional provisions)
(In ₹ crore)
of ₹3 crore and ₹23 crore respectively, pertaining to earlier
As at March 31, periods. These reversals pertain to prior periods on account of
Particulars adjudication of certain disputed matters in favor of the Company
2023 2022
and upon filing of return across various jurisdictions.
Deferred income tax for the year ended March 31, 2023 and
Provision recognized 36 20
March 31, 2022 substantially relates to origination and reversal of
Provision utilized (29) (30) temporary differences.
Exchange difference (1) 1
A reconciliation of the income tax provision to the amount
Balance at the end 22 16 computed by applying the statutory income tax rate to the
income before income taxes is summarized below:
2.16 Income taxes
Accounting Policy (In ₹ crore)
Income tax expense comprises current and deferred income tax. Years ended March 31,
Particulars
Income tax expense is recognized in net profit in the Statement 2023 2022
of Profit and Loss except to the extent that it relates to items
Profit before income taxes 1,123 1,235
recognized directly in equity, in which case it is recognized in
Other Comprehensive Income. Current income tax for current Enacted tax rates in India 25.17% 34.94%
and prior periods is recognized at the amount expected to be Computed expected tax expense 283 432
paid to or recovered from the tax authorities, using the tax rates
Tax effect due to non-taxable – (100)
and tax laws that have been enacted or substantively enacted by
income for Indian tax purposes
the Balance Sheet date. Deferred income tax assets and liabilities
are recognized for all temporary differences arising between the Overseas taxes 17 14
tax bases of assets and liabilities and their carrying amounts in Tax provision (reversals) (3) (23)
the financial statements. Deferred tax assets are reviewed at each
Effect of exempt non-operating – (36)
reporting date and are reduced to the extent that it is no longer income
probable that the related tax benefit will be realized.
Effect of non-deductible expenses (4) (1)
Deferred income tax assets and liabilities are measured using
Impact of change in tax rate – 9
tax rates and tax laws that have been enacted or substantively
enacted by the Balance Sheet date and are expected to apply to Others (16) (20)
taxable income in the years in which those temporary differences Income tax expense 277 275
are expected to be recovered or settled. The effect of changes
The applicable Indian corporate statutory tax rates for fiscal 2023
in tax rates on deferred income tax assets and liabilities is
and 2022 is 25.17% and 34.944% respectively. New Income tax
recognized as income or expense in the period that includes
regime as per The Taxation Laws (Amendment) Act, 2019 is opted
the enactment or the substantive enactment date. A deferred
by the Company from Financial Year 2022-23 onwards.
income tax asset is recognized to the extent that it is probable
that future taxable profit will be available against which the The provision for taxation includes tax liabilities in India on the
deductible temporary differences and tax losses can be utilized. Company’s global income as reduced by exempt incomes and
Deferred income taxes are not provided on the undistributed any tax liabilities arising overseas on income sourced from those
earnings of subsidiaries and branches where it is expected that countries as per Indian Income Tax Act, 1961.
the earnings of the subsidiary or branch will not be distributed in
the foreseeable future.

The details of income tax assets and income tax liabilities as of The gross movement in the current income tax asset/
March 31, 2023 and March 31, 2022 are as follows: (liability) for the year ended March 31, 2023 and March
31, 2022 is as follows:
(In ₹ crore)
(In ₹ crore)
As at March 31,
Particulars Year ended March 31,
2023 2022 Particulars
Income tax assets 165 191 2023 2022
Current Income tax liabilities (143) (74) Net income tax asset/ (liability) at 117 65
the beginning
Net income tax assets at the end 22 117
Income tax paid, net of refunds 163 292
Income tax expense (293) (252)
Income tax on other 1 5
comprehensive income
Net income tax asset at the end 22 117
The movement in gross deferred income tax assets and labilities (before set off) for the year ended March 31, 2023 is as follows:
(In ₹ crore)
Carrying Changes Changes Carrying Value

Translation
Particulars Value as on through Profit through as on March
difference
April 01,2022 & Loss OCI 31,2023
Deferred income tax assets
Property, plant and equipment 21 2 – – 23
Lease liabilities 18 7 – – 25
Compensated absences 37 2 – – 39
Trade receivables 4 2 – – 6
Derivative Financial Instruments (1) 1 – – –
Others (7) 3 – – (4)
Total deferred tax assets and liabilities 72 17 – – 89
Carrying
Carrying Changes Changes
Translation Value as
Particulars Value as on through Profit through
difference on March
April 01,2021 & Loss OCI
31,2022
Property, plant and equipment 33 (12) – – 21
Lease liabilities 17 1 – – 18
Compensated absences 33 4 – – 37
Trade receivables 5 (1) – – 4
Derivative Financial Instruments (3) 2 – – (1)
Others 10 (17) – – (7)
Total deferred tax assets and liabilities 95 (23) – – 72
Deferred tax assets and deferred tax liabilities have been offset wherever the Company has a legally enforceable right to set off current
tax assets against current tax liabilities and where the deferred tax assets and deferred tax liabilities relate to income taxes levied by the
same taxation authority.
In assessing the realizability of deferred income tax assets, management considers whether some portion or all of the deferred income
tax assets will not be realized. The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable
income during the periods in which the temporary differences become deductible. Management considers the scheduled reversals of
deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based on the
level of historical taxable income and projections for future taxable income over the periods in which the deferred income tax assets are
deductible, management believes that the Company will realize the benefits of those deductible differences. The amount of the deferred
income tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the
carry forward period are reduced.
The credits relating to temporary differences during the year input and productivity. Progress towards completion is measured
ended March 31, 2023 and March 31, 2022 are primarily on as the ratio of costs or efforts incurred to date (representing work
account of property, plant and equipment, compensated performed) to the estimated total costs or efforts. Estimates
absences, lease liability and others partially offset by reversal of of transaction price and total costs or efforts are continuously
credits pertaining to derivative financial instruments. monitored over the lives of the contracts and are recognized in
profit or loss in the period when these estimates change or when
2.17 Revenue from operations the estimates are revised. Revenues and the estimated total
Accounting Policy costs or efforts are subject to revision as the contract progresses.
Provisions for estimated losses, if any, on uncompleted contracts
The Company derives revenues primarily from business process are recorded in the period in which such losses become probable
management services. Arrangements with customers for based on the estimated efforts or costs to complete the contract.
business process management services are either on a fixed-
timeframe, unit of work or on a time-and-material basis. The billing schedules agreed with customers include periodic
performance-based billing and / or milestone based progress
Revenues from customer contracts are considered for billings. Revenues in excess of billing are classified as unbilled
recognition and measurement when the contract has been revenue while billing in excess of revenues are classified as
approved by the parties, in writing, to the contract, the parties to contract liabilities (which we refer to as unearned revenues).
contract are committed to perform their respective obligations
under the contract, and the contract is legally enforceable. Arrangements to deliver software products generally have
Revenue is recognized upon transfer of control of promised three elements: license, implementation, and Annual Technical
products or services (“performance obligations”) to customers Services (ATS). .When implementation services are provided in
in an amount that reflects the consideration the Company has conjunction with the licensing arrangement and the license and
received or expects to receive in exchange for these products implementation have been identified as two distinct separate
or services (“transaction price”). When there is uncertainty as performance obligations, the transaction price for such contracts
to collectability, revenue recognition is postponed until such are allocated to each performance obligation of the contract
uncertainty is resolved. based on their relative standalone selling prices. In the absence
of standalone selling price for implementation, the Company
The Company assesses the services promised in a contract and uses the expected cost-plus margin approach in estimating the
identifies distinct performance obligations in the contract. standalone selling price. Where the license is required to be
The Company allocates the transaction price to each distinct substantially customized as part of the implementation service
performance obligation based on the relative standalone selling the entire arrangement fee for license and implementation
price. The price that is regularly charged for an item when is considered to be a single performance obligation and the
sold separately is the best evidence of its standalone selling revenue is recognized using the percentage-of-completion
price. In the absence of such evidence, the primary method method as the implementation is performed. Revenue from
used to estimate standalone selling price is the expected cost client training, support and other services arising due to the
plus a margin, under which the Company estimates the cost sale of software products is recognized as the performance
of satisfying the performance obligation and then adds an obligations are satisfied. ATS revenue is recognized ratably over
appropriate margin based on similar services. the period in which the services are rendered.
The Company’s contracts may include variable consideration The incremental costs of obtaining a contract (i.e., costs that
including rebates, volume discounts and penalties. The would not have been incurred if the contract had not been
Company includes variable consideration as part of transaction obtained) are recognized as an asset if the Company expects to
price when there is a basis to reasonably estimate the amount recover them. Certain eligible, nonrecurring costs (e.g. set-up
of the variable consideration and when it is probable that a or transition or transformation costs) that do not represent a
significant reversal of cumulative revenue recognized will separate performance obligation are recognized as an asset
not occur when the uncertainty associated with the variable when such costs (a) relate directly to the contract; (b) generate
consideration is resolved. or enhance resources of the Company that will be used in
Revenue on time-and-material contracts and unit of work-based satisfying the performance obligation in the future; and (c) are
contracts are recognized as the related services are performed. expected to be recovered.
Fixed-price business process management services revenue is Such Capitalized contract costs relating to upfront payments
recognized ratably either on a straight-line basis when services to customers are amortized to revenue and other capitalized
are performed through an indefinite number of repetitive acts costs are amortized to expenses over the respective contract life
over a specified period or using a percentage of completion on a systematic basis consistent with the transfer of goods or
method when the pattern of benefits from the services rendered services to customer to which the asset relates. Capitalized costs
to the customer and Company’s costs to fulfil the contract is not are monitored regularly for impairment. Impairment losses are
even through the period of contract because the services are recorded when present value of projected remaining operating
generally discrete in nature and not repetitive. cash flows is not sufficient to recover the carrying amount of
Revenue from other fixed-price, fixed-timeframe contracts, the capitalized costs.
where the performance obligations are satisfied over time is The Company presents revenues net of indirect taxes in its
recognized using the percentage-of-completion method. Efforts Statement of Profit and Loss.
or costs expended have been used to determine progress
towards completion as there is a direct relationship between

Revenue from operations for the year ended March 31, 2023 and process management services are classified as financial asset
March 31, 2022 is as follows: when the right to consideration is unconditional and is due only
after a passage of time.
(In ₹ crore)
Invoicing to the clients for other fixed time frame contracts is
Years ended March 31, based on milestones as defined in the contract and therefore
Particulars
2023 2022 the timing of revenue recognition is different from the timing
7,529 6,684 of invoicing to the customers. Therefore, unbilled revenues for
Income from business process
management services
other fixed-timeframe contracts are classified as non-financial
asset (contract asset) because the right to consideration is
7,529 6,684 dependent on completion of contractual milestones.
Disaggregate revenue information Invoicing in excess of earnings are classified as unearned revenue.
The disaggregated revenues from contracts with customers for Trade receivables and unbilled revenues are presented net of
the year ended March 31, 2023 and March 31, 2022 by offerings impairment in the Balance Sheet.
are as follows. The Company believe that this disaggregation
best depicts how the nature, amount, timing and uncertainty of During the year ended March 31, 2023 and March 31, 2022, the
our revenues and cash flows are affected by industry, market and Company recognized revenue of ₹ 182 crore and ₹ 221 crore
other economic factors. arising from opening unearned revenue as of April 1, 2022 and
April 1, 2021 respectively.
(In ₹ crore) During the year ended March 31, 2023 and March 31, 2022, ₹ 44
Years ended March 31, crore and ₹ 26 crore of unbilled revenue pertaining to fixed-
Particulars price development contracts as of April 1, 2022 and April 1, 2021
2023 2022
respectively has been reclassified to Trade receivables upon
Revenue by offerings billing to customers on completion of milestones.
Digital 1,982 1,156
5,547 5,528 Performance obligations and remaining performance
Core
obligations
Total 7,529 6,684
The remaining performance obligation disclosure provides the
Digital Services aggregate amount of the transaction price yet to be recognized
as at the end of the reporting period and an explanation as
Digital Services comprise of service and solution offerings of to when the Company expects to recognize these amounts
Infosys BPM that enable our clients to digitally transform their in revenue. Applying the practical expedient as given in
business processes. These include offerings that enhance Ind-AS 115, the Company has not disclosed the remaining
customer experience through innovative operating models performance obligation related disclosures for contracts where
(business platforms), provide business insights that drive the revenue recognized corresponds directly with the value
improved business outcomes (effectiveness), automate and to the customer of the entity’s performance completed to
help accelerate efficiency and productivity and services date, typically those contracts where invoicing is on time and
that assure compliance (such as Sox, GDPR). These solutions material basis. Remaining performance obligation estimates are
leverage AI-based analytics, web-based automation, digital subject to change and are affected by several factors, including
interactive solutions, robotic process automation and terminations, changes in the scope of contracts, periodic
platform-based technologies. revalidations, adjustment for revenue that has not materialized
and adjustments for currency.
Core Services
Infosys BPM is the business process management subsidiary of The aggregate value of performance obligations that are
Infosys, providing end-to-end business processing services for completely or partially unsatisfied as of March 2023, other
its clients across the globe. Core service offerings are in the areas than those meeting the exclusion criteria mentioned above is
of Industry-specific services (ex: Mortgage, Claim processing INR 2,199.1 crore. Out of this, the Group expects to recognize
etc) and Enterprise Services (ex: Finance and accounting, HR, revenue of around 50.7% within the next one year and the
Supply services etc.) remaining thereafter. This includes contracts that can be
terminated for convenience without a substantive penalty since,
based on current assessment, the occurrence of the same is
Trade receivables and Contract Balances
expected to be remote.
The timing of revenue recognition, billings and cash collections
results in Receivables, Unbilled Revenue, and Unearned Revenue
2.18 Other Income, Net
on the Company’s Balance Sheet. Amounts are billed as work
progresses in accordance with agreed-upon contractual terms, Accounting Policy
either at periodic intervals (e.g., monthly or quarterly) or upon
achievement of contractual milestones. 2.18.1 Other Income
Other income is comprised primarily of interest income, dividend
Receivables are rights to consideration that are unconditional.
income and exchange gain/loss on investments and forward and
Unbilled revenues comprising revenues in excess of billings
options contracts and on translation of foreign currency assets
from time and material contracts and fixed-price business
and liabilities. Interest income is recognized using the effective
interest method. Dividend income is recognized when the right
to receive payment is established.

2.18.2 Foreign Currency foreign currency and measured at historical cost are translated
a. Functional currency at the exchange rate prevalent at the date of transaction.
The related revenue and expense are recognized using
The functional currency of the Company is the Indian rupee.
the same exchange rate.
These standalone financial statements are presented in Indian
rupees (rounded off to crore; one crore equals ten million). Transaction gains or losses realized upon settlement of foreign
currency transactions are included in determining net profit
b. Transactions and translations for the period in which the transaction is settled. Revenue,
Foreign-currency denominated monetary assets and liabilities expense and cash-flow items denominated in foreign currencies
are translated into the relevant functional currency at exchange are translated into the relevant functional currencies using the
rates in effect at the Balance Sheet date. The gains or losses exchange rate in effect on the date of the transaction.
resulting from such translations are included in the Statement Other Comprehensive Income, net of taxes includes translation
of Profit and Loss and reported within exchange gains/(losses) differences on non-monetary financial assets measured at
on translation of assets and liabilities, net. Non-monetary assets fair value at the reporting date, such as equities classified as
and non-monetary liabilities denominated in a foreign currency financial instruments and measured at fair value through other
and measured at fair value are translated at the exchange rate comprehensive income (FVOCI).
prevalent at the date when the fair value was determined. Non-
monetary assets and non-monetary liabilities denominated in a
Other income for the year ended March 31, 2023 and March 31, 2022 is as follows:
(In ₹ crore)

Particulars
2023 2022
Interest income on financial assets carried at amortized cost
Deposit with banks and others 48 88
Interest income on financial assets carried at fair value through other comprehensive income
Certificates of deposit 31 1
Government Securities 43 32
Income on investments carried at fair value through profit or loss
Gains on liquid mutual funds units 16 6
Profit/(loss) on sale of property, plant and equipment 1 1
Rental income from holding company 3 3
Dividend received from subsidiary – 102
Interest income on Income tax refund 2 11
Exchange gains/(losses) on foreign currency forward contracts (42) (9)
Exchange gains/(losses) on translation of other assets and liabilities 53 24
Miscellaneous income, net 2 3
189 292

2.19 Expenses
(In ₹ crore)

Particulars
2023 2022
Employee benefit expenses
Salaries including bonus 4,832 4,273
Contribution to provident and other funds 134 116
Staff welfare 54 52
5,020 4,441
Cost of technical sub-contractors and Professional charges
Cost of technical sub-contractors 518 486
Legal and professional 66 50
Recruitment and training 80 57
664 593
Other expenses
Consumables 12 13
Brand building and advertisement 3 3
Short-term leases 30 25
Marketing expenses 24 7
Rates and taxes 9 4
Contribution towards Corporate Social Responsibility 18 16
Communication expenses 109 98
Power and fuel 25 19
Repairs and maintenance 128 98
Bank charges and commission 4 4
Postage and courier 3 4
Impairment loss recognized/(reversed) under expected credit loss model 9 2
Professional membership and seminar participation fees 1 2
Provision for doubtful loans and advances 8 3
Provision for post sales client support and others – –
Cost of software packages 157 161
Insurance 12 12
Auditor’s remuneration
Statutory audit fees 1 1
Tax matters – –
Reimbursement of expenses – –
Others 6 2
559 474

2.20 Employee benefits Balance Sheet date. Expense on non-accumulating compensated
Accounting Policy absences is recognized in the period in which the absences occur.
2.20.1 Gratuity The Code on Social Security,2020 (‘Code’) relating to employee
The Company provides for gratuity, a defined benefit retirement benefits during employment and post-employment benefits
plan (‘the Gratuity Plan’) covering eligible employees. The received Presidential assent in September 2020. The Code has
Gratuity Plan provides a lump-sum payment to vested been published in the Gazette of India. However, the date on
employees at retirement, death, incapacitation or termination of which the Code will come into effect has not been notified.
employment, of an amount based on the respective employee’s The Company will assess the impact of the Code when it comes
salary and the tenure of employment with the Company. into effect and will record any related impact in the period the
Code becomes effective.
Liabilities with regard to the Gratuity Plan are determined by
actuarial valuation, performed by an independent actuary at (a) Gratuity
each Balance Sheet date using the projected unit credit method.
The funded status of the gratuity plan and the amounts
The Company fully contributes all ascertained liabilities to
recognized in the Company’s financial statements as of March 31,
the Infosys BPM Limited Employees’ Gratuity Fund Trust (the
2023 and March 31, 2022 are as follows:
Trust). Trustees administer contributions made to the Trusts
and contributions are invested in a scheme with Life Insurance (In ₹ crore)
Corporation of India as permitted by Indian Law.
As at March 31,
The Company recognizes the net obligation of a defined benefit Particulars
plan in its Balance Sheet as an asset or liability. Gains and losses 2023 2022
through re-measurements of the net defined benefit liability/ Change in benefit obligations
asset are recognized in other comprehensive income. The actual Benefit obligations at the 150 129
return of the portfolio of plan assets, in excess of the yields beginning
computed by applying the discount rate used to measure the
Service cost 17 15
defined benefit obligation is recognized in other comprehensive
income. The effect of any plan amendments is recognized in net Interest expense 9 7
profits in the Statement of Profit and Loss. Transfer of obligation (5) (2)
The Company provides for Minimum mandated retirement Remeasurements - Actuarial losses 3 18
benefit scheme under Republic Act 7641 (R.A. 7641) covering Benefits paid (20) (17)
eligible employees in Philippines. The R.A. 7641 scheme is a
Benefit obligations at the end 154 150
final salary Defined Benefit Plan that provides for a lump sum
payment made on retirement. During the year ended March 31, Change in plan assets
2023 and March 31, 2022, the Company recognized net defined Fair value of plan assets at the 154 134
liability of ₹ 1 crore and ₹ 1 crore respectively (Refer to Note 2.14). beginning
Interest income 9 8
2.20.2 Superannuation
Certain employees of the Company are participants in a defined Transfer of employees (5) (4)
contribution plan. The Company has no further obligations Remeasurements - Return on plan 2 2
to the superannuation plan beyond the monthly contribution assets excluding amounts included
to the Infosys BPM Limited Employees’ Superannuation Fund in interest income
Trust, the corpus of which is invested with the Life Insurance Contributions 20 31
Corporation of India.
Benefits paid (20) (17)
2.20.3 Pension Fair value of plan assets at the end 160 154
Certain employees of the Company are participants in a defined Funded status 6 4
contribution plan. The Company has no further obligations to the Prepaid gratuity asset 6 4
pension plan beyond the monthly contributions.
The amount for the year ended March 31, 2023 and March 31,
2.20.4 Provident fund 2022 recognized in the Statement of Profit and Loss under
employee benefit expenses are as follows:
Eligible employees of the Company are participants in defined
contribution plan. The Company has no further obligations under (In ₹ crore)
the provident fund plan beyond its monthly contributions.
Particulars
2.20.5 Compensated absences 2023 2022
The Company has a policy on compensated absences which Service cost 17 15
are both accumulating and non-accumulating in nature. The - (1)
Net interest on the net defined
expected cost of accumulating compensated absences is
benefit liability/(asset)
determined by actuarial valuation performed by an independent
actuary at each Balance Sheet date using projected unit credit Net gratuity cost 17 14
method on the additional amount expected to be paid/availed
as a result of the unused entitlement that has accumulated at the

The amount for the year ended March 31, 2023 and March 31, The Company assesses these assumptions with its projected
2022 recognized in the Statement of Other Comprehensive long-term plans of growth and prevalent industry standards. The
Income are as follows: discount rate is based on the government securities yield.
(In ₹ crore)
Sensitivity of significant assumptions used for valuation of
defined benefit obligations
Particulars (In ₹ crore)
2023 2022
Remeasurements of the net Impact of percentage point As at March 31,
defined benefit liability/ (asset) increase/decrease in 2023 2022
Actuarial losses 3 18 Discount rate 4 4
(Return) / loss on plan assets (2) (2) Weighted average rate of 3 3
excluding amounts included in increase in compensation
the net interest on the net defined level
benefit liability/(asset)
Sensitivity for significant actuarial assumptions is computed by
1 16
varying one actuarial assumption used for the valuation of the
defined benefit obligation by one percentage, keeping all other
(In ₹ crore)
actuarial assumptions constant.
Particulars Gratuity is applicable only to employees drawing a salary
2023 2022 in Indian rupees and there are no other foreign defined
(Gain)/loss from change in – – benefit gratuity plans.
demographic assumptions
The Company contributes all ascertained liabilities towards
(Gain)/loss from change in financial (2) (1) gratuity to the Infosys BPM Limited Employees’ Gratuity Fund
assumptions Trust. Trustees administer contributions made to the trust. As of
(Gain)/loss from change in 6 20 March 31, 2023 and March 31, 2022, the plan assets have been
experience assumptions primarily invested in insurer managed funds.
4 19 Actual return on assets for the year ended March 31, 2023 and
The weighted-average assumptions used to determine March 31, 2022 were ₹ 11 crore and ₹ 10 crore respectively.
benefit obligations as of March 31, 2023 and March 31, The Company expects to contribute ₹24 crore to the gratuity
2022 are as follows: trusts during the fiscal 2024.
As at March 31, Maturity profile of defined benefit obligation:
Particulars
2023 2022
(In ₹ crore)
Discount rate 7.1% 6.5%
Within 1 year 50
Weighted average rate of increase 7.5% 7.5%
in compensation levels 1-2 year 42
The weighted-average assumptions used to determine net 2-3 year 34
periodic benefit cost for the years ended March 31, 2023 and 3-4 year 30
March 31, 2022 are as follows:
4-5 year 29
Years ended March 31, 5-10 years 76
Particulars
2023 2022
(b) Superannuation
The Company contributed ₹ 11 crore to the Superannuation
Weighted average rate of 7.5% 7.5% Trust for the year ended March 31, 2023 (₹ 9 crore for the year
increase in compensation ended March 31, 2022).
levels
Weighted average 5.9 years 5.9 years (c) Provident fund
duration of defined benefit The Company contributed ₹ 110 crore towards Provident Fund
obligation for the year ended March 31, 2023 (₹ 90 crore for the year
Assumptions regarding future mortality experience are set in ended March 31, 2022).
accordance with the published statistics by the Life Insurance
Corporation of India. (d) Pension Fund
The Company contributed ₹ 13 crore to pension funds
for the year ended March 31, 2023 (₹ 13 crore for the year
ended March 31, 2022).

2.21 Reconciliation of basic and diluted shares used in 2.22 Contingent liabilities and commitments (to the
computing earnings per share extent not provided for)
Accounting Policy Accounting Policy
Basic earnings per equity share is computed by dividing the net Contingent liability is a possible obligation arising from past
profit attributable to the equity holders of the Company by the events and whose existence will be confirmed only by the
weighted average number of equity shares outstanding during occurrence or non-occurrence of one or more uncertain future
the period. Diluted earnings per equity share is computed by events not wholly within the control of the entity or a present
dividing the net profit attributable to the equity holders of the obligation that arises from past events but is not recognized
Company by the weighted average number of equity shares because it is not probable that an outflow of resources
considered for deriving basic earnings per equity share and also embodying economic benefits will be required to settle the
the weighted average number of equity shares that could have obligation or the amount of the obligation cannot be measured
been issued upon conversion of all dilutive potential equity with sufficient reliability.
shares. The dilutive potential equity shares are adjusted for the
proceeds receivable had the equity shares been actually issued at (In ₹ crore)
fair value (i.e. the average market value of the outstanding equity As at March 31,
shares). Dilutive potential equity shares are deemed converted Particulars
as of the beginning of the period, unless issued at a later date. 2023 2022
Dilutive potential equity shares are determined independently Contingent liabilities :
for each period presented. Claims against the Company, not 266 265
The number of equity shares and potentially dilutive equity acknowledged as debts(1)
shares are adjusted retrospectively for all periods presented [Amount paid to statutory
for any share splits, reverse share splits and bonus shares issues authorities ₹ 111 crore (₹ 84 crore)]
including for changes effected prior to the approval of the Commitments :
financial statements by the Board of Directors.
Estimated amount of contacts 53 87
The following is a reconciliation of the equity shares used in the remaining to be executed on
computation of basic and diluted earnings per equity share: capital contracts and not provided
for(net of advances and deposits)(2)
(In ₹ crore)
(1)
As at March 31, 2023 and March 31, 2022, claims against the Company not
As at March 31, acknowledged as debts in respect of income tax matters amounted to
Particulars ₹38 crore and ₹46 crore, respectively.
2023 2022
Basic earnings per equity share 33,828 33,828 The claims against the Company majorly represent demands
- weighted average number of arising on completion of assessment proceedings under the
equity shares outstanding Income Tax Act, 1961. These claims are on account of multiple
Effect of dilutive common – – issues of disallowances such as disallowance of expenditure
equivalent shares towards software being held as capital in nature, disallowance
under section 80G, disallowance on account of denial of certain
Diluted earnings per equity 33,828 33,828
foreign tax credit among others.
share - weighted average number
of equity shares and common The Company is contesting the demand and the management
equivalent shares outstanding including its tax advisors believes that its position will likely
be upheld in the appellate process. The management believes
that the ultimate outcome of these proceedings will not have a
material adverse effect on the Company’s financial position and
results of operations.
Amount paid to statutory authorities against the tax claims
amounted to ₹111 crore and ₹84 crore as at March 31, 2023 and
March 31, 2022, respectively.
(2)
Capital contracts primarily comprises of commitments for infrastructure,
facilities and computer equipment.

Legal Proceedings
The Company is subject to legal proceedings and claims, which have arisen in the ordinary course of business. The Company’s
management reasonably expects that these legal actions, when ultimately concluded and determined, will not have a material and
adverse effect on the Company’s results of operations or financial condition.
2.23 Related party transactions

List of related parties:
Country Holding as at March 31,

Name of related parties
2023 2022
Holding Company
Infosys Limited India Holding Holding
Company Company
Subsidiaries
Infosys (Czech Republic) Limited s.r.o.(1) Czech Republic 100% 100%
Infosys Poland Sp z.o.o (1)
Poland 100% 100%
Infosys BPO Americas LLC.(1) U.S. 100% 100%
Infosys McCamish Systems LLC (1)
U.S. 100% 100%
Portland Group Pty Ltd(1) Australia 100% 100%
Infosys BPM UK Limited (1)
U.K. 100% –
Fellow subsidiaries Country

Infosys Technologies (China) Co. Limited (Infosys China)(2) China
Infosys Technologies S. de R. L. de C. V. (Infosys Mexico) (2)
Mexico
Infosys Technologies (Sweden) AB (Infosys Sweden) (2)
Sweden
Infosys Technologies (Shanghai) Company Limited (Infosys Shanghai)(2) China
Infosys Nova Holdings LLC. (Infosys Nova) (2)
U.S.
EdgeVerve Systems Limited (EdgeVerve) (2)
India
Infosys Austria GmbH(2) Austria
Skava Systems Private Limited (Skava Systems)(2)(26) India
Infosys Chile SpA (2)
Chile
Infosys Arabia Limited(3)(26) Saudi Arabia
Infosys Consulting Ltda.(2) Brazil
Infosys Luxembourg S.a.r.l (2)
Luxembourg
Infosys Americas Inc. (Infosys Americas) (2)(26)
U.S.
Infosys Public Services, Inc. USA (Infosys Public Services)(2) U.S.
Infosys Canada Public Services Inc (19)(35)
Canada
Infosys Consulting Holding AG (Infosys Lodestone) (2)
Switzerland
Infosys Management Consulting Pty Limited(4) Australia
Infosys Consulting AG (4)
Switzerland
Infosys Consulting GmbH (4)
Germany
Infosys Consulting S.R.L.(2) Romania
Infosys Consulting SAS (4)
France
Infosys Consulting s.r.o. v likvidaci (formerly Infosys Consulting s.r.o.) (4)(34)
Czech Republic
Infosys Consulting (Shanghai) Co., Ltd.(4)(30) China
Infy Consulting Company Ltd(4) U.K.
Infy Consulting B.V. (4)
The Netherlands
Infosys Consulting S.R.L.(44) Argentina
Infosys Consulting (Belgium) NV(4) Belgium

Panaya Inc. (Panaya)(2) U.S.
Panaya Ltd. (6)
Israel
Infosys Financial Services GmbH. (formerly Panaya GmbH)(53) Germany
Brilliant Basics Holdings Limited (Brilliant Basics)(2)(26) U.K.
Brilliant Basics Limited (7)(26)
U.K.
Infosys Singapore Pte. Ltd. (formerly Infosys Consulting Pte. Ltd.)(2) Singapore
Infosys Middle East FZ LLC(8) Dubai
Fluido Oy (8)
Finland
Fluido Sweden AB (Extero) (11)
Sweden
Fluido Norway A/S(11) Norway
Fluido Denmark A/S (11)
Denmark
Fluido Slovakia s.r.o (11)
Slovakia
Infosys Compaz Pte. Ltd(9) Singapore
Infosys South Africa (Pty) Ltd (8)
South Africa
WongDoody Holding Company Inc. (WongDoody) (2)(36)
U.S.
WDW Communications, Inc(10)(37) U.S.
WongDoody, Inc (10)(38)
U.S.
HIPUS Co., Ltd (9)
Japan
Stater N.V.(9) The Netherlands
Stater Nederland B.V.(12) The Netherlands
Stater XXL B.V. (12)
The Netherlands
HypoCasso B.V.(12) The Netherlands
Stater Participations B.V.(12) The Netherlands
Stater Belgium N.V./S.A. (13)
Belgium
Stater Gmbh (12)(28)
Germany
Outbox systems Inc. dba Simplus (US)(15) U.S.
Simplus North America Inc. (16)(27)
Canada
Simplus ANZ Pty Ltd. (16)
Australia
Simplus Australia Pty Ltd(17) Australia
Sqware Peg Digital Pty Ltd (18)(31)
Australia
Simplus Philippines, Inc. (16)
Philippines
Simplus Europe, Ltd.(16)(29) U.K.
Infosys Fluido UK, Ltd. (formerly Simplus U.K., Ltd) (11)
U.K.
Infosys Fluido Ireland, Ltd.(formerly Simplus Ireland, Ltd) (20)
Ireland
Infosys Limited Bulgaria EOOD(2) Bulgaria
Kaleidoscope Animations, Inc.(15) U.S.
Kaleidoscope Prototyping LLC (22)
U.S.
GuideVision s.r.o.(14) Czech Republic
GuideVision Deutschland GmbH(21) Germany
GuideVision Suomi Oy (21)
Finland
GuideVision Magyarország Kft (21)
Hungary
GuideVision Polska Sp. z.o.o(21) Poland
GuideVision UK Ltd (21)(26)
U.K.
Blue Acorn iCi Inc (formerly Beringer Commerce Inc) (15)
U.S.
Beringer Capital Digital Group Inc(15)(41) U.S.

Mediotype LLC(23)(41) U.S.
Beringer Commerce Holdings LLC (23)(41)
U.S.
SureSource LLC(24)(39) U.S.
Blue Acorn LLC(24)(39) U.S.
Simply Commerce LLC (24)(39)
U.S.
iCiDIGITAL LLC(25)(40) U.S.
Infosys Turkey Bilgi Teknolojileri Limited Sirketi(2) Turkey
Infosys Germany Holding Gmbh (2)
Germany
Infosys Automotive and Mobility GmbH & Co. KG (2)
Germany
Infosys Green Forum(2)(32) India
Infosys (Malaysia) SDN. BHD. (formerly Global Enterprise International (Malaysia) Sdn. Bhd.) (33)
Malaysia
Infosys Business Solutions LLC (2)(42)
Qatar
Infosys Germany GmbH (formerly Kristall 247. GmbH (“Kristall”))(43) Germany
oddity GmbH (45)
Germany
oddity (Shanghai) Co., Ltd. (46)
China
oddity Limited (Taipei) (46) Taiwan
oddity space GmbH (45)
Germany
oddity jungle GmbH (45)
Germany
oddity code GmbH (45) Germany
oddity code d.o.o (47) Serbia
oddity waves GmbH (45)
Germany
oddity group services GmbH (45) Germany
Infosys Public Services Canada Inc. (19)(5) Canda
BASE life science AG (49)
Switzerland
BASE life science GmbH (49)
Germany
BASE life science A/S (48) Denmark
BASE life science S.A.S (49)
France
BASE life science Ltd. (49)
U.K.
BASE life science S.r.l. (49) Itlay
Innovisor Inc. (49)
U.S.
BASE life science Inc. (49)
U.S.
BASE life science S.L.(49)(50) Spain
Panaya Germany GmbH (6)(51)
Germany
Infosys Norway (8)(52) Norway
(1)
Wholly-owned subsidiary of Infosys BPM Limited
(2)
Wholly-owned subsidiary of Infosys Limited
(3)
Majority-owned and controlled subsidiary of Infosys Limited
(4)
Wholly-owned subsidiary of Infosys Consulting Holding AG
(5)
Incorporated on July 8, 2022
(6)
Wholly-owned subsidiary of Panaya Inc.
(7)
Wholly-owned subsidiary of Brilliant Basics Holding Limited.
(8)
Wholly-owned subsidiary of Infosys Singapore Pte. Ltd. (formerly Infosys Consulting Pte. Ltd.)
(9)
Majority-owned and controlled subsidiary of Infosys Singapore Pte. Ltd. (formerly Infosys Consulting Pte. Ltd.)
(10)
Wholly-owned subsidiary of WongDoody Holding Company Inc. (WongDoody)
(11)
Wholly-owned subsidiary of Fluido Oy
(12)
Wholly-owned subsidiary of Stater N.V
(13)
Majority-owned and controlled subsidiary of Stater Participations B.V.
(14)
Wholly-owned subsidiary of Infy Consulting Company Limited

(15)
Wholly-owned subsidiary of Infosys Nova Holdings LLC
(16)
Wholly-owned subsidiary of Outbox Systems Inc.
(17)
Wholly-owned subsidiary of Simplus ANZ Pty Ltd
(18)
Wholly-owned subsidiary of Simplus Australia Pty Ltd
(19)
Wholly-owned subsidiary of Infosys Public Services, Inc.
(20)
Wholly-owned subsidiary of Infosys Fluido UK, Ltd. (formerly Simplus U.K., Ltd)
(21)
Wholly-owned subsidiary of GuideVision s.r.o.
(22)
Wholly-owned subsidiary of Kaleidoscope Animations, Inc.
(23)
Wholly-owned subsidiary of Blue Acorn iCi Inc
(24)
Wholly-owned subsidiary of Beringer Commerce Holdings LLC
(25)
Wholly-owned subsidiary of Beringer Capital Digital Group Inc.
(26)
Under liquidation
(27)
Liquidated effective April 27,2021
(28)
Incorporated on August 4, 2021
(29)
Liquidated effective July 20, 2021
(30)
Liquidated effective September 1, 2021
(31)
(32)
(33)
On December 14, 2021, Infosys Singapore Pte. Ltd (formerly Infosys Consulting Pte. Ltd.), a wholly-owned subsidiary of Infosys Limited acquired 100% of voting
interests in Infosys (Malaysia) SDN. BHD. (formerly Global Enterprise International (Malaysia) Sdn. Bhd.)
(34)
Liquidated effective December 16, 2021
(35)
Liquidated effective November 23, 2021
(36)
Wholly-owned subsidiary of Infosys Limited, merged with WongDoody Inc, effective December 31, 2021
(37)
Wholly-owned subsidiary of WongDoody Holding Company Inc. (WongDoody), merged with WongDoody Inc, effective December 31, 2021
(38)
Wholly-owned subsidiary of Infosys Limited, effective December 31, 2021
(39)
Merged with Beringer Commerce Holdings LLC, effective January 1, 2022
(40)
Merged with Beringer Capital Digital Group Inc, effective January 1, 2022
(41)
Merged with Blue Acorn iCi Inc, effective January 1, 2022
(42)
Incorporated on February 20, 2022
(43)
On March 22, 2022, Infosys Singapore Pte. Ltd. (formerly Infosys Consulting Pte. Ltd.), a wholly-owned subsidiary of Infosys Limited acquired 100% of voting
interests in Infosys Germany GmbH (formerly Kristall 247. GmbH (“Kristall”) ).
(44)
Infosys Consulting S.R.L. (Argentina) (formerly a Wholly-owned subsidiary of Infosys Consulting Holding AG) became the majority owned and controlled
subsidiary of Infosys Limited with effect from April 1, 2022
(45)
On April 20, 2022, Infosys Germany GmbH (formerly Kristall 247. GmbH (“Kristall”)) (a wholly owned subsidiary of Infosys Singapore Pte. Ltd (formerly Infosys
Consulting Pte. Ltd.)) acquired 100% of voting interests in oddity space GmbH, oddity jungle GmbH, oddity waves GmbH, oddity group services GmbH, oddity
code GmbH and oddity GmbH.
(46)
Wholly-owned subsidiary of oddity GmbH
(47)
Wholly-owned subsidiary of oddity code GmbH.
(48)
On September 1, 2022, Infosys Singapore Pte. Ltd. (formerly Infosys Consulting Pte. Ltd.) (a Wholly-owned subsidiary of Infosys Limited) acquired 100% of
voting interests in BASE life science A/S.
(49)
Wholly-owned subsidiary of BASE life science A/S
(50)
Incorporated on September 6, 2022
(51)
Incorporated effective December 15, 2022
(52)
Incorporated effective February 7, 2023.
(53)
Infosys Financial Services GmbH. (formerly Panaya GmbH) became a wholly-owned subsidiary of Infosys Singapore Pte. Ltd (formerly Infosys Consulting Pte.
Ltd.) with effect from February 23, 2023.

List of other related parties
Name of Trust Country Nature of relationship

Infosys BPM Limited Employees’ Superannuation India Post-employment benefit plan of Infosys BPM
Fund Trust (formerly Infosys BPO Limited Employees (Formerly known as Infosys BPO)
Superannuation Fund Trust)
Infosys BPM Limited Employees’ Gratuity Fund India Post-employment benefit plan of Infosys BPM
Trust (formerly Infosys BPO Limited Employees’ (Formerly known as Infosys BPO)
Gratuity Fund Trust)
Infosys Foundation(1) India Trust jointly controlled by KMPs of Infosys Limited
(1)
Effective January 1, 2022, Infosys Foundation a trust jointly controlled by the KMP’s of Infosys Limited
The details of amounts due to or due from related parties as at March 31, 2023 and March 31, 2022 are as follows:
(In ₹ crore)
As at March 31,
Particulars
2023 2022
Capital transactions:
Equity
Infosys BPO Americas – 72
Infosys BPM UK Limited 1 –
1 –
Trade receivables
Infosys Limited 165 183
Infosys Automotive and Mobility GmbH & Co. KG 19 5
Infosys BPO Americas LLC – 12
EdgeVerve – 1
Infosys Public Services 1 1
Infosys Turkey Bilgi Teknolojileri Limited Sirketi 1 –
Portland Group Pty Ltd 1 1
Infosys Luxembourg S.a.r.l 1 –
Infosys Compaz PTE Ltd 2 –
Infosys China 1 –
Stater Nederland B.V. – –
Infosys Mexico – –
Infosys Poland Sp. Z.o.o – –
Infosys (Czech Republic) Limited s.r.o. – –
Infosys Austria GMBH 1 –
Infosys Consulting S.R.L. (Romania) – –
Infosys Sweden – –
Infosys Consulting S.R.L. (Argentina) – –
Infosys Consulting Ltda 1 –
Infosys Singapore Pte. Ltd 1 –
Infosys Middle East FZ LLC – –
Infy Consulting Company Limited 1 –
198 206
Other financial assets

Infosys McCamish Systems LLC – –

As at March 31,
Particulars
2023 2022
Infosys BPO Americas LLC 1 –
EdgeVerve 2 –
Infosys China – –
35 2
Unbilled revenue
Infosys Limited – 6
Infy Consulting Company Limited 1 1
Infosys Automotive and Mobility GmbH & Co. KG – –
Infosys Austria GMBH – –
Infosys Sweden – –
1 7
Trade payables
Infosys Poland Sp. Z.o.o 2 1
Infosys China – 1
Infosys Mexico – 1
EdgeVerve – –
27 22
Other financial liabilities

EdgeVerve – –
Infosys BPO Americas LLC – –
Infosys Poland Sp. Z.o.o 1 –
14 6
Accured Expense
Infosys Limited – –
Infosys BPO Americas – –
– –

The details of the related parties transactions entered into by the Company for year ended March 31, 2023 and March 31,
(In ₹ crore)

Particulars
2023 2022
Equity
Infosys BPO Americas LLC – 72
Infosys BPM UK Limited 1 –
1 72
Revenue transactions:
Purchase of services
EdgeVerve (1) 3
Infosys (Czech Republic) Limited s.r.o. 1 2
Infosys China 6 4
Infosys Consulting Ltda 10 1
Infosys Mexico 1 1
288 242
Purchase of shared services including facilities and personnel
Stater N.V. 4 –
94 54
Sale of services
Infosys Limited 2,101 2,001
Infosys Public Services 20 12
Infosys BPO Americas LLC 3 15
EdgeVerve 6 5
Stater Nederland B.V. 1 2
Infosys China 2 1
Infy Consulting Company Limited 3 1
Infosys Luxembourg S.a.r.l 1 1
Infosys Compaz PTE Ltd 4 1
HIPUS Co., Ltd – –
Infosys Mexico – –
Infosys (Czech Republic) Limited s.r.o. 1 –
Infosys Turkey Bilgi Teknolojileri Limited Sirketi 3 –

Particulars
2023 2022
Infosys Austria GMBH 2 –
Infosys Sweden 1 –
Infosys Consulting S.R.L. (Argentina) – –
Infosys Singapore Pte. Ltd 1 –
Infosys Middle East FZ LLC 1 –
2,228 2,082
Sale of shared services including facilities and personnel
36 3
Dividend received
Portland Group Pty Ltd – 102
– 102
Dividend paid
1,187 1,150
Other Transaction
Infosys Foundation 17 1
17 1
The Company’s material related party transactions during the year ended March 31, 2023 and March 31, 2022 and outstanding balances
as at March 31, 2023 and March 31, 2022 are with its holding Company, subsidiaries and fellow subsidiaries with whom the Company
generally enters into transactions which are at arm’s length and in the ordinary course of business.
List of key management personnel
Name of the related party Designation

Anantharaman Radhakrishnan Managing Director and Chief Executive Officer
Ravikumar Singisetti(1) Chairman and Director
Inderpreet Sawhney Director
Martha King Director
Prem Pereira(2) Chief Financial Officer
Vasudeva Maipady(3) Chief Financial Officer
Bindu Raghavan (4)
Company Secretary
Sudhir Gaonkar (5)
Company Secretary
Gopal Devanahalli(6) Independent Director
Michael Nelson Gibbs (6)
Independent Director
(1)
Resigned as Chairman & Director effective October 11, 2022.
(2)
Resigned as Chief Financial Officer effective April 14, 2022.
(3)
Appointed as Chief Financial Officer effective April 15, 2022.
(4)
Resigned as Company Secretary effective September 30, 2022.
(5)
Appointed as Company Secretary effective October 01, 2022.
(6)
Resigned as independent director effective August 16, 2022.

Transaction with key management personnel
The table below describes the compensation to key managerial personnel which comprise directors and executive officers:
(In ₹ crore)

Particulars
2023 2022
Salaries and other employee benefits to whole-time directors and executive officers (1)
7 7
Commission and other benefits to non-executive/independent directors – –
Total 7 7
(1)
Does not include post-employment benefit based on actuarial valuation as this is done for the Company as a whole.
2.24 Segment reporting

The Company presents this standalone financial statements along with the consolidated financial statements. In accordance with Ind AS
108, Operating Segments, the Company has disclosed the segment information in the consolidated financial statements.
2.25 Corporate social responsibility

As per Section 135 of the Companies Act, 2013, a company, meeting the applicability threshold, needs to spend at least 2% of its
average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities. The areas for
CSR activities are eradication of hunger and malnutrition, promoting education and healthcare and rural development projects. A CSR
committee has been formed by the Company as per the Act. The funds were primarily allocated to a corpus and utilized through the year
on these activities which are specified in Schedule VII of the Companies Act, 2013.
(In ₹ crore)
S.No Particula As at March 31,

2023 2022
i) Amount required to be spent by the company during the year 18 16
ii) Amount of expenditure incurred 18 16
iii) Shortfall at the end of the year – –
iv) Total of previous years shortfall – –
v) Reason for shortfall Not applicable Not applicable
vi) Nature of CSR activities Promoting healthcare including preventive healthcare,
Eradicating hunger, poverty and sanitation programs,
promoting education, enhancing vocational skills, Rural
development.
vii) Details of related party transactions, e.g., contribution to a trust 17 1
controlled by the company in relation to CSR expenditure as per
relevant Accounting Standard(1)
viii) Where a provision is made with respect to a liability incurred by – –
entering into a contractual obligation, the movements in the
provision during the year shall be shown separately
(1)
Effective January 1, 2022, Infosys Foundation a trust jointly controlled by the KMP of Infosys Limited is a related party. For the year ending March 31, 2023, the
Company has made contributions to Infosys foundation to fulfil its corporate social responsibilities. Infosys Foundation supports programs in the areas of
education, rural development, healthcare, arts and culture, and destitute care.

2.26 Analytical ratios
The analytical ratios for the year ended March 31, 2023 and March 31, 2022 are as follows:
Numerator Denominator Years ended March 31, % of Variance

Particulars
2023 2022
Current Ratio Current assets Current liability 2.4 2.8 (14.3%)
Debt – Equity Ratio Total Debt (1)
Shareholder’s Equity 0.1 0.1 0.0%
Debt Service Coverage Ratio Earnings available for debt Debt Service(3) 10.4 11.8 (11.9%)
service(2)
Return on Equity (ROE) Net Profits after taxes Average Shareholder’s 18.3% 19.5% (6.2%)
Equity
Trade receivables turnover ratio Net Credit Revenue Average Accounts 7.2 6.8 5.9%
Receivable
Trade payables turnover ratio Net Credit Purchase of Average Trade Payables 17.9 16.9 5.9%
services/consumables
Net capital turnover ratio Net Sales Working Capital 3.2 2.7 18.5%
Net profit ratio Net Profit Net Sales 11.2% 14.4% (22.2%)
Return on capital employed Earning before interest and Capital Employed(4) 22.8% 23.8% (4.2%)
(ROCE) taxes
Return on Investment
Unquoted Income from investments Time weighted average 6.1% 3.8% 60.5%
investments
Quoted Income from investments Time weighted average 4.0% 4.7% (14.9%)
investments
(1)
Debt represents lease liabilities
(2)
Net Profit after taxes + Non-cash operating expenses + Interest + other adjustments like loss on sale of Fixed assets etc.
(3)
Lease payments for the current year
(4)
Tangible net worth + Deferred tax liabilities + Lease liabilities
During the year ended March 31, 2023, there is a variance of more than 25% compared to previous year in Unquoted Return on
Investment (ROI) due to change in investment mix.
2.27 Relationship with struck off companies

During the year ended March 31, 2023, there are no transactions and balance outstanding at March 31, 2023 is Nil with
struck off companies.
The below table provides details regarding relationship with struck off companies for the year ended 31st March 2022 :
(In ₹ crore)
Nature of transactions
Balance Outstanding Transactions during Relationship with
Name of Struck off Company with Struck off
as at March 31, 2022 the year March’2022 Struck off company
Company
Mysodet Private Limited Payables – – Vendor
Evineon Technologies Private Limited Payables – –* Vendor
*Less than ₹ 1 crore

2.28 Function-wise classification of statement of profit and loss
(In ₹ crore)

2023 2022
Revenue from operations 2.17 7,529 6,684
Cost of sales 5,800 5,137
Gross Profit 1,729 1,547
Operating expenses
Selling and marketing expenses 266 204
General and administration expenses 497 371
Total operating expenses 763 575
Operating profit 966 972
Other income 2.18 189 292
Finance cost 2.2 (32) (29)
Profit before tax 1,123 1,235
Tax expense:
Current tax 2.16 293 252
Profit for the year 846 960
Remeasurement of the net defined benefit liability/asset, net of tax 2.20 (1) (12)
(1) (12)
Items that will be reclassified to profit or loss
Fair value changes on investments, net of tax 2.4 (19) (10)
(19) (10)
Total other comprehensive income, net of tax (20) (22)
Total comprehensive income for the year 826 938
for and on behalf of the Board of Directors of Infosys BPM Limited
Martha King Anantharaman Radhakrishnan

Chairperson and Director Managing Director and Chief Executive Officer



Infosys McCamish Systems LLC
Infosys Subsidiary Financials Report 2022-23 Infosys McCamish Systems LLC | 63

To the Board of Directors of Infosys McCamish Systems LLC.
Report on the Special Purpose Financial Statements

Opinion
We have audited the accompanying Special Purpose Financial Statements of Infosys McCamish Systems LLC (“the Company”), which
comprise the Balance Sheet as at December 31, 2022, the Statement of Profit and Loss (including Other Comprehensive Income),
the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date, and a summary of significant
accounting policies and other explanatory information (hereinafter referred to as “the Special Purpose Financial Statements”).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Special Purpose Financial
Statements give a true and fair view in conformity with the basis of preparation referred to in Note 1.2 of the Special Purpose Financial
Statements, of the state of affairs of the Company as at December 31, 2022, the profit and total comprehensive income, changes in equity
and its cash flows for the year ended on that date.
Basis for Opinion

We conducted our audit of the Special Purpose Financial Statements in accordance with the Standards on Auditing (SAS) issued
by the Institute of Chartered Accountants of India (ICAI). Our responsibilities under those Standards are further described in the
Auditor’s Responsibilities for the Audit of the Special purpose Financial Statements section of our report. We are independent of the
Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the
ethical requirements that are relevant to our audit of the Special Purpose Financial Statements, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is
sufficient and appropriate to provide a basis for our audit opinion on the Special Purpose Financial Statements.
Management’s Responsibilities for the Special Purpose Financial Statements

The Company’s Board of Directors is responsible for the preparation and presentation of these Special Purpose Financial Statements
that give a true and fair view of the financial position, financial performance, including Other Comprehensive Income, Changes in Equity
and Cash Flows of the Company in accordance with the basis described in Note 1.2 of the Special Purpose Financial Statements. This
responsibility also includes maintenance of adequate accounting records for safeguarding the assets of the Company and for preventing
and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and
estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that
were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the Special Purpose Financial Statements that give a true and fair view and are free from material misstatement, whether
due to fraud or error.
In preparing the Special Purpose Financial Statements, management is responsible for assessing the Company’s ability to continue as
a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors are responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Special Purpose Financial Statements
Our objectives are to obtain reasonable assurance about whether the Special Purpose Financial Statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAS will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Special Purpose
Financial Statements.
64 | Infosys McCamish Systems LLC Infosys Subsidiary Financials Report 2022-23

• Identify and assess the risks of material misstatement of the Special Purpose Financial Statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting
from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in
the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.
auditor’s report to the related disclosures in the Special Purpose Financial Statements or, if such disclosures are inadequate, to modify
our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events
or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Special Purpose Financial Statements, including the disclosures, and
whether the Special Purpose Financial Statements represent the underlying transactions and events in a manner that achieves fair
presentation.
Materiality is the magnitude of misstatements in the Special Purpose Financial Statements that, individually or in aggregate, makes
it probable that the economic decisions of a reasonably knowledgeable user of the Special Purpose Financial Statements may be
influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the
results of our work; and (ii) to evaluate the effect of any identified misstatements in the Special Purpose Financial Statements.
Basis of Accounting
We draw attention to Note 1.2 to the Special Purpose Financial Statements, which describes the basis of accounting. As a result, the
Special Purpose Financial Statements may not be suitable for another purpose.
Restriction on Use and distribution

Our report is intended solely for the use of the Company’s management for the above purpose and should not be distributed to or used
by any other parties.
For Deloitte Haskins and Sells LLP

(Firm Registration number. No. 117366W/W-100018)
Gurvinder Singh
Partner
Membership Number: 110128
UDIN: 23110128BGRDEA8882
Date: March 30, 2023

Place: Bengaluru

Balance Sheet
(In US$)
As at December 31,
2022 2021
ASSETS
Non-current assets
Property, Plant and Equipment 2.1 4,060,729 5,694,330
Right-of-use assets 2.2 58,441,685 22,825,900
Capital work-in-progress – 16,955
Goodwill 696,400 696,400
Other intangible assets 2.3 1,168,219 1,568,219
Financial Assets
Loans 2.4 29,356,274 18,553,142
Other financial assets 2.5 62,708,879 68,852,991
Deferred tax assets (net) 2.15 6,946,993 2,713,991
Other non-current assets 2.8 24,290,834 33,231,510
Total Non-Current Assets 187,670,013 154,153,438
Current assets
Financial assets
Trade receivables 2.6 99,562,193 59,332,821
Cash and cash equivalents 2.7 41,150,961 47,328,637
Loans 2.4 15,525,525 11,470
Other current assets 2.8 96,784,096 66,462,681
Total Current Assets 381,701,313 287,863,604
Total Assets 569,371,326 442,017,042
Equity
Equity share capital 2.10 36,070,038 36,070,038
Other equity 96,891,921 62,633,168
Total equity 132,961,959 98,703,206
LIABILITIES
Financial Liabilities
Lease liabilities 2.2 53,988,294 22,260,177
Other financial liabilities 2.11 66,464,339 89,945,553
Total Non - Current Liabilities 120,452,633 112,205,730
Current liabilities
Trade payables 2.12 23,152,503 32,505,713
Other current liabilities 2.13 46,479,653 30,897,805
Provisions 2.14 154,916 373,659
Income tax liabilities (net) 762,006 1,087,084
Total Current Liabilities 315,956,734 231,108,106
Total Equity and Liabilities 569,371,326 442,017,042

The accompanying notes form an integral part of the financial statements.
As per our report of even date attached for and on behalf of Infosys McCamish Systems, LLC
Firm’s Registration No.: 117366W/ W-100018
Gurvinder Singh Rich Magner Kapil Jain

Partner Chief Executive Officer Director
Bengaluru Thothathri V.
Director
March 30, 2023

(In US$)
Year ended December 31,

2022 2021
Revenue from operations 2.16 458,723,130 371,851,155
Other income, net 2.17 2,880,436 792,689
Total Income 461,603,566 372,643,844
Expenses
Employee benefit expenses 2.18 35,131,300 37,009,886
Cost of technical sub-contractors and professional charges 2.18 97,349,150 60,560,018
Travel expenses 91,416 35,586
Cost of software packages 258,700,865 217,259,099
Finance Cost 2.2 2,248,757 1,166,358
Depreciation and amortization expense 2.1,2.2,2.3 13,379,802 6,553,058
Other expenses 2.18 12,266,351 14,564,137
Total Expenses 419,167,641 337,148,142
Profit before tax 42,435,925 35,495,702
Tax expense:
Current tax 2.15 12,410,175 10,042,523
Deferred tax 2.15 (4,233,003) (217,596)
8,177,172 9,824,927
Profit for the year 34,258,753 25,670,775
Other Comprehensive Income
Items that will not be reclassified subsequently to profit or loss – –
Items that will be reclassified subsequently to profit or loss – –
Total other comprehensive income/(loss), net of tax – –
Total comprehensive income for the year 34,258,753 25,670,775

Director
March 30, 2023

Statement of Changes in Equity
(In US$)
Equity share Other Equity

capital
Total equity
Particulars Other
Retained
comprehensive
earnings
income
Balance as at January 1, 2021 36,070,038 36,962,393 – 73,032,431
Changes in equity for the year ended December 31, 2021
Total comprehensive income for the year – 25,670,775 – 25,670,775
Balance as at December 31, 2021 36,070,038 62,633,168 – 98,703,206
Balance as at January 1, 2022 36,070,038 62,633,168 – 98,703,206
Total comprehensive income for the year – 34,258,753 – 34,258,753
Balance as at December 31, 2022 36,070,038 96,891,921 – 132,961,959

Director
March 30, 2023

(In US$)

Particulars Note. No.
2022 2021
Cash flow from operating activities:
Adjustments to reconcile net profit to net cash provided by
operating activities:
Income tax expense 2.15 8,177,172 9,824,927
Depreciation and amortization 2.1, 2.2, 2.3 13,379,802 6,553,058
Allowance for credit losses on financial assets 351,676 2,530,050
Loss on sale of plant and equipment – 5,302
Exchange difference on translation of assets and liabilities 556,296 88,348
Finance cost 2,248,757 1,166,358
Interest income on loans (1,909,827) (53,142)
Other adjustment 6,579,006 –
Trade receivables and unbilled revenue (40,440,409) (94,627,133)
Loans and other financial assets and other assets (34,460,425) (42,788,982)
Trade payables (9,353,210) 16,572,467
Other financial liabilities, other liabilities, and provisions 69,941,898 86,233,817
Cash generated by operations 49,329,489 11,175,845
Income taxes paid (12,735,253) (10,766,291)
Net cash generated by operating activities 36,594,236 409,554
Cash flow from investing activities:
Expenditure on property, plant and equipment, including intangible (828,572) (3,086,669)
assets, net of sale proceeds, including changes in retention money
and capital creditors
Loan to related parties (24,500,000) (18,500,000)
Payment under financing arrangements – (3,000,000)
Receipt of rental towards financing arrangements 4,577,956 1,981,587
Net cash used in investing activities (20,750,616) (22,605,082)
Cash flow from financing activities:
Receipt under financing arrangements – 6,890,061
Repayment of rentals towards financing arrangements (15,211,290) (3,158,582)
Repayment of lease liabilities (6,810,006) (3,785,234)
Net cash generated / (used) in financing activities (22,021,296) (53,755)
Net (decrease) / increase in cash and cash equivalents (6,177,676) (22,249,283)
Cash and cash equivalents at the beginning 47,328,637 69,577,920
Cash and cash equivalents at the end 41,150,961 47,328,637
Restricted cash balance 6,135 6,664


Director
March 30, 2023

Notes to the Financial Statements
1. Overview 1.3 Use of estimates and judgements
The preparation of the financial statements in conformity with
1.1 Company overview Ind-AS requires management to make estimates, judgments and
Infosys McCamish Systems LLC, (the Company) is a platform- assumptions. These estimates, judgments and assumptions affect
based Business Process Outsourcer (BPO) that provides end-to- the application of accounting policies and the reported amounts
end administrative services to the financial services industry in of assets and liabilities, the disclosures of contingent assets and
support of life insurance and annuity products, non-qualified liabilities at the date of the financial statements and reported
retirement plans and the distribution organizations that sell amounts of revenues and expenses during the period. The
these products. The Company leverages its suite of proprietary application of accounting policies that require critical accounting
intellectual property and deep domain expertise to provide estimates involving complex and subjective judgments and
services through a myriad of deployment options, including the use of assumptions in the financial statements have been
comprehensive BPO, SaaS (Software as a Service), license and disclosed in Note 1.4. Accounting estimates could change
other hybrid service models. The Company’s clients, which from period-to-period. Actual results could differ from those
include many of the largest financial services companies in the estimates. Appropriate changes in estimates are made as
United States of America (‘United States’ / ‘USA’ / ‘US’) and a management becomes aware of changes in circumstances
growing number outside of the United States, hire the Company surrounding the estimates. Changes in estimates are reflected in
to support single products, a single line of business or the client’s the financial statements in the period in which changes are made
entire product portfolio. The Company is also a software reseller and, if material, their effects are disclosed in the notes to the
for various industry specific clients. financial statements.
The Company was formed in December 1994 as a limited liability
company under the provisions of the Georgia Limited Liability 1.4 Critical accounting estimates
Company Act, limited by member’s interest. The Company was a. Revenue recognition
acquired by Infosys BPM Limited (formerly Infosys BPO Limited), a The Company’s contracts with customers include promises to
subsidiary of Infosys Limited, on December 4, 2009. transfer multiple products and services to a customer. Revenues
The financial statements are approved by the Company’s Board from customer contracts are considered for recognition and
of Directors on March 30, 2023. measurement when the contract has been approved, in writing,
by the parties to the contract, the parties to contract are
1.2 Basis of preparation of financial statements committed to perform their respective obligations under the
contract, and the contract is legally enforceable. The Company
These Special Purpose Financial Statements are prepared assesses the services promised in a contract and identifies
for inclusion in the Annual Report of the Holding Company distinct performance obligations in the contract. Identification of
Infosys BPM Limited and Ultimate Holding Company distinct performance obligations to determine the deliverables
Infosys Limited under the requirements of section 129 (3) of and the ability of the customer to benefit independently from
the Companies Act 2013. such deliverables, and allocation of transaction price to these
These financial statements are prepared in accordance with distinct performance obligations involves significant judgment.
Indian Accounting Standards (Ind-AS), under the historical cost Fixed-price business process management services revenue is
convention on the accrual basis except for certain financial recognized ratably on a straight-line basis when services are
instruments, which are measured at fair values, the provisions of performed through an indefinite number of repetitive acts over
the Companies Act, 2013 (‘the Act’) (to the extent notified) . The a specified period. Revenue from fixed-price business process
Ind-AS are prescribed under Section 133 of the Act read with Rule management services contract is recognized ratably using a
3 of the Companies (Indian Accounting Standards) Rules, 2015 percentage-of-completion method when the pattern of benefits
and relevant amendment rules issued thereafter. from the services rendered to the customer and the Company’s
Items included in the financial statements of the Company costs to fulfil the contract is not even through the period of the
are measured using the currency of the primary economic contract because the services are generally discrete in nature
environment in which the entity operates (i.e. the “functional and not repetitive. The use of method to recognize the business
currency”). The functional currency of the Company is United process management revenues services requires judgment
States Dollars (“US Dollars”) and the financial statements are also and is based on the promises in the contract and nature
presented in US Dollars. All amounts included in the financial of the deliverables.
statements are reported in US Dollars, unless otherwise stated. The Company uses the percentage-of-completion method
Accounting policies have been applied consistently to all periods in accounting for its fixed-price contracts. The use of the
presented in these financial statements except where a newly- percentage-of-completion method requires the Company to
issued accounting standard is initially adopted or a revision to an determine the actual efforts or costs expended to date as a
existing accounting standard requires a change in the accounting proportion of the estimated total efforts or costs to be incurred.
policy hitherto in use. Efforts or costs expended have been used to measure progress
input and productivity. The estimation of total efforts or costs
involves significant judgment and is assessed throughout the
period of the contract to reflect any changes based on the latest
available information.

Provisions for estimated losses, if any, on uncompleted contracts Depreciation methods, useful lives and residual values are
are recorded in the period in which such losses become probable reviewed periodically, including at each financial year end.
Advances paid towards the acquisition of property, plant and
Also, refer note no. 2.16.
as capital advances under other non-current assets and the cost
b. Income taxes
of assets not put to use before such date are disclosed under
The Company’s tax jurisdiction is United States of America. ‘Capital work-in-progress’. Subsequent expenditures relating
Significant judgments are involved in determining the provision to property, plant and equipment is capitalized only when
for income taxes, including amount expected to be paid / it is probable that future economic benefits associated with
recovered for uncertain tax positions. Also refer to Note no. 2.15. these will flow to the Company and the cost of the item can be
In assessing the realizability of deferred income tax assets, measured reliably. Repairs and maintenance costs are recognized
management considers whether some portion or all of the in the Statement of Profit and Loss when incurred. The cost
deferred income tax assets will not be realized. The ultimate and related accumulated depreciation are eliminated from the
realization of deferred income tax assets is dependent upon the financial statements upon sale or retirement of the asset and
generation of future taxable income during the periods in which the resultant gains or losses are recognized in the Statement
the temporary differences become deductible. Management of Profit and Loss.
considers the scheduled reversals of deferred income tax
liabilities, projected future taxable income and tax planning Impairment
strategies in making this assessment. Based on the level of Property, plant and equipment are evaluated for recoverability
historical taxable income and projections for future taxable whenever events or changes in circumstances indicate that their
income over the periods in which the deferred income tax assets carrying amounts may not be recoverable. For the purpose of
are deductible, management believes that the company will impairment testing, the recoverable amount (i.e. the higher of
realize the benefits of those deductible differences. The amount the fair value less cost to sell or the value-in-use) is determined
of the deferred income tax assets considered realizable, however, on an individual asset basis unless the asset does not generate
could be reduced in the near term if estimates of future taxable cash flows that are largely independent of those from other
income during the carry forward period are reduced. assets. In such cases, the recoverable amount is determined for
the cash generated unit (“CGU”) to which the asset belongs.
If such assets are considered to be impaired, the impairment to
Property, plant and equipment represent a significant proportion be recognized in the Statement of Profit and Loss is measured by
of the asset base of the Company. The charge in respect of the amount by which the carrying value of the assets exceeds the
periodic depreciation is derived after determining an estimate of estimated recoverable amount of the asset. An impairment loss
an asset’s expected useful life and the expected residual value is reversed in the Statement of Profit and Loss if there has been
at the end of its life. The useful lives and residual values of the a change in the estimates used to determine the recoverable
Company’s assets are determined by management at the time amount. The carrying amount of the asset is increased to its
the asset is acquired and reviewed periodically, including at each revised recoverable amount, provided that this amount does not
financial year end. The lives are based on historical experience exceed the carrying amount that would have been determined
with similar assets as well as anticipation of future events, which (net of any accumulated amortization or depreciation) had no
may impact their life, such as changes in technology. Also, impairment loss been recognized for the asset in prior years.
refer to Note no. 2.1.
2.1 Property, plant and equipment

Accounting Policy
Property, plant and equipment are stated at cost, less
accumulated depreciation and impairment, if any. Costs
directly attributable to acquisition are capitalized until the
property, plant and equipment are ready for use, as intended
by management. The Company depreciates property, plant and
equipment over their estimated useful lives using the straight-
line method. The estimated useful lives of assets are as follows:

Furniture and fixtures(1) 5 years
Office equipment (1)
5 years
Plant and Machinery(1) 5 years
Leasehold improvements Over the lease term or 5
years whichever is lower
(1)
useful lives as given above best represent the period over which the
Management expects to use these assets. Hence, the useful lives for
these assets is different from the useful lives as prescribed under Part C of
Schedule II of the Companies Act, 2013.

Following are the changes in the carrying value of property, plant and equipment for the year ended December 31, 2022:
(In US$)

Particulars Total
improvement Machinery equipment equipment fixtures
Gross carrying value as at January 1, 2022 3,791,348 – 434,772 11,602,675 963,082 16,791,877
Additions – 24,600 – 701,374 12,466 738,440
Deletions – – – (440,245) – (440,245)
Gross carrying value as at December 31, 2022 3,791,348 24,600 434,772 11,863,804 975,548 17,090,072
Accumulated depreciation as at January 1, 2022 2,160,722 – 332,122 7,965,602 639,101 11,097,547
Depreciation 689,662 3,141 46,852 1,490,951 141,435 2,372,041
Accumulated depreciation on deletions – – – (440,245) – (440,245)
Accumulated depreciation as at December 31, 2022 2,850,384 3,141 378,974 9,016,308 780,536 13,029,343
Carrying value as at December 31, 2022 940,964 21,459 55,798 2,847,496 195,012 4,060,729
Carrying value as at January 1, 2022 1,630,626 – 102,650 3,637,073 323,981 5,694,330
Following are the changes in the carrying value of property, plant and equipment for the year ended December 31, 2021:
(In US$)
Leasehold Office Computer Furniture and

Particulars Total
improvement Equipment equipment fixtures
Gross carrying value as at January 1, 2021 3,791,348 507,737 8,414,712 1,081,282 13,795,079
Additions – 1,110 3,283,970 – 3,285,080
Deletions – (74,075) (96,007) (118,200) (288,282)
Gross carrying value as at December 31, 2021 3,791,348 434,772 11,602,675 963,082 16,791,877
Accumulated depreciation as at January 1, 2021 1,433,667 338,656 6,726,639 609,478 9,108,440
Depreciation 727,055 62,239 1,334,970 147,823 2,272,087
Accumulated depreciation on deletions – (68,773) (96,007) (118,200) (282,980)
Accumulated depreciation as at December 31, 2021 2,160,722 332,122 7,965,602 639,101 11,097,547
Carrying value as at December 31, 2021 1,630,626 102,650 3,637,073 323,981 5,694,330
Carrying value as at January 1, 2021 2,357,681 169,081 1,688,073 471,804 4,686,639
The aggregate depreciation has been included under depreciation and amortization expense in the Statement of Profit and Loss.
2.2 Leases Certain lease arrangements includes the options to extend or

Accounting Policy terminate the lease before the end of the lease term. ROU assets
and lease liabilities includes these options when it is reasonably
The Company as a lessee
The Company’s lease asset classes primarily consist of leases
for buildings and computer equipment. The Company assesses The right-of-use assets are initially recognized at cost, which
whether a contract contains a lease, at inception of a contract. A comprises the initial amount of the lease liability adjusted for
contract is, or contains, a lease if the contract conveys the right any lease payments made at or prior to the commencement date
to control the use of an identified asset for a period of time in of the lease plus any initial direct costs less any lease incentives.
exchange for consideration. To assess whether a contract conveys They are subsequently measured at cost less accumulated
the right to control the use of an identified asset, the Company depreciation and impairment losses.
assesses whether: (1) the contact involves the use of an identified Right-of-use assets are depreciated from the commencement
asset (2) the Company has substantially all of the economic date on a straight-line basis over the shorter of the lease term
benefits from use of the asset through the period of the lease and useful life of the underlying asset. Right-of-use assets
and (3) the Company has the right to direct the use of the asset. are evaluated for recoverability whenever events or changes
At the date of commencement of the lease, the Company in circumstances indicate their carrying amounts may not
recognizes a right-of-use asset (“ROU”) and a corresponding lease be recoverable. For the purpose of impairment testing, the
liability for all lease arrangements in which it is a lessee, except recoverable amount (i.e., the higher of the fair value less cost to
for leases with a term of twelve months or less (short-term leases) sell and the value-in-use) is determined on an individual asset
and low value leases. For these short-term and low value leases, basis unless the asset does not generate cash flows that are
the Company recognizes the lease payments as an operating largely independent of those from other assets. In such cases, the
expense on a straight-line basis over the term of the lease. recoverable amount is determined as Cash Generating Unit (CGU)
to which the asset belongs.

The lease liability is initially measured at amortized cost at the The following is the break-up of current and non-current lease
present value of the future lease payments. The lease payments liabilities as at December 31, 2022:
are discounted using the interest rate implicit in the lease or,
if not readily determinable, using the incremental borrowing (In US$)
rates in the country of domicile of these leases. Lease liabilities Particulars Amount
are remeasured with a corresponding adjustment to the related
right-of-use asset if the Company changes its assessment if Non-current lease liabilities 53,988,294
whether it will exercise an extension or a termination option. Current lease liabilities 18,977,970
Lease liability and Right-of-use assets have been separately Total 72,966,264
presented in the balance sheet and lease payments have been The following is the break-up of current and non-current lease
classified as financing cash flows. liabilities as at December 31, 2021:
The Company as a lessor (In US$)

Leases for which the Company is a lessor is classified as a finance Particulars Amount
or operating lease. Whenever the terms of the lease transfer
substantially all the risks and rewards of ownership to the lessee, Non-current lease liabilities 22,260,177
the contract is classified as a finance lease. All other leases are Current lease liabilities 5,116,217
classified as operating leases. Total 27,376,394
When the Company is an intermediate lessor, it accounts for The following is the movement in lease liabilities during the year
its interests in the head lease and the sublease separately. ended December 31, 2022:
The sublease is classified as a financing or operating lease by
reference to the right-of-use asset arising from the head lease. (In US$)
For operating leases, rental income is recognized on a straight- Particulars Amount
line basis over the term of the relevant lease. Balance as of January 1, 2022 27,376,394
Following are the changes in the carrying value of right of use Additions 51,025,198
assets for the year ended December 31, 2022:
Deletions –
(In US$) Finance cost accrued during the period 1,374,678
Category of ROU asset Payment of lease liabilities (6,810,006)

Particulars Balance as of December 31, 2022 72,966,264
Buildings Computers Total
Balance as of 9,886,118 12,939,782 22,825,900 The following is the movement in lease liabilities during the year
January 1, 2022 ended December 31, 2021:
Additions 973,545 52,196,994 53,170,539
(In US$)
Deletions – (6,946,993) (6,946,993)
Particulars Amount
Amortization (1,255,940) (9,351,821) (10,607,761)
Balance as of January 1, 2021 13,809,826
Balance as of 9,603,723 48,837,962 58,441,685
December 31, 2022 Additions 16,818,749
Deletions –
Following are the changes in the carrying value of right of use
assets for the year ended December 31, 2021: Finance cost accrued during the period 533,053
Payment of lease liabilities (3,785,234)
(In US$)
Balance as of December 31, 2021 27,376,394
Particulars Category of ROU asset
The table below provides details regarding the contractual
Buildings Computers Total maturities of lease liabilities as at December 31, 2022 on an
Balance as of 11,170,611 – 11,170,611 undiscounted basis:
January 1, 2021
(In US$)
Additions – 15,856,777 15,856,777
Deletions – – – Particulars Amount
Amortization (1,284,493) (2,916,995) (4,201,488) Less than one year 17,365,358
Balance as of 9,886,118 12,939,782 22,825,900 One to five years 53,416,879
December 31, 2021 More than five years 3,798,685
The aggregate depreciation expense on ROU assets is Total 74,580,922
included under depreciation and amortization expense in the
The Company does not face a significant liquidity risk
sufficient to meet the obligations related to lease liabilities as
and when they fall due.

2.3 Other intangible assets Following are the changes in the carrying value of acquired
Accounting Policy intangible assets for the year ended December 31, 2021:
Intangible assets are stated at cost less accumulated amortization (In US$)
and impairment. Intangible assets are amortized over their
Particulars Software
respective individual estimated useful lives on a straight-
line basis, from the date that they are available for use. The Gross carrying value as of January 1, 2021 3,300,000
estimated useful life of an identifiable intangible asset is based Additions during the year –
on a number of factors, including the effects of obsolescence,
Deletions during the year –
demand, competition, and other economic factors (such as the
stability of the industry, and known technological advances), Gross carrying value as of December 31, 2021 3,300,000
and the level of maintenance expenditures required to obtain Accumulated amortization as of January 1, 2021 1,331,781
the expected future cash flows from the asset. Amortization
Amortization expense 400,000
methods and useful lives are reviewed periodically, including at
each financial year end. Deletion during the year –
Accumulated amortization as of December 31, 2021 1,731,781
Impairment Carrying value as of December 31, 2021 1,568,219
Intangible assets are evaluated for recoverability whenever 1,968,219
Carrying value as of January 1, 2021
events or changes in circumstances indicate that their carrying
amounts may not be recoverable. For the purpose of impairment Total Estimated Useful Life (in years) 5
testing, the recoverable amount (i.e. the higher of the fair The amortization expense has been included under depreciation
value less cost to sell or the value-in-use) is determined on an and amortization expense in the Statement of Profit and Loss.
individual asset basis unless the asset does not generate cash
flows that are largely independent of those from other assets. In 2.4 Loans
such cases, the recoverable amount is determined for the Cash (In US$)
Generating Unit (“CGU”) to which the asset belongs.
Particulars As at December 31,
be recognized in the Statement of Profit and Loss is measured by 2022 2021
the amount by which the carrying value of the assets exceeds the Non-current
estimated recoverable amount of the asset. An impairment loss Unsecured, considered doubtful
is reversed in the Statement of Profit and Loss if there has been
a change in the estimates used to determine the recoverable Loans to employees 3,192 11,046
amount. The carrying amount of the asset is increased to its Less: Allowance for doubtful (3,192) (11,046)
revised recoverable amount, provided that this amount does not loans to employees
exceed the carrying amount that would have been determined – –
(net of any accumulated amortization) had no impairment loss
been recognized for the asset in prior years.
Loans to related parties 29,356,274 18,553,142
Following are the changes in the carrying value of acquired
intangible assets for the year ended December 31, 2022: 29,356,274 18,553,142
Total non-current loans 29,356,274 18,553,142
(In US$)
Current
Particulars Software Unsecured, considered good
Gross carrying value as of January 1, 2022 3,300,000 Loans to employees 9,835 11,470
Additions during the year – Unsecured, considered good
Deletions during the year – Loans to related parties 15,515,690 –
Gross carrying value as of December 31, 2022 3,300,000 15,515,690 –
Accumulated amortization as of January 1, 2022 1,731,781 Total current loans 15,525,525 11,470
Amortization expense 400,000 Total loans 44,881,799 18,564,612
Deletion during the year –
Accumulated amortization as of December 31, 2022 2,131,781
Carrying value as of December 31, 2022 1,168,219
Carrying value as of January 1, 2022 1,568,219
Total Estimated Useful Life (in years) 5

(In US$)
As at December 31,
Particulars
2022 2021
Non- current
Security deposits (1) 127,260 127,260
Financial asset under financing arrangements (1)
967,294 4,903,040
Unbilled revenues(1) (3) 52,674,786 63,405,272
Investment in sub-lease 8,939,539 417,419
Total non-current other financial assets 62,708,879 68,852,991
Current
Financial asset under financing arrangements (1) 1,857,155 2,225,068
Unbilled revenues(1) (3) 126,022,808 111,492,582
Others (1) (2) 798,575 1,010,345
Total current other financial assets 128,678,538 114,727,995
Total other financial assets 191,387,417 183,580,986
(1)
Financial assets carried at amortized cost
(2)
Includes dues from related parties (refer note 2.20)
(3)
Classified as financial asset as right to consideration is conditional upon passage of time.

(In US$)
As at December 31,
Particulars
2022 2021
Current
Trade Receivable considered good - Unsecured(1) 100,480,031 61,079,960
Less: Allowance for expected credit loss (917,838) (1,747,139)
Trade Receivable considered good - Unsecured 99,562,193 59,332,821
Trade Receivable - credit impaired - Unsecured 2,340,467 2,340,467
Less: Allowance for credit impairment (2,340,467) (2,340,467)
Trade Receivable - credit impaired - Unsecured – –
Total trade receivables 99,562,193 59,332,821
(1)
The table below provides details regarding the ageing of Trade receivables as at December 31, 2022:
(In US$)

Particulars Less than 6 6 months - 1 More than 3
Not Due 1-2 years 2-3 years Total
months year years
Undisputed Trade receivables 46,563,812 53,637,103 279,115 – – – 100,480,030
- considered good
Undisputed Trade receivables – – – – 2,340,467 – 2,340,467
- credit impaired
considered good
Disputed Trade receivables - – – – – – – –
credit impaired
Less: Allowance for credit loss 3,258,304
Total trade receivables 46,563,812 53,637,103 279,115 – 2,340,467 – 99,562,193

The table below provides details regarding the ageing of Trade receivables as at December 31, 2021:
(In US$)

Particulars Less than 6 6 months - 1-2 More than
Not Due 2-3 years Total
months 1 year years 3 years
Undisputed Trade receivables - considered good 41,057,087 17,376,851 2,646,021 – – – 61,079,959
Undisputed Trade receivables - credit impaired – – – – 2,340,467 – 2,340,467
Disputed Trade Receivables - considered good – – – – – – –
Disputed Trade receivables - credit impaired – – – – – – –
Total trade receivables 41,057,087 17,376,851 2,646,021 – – 59,332,821
2,340,467

(In US$)
As at December 31,
Particulars
2022 2021
Balances with banks
In current and deposit accounts 41,150,961 47,328,637
41,150,961 47,328,637
Cash and cash equivalents as at December 31, 2022 and December 31, 2021 include restricted bank balance of USD 6,135 and USD 6,664
respectively. This represents restricted bank balance, in trust account, in accordance with collection agency licensing requirements.
2.8 Other assets

(In US$)
As at December 31,
Particulars
2022 2021
Non-current
Prepaid expenses 13,494,273 3,561,106
Unbilled revenues (1) 5,807,906 10,881,092
Deferred Contract Cost
Cost of obtaining a contract 3,706,282 18,359,216
Cost of fulfilling a contract 1,282,373 430,097
Total non-current other assets 24,290,834 33,231,510
Current
Payment to vendors for supply of goods 123,279 3,735
Others
Unbilled revenues (1) 14,594,514 14,072,125
Deferred Contract Cost
Cost of obtaining a contract 14,324,229 9,490,134
Cost of fulfilling a contract 100,858 388,688
Withholding taxes and others 109,956 150,025
Others (2) 1,195,790 1,620
Total current other assets 96,784,096 66,462,681
Total other assets 121,074,930 99,694,191
(1)
Classified as non-financial asset as contractual right to consideration is dependent on completion of contractual milestones.
(2)

2.9 Financial instruments 2.9.4 Fair value of financial instruments
Accounting Policy In determining the fair value of its financial instruments, the
2.9.1 Initial recognition Company uses a variety of methods and assumptions that are
based on market conditions and risks existing at each reporting
The Company recognizes financial assets and financial liabilities
date. The methods used to determine fair value include
when it becomes a party to the contractual provisions of the
discounted cash flow analysis, available quoted market prices
instrument. All financial assets and liabilities are recognized at
and dealer quotes. All methods of assessing fair value result
fair value on initial recognition, except for trade receivables,
in general approximation of value, and such value may never
which are initially measured at transaction price. Transaction
actually be realized.
costs that are directly attributable to the acquisition or issue
of financial assets and financial liabilities, that are not at fair
2.9.5 Impairment
value through profit or loss, are added to the fair value on initial
recognition. Regular way purchase and sale of financial assets are The Company recognizes loss allowances using the Expected
accounted for at trade date. Credit Loss (ECL) model for the financial assets and unbilled
revenues, which are not fair valued through profit or loss. Loss
2.9.2 Subsequent measurement allowance for trade receivables and unbilled revenues with no
significant financing component is measured at an amount equal
to lifetime ECL. For all other financial assets, expected credit
A financial asset is subsequently measured at amortized cost losses are measured at an amount equal to the 12-month ECL,
if it is held within a business model whose objective is to hold unless there has been a significant increase in credit risk from
the asset in order to collect contractual cash flows and the initial recognition in which case those are measured at lifetime
contractual terms of the financial asset give rise on specified ECL. The amount of expected credit losses (or reversal) that is
dates to cash flows that are solely payments of principal and required to adjust the loss allowance at the reporting date to
interest on the principal amount outstanding. the amount that is required to be recognized is recognized as an
impairment gain or loss in Statement of Profit and Loss.
(ii) Financial assets at fair value through other
comprehensive income Financial instruments by category
A financial asset is subsequently measured at fair value through The carrying value and fair value of financial instruments by
other comprehensive income if it is held within a business model categories are as follows:
whose objective is achieved by both collecting contractual cash
flows and selling financial assets and the contractual terms of (In US$)
the financial asset give rise on specified dates to cash flows that
are solely payments of principal and interest on the principal Particulars As at December 31,
amount outstanding. Further, in cases where the Company 2022 2021
has made an irrevocable election based on its business model,
Assets
for its investments, which are classified as equity instruments,
the subsequent changes in fair value are recognized in other Cash and cash equivalents 41,150,961 47,328,637
comprehensive income. (Refer to Note No.2.7)
Trade receivables 99,562,193 59,332,821
(iii) Financial assets at fair value through profit or loss (Refer to Note No.2.6)
A financial asset, which is not classified in any of the above Loans (Refer to Note No.2.4) 44,881,799 18,564,612
categories are subsequently fair valued through profit or loss.
Other financial assets 191,387,417 183,580,986
(iv) Financial liabilities (Refer to Note No.2.5)
Total 376,982,369 308,807,056
Financial liabilities are subsequently carried at amortized cost
using the effective interest method, except for contingent Liabilities
consideration recognized in a business combination, which is 23,152,503
Trade payables 32,505,713
subsequently measured at fair value through profit or loss. For
(Refer to Note No.2.12)
trade and other payables maturing within one year from the
Balance Sheet date, the carrying amounts approximate fair value Other financial liabilities 292,238,490 250,485,232
due to the short maturity of these instruments. (Refer to Note No.2.11)
Total 315,390,993 282,990,945
2.9.3 Derecognition of financial instruments
All the above financial assets and financial liabilities
The Company derecognizes a financial asset when the are carried at amortized cost and the carrying values
contractual rights to the cash flows from the financial asset approximates their fair values.
expire or it transfers the financial asset, and the transfer qualifies
for derecognition under Ind-AS 109. A financial liability (or a
part of a financial liability) is derecognized from the Company’s
Balance Sheet when the obligation specified in the contract is
discharged or cancelled or expires.

Financial risk management 2.10 Equity
Financial risk factors As at December 31, 2022, the Company had one member, Infosys
The Company’s activities expose it to a variety of financial risks: BPM Limited (the “Member”). The Member owns 100% of the
market risk, credit risk and liquidity risk. The Company’s focus is interests of the Company. Upon liquidation, dissolution or
to foresee the unpredictability of financial markets and seek to winding-up of the Company, the Member is entitled to receive
minimize potential adverse effects on its financial performance. 100% of the available net assets of the Company. No contribution
The Company’s exposure to credit risk is influenced mainly by the was made during the year ended December 31, 2022.
individual characteristic of each customer and the concentration
of risk from the top few customers. 2.11 Other financial liabilities
(In US$)
Credit risk
As at December 31,
Credit risk refers to the risk of default on its obligation by the Particulars
2022 2021
counterparty resulting in a financial loss. The maximum exposure
to the credit risk at the reporting date is primarily from trade Non-current
receivables amounting to US $ 99,562,193 and US $ 59,332,821 as Accrued expenses(1) 54,546,318 65,576,024
at December 31, 2022 and December 31, 2021 respectively. Trade 11,918,021 24,369,529
Financial liability under financing
receivables are typically unsecured. Credit risk has always been arrangements(1)
managed by the Company through credit approvals, establishing
credit limits and continuously monitoring the creditworthiness Total non-current other financial 66,464,339 89,945,553
of customers to which the Company grants credit terms in the liabilities
normal course of business. On account of adoption of Ind-AS Current
109, the Company uses ECL model to assess the impairment Accrued compensation to 1,590,812 1,625,085
loss or gain. The Company uses a provision matrix to compute employees(1)
the ECL allowance for trade receivables. The provision matrix
takes into account available external and internal credit risk Accrued expenses(1) 171,235,548 134,858,030
factors, such as credit default swap quotes, credit ratings from Financial liability under financing 14,250,283 13,631,925
international credit rating agencies and the Company’s historical arrangements(1)
experience for customers. Compensated absences 655,535 723,919
The following table gives details in respect of percentage of Capital creditors (1)
108,279 215,366
revenues generated from top ten customers: Other payables(1)(2) 38,589,229 10,073,303
(In %) Total current other financial 226,429,686 161,127,628

liabilities
Years ended December 31,
Particulars Total other financial liabilities 292,894,025 251,073,181
2022 2021
(1)
Financial liability carried at amortized cost
(2)
Includes dues to related parties (refer note 2.20)
2.12 Trade payables
Credit risk exposure (In US$)
The allowance for lifetime expected credit loss on customer
balances is US $ 3,258,304 and US $ 4,087,605 for the years ended As at December 31,
Particulars
December 31, 2022 and December 31, 2021, respectively. 2022 2021
Credit risk on cash and cash equivalents is limited as we generally Current

invest in deposits with banks with high credit ratings assigned by Outstanding dues of micro 30,000 –
credit rating agencies. enterprises and small
enterprises
Liquidity risk Outstanding dues of creditors 23,122,503 32,505,713
The Company’s principal sources of liquidity are cash and cash other than micro enterprises
equivalents. The Company has no outstanding borrowings as and small enterprises(1)
at December 31, 2022. The Company believes that the working Total Trade payables 23,152,503 32,505,713
capital is sufficient to meet its current requirements. Accordingly,
no liquidity risk is perceived. (1)
Includes dues to related parties (refer note 2.20)
As of December 31, 2022, the Company has a working capital There is no interest due or outstanding on the dues to Micro,
of US $ 65,744,579 including cash and cash equivalents of Small and Medium Enterprises.
US $ 41,150,961. As of December 31, 2021, the Company has a
working capital of US $ 56,755,498, including cash and cash
equivalents of US $ 47,328,637

The table below provides details regarding the ageing of Trade payables as at December 31, 2022:
(In US$)

Particulars Total
MSME – 30,000 – – – 30,000
Others 4,434,414 18,679,433 8,656 – – 23,122,503
Total trade payables 4,434,414 18,709,433 8,656 – – 23,152,503
The table below provides details regarding the ageing of Trade payables as at December 31, 2021:
(In US$)

Particulars Total
MSME 17,349,277 128,170 – – – 17,477,447
Others 5,570,156 9,458,110 – – – 15,028,266
Total trade payables 22,919,433 9,586,280 – – – 32,505,713
2.13 Other liabilities a. Post sales client support

(In US$) The Company provides its clients with a fixed-period post sales
support on its fixed-price, fixed-timeframe and time and material
As at December 31,
Particulars contracts. Costs associated with such support services are
2022 2021 accrued at the time related revenues are recorded and included
Current in Statement of Profit or Loss. The Company estimates such costs
Unearned revenue 45,639,396 28,873,142 based on historical experience and estimates are reviewed on
a periodic basis for any material changes in assumptions and
Others likelihood of occurrence.
Withholding taxes and others 840,257 2,024,663
Total current other liabilities 46,479,653 30,897,805 b. Onerous contracts
Total other liabilities 46,479,653 30,897,805 Provisions for onerous contracts are recognized when the
expected benefits to be derived by the Company from a contract
2.14 Provisions are lower than the unavoidable costs of meeting the future
obligations under the contract. The provision is measured at the
Accounting Policy present value of the lower of the expected cost of terminating
A provision is recognized if, as a result of a past event, the the contract and the expected net cost of continuing with
Company has a present legal or constructive obligation that the contract. Before a provision is established the Company
is reasonably estimable, and it is probable that an outflow of recognizes any impairment loss on the assets associated
economic benefits will be required to settle the obligation. with that contract.
Provisions are determined by discounting the expected
future cash flows at a pre-tax rate that reflects current
market assessments of the time value of money and the risks
specific to the liability.

The provision for post sales client support and others as at Income tax expense in the Statement of
December 31, 2022 and December 31, 2021 is as follows: Profit and Loss comprises:
(In US$) (In US$)
As at December 31, Years ended December 31,

Particulars Particulars
2022 2021 2022 2021
Others Current taxes 12,410,175 10,042,523
Post-sales client support and 154,916 373,659 Deferred taxes (4,233,003) (217,596)
others Income tax expense 8,177,172 9,824,927
Total Provisions 154,916 373,659
Provision for post-sales client support and others computed by applying the statutory income tax rate to the
The movement in the provision for post-sales client support and
others is as follows: (In US$)
(In US$) Years ended December 31,

Particulars
As at December 31, 2022 2021
Particulars
2022 2021 Profit before incomes taxes 42,435,925 35,495,702
Balance at the beginning 373,659 821,233 Statutory Tax Rate 21% 21%
Provision recognized/(reversed) 36,781 (383,763) Computed expected tax expense 8,911,544 7,454,097
Provision utilized (255,524) (63,811) State Taxes 2,164,349 1,771,881
Balance at the end 154,916 373,659 Disallowed Items 5,347 492
Deferred tax impact on ROU and (2,880,344) –
2.15 Income taxes lease liabilities
Accounting Policy Effect of true up of previous year 344,140 962,116
Income tax expense comprises current and deferred income tax. taxes
Income tax expense is recognized in net profit in the Statement Other Adjustments (367,864) (363,659)
Income tax expense 8,177,172 9,824,927
other comprehensive income. Current income tax for current and The applicable US federal tax rates for 2022 and 2021 is 21%
prior periods is recognized at the amount expected to be paid and 21% respectively.
to or recovered from the tax authorities, using the tax rates and
The types of temporary differences that give rise to significant
tax laws that have been enacted or substantively enacted by the
portions of the Company’s deferred tax assets and liability as of
Balance Sheet date. Deferred income tax assets and liabilities are
December 31 are set forth below:
recognized for all temporary differences arising between the tax
bases of assets and liabilities and their carrying amounts in the (In US$)
financial statements. Deferred tax assets are reviewed at each
reporting date and are reduced to the extent that it is no longer Years ended December 31,
Particulars
probable that the related tax benefit will be realized. 2022 2021
Deferred income tax assets and liabilities are measured using Deferred tax assets:
tax rates and tax laws that have been enacted or substantively Accruals 1,482,763 478,701
enacted by the Balance Sheet date and are expected to apply to
Accrued Compensation 253,966 274,003
taxable income in the years in which those temporary differences
are expected to be recovered or settled. The effect of changes Accrued vacation 170,439 188,219
in tax rates on deferred income tax assets and liabilities is Unearned revenue 2,940,748 2,132,983
income tax asset is recognized to the extent that it is probable Deferred tax impact on ROU and 2,880,773 –
that future taxable profit will be available against which the lease liabilities
deductible temporary differences and tax losses can be utilized. Others 503,676 1,252,192
The Company offsets current tax assets and current tax liabilities, 9,691,152 5,965,241
where it has a legally enforceable right to set off the recognized Deferred tax liability:
amounts and where it intends either to settle on a net basis, or
to realize the asset and settle the liability simultaneously. The Property, Plant and Equipment (248,159) (755,250)
income tax provision for the interim period is made based on Accruals including contingent (2,496,000) (2,496,000)
the best estimate of the annual average tax rate expected to be consideration reversal
applicable for the full financial year. Total deferred tax liability (2,744,159) (3,251,250)
Deferred tax asset, net 6,946,993 2,713,991

The ultimate realization of deferred tax assets is dependent upon The Company’s contracts may include variable consideration,
management’s assessment of the Company’s ability to generate including rebates, volume discounts and penalties. The
taxable income during the periods in which the temporary Company includes variable consideration as part of transaction
differences become deductible. Management’s assessment in price when there is a basis to reasonably estimate the amount
the near term is subject to change if estimates of future taxable of the variable consideration and when it is probable that a
income during the carry forward period are reduced. significant reversal of cumulative revenue recognized will
not occur when the uncertainty associated with the variable
In assessing the realizability of deferred tax assets, management
consideration is resolved.
considers whether it is more likely than not that some portion or
all of the deferred tax assets will not be realized. Management Revenue on time-and-material contracts are recognized as the
considers the scheduled reversals of deferred tax liabilities, related services are performed. Fixed-price business process
projected future taxable income, and tax planning strategies management services revenue is recognized ratably either on
in making this assessment. Based on the level of historical a straight-line basis when services are performed through an
taxable income and projections for future taxable income over indefinite number of repetitive acts over a specified period or
the periods in which the deferred tax assets are deductible, using a percentage-of-completion method when the pattern
management believes that it is more likely than not the of benefits from the services rendered to the customer and
Company will realize the benefit of any deductible differences Company’s costs to fulfil the contract is not even through the
at December 31, 2022. period of contract because the services are generally discrete in
nature and not repetitive.
2.16 Revenue from operations Revenue from other fixed-timeframe contracts, where the
Accounting Policy performance obligations are satisfied over time is recognized
The Company is a leading developer of solutions and services using the percentage-of-completion method. Efforts or costs
in the insurance industry. The Company offers flexible expended have been used to determine progress towards
solutions through business process management, software- completion as there is a direct relationship between input and
as–a-service, and license models. The Company leverages its productivity. Progress towards completion is measured as the
proprietary VPAS®, PMACS®, NGIN and Deferral+® platforms, ratio of costs or efforts incurred to date (representing work
as well as VPAS® BPA, to offer the retirement and financial performed) to the estimated total costs or efforts. Estimates
services industries integrated sales and administration support of transaction price and total costs or efforts are continuously
solutions. The Company is also a software reseller for various monitored over the lives of the contracts and are recognized in
industry-specific clients. profit or loss in the period when these estimates change or when
the estimates are revised. Revenues and the estimated total
Arrangements with customers are either on a fixed-timeframe or costs or efforts are subject to revision as the contract progresses.
on a time-and-material basis. Provisions for estimated losses, if any, on uncompleted contracts
Revenues from customer contracts are considered for are recorded in the period in which such losses become probable
recognition and measurement when the contract has been based on the estimated efforts or costs to complete the contract.
approved by the parties, in writing, to the contract, the parties to The billing schedules agreed with customers include periodic
contract are committed to perform their respective obligations performance-based billing and / or milestone-based progress
under the contract, and the contract is legally enforceable. billings. Revenues in excess of billing are classified as unbilled
Revenue is recognized upon transfer of control of promised revenue while billing in excess of revenues are classified as
products or services (“performance obligations”) to customers contract liabilities (which we refer to as unearned revenues).
in an amount that reflects the consideration the Company has
received or expects to receive in exchange for these products Revenue from licenses where the customer obtains a “right
or services (“transaction price”). When there is uncertainty as to use” the licenses is recognized at the time the license
to collectability, revenue recognition is postponed until such is made available to the customer. Revenue from licenses
uncertainty is resolved. where the customer obtains a “right to access” is recognized
over the access period.
The Company assesses the services promised in a contract and
identifies distinct performance obligations in the contract. Arrangements to deliver software products generally have
The Company allocates the transaction price to each distinct three elements: license, implementation and Annual Technical
performance obligation based on the relative standalone selling Services (ATS). When implementation services are provided in
price. The price that is regularly charged for an item when conjunction with the licensing arrangement and the license and
sold separately is the best evidence of its standalone selling implementation have been identified as two distinct separate
price. In the absence of such evidence, the primary method performance obligations, the transaction price for such contracts
used to estimate standalone selling price is the expected cost are allocated to each performance obligation of the contract
plus a margin, under which the Company estimates the cost based on their relative standalone selling prices. In the absence
of satisfying the performance obligation and then adds an of standalone selling price for implementation, the Company
appropriate margin based on similar services. uses the expected cost-plus margin approach in estimating the
standalone selling price. Where the license is required to be
substantially customized as part of the implementation service

the entire arrangement fee for license and implementation Trade receivables and Contract Balances
is considered to be a single performance obligation and the The timing of revenue recognition, billings and cash collections
revenue is recognized using the percentage-of-completion results in Receivables, Unbilled Revenue, and Unearned Revenue
method as the implementation is performed. Revenue from on the Company’s Balance Sheet. Amounts are billed as work
client training, support and other services arising due to the progresses in accordance with agreed-upon contractual terms,
sale of software products is recognized as the performance either at periodic intervals (e.g., monthly or quarterly) or upon
obligations are satisfied. ATS revenue is recognized ratably over achievement of contractual milestones.
the period in which the services are rendered.
Contracts with customers includes third-party software in Unbilled revenues comprising revenues in excess of billings
certain integrated services arrangements. In these types of from time and material contracts and fixed price business
arrangements, revenue from sale of third-party software licenses process management services are classified as financial asset
is recorded net of costs when the Company is acting as an agent when the right to consideration is unconditional and is due only
between the customer and the vendor, and gross when the after a passage of time.
Company is the principal for the transaction. In doing so, the
Company first evaluates whether it controls the goods or service Invoicing to the clients for other fixed-time frame contracts is
before it is transferred to the customer. The Company considers based on milestones as defined in the contract and therefore
whether it has the primary obligation to fulfil the contract, the timing of revenue recognition is different from the timing
inventory risk, pricing discretion and other factors to determine of invoicing to the customers. Therefore, unbilled revenues for
whether it controls the goods or service and therefore is acting as other fixed timeframe contracts are classified as non-financial
a principal or an agent. asset (contract asset) because the right to consideration is
dependent on completion of contractual milestones.
The incremental costs of obtaining a contract (i.e., costs that
would not have been incurred if the contract had not been Invoicing in excess of earnings are classified as unearned revenue.
obtained) are recognized as an asset if the Company expects to Trade receivables and unbilled revenues are presented net of
recover them. Certain eligible, nonrecurring costs (e.g. set-up impairment in the Balance Sheet.
or transition or transformation costs) that do not represent a
separate performance obligation are recognized as an asset 2.17 Other Income, Net
when such costs (a) relate directly to the contract; (b) generate
or enhance resources of the Company that will be used in Accounting Policy
satisfying the performance obligation in the future; and (c) are 2.17.1 Other Income
expected to be recovered. Such capitalized contract costs are Other income is comprised primarily of interest income,
amortized over the respective contract life on a systematic basis exchange gain/loss on translation of other assets and liabilities.
consistent with the transfer of goods or services to customer to
which the asset relates. 2.17.2 Foreign Currency
a. Functional currency
Disaggregate revenue information
The functional currency of the Company is the United
The disaggregated revenues from contracts with customers
States Dollars. The financial statements are presented in
for years ended December 31, 2022 and December 31, 2021
United States Dollars.
by offerings are as follows. The Company believe that this
disaggregation best depicts how the nature, amount, timing
b. Transactions and translations
and uncertainty of our revenues and cash flows are affected by
industry, market and other economic factors. Foreign currency denominated monetary assets and liabilities
are translated into the relevant functional currency at exchange
(In US$) rates in effect at the Balance Sheet date. The gains or losses
resulting from such translations are included in the Statement
Years ended December 31, of Profit and Loss. Non-monetary assets and non-monetary
Particulars
2022 2021 liabilities denominated in a foreign currency and measured at fair
Revenue by offerings value are translated at the exchange rate prevalent at the date
when the fair value was determined. Non-monetary assets and
Core services 68,518,669 66,391,494
non-monetary liabilities denominated in a foreign currency and
Sale of third-party software and 390,204,461 305,459,661 measured at historical cost are translated at the exchange rate
services prevalent at the date of transaction.
Total 458,723,130 371,851,155 Transaction gains or losses realized upon settlement of foreign
for the period in which the transaction is settled. Revenue,
expense and cash flow items denominated in foreign currencies
are translated into the relevant functional currencies using the
exchange rate in effect on the date of the transaction.

Other income for the years ended December 31, 2022 and December 31, 2021 is as follows:
(In US$)

Particulars
2022 2021
Exchange gains/(losses) on translation of other assets and liabilities (556,296) (88,347)
Interest Income on bank and others 2,134,522 53,142
Miscellaneous income 1,302,210 827,894
2,880,436 792,689
2.18 Expenses
(In US$)

Particulars
2022 2021
Salaries including bonus 35,083,798 36,942,348
Staff welfare 47,502 67,538
35,131,300 37,009,886
Cost of technical sub-contractors and Professional charges
Cost of technical sub-contractors 96,018,337 59,420,194
Legal and professional 1,325,457 1,156,206
Recruitment and training 5,356 (16,382)
97,349,150 60,560,018
Other expenses
Consumables 88,708 54,396
Brand building and advertisement 5,405 2,000,000
Rates and taxes 899,367 431,817
Communication expenses 964,349 850,050
Office maintenance 1,000,661 492,902
Bank charges and commission 41,474 50,024
Professional membership and seminar participation fees 48,278 14,336
Donations 4,130,000 3,805,000
Impairment loss recognized/(reversed) under expected credit loss model 298,947 2,528,065
Provision for doubtful loans and advances 58,786 1,984
Provision for service level risk on revenue contracts, post sales client support and others (6,057) 5,048
Postage and couriers 4,314,003 4,149,487
Insurance 119,663 71,377
Statutory audit fees 40,000 37,000
Reimbursement of expenses 3,000 2,775
Others 259,766 69,876
12,266,350 14,564,137

2.19 Contingent liabilities and commitments (to the extent not provided for)
(In US$)

Particulars
2022 2021
Commitments:
Estimated amount of contacts remaining to be executed on capital contracts and not provided 466,478 312,871
for (net of advances and deposits)
The Company is currently not involved in any significant lawsuits, claims, investigations and proceedings, including patent and
commercial matters, which arises in the ordinary course of business. There are no such pending matters that are expected to have
material effect on these financial statements.

Name of subsidiaries Country Holding as at December 31,

2022 2021
Ultimate Holding
Infosys Limited India Ultimate Holding Ultimate Holding
Company Company
Holding
Infosys BPM Limited India Holding company Holding company
Fellow subsidiaries
Infosys BPO Americas LLC(1) U.S.
Germany
Blue Acorn iCi, Inc (3)
U.S.
Infosys (Czech Republic) Limited s.r.o. (1)
Czech Republic
GuideVision, s.r.o.(4) Czech Republic
Mexico
Infosys Singapore Pte. Ltd Singapore
Infosys Technologies (China) Co. Limited (2)
China
(1)
Wholly-owned subsidiary of Infosys BPM
(2)
(3)
(4)
Wholly-owned subsidiary of Infosys Consulting Company Limited

The details of amounts due to or due from related parties as at December 31, 2022 and December 31, 2021 are as follows:
(In US$)
As at December 31,
Particulars
2022 2021
Trade payables
Infosys Limited 7,976,372 14,663,366
Infosys BPM Limited 418,613 364,900
Infosys (Czech Republic) Limited s.r.o. 108,572 –
Infosys Technologies (China) Co. Limited 19,776 –
8,523,333 15,028,266
Trade receivables
Infosys Limited – 34,495
Infosys BPM Limited 6,037,005 1,119,575
6,037,005 1,154,070
Infosys BPO Americas LLC 8,992 869
184,660 410,384
Other assets
1,624 1,624
Infosys Limited 1,071,402 10,072,173
Infosys BPM Limited 313 –
Outbox systems Inc. dba Simplus (US) 139,257 –
Blue Acorn iCi Inc 87,171 –
1,298,143 10,072,173
Loans
Infosys Automotive and Mobility GmbH & Co. KG 29,356,274 18,553,142
Infosys Consulting Pte. Ltd 15,515,690 –
44,871,964 18,553,142
Provision for expenses
Infosys Limited 37,465,185 –
42,349,326 1,305,475

The details of the related party transactions entered into by the Company for years ended December 31, 2022 and December 31,
(In US$)

Particulars
2022 2021
Infosys Limited 85,467,664 51,317,780
Infosys Technologies (China) Co. Limited 65,720 –
Outbox systems Inc. dba Simplus (US) 1,453,730 –
Infosys Technologies S. de R. L. de C. V. (Infosys Mexico) 122,648 –
GuideVision s.r.o. 52,712 –
Blue Acorn iCi Inc 972,525 –
92,755,032 56,070,264
Purchase of shared services
Infosys Automotive and Mobility 6,933,367 1,305,475
7,058,158 1,775,968
Sale of services
Infosys Limited 1,097,174 656,766
17,089,378 14,179,735
Sale of shared services
Infosys BPO Americas LLC 18,551 203,948
465,286 508,833
Interest Income
Infosys Automotive and Mobility GmbH & Co. KG 1,303,133 53,142
Infosys Singapore Pte. LTd 606,695 –
1,909,828 53,142

Richard Magner Chief Executive Officer and Director
Kapil Jain Director
Thothathri V Director

The compensation to key managerial personnel, which comprise directors and executive officers is as follows:
(In US$)

Particulars
2022 2021
Salaries and other employee benefits to whole-time directors and executive officers 673,042 684,306
Total 673,042 684,306
2.21 Compensated absences

The employees of the Company are entitled to compensate the absence, which is non-accumulating in nature. Expense on non-
accumulating compensated absences is recognized in the period in which the absences occur.
2.22Segment reporting
Based on the ‘management approach’, as defined in Ind-AS 108, Segment Reporting, the Chief Operating Decision Maker (CODM)
evaluates the performance and allocates resources based on the analysis of the performance of the Company as a whole. The Company’s
operations are considered to constitute a single segment in the context of Ind-AS 108 Segment Reporting.
2.23Analytical ratios
The following are certain analytical ratios for the year ended December 31, 2022 and December 31, 2021:

Particulars Numerator Denominator % of Variance
2022 2021
Current Ratio Current assets Current liability 1.2 1.2 0.0%
Debt – Equity Ratio Total Debt (1)
Shareholder’s 0.7 0.7 0.0%
Equity
Debt Service Coverage Ratio Earnings available for Debt Service(3) 2.6 668.3 (99.6%)
debt service(2)
Return on Equity (ROE) Net Profits after taxes Average 29.6% 29.9% (0.3%)
Shareholder’s
Equity
Trade receivables turnover ratio Net Credit Revenue Average 5.8 8.0 (27.5%)
Accounts
Receivable
Trade payables turnover ratio Net Credit Purchase of Average Trade 13.1 11.8 11.0%
services/consumables Payables
Net capital turnover ratio Net Sales Working Capital 7.0 6.6 6.1%
Net profit ratio Net Profit Net Sales 7.5% 6.9% 0.6%
Return on Earning before interest Capital 19.3% 22.4% (3.1%)
capital employed (ROCE) and taxes Employed(4)
Return on Investment
Unquoted Income from Time weighted
investments average
investments
Quoted Income from Time weighted
investments average
investments
(1)
Debt represents lease liabilities and liabilities under financing arrangements.
(2)
(3)
Lease payments and payment of rentals towards financing arrangements for the current year
(4)
Tangible net worth + Deferred tax liabilities + Lease liabilities + Liabilities under financing arrangements

During the year ended December 31, 2022, there is a variance of more than 25% compared to previous year in Debt Service Coverage
Ratio due to increase of payment under lease and repayment of rentals towards financing arrangements and in trade receivable turnover
ratio due to delay in collections.
for and on behalf of Infosys McCamish Systems, LLC
Rich Magner Kapil Jain Thothathri V.

Chief Executive Officer Director Director
Bengaluru
March 30, 2023

EdgeVerve Systems Limited
Infosys Subsidiary Financials Report 2022-23 EdgeVerve Systems Limited | 91

To the members of edgeverve systems limited
Report on the Audit of the Financial Statements

Opinion
We have audited the accompanying financial statements of EDGEVERVE SYSTEMS LIMITED (“the Company”), which comprise the Balance
Sheet as at March 31, 2023, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in
Equity and the Statement of Cash Flows for the year ended on that date, and a summary of significant accounting policies and other
explanatory information (hereinafter referred to as “the financial statements”).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give
the information required by the Companies Act, 2013 (“the Act”) in the manner so required and give a true and fair view in conformity
with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards)
Rules, 2015, as amended, (“Ind AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as
at March 31, 2023 and its profit, total comprehensive income, changes in equity and its cash flows for the year ended on that date.
Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing (“SA”s) specified under section 143(10)
of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Financial
Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the
Institute of Chartered Accountants of India (“ICAI”) together with the ethical requirements that are relevant to our audit of the financial
statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and
appropriate to provide a basis for our audit opinion on the financial statements.
The Company’s Board of Directors is responsible for the other information. The other information comprises the information
included in the Board’s Report including Annexures to Board’s Report, but does not include the financial statements and our
auditor’s report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider
whether the other information is materially inconsistent with the financial statements or our knowledge obtained during the course of
our audit or otherwise appears to be materially misstated.
Responsibilities of Management and Those Charged with Governance for the Financial Statements
The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of
these financial statements that give a true and fair view of the financial position, financial performance, including other comprehensive
income, changes in equity and cash flows of the Company in accordance with the Ind AS and other accounting principles generally
accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of
the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair
view and are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors
either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Company’s Board of Directors is responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
92 | EdgeVerve Systems Limited Infosys Subsidiary Financials Report 2022-23

reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform
audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our
opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has
adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions
may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the
financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes it probable that
the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative
materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate
the effect of any identified misstatements in the financial statements.

1. As required by Section 143(3) of the Act, based on our audit we report that :
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary
for the purposes of our audit.
b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our
examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, Statement of Changes in Equity and
the Statement of Cash Flows dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid financial statements comply with the Ind AS specified under Section 133 of the Act.
e) On the basis of the written representations received from the directors as on March 31, 2023 taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2023 from being appointed as a director in terms of Section 164(2) of
the Act.
f) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company and the
operating effectiveness of such controls, refer to our separate Report in “Annexure A”. Our report expresses an unmodified opinion
on the adequacy and operating effectiveness of the Company’s internal financial controls with reference to financial statements.
g) With respect to the other matters to be included in the Auditor’s Report in accordance with the requirements of section 197(16) of the
Act, as amended: In our opinion and to the best of our information and according to the explanations given to us, the remuneration
paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.
h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and
Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the explanations given to us :
i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements. Refer Note 2.20
to the financial statements.
ii. The Company has made provision, as required under the applicable law or accounting standards for material foreseeable losses.
Refer Note 2.14 to the financial statements. The Company does not have any long-term derivative contracts.

iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds (which are material either
individually or in the aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium
or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities
(“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether,
directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(b) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either
individually or in the aggregate) have been received by the Company from any person(s) or entity(ies), including foreign entities
(“Funding Parties”), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether,
directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the
Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
(c) Based on the audit procedures that has been considered reasonable and appropriate in the circumstances, nothing has come
to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under
(a) and (b) above, contain any material misstatement.
v. As stated in Note 2.10.1 to the financial statements
(a) The interim dividend declared and paid by the Company during the year and until the date of this report is in compliance
with Section 123 of the Act.
(b) The Board of Directors of the Company have proposed final dividend for the year which is subject to the approval of the
members at the ensuing Annual General Meeting. The amount of dividend proposed is in accordance with section 123 of the
Act, as applicable.
vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of account using accounting software
which has a feature of recording audit trail (edit log) facility is applicable to the Company with effect from April 1, 2023, and
accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors) Rules, 2014 is not applicable for the financial year
ended March 31, 2023.
2. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”) issued by the Central Government in terms of Section 143(11) of
the Act, we give in “Annexure B” a statement on the matters specified in paragraphs 3 and 4 of the Order.
For DELOITTE HASKINS & SELLS LLP

(Firm’s Registration No. 117366W/W-100018)
Gurvinder Singh
Partner
UDIN: 23110128BGRDED8922
Place: Bengaluru

Annexure “A” To The Independent Auditor’s Report
(Referred to in paragraph 1 (f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report to the Members of
EDGEVERVE SYSTEMS LIMITED of even date)
Report on the Internal Financial Controls with reference to Financials Statements under Clause (i) of Sub-section 3 of Section 143 of the
Companies Act, 2013 (“the Act”)
We have audited the internal financial controls with reference to financials statements of EDGEVERVE SYSTEMS LIMITED (“the Company”)
as of March 31, 2023 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Management’s Responsibility for Internal Financial Controls

The Company’s Management is responsible for establishing and maintaining internal financial controls with reference to financials
statements based on the internal control over financial reporting criteria established by the Company considering the essential
components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by
the Institute of Chartered Accountants of India (the “ICAI”). These responsibilities include the design, implementation and maintenance
of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business,
including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy
and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.
Auditor’s Responsibility
Our responsibility is to express an opinion on the Company’s internal financial controls with reference to financials statements based
on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial
Reporting (the “Guidance Note”) issued by the ICAI and the Standards on Auditing prescribed under Section 143(10) of the Act, to the
extent applicable to an audit of internal financial controls with reference to financial statements. Those Standards and the Guidance
Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether
adequate internal financial controls with reference to financial statements was established and maintained and if such controls operated
effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference
to financial statements and their operating effectiveness. Our audit of internal financial controls with reference to financial statements
included obtaining an understanding of internal financial controls with reference to financial statements, assessing the risk that a
material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed
risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error.
Company’s internal financial controls with reference to financial statements.
Meaning of Internal Financial Controls with reference to financial statements

A company’s internal financial control with reference to financial statements is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles. A company’s internal financial control with reference to financial statements includes
those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary
to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and
expenditures of the Company are being made only in accordance with authorisations of management and directors of the Company;
and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the
Company’s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls with reference to Financial Statements

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper
management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections
of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal
financial control with reference to financial statements may become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.

Opinion
adequate internal financial controls with reference to financial statements and such internal financial controls with reference to financial
statements were operating effectively as at March 31, 2023, based on the criteria for internal financial control with reference to financial
statements established by the Company considering the essential components of internal control stated in the Guidance Note on Audit
of Internal Financial Controls Over Financial Reporting issued by the ICAI.

Gurvinder Singh
Partner
Place: Bengaluru

Annexure ‘B’ To The Independent Auditor’s Report
(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements’ section of our report to the Members of
Edgeverve Systems Limited of even date)
To the best of our information and according to the explanations provided to us by the Company and the books of account and records
examined by us in the normal course of audit, we state that :
i. In respect of the Company’s property, plant and equipment and intangible assets :
(a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of property,
plant and equipment.
(B) The Company has maintained proper records showing full particulars of intangible assets.
(b) The Company has a program of physical verification of property, plant and equipment so to cover all the assets once every three
years which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the
program, certain Property, Plant and Equipment were due for verification during the year and were physically verified by the
Management during the year. According to the information and explanations given to us, no material discrepancies were noticed
on such verification.
(c) The Company does not have any immovable properties and hence reporting under clause (i)(c) of the Order is not applicable.
(d) The Company has not revalued any of its property, plant and equipment and intangible assests during the year.
(e) No proceedings have been initiated during the year or are pending against the Company as at March 31, 2023 for holding any
benami property under the Benami Transactions (Prohibition) Act, 1988 (as amended in 2016) and rules made thereunder.
ii. (a) The Company does not have any inventory and hence reporting under Clause (ii)(a) of the Order is not applicable.
(b) According to the information and explanations given to us, at any point of time of the year, the Company has not been sanctioned
any working capital facility from banks or financial institutions and hence reporting under clause (ii)(b) of the Order is not applicable.
iii. The Company has made investments in, and granted unsecured loans to other parties, during the year, in respect of which :
(a) The Company has not provided any loans or advances in the nature of loans or stood guarantee, or provided security to any other
entity during the year, and hence reporting under paragraph (iii)(a) of the Order is not applicable.
(b) In our opinion, the investments made and the terms and conditions of the grant of loans during the year are, prima facie, not
prejudicial to the Company’s interest.
(c) In respect of loans granted by the Company, the schedule of repayment of principal and payment of interest has been stipulated
and the repayments of principal amounts and receipts of interest are generally been regular as per stipulation.
(d) In respect of loans granted by the Company, there is no overdue amount remaining outstanding as at the balance sheet date.
(e) No loan granted by the Company which has fallen due during the year, has been renewed or extended or fresh loans granted to
settle the overdues of existing loans given to the same parties.
(f) The Company has not granted any loans or advances in the nature of loans either repayable on demand or without specifying any
terms or period of repayment during the year. Hence, reporting under clause (iii)(f) is not applicable.
The Company has not made investments in Firms and Limited Liability Partnerships during the year. Further the Company has not
provided any guarantee or security or granted any advances in the nature of loans, secured or unsecured, to Companies, Firms,
Limited Liability Partnerships or any other parties.
iv. The Company has complied with the provisions of Sections 185 and 186 of the Companies Act, 2013 in respect of loans granted,
investments made and guarantees, and securities provided, as applicable.
v. The Company has not accepted any deposits or amounts which are deemed to be deposits. Hence, reporting under clause (v) of the
Order is not applicable.
vi. The maintenance of cost records has not been specified by the Central Government under sub section (1) of section 148 of the Companies
Act, 2013 for the business activities carried out by the Company. Hence reporting under clause (vi) of the Order is not applicable to the
Company.
vii. In respect of statutory dues :
(a) In our opinion, the Company has generally been regular in depositing undisputed statutory dues, including Goods and Service Tax,
Provident Fund, Employees’ State Insurance, Income Tax, Sales Tax, Service tax, duty of Custom, duty of Excise, Value Added Tax,
Cess and other material statutory dues applicable to it with the appropriate authorities.
There were no undisputed amounts payable in respect of Goods and Service Tax, Provident Fund, Employees’ State Insurance,
Income Tax, Sales Tax, Service tax, duty of Custom, duty of Excise, Value Added Tax, cess and other material statutory dues in
arrears as at March 31, 2023 for a period of more than six months from the date they became payable.
(b) Details of Statutory dues referred to in sub-clause (a) which have not been deposited as on March 31, 2023 on account of dispute
are given below :

Period to which the Amount Amount
Nature of the statute Nature of dues Forum where Dispute is Pending
Relates (In ₹ Lakh)
The Income Tax Act, 1961 Income Tax Income Tax Appellate Tribunal AY# 2016-17 8
The Income Tax Act, 1961 Income Tax Commissioner (Appeals) AY# 2018-19 and AY# 2019-20 4,711
The Income Tax Act, 1961 Equalisation Levy Assessing Officer AY# 2021-22 -*
Central Excise Act, 1944 Excise Duty Customs Excise and Service Tax Appellate FY# 2016-17 and FY# 2017-18 4,054
Tribunal
Maharashtra Value added Tax VAT/CST Joint Commissioner (Appeals) FY# 2016-17 and FY# 2017-18 24
Total 8,797
* Less than ₹1 lakh

#
AY=Assessment Year; FY= Financial Year.
viii. There were no transactions relating to previously unrecorded income that have been surrendered or disclosed as income during the
year in the tax assessments under the Income Tax Act, 1961 (43 of 1961).
ix. (a) The Company has not taken any loans or other borrowings from any lender. Hence reporting under clause (ix)(a) of the Order is
not applicable.
(b) The Company has not been declared wilful defaulter by any bank or financial institution or government or any government
authority.
(c) The Company has not taken any term loan during the year and there are no outstanding term loans at the beginning of the year
and hence, reporting under clause (ix)(c) of the Order is not applicable.
(d) On an overall examination of the financial statements of the Company, funds raised on short-term basis have, prima facie, not
been used during the year for long-term purposes by the Company.
(e) The Company did not have any subsidiary or associate or Joint venture during the year and hence, reporting under clause (ix)(e)
of the Order is not applicable.
(f) The Company has not raised any loans during the year and hence reporting on clause (ix)(f) of the Order is not applicable.
x. (a) The Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) during the
year and hence reporting under clause (x)(a) of the Order is not applicable.
(b) During the year, the Company has not made any preferential allotment or private placement of shares or convertible debentures
(fully or partly or optionally) and hence reporting under clause (x)(b) of the Order is not applicable.
xi. (a) To the best of our knowledge, no fraud by the Company or no material fraud on the Company has been noticed or reported
during the year.
(b) To the best of our knowledge, no report under sub-section (12) of section 143 of the Companies Act has been filed in Form ADT-4
as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year and
upto the date of this report.
(c) We have taken into consideration the whistle blower complaints received by the Company during the year (and upto the date of
this report) while determining the nature, timing and extent of our audit procedures.
xii. The Company is not a Nidhi Company and hence reporting under clause (xii) of the Order is not applicable.
xiii. In our opinion, the Company is in compliance with Section 177 and 188 of the Companies Act, 2013 with respect to applicable
transactions with the related parties and the details of related party transactions have been disclosed in the financial statements as
required by the applicable accounting standards.
xiv. (a) In our opinion the Company has an adequate internal audit system commensurate with the size and the nature of its business.
(b) We have considered, the internal audit reports for the year under audit, issued to the Company during the year and till date, in
determining the nature, timing and extent of our audit procedures.
xv. In our opinion, during the year the Company has not entered into any non-cash transactions with its Directors or persons connected
with its directors and hence provisions of section 192 of the Companies Act, 2013 are not applicable to the Company.
xvi. (a) In our opinion, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Hence,
reporting under Clause (xvi)(a), (b) and (c) of the Order is not applicable.
(b) In our opinion, there is no core investment company within the Group (as defined under Core Investment Companies (Reserve
Bank) Directions) and accordingly reporting under Clause (xvi)(d) of the Order is not applicable.
xvii. The Company has not incurred cash losses during the financial year covered by our audit and the immediately preceding financial year.
xviii. There has been no resignation of the statutory auditors of the Company during the year.

xix. On the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities,
other information accompanying the financial statements and our knowledge of the Board of Directors and Management plans and
based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe
that any material uncertainty exists as on the date of the audit report indicating that Company is not capable of meeting its liabilities
existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however,
state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up
to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one
year from the balance sheet date, will get discharged by the Company as and when they fall due.
xx. The company has fully spent the required amount toward Corporate Social Responsibility (CSR) and there are no unspent CSR amount
for the year requiring a transfer of a Fund specified in Schedule VII of the Companies Act or special account in compliance with the
provision of sub section (6) of section 135 of the said Act. Accordingly reporting under clause (xx) of the Order in not applicable for the
year.

Gurvinder Singh
Partner
Place: Bengaluru

Balance Sheet
(In ₹ lakh)
As at March 31,
Particulars Note
2023 2022
Assets
Non-current assets
Property, plant and equipment 2.1 6,446 5,062
Capital work-in-progress 2.1a 180 161
Other intangible assets 2.2 107 –
Financial assets
Loans 2.4 1 8
Other financial assets 2.5 3,939 1
Deferred tax assets (net) 2.15 872 588
Income tax assets 2.15 22,773 19,239
Other non-current assets 2.8 7,773 4,136
Current assets
Financial assets
Investments 2.3 40,533 38,131
Cash and cash equivalents 2.7 60,322 22,712
Loans 2.4 255 278
Other financial assets 2.5 38,726 39,114
Other current assets 2.8 23,344 12,859
Total current assets 1,82,659 1,26,293
Total assets 2,24,750 1,55,488
Equity and liabilities
Equity
Other equity 15,493 (50,558)
Total equity 1,46,677 80,626
Liabilities
Current liabilities
Trade payables 2.12
Total outstanding dues of micro enterprises and small enterprises 582 –
Total outstanding dues of creditors other than micro enterprises and small
enterprises 2,730 4,148
Other financial liabilities 2.11 38,826 37,068
Other current liabilities 2.13 25,344 23,431
Provisions 2.14 116 142
Income tax liabilities 2.15 10,475 10,073
Total equity and liabilities 2,24,750 1,55,488
The accompanying notes form an integral part of the financial statements

As per our report of even date attached
for Deloitte Haskins & Sells LLP for and on behalf of the Board of Directors of EdgeVerve Systems Limited
Firm’s Registration No : 117366W/ W-100018
Gurvinder Singh Sanat Rao Sateesh Seetharamiah

Partner Whole-time Director Whole-time Director
Bengaluru Rajesh Kini Prakash Bharadwaj


In ₹ lakh, except equity share and per equity share data

Particulars Note
2023 2022
Other income, net 2.17 7,142 4,706
Total income 3,51,770 3,05,244
Expenses
Cost of technical sub-contractors 92,111 70,964
Travel expenses 2.18 6,525 2,257
Cost of software packages and others 2.18 21,749 29,378
Consultancy and professional charges 10,710 9,976
Depreciation and amortization expense 2.1 3,109 2,551
Finance cost – 206
Other expenses 2.18 20,037 14,557
Total expenses 2,25,016 2,02,658
Tax expense
Current tax 2.15 34,049 27,394
Profit for the year 92,989 75,032
Remeasurement of the net defined benefit liability/asset, net of tax 612 539
Total other comprehensive income/ (loss), net of tax 612 539
Total comprehensive income for the year 93,601 75,571
Equity shares of par value of ₹10 each
Basic and diluted (₹) 7.09 5.72
Basic and diluted 1,31,18,40,000 1,31,18,40,000



Statement of Change in Equity
(In ₹ lakh)
Other equity
Reserve and surplus
Capital
Equity share reserve Other
Particulars Debenture Total
capital Retained comprehensive
Business redemption
transfer earnings (3) income (3)
reserve (2)
adjustment
reserve (1)
Balances as on April 1, 2021 1,31,184 (3,44,760) 5,628 2,13,084 (81) 5,055
Changes in equity for the period ended
March 31, 2022 –
Profit for the period – – – 75,032 – 75,032
Remeasurement of the net defined benefit
liability/asset, net of tax effect – – – – 539 539
Total comprehensive income 1,31,184 (3,44,760) 5,628 2,88,116 458 80,626
Transfer from debenture redemption
reserve to retained earnings – – (5,628) 5,628 – –
Dividends – – – – – –
Balance as of March 31, 2022 1,31,184 (3,44,760) – 2,93,744 458 80,626
Balance as of April 1, 2022 1,31,184 (3,44,760) – 2,93,744 458 80,626
Changes in equity for the period ended
March 31, 2023 –
Profit for the period – – – 92,989 – 92,989
Remeasurement of the net defined benefit
liability/asset, net of tax effect – – – – 612 612
Total comprehensive income 1,31,184 (3,44,760) – 3,86,732 1,070 1,74,226
Transfer from debenture redemption
reserve to retained earnings – – – – – –
Dividends – – – (27,549) – (27,549)
Balance as of March 31, 2023 1,31,184 (3,44,760) – 3,59,184 1,070 1,46,677
(1)
Transfer of goodwill and intangible assets between entities under common control taken to Business Transfer Adjustment Reserve.
(2)
The Company has created Debenture redemption reserve required under Section 71 of Companies Act, 2013, out of the profit of the Company. DRR has been
reversed fully during the year ended March 31, 2022.
(3)
A description of the purposes of each reserve within equity have been disclosed in Note 2.10.




Accounting policy
Cash flows are reported using the indirect method, where by profit for the year is adjusted for the effects of transactions of non-cash
Company considers all highly liquid investments that are readily convertible to known amount of cash to be cash equivalents.
(In ₹ lakh)

Particulars Note
2023 2022
Cash flows from operating activities
Adjustments to reconcile net profit to net cash generated by operating activities
Depreciation and amortization 2.1 3,109 2,551
Income tax expense 2.15 33,765 27,555
Impairment loss recognized on financial assets 2.18 1,765 272
Reversal for post-sales client support and others 2.18 (28) (40)
Profit on sale of property, plant and equipment 2.17 (13) (14)
Interest income 2.17 (3,564) (3,592)
Gain on sale of investments carried at fair value 2.17 (1,876) (767)
Exchange difference on translation of assets and liabilities 1,697 21
Trade receivables and unbilled revenue (18,682) (8,035)
Other financial assets and other assets (5,269) (2,706)
Trade payables 2.12 (836) 2,247
Other financial liabilities, other liabilities and provisions 3,799 15,669
Cash generated from operations 1,06,856 1,08,398
Income taxes paid, net of refunds (37,181) (33,539)
Net cash generated from operating activities 69,674 74,859
Expenditure on property, plant and equipment (4,120) (2,922)
Loans to employees 2.4 30 (31)
Payments to acquire financial assets
Liquid mutual fund units (2,70,823) (1,68,400)
Proceeds on sale of financial assets
Liquid mutual fund units 2,70,297 1,33,543
Interest received on bank deposits and others 1,797 3,343
Net cash (used in)/ from investing activities (2,818) (34,468)
Cash flows from financing activities
Debentures repaid to holding company – (53,600)
Payment of interest on debentures – (206)
Payment of dividend to holding company (27,549) –
Effect of exchange differences on translation of foreign currency cash and cash
equivalents (1,697) (21)

Particulars Note
2023 2022
Net increase/(decrease) in cash and cash equivalents 37,610 (13,436)
Cash and cash equivalents at the beginning of the year 2.7 22,712 36,148
Cash and cash equivalents at the end of the year 2.7 60,322 22,712
Supplementary information
Restricted cash balance 2.7 – –




1. Company overview and significant in estimates are made as management becomes aware of
changes in circumstances surrounding the estimates. Changes in
accounting policies estimates are reflected in the financial statements in the period
1.1 Company overview in which changes are made and, if material, their effects are
disclosed in the notes to the standalone financial statements.
EdgeVerve Systems Limited (”the Company”) is a limited
company incorporated in India. It is a wholly-owned subsidiary
of Infosys Limited. The address of its registered office is Plot
1.4 Critical accounting estimates and judgments
No. 44, Electronic City, Hosur Main Road, Bengaluru 560100, a. Revenue recognition
Karnataka, India. The Company defines, develops and operates The Company uses the percentage-of-completion method in
innovative cloud-hosted business platforms and software accounting for its fixed-price contracts. Use of the percentage-
products as part of the Edge Suite of products or Finacle of-completion method requires the Company to estimate the
product which can be deployed either on premises or on cloud efforts or costs expended to date as a proportion of the total
environments depending on its products. The Company provides efforts or costs to be expended. Efforts or costs expended have
implementation, integration and support services to help its been used to measure progress towards completion as there is a
customers realize benefits from software solutions. direct relationship between input and productivity.
With effect from August 01, 2015, ‘Finacle’ and ‘Edge services’ Further, the Company uses significant judgments while
business of Infosys Limited was transferred to the Company. determining the transaction price allocated to performance
The purchase consideration for the transfer was discharged by obligations using the expected cost plus margin approach.
way of issue and allotment of equity shares and non-convertible
unsecured debentures. Provisions for estimated losses, if any, on incompleted contracts
are recorded in the period in which such losses become probable
The financial statements are approved by the Company’s Board based on the expected contract estimates at the reporting
of Directors on April 12, 2023. date. Refer to Note 2.18.
1.2 Basis of preparation of financial statements b. Income Tax

These financial statements are prepared in accordance with The Company’s tax jurisdiction is India. Significant judgments
Indian Accounting Standards (Ind AS), under the historical cost are involved in determining the provision for income taxes,
convention on the accrual basis except for certain financial including amount expected to be paid / recovered for uncertain
instruments which are measured at fair values and the provisions tax positions. Refer to Notes 2.15 and 2.20.
of the Companies Act, 2013 (“the Act”). The Ind AS are prescribed
In assessing the realizability of deferred income tax assets, the
under Section 133 of the Act read with Rule 3 of the Companies
Management considers whether some portion or all of the
(Indian Accounting Standards) Rules, 2015 and relevant
deferred income tax assets will not be realized. The ultimate
amendment rules issued thereafter.
realization of deferred income tax assets is dependent upon
As the year end figures are taken from the source and the generation of future taxable income during the periods
rounded to the nearest digit, the figures reported for the in which the temporary differences become deductible. The
previous quarters might not always add up to the year figures Management considers the scheduled reversals of deferred
reported in this statement. income tax liabilities, projected future taxable income and tax
planning strategies in making this assessment. Based on the level
Accounting policies have been consistently applied to all periods
of historical taxable income and projections for future taxable
presented in these financial statements except where a newly
income over the periods in which the deferred income tax assets
issued accounting standard is initially adopted or a revision to an
are deductible, the Management believes that the Company will
existing accounting standard requires a change in the accounting
policy hitherto in use.
of the deferred income tax assets considered realizable, however,
could be reduced in the near term if estimates of future taxable
1.3 Use of estimates and judgments income during the carry forward period are reduced.
The preparation of the standalone financial statements in
conformity with Ind AS requires the management to make c. Property, plant and equipment
estimates, judgments and assumptions. These estimates, Property, plant and equipment represents a significant
judgments and assumptions affect the application of accounting proportion of asset base of the Company. The charge in respect
policies and the reported amounts of assets and liabilities, the of periodic depreciation is derived after determining an estimate
disclosures of contingent assets and liabilities at the date of of an asset’s expected useful life and the expected residual
the financial statements and reported amounts of revenues value at the end of its life. The useful lives and residual values
and expenses during the period. The application of accounting of Company’s assets are determined by the management
policies that require critical accounting estimates involving at the time the asset is acquired and reviewed periodically,
complex and subjective judgments and the use of assumptions including at each financial year end. The lives are based on
in these financial statements have been disclosed in Note 1.4. historical experience with similar assets as well as anticipation
Accounting estimates could change from period to period. Actual of future events, which may impact their life, such as changes in
results could differ from those estimates. Appropriate changes technology. Refer to Note 2.1.

d. Allowance for credit losses on receivables and unbilled The Company has evaluated the amendment and there is no
revenue impact on its financial statements.
The Company determines the allowance for credit losses based
on historical loss experience adjusted to reflect current and 2.1 Property, plant and equipment
estimated future economic conditions. The Company considered Accounting policy
current and anticipated future economic conditions relating Property, plant and equipment are stated at cost, less
to industries the Company deals with and the countries where accumulated depreciation and impairment, if any. Costs, directly
it operates. In calculating expected credit loss, the Company attributable to the acquisition are capitalized until property,
has also considered credit reports and other related credit plant and equipment are ready for use as intended by the
information for its customers to estimate the probability management. The Company depreciates property, plant and
of default in future. equipment over their estimated useful lives using the straight-
line method. The estimated useful lives of assets are as follows :
1.5 Earnings per equity share
Basic earnings per equity share is computed by dividing the Plant and machinery(1) 5 years
net profit attributable to the equity holders of the Company Computer equipment(1) 3-5 years
by the weighted average number of equity shares outstanding
during the year. Diluted earnings per equity share is computed
by dividing the net profit attributable to the equity holders of Office equipment (1)
5 years
the Company by the weighted average number of equity shares Lease hold improvements Lower of useful life of the asset
considered for deriving basic earnings per equity share and also or lease term
the weighted average number of equity shares that could have
been issued upon conversion of all dilutive potential equity (1)
shares. The dilutive potential equity shares are adjusted for the useful lives as given above best represent the period over which the
proceeds receivable had the equity shares been actually issued at these assets is different from the useful lives as prescribed under Part C of
fair value. Dilutive potential equity shares are deemed converted Schedule II of the Companies Act 2013.
as of the beginning of the period, unless issued at a later date.
Dilutive potential equity shares are determined independently Depreciation methods, useful lives and residual values are
for each period presented. reviewed periodically, including at each financial year end.
The number of equity shares and potentially dilutive equity Advances paid towards the acquisition of property, plant and
shares are adjusted retrospectively for all periods presented for equipment outstanding at each Balance Sheet date is classified
any share splits and bonus shares issues including for changes as capital advances under other non-current assets and the
effected prior to the approval of the financial statements by cost of assets not put to use before such date are disclosed
the Board of Directors. under ‘Capital work-in-progress’. Subsequent expenditures
relating to property, plant and equipment is capitalized only
when it is probable that future economic benefits associated
1.6 Recent accounting pronouncements
with these will flow to the Company and the cost of the item
Ministry of Corporate Affairs (“MCA”) notifies new standards can be measured reliably. Repairs and maintenance costs are
or amendments to the existing standards under Companies recognized in the Statement of Profit and Loss when incurred.
(Indian Accounting Standards) Rules as issued from time to The cost and related accumulated depreciation are eliminated
time. On March 31, 2023, MCA amended the Companies (Indian from the financial statements upon sale or retirement of the
Accounting Standards) Amendment Rules, 2023, as below : asset and the resultant gains or losses are recognized in the
Ind AS 1, Presentation of Financial Statements – This amendment Statement of Profit and Loss.
requires the entities to disclose their material accounting policies
rather than their significant accounting policies. The effective Impairment
date for adoption of this amendment is annual periods beginning Property, plant and equipment are evaluated for recoverability
on or after April 1, 2023. The Company has evaluated the whenever events or changes in circumstances indicate that their
amendment and the impact of the amendment is insignificant in carrying amounts may not be recoverable. For the purpose of
the Company financial statements. impairment testing, the recoverable amount (i.e. the higher of
Ind AS 8, Accounting Policies, Changes in Accounting Estimates the fair value less cost to sell and the value-in-use) is determined
and Errors – This amendment has introduced a definition of on an individual asset basis unless the asset does not generate
‘accounting estimates’ and included amendments to Ind AS 8 cash flows that are largely independent of those from other
to help entities distinguish changes in accounting policies from assets. In such cases, the recoverable amount is determined for
changes in accounting estimates. The effective date for adoption the Cash Generating Unit (CGU) to which the asset belongs.
of this amendment is annual periods beginning on or after
April 1, 2023. The Company has evaluated the amendment and
be recognized in the Statement of Profit and Loss is measured by
there is no impact on its financial statements.
the amount by which the carrying value of the assets exceeds the
Ind AS 12, Income Taxes – This amendment has narrowed the estimated recoverable amount of the asset. An impairment loss
scope of the initial recognition exemption so that it does not is reversed in the Statement of Profit and Loss if there has been
apply to transactions that give rise to equal and offsetting a change in the estimates used to determine the recoverable
temporary differences. The effective date for adoption of this amount. The carrying amount of the asset is increased to its
amendment is annual periods beginning on or after April 1,2023. revised recoverable amount, provided that this amount does

not exceed the carrying amount that would have been determined (net of any accumulated amortization or depreciation) had no
impairment loss been recognized for the asset in prior years.
The changes in the carrying value of property, plant and equipment for the year ended March 31, 2023 are as follows :
(In ₹ lakh)

Particulars Total
Improvements machinery equipment equipment fixtures
Gross carrying value as of April 1, 2022 26 20 249 17,814 185 18,295
Additions – 3 7 4,393 85 4,489
Deletions – (2) (0) (3,032) (19) (3,053)
Gross carrying value as of March 31, 2023 26 21 256 19,175 252 19,731
Accumulated depreciation as of April 1,
2022 (19) (17) (201) (12,837) (158) (13,233)
Depreciation (5) (3) (20) (2,978) (100) (3,105)
Accumulated depreciation on
deletions – 2 0 3,032 19 3,053
Accumulated depreciation as of March 31,
2023 (24) (18) (221) (12,783) (240) (13,286)
Carrying value as of March 31, 2023 2 3 35 6,392 13 6,446
The changes in the carrying value of property, plant and equipment for the year ended March 31, 2022 were as follows :
(In ₹ lakh)

Particulars Total
Improvements machinery equipment equipment fixtures
Gross carrying value as of April 1, 2021 26 20 240 15,398 198 15,882
Additions – – 9 2,799 2 2,810
Deletions – – – (383) (14) (398)
Gross carrying value as of March 31, 2022 26 20 249 17,814 185 18,294
Accumulated depreciation as of April 1,
2021 (13) (15) (180) (10,719) (148) (11,075)
Depreciation (5) (2) (21) (2,502) (21) (2,551)
Accumulated depreciation on
deletions – – – 383 10 394
Accumulated depreciation as of March 31,
2022 (19) (17) (201) (12,837) (158) (13,233)
Carrying value as of March 31, 2022 7 3 48 4,976 27 5,062
The aggregate depreciation has been included under depreciation expense in the Statement of Profit and Loss.
2.1a Capital work-in-progress

(In ₹ lakh)
As at March 31,
Particulars
2023 2022
Capital work-in-progress 180 161
Total capital work-in-progress 180 161
The capital work-in-progress ageing schedule for the year ended March 31, 2023 is as follows :
(In ₹ lakh)
Particulars Less than 1 year 1-2 years 2-3 years >3 years Total
Projects in progress 180 – – – 180
Total 180 – – – 180

The capital work-in-progress ageing schedule for the year ended March 31, 2022 was as follows :
(In ₹ lakh)
Particulars Less than 1 year 1-2 years 2-3 years >3 years Total
Total 161 – – – 161
2.2 Other intangible assets

Accounting policy
Intangible assets are stated at cost less accumulated amortization and impairment. Intangible assets are amortized over their respective
individual estimated useful lives on a straight-line basis, from the date that they are available for use. The estimated useful life of an
identifiable intangible asset is based on a number of factors including the effects of obsolescence, demand, competition, and other
economic factors (such as the stability of the industry, and known technological advances), and the level of maintenance expenditures
required to obtain the expected future cash flows from the asset. Amortization methods and useful lives are reviewed periodically
including at each financial year end.
Research costs are expensed as incurred. Software product development costs are expensed as incurred unless technical and
commercial feasibility of the project is demonstrated, future economic benefits are probable, the Company has an intention and ability
to complete and use or sell the software and the costs can be measured reliably. The costs which can be capitalized include the cost of
material, direct labor, overhead costs that are directly attributable to preparing the asset for its intended use.
The changes in the carrying value of acquired intangible assets for the year ended March 31, 2023 are as follows :
(In ₹ lakh)
Particulars Customer- Software- Trade name- Others Total

related related related
Gross carrying value as at April 1, 2022 – – – – –
Additions through business transfer – 117 – – 117
Deletions during the year – – – – –
Gross carrying value as at March 31, 2023 – 117 – – 117
Accumulated amortization as at April 1, 2022 – – – – –
Amortization expense – (10) – – (10)
Accumulated amortization on deletions – – – – –
Accumulated amortization as at March 31, 2023 – (10) – – 10
Carrying value as at April 1, 2022 – – – – –
Carrying value as at March 31, 2023 – 107 – – 107
Estimated useful life (in years) – 5-6 – – –
Estimated remaining useful life (in years) – 5 – – –
The changes in the carrying value of acquired intangible assets for the year ended March 31, 2022 were as follows :
(In ₹ lakh)
Particulars Customer- Software- Trade name- Others Total

related related realted
Gross carrying value as at April 1, 2021 – – – – –
Additions through business transfer – – – – –
Deletions during the year – – – – –
Gross carrying value as at March 31, 2022 – – – – –
Accumulated amortization as at April 1, 2021 – – – – –
Amortization expense – – – – –
Accumulated amortization on deletions – – – – –
Accumulated amortization as at March 31, 2022 – – – – –
Carrying value as at April 1, 2021 – – – – –
Carrying value as at March 31, 2022 – – – – –
Estimated useful life (in years) – – – – –
Estimated remaining useful life (in years) – – – – –

2.3 Investments Particulars As at March 31,
(In ₹ lakh)
2023 2022
Particulars As at March 31 Current
2023 2022 Restricted deposits* 6,043 5,608
Unquoted current investments Unbilled revenues (1)#
30,023 32,770
Investments carried at fair value Interest accrued but not due 2,350 584
through profit or loss
Others (2)
310 152
Liquid mutual fund units 40,533 38,131
Total current other financial assets 38,726 39,114
Total investments 40,533 38,131
Total other financial assets 42,665 39,115
Method of fair valuation Financial assets carried at
(In ₹ lakh) amortized cost 42,665 39,115
Class of investment Method As at March 31,
(1)
Includes dues from fellow subsidiaries
(Refer to Note 2.21) 210 22
2023 2022 (2)
Includes dues from fellow subsidiaries
Liquid mutual fund Quoted (Refer to Note 2.21) 3 –
units price 40,533 38,131
* Restricted deposits represent deposit with financial institutions to settle
2.4 Loans employee related obligations as and when they arise during the normal
course of business.
(In ₹ lakh) #
Classified as financial asset as right to consideration is unconditional upon
Particulars As at March 31, a passage of time.
2023 2022 2.6 Trade receivables
Non-current (In ₹ lakh)
Loans Particulars As at March 31,
Unsecured, considered good 2023 2022
Loans to employees 1 8 Trade receivable considered good –
Total non-current loans 1 8 Unsecured (1) 21,620 14,049
Current Less: Allowance for expected credit
loss 2,141 850
Other loans
Trade receivable considered good –
Loans to employees 255 278 Unsecured 19,479 13,199
Total current loans 255 278 Trade receivable – credit impaired –
Total loans 256 286 Unsecured – –
Less: Allowance for credit impairment – –
Trade receivable – credit impaired –
(In ₹ lakh)
Unsecured – –
Particulars As at March 31, Total trade receivables 19,479 13,199
2023 2022 (1)
Includes dues from Holding company
Non- current and fellow subsidiaries (Refer to Note
2.21) 528 909
Security deposits 1 1
Unbilled revenues 3,938 –
Total non-current other financial assets 3,939 1
The trade receivables ageing schedule for the years ended as on March 31, 2023 and March 31, 2022 is as follows :
(In ₹ lakh)
Particulars Not due Outstanding for following periods from due date of payment Total
< 6 6 months - 1-2 years 2-3 years >3 years
months 1 year
Undisputed trade receivables – considered good 13,094 6,203 961 688 252 422 21,620
6,030 5,724 1,479 253 195 367 14,048
Undisputed trade receivables – credit impaired – – – – – – –
– – – – – – –

< 6 6 months - 1-2 years 2-3 years >3 years
months 1 year
Disputed trade receivables – considered good – – – – – – –
– – – – – – –
Disputed trade receivables – credit impaired – – – – – – –
– – – – – – –
Less: Allowance for credit loss 2,141
850
Total trade receivables 13,094 6,203 961 688 252 422 19,479
6,030 5,724 1,479 253 195 367 13,199
2.7 Cash and cash equivalents Particulars As at March 31,

(In ₹ lakh)
2023 2022
Particulars As at March 31, Prepaid expenses 3,687 2,689
2023 2022 Withholding taxes and others* 5,663 4,693
Balances with banks
Cost of fulfilment 2,319 657
In current and deposit accounts 60,322 22,712
Total current other assets 23,344 12,859
Total cash and cash equivalents 60,322 22,712 Total other assets 31,117 16,995
Deposit accounts with more than
12 months maturity – –
(1)
Classified as non-financial asset as the contractual right to consideration is
Balances with banks held as
* Withholding taxes and others primarily consist of input tax credits
margin money deposits against
guarantees – – 2.9 Financial instruments
Accounting policy
Cash and cash equivalents as of March 31, 2023 and March 31,
2022 does not include any restricted cash and bank balances.
The deposits which are maintained by the Company with banks when it becomes a party to the contractual provisions of the
and financial institutions comprises of time deposits, which can instrument. All financial assets and liabilities are recognized
be withdrawn by the Company at any point without prior notice at fair value on initial recognition, except for trade receivables
or penalty on the principal. which are initially measured at transaction price. Transaction
2.8 Other assets of financial assets and financial liabilities, that are not at fair
(In ₹ lakh) value through profit or loss, are added to the fair value on initial
recognition. Regular purchase and sale of financial assets are
accounted for at trade date.
2023 2022
Noncurrent 2.9.2 Subsequent measurement
Advances other than capital advances a. Non-derivative financial instruments
Others (i) Financial assets carried at amortized cost
Prepaid expenses 116 198 A financial asset is subsequently measured at amortized cost
Cost of fulfilment 4,087 3,278 if it is held within a business model whose objective is to hold
the asset in order to collect contractual cash flows and the
Prepaid gratuity (Refer to Note
2.19) 812 661 contractual terms of the financial asset give rise on specified
dates to cash flows that are solely payments of principal and
2,757 – interest on the principal amount outstanding.
Total non-current other assets 7,773 4,136 (ii) Financial assets at fair value through other
Current comprehensive income
Advance other than capital advances A financial asset is subsequently measured at fair value through
Payment to vendors for supply of other comprehensive income if it is held within a business model
goods / services 225 59 whose objective is achieved by both collecting contractual cash
Others flows and selling financial assets and the contractual terms of the
financial asset give rise on specified dates to cash flows that are
Unbilled revenues(1) 11,450 4,761 solely payments of principal and interest on the principal amount

outstanding. The Company has made an irrevocable election 2.9.3 Derecognition of financial instruments
for its investments which are classified as equity instruments The Company derecognizes a financial asset when the
to present the subsequent changes in fair value in other contractual rights to the cash flows from the financial asset
comprehensive income based on its business model. expire or it transfers the financial asset and the transfer qualifies
(iii) Financial assets at fair value through profit or loss for derecognition under Ind AS 109. A financial liability (or a
part of a financial liability) is derecognized from the Company’s
A financial asset which is not classified in any of the above Balance Sheet when the obligation specified in the contract is
categories are subsequently fair valued through profit or loss. discharged or cancelled or expires.
Financial liabilities are subsequently carried at amortized
In determining the fair value of its financial instruments, the
cost using the effective interest method. For trade and other
Company uses a variety of methods and assumptions that are
payables maturing within one year from the Balance Sheet date,
the carrying amounts approximate fair value due to the short
maturity of these instruments.
b. Derivative financial instruments and dealer quotes. All methods of assessing fair value result
The Company holds derivative financial instruments such as
foreign exchange forward and option contracts to mitigate the
Refer to table below for the disclosure on carrying value and
risk of changes in exchange rates on foreign currency exposures.
fair value of financial assets and liabilities. For financial assets
The counterparty for these contracts is generally a bank.
and liabilities maturing within one year from the Balance
(i) Financial assets or financial liabilities, at fair value Sheet date and which are not carried at fair value, the carrying
through profit or loss amounts approximate fair value due to the short maturity
This category has derivative financial assets or liabilities which
are not designated as hedges.
2.9.5 Impairment
Although the Company believes that these derivatives The Company recognizes loss allowances using the expected
constitute hedges from an economic perspective, they may credit loss (ECL) model for the financial assets which are not fair
not qualify for hedge accounting under Ind AS 109, Financial valued through profit or loss. Loss allowance for trade receivables
Instruments. Any derivative that is either not designated as with no significant financing component is measured at an
hedge, or is so designated but is ineffective as per Ind AS 109, is amount equal to lifetime ECL. For all other financial assets, ECL
categorized as a financial asset or financial liability, at fair value are measured at an amount equal to the 12-month ECL, unless
through profit or loss. there has been a significant increase in credit risk from initial
Derivatives not designated as hedges are recognized initially at recognition in which case those are measured at lifetime ECL.
fair value and attributable transaction costs are recognized in The amount of ECL (or reversal) that is required to adjust the loss
net profit in the standalone Statement of Profit and Loss when allowance at the reporting date to the amount that is required to
incurred. Subsequent to initial recognition, these derivatives are be recognized is recognized as an impairment gain or loss in the
measured at fair value through profit or loss and the resulting Statement of Profit or Loss.
exchange gains or losses are included in other income. Assets/
liabilities in this category are presented as current assets/ current
liabilities if they are either held for trading or are expected to be
realized within 12 months after the Balance Sheet date.

The carrying value and fair value of financial instruments by categories as of March 31, 2023 are as follows :
(In ₹ lakh)
Particulars Note Amortized Financial assets/ liabilities Financial assets/liabilities Total Total fair
cost at fair value through profit at fair value through OCI carrying value
or loss value
Designated Mandatory Equity Mandatory
upon initial instruments
recognition designated
upon initial
recognition
Assets
Cash and cash
equivalents 2.7 60,322 – – – – 60,322 60,322
Investments – Liquid
mutual funds units 2.3 – – 40,533 – – 40,533 40,533

or loss value
upon initial
recognition
Trade receivables 2.6 19,479 – – – – 19,479 19,479
Loans 2.4 256 – – – – 256 256
Other financial assets (1)
2.5 42,665 – – – – 42,665 42,665
Total 1,22,722 – 40,533 – – 1,63,255 1,63,255
Liabilities
Trade payables 2.12 3,312 – – – – 3,312 3,312
Other financial
liabilities 2.11 38,826 – – – – 38,826 38,826
Total 42,138 – – – – 42,138 42,138
(1)
The carrying value and fair value of financial instruments by categories as of March 31, 2022 were as follows :
(In ₹ lakh)
or loss value
upon initial
recognition
Assets
Cash and cash
equivalents 2.7 22,712 – – – – 22,712 22,712
Investments – Liquid
mutual funds units 2.3 – – 38,131 – – 38,131 38,131
Trade receivables 2.6 13,199 – – – – 13,199 13,199
Loans 2.4 286 – – – – 286 286
Other financial assets (1)
2.5 39,115 – – – – 39,115 39,115
Total 75,312 – 38,131 – – 1,13,443 1,13,443
Liabilities
Trade payables 2.12 4,148 – – – – 4,148 4,148
Other financial
liabilities 2.11 37,068 – – – – 37,068 37,068
Total 41,216 – – – – 41,216 41,216
(1)

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 3 – Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at March 31, 2023 is as follows :
(In ₹ lakh)
Particulars As on March Fair value measurement at end of the

31, 2023 reporting period / year using
Assets
Investment in liquid mutual fund units (Refer to Note 2.3) 40,533 40,533 – –
Liabilities
Derivative financial instruments – loss on outstanding foreign currency
forward contracts (Refer to Note 2.11) – – – –
The fair value hierarchy of assets and liabilities measured at fair value on a recurring basis as at March 31, 2022 is as follows :
(In ₹ lakh)
Particulars As on March Fair value measurement at end of the

31, 2022 reporting period / year using
Assets
Investment in liquid mutual fund units (Refer to Note 2.3) 38,131 38,131 – –
Liabilities
Derivative financial instruments – loss on outstanding foreign currency
forward contracts (Refer to Note 2.11) – – – –
The foreign currency risk from financial instruments as of March 31, 2023 is as follows :
(In ₹ lakh)
Particulars US Dollar Euro UK Pound Sterling Australian Other Total

Dollar currencies
Net financial assets 24,642 3,784 527 423 2,667 32,043
Net financial liabilities (14,232) (451) (76) (18) (512) (15,289)
Total 10,410 3,333 451 405 2,155 16,754
The foreign currency risk from financial instruments as of March 31, 2022 was as follows :
(In ₹ lakh)
Particulars US Dollar Euro UK Pound Australian Other Total
Sterling Dollar currencies
Net financial assets 19,846 2,264 375 97 10 22,593
Net financial liabilities (9,081) (437) (63) (8) (0) (9,590)
Total 10,765 1,827 312 89 10 13,002
Credit risk
Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The maximum exposure to the
credit risk at the reporting date is primarily from trade receivables amounting to ₹19,749 lakh and ₹13,199 lakh as of March 31, 2023 and
March 31, 2022 respectively and unbilled revenue amounting to ₹48,169 lakh and ₹37,532 lakh as of March 31, 2023 and March 31, 2022,
respectively. Credit risk has always been managed through credit approvals, establishing credit limits and continuously monitoring
the creditworthiness of customers to which the Company grants credit terms in the normal course of business. The Company uses a
provision matrix to compute the expected credit losses on the customer balances based on internal and external factors.
(In ₹ lakh)

2023 2022
Provisions recognized 1,782 272
Write-offs (188) –
Balance at the end 2,546 882
Credit risk on cash and cash equivalent is limited as the Company generally invest in deposits with banks and in liquid mutual fund units.

Liquidity risk
Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time.The Company’s principal
sources of liquidity are cash and cash equivalents and the cash flow that is generated from operations. The Company believes that the
working capital is sufficient to meet its current requirements. Accordingly, no liquidity risk is perceived.
As of March 31, 2023, the Company had a working capital of ₹1,04,586 lakh including cash and cash equivalents of ₹60,322 lakh and
current investments of ₹51,860. As of March 31, 2022, the Company had a working capital of ₹51,342 lakh including cash and cash
equivalents of ₹22,712 lakh and current investments of ₹38,131 lakh.
As of March 31, 2023 and March 31, 2022, the outstanding compensated absences were ₹1,526 lakh and ₹1,766 lakh, respectively, which
have been substantially funded. Accordingly no liquidity risk is perceived.
The details regarding the contractual maturities of significant financial liabilities as at March 31, 2023 are as follows :
(In ₹ lakh)
Trade payables 3,312 – – – 3,312
Other liabilities 37,297 – – – 37,297
40,609 – – – 40,609
The details regarding the contractual maturities of significant financial liabilities as at March 31, 2022 were as follows :
(In ₹ lakh)
Trade payables 4,148 – – – 4,148
Other liabilities excluding 35,302 – – – 35,302
39,450 – – – 39,450
2.10 Equity
Share capital
Accounting policy
Ordinary shares
Retained earnings
Other components of equity consist of remeasurement of net defined benefit liability/asset net of taxes
Share capital
(In ₹ lakh, except as otherwise stated)

2023 2022
Authorized
Equity shares, ₹10 par value
410,00,00,000 (410,00,00,000) equity shares 4,10,000 4,10,000
Issued, subscribed and paid-up
Equity shares, ₹10 par value 1,31,184 1,31,184
131,18,40,000 (131,18,40,000) equity shares fully paid-up and held by the holding company, Infosys Limited
1,31,184 1,31,184
The Company has only one class of shares referred to as equity shares having a par value of ₹10. Each holder of equity shares is entitled
to one vote per share.

Company in proportion to the number of equity shares held by the shareholders after the distribution of all preferential amount.
However, no such preferential amount exists currently.
The details of shareholder holding more than 5% shares as at March 31, 2023 and March 31, 2022 are as follows :
Name of the shareholder As at March 31, 2023 As at March 31, 2022

Number of % held Number of % held
shares shares
Infosys Limited, holding company 131,18,40,000 100% 131,18,40,000 100%
The reconciliation of the number of shares outstanding and the amount of share capital as at March 31, 2023 and March 31,
2022 are as follows :
(In ₹ lakh, except equity share data)
Particulars As at March 31, 2023 As at March 31, 2022

Number of Amount Number of Amount
shares shares
Number of shares at the beginning and end of the year 131,18,40,000 1,31,184 131,18,40,000 1,31,184
The details of shareholding of promoters as at March 31, 2023 and March 31, 2022 are as follows :
Promoter name As at March 31, 2023 As at March 31, 2022

Number of % held % change Number of % held % Change
shares shares
Infosys Limited, holding
company 131,18,40,000 100 0 131,18,40,000 100 0
2.10.1 Dividend
The final dividend on shares is recorded as a liability on the date of approval by the shareholders and interim dividends are recorded as a
liability on the date of declaration by the Company’s Board of Directors.
The Company declares and pays dividends in Indian rupees. Companies are required to pay/distribute dividend after deducting
applicable withholding income taxes.
The amount of per share (₹10 par value) dividend recognized as distribution to equity shareholders is as follows :
(in ₹)

2023 2022
Interim dividend for fiscal 2023 2.10 –
During the year ended March 31, 2023, on account of the interim dividend for fiscal 2023, the Company has incurred a net cash
outflow of ₹27,549 lakh.
The Board of Directors, at its meeting on April 12, 2023, recommended a final dividend of ₹3.05 per equity share for the financial year
ended March 31, 2023. This payment is subject to the approval of shareholders in the Annual General Meeting (AGM) of the Company to
be held on May 15, 2023 and if approved, would result in a net cash outflow of approximately ₹40,011 lakh.

(In ₹ lakh)

2023 2022
Current
Accrued compensation to employees 4,179 5,125
Capital creditors 604 118
Foreign currency forward contracts – –
Compensated absences 1,529 1,766
Accrued expenses (1) 32,120 29,679
Other payables (2) 394 380
Total current other financial liabilities 38,826 37,068

2023 2022
Total other financial liabilities 38,826 37,068
Financial liability carried at amortized cost 38,826 37,068
(1)
Includes dues to holding company and fellow subsidiaries (Refer to Note 2.21) 11,319 6,453
(2)
Includes dues to fellow subsidiaries (Refer to Note 2.21) 4 10
2.12 Trade payables

(In ₹ lakh)
2023 2022
Current
Trade payables (1) 3,312 4,148
Total trade payables 3,312 4,148
(1)
Includes dues to holding company/fellow subsidiaries (Refer to Note2.21) 296 75
There is no interest due or outstanding on the dues to Micro, Small and Medium Enterprises (MSME). During the years ended
March31, 2023 and March 31, 2022, an amount of ₹174 lakh and nil was paid beyond the appointed day as defined in the Micro, Small and
Medium Enterprises Development Act 2006.
The trade payables ageing schedule for the year ended March 31, 2023 is as follows :
(In ₹ lakh)
<1 year 1-2 years 2-3 years >3 years
MSME 582 – – – – 582
Others 2,802 (72) – – – 2,730
Disputed dues –
MSME – – – – – –
Disputed dues -
Others – – – – – –
Total trade
payables 3,384 (72) – – – 3,312
The trade payables ageing schedule for the year ended March 31, 2022 was as follows :
(In ₹ lakh)
<1 year 1-2 years 2-3 years >3 years
MSME – – – – – –
Others 1,836 2,312 – – – 4,148
Disputed dues -
MSME – – – – – –
Disputed dues -
Others – – – – – –
Total trade
payables 1,836 2,312 – – – 4,148

2.13 Other liabilities The movement in provision for post-sales client support and
(In ₹ lakh) warranties and others is as follows :
Particulars As at March 31, (In ₹ lakh)

2023 2022 Particulars As at March 31,
Current 2023 2022
Unearned revenue 15,896 15,179 Balance at the beginning 142 181
Withholding taxes and other Provisions recognized / (reversal) 8 (39)
taxes 9,448 8,252
Provision utilized (31) –
Total current other liabilities 25,344 23,431
Translation differences (3) –
Total other liabilities 25,344 23,431
Balance at the end 116 142
2.14 Provisions Provision for post-sales client support and others are expected to
Accounting policy be utilized over a period of six months to one year.
A provision is recognized if, as a result of a past event, the
Company has a present legal or constructive obligation that 2.15 Income taxes
can be estimated reliably, and it is probable that an outflow Accounting policy
of economic benefits will be required to settle the obligation. Income tax expense comprises current and deferred income tax.
Provisions are determined by discounting the expected future Income tax expense is recognized on net profit in the Statement
cash flows at a pre-tax rate that reflects current market of Profit and Loss except to the extent that it relates to items
assessments of the time value of money and the risks recognized directly in equity, in which case it is recognized in
specific to the liability. other comprehensive income. Income tax for current and prior
year is recognized at the amount expected to be paid to or
a. Post-sales client support and others recovered from the tax authorities, using the tax rates and tax
The Company provides its clients with a fixed-period post-sales laws that have been enacted or substantively enacted by the
support for corrections of errors and support on all its fixed-price, balance sheet date. Deferred income tax assets and liabilities are
fixed-timeframe contracts. Costs associated with such support recognized for all temporary differences arising between the tax
services are accrued at the time related revenues are recorded in bases of assets and liabilities and their carrying amounts in the
the Statement of Profit and Loss. The Company estimates such financial statements. Deferred tax assets are reviewed at each
costs based on historical experience and estimates are reviewed reporting date and are reduced to the extent that it is no longer
on a periodic basis for any material changes in assumptions and probable that the related tax benefit will be realized.
likelihood of occurrence.
Provisions for onerous contracts are recognized when the taxable income in the years in which those temporary differences
expected benefits to be derived by the Company from a are expected to be recovered or settled. The effect of changes
contract are lower than the unavoidable costs of meeting in tax rates on deferred income tax assets and liabilities is
the future obligations under the contract. The provision is recognized as income or expense in the period that includes
measured at the present value of the lower of the expected the enactment or the substantive enactment date. A deferred
cost of terminating the contract and the expected net cost of income tax asset is recognized to the extent that it is probable
continuing with the contract. Before a provision is established, that future taxable profit will be available against which the
the Company recognizes any impairment loss on the assets deductible temporary differences and tax losses can be utilized.
associated with that contract. The Company offsets current tax assets and current tax liabilities,
where it has a legally enforceable right to set off the recognized
Provision for post-sales client support and others amounts and where it intends either to settle on a net basis, or
(In ₹ lakh) to realize the asset and settle the liability simultaneously. Tax
Particulars As at March 31
benefits of deductions earned on exercise of employee share
options in excess of compensation charged to income are
2023 2022 credited to securities premium
Current
Income tax expense in the Statement of profit
Others and loss comprises :
Post-sales client support and
others 116 142 (In ₹ lakh)
Total provisions 116 142 Particulars As at March 31,
2023 2022
Current taxes 34,049 27,394
Deferred taxes (284) 161
Income tax expense 33,765 27,555

The applicable Indian corporate statutory tax rate for the year The tax effects of significant temporary differences that resulted
ended on March 31,2023 is 25.17%. New Income tax regime as in deferred income tax assets and liabilities are as follows :
per The Taxation Laws (Amendment) Act, 2019 is opted by the
Company from financial year 2019-20 onwards. (In ₹ lakh)
Income tax expense for the year ended March 31, 2023 and Particulars As at March 31,
March 31, 2022 includes provision of ` 1,540 lakh and provision 2023 2022
of ` 1,126 lakh (Net of reversal) respectively pertaining to
prior periods on adjudication of certain matters in favor of the
Company and upon filing of returns. Trade receivables 641 222
Deferred income tax income amounting to ` 284 Lakh and
Deferred income tax expense of ` 161 lakh for the year ended Others (42) (1)
March 31, 2023 and March 31, 2022, respectively have been Total deferred income tax assets 984 665
recorded in the Statement of Profit and Loss.
Deferred income tax liabilities
A reconciliation of the income tax provision to the amount Property, plant and equipment 112 77
computed by applying the statutory income tax rate to the
income before income taxes is summarized below : Total deferred income tax liabilities 112 77
Deferred income tax assets after
(In ₹ lakh) set off 872 588
Particulars As at March 31, Deferred income tax liabilities
after set off – –
2023 2022
Profit before income taxes 1,26,754 1,02,586
The gross movement in the deferred income tax account for the
Enacted tax rates in India 25.17% 25.17% years ended March 31, 2023 and March 31, 2022 is as follows :
Computed expected tax expense 31,901 25,819
(In ₹ lakh)
Overseas taxes, net of foreign tax
credit (69) 173 Particulars As at March 31,
Prior year taxes 1,540 1,126 2023 2022
Effect of non-deductible expenses 394 332 Net deferred income tax asset at the
beginning 588 749
Others (1) 105
Credits relating to temporary
differences (Refer to Note 2.15) 284 (161)
The applicable Indian statutory tax rates for fiscal 2023 is 25.17% Temporary differences on other
and fiscal 2022 was 25.17%. comprehensive income – –
The details of income tax assets and income tax liabilities as at Net deferred income tax asset at the
March 31, 2023 and March 31, 2022 are as follows : end 872 588
In assessing the reliability of deferred income tax assets, the
(In ₹ lakh)
management considers whether some portion or all of the
Particulars As at March 31, deferred income tax assets will not be realized. The ultimate
2023 2022 realization of deferred income tax assets is dependent upon
the generation of future taxable income during the periods
Income tax assets 22,773 19,239
in which the temporary differences become deductible. The
Current income tax liabilities 10,475 10,073 management considers the scheduled reversals of deferred
Net current income tax assets at the income tax liabilities, projected future taxable income, and tax
end 12,298 9,166 planning strategies in making this assessment. Based on the level
of historical taxable income and projections for future taxable
The gross movement in the current income tax asset for the years income over the periods in which the deferred income tax assets
ended March 31, 2023 and March 31, 2022 are as follows : are deductible, management believes that the Company will
(In ₹ lakh) of the deferred income tax assets considered realizable, however,
Particulars As at March 31, could be reduced in the near term if estimates of future taxable
2023 2022
Net current income tax assets at the
2.16 Revenue from operations
beginning 9,166 3,020
Accounting policy
Income tax paid 37,181 33,539
The Company derives revenues primarily from business IT
Current income tax expense (Refer to services comprising of software development and related
Note 2.15) (34,049) (27,394) services, consulting and package implementation and from the
Net current income tax assets at the licensing of software products and platforms across our core and
end 12,298 9,166 digital offerings (“together called as software-related services”).

Revenue is recognized upon transfer of control of promised performance obligation and the revenue is recognized using
products or services to customers in an amount that reflects the percentage-of-completion method as the implementation
the consideration we expect to receive in exchange for those is performed. Revenue from client training, support and
products or services. other services arising due to the sale of software products is
recognized as the performance obligations are satisfied. ATS
Arrangements with customers for software-related
revenue is recognized ratably over the period in which the
services are either on a fixed-price, fixed-timeframe or on a
services are rendered.
time-and-material basis.
Advances received for services and products are reported
Revenue on time-and-material contracts are recognized as
as contract liabilities until all conditions for revenue
the related services are performed and revenue from the end
recognition are met.
of the last invoicing to the reporting date is recognized as
contract asset (unbilled revenue). Revenue from fixed-price, Contract modifications are accounted for when additions,
fixed-timeframe contracts, where the performance obligations deletions or changes are approved either to the contract scope
are satisfied over time and where there is no uncertainty as to or contract price. The accounting for modifications of contracts
measurement or collectability of consideration, is recognized involves assessing whether the services added to an existing
as per the percentage-of-completion method. When there contract are distinct and whether the pricing is at the standalone
is uncertainty as to measurement or ultimate collectability, selling price. Services added that are not distinct are accounted
revenue recognition is postponed until such uncertainty is for on a cumulative catch up basis, while those that are distinct
resolved. Efforts or costs expended have been used to measure are accounted for prospectively, either as a separate contract, if
progress towards completion as there is a direct relationship the additional services are priced at the standalone selling price,
between input and productivity. Revenues in excess of invoicing or as a termination of the existing contract and creation of a new
are classified as contract asset while invoicing in excess of contract if not priced at the standalone selling price.
revenues are classified as contract liability (unearned revenues).
Certain eligible, nonrecurring costs (e.g. set-up or transition
Maintenance revenue is recognized ratably over the term of the
or transformation costs) that do not represent a separate
underlying maintenance arrangement.
performance obligation are recognized as an asset when
In arrangements for software development and related services such costs (a) relate directly to the contract; (b) generate
and maintenance services, the Company has applied the or enhance resources of the Company that will be used in
guidance in Ind AS 115, Revenue from contract with customer, satisfying the performance obligation in the future; and (c) are
by applying the revenue recognition criteria for each distinct expected to be recovered. Such capitalized contract costs are
performance obligation. The arrangements with customers amortized over the respective contract life on a systematic basis
generally meet the criteria for considering software development consistent with the transfer of goods or services to customer to
and related services as distinct performance obligations. For which the asset relates.
allocating the transaction price, the Company has measured the
The Company presents revenues net of indirect taxes in its
revenue in respect of each performance obligation of a contract
at its relative standalone selling price. The price that is regularly
charged for an item when sold separately is the best evidence Revenue from operations for the years ended March 31, 2023 and
of its standalone selling price. In cases where the Company is March 31, 2022 are as follows :
unable to determine the standalone selling price, the Company
uses the expected cost plus margin approach in estimating the (In ₹ lakh)
standalone selling price. For software development and related
services, the performance obligations are satisfied as and when
the services are rendered since the customer generally obtains 2023 2022
control of the work as it progresses. Revenue from operations 3,44,628 3,00,538
Revenue from licenses where the customer obtains a “right to Total revenue from operations 3,44,628 3,00,538
use” the licenses is recognized at the time the license is made
available to the customer. Revenue from licenses whether the Trade receivables and contract balances
customer obtains a “right to access” is recognized over the The Company classifies the right to consideration in exchange for
access period. Arrangements to deliver software products deliverables as either a receivable or as unbilled revenue.
generally have three elements: license, implementation and
A receivable is a right to consideration that is unconditional upon
Annual Technical Services (ATS). The Company has applied the
passage of time. Revenue for time and material contracts are
principles under Ind AS 115 to account for revenues from these
recognised as related service are performed. Revenue for fixed-
performance obligations. When implementation services are
price maintenance contracts is recognized on a straight-line basis
provided in conjunction with the licensing arrangement and
over the period of the contract. Revenues in excess of billings
the same have been identified as two separate performance
is recorded as unbilled revenue and is classified as a financial
obligations, the transaction price for such contracts are allocated
asset for these cases as right to consideration is unconditional
to each performance obligation of the contract based on their
upon passage of time.
relative standalone selling prices. In the absence of standalone
selling price for implementation, the performance obligation Revenue recognition for fixed-price development contracts is
is estimated using the expected cost plus margin approach. based on percentage-of-completion method. Invoicing to the
Where the license is required to be substantially customized clients is based on milestones as defined in the contract. This
as part of the implementation service the entire arrangement would result in the timing of revenue recognition being different
fee for license and implementation is considered to be a single from the timing of billing the customers. Unbilled revenue for

fixed-price development contracts is classified as non-financial Transactions and translations
asset as the contractual right to consideration is dependent on Foreign-currency denominated monetary assets and liabilities
completion of contractual milestones. are translated into the relevant functional currency at exchange
Invoicing in excess of earnings are classified as unearned revenue. rates in effect at the balance sheet date. The gains or losses
resulting from such translations are included in net profit in
Trade receivable and unbilled revenues are presented net of the Statement of Profit and Loss and reported within exchange
impairment in the Balance Sheet. gains/(losses) on translation of assets and liabilities, net. Non-
During the years ended March 31, 2023 and March 31, 2022, the monetary assets and liabilities denominated in a foreign currency
Company recognized revenue of ₹13,387 lakh and ₹8,400 lakh and measured at fair value are translated at the exchange rate
arising from opening unearned revenue as of April 1, 2022 and prevalent at the date when the fair value was determined. Non-
April 1, 2021, respectively. monetary assets and liabilities denominated in a foreign currency
and measured at historical cost are translated at the exchange
During the years ended March 31, 2023 and March 31, 2022, rate prevalent at the date of transaction. The related revenue and
₹3,727 lakh and ₹3,100 lakh of unbilled revenue pertaining expense are recognized using the same exchange rate.
to other fixed-price and fixed-timeframe contracts as
of April 1, 2022 and April 1, 2021, respectively, has been Transaction gains or losses realized upon settlement of foreign
reclassified to trade receivables upon billing to customers on currency transactions are included in determining net profit
completion of milestones. for the period in which the transaction is settled. Revenue,
expense and cash-flow items denominated in foreign currencies
Performance obligations and remaining performance are translated into the relevant functional currencies using the
obligations exchange rate in effect on the date of the transaction.
The remaining performance obligation disclosure provides the Other income for the years ended March 31, 2023 and March 31,
aggregate amount of the transaction price yet to be recognized 2022 are as follows :
to when the Company expects to recognize these amounts (In ₹ lakh)
in revenue. Applying the practical expedient as given in Particulars Year ended March 31,
Ind AS 115, the Company has not disclosed the remaining
performance obligation related disclosures for contracts where 2023 2022
the revenue recognized corresponds directly with the value Interest income received on financial
to the customer of the entity’s performance completed to assets – carried at amortized cost
date, typically those contracts where invoicing is on time and Deposits with banks and others 3,564 3,592
material basis. Remaining performance obligation estimates are
Profit on sale of fixed assets 13 14
subject to change and are affected by several factors, including
terminations, changes in the scope of contracts, periodic Exchange gain / (loss) on translation
revalidations, adjustment for revenue that has not materialized of assets and liabilities 1,697 21
and adjustments for currency. Gain / (loss) on investment carried at
fair value through profit or loss 1,876 767
The aggregate value of performance obligations that are
completely or partially unsatisfied as of March, 2023, other Exchange gains/ (losses) on foreign
than those meeting the exclusion criteria mentioned above currency forward and options
is ` 82,410 lakh. Out of this, the Group expects to recognize contracts (17) 310
revenue of around 37.8% within the next one year and the Miscellaneous income 9 2
remaining thereafter. This includes contracts that can be Total other income 7,142 4,706
2.18 Expenses
(In ₹ lakh)
2.17 Other income,net Particulars Year ended March 31,

Other income is comprised primarily of interest income, dividend 2023 2022
income, gain / loss on investments and exchange gain/loss on Employee benefit
forward and options contracts and on translation of foreign expenses
currency assets and liabilities. Interest income is recognized using
Salaries including
the effective interest method. Dividend income is recognized
bonus 66,266 68,206
when the right to receive payment is established.
Contribution to
Foreign currency – Accounting policy provident and other
funds 3,660 3,628
Functional currency
Staff welfare 849 937
The functional currency of the Company is the Indian rupee.
These financial statements are presented in Indian rupees 70,775 72,770
(rounded off to lakh). Travel expenses
Overseas travel
expenses 5,699 1,971

Liabilities with regard to the Gratuity Plan are determined by
actuarial valuation, performed by an independent actuary, at
2023 2022 each Balance Sheet date using the projected unit credit method.
Travelling and The Company fully contributes all ascertained liabilities to the
conveyance 826 286 EdgeVerve Systems Limited Employees Gratuity Fund Trust
6,525 2,257 (the Trust). Trustees administer contributions made to the Trust
and contributions are invested in a scheme with Life Insurance
Cost of software
Corporation of India as permitted by Indian Law.
packages and others
For own use 10,632 8,450 The Company recognizes the net obligation of a defined benefit
plan in its Balance Sheet as an asset or liability. Gains and losses
Third party items through re-measurements of the net defined benefit liability/
bought for service (asset) are recognized in other comprehensive income, net of
delivery to clients 11,117 20,928
taxes and are not reclassfied to Statement of Profit and Loss
21,749 29,378 in subsequent period. The actual return of the portfolio of
Other expenses plan assets, in excess of the yields computed by applying the
discount rate used to measure the defined benefit obligation
Repairs and
is recognized in Other Comprehensive Income. The effect
maintenance 1,592 1,576
of any plan amendments are recognized in net profits in the
Brand and Statement of Profit and Loss.
marketing 6,321 4,362
Communication 2.19.2 Superannuation
expenses 816 604 Certain employees of EdgeVerve are participants in a defined
Operating lease contribution plan. The Company has no further obligations to the
payments 2,942 2,887 superannuation plan beyond its monthly contributions which are
Rates and taxes 103 125
periodically contributed to EdgeVerve employee superannuation
trust fund, the corpus of which is invested with the Life Insurance
Commission charge 3,249 2,651 Corporation of India.
Fuel and power 417 405
Consumables (7) 33 2.19.3 Provident fund
Eligible employees receive benefits from a provident fund, which
Provision/(Reversal)
for post-sales client is a defined contribution plan. Both the eligible employee and
support and others (28) (40) the Company make monthly contributions to the provident fund
plan equal to a specified percentage of the covered employee’s
Impairment loss salary. Amounts collected under the provident fund plan are
recognized on deposited in a government-administered provident fund. The
financial assets 1,765 272
Company has no further obligations under the provident fund
Contributions plan beyond its monthly contributions.
towards Corporate
Social Responsibility 1,606 1,300 2.19.4 Compensated absences
Auditor’s The employees of the Company are entitled to compensated
remuneration absences which are both accumulating and non-accumulating
Statutory audit fees 36 35 in nature. The expected cost of accumulating compensated
absences is determined by actuarial valuation performed by an
Others 1,225 346
independent actuary using projected unit credit method on the
20,037 14,557 additional amount expected to be paid/availed as a result of the
unused entitlement that has accumulated at the balance sheet
2.19 Employee benefits date. Expenses on non-accumulating compensated absences is
Accounting policy recognized in the period in which the absences occur.
2.19.1 Gratuity The Code on Social Security, 2020 (“the Code”) relating to
The Company provides for gratuity, a defined benefit retirement employee benefits during employment and post employment
plan (“the Gratuity Plan”) covering eligible employees. benefits received Presidential assent in September 2020. The
The Gratuity Plan provides a lump-sum payment to vested Code has been published in the Gazette of India. However,
employees at retirement, death, incapacitation or termination of the date on which the Code will come into effect has not been
employment, of an amount based on the respective employee’s notified. The Company will assess the impact of the Code when it
salary and the tenure of employment with the Company. comes into effect and will record any related impact in the period
the Code becomes effective

a. Gratuity Particulars Year ended March 31,
The funded status of the gratuity plans and the amounts 2023 2022
recognized in the Company’s financial statements as of March 31,
(Return) / loss on plan assets
2023 and March 31, 2022 is as follows :
excluding amounts included in
the net interest on the net defined
(In ₹ lakh)
benefit liability/(asset) (117) (124)
Particulars As at March 31, (817) (720)
2023 2022
(In ₹ lakh)
Change in benefit obligations
Benefit obligations at the Particulars Year ended March 31,
beginning 7,370 7,952 2023 2022
Service cost 660 784 (Gain)/loss from change in
financial assumptions (227) (1,211)
Interest expense 455 448
(Gain)/loss from change in
Transfer of obligation 214 37
experience (473) 615
Remeasurements - Actuarial (700) (596)
(gains)/ losses (700) (596)
Benefits paid (950) (1,254) The weighted-average assumptions used to determine
Benefit obligations at the end 7,049 7,370 benefit obligations as at March 31, 2023 and March 31,
Change in plan assets 2022 are as follows :
Fair value of plan assets at the Particulars As at March 31,
beginning 8,031 8,550
2023 2022
Interest income 496 489
Transfer of assets 167 22
Weighted average rate of increase in
Remeasurements- Return on compensation levels 7.5% 7.5%
plan assets excluding amounts
included in interest income – –
The weighted-average assumptions used to determine net
Contributions – 100 periodic benefit cost for the years ended March 31, 2023 and
Return on plan assets greater/ March 31, 2022 are as follows :
(lesser) than discount rate 117 124
Benefits paid (950) (1,254)
2023 2022
Fair value of plan assets at the end 7,861 8,031
Funded status 812 661
Weighted average rate of increase in
Prepaid gratuity benefit 812 661 compensation levels 7.5% 10.0%
Weighted average duration of defined
The amounts for the years ended March 31, 2023 and March benefit obligation 5.9 years 5.9 years
31, 2022 recognized in the Statement of Profit and Loss under
employee benefit expense are as follows :
(In ₹ lakh)
The sensitivity of significant assumptions used for valuation of
defined benefit obligation is as follows :
(In ₹ lakh)
2023 2022
Impact from percentage point increase / decrease As at March
Service cost 660 784
in 31, 2023
Net interest on the net defined Discount rate 369
benefit liability/asset (40) (41)
Weighted average rate of increase in compensation
Net gratuity cost 620 743 level 328
The amounts for the years ended March 31, 2023 and March 31, Sensitivity to significant actuarial assumptions is computed
2022 recognized in Statement of Other Comprehensive by varying one actuarial assumption used for the valuation of
Income are as follows : the defined benefit obligation by one percentage, keeping all
(In ₹ lakh) other actuarial assumptions constant. The sensitivity analysis
Particulars Year ended March 31, is based on a change in an assumption while holding all other
assumptions constant. In practice, this is not probable, and
2023 2022 changes in some of the assumptions may be correlated.
Remeasurements of the net defined
benefit liability/ (asset)
Actuarial (gains) / losses (700) (596)

Gratuity is applicable only to employees drawing a obligation that arises from past events but is not recognized
salary in Indian rupees and there are no other foreign because it is not probable that an outflow of resources
defined benefit plans. embodying economic benefits will be required to settle the
obligation or the amount of the obligation cannot be measured
The Company contributes all ascertained liabilities towards
with sufficient reliability.
gratuity to the EdgeVerve Systems Limited Employees’ Gratuity
Fund Trust. Trustees administer contributions made to the trust. (In ₹ lakh)
As of March 31, 2023 and March 31, 2022, the plan assets have
been primarily invested in insurer managed funds. Particulars As at March 31,
Actual return on assets for the years ended March 31, 2023 and 2023 2022
March 31, 2022 were ₹496 lakh and ₹489 lakh, respectively. Contingent liabilities
The Company assesses these assumptions with its projected Claims against the Company, not
long-term plans of growth and prevalent industry standards. The acknowledged as debts (1) 13,721 13,134
discount rate is based on the government securities yield. Commitments
The maturity profile of defined benefit obligation is as follows : Estimated amount of unexecuted
capital contracts and not provided for
(In ₹ lakh) (net of advances and deposits)(2) 1,130 3,102
Within 1 year 1,056 (1)

As at March 31, 2023, claims against the Company not acknowledged
as debts in respect of income tax matters amounted to ₹5,753 lakh and
1-2 years 1,115 in respect of Central Excise and VAT/CST matters amounted to ₹7,969
2-3 years 1,056 lakh. The claims against the Company in respect of income tax majorly
represent demands arising on completion of assessment proceedings
3-4 years 1,083 under the Income Tax Act, 1961. These claims are on account of multiple
4-5 years 1,065 issues of disallowances such as disallowance of expenditure towards
software being held as capital in nature, disallowance of depreciation
5-10 years 5,239 claimed on intangible assets amongst others. The claims against the
Company in respect of Central Excise and VAT/CST matters represent
Assumptions regarding future mortality experience are set in demands arising on account of treating Finacle Software as excisable
accordance with the published statistics by the Life Insurance goods under Central Excise Act, 1944 and demand of CST under Rule 53 (6)
Corporation of India. (b) of CST law.
These matters are pending before various Appellate Authorities and the
b. Provident fund management including its tax advisors expect that its position will likely
The Company contributed ₹3,027 lakh during the year ended be upheld on ultimate resolution and will not have a material adverse
effect on the Company’s financial position and results of operations.
March 31, 2023 (₹2,225 lakh for the year ended March 31, 2022).
Amount paid to statutory authorities against the above tax claims
c. Superannuation amounted to ₹30,922 lakh
(2)
Capital contracts primarily comprises of commitments for facilities and
The Company contributed ₹808 lakh during the year ended computer equipments.
March 31, 2023 (₹779 lakh for the year ended March 31, 2022).
Legal proceedings
2.20 Contingent liabilities and commitments (to the The Company is subject to legal proceedings and claims, which
extent not provided for) have arisen in the ordinary course of business. The Company’s
Contingent liability is a possible obligation arising from past management reasonably expects that these legal actions, when
events and whose existence will be confirmed only by the ultimately concluded and determined, will not have a material
occurrence or non-occurrence of one or more uncertain future and adverse effect on the Company’s results of operations
events not wholly within the control of the entity or a present or financial condition

List of related parties :
Name of the holding company Country Holding as at March 31,

2023 2022
Infosys Limited India 100% 100%
Name of fellow subsidiaries Country

Infosys Technologies (China) Co. Limited (Infosys China) (1)
China
Infosys Technologies S. de R. L. de C. V. (Infosys Mexico)(1) Mexico
Sweden
US
India

Infosys Austria GmbH (1)
Austria
Skava Systems Private Limited (Skava Systems) (1)(26)
India
Infosys Chile SpA(1) Chile
Infosys Arabia Limited (2)(26)
Saudi Arabia
Luxembourg
US
Infosys Public Services, Inc. USA (Infosys Public Services)(1) US
Canada
Infosys BPM Limited(1)(43) India
Czech Republic
Infosys Poland Sp z.o.o(3) Poland
US
Portland Group Pty Ltd (3)
Australia
Infosys BPO Americas LLC.(3) US
Switzerland
Switzerland
Germany
France
Infosys Consulting s.r.o. v likvidaci (formerly Infosys Consulting s.r.o.)(4)(34) Czech Republic
Infosys Consulting (Shanghai) Co., Ltd. (4)(30)
China
Infy Consulting Company Ltd (4)
UK
Infy Consulting B.V.(4) The Netherlands
Infosys Consulting S.R.L. (45)
Argentina
Panaya Inc. (Panaya) (1)
US
Panaya Ltd. (6)
Israel
Brilliant Basics Holdings Limited (Brilliant Basics) (1)(26)
UK
Brilliant Basics Limited(7)(26) UK
Infosys Singapore Pte. Ltd. (formerly Infosys Consulting Pte. Ltd.) (1)
Singapore
Infosys Middle East FZ LLC (8)
Dubai
Fluido Oy(8) Finland
Sweden
Denmark
Slovakia
South Africa
WongDoody Holding Company Inc. (WongDoody)(1)(36) US
WDW Communications, Inc (10)(37)
US
WongDoody, Inc(10)(38) US
HIPUS Co., Ltd (9)
Japan
Stater N.V. (9)
The Netherlands

The Netherlands
HypoCasso B.V. (12)
The Netherlands
Belgium
Stater Gmbh(12)(28) Germany
Outbox systems Inc. dba Simplus (US) (15)
US
Canada
Simplus ANZ Pty Ltd.(16) Australia
Simplus Australia Pty Ltd (17)
Australia
Sqware Peg Digital Pty Ltd(18)(31) Australia
Philippines
Simplus Europe, Ltd.(16)(29) UK
UK
Ireland
Kaleidoscope Animations, Inc. (15)
US
Kaleidoscope Prototyping LLC(22) US
GuideVision s.r.o. (14)
Czech Republic
GuideVision Deutschland GmbH (21)
Germany
GuideVision Suomi Oy(21) Finland
Hungary
UK
US
Beringer Capital Digital Group Inc(15)(41) US
Mediotype LLC (23)(41)
US
Beringer Commerce Holdings LLC(23)(41) US
SureSource LLC (24)(39)
US
Blue Acorn LLC (24)(39)
US
Simply Commerce LLC(24)(39) US
iCiDIGITAL LLC (25)(40)
US
Infosys BPM UK Limited(3) UK
Infosys Turkey Bilgi Teknolojileri Limited Sirketi (1)
Turkey
Germany
Infosys Automotive and Mobility GmbH & Co. KG(1) Germany
Infosys Green Forum (1)(32)
India
Infosys (Malaysia) SDN. BHD. (formerly Global Enterprise International (Malaysia) Sdn. Bhd.)(33) Malaysia
Qatar
Infosys Germany GmbH (formerly Kristall 247. GmbH (“Kristall”)) (44)
Germany
oddity GmbH (46) Germany
China
Germany
Germany
oddity code GmbH (46)
Germany
oddity code d.o.o (48)
Serbia
oddity waves GmbH (46) Germany

oddity group services GmbH (46)
Germany
Infosys Public Services Canada Inc. (19)(5)
Canda
BASE life science AG (50) Switzerland
Germany
France
UK
Innovisor Inc. (50)
US
BASE life science Inc.(50) US
BASE life science S.L. (50)(51)
Spain
Panaya Germany GmbH (6)(52) Germany
Infosys Norway (8)(53)
Norway
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
(25)
(26)
Under liquidation
(27)
(28)
(29)
(30)
(31)
(32)
(33)
(34)
(35)
(36)
(37)
(38)
(39)
(40)
(41)

(42)
(43)
On March 17, 2022, Infosys Limited acquired non-controlling interest of 0.01% of the voting interests in Infosys BPM Limited.
(44)
interests in Infosys Germany GmbH (formerly Kristall 247. GmbH (“Kristall”))
(45)
Infosys Consulting S.R.L. (Argentina) (formerly a wholly-owned subsidiary of Infosys Consulting Holding AG) became the majority-owned and controlled
(46)
On April 20, 2022, Infosys Germany GmbH (formerly Kristall 247. GmbH (“Kristall”)) (a wholly-owned subsidiary of Infosys Singapore Pte. Ltd (formerly Infosys
(47)
Wholly-owned subsidiary of oddity GmbH.
(48)
(49)
On September 1, 2022, Infosys Singapore Pte. Ltd. (formerly Infosys Consulting Pte. Ltd.) (a wholly-owned subsidiary of Infosys Limited) acquired 100% of voting
interests in BASE life science A/S.
(50)
(51)
(52)
(53)
(54)
Infosys Financial Services GmbH. (formerly Panaya GmbH) became a wholly-owned subsidiary of Infosys Singapore Pte. Ltd (formerly Infosys Consulting Pte. Ltd.)
with effect from February 23, 2023.
List of other related party

Particulars Country Nature of relationship
EdgeVerve Systems Limited Employees’ Gratuity Fund Trust India Post-employment benefit plan of EdgeVerve
EdgeVerve Systems Limited Employees’ Superannuation Fund Trust India Post-employment benefit plan of EdgeVerve
Infosys Foundation India Trust jointly controlled by KMPs of holding company

Directors
Mohit Joshi, Director (resigned as on March 11, 2023)
Sanat Rao, Whole-time Director
Inderpreet Sawhney, Director
Martha Geiger King, Director
Dennis Kantilal Gada, Director
Sateesh Seetharamiah, Whole-time Director
Deepak Padaki, Director (resigned as on June 30, 2022)
Executive officers
Rajesh Kini, Chief Financial Officer
Prakash Bharadwaj, Company Secretary
The details of amounts due to or due from related parties as at Particulars As at March 31,
March 31, 2023 and March 31, 2022 are as follows :
(In ₹ lakh) 2023 2022
Infosys BPM Limited – 22
HIPUS Co., Ltd 210 –
2023 2022
Trade receivables 210 22
Infosys BPM Limited 7 14 Trade payables
Infosys Mexico 57 11 Infosys Limited 216 –
Infosys Ltd 112 595 Infy Consulting Company
Limited 37 32
Infosys Sweden 352 289
Infosys BPM Limited 43 43
528 909
Other financial assets 296 75
Infosys BPM Limited Other current financial liabilities

3 –
3 – Infosys BPM Limited 4 10
Unbilled revenue 4 10

Particulars As at March 31, Particulars As at March 31,
2023 2022 2023 2022
Accrued expenses Purchase of shared services
Infosys Public Services 20 18 including facilities and personnel
Infosys BPM Limited 175 – Infosys Limited 2,760 2,820

Infosys Sweden 449 602 2,760 2,820
Infosys Limited 10,675 6,435 Dividend paid
11,319 7,056 Infosys Limited 27,549 –
27,549 –
Note: Excludes certain balances due to/from Infosys, which are pertaining to
contracts pending novation upon business transfer and held in trust Finance cost
by Infosys. Infosys Limited – 206
(In ₹ lakh)
– 206
Any other transactions
2023 2022
Infosys Foundation 1,606 1,300
Revenue transactions
1,606 1,300
Sale of services
Infosys Limited 2,009 1,548 Note: Excludes certain transactions with Infosys, which are pertaining to
contracts pending novation upon business transfer and held in trust
Infosys Public Services 12 21 by Infosys.
Infosys Sweden 1,378 2,936 Transaction with key managerial personnel
Infosys Mexico 626 1,048 The table below describes the compensation to key managerial
Infosys BPM Limited (55) 323 personnel which comprise directors and executive officers :
(In ₹ lakh)
HIPUS Co., Ltd 210 –
4,180 5,877
2023 2022
Salaries and other employee benefits
Infosys Limited 82,256 66,766 to whole-time directors and executive
Infy Consulting Company officers (1) 1,545 1,927
Limited 203 199 Commission and other benefits to
Infosys BPM Limited 633 536 non-executive/independent directors – –
83,092 67,501 Total 1,545 1,927
(1)
Does not include post-employment benefit based on actuarial valuation
as this is done for the Company as a whole.
2.22 Corporate social responsibility

As per Section 135 of the Companies Act 2013, a Corporate Social Responsibility (CSR) committee was formed by the Company. The
proposed areas for CSR activities are eradication of hunger, poverty and malnutrition, promoting education and healthcare and rural
development projects. The funds will be allocated to a corpus and utilized through the year on these activities which are specified in
Schedule VII of the Companies Act, 2013.
(In ₹ lakh)
Sl. Particulars As at March 31,

No. 2023 2022
i) Amount required to be spent by the Company during the year, 1,596 1300
ii) Amount of expenditure incurred 1,606 1300
iii) Shortfall at the end of the year – –
iv) Total of previous years shortfall – –
v) Reason for shortfall NA NA
vi) Nature of CSR activities Refer note Refer note
below below
vii) Details of related party transactions, e.g.,contribution to a trust controlled by the Company in relation to
CSR expenditure as per relevant Accounting Standard(1) 1,606 100
viii) Where a provision is made with respect to a liability incurred by entering into a contractual obligation, the
movements in the provision during the year shall be shown separately – –

Note: Eradication of hunger and malnutrition, promoting education, women empowerment, art and culture, healthcare, destitute care and rehabilitation, disaster
relief, COVID-19 relief and rural development projects
(1)
Represents contribution to Infosys foundation , a related party, towards CSR expenditure

The Company’s business activity, falls within a single primary business segment, i.e. providing Products and platforms and related
services. Accordingly, disclosures as required under IND AS 108, ‘Segment Reporting’, has not been separately presented in the financial
statements since the information is available directly from the Statement of Profit and Loss.

Particulars Numerator Denominator As at March 31, Movement
2023 2022 (in %)
Current ratio* Current assets Current liability 2.3 1.7 38.7

Debt – Equity ratio Total debt (1)
Shareholder’s equity – – NA
Debt service coverage ratio(2) Earnings available for debt Debt service
service (2) – 1.4 (100.0)
Return on Equity (ROE) (3)
Net profits after taxes Average shareholder’s equity 81.8% 175.1% (53.3)
Trade receivables turnover ratio Net credit revenue Average accounts receivable 21.1 22.4 (5.9)
Trade payables turnover ratio Net credit purchases Average trade payables 40.5 42.1 (3.8)
Net capital turnover ratio (4) Net sales Working capital 3.3 5.8 (43.6)
Net profit ratio Net profit Net sales 27.0% 25.0% 8.1
Return on capital employed Earning before interest and taxes Capital employed (6)
(ROCE) (5) 86.4% 127.5% (32.2)

Return on investment Gain from investments Weighted average investment 5.2% 3.8% 37.4
(1)
Debt represents non-convertible debenture
(2)
Net profit after taxes + Non-cash operating expenses + Interest + other adjustments like loss on sale of fixed assets etc.
(6)
Explanation for change in the ratio by more than 25% as compared to the preceding year.
(*)
Increase in current assets has lead to increase in the ratio
(2)
Non-convertible debentures repaid fully during previous financial year
(3)
Increase in average shareholders equity due to profit for the year
(4)
Increase in working capital due to full repayment of non-convertible debenture to Infosys Limited in fiscal 2022
(5)
Increase in capital employed due to profit for the year
2.25 Function-wise classification of Statement of Profit and Loss

(In ₹ lakh)

2023 2022
Revenue from operations 3,44,628 3,00,538
Cost of sales 1,80,813 1,67,795
Gross profit 1,63,815 1,32,742
Operating expenses
Selling and marketing expenses 21,927 16,800
General and administration expenses 22,275 17,857
Total operating expenses 44,202 34,657
Operating profit 1,19,612 98,086
Other Income, net 7,142 4,706
Profit before interest and tax 1,26,754 1,02,792

2023 2022
Tax expense:
Current tax 34,049 27,394
Deferred tax (284) 161
Remeasurement of the net defined benefit liability/asset 612 539
Total other comprehensive income, net of tax 612 539
Total comprehensive income for the year 93,601 75,571
for and on behalf of the Board of Directors of EdgeVerve Systems Limited
Sanat Rao Sateesh Seetharamiah

Whole-time Director Whole-time Director



Infosys Automotive and Mobility GmbH & Co. KG
To the Members of Infosys Automotive and Mobility Gmbh and Co.KG

Opinion
We have audited the accompanying special purpose financial statements of Infosys Automotive and Mobility Gmbh and Co.KG
(“the Company”), which comprise the Balance Sheet as at December 31, 2022, the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date, and a
summary of significant accounting policies and other explanatory information (hereinafter referred to as “the special purpose financial
statements”). The special purpose financial statements are prepared for inclusion in the annual report of the Holding Company Infosys
Limited under the requirements of section 129 (3) of the Companies Act 2013
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid special purpose financial
statements give a true and fair view in conformity with the basis of preparation referred to in Section 1.2 of the special purpose financial
statements, of the state of affairs of the Company as at December 31, 2022, the profit and total comprehensive income, changes in equity
Basis for Opinion

We conducted our audit of the special purpose financial statements in accordance with the Standards on Auditing (SAs) issued
ethical requirements that are relevant to our audit of the special purpose financial statements and we have fulfilled our other ethical
sufficient and appropriate to provide a basis for our audit opinion on the special purpose financial statements.

The Company’s Management is responsible for the preparation of these special purpose financial statements that give a true and fair
view of the financial position, financial performance, including other comprehensive income, changes in equity and cash flows of the
Company in accordance with the basis described in Note 1.2 of the special purpose financial statement.
This responsibility also includes maintenance of adequate accounting records for safeguarding the assets of the Company and for
preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the special purpose financial statements that give a true and fair view and are free from material misstatement, whether
In preparing the special purpose financial statements, the Company’s Management is responsible for assessing the Company’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting
unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Management is responsible for overseeing the Company’s financial reporting process.
Our objectives are to obtain reasonable assurance about whether the special purpose financial statements as a whole are free
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these special purpose
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout
the audit. We also:
• Identify and assess the risks of material misstatement of the special purpose financial statements, whether due to fraud or error,
the circumstances but not for the purpose of expressing an opinion on the effectiveness of the company’s internal control.
134 | Infosys Automotive and Mobility GmbH & Co. KG Infosys Subsidiary Financials Report 2022-23
auditor’s report to the related disclosures in the special purpose financial statements or, if such disclosures are inadequate, to modify
• Evaluate the overall presentation, structure and content of the special purpose financial statements, including the disclosures,
and whether the special purpose financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.
Materiality is the magnitude of misstatements in the special purpose financial statements that, individually or in aggregate, makes
it probable that the economic decisions of a reasonably knowledgeable user of the special purpose financial statements may be
results of our work; and (ii) to evaluate the effect of any identified misstatements in the special purpose financial statements.
i) we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for
the purpose of our audit;
ii) in our opinion proper books of account as required by law have been kept by the Company so far as it appears from our
examination of those books;
iii) the Balance Sheet, the Statement of Profit and Loss and the Statement of Cash Flow and Statement of Changes in Equity dealt with by
this Report are in agreement with the books of account.
For SHENOY & KAMATH

Chartered Accountants,
Firm Registration Number. 006673S
(K. S Ranganath Shenoy)

Partner
Membership Number. 200152
UDIN: 23202841BGWMBN5208
Place: Bengaluru
Date: May 25, 2023
Infosys Subsidiary Financials Report 2022-23 Infosys Automotive and Mobility GmbH & Co. KG | 135
Balance Sheet (In Euro)
As at December 31,
2022 2021
ASSETS
Non-current assets
Right-of-use Asset 2.1 124,685,612 9,359,818
Financial assets
Investments 2.2 42,767,659 154,672
Other non-current assets 2.3 – 42,173,211
Total non - current assets 167,453,271 51,687,701
Current assets
Financial assets
Cash and cash equivalents 2.5 38,255,550 582,748
Total asssets 639,144,907 199,889,745
Equity
Other equity (49,158,263) (9,882,123)
Total equity (47,479,243) (8,203,103)
LIABILITIES
Other non-current liabilities 1,054,788 119,828
Total non - current liabilities 127,780,106 51,794,265
Current liabilities
Trade payables 2.11 145,093,846 9,997,344
Lease liabilities 2.1 34,373,630 –
Borrowings 2.9 244,410,270 36,479,926
Provisions 7,884,189 724,000
Total current liabilities 558,844,044 156,298,583

for Shenoy & Kamath for and on behalf of the Board of Directors of Infosys Automotive and
Chartered Accountants Mobility GmBH and CokG
Firm Registration Number: 006673S
M. Rathnakar Kamath Florian Lorenz

Partner Director
Place: Bengaluru
Date: May 25, 2023
Statement of Profit and Loss (In Euro)

2022 2021
Other income, net 2.14 2,275,332 269,043
Total income 302,359,507 51,890,417
Expenses
Cost of technical sub-contractors 2.15 105,384,396 14,057,623
Finance costs 2.16 8,822,236 448,632
Cost of software packages and others 2.15 191,267,351 39,716,398
Communication expenses 728,395 –
Consultancy and professional charges 2.15 3,931,655 3,239,618
Depreciation and amortization expense 2.1 18,759,003 337,840
Other expenses 2.15 3,231,646 228,063
Total expenses 341,635,647 61,772,540
Profit/(loss) before tax (39,276,140) (9,882,123)
Tax expense
Current tax – –
Profit/(loss) for the year (39,276,140) (9,882,123)
Total comprehensive income/(loss) for the year (39,276,140) (9,882,123)


Partner Director
Place: Bengaluru
Date: May 25, 2023
Statements of Cash Flows (In Euro)

2022 2021
Profit/(loss) for the year (39,276,140) (9,882,123)
Adjustments to reconcile net profit to net cash provided by operating activities:
Depreciation and amortization 2.1 18,759,003 847,368
Finance cost 2.16 8,822,236 448,632
Trade receivables (161,755,377) (15,058,522)
Other financial assets and other assets (81,888,202) (174,733,985)
Trade Payables 135,096,502 9,997,344
Other financial liabilities and other liabilities (2,758,645) 151,408,392
Cash generated from / (used in) operations (123,000,622) (36,972,894)
Income tax paid – –
Net cash generated used in operating activities (123,000,622) (36,972,894)
Other payments (42,612,988) (154,672)
Net cash generated used in investing activities (42,612,988) (154,672)
Proceeds from issue of share capital – 1,679,020
Payment of lease liabilities (32,325,933) (299,365)
Proceedings from borrowings 207,930,344 36,479,926
Other payments (6,691,628) (149,267)
Net cash generated from financing activities 168,912,782 37,710,314
Net increase in cash and cash equivalents 3,299,172 582,748
Cash and cash equivalents at the beginning of the year 582,748 –
Cash and cash equivalents at the end of the year 2.5 3,881,921 582,748


Partner Director
Place: Bengaluru
Date: May 25, 2023
Statement of Changes in Equity (In Euro)
Other Equity Total equity

Equity Share Reserves & attributable to
Particulars Capital Surplus equity holders of
the Company
Retained earnings
Balance as of January 1, 2021 – – –
Increase in equity share capital on account of fresh issue 1,679,020 – 1,679,020
Profit/(Loss) for the year – (9,882,123) (9,882,123)
Balance as of December 31, 2021 1,679,020 (9,882,123) (8,203,103)
Increase in equity share capital on account of fresh issue – – –
Profit/ (loss) for the year 2021 – (39,276,140) (39,276,140)
Balance as of December 31, 2022 1,679,020 (49,158,263 ) (47,479,243 )


Partner Director
Place: Bengaluru
Date: May 25, 2023
Company Overview and Significant Accounting Policies
Company overview Computer equipment(1) 3-5 years
Infosys Automotive and Mobility GmBH and CokG is a wholly- (1)
Based on technical evaluation, the management believes that the useful
owned subsidiary of Infosys Limited. The Company renders lives as given above best represent the period over which management
professional management consulting services, thereby enabling expects to use these assets.
its clients to enhance business performance.
Depreciation methods, useful lives and residual values are
reviewed periodically, including at each financial year end.
1 Significant accounting policies
1.1 Accounting year equipment outstanding at each Balance Sheet date is classified
The accounting year of the Company is from as capital advances under other non-current assets and the cost
January 1 to December 31. of assets not ready to use before such date are disclosed under
‘Capital work-in-progress’. Subsequent expenditures relating
1.2 Basis of preparation of financial statements to property, plant and equipment is capitalized only when
it is probable that future economic benefits associated with
These special purpose consolidated financial statements are these will flow to the Company and the cost of the item can be
prepared for inclusion in the Annual Report of the holding measured reliably. Repairs and maintenance costs are recognized
Company, Infosys Limited under the requirements of Section 129 in the Statement of Profit and Loss when incurred. The cost
(3) of the Companies Act 2013. and related accumulated depreciation are eliminated from the
These financial statements are prepared in accordance with financial statements upon sale or retirement of the asset and
Indian Accounting Standards (Ind-AS) under the historical cost the resultant gains or losses are recognized in the Statement
convention on the accrual basis. The Ind-AS are prescribed under of Profit and Loss.
Section 133 of the Act read with Rule 3 of the Companies (Indian
Accounting Standards) Rules, 2015 and relevant amendment 1.6 Financial instruments
rules issued thereafter. 1.6.1 Initial recognition
Accounting policies have been consistently applied except where The Company recognizes financial assets and financial liabilities
a newly issued accounting standard is initially adopted or a when it becomes a party to the contractual provisions of the
revision to an existing accounting standard requires a change in instrument. All financial assets and liabilities are recognized at
the accounting policy hitherto in use. fair value on initial recognition, except for trade receivables,
1.3 Presentation currency costs that are directly attributable to the acquisition or issue
The Company’s presentation currency is Euro. of financial assets and financial liabilities, which are not at fair
recognition. Regular way purchase and sale of financial assets are
1.4 Use of estimates accounted for at trade date.
The preparation of the financial statements in conformity
with Ind-AS requires the management to make estimates and 1.6.2 Subsequent measurement
assumptions. These estimates and assumptions affect the
application of accounting policies and the reported amounts
of assets and liabilities, the disclosures of contingent assets and (i) Financial assets carried at amortized cost
liabilities at the date of the financial statements and reported A financial asset is subsequently measured at amortized cost
amounts of revenues and expenses during the period. if it is held within a business model whose objective is to hold
Accounting estimates could change from period to period. Actual
contractual terms of the financial asset give rise on specified
results could differ from those estimates. Appropriate changes
in estimates are made as the Management becomes aware of
interest on the principal amount outstanding.
estimates are reflected in the financial statements in the period
(ii) Financial assets at Fair Value Through Other
in which changes are made and, if material, their effects are
Comprehensive Income (FVOCI)
disclosed in the notes to the financial statements.
A financial asset is subsequently measured at fair value through
1.5 Property, plant and equipment other comprehensive income if it is held within a business model
Property, plant and equipment are stated at cost, less flows and selling financial assets and the contractual terms of
accumulated depreciation and impairment, if any. Costs the financial asset give rise on specified dates to cash flows that
directly attributable to acquisition are capitalized until the are solely payments of principal and interest on the principal
property, plant and equipment are ready for use, as intended amount outstanding.
line method. The estimated useful lives of asset is as follows:
(iii) Financial assets at fair value through profit or loss 1.9 Foreign currency
A financial asset, which is not classified in any of the above Functional currency
categories are subsequently fair valued through profit or loss. The functional currency of the Company is the EUR.
(iv) Financial liabilities Transactions and translations

Financial liabilities are subsequently carried at amortized cost Foreign-currency denominated monetary assets and liabilities
using the effective interest method, except for contingent are translated into the relevant functional currency at exchange
consideration recognized in a business combination, which is rates in effect at the Balance Sheet date. The gains or losses
subsequently measured at fair value through profit and loss. resulting from such translations are included in the Statement
For trade and other payables maturing within one year from the of Profit and Loss and reported within exchange gains/(losses)
Balance Sheet date, the carrying amounts approximate fair value on translation of assets and liabilities. Non-monetary assets and
due to the short maturity of these instruments. non-monetary liabilities denominated in a foreign currency
and measured at fair value are translated at the exchange rate
1.7 Fair value of financial instruments prevalent at the date when the fair value was determined. Non-
In determining the fair value of its financial instruments, the monetary assets and non-monetary liabilities denominated in a
Company uses a variety of methods and assumptions that are foreign currency and measured at historical cost are translated
based on market conditions and risks existing at each reporting at the exchange rate prevalent at the date of the transaction.
date. The methods used to determine fair value include The related revenue and expense are recognized using
discounted cash flow analysis, available quoted market prices the same exchange rate.
Transaction gains or losses realized upon settlement of foreign
expense, and cash-flow items denominated in foreign currencies
1.8 Impairment are translated into the relevant functional currencies using the
a. Financial assets exchange rate in effect on the date of the transaction.
The Company recognizes loss allowances using the Expected
Credit Loss (ECL) model for the financial assets and unbilled 1.10 Income taxes
revenuesP which are not fair valued through profit or loss. Loss Income tax expense comprises current and deferred income tax.
allowance for trade receivables and unbilled revenues with no Income tax expense is recognized in net profit in the Statement
significant financing component is measured at an amount equal of Profit and Loss except to the extent that it relates to items
to lifetime ECL. For all other financial assets, expected credit recognized directly in equity, in which case it is recognized in
losses are measured at an amount equal to the 12-month ECL, other comprehensive income. Current income tax for current and
unless there has been a significant increase in credit risk from prior periods is recognized at the amount expected to be paid
initial recognition in which case those are measured at lifetime to or recovered from the tax authorities, using the tax rates and
ECL. The amount of expected credit losses (or reversal) that is tax laws that have been enacted or substantively enacted by the
required to adjust the loss allowance at the reporting date to Balance Sheet date. Deferred income tax assets and liabilities are
the amount that is required to be recognized is recognized as an recognized for all temporary differences arising between the tax
impairment gain or loss in the Statement of Profit and Loss. bases of assets and liabilities and their carrying amounts in the
financial statements. Deferred tax assets are reviewed at each
b. Non-financial assets reporting date and are reduced to the extent that it is no longer
(i) Property, plant and equipment probable that the related tax benefit will be realized.
Property, plant and equipment are evaluated for recoverability Deferred income tax assets and liabilities are measured using
whenever events or changes in circumstances indicate that their tax rates and tax laws that have been enacted or substantively
carrying amounts may not be recoverable. For the purpose of enacted by the Balance Sheet date and are expected to apply to
impairment testing, the recoverable amount (i.e. the higher of taxable income in the years in which those temporary differences
the fair value less cost to sell and the value-in-use) is determined are expected to be recovered or settled. The effect of changes
on an individual asset basis unless the asset does not generate in tax rates on deferred income tax assets and liabilities is
cash flows that are largely independent of those from other recognized as income or expense in the period that includes
assets. In such cases, the recoverable amount is determined for the enactment or the substantive enactment date. A deferred
the Cash Generating Unit (CGU) to which the asset belongs. income tax asset is recognized to the extent that it is probable
If such assets are considered to be impaired, the impairment to that future taxable profit will be available against which the
be recognized in the Statement of Profit and Loss is measured by deductible temporary differences and tax losses can be utilized.
the amount by which the carrying value of the assets exceeds the The Company offsets current tax assets and current tax liabilities,
estimated recoverable amount of the asset. An impairment loss where it has a legally enforceable right to set off the recognized
is reversed in the Statement of Profit and Loss if there has been amounts and where it intends either to settle on a net basis, or to
a change in the estimates used to determine the recoverable realize the asset and settle the liability simultaneously.
amount. The carrying amount of the asset is increased to its
revised recoverable amount, provided that this amount does not
exceed the carrying amount that would have been determined
(net of any accumulated depreciation) had no impairment loss
1.11 Statement of Cash Flows recoverable amount is determined for the Cash Generating Unit
Cash flows are reported using the indirect method, whereby (CGU) to which the asset belongs.
profit for the period is adjusted for the effects of transactions “The lease liability is initially measured at amortized cost at the
of a non-cash nature, any deferrals or accruals of past or future present value of the future lease payments. The lease payments
operating cash receipts or payments and item of income or are discounted using the interest rate implicit in the lease or, if
expenses associated with investing or financing cash flows. The not readily determinable, using the incremental borrowing rates
cash flows from operating, investing and financing activities of in the country of domicile of these leases. Lease liabilities are
the Company are segregated. remeasured with a corresponding adjustment to the related right
of use asset if the Company changes its assessment if whether it
1.12 Other Income will exercise an extension or a termination option.
Other income is comprised primarily of interest income and Lease liability and ROU asset have been separately presented in
exchange gain / loss on translation of other assets and liabilities. the Balance Sheet and lease payments have been classified as
Interest Income is recognized using effective interest method. financing cash flows.”
1.13 Borrowing Cost The changes in carrying value of right of use assets for the years
ended December 31, 2021 and December 31, 2022:
Borrowing cost are charged to the Statement of Profit and Loss in
the period in which they are incurred. (In Euro)
Category of
2.1 Leases ROU asset
Particulars
Total
Accounting Policy Computer
The Company as a lessee Equipment
The Company’s lease asset classes primarily consist of leases Balance as of January 1, 2021 – –
for buildings. The Company assesses whether a contract Additions 10,207,186 10,207,186
contains a lease, at inception of a contract. A contract is, or Deletion – –
contains, a lease if the contract conveys the right to control the
Depreciation (1) (847,368) (847,368)
use of an identified asset for a period of time in exchange for
consideration. To assess whether a contract conveys the right Balance as of December 31, 2021 9,359,818 9,359,818
to control the use of an identified asset, the Company assesses Additions 134,084,796 134,084,796
whether: (i) the contract involves the use of an identified asset
(ii) the Company has substantially all of the economic benefits Deletion – –
from use of the asset through the period of the lease and (iii) the Depreciation (1)
(18,759,003) (18,759,003)
Company has the right to direct the use of the asset. Balance as of December 31, 2022 124,685,612 124,685,612
At the date of commencement of the lease, the Company (1)
Includes cost to fulfill the contract which are recoverable
recognizes a right-of-use asset (“ROU”) and a corresponding lease
liability for all lease arrangements in which it is a lessee, except The aggregate depreciation expense on ROU assets is
for leases with a term of twelve months or less (short-term leases) included under depreciation and amortization expense in the
and low value leases. For these short-term and low value leases, Statement of Profit and Loss.
the Company recognizes the lease payments as an operating
expense on a straight-line basis over the term of the lease.
December 31, 2022 is as follows:
Certain lease arrangements includes the options to extend or
terminate the lease before the end of the lease term. ROU assets (In Euro)
As at December 31,
certain that they will be exercised. Particulars
2022 2021
The right-of-use assets are initially recognized at cost, which
Current lease liabilities 34,373,630 –
any lease payments made at or prior to the commencement date Non-current lease liabilities 114,096,657 10,207,186
of the lease plus any initial direct costs less any lease incentives. Total 148,470,287 10,207,186
They are subsequently measured at cost less accumulated
depreciation and impairment losses.
date on a straight-line basis over the shorter of the lease term
and useful life of the underlying asset. Right of use assets are
evaluated for recoverability whenever events or changes in
circumstances indicate that their carrying amounts may not
be recoverable. For the purpose of impairment testing, the
recoverable amount (i.e. the higher of the fair value less cost to
largely independent of those from other assets. In such cases, the
The movement in lease liabilities during the years ended 2.3 Other assets
Decemeber 31, 2022 and December 31, 2021 is as follows: (In Euro)
(In Euro) As at December 31,

Particulars
2022 2021
As at December 31,
Particulars Non-current
2022 2021
Balance at the beginning 10,207,186 – Others
Deferred contract cost (1) – 42,173,211
Additions 10,207,186
147,228,527 – 42,173,211
Finance cost accrued during the 1,347,797 – Current
period
Others
Deletions – –
Payment of Lease Liabilities 10,375,304 –
VAT receivable 53,978,250 6,308,515
Translation Difference 62,079 –
Deferred Contract cost (1) 33,492,786 25,367,112
Balance at the end 10,207,186
Devices - Dealer type 12,318,213 2,419,876
148,470,287
Other receivables 862,643 1,429,370
The details regarding the contractual maturities of lease liabilities
as at December 31, 2021 on an undiscounted basis are as follows: Total current other assets 135,644,584 47,157,653
(In Euro)
(1)
Includes technology assets taken over by the Company from a customer
As at December 31, as a part of transformation project, which is not considered as distinct
Particulars goods or services and the control related to the assets is not transferred
2022 2021
to the Company in accordance with Ind-AS 115 - Revenue from contract
Less than one year 37,270,829 – with customers. Accordingly, the same has been considered as a
reduction to the total contract value and accounted as Deferred contract
cost. Further as at December 31, 2021 the Company has entered into a
One to five years 114,749,426 10,207,186 financing arrangement with a third party for these assets which has been
considered as financial liability. (Refer to note 2.10)
Total 152,020,254 10,207,186
The Company does not face a significant liquidity risk 2.4 Trade receivables
with regard to its lease liabilities as the current assets are (In Euro)
sufficient to meet the obligations related to lease liabilities as As at December 31,
and when they fall due. Particulars
2022 2021
2.2 Investments Current

(In Euro) Unsecured
As at December 31, Considered goods(1) 176,813,899 15,058,522

Particulars 1,717,577 25,382
2022 2021 Considered doubtful
Investment in lease 42,767,659 154,672 178,531,476 15,083,904
Total Investments 42,767,659 154,672 Less: Allowances for credit 1,717,577 25,382
losses
Includes dues from Holding
(1)
6,780,238 -
Company and other fellow
subsidiaries (refer note 2.17)
Trade receivables ageing schedule.
Years ended December 31, 2022 and December 31, 2021
(In Euro)

Particulars
Less than 6 6 months - 1 More than 3 Total
months year years
Undisputed Trade receivables 103,155,803 75,375,672 – – – – 178,531,476
– considered good
– 15,083,904 – – – 15,083,904
25,382
Total trade receivables 176,813,899
15,058,522
2.5 Cash and Cash Equivalents Total borrowings 244,410,270 36,479,926

(In Euro)
As at December 31, 2.8 Other financial liablities

Particulars (In Euro)
2022 2021
Balances with banks As at December 31,
Particulars
In current accounts 38,255,550 582,748 2022 2021
Non-current
Total cash and cash 38,255,550 582,748
equivalents Financial liability under 12,628,661 41,467,251
Total Cash and cash 38,255,550 582,748 revenue deals
equivalents 12,628,661 41,467,251
Current
Financial liability under 30,487,808 29,541,634
(In Euro)
revenue deals
As at December 31, Others
Particulars
2022 2021 Accrued compensation to 2,139,735 2,313,982
Current employees
Unbilled Revenue (1) 112,582,089 69,277,299 Provision for expenses 25,766,754 39,282,348
Others (1)(2) 8,395,514 16,125,822 Other payables (1) 3,278,434 22,172,192
Total other financial assets 120,977,603 85,403,121 61,672,732 93,310,156
Financial assets carried at
(1)
Total financial liabilities 74,301,393 134,777,408
amortized cost Includes dues from Holding
(1)
3,278,434 22,172,192
(2)
7,408,333 15,529,467 Company and other fellow
Company and other fellow subsidiaries (Refer to note 2.17)
subsidiaries (refer note 2.17)
2.9 Trade payables
2.7 Borrowings (In Euro)
(In Euro)
As at December 31,
As at December 31, Particulars
2022 2021 Trade payables (1) 145,093,846 9,997,344
Non-current
145,093,846 9,997,344
Unsecured loan 244,410,270 36,479,926 Includes dues from Holding
(1)
87,107,449 15,865
subsidiaries (Refer note 2.17)
Trade payables ageing schedule.
(In Euro)

Particulars Total
Others 35,748,670 109,345,176 – – – 145,093,846
9,404,533 592,810.62 – – – 9,997,344
9,404,533.45 592,810.62 – – – 9,997,344

(In Euro)
As at December 31,
Particulars
2022 2021
Current
Unearned revenue 7,145,694 6,719,017
Others
Withholding taxes and other 58,263,683 9,068,139
65,409,377 15,787,157
65,409,377 15,787,157

(In Euro)

Particulars
2022 2021
Income from software services 263,984,706 51,466,703
Income from products and platform 36,099,469 154,671
Total revenue from operation 300,084,175 51,621,374
2.12 Other income

(In Euro)

Particulars
2022 2021
Interest received on financial assets- Carried at amortized cost 782,724 299,365
Finance Income under revenue deals. 48,389 –
Exchange gains/(losses) on translation of other assets and liabilities 1,444,219 (30,323)
Total other income 2,275,332 269,043
2.13 Expenses
(In Euro)

Particulars
2022 2021
Salaries, including bonus 8,491,966 3,584,077
Contribution to provident and other funds 221,150 119,827
Long-term employee benefit costs 624,110 –
Share based payments to employees 20,259 –
9,365,113 3,715,296
Cost of software packages and others
For own use 1,352,120 52,618
Third party items bought for service delivery to clients 189,915,231 39,663,781
191,267,351 39,716,398
Other expenses
Cost of technical subcontractors 105,384,396 14,057,623
Legal and Professional Charges 3,931,655 3,239,618
Others 3,231,646 228,063
113,421,944 57,270,771
2.14 Finance costs

(In Euro)

Particulars
2022 2021
Interest expense on loan from fellow subsidiary 6,691,628 149,267
Interest expense on finance deals 2,130,608 299,365
Total finance costs 8,822,236 448,632
The carrying value and fair value of financial instruments by categories were as follows:
(In Euro)
As at December 31,
Particulars
2022 2021
Assets:
Cash and cash equivalents (Refer to Note 2.5) 38,255,550 582,748
Investments (Refer to Note 2.2) 42,767,659 154,672
Trade receivables (Refer to Note 2.4) 176,813,899 15,058,522
Other financial assets (Refer to Note 2.6)(1) 120,977,603 85,403,121
Total 378,814,711 101,199,062
Liabilities:
Trade payables (Refer to Note 2.11) 145,093,846 9,997,344
Borrowings (Refer to Note 2.9) 244,410,270 36,479,926
Lease liabilities (Refer to Note 2.1) 114,096,657 10,207,186
Other financial liabilities (Refer to Note 2.11) 74,301,393 134,777,408
Total 577,902,166 191,461,864
(1)
All the above financial instruments are carried at amortized cost and the carrying values approximates their fair value.

The Company’s activities expose it to a credit risk
Credit risk
Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The maximum exposure to
the credit risk at the reporting date is primarily from trade receivables amounting to EUR 176,813,899 as at December 31, 2021. Credit
risk has always been managed by the Company through credit approvals, establishing credit limits and continuously monitoring the
creditworthiness of the customers to which the Company grants credit terms in the normal course of business. The Company uses the
expected credit loss model to assess any required allowances; and uses a provision matrix to compute the expected credit loss allowance
for trade receivables and unbilled revenues. This matrix takes into account credit reports and other related credit information to
the extent available.
Credit risk on cash and cash equivalents is limited as we generally invest in banks with high credit ratings assigned by
credit rating agencies.
Liquidity risk
The Company’s principal sources of liquidity are cash and cash equivalents. The Company has taken loan from its related party to meet
its working capital requirements.
As of December 31, 2022 and December 31, 2021, the Company had cash and cash equivalents of EUR 38,255,550 and EUR
582,748 respectively.
The details regarding the contractual maturities of significant financial liabilities as at December 31, 2022 are as follows:
(In Euro)
Particulars Less than 1 Year 1-2 Years 2-4 Years 4-7 Years Total
Trade Payables 145,093,846 – – – 145,093,846
Other financial liabilities on an 306,083,002 12,628,661 – – 318,711,663
undiscounted basis
(In Euro)
Particulars Less than 1 Year 1-2 Years 2-4 Years 4-7 Years Total
Trade Payables 9,997,344 – – – 9,997,344
Other financial liabilities on an 129,790,082 41,467,251 – – 171,257,334
undiscounted basis

(In Euro)
Holding as at December 31,

Name of Holding Companies Country
2022 2021
Infosys Ltd India 100% 100%
Name of subsidiaries Country

Mexico
Sweden
U.S.
EdgeVerve Systems Limited (EdgeVerve)(1) India
Austria
Skava Systems Private Limited (Skava Systems) (1) (27)
India
Kallidus Inc, (Kallidus)(28) U.S.
Chile
Infosys Arabia Limited(2) (27) Saudi Arabia
Infosys Consulting Ltda. (1)
Brazil
Infosys CIS LLC (15)
Russia
Infosys Luxembourg S.a.r.l(1) Luxembourg
Infosys Americas Inc. (Infosys Americas) (1)
U.S.
Infosys Canada Public Services Inc (20) (39)
Canada
Infosys BPM Limited (1) (47)
India
Infosys (Czech Republic) Limited s.r.o.(3) Czech Republic
Poland
Infosys McCamish Systems LLC(3) U.S.
Australia
Infosys BPO Americas LLC.(3) U.S.
Switzerland
Infosys Management Consulting Pty Limited (4)
Australia
Infosys Consulting AG(4) Switzerland
Germany
France
Infosys Consulting s.r.o. v likvidaci (formerly Infosys Consulting s.r.o.) (4) (38)
Czech Republic
Infosys Consulting (Shanghai) Co., Ltd.(4) (34) China
U.K.
Argentina
Infosys Consulting (Belgium) NV (5)
Belgium
Panaya Ltd. (6)
Israel
Brilliant Basics Holdings Limited (Brilliant Basics) (1) (27)
U.K.
Brilliant Basics Limited (7) (27)
U.K.
Infosys Consulting Pte. Ltd. (Infosys Singapore)(1) Singapore
Dubai
Sweden
Denmark
Slovakia
South Africa
WongDoody Holding Company Inc. (WongDoody)(1) (40) U.S.
WDW Communications, Inc (10) (41)
U.S.
WongDoody, Inc (10) (42)
U.S.
HIPUS Co., Ltd(9) Japan
Stater N.V.(9)
The Netherlands
The Netherlands
HypoCasso B.V. (12)
The Netherlands
Belgium
Stater Gmbh(12) (32) Germany
U.S.
Simplus North America Inc. (17) (31)
Canada
Australia
Sqware Peg Digital Pty Ltd(19) (35) Australia
Philippines
Simplus Europe, Ltd. (17) (33)
U.K.
Infosys Fluido UK, Ltd. (formerly Simplus U.K., Ltd)(11) U.K.
Ireland
U.S.
U.S.
Germany
Hungary
GuideVision Polska SP.Z.O.O(22) Poland
GuideVision UK Ltd (22)
U.K.
U.S.
Beringer Capital Digital Group Inc (16) (45)
U.S.
Mediotype LLC (24) (45)
U.S.
Beringer Commerce Holdings LLC(24) (45) U.S.
SureSource LLC (25) (43)
U.S.
Blue Acorn LLC(25) (43) U.S.
Simply Commerce LLC (25) (43)
U.S.
iCiDIGITAL LLC (26) (44)
U.S.
Infosys BPM UK Limited(3) U.K.
Turkey
Infosys Green Forum(1) (36) India
Infosys (Malaysia) SDN. BHD. (formerly Global Enterprise International (Malaysia) Sdn. Bhd.)
(37)
Malaysia
Infosys Business Solutions LLC(1) (46) Qatar
Germany
oddity GmbH (49)
Germany
oddity (Shanghai) Co., Ltd. (50) China
oddity Limited (Taipei) (50)
Taiwan
oddity space GmbH (49) Germany
Germany
Germany
Germany
Infosys Public Services Canada Inc. (20) (52)
Canda
Switzerland
BASE life science GmbH (54) Germany
BASE life science A/S (53)
Denmark
BASE life science S.A.S (54) France
U.K.
BASE life science S.r.l. (54)
Itlay
Innovisor Inc.(54) U.S.
U.S.
BASE life science S.L.(54) (55) Spain
Panaya Germany GmbH (6) (56)
Germany
(1)
(2)
Majority owned and controlled subsidiary of Infosys Limited
(3)
(4)
(5)
Majority owned and controlled subsidiary of Infosys Consulting Holding AG
(6)
(7)
(8)
Wholly-owned subsidiary of Infosys Consulting Pte. Ltd.
(9)
Majority owned and controlled subsidiary of Infosys Consulting Pte. Ltd.
(10)
(11)
(12)
(13)
Majority owned and controlled subsidiary of Stater Participations B.V.
(14)
(15)
Liquidated effective January 28, 2021.
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
(25)
(26)
(27)
Under liquidation
(28)
Liquidated effective March 9,2021
(29)
Incorporated on March 23, 2021
(31)
(32)
(33)
(34)
(35)
(36)
(37)
On December 14, 2021, Infosys Consulting Pte. Ltd., a wholly-owned subsidiary of Infosys Limited acquired 100% of voting interests in Infosys (Malaysia) SDN.
BHD. (formerly Global Enterprise International (Malaysia) Sdn. Bhd.)
(38)
(39)
(40)
(41)
(42)
(43)
(44)
(45)
(46)
(47)
(48)
On March 22, 2022, Infosys Consulting Pte. Ltd., a wholly-owned subsidiary of Infosys Limited acquired 100% of voting interests in Infosys Germany GmbH
(formerly Kristall 247. GmbH (“Kristall”) )
(49)
On April 20, 2022, Infosys Germany GmbH (formerly Kristall 247. GmbH (“Kristall”)) (a wholly owned subsidiary of Infosys Consulting Pte. Ltd) acquired 100% of
voting interests in oddity space GmbH, oddity jungle GmbH, oddity waves GmbH, oddity group services GmbH, oddity code GmbH and oddity GmbH.
(50)
(51)
(52)
(53)
On September 1, 2022, Infosys Consulting Pte. Ltd. (a Wholly-owned subsidiary of Infosys Limited) acquired 100% of voting interests in BASE life science A/S.
(54)
(55)
(56)
The details of amounts due to or due from related parties as at December 31, 2021 is as follows:
(In Euro)
As at December 31
Particulars
2022 2021
Trade Receivable
6,780,238 –
Infosys Limited 2,888,736 15,529,467
Portland Group Pty Ltd 167,183 –
Infosys Turkey Bilgi Teknolojileri Limited Sirketi 127,225 –
Infosys Austria GMBH (Lodestone Management Consultants GmbH) 160,981 –
Infosys Technologies (China) Co. Limited (Infosys China) 1,316,176 –
As at December 31
Particulars
2022 2021
Infosys Consulting S.R.L. 89,411 –
Infosys Consulting (Belgium) NV 182,341 –
Infosys Consulting Ltda 476,434 –
Infosys Consulting AG 159,664 –
Infy Consulting Company Limited 392,314 –
Infosys Consulting Pte. Ltd 537,767 –
Infosys Luxembourg S.a.r.l 134 –
Infosys Poland Sp. Z.o.o 34,091 –
Infosys Technologies (Sweden) AB. (Infosys Sweden) 147,502 –
Infosys Middle East FZ LLC 7,577 –
Panaya Ltd 810 –
7,408,333 15,529,467
Trade Payable
Infosys Consulting GmbH 123,501 15,865
Infosys (Czech Republic) Limited s.r.o. 3,023,153 –
Infosys Technologies (China) Co. Limited (Infosys China) 649,317 –
Infosys BPM Limited 2,475,601 –
87,107,449 15,865
Other liabilities (Provision for expenses- Intercompany)
Infosys (Czech Republic) Ltd – 399,717
Infosys Technologies China – 123,675
Infosys BPO Ltd. – 97,571
– 620,963
Infosys Limited 3,278,164 22,171,922
Infosys Consulting GmbH 270 270
3,278,434 22,172,192
Share capital
Infosys Limited – 1,679,020
– 1,679,020
Borrowings (1)
–
Infosys Consulting GmbH – 202,137
Infosys Consulting Pte Limited 107,286,089 3,018,651
Infosys Poland sp. z o o 7,165,786 17,081,459
McCamish Systems LLC 26,232,387 16,177,679
Blue Acorn iCi Inc (formerly known as Beringer Commerce Inc) 2,429,479 –
Fluido Oy 3,487,668 –
Fluido Norway A/S 2,668,824 –
GuideVision, s.r.o.. 3,277,475 –
Infosys Public Services, Inc. USA (Infosys Public Services) 38,126,011 –
Infosys Consulting Holding AG (Infosys Lodestone) 22,065,452 –
Infosys Technologies S. de R. L. de C. V. (Infosys Mexico) 26,819,014 –
WongDoody, Inc 4,852,085 –
244,410,270 36,479,926
(1)
The above loans were given in accordance with the terms and conditions of the loan agreement.
The details of the related parties transactions entered into by the Company for the year ended December 31, 2021
(In Euro)
As at December 31
Particulars
2022 2021
Purchase of Services
Infosys (Czech Republic) Ltd 2,617,898.24 400,126
Infosys Technologies China 649,317.47 123,802
Infosys Consulting GmbH 90,450.81 13,332
Infosys Limited 99,376,540.81 13,422,693
Infosys BPO Ltd. 2,376,678.61 97,671
105,110,886 14,057,623
Infosys Consulting S.R.L 1,014,213 –
Infosys Consulting Pte Ltd 7,847,206 –
8,861,420 –
Sale of shared services –
Infosys Technologies (China) Company Limited 2,774,696.24 –
Infosys Austria GmbH 897,979.83 –
Infosys Luxembourg S.à.r.l 15,366.56 –
Infosys Limited, India 68,190,969.68 –
Infosys Turkey Bilgi Teknolojileri Limited Iirketi 2,324,824.52 –
Infosys Middle East FZ-LLC 49,977.63 –
Infosys Consulting S.R.L. 32,495.49 –
Lodestone Management Consultants (Belgium) S.A. 659,052.08 –
Infosys Consulting Ltda. 1,429,382.97 –
Infosys Consulting AG 55,152.75 –
Infy Consulting Company Ltd 1,584,945.05 –
Infosys Technologies Mexico 2,246,816.71 –
Portland Group Pty Ltd 784,632.41 –
Panaya Ltd 75,489.52 –
Infosys Poland sp. z o o 1,273,850.11 –
Infosys McCamish Systems LLC. 6,973,548.49 –
Infosys Czech Republic 3,278,818.33 –
Infosys Sweden 451,742.53 –
93,099,741 –
Interest expense –
Blue Acorn iCi Inc (formerly known as Beringer Commerce Inc) 83,391 –
Portland Group Pty Ltd 74,689 –
Fluido Oy 87,668 –
Fluido Norway A/S 68,824 –
GuideVision, s.r.o.. 77,475 –
Infosys (Czech Republic) Ltd 111,919 –
Infosys Public Services, Inc. USA (Infosys Public Services) 1,669,041 –
Infosys Consulting Holding AG (Infosys Lodestone) 65,452 –
As at December 31
Particulars
2022 2021
Infosys Consulting Pte. Ltd 1,767,438 18,651
Infosys Poland Sp. Z.o.o 647,601 81,459
WongDoody, Inc 159,845 –
Infosys McCamish Systems LLC 1,241,436 47,020
6,691,628 149,267
2.17 Ratios
The ratios for the years ended December 31, 2022 and December 31, 2021 are as follows:
(In Euro)
As at December 31,
Particulars Numerator Denominator Variance
2022 2021
Current Ratio Current assets Current liabilities 0.8 0.9 (11.0%)
Debt – Equity Ratio Total Debt (represents lease Shareholder’s Equity (3.13) (1.24) 151.3%
liabilities) (1)
Debt Service Coverage Ratio Earnings available for debt Debt Service(3) (0.4) (30.4) (98.8%)
service(2)
Return on Equity (ROE) Net Profits after taxes Average Shareholder’s Equity (141.1%) (240.9%) 99.9%
Trade receivables turnover ratio Revenue Average Trade Receivable 3.1 6.9 (54.4%)
Trade payables turnover ratio Purchases of services and Average Trade Payables 8.1 20.0 (59.4%)
other expenses
Net capital turnover ratio Revenue Working Capital (3.4) (6.4) (46.0%)
Net profit ratio Net Profit Revenue (13.1%) (19.1%) 6%
Return on Earning before interest and Capital Employed (4)
(30.2%) (470.7%) 441%
capital employed (ROCE) taxes
(1)
Debt represents only lease liabilities
(2)
(3)
(4)
Tangible net worth + deferred tax liabilities + lease liabilities
Infosys Public Services, Inc.
Independent Auditor’s report
To the board of directors of Infosys Public Services, Inc.
Report on the Special Purpose Consolidated Financial Statements

Opinion
We have audited the accompanying special purpose consolidated financial statements of Infosys Public Services, Inc. (“the Company”),
which comprise the Balance Sheet as at March 31, 2023, the Statement of Profit and Loss (including Other Comprehensive Income),
accounting policies and other explanatory information (hereinafter referred to as “the special purpose consolidated financial
statements”). The special purpose consolidated financial statements are prepared for inclusion in the annual report of the Holding
Company Infosys Limited under the requirements of section 129 (3) of the Companies Act 2013.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid special purpose
consolidated financial statements gives a true and fair view in conformity with the basis of preparation referred to in Note 1.2 of the
special purpose consolidated financial statements, of the state of affairs of the Company as at March 31, 2023, the profit and total
comprehensive income, changes in equity and its cash flows for the year ended on that date.
Basis for Opinion

We conducted our audit of the special purpose consolidated financial statements in accordance with the Standards on Auditing (SAs)
issued by the Institute of Chartered Accountants of India (ICAI). Our responsibilities under those Standards are further described in
the Auditor’s Responsibilities for the Audit of the Special purpose Consolidated Financial Statements section of our report. We are
independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI)
together with the ethical requirements that are relevant to our audit of the special purpose consolidated financial statements and we
have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the
audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the special purpose consolidated
Management’s Responsibilities for the Special Purpose Consolidated Financial Statements

The Company’s Board of Directors are responsible for the preparation of these special purpose consolidated financial statements that
give a true and fair view of the financial position, financial performance, including other comprehensive income, changes in equity and
cash flows of the Company in accordance with the basis described in Note 1.2 of the special purpose consolidated financial statement.
This responsibility also includes maintenance of adequate accounting records for safeguarding the assets of the company and for
that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation
and presentation of the special purpose consolidated financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
In preparing the special purpose consolidated financial statements, the Company’s Board of Directors are responsible for assessing
the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so.
Auditor’s Responsibilities for the Audit of the Special purpose Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the special purpose consolidated financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these special purpose consolidated
• Identify and assess the risks of material misstatement of the special purpose consolidated financial statements, whether due to fraud
or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate
to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one
158 | Infosys Public Services, Inc. Infosys Subsidiary Financials Report 2022-23
resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.
ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in
our auditor’s report to the related disclosures in the special purpose consolidated financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report.
However, future events or conditions may cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the special purpose consolidated financial statements, including the
disclosures, and whether the special purpose consolidated financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.
Materiality is the magnitude of misstatements in the special purpose consolidated financial statements that, individually or in aggregate,
makes it probable that the economic decisions of a reasonably knowledgeable user of the special purpose consolidated financial
statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit
work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the special purpose
consolidated financial statements.
Basis of Accounting
We draw attention to Note 1.2 to the special purpose consolidated financial statements, which describes the basis of accounting. As a
result, the special purpose consolidated financial statements may not be suitable for another purpose.

The report is issued to the Board of Directors of the Company solely for the above purpose and should not be distributed to or used

Gurvinder Singh
Partner
Place: Bengaluru
Date: May 31, 2023
UDIN: 23110128BGRDFF3071
Infosys Subsidiary Financials Report 2022-23 Infosys Public Services, Inc. | 159
Consolidated Balance Sheet
(In US$)
As at March 31,
Particulars Note
2023 2022
Assets
Non-current assets
Property, plant and equipment 2.1 1,052,792 521,574
Right of use assets 2.12 3,253,386 1,661,158
Capital work-in-progress - 33,152
Financial assets
Loans 2.2 49,300,000 9,000,000
Other financial assets 2.5 2,079,695 51,583
Income tax assets (net) 2.13 984,511 542,318
Total non-current assets 59,545,906 14,449,620
Current assets
Financial assets
Loans 2.2 40,000,000 20,000,000
Total assets 189,713,593 159,920,734
Equity
Other equity 105,016,688 86,525,404
Total equity 122,516,688 104,025,404
Liabilities
Total non-current liabilities 198,754 1,560,448
Current liabilities
Trade payables 2.8 13,390,948 17,011,188
Lease Liabilities 2.12 198,753 310,379
Other liabilities 2.10 14,753,220 3,186,612
Provisions 2.11 1,292,832 1,010,118
Income tax liabilities (net) 2.13 1,059,916 805,328
As per our report of even date attached for for and on behalf of the Board of Directors of Infosys Public Services Inc.

Firm Registration Number: 117366W/W-100018
Gurvinder Singh Ashiss Kumar Dash Jasmeet Singh Bhanu Prasad Narayana
Partner Director Director Interim CEO
Place: Bengaluru
Date: May 31, 2023
Consolidated Statement of Profit and Loss (In US$, except equity share data)

Particulars Note
2023 2022
Other Income, net 2.15 5,109,442 640,361
Total income 231,620,783 183,315,237
Expenses
Consultancy and professional charges 2,189,445 920,724
Depreciation and amortization expense 2.1 and 2.12 443,629 465,298
Finance cost 2.12 32,361 34,662
Other expenses 2.16 1,077,353 245,719
Total expenses 205,738,787 161,437,356
Tax expense / (benefit) :
Current tax 2.13 7,623,179 5,851,959
Deferred tax 2.13 (234,761) 298,640
Profit for the period 18,493,578 15,727,282
Exchange difference on translation of foreign operations 6,277 –
Total comprehensive income for the period 18,499,855 15,727,282
Earnings per equity share of $0.5 each
Basic and diluted 0.53 0.45
Basic and diluted 35,000,000 35,000,000

Place: Bengaluru
Date: May 31, 2023
Consolidated statement of changes in equity
(In US$)
Other Equity Other Total equity attributable

Equity share
Particulars –Retained Comprehensive to equity holders of the
capital
earnings Income company
Balance as at April 1, 2021 17,500,000 70,798,122 – 88,298,122
Changes in equity for the year ended March 31, 2022
Profit for the period - 15,727,282 – 15,727,282
Balance as at March 31, 2022 17,500,000 86,525,404 – 104,025,404
Balance as at April 1, 2022 17,500,000 86,525,404 – 104,025,404
Impact on adoption of amendment to IND AS 37* – (8571) – (8571)
Profit for the period – 18,493,578 6,277 18,499,855
Balance as at March 31, 2023 17,500,000 105,010,411 6,277 122,516,688
*Impact on adoption of amendment to IND AS 37 Provisions, Contingent liabilities and Contingent assets.

Place: Bengaluru
Date: May 31, 2023
Consolidated Statement of Cash Flows
(In US$)

Particulars Note
2023 2022
Cash flow from operating activities :
operating activities :
Depreciation and amortization 2.1 and 2.12 443,629 465,298
Finance cost 2.12 32,361 34,662
Interest income on loan to fellow subsidiaries 2.18 (c) (4,929,070) (216,063)
Provision for post-sales client support 2.16 310,781 (20,177)
Impairment loss recognized / (reversed) under expected credit loss model 2.16 23,382 (272,788)
Exchange difference on translation of assets and liabilities 525,991 (689,411)
Gain on lease modifications 2.12 (132,784) –
Trade receivables and unbilled revenue (8,581,356) (276,690)
Loans, other financial assets and other assets (3,839,412) 2,052,076
Trade payables 2.8 (3,620,240) 8,237,927
Other financial liabilities, other liabilities and provisions 12,893,726 3,378,924
Net cash generated from operations 11,195,004 28,590,907
Cash flow from investing activities
Loan given to fellow subsidiaries 2.18 (c) (61,800,000) (20,000,000)
Repayment of loan from fellow subsidiaries 2.18 (c) 1,500,000 2,500,000
Interest received on loan given to fellow subsidiaries 2.18 (c) 528,522 527,101
Cash flow from financing activities
Payment of lease liabilities (189,901) (343,352)
Effect of exchange rate on translation of foreign currency cash (525,991) 689,411
and cash equivalents
Net (decrease) / increase in cash and cash equivalents (49,547,258) 11,066,378
Cash and cash equivalents at the beginning of the period 67,940,070 56,184,281
Cash and cash equivalents at the end of the period 17,866,821 67,940,070

Place: Bengaluru
Date: May 31, 2023
Overview and notes to the consolidated financial statements
1. Overview
1.1 Company overview
Infosys Public Services operations are to provide solutions that span the entire software lifecycle encompassing technical consulting,
design, development, re-engineering, maintenance, systems integration, package evaluation and implementation, testing and
infrastructure management services.
1.2 Basis of preparation of consolidated financial statements

These special purpose financial statements are prepared for inclusion in the Annual Report of the holding company Infosys Limited
under the requirements of Section 129 (3) of the Companies Act 2013.
These financial statements are prepared in accordance with Indian Accounting Standards (Ind-AS) under the historical cost convention
on the accrual basis. The Ind-AS are prescribed under Section 133 of the Act read with Rule 3 of the Companies (Indian Accounting
Standards) Rules, 2015 and relevant amendments rules issued thereafter.
Items included in the financial statements of the company are measured using the currency of the primary economic environment in
which the entity operates (i.e. the “functional currency”). The functional currency of the company is United States Dollars (“US Dollars”)
and the financial statements are also presented in US Dollars. All amounts included in the financial statements are reported in US Dollars,
unless otherwise stated.
Accounting policies have been applied consistently to all periods presented in these financial statements except where a newly
issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting
During the year, the Company has incorporated new subsidiary ‘Infosys Public Services Canada Inc’ and same has become operational
from January 2023. Accordingly, the current year financials includes financial statement of subsidiary Infosys Public Services Canada Inc.
Comparative figures are of Standalone Infosys Public Service Inc.
1.3 Use of estimates and judgements

The preparation of the financial statements in conformity with Ind-AS requires the Management to make estimates and assumptions
that affect the reported balances of assets and liabilities and disclosures relating to contingent liabilities as at the date of the financial
statements and reported amounts of income and expenses during the period.
Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in
estimates are made as the Management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates
are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes
Examples of such estimates include, computation of percentage of completion which requires the Company to estimate the efforts or
costs expended to date as a proportion of the total efforts to be expended, impairment losses on financial assets, future obligations
under employee benefit plans, income taxes, post-sales customer support and the useful lives of property, plant and equipment.
1.4 Critical accounting estimates

1.4.1 Revenue recognition
Revenues from customer contracts are considered for recognition and measurement when the contract has been approved, in writing,
by the parties to the contract, the parties to contract are committed to perform their respective obligations under the contract, and the
contract is legally enforceable. The Company assesses the services promised in a contract and identifies distinct performance obligations
in the contract. Identification of distinct performance obligations to determine the deliverables and the ability of the customer to
benefit independently from such deliverables, and allocation of transaction price to these distinct performance obligations involves
significant judgement.
Fixed price maintenance revenue is recognized ratably on a straight-line basis, when services are performed through an indefinite
number of repetitive acts over a specified period. Revenue from fixed price maintenance contract is recognized ratably using a
percentage of completion method when the pattern of benefits from the services rendered to the customer and company’s costs to
fulfil the contract is not even through the period of the contract because the services are generally discrete in nature and not repetitive.
The use of method to recognize the maintenance revenue requires judgment and is based on the promises in the contract and nature
of the deliverables.
The Company uses the percentage-of-completion method in accounting for other fixed-price contracts. Use of the percentage-of-
completion method requires the Company to determine the actual efforts or costs expended to date as a proportion of the estimated
total efforts or costs to be incurred. Efforts or costs expended have been used to measure progress towards completion as there is a
direct relationship between input and productivity. The estimation of total efforts or costs involves significant judgement and is assessed
throughout the period of the contract to reflect any changes based on the latest available information.
Provisions for estimated losses, if any, on uncompleted contracts which may impact their life, such as changes in technology
are recorded in the period in which such losses become probable (Refer to Note no 2.1).
2. Notes to the financial statements
1.4.2 Income taxes
The Company’s major tax jurisdictions is the U.S., though the 2.1 Property, plant and equipment
Company also files tax returns in Canada. Accounting policy
Significant judgments are involved in determining the provision Property, plant and equipment are stated at cost, less
for income taxes, including amount expected to be paid/ accumulated depreciation and impairment, if any. Costs
recovered for uncertain tax positions (Refer to Note No. 2.13). directly attributable to acquisition are capitalized until the
In assessing the realizability of deferred income tax assets, by Management. The Company depreciates property, plant and
Management considers whether some portion or all of the equipment over their estimated useful lives using the straight-
deferred income tax assets will not be realized. The ultimate line method. The estimated useful lives of assets are as follows :
realization of deferred income tax assets depends on the
generation of future taxable income during the periods in which Computer equipment(1) 3-5 years
the temporary differences become deductible. Management
Plant and machinery(1) 5 years
considers the scheduled reversals of deferred income tax
liabilities, projected future taxable income and tax planning Furniture and fixtures (1)
5 years
strategies in making this assessment. Based on the level of Office equipment (1)
5 years
historical taxable income and projections for future taxable
Leasehold improvements Lower of lease term or useful life
are deductible, Management believes that the Company will (1)
realize the benefits of those deductible differences. The amount useful lives as given above best represent the period over which the
of the deferred income tax assets considered realizable, however, Management expects to use these assets. Hence, the useful lives for
could be reduced in the near term if estimates of future taxable these assets is different from the useful lives as prescribed under Part C of
Schedule II of the Companies Act, 2013.
Leasehold improvements are amortized over the lower of the
1.4.3 Property, plant and equipment lease term or the useful life of the asset.
Property, plant and equipment represent a significant proportion Depreciation methods, useful lives and residual values are
of the asset base of the Company. The charge in respect of reviewed periodically, including at each financial year end.
periodic depreciation is derived after determining an estimate
of an asset’s expected useful life and the expected residual Repairs and maintenance costs are recognized in the Statement
value at the end of its life. The useful lives and residual values of of Profit and Loss when incurred. The cost and related
Company’s assets are determined by Management at the time accumulated depreciation are eliminated from the financial
the asset is acquired and reviewed periodically, including at each statements upon sale or retirement of the asset, and the resultant
financial year end. The lives are based on historical experience gains or losses are recognized in the Statement of Profit and Loss.
with similar assets, as well as anticipation of future events,
Impairment
Property, plant and equipment and intangible assets are evaluated for recoverability, whenever events or changes in circumstances
indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the
higher of the fair value less cost to sell or the value-in-use) is determined on an individual asset basis, unless the asset does not generate
cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the cash
generated unit (CGU) to which the asset belongs. If such assets are considered to be impaired, the impairment to be recognized in the
Statement of Profit and Loss is measured by the amount by which the carrying value of the assets exceeds the estimated recoverable
amount of the asset. An impairment loss is reversed in the Statement of Profit and Loss, if there has been a change in the estimates used
to determine the recoverable amount. The carrying amount of the asset is increased to its revised recoverable amount, provided that
this amount does not exceed the carrying amount that would have been determined (net of any accumulated depreciation) had no
(In US$)
Office Plant & Computer Furniture & Leasehold

Particulars Total
equipment machinery equipment fixtures improvement
Gross carrying value as of April 1,2022 109,385 10,053 936,683 262,275 333,834 1,652,230
Additions 116,403 - 178,338 80,972 438,319 814,032
Deletions (32,412) (10,053) (191,180) (163,491) - (397,136)
Gross carrying value as of March 31,2023 193,376 - 923,841 179,755 772,153 2,069,126
Accumulated depreciation as of April 1,2022 (74,027) (10,053) (649,111) (219,629) (177,836) (1,130,656)
Particulars Total
Depreciation (15,837) - (174,027) (18,565) (74,385) 282,814
Accumulated depreciation on deletions 32,412 10,053 191,180 163,491 397,136
Accumulated (57,452) - (631,958) (74,703) (252,221) 1,016,334
depreciation as of March 31,2023
Carrying value as of April 1,2022 35,358 – 287,572 42,646 155,998 521,574
Carrying value as of March 31,2023 135,924 – 291,883 105,053 519,932 1,052,792
(In US$)

Particulars Total
Gross carrying value as of April 1,2021 109,385 10,053 789,676 262,275 333,834 1,505,223
Additions – – 175,836 – – 175,836
Deletions – – (28,829) – – (28,829)
Gross carrying value as of March 31,2022 109,385 10,053 936,683 262,275 333,834 1,652,230
Accumulated Depreciation as of April 1,2021 (59,395) (10,053) (587,744) (202,041) (108,735) (967,968)
Depreciation (14,632) – (89,486) (17,588) (69,101) (190,807)
Accumulated depreciation on deletions – – 28,119 – – 28,119
Accumulated (74,027) (10,053) (649,111) (219,629) (177,836) (1,130,656)
depreciation as of March 31,2022
Carrying value as of April 1,2021 49,990 – 201,932 60,234 225,099 537,255
Carrying value as of March 31,2022 35,358 – 287,572 42,646 155,998 521,574
2.2 Loans
(In US$)
As at March 31,
Particulars
2023 2022
Non-current
Loan receivables considered good - Unsecured (Refer to Note 2.18 (b)) 49,300,000 9,000,000
Total –non-current loans 49,300,000 9,000,000
Current
Loan receivables considered good – Unsecured (Refer to Note 2.18 (b)) 40,000,000 20,000,000
Total current loans 40,000,000 20,000,000
Total loans (1) 89,300,000 29,000,000
(1)
Includes loans to fellow subsidiaries (Refer to Note 2.18 (b)) 89,300,000 29,000,000

(In US$)
As at March 31,
Particulars
2023 2022
Current
Unsecured
Considered good (1) 44,964,346 29,665,817
Less : Allowances for credit losses (354,000) (707,351)
(1)
Includes dues from holding company (Refer to Note 2.18 (b)) 82,571 89,967
Trade Receivable ageing schdeule for the year ended as on 31.03.2023 and 31.03.2022:
(In US$)

Particulars Not Due 6 months More than Total
Less than 6 months 1-2 years 2-3 years
- 1 year 3 years
Undisputed trade 30,855,688 14,108,658 – – – – 44,964,346
receivables – Considered good
19,346,055 9,861,089 6,094 – 452,579 – 29,665,817
Less : Allowance for credit loss – – – – – – (354,000)
(707,351)
28,958,466
2.4 Cash and cash equivalents 2.6 Other current assets

(In US$) (In US$)
As at March 31, As at March 31,

2023 2022 2023 2022
Balances with Bank Current
In current accounts 17,866,821 67,940,070 Payment to vendors for supply 9,619 2,901
17,866,821 67,940,070 of goods
Prepaid expenses(3) 5,845,315 2,367,397
2.5 Other financial assets Unbilled revenue (1)
10,204,754 10,681,733
(In US$)
Withholding taxes (2)
4,831 248,629
As at March 31, Others 92,322 28,557
Particulars
2023 2022 Total other current assets 16,156,841 13,329,217
Non-current Classified as non-financial
(1)
Interest accrued on loan(1) (3) 2,016,197 51,583 asset as the contractual

Unbilled revenues (1)# 63,498 – right to consideration
depends on completion of
2,079,695 51,583 contractual milestones
Current (2)
Withholding taxes
Unbilled revenues (1)#
7,772,809 14,453,234 related to employees
Interest accrued on loan(1) (3) 2,530,548 94,614 Includes dues from
(3) 78,862 120,135
Others (1)(2)
1,230,322 695,513
other group companies
11,533,679 15,243,361
2.7 Equity
Total 13,613,374 15,294,944 Equity share capital
Financial assets
(1) 13,613,374 15,294,944
carried at amortized cost (In US$, except equity share data)
Includes dues from

(2) 1,218,505 643,951 As at March 31,
holding company and 2023 2022
other group companies
Authorized
(Refer to Note 2.18 (b))
(3)
Includes interest accrued 4,546,745 146,197 Equity shares, US$ 0.5
on loan to fellow subsidiaries (US$ 0.5) par value
(Refer to Note 2.18 (b)) 40,000,000 20,000,000 20,000,000
(40,000,000) equity shares
# Classified as financial asset as right to consideration is unconditional and
is due only after a passage of time. Issued, subscribed and paid-up
Equity shares, US$ 0.5 17,500,000 17,500,000
(US$ 0.5) par value
35,000,000 (35,000,000) equity
shares fully paid up
17,500,000 17,500,000
The Company has only one class of shares referred to as equity shares having a par value of US$ 0.5. Each holder of equity shares is
As at March 31, 2023, the company had one member, Infosys Limited (the “member”). In the event of liquidation of the Company, the
holders of equity shares will be entitled to receive any of the remaining assets of the company in proportion to the number of equity
shares held by the shareholders, after distribution of all preferential amounts.
The details of shareholder holding more than 5% shares as at :
(In US$)
As at March 31,
2023 2022
Number of shares % held Number of shares % held
Infosys Limited, the holding company 35,000,000 100.00 35,000,000 100.00
The reconciliation of the number of shares outstanding and the amount of share capital as at :
(In US$ - except as stated otherwise)
As at March 31,
Particulars
2023 2022
At the beginning of the period 35,000,000 17,500,000 35,000,000 17,500,000
At the end of the period 35,000,000 17,500,000 35,000,000 17,500,000

Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Company by the weighted
average number of equity shares outstanding during the period.
2.8 Trade payables

(In US$)
As at March 31,
Particulars
2023 2022
Trade payables (1) 13,390,948 17,011,188
13,390,948 17,011,188
(1)
Includes dues to holding company and other group companies (Refer to note 2.18(b)) 11,272,507 13,169,931
Trade Payable ageing schdeule for the year ended as on March 31, 2023 and March 31, 2022
(In US$)

Particulars Not due Total
Less than 1 year 1-2 years 2-3 years More than 3 years
Others 1,578,452 11,812,496 – – – 13,390,948
3,646,782 13,364,406 – – – 17,011,188
Total trade payables 13,390,948
17,011,188
2.9 Other financial liabilities As at March 31,

(In US$) Particulars
2023 2022
As at March 31, Accrued compensation to 3,074,308 2,611,557
Particulars
2023 2022 employees(1)
Current Accrued expenses(1) 25,852,881 26,816,315
Others Payable to related 728,420 554,221
parties(1)*
Compensated absences 2,616,289 1,755,502
Capital creditor 223,493 105,101
2023 2022 2023 2022
Others payables (1) 871,051 168,561 Post sales client support 1,292,832 1,010,118
33,366,442 32,011,257 and other provisions
Total provisions 1,292,832 1,010,118
Financial liability
(1) 29,383,787 30,150,654
carried at amortized cost The movement in provision for post-sales client support and
*Includes dues to holding 728,420 577,761 other provisions is as follows :
company and other group
(In US$)
companies (Refer to Note 2.18(b))
2.10 Other liabilities Particulars
2023 2022
(In US$)
Balance at the beginning 1,010,118 1,154,083
As at March 31, Provision recognized / (reversed) 403,809 130,694
Particulars
2023 2022 Provision utilized (121,095) (274,659)
Current Balance at the end 1,292,832 1,010,118
Provision for post-sales client support and other provisions are
Others expected to be utilized over a period of one year.
Withholding taxes payable 410,101 1,009,488
14,753,220 3,186,612 2.12 Leases
Accounting policy
2.11 Provisions The Company’s lease asset classes consist of leases for buildings.
Accounting policy The Company assesses whether a contract contains a lease, at
A provision is recognized if, as a result of a past event, the inception of a contract. A contract is, or contains, a lease if the
Company has a present legal or constructive obligation that contract conveys the right to control the use of an identified
is reasonably estimable, and it is probable that an outflow of asset for a period of time in exchange for consideration. To
economic benefits will be required to settle the obligation. assess whether a contract conveys the right to control the use
Provisions are determined by discounting the expected of an identified asset, the Company assesses whether: (1) the
future cash flows at a pre-tax rate that reflects current contact involves the use of an identified asset (2) the Company
market assessments of the time value of money and the risks has substantially all the economic benefits from use of the asset
specific to the liability. through the period of the lease and (3) the Company has the
right to direct the use of the asset.
a. Post sales client support and others At the date of commencement of the lease, the Company
The Company provides its clients with a fixed-period post-sales recognizes a right-of-use asset (ROU assets) and a corresponding
support on its fixed-price and fixed-timeframe contracts. Costs lease liability for all lease arrangements in which it is a lessee,
associated with such support services are accrued at the time except for leases with a term of 12 months or less (short-term
related revenues are recorded. The Company estimates such leases) and low value leases. For these short-term and low
costs based on historical experience, and estimates are reviewed value leases, the Company recognizes the lease payments
on a periodic basis for any material changes in assumptions and as an operating expense on a straight-line basis over
likelihood of occurrence. the term of the lease.
Certain lease arrangements include the options to extend or
b. Onerous contracts terminate the lease before the end of the lease term. ROU assets
Provisions for onerous contracts are recognized when the and lease liabilities includes these options when it is reasonably
expected benefits to be derived by the Company from a contract certain that they will be exercised.
are lower than the unavoidable costs of meeting the future
obligations under the contract. The provision is measured at the The ROU assets are initially recognized at cost, which comprises
present value of the lower of the expected cost of terminating the initial amount of the lease liability adjusted for any lease
the contract, and the expected net cost of continuing with payments made at or prior to the commencement date of
the contract. Before a provision is established, the Company the lease plus any initial direct costs less any lease incentives.
recognizes any impairment loss on the assets associated They are subsequently measured at cost less accumulated
with that contract. depreciation and impairment losses.
Other liabilities comprise the following : ROU assets are depreciated from the commencement date
on a straight-line basis over the shorter of the lease term and
(In US$) useful life of the underlying asset. ROU assets are evaluated for
recoverability, whenever events or changes in circumstances
As at March 31, indicate their carrying amounts may not be recoverable. For
Particulars
2023 2022 the purpose of impairment testing, the recoverable amount
Current (i.e., the higher of the fair value less cost to sell and the value-
in-use) is determined on an individual asset basis, unless the
Others asset does not generate cash flows that are largely independent
of those from other assets. In such cases, the recoverable Years ended March 31,
amount is determined as cash generating unit (CGU) to Particulars
which the asset belongs. 2023 2022
Deletions (991,803) –
The lease liability is initially measured at amortized cost using the
effective interest rate method at the present value of the future Interest 32,361 34,662
lease payments. The lease payments are discounted using the accrued during the period
interest rate implicit in the lease or, if not readily determinable, Gain on modification (132,784) –
incremental borrowing rates in the countries of domicile of the
Lease payments (137,437) (339,811)
leases. Lease liabilities are remeasured with a corresponding
adjustment to the related right of use asset, if the Company Translation differences (52,464) (3,541)
changes its assessment if whether it will exercise an extension or Balance as of March 31, 2023 3,333,547 1,870,827
a termination option.
Lease liability and ROU asset have been separately presented in The details regarding the contractual maturities of lease liabilities
the Balance Sheet and lease payments have been classified as on undiscounted basis as at March 31, 2023 and March 31,
financing cash flows. 2022 are as follows :
The changes in the carrying value of ROU assets for the year
(In US$)
ended March 31, 2023 are as follows :
As at March 31,
2023 2022
Particulars Buildings Less than one year 334,005 340,714
Balance as of April 1, 2022 1,661,158 One to five years 1,730,735 1,362,854
Additions 2,744,847 More than five years 1,976,403 294,226
Deletions 991,803 Total 4,041,143 1,997,794
Depreciation 160,816
Translation differences – The Company does not face a significant liquidity risk
Balance as of March 31, 2023 3,253,386 with regard to its lease liabilities as the current assets are
The changes in the carrying value of ROU assets for the year and when they fall due.
ended March 31, 2022 are as follows:
The aggregate depreciation on ROU assets has been included
(In US$) under depreciation and amortization expense in the
Particulars Buildings
Balance as of April 1, 2021 1,935,651 2.13 Income taxes
Additions – Accounting policy
Deletions – Income tax expense comprises current and deferred income tax.
Income tax expense is recognized in the condensed Statement
Depreciation 274,493
of Profit and Loss, except to the extent that it relates to items
Translation differences – recognized directly in equity, in which case it is recognized in
Balance as of March 31, 2022 1,661,158 other comprehensive income. Current income tax for current and
prior periods is recognized at the amount expected to be paid
The break-up of current and non-current lease liability as at Mar to or recovered from the tax authorities, using the tax rates and
31, 2023 and March 31, 2022 is as follows : tax laws that have been enacted or substantively enacted by the
(In US$)
As at March 31, bases of assets and liabilities and their carrying amounts in the
Particulars financial statements. Deferred tax assets are reviewed at each
2023 2022
reporting date, and are reduced to the extent that it is no longer
Current lease liability 198,753 310,379
Non-current lease liability 3,134,794 1,560,448
Total 3,333,547 1,870,827 tax rates and tax laws that have been enacted or substantively
The movement in lease liability during the year ended March 31, enacted by the Balance Sheet date and are expected to apply to
2023 and March 31, 2022 is as follows : taxable income in the years in which those temporary differences
(In US$) in tax rates on deferred income tax assets and liabilities is
Particulars the enactment or the substantive enactment date. A deferred
2023 2022 income tax asset is recognized to the extent that it is probable
Balance as of April 1, 2022 1,870,827 2,179,517 that future taxable profit will be available against which the
deductible temporary differences and tax losses can be utilized.
Additions 2,744,847 –
Deferred income taxes are not provided on the undistributed The gross movement in the current income tax asset /
earnings of the branches where it is expected that the earnings (liability) for the year ended March 31, 2023 and March 31,
of the branches will not be distributed in the foreseeable future. 2022 is as follows :
The Company offsets current tax assets and current tax liabilities,
where it has a legally enforceable right to set off the recognized (In US$)
amounts and where it intends either to settle on a net basis, or Years ended March 31,
to realize the asset and settle the liability simultaneously. The Particulars
income tax provision for the interim period is made based on 2023 2022
the best estimate of the annual average tax rate expected to be Net income tax liabilities (263,011) (391,783)
applicable for the full financial year. Income tax paid 7,814,000 5,980,732
Income tax expense in the statement of profit Income tax expense (7,623,179) (5,851,959)
and loss comprises :
Forex (3,216) –
(In US$) Net income tax (75,405) (263,010)
liability at the end
Particulars The movement in gross deferred income tax assets for the year
2023 2022
ended March 31, 2023 is as follows :
Current tax 7,623,179 5,851,959
Deferred tax credit / (expense) (234,761) 298,640 (In US$)
Income tax expense 7,388,418 6,150,599 Carrying Changes Carrying
value as through value as
Particulars
on April profit & on March
Income tax expense for the year ended March 31, 2023 and March
1,2022 Loss 31,2023
31, 2022 includes reversals (net of provisions) of US$ 300,718 and
US$ 506,227, respectively, pertaining to prior years. Deferred income tax assets
Entire deferred income tax for the year ended March 31, 2023 and Property, plant and equipment 184,220 (315,651) (131,431)
March 31, 2022 respectively relates to origination and reversal of Compensated absences 491,657 242,366 734,023
temporary differences. Accrued compensation 730,679 128,202 858,881
A reconciliation of income tax provision to the amount computed Provision for post- 282,834 79,160 361,994
by applying the statutory income tax rate to the income before sales customer support
taxes is summarized as follows :
Trade receivables 292,089 (130,854) 161,235
(In US$) Others 658,356 231,538 889,894
Years ended March 31, Total 234,761 2,874,596
Particulars deferred income tax assets 2,639,835
2023 2022
Profit before incomes taxes 25,881,996 21,877,881
Enacted tax rate 21% 21% The movement in gross deferred income tax assets for the year
ended March 31, 2022 is as follows :
Computed expected tax expense 5,435,219 4,594,355
State Taxes 1,824,679 1,531,452 (In US$)
Overseas taxes 268,369 293,576 Carrying Changes Carrying
Disallowed Items 166,489 133,878 value as through value as
Particulars
on April profit & on March
Tax pertaining to prior year (300,718) (506,227) 1,2021 loss 31,2022
Impact of rate differential (10,167) – Deferred income tax assets
Forex 4,238 – Property, plant and equipment 552,339 (368,120) 184,219
Others 308 103,565 Compensated absences 579,513 (87,856) 491,657
Income tax expense 7,388,417 6,150,599 Accrued compensation 402,910 327,769 730,679
The details of income tax assets and income tax Provision for post- 334,685 (51,851) 282,834
liabilities are as follows : sales customer support
(In US$) Trade receivables 386,111 (94,022) 292,089

Others 682,917 (24,561) 658,356
Particulars Total (298,641) 2,639,834
2023 2022
deferred income tax assets 2,938,475
The tax effects of significant temporary differences that resulted
Current Income tax liabilities (1,059,916) (805,328)
in deferred income tax assets and liabilities are as follows :
Net income tax liabilities (75,405) (263,010)
(In US$) is recognized ratably either on a straight-line basis, when services
are performed through an indefinite number of repetitive
Particulars acts over a specified period, or ratably using a percentage of
2023 2022 completion method, when the pattern of benefits from the
Deferred income tax 2,875,522 2,639,835 services rendered to the customer and Company’s costs to fulfil
assets after set off the contract is not even through the period of contract because
Deferred tax assets and deferred tax liabilities have been offset the services are generally discrete in nature and not repetitive.
wherever the Company has a legally enforceable right to set off Revenue from other fixed-price and other fixed-timeframe
current tax assets against current tax liabilities, and where the contracts, where the performance obligations are satisfied over
deferred tax assets and deferred tax liabilities relate to income time, is recognized using the percentage-of-completion method.
taxes levied by the same taxation authority. Efforts or costs expended have been used to determine progress
In assessing the realizability of deferred tax assets, Management towards completion as there is a direct relationship between
considers whether it is more likely than not that some portion input and productivity. Progress towards completion is measured
or all of the deferred tax assets will not be realized. The ultimate as the ratio of costs or efforts incurred to date (representing work
realization of deferred tax assets depends on the generation of performed) to the estimated total costs or efforts. Estimates
future taxable income during the periods in which the temporary of transaction price and total costs or efforts are continuously
differences become deductible. Management considers the monitored over the term of the contracts, and are recognized in
scheduled reversals of deferred tax liabilities, projected future net profit in the period when these estimates change or when
taxable income, and tax planning strategies in making this the estimates are revised. Revenues and the estimated total
assessment. Based on the level of historical taxable income and costs or efforts are subject to revision as the contract progresses.
projections for future taxable income over the periods in which Provisions for estimated losses, if any, on uncompleted contracts
the deferred tax assets are deductible, Management believes are recorded in the period in which such losses become probable
that it is more likely than not that the Company will realize based on the estimated efforts or costs to complete the contract.
the benefit of the deductible differences at March 31, 2022. The billing schedules agreed with customers include periodic
Accordingly, the Management has recorded deferred tax asset in performance-based billing and / or milestone based progress
its financial statements. billings. Revenues in excess of billing are classified as unbilled
revenue, while billing in excess of revenues are classified as
2.14 Revenue contract liabilities (which we refer to as Unearned Revenues).
Revenues from customer contracts are considered for The Company presents revenues net of indirect taxes in its
recognition and measurement when the contract has been Statement of Profit and Loss
approved, in writing, by the parties to the contract, the parties to
contract are committed to perform their respective obligations Revenues for the year ended March 31, 2023 and March
under the contract, and the contract is legally enforceable. 31, 2022 are follows :
Revenue is recognized upon transfer of control of promised
products or services (“performance obligations”) to customers (In US$)
for an amount that reflects the consideration the Company has Years ended March 31,
received or expects to receive in exchange for these products Particulars
2023 2022
or services (“transaction price”). When there is uncertainty as
to collectability, revenue recognition is postponed until such Revenue from software services 226,511,341 182,674,876
uncertainty is resolved. Total 226,511,341 182,674,876
identifies distinct performance obligations in the contract. Disaggregate revenue information
The Company allocates the transaction price to each distinct The disaggregated revenues from contracts with customers
performance obligation based on the relative standalone selling for the year ended March 31, 2023 and March 31, 2022 by
price. The price that is regularly charged for an item, when geography are as follows :
sold separately, is the best evidence of its standalone selling
price. In the absence of such evidence, the primary method (In US$)
used to estimate standalone selling price is the expected cost Years ended March 31,
plus a margin, under which the Company estimates the cost Particulars
2023 2022
of satisfying the performance obligation and then adds an
appropriate margin based on similar services. Revenues by geography*
The Company’s contracts may include variable consideration North America 221,158,267 170,168,274
including rebates, volume discounts and penalties. The Europe (169,125) 174,526
Company includes variable consideration as part of transaction Rest of the world 5,522,199 12,332,077
price when there is a basis to reasonably estimate the amount
Total 226,511,341 182,674,877
of the variable consideration, and when it is probable that
a significant reversal of cumulative revenue recognized will * Geographical revenues is based on the domicile of customer
consideration is resolved. Trade receivables and contract balances
Revenue on time-and-material contracts are recognized as the The timing of revenue recognition, billings and cash collections
related services are performed. Fixed-price maintenance revenue results in receivables, unbilled revenue, and unearned revenue
on the Company’s Balance Sheet. Amounts are billed as work Years ended March 31,
progresses in accordance with agreed-upon contractual terms, Particulars
either at periodic intervals (e.g., monthly or quarterly) or upon 2023 2022
achievement of contractual milestones. Share based payments to 322,759 381,797
employees
Unbilled revenues comprising revenues in excess of billings from Staff welfare 72,291 10,194
time and material contracts and fixed-price maintenance are 58,512,972 28,715,318
classified as financial asset when the right to consideration is
Cost of
unconditional and is due only after a passage of time.
software packages and others
Invoicing to the clients for other fixed-price contracts is based on For own use 1,606,288 2,802,659
milestones as defined in the contract and, therefore, the timing
of revenue recognition is different from the timing of invoicing Third-party items bought for 9,367,267 16,943,721
service delivery to clients
to the customers. Therefore, unbilled revenues for other fixed-
timeframe contracts are classified as non-financial asset (contract 10,973,555 19,746,380
asset), because the right to consideration depends on the Other expenses
completion of contractual milestones.
Invoicing in excess of earnings are classified as unearned revenue.
Branding and marketing 186,842 139,447
Trade receivables and unbilled revenues are presented net of expenses
impairment in the Balance Sheet. Provision / (reversal) for post- 310,781 (20,177)
sales client support
2.15 Other income Impairment loss under 23,382 (272,788)
Accounting policy expected credit loss model
Other income primarily comprises interest income and on Repair and maintenance 136,122 162,586
translation of other assets and liabilities. Interest income is 53,755 –
Statutory Audit Fees*
recognized using the effective interest method.
Others 178,170 62,962
Foreign currency Total 1,077,353 245,719
Functional currency
* includes 26,875 pertains to FY’22.
The functional currency of the Company is the US Dollar.
The functional currency for Infosys Canada Public Services 2.17 Financial instruments
Inc is the Canadian Dollar. These financial statements are Accounting policy
presented in US Dollar. 2.17.1 Initial recognition
Other income / (expense) consists of the following : The Company recognizes financial assets and financial liabilities
(In US$) instrument. All financial assets and liabilities are recognized
Years ended March 31, at fair value on initial recognition, except for trade receivables
Particulars which are initially measured at transaction price. Transaction
2023 2022
Interest income on financial of financial assets and financial liabilities, that are not at fair
assets carried at amortized cost : value through profit or loss, are added to the fair value on initial
Deposits with banks and 610,598 86,546 recognition. Regular way purchase and sale of financial assets are
others accounted for at trade date.
Loan to fellow subsidiaries 4,929,070 216,063
Exchange gains / (losses) on (564,417) 336,778
translation of other assets and
liabilities (i) Financial assets carried at amortized cost
Other miscellaneous income 134,191 974 A financial asset is subsequently measured at amortized cost
net if it is held within a business model whose objective is to hold
Total 5,109,442 640,361 the asset in order to collect contractual cash flows, and the
2.16 Expenses dates to cash flows that are solely payments of principal and
(In US$) interest on the principal amount outstanding.
Years ended March 31, (ii) Financial assets at fair value through other
Particulars comprehensive income (FVOCI)
2023 2022
Employee benefit expenses A financial asset is subsequently measured at fair value through
other comprehensive income, if it is held within a business model
flows and selling financial assets and the contractual terms of the
financial asset give rise on specified dates to cash flows that are As at March 31,
solely payments of principal and interest on the principal amount Particulars
outstanding. The Company has made an irrevocable election 2023 2022
for its investments, which are classified as equity instruments, Total 165,390,541 141,193,480
to present the subsequent changes in fair value in other Liabilities:
comprehensive income based on its business model.
Trade 13,390,948 17,011,188
(iii) Financial assets at fair value through profit or loss payables (Refer to Note 2.8)
A financial asset which is not classified in any of the above Lease liabilities 3,333,547 1,870,827
categories are subsequently fair valued through profit or loss. (Refer to Note 2.12)
(iv) Financial liabilities Other financial 33,366,442 32,011,257
using the effective interest method, except for contingent Total 50,090,937 50,893,272
consideration recognized in a business combination, which is
subsequently measured at fair value through profit and loss. Financial risk management
For trade and other payables maturing within one year from the Financial risk factors
Balance Sheet date, the carrying amounts approximate fair value The Company’s activities expose it to a variety of financial
due to the short maturity of these instruments. risks: market risk, credit risk and liquidity risk. The Company’s
2.17.3 Derecognition of financial instruments primary focus is to foresee the unpredictability of financial
markets, and seek to minimize potential adverse effects on its
The Company derecognizes a financial asset when the financial performance. The primary market risk to the Company
contractual rights to the cash flows from the financial asset is foreign exchange risk. The Company uses derivative financial
expire or it transfers the financial asset, and the transfer qualifies instruments to mitigate foreign exchange related risk exposures.
for derecognition under Ind-AS 109. A financial liability (or a The Company’s exposure to credit risk is influenced mainly by the
part of a financial liability) is derecognized from the Company’s individual characteristic of each customer and the concentration
Balance Sheet when the obligation specified in the contract is of risk from the top few customers.
2.17.4 Impairment Market risk
The Company recognizes loss allowances using the expected The Company operates globally, and a major portion of the
credit loss (ECL) model for the financial assets and unbilled business is transacted in several currencies. Consequently, the
revenue which are not fair valued through profit or loss. Loss Company is exposed to foreign exchange risk through its sales
allowance for trade receivables and unbilled revenue with no and services in the United States and elsewhere, and purchases
significant financing component is measured at an amount from overseas suppliers in various foreign currencies.
equal to lifetime ECL. For all other financial assets, expected The analysis of the foreign currency risk from financial assets and
credit losses, are measured at an amount equal to the 12-month liabilities as at March 31, 2023 is as follows :
ECL, unless there has been a significant increase in credit risk
from initial recognition. In such a case, those are measured at (In US$)
lifetime ECL. The amount of expected credit losses or (reversal)
Canadian Other
that is required to adjust the loss allowance at the reporting Particulars Total
Dollar currencies
date to the amount that is required to be recognized is
recognized as an impairment gain or loss in interim condensed Net financial assets 12,095,353 2,005 12,097,358
Statement of Profit and Loss. Net (11,866,170) (24,694) (11,890,864)
financial liabilities
Financial instruments by category Net 229,183 (22,689) 206,494
The carrying value and fair value of financial instruments as of assets / (liabilities)
The analysis of the foreign currency risk from financial assets and
(In US$)
liabilities as at March 31, 2022 is as follows :
As at March 31, (In US$)

Particulars
2023 2022 Canadian Other
Particulars Total
Assets : Dollar currencies
Cash and cash 17,866,821 67,940,070 Net financial assets 37,986,102 1,037 37,987,139
equivalents (Refer to Note 2.4) Net (13,616,537) (63,388) (13,679,925)
Trade 44,610,346 28,958,466 financial liabilities
receivables (Refer to Note 2.3) Net 24,369,565 (62,351) 24,307,214
Loans (Refer to Note 2.2) 89,300,000 29,000,000 assets / (liabilities)
Other financial 13,613,374 15,294,944
assets (Refer to Note 2.5)
Credit risk Credit risk exposure
Credit risk refers to the risk of default on its obligation by the The allowance for lifetime expected credit loss on customer
counterparty resulting in a financial loss. The maximum exposure balances for the year ended March 31, 2023 and March 31, 2022 is
to the credit risk at the reporting date is primarily from trade US$ 23,382 and (US$ 272,788) respectively.
receivables amounting to US$ 44,610,346 and US$ 28,958,466
Movement in credit loss allowance :
as of March 31, 2023 and March 31, 2022, respectively.Unbilled
revenue amount to US$ 18,041,062 and US$ 25,134,967 as (In US$)
of March 31, 2023 and March 31, 2022, respectively. Trade
receivables and unbilled revenue are typically unsecured and are Years ended March 31,
Particulars
derived from revenue earned from customers primarily located 2023 2022
in the United States. Credit risk is managed through credit
approvals, establishing credit limits and continuously monitoring
the creditworthiness of customers to which the Company grants Impairment loss 23,382 (272,788)
credit terms in the normal course of business. The Company uses recognized / (reversed)
the expected credit loss model to assess any required allowances; Write-offs (471,957) (38,831)
and uses a provision matrix to compute the expected credit
Translation differences (18,761) 23,376
loss allowance for trade receivables and unbilled revenues.
This matrix considers credit reports and other related credit Balance at the end 575,841 1,043,177
information to the extent available. Credit risk on cash and cash equivalents is limited as we generally
The details in respect of percentage of revenues generated from invest in deposits with banks and financial institutions with high
top customer and top 10 customers are as follows : credit ratings assigned by international and domestic credit
rating agencies. Ratings are monitored periodically and the
(In %) Company has considered the latest available credit ratings as at
the date of approval of these financial statements.
Particulars
2023 2022 Liquidity risk
Revenue from top customer 15 12 The Company’s principal sources of liquidity are cash and cash
Revenue from top 10 customers 71 74 equivalents, and the cash flow that is generated from operations.
The Company believes that the working capital is sufficient to
meet its current requirements.
As of March 31, 2023, the Company had a working capital of US$ 66,105,576, including cash and cash equivalents of US$ 17,866,821. As of
March 31, 2022, the Company had a working capital of US$ 91,136,232, including cash and cash equivalents of US$ 67,940,070.
As of March 31, 2023 and March 31, 2022, the compensated absences were US$ 2,616,289 and US$1,755,502, respectively, which have been
substantially funded. Further, as of March 31, 2023 and March 31, 2022, the Company had no outstanding bank borrowings. Accordingly,
no liquidity risk is perceived.
The details regarding the contractual maturities of significant financial liabilities as of March 31, 2023 are as follows :
(In US$)
Trade payables 13,390,948 – – – 13,390,948
Other liabilities (Refer to Note 2.9) 30,750,153 – – – 30,717,522
The details regarding the contractual maturities of significant financial liabilities as of March 31, 2022 are as follows :
(In US$)
Trade payables 17,011,188 – – – 17,011,188
Other liabilities (Refer to Note 2.9) 30,255,755 – – – 30,255,755

(a) List of related parties :
Holding as at March 31,

Name of the Company Country
2023 2022
Holding
Infosys Limited India Holding Company Holding Company
Name of the Company Country
2023 2022
Name of subsidiaries
Infosys Public Services Canada, Inc. Canada 100% 0%
Fellow subsidiaries
Mexico
Sweden
U.S.
Austria
India
Saudi Arabia
Luxembourg
U.S.
Czech Republic
U.S.
Australia
Infosys Public Services Canada Inc. (20) Canada
Infosys BPO Americas LLC. (3)
U.S.
Infosys Consulting Holding AG (Infosys Lodestone)(1) Switzerland
Australia
Germany
Romania
Infosys Consulting SAS(4) France
Czech Republic
U.K.
The Netherlands
Belgium
Panaya Ltd. (6)
Israel
Infosys Financial Services GmbH. (formerly Panaya GmbH) (58)
Germany
U.K.
Infosys Singapore Pte. Ltd. (Infosys Singapore) (1) Singapore
Dubai
South Africa
Fluido Oy (8)
Finland
Sweden
Denmark
Fluido Slovakia s.r.o(11) Slovakia
Infosys Compaz Pte. Ltd (9)
Singapore
U.S.
U.S.
Stater N.V. (9)
The Netherlands
The Netherlands
HypoCasso B.V. (12)
The Netherlands
Belgium
U.S.
Canada
Australia
Philippines
Simplus Europe, Ltd. (17)(33)
U.K.
Ireland
U.S.
U.S.
Germany
Hungary
GuideVision Polska SP.Z.O.O (22)
Poland
GuideVision UK Ltd(22)(27) U.K.
U.S.
U.S.
U.S.
U.S.
Simply Commerce LLC(25)(43) U.S.
U.S.
Turkey
Germany
Germany
India
Qatar
Infosys Germany GmbH (formerly Kristall 247. GmbH (“Kristall”)(48) Germany
Oddity GmbH (49)
Germany
Oddity (Shanghai) Co., Ltd. (50)
China
Oddity Limited (Taipei) (50) Taiwan
Oddity space GmbH (49)
Germany
Oddity jungle GmbH (49)
Germany
Oddity code GmbH (49)
Germany
Oddity code d.o.o (51) Serbia
Oddity waves GmbH (49)
Germany
Oddity group services GmbH (49)
Germany
Switzerland
Denmark
France
BASE life science Ltd. (54) U.K.
Itlay
U.S.
Spain
Infosys Norway (59) Norway
(1)
(2)
(3)
(4)
(6)
(7)
(8)
Wholly-owned subsidiary of Infosys Consulting Pte. Ltd. (formerly Infosys Consulting Pte. Ltd.)
(9)
Majority owned and controlled subsidiary of Infosys Consulting Pte. Ltd. (formerly Infosys Consulting Pte. Ltd.)
(10)
(11)
(12)
(13)
(14)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
(25)
(26)
(27)
Under liquidation
(31)
(32)
(33)
(34)
(35)
(36)
(37)
(38)
(39)
(40)
(41)
(42)
(43)
(44)
(45)
(46)
(47)
(48)
(49)
(50)
(51)
(52)
(53)
(54)
(55)
(56)
(57)
(58)
Ltd.) with effect from February 23, 2023
(59)
(b) The details of amounts due to or due from as at March 31, 2023 and March 31, 2022 are as follows :
(In US$)
As at March 31,
Particulars
2023 2022
Trade receivables
82,571 89,967
Trade payables
Infosys Limited 10,927,483 12,553,292
Edgeverve Systems Limited – 217
Outbox systems Inc. dba Simplus 178,049 356,436
WDW Communications, Inc. – –
WongDoody, Inc. – –
Simplus Philippines, Inc. – 80
Panaya Inc – 79,654
Infosys Technologies (China) Co. Limited 5,714 8,629
11,272,507 13,169,931
Edgeverve Systems Limited 23,779 23,539
1,218,505 643,951
As at March 31,
Particulars
2023 2022
Panaya Inc. – 61,180
728,420 577,761
Loans
Panaya Inc. 7,300,000 7,500,000
Infosys Nova Holdings LLC 1,500,000 1,500,000
Infosys Singapore Pte. Ltd. 40,500,000 –
89,300,000 29,000,000
Accrued expenses
Panaya Ltd 78,862 120,135
78,862 120,135
Accrued Interest on Loan to fellow subsidiaries
Panaya Inc. 112,675 9,045
Infosys Nova Holdings LLC 121,169 42,538
4,546,745 146,197
(c) The details of the related party transactions entered into by the Company for the year ended March 31, 2023 and March 31,
2022 are as follows :
(In US$)

Particulars
2023 2022
Sale of services
Infosys Limited 726,280 1,470,615
726,280 1,470,615
Infosys Limited 96,567,662 82,615,448
Edgeverve Systems Limited 16,060 29,550
Panaya Inc. 191,003 299,866
Outbox systems Inc. dba Simplus 1,933,396 2,268,613
WDW Communications, Inc. – 84,664
Simplus Philippines, Inc. – 10,298
WongDoody, Inc. – 119,132
101,236,416 87,160,749
(In US$)

Particulars
2023 2022
Capital transaction
Loans given / (refund)
Particulars
2023 2022
Panaya Inc. (1,500,000) (2,500,000)
Panaya Inc. 1,300,000 –
Infosys Nova Holdings LLC – –
60,300,000 17,500,000
Interest income on loan
Panaya Inc. 357,986 99,264
Infosys Nova Holdings LLC 78,630 22,185
4,929,070 216,063
List of key management personnel and directors

Bhanu Prasad Narayana Interim CEO with effect from 25th October 2022
Eric Paternoster Deceased on 24th October 2022
Jasmeet Singh Director

Ashiss Kumar Dash Director
(In US$)

Particulars
2023 2022
Salary and other employee benefits 1,428,201 1,205,520
Total 1,428,201 1,205,520
2.19 Commitments
(In US$)

Particulars
2023 2022
Commitments
Estimated amount of contracts remaining to be executed on capital contracts and not provided 143,977 35,339
for (net of advances and deposits)(1)
Total 143,977 35,339
(1)
Capital contracts primarily comprise commitments for infrastructure facilities and computer equipment.

The Company is engaged in providing consultancy service in a single geography. Based on the ‘Management approach’, as defined in Ind
AS 108, Segment Reporting, the Chief Operating Decision Maker (CODM) evaluates the performance and allocates resources based on
the analysis of the performance of the Company as a whole. Its operations are, therefore, considered to constitute a single segment in the
context of Ind AS 108, Segment Reporting.
2.21 Ratios
The following are analytical ratios for the year ended March 31, 2023 and March 31, 2022
(In US$)
As at march 31,
2023 2022
Current ratio Current assets Current liabilities 2.0 2.7 (24.1%)
Debt-equity ratio Total debt (represents lease Shareholder’s equity 0.027 0.018 51.3%*
liabilities) (1)
Debt service coverage ratio Earnings available for debt Debt service(3) 138.0 47.8 189%**
service(2)
Return on equity (ROE) Net profits after taxes Average shareholder’s equity 16.3% 16.4% (0.0%)
Trade Revenue Average trade treceivable 6.2 6.3 (2.7%)
receivables turnover ratio
Trade payables turnover ratio Purchases of services and other Average trade payables 9.6 10.3 (6.3%)
expenses
Net capital turnover ratio Revenue Working capital 3.4 2.0 70.9%#
Net profit ratio Net profit Revenue 8.2% 8.6% (0.4%)
Return on Earning before interest and Capital Employed(4) 21.1% 21.2% (0.1%)
(1)
(2)
Net Profit after taxes + non-cash operating expenses + interest + other adjustments like loss on sale of fixed assets etc.
(3)
(4)
* Due to increase in Debt
** Primarily due to increase in profit
#
Primarily due to increase in revenue and decrease in current assets
Infy Consulting Company Limited
Infosys Subsidiary Financials Report 2022-23 Infy Consulting Company Limited | 185
To the Members of Infy Consulting Company Limited

Opinion
We have audited the accompanying special purpose financial statements of Infy Consulting Company Limited (“the Company”),
which comprise the Balance Sheet as at March 31, 2023, the Statement of Profit and Loss (including Other Comprehensive Income),
accounting policies and other explanatory information (hereinafter referred to as “the special purpose financial statements”). The
special purpose financial statements are prepared for inclusion in the annual report of the Holding Company Infosys Limited under the
requirements of section 129 (3) of the Companies Act 2013.
statements, of the state of affairs of the Company as at March 31, 2023, the profit and total comprehensive income, changes in equity and
its cash flows for the year ended on that date.
Basis for Opinion


the audit. We also:
186 | Infy Consulting Company Limited Infosys Subsidiary Financials Report 2022-23
UDIN : 23202841BGWLUV4006
For SHENOY & KAMATH

M RATHNAKAR KAMATH
Partner
Place: Bengaluru
Date: May 20, 2023
Balance Sheet (In GBP)
As at March 31,
Particulars Note no.
2023 2022
ASSETS
Non-current assets
Right-to-Use of Asset 2.15 1,771,228 3,194,238
Financial assets
Investments 2.2 21,668,078 21,668,078
Loans 2.3 2,829 2,829
Other financial assets 2.4 4,204,325 –
Deferred tax assets (net) 2.14 355,797 178,109
Income tax assets, net 2.14 365,047 365,047
Current assets
Financial assets
Loans 2.3 81,988 10,968
Other financial assets 2.4 4,908,482 894,471
Total assets 75,011,274 65,939,088
Equity
Other equity 9,741,281 5,676,038
Total equity 23,791,281 19,726,038
Liabilities
Lease Liability 2.15 2,921,104 3,739,063
Other financial liabilities 2.11 60,282 –
Total non-current liabilities 2,981,386 3,739,063
Current liabilities
Trade payables 2.10 9,212,347 12,219,076
Lease liability 2.15 2,028,138 1,543,793
Provisions 2.13 184,072 129,669
Income tax liabilities (net) 2.14 2,025,772 1,398,724

for Shenoy & Kamath for and on behalf of the Board of Directors of Infy Consulting Company Limited
M. Rathnakar Kamath Andrew Duncan

Partner Director
Bengaluru
May 20, 2023
Statement of Profit and Loss (In GBP, except equity share and per equity share data)

2023 2022
Other income, net 2.17 348,029 139,411
Total income 184,315,139 139,352,713
Expenses
Travel expenses 2,038,767 597,858
Consultancy and professional charges 1,920,311 1,085,864
Finance cost 127,902 280,902
Other expenses 2.18 1,281,540 1,273,073
Total expenses 178,495,535 133,918,116
Tax expense
Current tax 2.14 1,932,049 2,312,998
Deferred tax 2.14 (177,688) 9,213
Profit for the Year 4,065,243 3,112,386
Total comprehensive income for the period/year 4,065,243 3,112,386
Equity shares of par value GBP 1/- each
Basic and Diluted (GBP) 0.29 0.22
Basic and Diluted 14,050,000 14,050,000


Partner Director
Bengaluru
May 20, 2023
Statement of Changes in Equity (In GBP )
Other equity Total equity

Equity share Reserves and attributable to
Particulars
capital Surplus equity holders of
the Company
Retained earnings
Balance as of April 1, 2021 14,050,000 2,563,652 16,613,652
Profit for the year – 3,112,386 3,112,386
Balance as of March 31, 2022 14,050,000 5,676,038 19,726,038


Partner Director
Bengaluru
May 20, 2023
Statements of Cash Flows (In GBP)

2023 2022
Adjustments to reconcile net profit to net cash provided by operating activities
Finance cost 127,902 280,902
Interest and dividend income 2.17 – (65)
Other adjustments 51,671 91,336
Exchange differences on translation of assets and liabilities 534,729 245,448
Trade receivables and unbilled revenue (971,312) (8,544,522)
Trade payables (3,006,729) 5,430,532
Net cash generated by operating activities 4,570,568 6,830,307
Expenditure on property, plant and equipment net of sale proceeds 2.1 (445,099) (444,652)
Investment in subsidiary – –
Payment of contingent consideration pertaining to acquisition (2,814,049) (1,817,081)
Loans to employees (71,020) 9,251
Interest and dividend received on investments – 65
Increase in share capital – –
Payment of lease liabilities 2.15 (1,535,846) (886,987)
Interest and finance expenses paid (127,902) (248,944)
Dividend paid – –
Net cash used in financing activities (1,663,748) (1,135,931)
Net (decrease)/increase in cash and cash equivalents (423,348) 3,441,959
Cash and cash equivalents at the beginning of the year 6,135,971 2,694,012
Cash and cash equivalents at the end of the year 5,712,623 6,135,971


Partner Director
Bengaluru
May 20, 2023
Significant Accounting Policies
Company overview Changes in estimates are reflected in the financial statements
in the period in which changes are made and, if material, their
Infosys Consulting Company Limited is a wholly-owned
effects are disclosed in the notes to the financial statements.
subsidiary of Infosys Consulting Holding AG (Infosys Lodestone)
(formerly Lodestone Holding AG). The Company renders
professional management consulting services, thereby enabling 1.5 Revenue recognition
its clients to enhance business performance. The Company derives revenues primarily from
consultancy services.
1 Significant accounting policies Effective Jan 1, 2019, the Company adopted Ind-AS 115 “Revenue
from Contracts with Customers” using the cumulative catch-
1.1 Accounting year up transition method, applied to contracts that were not
The accounting year of the Company is from April 1 to March 31. completed as at Jan 1, 2019. In accordance with the cumulative
catch-up transition method, the comparatives have not been
1.2 Basis of preparation of financial statements retrospectively adjusted. The following is a summary of new
These special purpose financial statements are prepared for and/or revised significant accounting policies related to revenue
inclusion in the annual report of the Ultimate Holding Company recognition. Revenue is recognized upon transfer of control of
Infosys Limited under the requirements of Section 129 (3) of the promised products or services to customers in an amount that
Companies Act 2013. These financial statements are prepared in reflects the consideration we expect to receive in exchange for
accordance with Indian Accounting Standards (Ind-AS), under those products or services.
the historical cost convention on the accrual basis. The Ind-AS
are prescribed under Section 133 of the Act read with Rule 3 of 1.5.1 Time and material
the Companies (Indian Accounting Standards) Rules, 2015 and Revenue on time-and-material contracts are recognized as
relevant amendment rules issued thereafter. the related services are performed and revenue from the
end of the last billing to the reporting date is recognized
Items included in the financial statements of the Company as unbilled revenue.
are measured using the currency of the primary economic
environment in which the entity operate (i.e. the “functional
1.5.2 Fixed price
currency”). The functional currency of the Company is Great
Britain Pound (GBP) and the financial statements are also Revenue from fixed-price, fixed-timeframe contracts, where
presented in GBP Pound. All amounts included in the financial the performance obligations are satisfied over time and where
statements are reported in GBP Pound, unless otherwise stated. there is no uncertainty as to measurement or collectability
Accounting policies have been applied consistently to all periods of consideration, is recognized as per the percentage-
presented in these financial statements except where a newly- of-completion method.
issued accounting standard is initially adopted or a revision to an
existing accounting standard requires a change in the accounting 1.5.3 Unbilled/ unearned
policy hitherto in use. Revenues in excess of billing are classified as contract assets
(which we refer as unbilled revenue) while billing in excess of
1.3 Presentation currency revenues are classified as contract liabilities (which we refer to as
unearned revenues).
The Company’s presentation currency is the
Great Britain Pound (£)
1.5.4 Licenses
1.4 Use of estimates Revenue from licenses where the customer obtains a “right to
use” the licenses is recognized at the time the license is made
available to the customer. Revenue from licenses where the
with Ind-AS requires the Management to make estimates,
customer obtains a “right to access” is recognized over the
judgments and assumptions. These estimates, judgments and
access period. Arrangements to deliver software products
assumptions affect the application of accounting policies and
the reported amounts of assets and liabilities, the disclosures
of contingent assets and liabilities at the date of the financial
principles under Ind-AS 115 to account for revenues from these
statements and reported amounts of revenues and expenses
during the period. The application of accounting policies
provided in conjunction with the licensing arrangement and the
that require critical accounting estimates involving complex
license and implementation have been identified as two separate
and subjective judgments and the use of assumptions in the
performance obligations, the transaction price for such contracts
financial statements have been disclosed in Note 1.4. Accounting
are allocated to each performance obligation of the contract
estimates could change from period-to-period.
based on their relative standalone selling prices. In the absence
Actual results could differ from those estimates. Appropriate of standalone selling price for implementation, the performance
changes in estimates are made as management becomes aware obligation is estimated using the expected cost-plus margin
of changes in circumstances surrounding the estimates. approach. Where the license is required to be substantially
customized as part of the implementation service the entire
arrangement fee for license and implementation is considered
to be a single performance obligation and the revenue is 1.9 Property, plant and equipment
recognized using the percentage-of-completion method as the Property, plant and equipment are stated at cost, less
implementation is performed. Revenue from client training, accumulated depreciation and impairment, if any. Costs
support and other services arising due to the sale of software directly attributable to acquisition are capitalized until the
products is recognized as the performance obligations are property, plant and equipment are ready for use, as intended
satisfied. ATS revenue is recognized ratably over the period in by management. The Company depreciates property, plant and
which the services are rendered. equipment over their estimated useful lives using the straight-
1.5.5 Contract modification
Contract modifications are accounted for when additions, Computer equipment(1) 3 – 5 years
deletions or changes are approved either to the contract scope Furniture and fixtures (1)
5 years
or contract price. The accounting for modifications of contracts
Office equipment(1) 5 years
involves assessing whether the services added to an existing
contract are distinct and whether the pricing is at the standalone (1)
For this class of assets, based on technical evaluation, the management
selling price. Services added that are not distinct are accounted believes that the useful lives as given above best represent the period
for on a cumulative catch-up basis, while those that are distinct over which management expects to use these assets. Hence, the useful
are accounted for prospectively, either as a separate contract, if lives for these assets is different from the useful lives as prescribed under
Part C of Schedule II of the Companies Act 2013.
the additional services are priced at the standalone selling price,
or as a termination of the existing contract and creation of a new Advances paid towards the acquisition of property, plant and
contract if not priced at the standalone selling price. equipment outstanding at each Balance Sheet date is classified
1.5.6 Provisions for estimated losses of assets not put to use before such date are disclosed under
Provisions for estimated losses, if any, on uncompleted contracts ‘Capital work-in-progress’. Subsequent expenditures relating
are recorded in the period in which such losses become probable to property, plant and equipment is capitalized only when
based on the estimated efforts or costs to complete the contract. it is probable that future economic benefits associated with
these will flow to the Company and the cost of the item can be
1.5.7 Tax measured reliably. Repairs and maintenance costs are recognized
in net profit in the Statement of Profit and Loss when incurred.
The cost and related accumulated depreciation are eliminated
Statement of Profit and loss.
from the financial statements upon sale or retirement of the asset
and the resultant gains or losses are recognized in the Statement
1.6 Provisions of Profit and Loss. Assets to be disposed off are reported at the
A provision is recognized if, as a result of a past event, the lower of the carrying value or the fair value less cost to sell.
Company has a present legal or constructive obligation that
is reasonably estimable, and it is probable that an outflow of Depreciation methods, useful lives and residual values are
economic benefits will be required to settle the obligation. reviewed periodically, including at each financial year end.
future cash flows at a pre-tax rate that reflects current 1.10 Financial instruments
market assessments of the time value of money and the risks 1.10.1 Initial recognition
specific to the liability. The Company recognizes financial assets and financial liabilities
1.7 Post-sales client support and warranties instrument. All financial assets and liabilities are recognized at
The Company provides its clients with a fixed-period warranty for fair value on initial recognition, except for trade receivables,
corrections of errors and telephone support on all its fixed-price, which are initially measured at transaction price. Transaction
fixed-timeframe contracts. Costs associated with such support costs that are directly attributable to the acquisition or issue
services are accrued at the time when related revenues are of financial assets and financial liabilities, that are not at fair
recorded and included in cost of sales. The Company estimates value through profit or loss, are added to the fair value on initial
such costs based on historical experience and the estimates are recognition. Regular way purchase and sale of financial assets are
reviewed annually for any material changes in assumptions and accounted for at trade date.
likelihood of occurrence.
1.8 Onerous contracts a. Non-derivative financial instruments
Provisions for onerous contracts are recognized when the (i) Financial assets carried at amortized cost
expected benefits to be derived by the Company from a contract A financial asset is subsequently measured at amortized cost
are lower than the unavoidable costs of meeting the future if it is held within a business model whose objective is to hold
obligations under the contract. The provision is measured at the the asset in order to collect contractual cash flows and the
present value of the lower of the expected cost of terminating contractual terms of the financial asset give rise on specified
the contract and the expected net cost of continuing with dates to cash flows that are solely payments of principal and
the contract. Before a provision is established the Company interest on the principal amount outstanding.
recognizes any impairment loss on the assets associated
with that contract.
(ii) Financial assets at fair value through other comprehensive assets. In such cases, the recoverable amount is determined for
income the CGU to which the asset belongs.
A financial asset is subsequently measured at fair value through If such assets are considered to be impaired, the impairment to
Other Comprehensive Income if it is held within a business model be recognized in the Statement of Profit and Loss is measured by
whose objective is achieved by both collecting contractual cash the amount by which the carrying value of the assets exceeds the
flows and selling financial assets and the contractual terms of estimated recoverable amount of the asset. An impairment loss
the financial asset give rise on specified dates to cash flows that is reversed in the statement of profit and loss if there has been
are solely payments of principal and interest on the principal a change in the estimates used to determine the recoverable
amount outstanding. Further, in based on its business model, amount. The carrying amount of the asset is increased to its
for its investments which are classified as equity instruments, revised recoverable amount, provided that this amount does not
the subsequent changes in fair value are recognized in Other exceed the carrying amount that would have been determined
Comprehensive Income. (net of any accumulated amortization or depreciation) had no
A financial asset, which is not classified in any of the above 1.13 Employee benefits
categories are subsequently fair valued through profit or loss. Compensated absences
(iv) Financial liabilities The Company has a policy on compensated absences which
are both accumulating and non-accumulating in nature. The
Financial liabilities are subsequently carried at amortized cost expected cost of accumulating compensated absences is
using the effective interest method, except for contingent determined by actuarial valuation performed by an independent
consideration recognized in a business combination which is actuary at each Balance Sheet date using projected unit credit
subsequently measured at fair value through profit and loss. method on the additional amount expected to be paid/availed
For trade and other payables maturing within one year from the as a result of the unused entitlement that has accumulated at the
Balance Sheet date, the carrying amounts approximate fair value Balance Sheet date. Expense on non-accumulating compensated
due to the short maturity of these instruments. absences is recognized in the period in which the absences occur.
1.11 Fair value of financial instruments 1.14 Foreign currency

In determining the fair value of its financial instruments, the Functional currency
based on market conditions and risks existing at each reporting The functional currency of the Company is the GBP.
discounted cash flow analysis, available quoted market prices Transactions and translations
and dealer quotes. All methods of assessing fair value result Foreign-currency denominated monetary assets and liabilities
in general approximation of value, and such value may never are translated into the relevant functional currency at exchange
actually be realized. rates in effect at the Balance Sheet date. The gains or losses
resulting from such translations are recognized in the Statement
1.12 Impairment of Profit and Loss. Non-monetary assets and non-monetary
liabilities denominated in a foreign currency and measured at fair
a. Financial assets
value are translated at the exchange rate prevalent at the date
The Company recognizes loss allowances using the Expected when the fair value was determined. Non-monetary assets and
Credit Loss (ECL) model for the financial assets, which are not non-monetary liabilities denominated in a foreign currency and
fair valued through profit or loss. Loss allowance for trade measured at historical cost are translated at the exchange rate
receivables with no significant financing component is measured prevalent at the date of the transaction. The related revenue and
at an amount equal to lifetime ECL. For all other financial assets, expense are recognized using the same exchange rate.
expected credit losses are measured at an amount equal to
the 12-month ECL, unless there has been a significant increase Transaction gains or losses realized upon settlement of foreign
in credit risk from initial recognition in which case those are currency transactions are included in determining net profit
measured at lifetime ECL. The amount of expected credit losses for the period in which the transaction is settled. Revenue,
(or reversal) that is required to adjust the loss allowance at the expense and cash-flow items denominated in foreign currencies
reporting date to the amount that is required to be recognized are translated into the relevant functional currencies using the
is recognized as an impairment gain or loss in profit or loss in exchange rate in effect on the date of the transaction.
Statement of Profit or Loss.
1.15 Income taxes
b. Non-financial assets Income tax expense comprises current and deferred income tax.
(i) Property, plant and equipment Income tax expense is recognized in net profit in the statement
Property, plant and equipment are evaluated for recoverability of profit and loss except to the extent that it relates to items
whenever events or changes in circumstances indicate that their recognized directly in equity, in which case it is recognized in
carrying amounts may not be recoverable. For the purpose of other comprehensive income. Current income tax for current and
impairment testing, the recoverable amount (i.e. the higher of prior periods is recognized at the amount expected to be paid
the fair value less cost to sell and the value-in-use) is determined to or recovered from the tax authorities, using the tax rates and
on an individual asset basis unless the asset does not generate tax laws that have been enacted or substantively enacted by the
cash flows that are largely independent of those from other Balance Sheet date. Deferred income tax assets and liabilities are
recognized for all temporary differences arising between the tax The Company’s lease asset classes primarily consist of leases
bases of assets and liabilities and their carrying amounts in the for buildings. The Company assesses whether a contract
financial statements. Deferred tax assets are reviewed at each contains a lease, at inception of a contract. A contract is, or
reporting date and are reduced to the extent that it is no longer contains, a lease if the contract conveys the right to control the
probable that the related tax benefit will be realized. use of an identified asset for a period of time in exchange for
consideration. To assess whether a contract conveys the right
(ii) the Company has substantially all of the economic benefits
from use of the asset through the period of the lease and (iii) the
Company has the right to direct the use of the asset.
recognized as income or expense in the period that includes At the date of commencement of the lease, the Company
the enactment or the substantive enactment date. A deferred recognizes a right-of-use asset (“ROU”) and a corresponding lease
income tax asset is recognized to the extent that it is probable liability for all lease arrangements in which it is a lessee, except
that future taxable profit will be available against which the for leases with a term of twelve months or less (short-term leases)
deductible temporary differences and tax losses can be utilized. and low value leases. For these short-term and low value leases,
The Company offsets current tax assets and current tax liabilities, the Company recognizes the lease payments as an operating
where it has a legally enforceable right to set off the recognized expense on a straight-line basis over the term of the lease.
amounts and where it intends either to settle on a net basis, or to
realize the asset and settle the liability simultaneously.
1.16 Cash Flow Statement certain that they will be exercised.
Cash flows are reported using the indirect method, whereby
profit for the period is adjusted for the effects of transactions The right-of-use assets are initially recognized at cost, which
of a non-cash nature, any deferrals or accruals of past or future comprises the initial amount of the lease liability adjusted for
operating cash receipts or payments and item of income or any lease payments made at or prior to the commencement date
expenses associated with investing or financing cash flows. The of the lease plus any initial direct costs less any lease incentives.
cash flows from operating, investing and financing activities of They are subsequently measured at cost less accumulated
the Company are segregated. depreciation and impairment losses.
1.17 Other income date on a straight-line basis over the shorter of the lease term
Other income is comprised primarily of interest income, dividend and useful life of the underlying asset. Right of use assets are
income and exchange gain/loss on forward and options evaluated for recoverability whenever events or changes in
contracts and on translation of other assets and liabilities. Interest circumstances indicate that their carrying amounts may not
income is recognized using the effective interest method. be recoverable. For the purpose of impairment testing, the
1.18 Earnings per share sell and the value-in-use) is determined on an individual asset
Basic earnings per share is computed by dividing the net profit largely independent of those from other assets. In such cases, the
after tax by the weighted average number of equity shares recoverable amount is determined for the Cash Generating Unit
outstanding during the period. (CGU) to which the asset belongs.
1.19 Leases The lease liability is initially measured at amortized cost at the
present value of the future lease payments. The lease payments
Lease under which the Company assumes substantially all the
risks and rewards of ownership are classified as finance leases.
not readily determinable, using the incremental borrowing rates
Such assets acquired are capitalized at fair value of the asset or
in the country of domicile of these leases. Lease liabilities are
present value of the minimum lease payments at the inception
remeasured with a corresponding adjustment to the related right
of the lease, whichever is lower. Lease payments under operating
leases are recognized as an expense on a straight-line basis in the
will exercise an extension or a termination option.
Statement of Profit and Loss over the lease term.
Lease liability and ROU asset have been separately presented in
the Balance Sheet and lease payments have been classified as
financing cash flows.”
The changes in the carrying value of property, plant and equipment for the year ended March 31, 2023 are as follows:
(In GBP)
Leasehold Computer
Particulars Total
Improvements equipment
Gross carrying value as of April 1, 2022 122,869 1,040,112 1,162,981
Additions/Adjustments – 445,099 445,099
Deletions/Adjustments – (290,513) (290,513)
Gross carrying value as of March 31, 2023 122,869 1,194,698 1,317,567
Accumulated depreciation as of April 1, 2022 122,869 581,575 704,444
Depreciation – 264,839 264,839
Accumulated depreciation on deletions – (290,377) (290,377)
Accumulated depreciation as of March 31, 2023 122,869 556,037 678,906
Carrying value as of March 31, 2023 – 638,661 638,661
Carrying value as of April 1, 2022 – 458,537 458,537
The changes in the carrying value of property, plant and equipment for the year ended March 31, 2022 are as follows:
(In GBP)
Leasehold Computer
Particulars Total
Improvements equipment
Gross carrying value as of April 1, 2021 122,869 596,214 719,083
Additions/Adjustments – 444,652 444,652
Deletions/Adjustments – (754) (754)
Gross carrying value as of March 31, 2022 122,869 1,040,112 1,162,981
Accumulated depreciation as of April 1, 2021 122,869 472,430 595,299
Depreciation – 109,889 109,889
Accumulated depreciation on deletions – (744) (744)
Accumulated depreciation as of March 31, 2022 122,869 581,575 704,444
Carrying value as of March 31, 2022 – 458,537 458,537
Carrying value as of January 1, 2021 – 123,784 123,784
2.2 Investments
(In GBP)
As at March 31,
Particulars
2023 2022
Investment in Subsidiary 21,668,078 21,668,078
21,668,078 21,668,078
2.3 Loans Current

(In GBP)
Other loans
Particulars As at March 31, Loans and advances to employees 81,988 62,974
2023 2022 Less: Allowance for doubtful Loans – (52,006)
Non-current to employees
Unsecured, considered good 81,988 10,968
Other loans Total loans 84,817 13,797
Loans to employees 2,829 2,829
2,829 2,829
2.4 Other financial assets – 2,394,795
(In GBP)
Current
Particulars As at March 31, Advances other than capital
2023 2022 advance
Non-current Payment to vendors for supply – 13,500
Security deposits (1) – – of goods
Rental deposits (1)(2) – – Others
Investment on lease 4,204,325 – Deferred contract cost 12,178 7,442
4,204,325 – Prepaid expenses 1,366,723 639,915
Current Unbilled Revenue – 4,217,175
Unbilled revenues (1)(2)

4,392,645 819,590 Cost of fulfillment 3,305,486 3,305,486
Others (3) 515,837 74,881 Joining Bonus 40,346 321,286
Total 4,908,482 894,471 Devices – Dealer type lease 99,738 –

(1)
Financial assets carried at amortized 9,112,807 894,471 Inter Co. Adv.Paid 6,000,000 –
cost Withholding taxes and others 6,232,545 4,857,353
Includes dues from related party (Refer
(2)
63,145 – Total Current other assets 17,057,016 13,362,157
to Note No.2.19)
Includes dues from related party (Refer
(3)
6,120,898 72 2.8 Financial instruments
to Note No.2.19) Financial instruments by category
The carrying value and fair value of financial instruments by
2.5 Trade receivables categories were as follows:
(In GBP)
(In GBP)
As at March 31,
Particulars
2023 2022 As at March 31,
Particulars
Current 2023 2022
Unsecured Assets
Considered good (1) 18,245,200 17,273,888 Cash and cash equivalents (Refer to 5,712,623 6,135,971
Note No. 2.6)
Considered doubtful 69,894 79,822
Trade receivables (Refer to Note No. 18,245,200 –
18,315,094 17,353,710 2.5)
Less: Allowance for credit loss 69,894 79,822 Loans (Refer to Note No.2.3) 84,817 13,797
18,245,200 Other financial assets (Refer to Note 9,112,807 894,471
17,273,888 No.2.4)
Includes dues from related parties
(1)
15,464,055
Total 33,155,447 7,044,239
(Refer to Note No.2.19) 12,488,056
Liabilities
2.6 Cash and cash equivalents Trade payables (Refer to Note No. 9,212,347 12,219,076
(In GBP) 2.10)
As at March 31, Lease liabilities (Refer to Note 2.15) 4,949,242 5,282,856
Particulars
2023 2022 Other financial liabilities (Refer to 21,014,505 16,135,390
Note No.2.11)
Balances with banks
Total 35,176,094 33,637,322
In current accounts 5,712,623 6,135,971
Total Cash and cash equivalents 5,712,623 6,135,971 All the above financial assets and liabilities are
carried at amortized cost and the carrying values
approximates their fair value.
2.7 Other assets
(In GBP)
As at March 31, Financial risk factors
Particulars
2023 2022 The Company’s activities expose it to a variety of financial risks:
Non-current market risk, credit risk and liquidity risk. The Company’s focus is
Others to foresee the unpredictability of financial markets and seek to
minimize potential adverse effects on its financial performance.
Deferred contract cost – 5,581 The primary market risk to the Company is foreign exchange
Investment in Lease – 2,389,214 risk. The Company uses derivative financial instruments to
mitigate foreign exchange related risk exposures. The Company’s 109, the Company uses ECL model to assess the impairment
exposure to credit risk is influenced mainly by the individual loss or gain. The Company uses a provision matrix to compute
characteristic of each customer and the concentration of risk the ECL allowance for trade receivables and unbilled revenues.
from the top few customers. The provision matrix takes into account available external and
internal credit risk factors such as credit default swap quotes,
Credit risk credit ratings from credit rating agencies and the Company’s
Credit risk refers to the risk of default on its obligation by the historical experience for customers.
to the credit risk at the reporting date is primarily from trade Liquidity risk
receivables amounting to GBP 18,245,200 and GBP 17,273,888 The Company’s principal sources of liquidity are cash and
as of March 31, 2023 and March 31, 2022, respectively and cash equivalents and the cash flow that is generated from
unbilled revenue amounting to GBP 4,407,479 as of March 31, operations. The Company believes that the working capital is
2023 and GBP 5,036,765 as of March 31, 2022, respectively. Trade sufficient to meet its current requirements. Accordingly, no
receivables and unbilled revenue are typically unsecured. Credit liquidity risk is perceived.
risk has always been managed by the Company through credit
As of March 31, 2023, the Company had a negative working
capital of GBP 2,233,298, including cash and cash equivalents of
the creditworthiness of customers to which the Company grants
GBP 5,712,623. As of March 31, 2022, the Company had a negative
credit terms in the normal course of business. As per Ind-AS
working capital of GBP 4,796,532, including cash and cash
equivalents of GBP 6,135,971
(In GBP)
Particulars Less than 1 year 1–2 years 2–4 years 4–7 years Total
Trade Payables (Refer to Note 2.10) 9,212,347 – – – 9,212,347
Contingent consideration (Refer to Note 2.11) – – – – –
Accrued expenses (Refer to Note 2.11) 15,939,390 – – – 15,939,390
Accrued compensation to employees (Refer 4,521,617 – – – 4,521,617
to Note 2.11)
Other payables (Refer to Note 2.11) 541,939 – – – 541,939
(In GBP)
Particulars Less than 1 year 1–2 years 2–4 years 4–7 years Total
Contingent consideration (Refer to Note 1,710,211 – – – 1,710,211
2.11)
Accrued compensation to employees 4,293,155 – – – 4,293,155
2.9 Equity
(In GBP, except as otherwise stated)
As at March 31,
Particulars
2023 2022
Authorized
14,050,000 (14,050,000) equity shares of GBP 1/- par value 14,050,000 14,050,000
14,050,000 (14,050,000) equity shares of GBP 1/- par value 14,050,000 14,050,000
14,050,000 14,050,000
The details of shareholders holding more than 5% shares are as follows:
(In GBP, except as otherwise stated)
As at March 31, 2023 As at March 31, 2022

Name of the shareholder Number of Number of
% held % held
shares shares
Infosys Consulting Holding AG (formerly Lodestone Holding AG) 1,40,50,000 100.00 1,40,50,000 100.00
14,050,000 100.00 14,050,000 100.00
2.10 Trade payables

(In GBP)
As at March 31,
Particulars
2023 2022
Trade payables * 9,212,347 12,219,076
Total trade payables 9,212,347 12,219,076
*Includes dues to related parties (Refer to Note No.2.19) 7,651,515 10,307,754

(In GBP)

2023 2022 2023 2022
Non-current Others
Others 48,723 – Withholding taxes and others 8,144,475 5,647,644
Contingent Consideration 11,559 – 12,840,215 10,291,773
Total other liabilities 12,840,215 10,291,773
60,282 –
Current 2.13 Provisions
(In GBP)
Others
Accrued compensation to 4,521,617 4,293,155 As at March 31,
Particulars
employees 2023 2022
Accrued expenses (1) 15,939,390 9,429,362 Current
Contingent Consideration – 1,710,211 Others
– Current 184,072 129,669
Post-sales client support and
Compensated absences 945,117 755,562 warranties
Other payables (2) 541,939 702,662 Total provisions 184,072 129,669
21,948,063 16,890,952 Provision for post-sales client support and warranties
Total financial liabilities 22,008,345 16,890,952 The movement in the provision for post-sales client support and
Financial liability carried at 21,014,505 16,135,390 warranties and others is as follows:
amortized cost
(In GBP)
Includes dues to related party
(1)
1,354,015 1,005,140
(Refer to Note No.2.19) As at March 31,
Particulars
Includes dues to related parties
(2)
3,650,654 192,998 2023 2022
Balance at the Beginning 129,669 36,726
2.12 Other liabilities Provision recognized / (reversed) 51,671 91,336
(In GBP) Exchange difference 2,732 1,607
As at March 31, Balance at the end 184,072 129,669

Particulars
2023 2022 Provision for post-sales client support and warranties and
Current
other provisions are expected to be utilized over a period of six
months to one year.
2.14 Income taxes The gross movement in the current income tax asset /
Income tax expense in the Statement of (liability) is as follows:
Profit and Loss comprises:
(In GBP)
(In GBP) Years endedMarch 31,
Particulars
Years ended March 31, 2023 2022
Particulars
2023 2022 Net current income tax asset / (1,033,677) (271,279)
Current taxes 1,932,049 2,312,998 (liability) at the beginning
Deferred taxes (177,688) 9,213 Income tax paid 1,305,001 1,550,600
Income tax expense 1,754,361 2,322,211 Current income tax expense (1,932,049) (2,312,998)
Net current income tax asset / (1,660,725) (1,033,677)
(liability) at the end
income before income taxes is summarized as follows: The tax effects of significant temporary differences that resulted
in deferred income tax assets and liabilities are as follows:
(In GBP)
(In GBP)
Particulars Years ended March 31,
Profit before income tax 5,819,604 5,434,597 2023 2022
Enacted tax rates in United 19.00% 19.00%
Kingdom (%) Property, plant and equipment 51,710 24,218
Computed expected tax expense 1,105,725 1,032,573 Accumulated Losses – –
Expenses not deductible for tax – 355,100 Others 304,087 153,891
purposes Total deferred income tax assets 355,797 178,109
Tax provisions /(reversals) 495,812 141,770
Overseas tax expenses 18,863 – 2.15 Leases
Following are the changes in the carrying value of right-of-use
Prior period tax expense (13,015) 791,506
assets for the year ended March 31, 2023:
Permanent Difference 232,368 –
Effect of unrecognized deferred – – (In GBP)
tax assets Category of
Others (85,391) 1,262 ROU asset Total
Particulars
Income tax expense 1,754,362 2,322,211 Computers
The applicable United Kingdom statutory tax rate for years Balance as of April 1, 2022 3,194,238 3,194,238
ended March 31, 2023 and March 31, 2022 is 19%. Additions 1,037,850 1,037,850
The details of income tax assets and income tax Deletion (974,186) (974,186)
liabilities are as follows:
Translation difference (42,510) (42,510)
(In GBP) Depreciation 1,444,164 1,444,164
Years ended March 31, Balance as of March 31, 2023 1,771,228 1,771,228
Particulars
2023 2022 The aggregate depreciation expense on ROU assets is
Income tax assets 365,047 365,047 included under depreciation and amortization expense in the
statement of Profit and Loss.
Current income tax liabilities 2,025,772 1,398,724
Following are the changes in the carrying value of right of use
Net current income tax assets / (1,660,725) (1,033,677)
assets for the year ended March 31, 2022:
(In GBP)
Category of
ROU asset Total
Particulars
Computers
Balance as of April 1, 2021 – –
Additions 5,809,326 5,809,326
Deletion (1,773,294) (1,773,294)
Translation difference 34,008 34,008
Depreciation 875,802 875,802
Balance as of March 31, 2022 3,194,238 3,194,238 revenues and cash flows are affected by industry, market and
other economic factors.
March 31, 2023 and March 31,2022 is as follows: (In GBP)
(In GBP) Year ended March 31,

Particulars
2023 2022
As at March 31,
Particulars Revenue by offerings
2023 2022
Current lease liabilities 2,028,138 1,543,793 Core 52,955,964 74,859,058
2,921,104 3,739,063 Digital 131,011,146 64,354,244

Non-current lease liabilities
Total 4,949,242 5,282,856 Total 183,967,110 139,213,302
The movement in lease liabilities during the years ended March Digital services
31, 2023 and March 31, 2022 is as follows: Digital Services comprise of service and solution offerings
of the Company that enable our clients to transform their
(In GBP)
businesses. These include offerings that enhance customer
For the year ended March 31, experience, leverage AI-based analytics and big data, engineer
Particulars digital products and IoT, modernize legacy technology systems,
2023 2022
migrate to cloud applications and implement advanced
Balance at the beginning 5,282,856 –
cyber security systems.
Additions 1,037,850 5,809,326 Core services

Finance cost accrued during the 58,247 31,958 Core Services comprise traditional offerings of the Company that
period have scaled and industrialized over a number of years. These
primarily include application management services, proprietary
application development services, independent validation
Translation difference 106,135 328,559 solutions, product engineering and management, infrastructure
Balance at the end 4,949,242 5,282,856 management services, traditional enterprise application
implementation, support and integration services.
as at March 31, 2023 on an undiscounted basis are as follows: Performance obligations and remaining performance
obligations
(In GBP)
As at March 31, aggregate amount of the transaction price yet to be recognized
Particulars
2023 2022 as at the end of the reporting period and an explanation as
Less than one year 1,640,188 1,367,306 to when the Company expects to recognize these amounts
in revenue. Applying the practical expedient as given in
One to five years 2,931,504 3,752,131 Ind-AS 115, the Company has not disclosed the remaining
More than five years – – performance obligation related disclosures for contracts where
Total 4,571,692 5,119,437 the revenue recognized corresponds directly with the value
to the customer of the entity’s performance completed to
The Company does not face a significant liquidity risk with regard date, typically those contracts where invoicing is on time and
to its lease liabilities as the current assets are sufficient to meet material basis. Remaining performance obligation estimates are
the ligations related to lease liabilities as and when they fall due. subject to change and are affected by several factors, including
Rental expense recorded for short-term leases was Nil for the terminations, changes in the scope of contracts, periodic
years ended March 31, 2023 and as well as March 31, 2022. revalidations, adjustment for revenue that has not materialized
2.16 Revenue from operations The aggregate value of performance obligations that are
(In GBP) completely or partially unsatisfied as at March 31, 2023, other
than those meeting the exclusion criteria mentioned above, is
Particulars GBP 23,589,115. Out of this, the Company expects to recognize
2023 2022 revenue of around 21% within the next one year and the
Income from consultancy services 183,967,110 139,213,302 remaining thereafter. The contracts can generally be terminated
183,967,110 139,213,302 by the customers and typically includes an enforceable
termination penalty payable by them.
The disaggregated revenues from contracts with customers
by offerings for the period ended March 31, 2023 are as
follows. The Company believes that this disaggregation best
depicts how the nature, amount, timing and uncertainty of our
2.17 Other income 2.18 Expenses
(In GBP) (In GBP)
Year ended March 31, Year ended March 31,

2023 2022 2023 2022
Interest received on financial Employee benefit expenses
assets carried at amortized cost Salaries, including bonus 64,674,681 45,286,277
Deposits with banks and others – 65 Staff welfare 268,459 46,160
Exchange gains / (losses) on – – 64,943,140 45,332,437
liabilities Cost of software packages and
others
Miscellaneous income, net 348,029 139,346
Third-party items bought for 8,142,813 7,992,812
348,029 139,411
Dealer type lease-cost 935,492 68,382
Cost of software package for 23,762 912
own use
9,102,067 8,062,106
(In GBP)

Particulars
2023 2022
Other expenses
Power and fuel 11,664 11,664
Brand and marketing 381,356 135,965
Rates and taxes – 186
Insurance 91,124 110,327
Provision/(Reversals) for post-sales client support 51,671 91,336
Printing and stationery 41,159 19,306
Statutory audit fees 40,000 40,000
Computer maintenance 21,543 1,160
Office maintenance 353,808 363,346
Others 289,215 499,783
1,281,540 1,273,073

Name of the holding Company Country
2023 2022
Infosys Consulting Holding AG (Infosys Lodestone) (1) Switzerland 100.00% 100.00%
Name of the ultimate holding Company Country

Infosys Limited India

China
Sweden
Infosys Technologies (Shanghai) Company Limited (Infosys Shanghai) (1)
China
Infosys Nova Holdings LLC. (Infosys Nova)(1) U.S.
India
Austria
India
Saudi Arabia
Luxembourg
U.S.
Canada
Czech Republic
U.S.
Australia
Switzerland
Switzerland
Germany
France
China
The Netherlands
Belgium
Panaya Ltd. (6)
Israel
Germany
U.K.
Fluido Oy (8)
Finland
Fluido Sweden AB (Extero)(11) Sweden
Fluido Norway A/S (11)
Norway
Fluido Denmark A/S(11) Denmark
Slovakia
Singapore
Infosys South Africa (Pty) Ltd(8) South Africa
U.S.
U.S.
Stater N.V. (9)
The Netherlands
Stater Nederland B.V. (12)
The Netherlands
The Netherlands
HypoCasso B.V. (12)
The Netherlands
Belgium
U.S.
Canada
Australia
Philippines
U.K.
Ireland
U.S.
Kaleidoscope Prototyping LLC(22) U.S.
Czech Republic
Germany
Hungary
U.K.
U.S.
U.S.
Beringer Commerce Holdings LLC(23)(41) U.S.
U.S.
U.S.
U.S.
Turkey
Germany
India
Qatar
Germany
China
Germany
oddity jungle GmbH (46) Germany
Germany
Serbia
Germany
Germany
Switzerland
Denmark
France
Itlay
U.S.
Germany
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
(25)
(26)
Under liquidation
(27)
Liquidated effective April 27, 2021
(28)
(29)
(30)
(31)
(32)
(33)
(34)
(35)
(36)
(37)
(38)
(39)
(40)
(41)
(42)
(43)
(44)
(45)
(46)
(47)
(48)
(49)
(50)
(51)
(52)
(53)
Incorporated effective February 7, 2023
(54)
The details of amounts due to or due from related parties as at March 31, 2023 and March 31, 2022 are as follows :
(In GBP)
As at March 31,
Particulars
2023 2022
Trade receivables
EdgeVerve Systems Limited 36,653 32,578
Infosys Consulting S.R.L (Argentina) – 8,665
Infosys Consulting (Belgium) N.V. 8,419 (237)
Infosys Consulting AG 541,667 313,953
Infosys Consulting GmBH 150,107 69,239
Infosys Consulting SAS 2,463 96,027
Infy Consulting B.V 11,181 104,239
Infosys Consulting S.R.L (Romania) – 300
Infosys Limited 14,678,486 11,863,292
Infosys Compaz Pte Ltd (420) –
Infosys Poland Sp. z o.o. 35,499 –
15,464,055 12,488,056
Unbilled revenue
Infosys Consulting S.R.L (Argentina) 674 2,167
Infosys Consulting (Belgium) N.V. 16,857 7,774
63,145 20,659
Trade payables
Infosys Consulting S.R.L (Argentina) 118,655 –
Infosys Consulting AG 2,579,751 5,516,264
Infosys (Czech Republic) Limited s.r.o. 20,670 60,408
As at March 31,
Particulars
2023 2022
Infosys Consulting GmBH 2,214,804 1,502,908
Infy Consulting B.V 740,770 1,696,727
Infosys BPM Limited 73,365 –
7,651,515 10,307,754
Other Payables
Infosys Consulting AG (969) 823
Infosys Automotive and Mobility GmbH & Co. KG 3,137,958 –
3,650,654 192,998
Other Receivables
Infosys Consulting Holding AG 6,000,000 –
Infosys Consulting (Belgium) N.V. 14,100 –
Infosys Consulting Pte Ltd - 72
Infosys Consulting GmbH 64,969 –
Infosys Limited 35,040 –
6,120,898 72
Investment in Subsidiary
GuideVision s.r.o. 21,668,078 21,668,078
21,668,078 21,668,078
Accrued expenses
1,354,015 1,005,140
(In GBP)

Particulars
2023 2022
Infosys Consulting (Belgium) N.V. 4,258,577 3,393,823
Infosys Limited 5,366,746 3,071,259
Infosys Consulting S.R.L (Argentina) 130,041 360,300
Infosys Consulting SAS 5,944,718 8,402,290
Infy Consulting B.V 7,787,185 6,531,516
Infosys Compaz Pte Ltd 185 79,302
78,883,526 61,938,036
Particulars
2023 2022
Sale of services
EdgeVerve Systems Limited 208,425 195,836
Infosys Consulting SAS 153,202 1,429,187
Infy Consulting B.V 3,559 1,093,528
Infosys Poland Sp. z o.o. 66,490 28,162
Infosys Technologies (Sweden) AB - 154,724
Infosys Limited 165,482,224 123,402,660
172,283,063 131,126,017
4,303,872 664,451
Sale of shared services
Infosys Consulting GmBH 65,542 1,700
Infy Consulting B.V 146,596 117,458
71,044 2,600
429,296 219,338
Name of the Related Party Designation

Andrew Duncan Chief Executive Officer and Managing director

The compensation to key managerial personnel which comprise directors and executive officers is as follows:
(In GBP)

Particulars
2023 2022
Key management personnel emoluments 818,413 515,934
Total 818,413 515,934

The Company is engaged in providing consultancy service in a single geography. Based on the ‘Management approach’, as defined in
Ind-AS 108, Segment Reporting, the Chief Operating Decision Maker (CODM) evaluates the performance and allocates resources based
on the analysis of the performance of the Company as a whole. Its operations are, therefore, considered to constitute a single segment in
the context of Ind-AS 108, Segment Reporting.
2.27 Ratios
The ratios for the years ended March 31, 2023 and March 31, 2022 are as follows:
March 31,
2023 2022
Current Ratio Current assets Current liabilities 1.0 0.9 7.5%
Debt – Equity Ratio Total Debt (represents lease liabilities) (1)
Shareholder’s Equity 0.2 0.3 (22.3%)
Debt Service Coverage Ratio Earnings available for debt service(2) Debt Service(3) 3.8 4.9 (22.2%)
Return on Equity (ROE) Net Profits after taxes Average Shareholder’s 18.7% 17.1% 9.1%
Equity
Trade receivables turnover ratio Revenue Average Trade Receivable 10.4 10.7 (3.3%)
Trade payables turnover ratio Purchases of services and other Average Trade Payables 10.4 9.2 13.5%
expenses
Net capital turnover ratio Revenue Working Capital (82.4) (29.0) 183.8%
Net profit ratio Net Profit Revenue 2.2% 2.2% (1.2%)
Return on capital employed (ROCE) Earning before interest and taxes Capital Employed (4)
20.7% 22.9% (9.5%)
(1)
(2)
(3)
(4)
Decrease in earnings and increase in debt
Trade receivables ageing schedule for the year ended as on March 31, 2023 and March 31,2022
(In GBP)

Particulars
Less than 6 6 months to 1 More than 3 Total
months year years
Undisputed Trade receivables – 1,80,53,732 15,350 1,32,600 (4,051) 47,569 1,82,45,200
– considered good
– 1,72,26,020 - 300 47,568 - 1,72,73,888
Total Trade Receivables 1,82,45,200
1,72,73,888
Trade payables ageing schedule for the year ended as on March 31, 2023 and March 31,2022
(In GBP)
Particulars Outstanding for following periods from due date of payment

Not Due Total
Outstanding trade payables - 92,12,347 - - - 92,12,347
1,22,19,076 1,22,19,076
Infosys Technologies (China) Co. Limited
Infosys Subsidiary Financials Report 2022-23 Infosys Technologies (China) Co. Limited | 211
Auditor’s Report
De Shi Bao (Shen) Zi (23) No. P07829
The Board of Directors of Infosys Technologies (China) Co. Limited
Opinion
We have audited the accompanying financial statements of Infosys Technologies (China) Co. Limited (the “Company”), which comprise
the Balance Sheet as at December 31, 2022, the Statement of Income, the Statement of Cash Flow, and the Statement of Changes in
Owners’ equity for the year then ended, and notes to the financial statements.
In our opinion, the accompanying financial statements of the Company are prepared and present fairly, in all material respects, the
Company’s financial position as of December 31, 2022, and the Company’s results of operation and cash flow for the year ended in
accordance with Accounting Standards for Business Enterprises.
Basis for opinion

We conducted our audit in accordance with China Standards on Auditing. Our responsibilities under those standards are further
described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of
the Company in accordance with the code of ethics for Chinese Certified Public Accountants, and we have fulfilled our other ethical
responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Responsibilities of the management and those charged with governance for the Financial Statements
The management of the Company is responsible for the preparation and fair presentation of the financial statements in accordance with
Accounting Standards for Business Enterprises, and designing, implementing and maintaining internal control that is necessary to enable
that the financial statements are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the management is responsible for assessing the Company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the management
either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s financial reporting process.
Auditor’s responsibilities for the audit of the Financial Statements

misstatement, whether due to fraud or error, and to issue an Auditor’s Report that includes our opinion solely to you. Reasonable
assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with China Standards on Auditing
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.
As part of an audit in accordance with China Standards on Auditing, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
(1) Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform
(2) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
(3) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures
(4) Conclude on the appropriateness of the management’s use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the
Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify
(5) Evaluate the overall presentation, structure and content of the financial statements (including the disclosures), and whether the
212 | Infosys Technologies (China) Co. Limited Infosys Subsidiary Financials Report 2022-23
We communicated with those charged with governance regarding, among other matters, the planned scope and timing of the audit and
Deloitte Touche Tohmatsu Chinese Certified Public Accountant

Certified Public Accountants LLP Gao , Sunchao
Shanghai, China Chinese Certified Public Accountant

Zheng, Alex Zhipeng
May 31, 2023
The auditor’s report and the accompanying financial statements are English translations of the Chinese auditors’ report and statutory
financial statements prepared under accounting principles and practices generally accepted in the People’s Republic of China. These
financial statements are not intended to present the financial position and results of operations and cash flows in accordance with
accounting principles and practices generally accepted in other countries and jurisdictions. In case the English version does not conform
to the Chinese version, the Chinese version prevails.
Balance Sheet (In RMB)
As at December 31,
Particulars Note VIII
2022 2021
Assets
Current assets
Cash and bank balances 1 118,751,095.66 89,465,021.19
Accounts receivable 2 463,800,686.39 239,800,394.91
Prepayments 4,849,594.20 1,034,946.23
Other receivables 3 70,141,632.48 66,934,931.68
Assets held for sale – 47,496,197.13
Other current assets – 9,001,005.20
Total current assets 657,543,008.73 453,732,496.34
Non-current assets
Fixed assets 4 11,902,836.84 10,406,109.97
Construction in progress 5 – –
Right-of-use assets 6 30,736,365.28 26,088,215.75
Long-term deferred expenses 7 1,041,889.98 1,037,016.38
Total non-current assets 43,681,092.10 37,531,342.10
Total assets 701,224,100.83 491,263,838.44
Liabilities and owners’ equity
Current liabilities
Short-term loans 8 34,823,000.00 31,878,500.00
Accounts payable 110,534,669.18 95,528,466.57
Employee benefits payable 9 23,284,086.25 16,035,877.22
Taxes payable 10 18,619,603.87 1,795,900.78
Other payables 16,147,987.31 17,954,291.77
Other current liabilities 102,585,513.40 33,990,511.94
Non-current liabilities due within one year 11 11,611,233.20 6,238,881.03
Total current liabilities 317,606,093.21 203,422,429.31
Non-current Liabilities:
Lease liabilities 12 27,515,310.16 19,170,045.38
Total non-current liabilities 27,515,310.16 19,170,045.38
Total liabilities 345,121,403.37 222,592,474.69
Owners’ equity
Paid in capital 13 431,246,900.00 431,246,900.00
Capital reserve 14 51,575,614.42 51,575,614.42
Accumulated losses (126,719,816.96) (214,151,150.67)
Total owners’ equity 356,102,697.46 268,671,363.75
Total liabilities and owners’ equity 701,224,100.83 491,263,838.44
The accompanying notes form part of the financial statements.
The financial statements on pages 214 to 237 were signed by the following:
Stone Zhu Subrata Das

Legal Representative Head of Accounting Department
Statement of Income (In RMB)

Items Note VIII
2022 2021
I. Operating income 15 928,947,534.31 700,633,227.30
Less: Operating costs 775,234,942.74 604,251,565.42
Taxes and surcharges 280,494.18 460,594.40
Selling expenses 10,956,209.96 10,249,445.77
Administrative expenses 53,641,405.30 45,814,453.32
Financial expenses 16 (3,408,357.31) 3,895,312.16
Add: Other income 17 5,238,272.93 4,136,503.40
Credit impairment loss 18 (1,721,489.30) (689,542.97)
Non-operating expense 19 (5,767,846.56) –
II. Operating profit 89,991,776.51 39,408,816.66
III. Total profit 89,991,776.51 39,408,816.66
Less: Income tax expenses 20 – –
IV. Net profit for the year 89,991,776.51 39,408,816.66
V. Other comprehensive income, net of tax – –
VI. Total comprehensive income for the year 89,991,776.51 39,408,816.66
Statement of Cash Flows (In RMB)

Note VIII
2022 2021
I. Cash Flows from operating activities
Cash receipts from the sale of goods and the rendering of services 786,964,709.74 721,723,839.46
Receipts of tax refunds – 2,223,172.21
Other cash receipts relating to operating activities 12,590,547.82 4,757,996.23
Sub-total of cash inflows from operating activities 799,555,257.56 728,705,007.90
Payments for goods purchased and services received 365,366,730.80 343,603,693.25
Payments to and on behalf of employees 352,142,044.28 324,460,042.87
Payments of various types of taxes 10,088,159.80 1,865,049.41
Other cash payments relating to operating activities 39,282,207.07 12,525,781.91
Sub-total of cash outflows from operating activities 766,879,141.95 682,454,567.44
Net cash flow produced in operating activities 21 32,676,115.61 46,250,440.46
II. Cash Flows from Investing Activities
Net cash receipts from disposals of fixed assets, intangible assets and other – 831,561.70
long-term assets
Sub-total of cash inflows from investing activities – 831,561.70
Payments for acquisition of fixed assets, intangible assets and other long- 8,226,201.69 56,000,336.85
term assets
Sub-total of cash outflows from investing activities 8,226,201.69 56,000,336.85
Net cash flow used in investing activities (8,226,201.69) (55,168,775.15)
III. Cash Flows from Financing Activities
Cash receipts from capital contributions – 32,266,500.00
Cash receipts from borrowings – 31,878,500.00
Sub-total of cash inflows – 64,145,000.00
Cash paid for debt repayment – 4,567,430.00
Cash payments for distribution of dividends or profit or interest expenses 21,136.79 16,797,776.33
Cash payments to other financing related activities 11,436,344.79 9,531,390.29
Subtotal of cash outflow from financing activities 11,457,481.58 30,896,596.62
Net cash flow (used)/produced in financing activities (11,457,481.58) 33,248,403.38
IV. Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents 16,293,642.13 (466,922.40)
V. Increase (Decrease) in Cash and Cash Equivalents 21 29,286,074.47 23,863,146.29
Add: Opening balance of Cash and Cash Equivalents 89,465,021.19 65,601,874.90
VI. Closing Balance of Cash and Cash Equivalents 21 118,751,095.66 89,465,021.19
Statement of Changes in Owners’ Equity (In RMB)
Accumulated Total owners’

Particulars Paid-in capital Capital reserve
losses equity
I. Balance at 31 December 2021 431,246,900.00 51,575,614.42 (214,151,150.67) 268,671,363.75
(1) Changes in accounting policies – – (2,560,442.80) (2,560,442.80)
II. Balance at 1 January 2022 431,246,900.00 51,575,614.42 (216,711,593.47) 266,110,920.95
Changes in equity during the year
(1) Total comprehensive income – – 89,991,776.51 89,991,776.51
(2) Owners’ contributions – – – –
III. Balance at December 31, 2022 431,246,900.00 51,575,614.42 (126,719,816.96) 356,102,697.46
Accumulated Total owners’

Particulars Paid-in capital Capital reserve
losses equity
I. Balance at January 1, 2021 398,980,400.00 51,575,614.42 (253,873,383.18) 196,682,631.24
Impact on account of adoption of new accounting standards. – – 313,415.85 313,415.85
398,980,400.00 51,575,614.42 (253,559,967.33) 196,996,047.09
II. Changes in equity during the year
(1) Total comprehensive income – – 39,408,816.66 39,408,816.66
(2) Owners’ contributions 32,266,500.00 32,266,500.00
III. Balance at December 31, 2021 431,246,900.00 51,575,614.42 (214,151,150.67) 268,671,363.75
computer and network technology; provide testing and
Notes to the financial statements maintenance of software solutions; provide business consulting
services and business process management; export and import
I. Basic information
computer hardware and software, wholesale, commission
Infosys Technologies (China) Co. Limited (the “Company”), agency (excluding auction); offshore call center service and etc.
formerly known as Infosys Technologies (Shanghai) Co. Limited,
is a wholly-owned foreign enterprise established in Shanghai in II. Basis for the preparation of financial
the People’s Republic of China (PRC) by Infosys Limited (formerly
Infosys Technologies Limited) registered in India. The Company statements
obtained an approval certificate Wai Jing Mao Hu Zhang Du Zi
Going concern
Zi (2003) No. 2893 from the Shanghai Municipal Government on
25 September 2003, and a business license (Qi Du Hu Pu Zong The management has assessed the Company’s ability to continue
Zi No.317745 (Pudong)) on 10 October 2003, issued by Shanghai as a going concern for the 12 months commencing from
Administration of Industry & Commerce of the PRC. The original December 31, 2022, and noticed no items will raise substantial
registered capital was USD 5,000,000. doubt about its ability to continue as a going concern.
Therefore, the financial statements have been prepared on the
In 2006, the Company’s Board of Directors resolved to change going concern basis.
the Company’s name from Infosys Technologies (Shanghai)
Co. Limited to Infosys Technologies (China) Co. Limited and to
increase the Company’s registered capital from USD 5,000,000
III. Statements of compliance with the ASBE
to USD 10,000,000. The Company obtained a revised approval The financial statements of the Company have been prepared in
certificate Wai Jing Mao Hu Zhang Du Zi Zi (2003) No.2893 accordance with Accounting Standards for Business Enterprises
and a revised business license (Qi Du Hu Pu Zong Zi No.317745 (“ASBE”), and present truly and completely, the Company’s
(Pudong)) on July 14, 2006 and December 14, 2006, respectively. financial position as of December 31, 2022, and the Company’s
The Company’s Board of Directors resolved to increase the results of operations and cash flows for the year ended.
Company’s registered capital by USD 13,000,000. The registered
capital was increased from USD 10,000,000 to USD 23,000,000. IV. Significant accounting policies and
The Company obtained approval from the Shanghai Municipal accounting estimates
Government for the change on January 15, 2009. The Company
also obtained a revised approval certificate Shang Wai Zi Hu The following significant accounting policies and accounting
Pu Du Zi Zi (2003) No.2893 and a revised business license estimates are determined in accordance with ASBE.
No.310115400134785 (Pudong) on January 15, 2009 and March
13, 2009, respectively. 1. Accounting year
In 2015, the Company’s Board of Directors resolved to increase The Company has adopted the calendar year as its accounting
the Company’s registered capital from USD 23,000,000 to USD year, i.e. from January 1 to December 31.
33,000,000. The Company obtained approval from the Shanghai
Municipal Government for the change on March 5, 2015. The 2. Functional currency
Company also obtained a revised approval certificate Shang Renminbi (‘RMB’) is the currency of the primary economic
Wai Zi Hu Pu Du Zi Zi (2003) No.2893 and a revised business environment in which the Company operates. Therefore, the
license No.310115400134785 (Pudong) on March 5, 2015 and May Company chooses RMB as its functional currency and adopts
18, 2015, respectively. RMB to prepare its financial statements.
In 2016, the Company’s Board of Directors resolved to increase
the Company’s registered capital from USD 33,000,000 to 3. Basis of accounting and principle of measurement
USD 58,000,000. The Company obtained approval from the The Company has adopted the accrual basis of accounting.
China (Shanghai) Free Trade Zone Management Committee Except for certain financial instruments, which are measured at
for the change on June 1, 2016. The Company also obtained a fair value, the Company has adopted the historical cost as the
renewed business license with the unified social credit code of principle of measurement of the financial statements. Where
913101157547751363 on June 7, 2016. assets are impaired, provisions for asset impairment are made in
In 2020, the Company’s Board of Directors resolved to increase accordance with relevant requirements.
the Company’s registered capital from USD 58,000,000 to USD Where the historical cost is adopted as the measurement basis,
78,000,000. The Company obtained approval from the China assets are recorded at the amount of cash or cash equivalents
(Shanghai) Free Trade Zone Market Supervision Administration paid or the fair value of the consideration given to acquire
for the change on December 11, 2020. The Company also them at the time of their acquisition. Liabilities are recorded at
obtained a renewed business license with the unified social the amount of proceeds or assets received or the contractual
credit code of 913101157547751363 on December 11, 2020. As amounts for assuming the present obligation, or, at the amounts
at December 31, 2021, details of capital contribution by the of cash or cash equivalents expected to be paid to settle the
investing parties are set out in Note VIII, 13. liabilities in the normal course of business.
The Company’s period of operation is 50 years and its principal Fair value is the price that would be received to sell an asset
activities are to carry out research, develop, design and or paid to transfer a liability in an orderly transaction between
produce software; sell self-produced products; provide related market participants at the measurement date, regardless
technology consulting services and after sale services; develop of whether that price is directly observable or estimated
using valuation technique. Fair value measurement and/ The amortized cost of a financial asset or financial liability is the
or disclosure in the financial statements are determined initially recognized amount net of principal repaid, plus or less
according to the above basis. the cumulative amortized amount arising from amortization
of difference between the amount initially recognized and the
Fair value measurements are categorized into Level 1, 2 or
amount at the maturity date using effective interest method,
3 based on the degree to which the inputs to the fair value
and then net of cumulative credit loss allowance (only applicable
measurements are observable and the significance of the
to financial assets).
inputs to the fair value measurement in its entirety, which are
described as follows:
5.1 Classification, recognition and measurement of
financial assets
• Level 1 inputs are unadjusted quoted prices in active markets
for identical assets or liabilities that the entity can access at After initial recognition, the Company’s financial assets of various
the measurement date; types are subsequently measured at amortized cost, at fair value
through other comprehensive income (“FVTOCI”) or at fair value
• Level 2 inputs are inputs, other than quoted prices included
through profit or loss (“FVTPL”), respectively.
within Level 1, that are observable for the asset or liability,
either directly or indirectly; If the contractual terms of the financial asset give rise on
• Level 3 inputs are unobservable inputs for the asset or specified dates to cash flows that are solely payments of principal
liability. and interest on the principal amount outstanding, and the
financial asset is held within a business model whose objective
4. Cash and cash equivalents is achieved by collecting contractual cash flows, the Company
classifies such financial asset as financial assets at amortized
Cash comprises cash on hand and deposits that can be readily
cost, which include cash and bank balances, notes receivable,
withdrawn on demand. Cash equivalents are the Company’s
accounts receivable and other receivables, etc.
short-term, highly liquid investments that are readily convertible
to known amounts of cash and which are subject to an If the contractual terms of the financial asset give rise on
insignificant risk of changes in value. specified dates to cash flows that are solely payments of principal
and interest on the principal amount outstanding, and the
5. Financial instruments financial asset is held within a business model whose objective
Financial assets and financial liabilities are recognized is achieved by both collecting contractual cash flows and selling
when the Company becomes a party to the contractual the financial asset, the Company classifies such financial asset
provisions of the instrument. as financial assets at FVTOCI. The accounts receivable and notes
receivable classified as at FVTOCI upon acquisition are presented
For financial assets purchased or sold in a regular way, the under financing with receivables, while the remaining items
Company recognizes assets acquired and liabilities assumed due within one year (inclusive) upon acquisition are presented
on a trade date basis, or derecognizes the assets sold under other current assets. Other financial assets of such type
on a trade date basis. are presented as other debt investments if it is due after one
Financial assets and financial liabilities are initially measured year since the acquisition or presented under non-current assets
at fair value. For financial assets and financial liabilities at fair due within one year if it is due within one year (inclusive) since
value through profit or loss, transaction costs are immediately the Balance Sheet date.
recognized in profit or loss. For other financial assets and Upon initial recognition, the Company may irrevocably designate
financial liabilities, transaction costs are included in their initial the non-held-for-trading equity instrument investments
recognized amounts. Upon initial recognition of accounts other than contingent considerations recognized in business
receivable that does not contain significant financing component combination not involving enterprises under common
or without considering the financing component included in control as financial assets at FVTOCI on an individual basis.
the contract with a term not exceeding one year under the Such type of financial assets are presented as investments in
Accounting Standards for Business Enterprises No. 14 - Revenue other equity instruments.
(“Revenue Standards”), the Company adopts the transaction price
as defined in the Revenue Standards for initial measurement. A financial asset is classified as held-for-trading if any of the
following criteria is satisfied:
The effective interest method is a method of calculating the
amortized cost of a financial asset or a financial liability and • It has been acquired principally for the purpose of selling it in
of allocating the interest income or interest expense over the near term.
relevant accounting periods. • On initial recognition, it is part of a portfolio of identified
The effective interest rate is the rate that exactly discounts financial instruments that the Company manages together
estimated future cash flows through the expected life of the and there is objective evidence that the Company has a
financial asset or financial liability to the carrying amount of the recent actual pattern of short-term profit taking.
financial asset or to the amortized cost of the financial liability. • It is a derivative that is neither a financial guarantee contract
When calculating the effective interest rate, the Company nor designated as an effective hedging instrument.
estimates future cash flows considering all contractual terms
of the financial asset or financial liability (such as repayment
in advance, extension, call option or other similar options etc.)
without considering the expected credit losses.
5.1.1 Financial assets at amortized cost instrument at an amount equivalent to 12-month ECL at the
Financial assets at amortized cost are subsequently measured current Balance Sheet date, with any resulting reversal of
at amortized cost using effective interest method. Any gains provision for losses recognized as impairment gains in profit or
or losses arising from impairment or derecognition are loss for the period.
included in profit or loss.
5.2.1 Significant increase in credit risk
For financial assets at amortized cost, the Company recognizes
The Company uses reasonable and supportable forward-looking
interest income using effective interest rate. The Company
information to assess whether the credit risk has increased
calculates and recognizes interest income through carrying
significantly since initial recognition by comparing the risk of
amount of financial assets multiplying effective interest, except
a default occurring on the financial instrument at the Balance
for the following circumstances:
Sheet date with the risk of a default occurring on the financial
instrument at the date of initial recognition.
• For purchased or originated credit-impaired financial assets,
the Company calculates and recognizes its interest income The following information is taken into account when assessing
based on amortized cost of the financial asset and the whether the credit risk has increased significantly:
effective interest through credit adjustment since initial
(1) An actual or expected decrease in the internal credit
recognition.
rating for the debtor;
• For purchased or originated financial assets that were
not credit-impaired but have become credit-impaired in (2) An actual or expected significant change in the financial
subsequent period, the Company calculates the interest instrument’s external credit rating;
income by applying the effective interest rate to the (3) Significant changes in the external market indicators of
amortized cost of the financial assets in subsequent period. credit risk of the same financial instrument or similar financial
If the financial instrument is no longer credit-impaired due instruments with the same expected duration. These
to improvement of credit risk, and the improvement is linked indicators include: credit spreads, credit default swap prices
with an event occurred after application of above provisions, against borrower, length of time and extent to which the fair
the Company will calculate the interest income by applying value of financial assets is less than their amortized cost, and
effective interest rate to the carrying amount of the financial other market information related to the borrower (such as
assets. the borrower’s debt instruments or changes in the price of
equity instruments);
5.2 Impairment of financial instruments
(4) Significant adverse changes in regulatory, economic, or
For financial asset at amortized cost, the Company recognizes the
technological environment of the debtor;
provision for losses on the basis of expected credit loss (“ECL”).
(5) Adverse changes in business, financial or economic
For contract assets, notes receivable and accounts receivable
conditions that are expected to cause a significant decrease
arising from transactions regulated by Revenue Standards that
in the debtor’s ability to meet its debt obligations.
do not contain significant financing component or without
considering the financing component included in the contract Irrespective of the outcome of the above assessment, the
with a term not exceeding one year, the Company recognizes the Company presumes that the credit risk has increased significantly
provision for losses at an amount equivalent to the lifetime ECL. since initial recognition when contractual payments are more
than 30 days (inclusive) past due.
For other financial instruments (other than purchased or
originated credit-impaired financial assets), the Company At the Balance Sheet date, if the Company determines that the
assesses the changes of credit risk since initial recognition of financial instrument has only lower credit risk, the Company
relevant financial instruments at each balance sheet date. If the assumes that the credit risk of such financial instrument has not
credit risk has increased significantly since initial recognition of increased significantly since initial recognition. The financial
the financial instruments, the Company recognizes the provision instrument is deemed as having lower credit risk if (i) it has a low
for losses at an amount equivalent to lifetime ECL; if the credit risk of default; (ii) the borrower has a strong capacity to meet
risk has not increased significantly since initial recognition its contractual cash flow obligations in the near term; and (iii)
of the financial instruments, the Company recognizes the adverse changes in economic and business conditions in the
provision for losses at an amount equivalent to 12-month ECL. longer term may, but will not necessarily, reduce the ability of the
The increase or reversal of credit loss provision for financial borrower to fulfil its contractual cash flows obligations.
assets other than those classified as at FVTOCI is recognized as
impairment loss or gain and included in profit or loss for the 5.2.2 Credit-impaired financial assets
period. For financial assets classified as at FVTOCI, the credit loss When an event or several events that are expected to have
provision is recognized in other comprehensive income and the adverse impact on the future cash flows of the financial assets
impairment loss or gain is included in profit or loss for the period have occurred, the financial assets become credit-impaired. The
without reducing the carrying amount of the financial assets evidence of credit impairment of financial assets include the
in the Balance Sheet. following observable information:
Where the Company has measured the provision for losses at (1) Significant financial difficulty of the issuer or debtor;
an amount equivalent to lifetime ECL of a financial instrument
in prior accounting period, but the financial instrument no
longer satisfies the criteria of significant increase in credit risk
since initial recognition at the current Balance Sheet date, the
Company recognizes the provision for losses of the financial
(2) Breach of contract by the debtor, such as a default or (1)the contractual rights to the cash flows from the financial
delinquency in interest or principal payments; asset expire; or (2) the financial asset has been transferred
and substantially all the risks and rewards of ownership of the
(3) The creditor of the debtor, for economic or contractual
financial asset is transferred to the transferee; or (3) although
reasons relating to the debtor’s financial difficulty, have
the financial asset has been transferred, the Company neither
granted to the debtor a concession that the creditor would
transfers nor retains substantially all the risks and rewards of
not otherwise consider;
ownership of the financial asset but has not retained control of
(4) It is probable that the debtor will enter bankruptcy or other the financial asset.
financial reorganizations;
For a transfer of a financial asset in its entirety that satisfies the
Based on the Company’s internal credit risk management, the derecognition criteria, the difference between (1) the carrying
Company considers an event of default occurs when information amount of the financial asset transferred; and (2) the sum of the
developed internally or obtained from external sources indicates consideration received from the transfer and any cumulative
that the debtor is unlikely to pay its creditors, including the gain or loss that has been recognized in other comprehensive
Company, in full (without taking into account any collaterals income,is recognized in profit or loss. Where the transferred
held by the Company). assets are non-trading equity instrument investments designated
as at FVTOCI, cumulative gains or losses previously recognized in
Irrespective of the outcome of the above assessment,
other comprehensive income are transferred out and included
the Company presumes that an event of default on the
in retained profits.
financial instrument has occurred if the contractual payment
of the financial instrument has been more than 90 days If a part of the transferred financial asset qualifies for
(inclusive) past due. derecognition, the overall carrying amount of the financial asset
prior to transfer is allocated between the part that continues to
5.2.3 Determination of ECL be recognized and the part that is derecognized, based on the
The Company determines the credit losses on accounts respective fair value of those parts at the date of transfer. The
receivable and other receivable on a portfolio basis using an difference between (1) the carrying amount allocated to the part
impairment matrix for related financial instruments. The financial derecognized on the date of derecognition; and (2) the sum of
instruments are grouped based on common risk characteristics. the consideration received for the part derecognized and any
The common credit risk characteristics adopted by the Company cumulative gain or loss allocated to the part derecognized which
include: type of financial instrument, credit risk rating, overdue has been previously recognized in other comprehensive income,
status, industry of the debtor and Company size, etc. is recognized in profit or loss. Where the transferred assets are
non-trading equity instrument investments designated as at
The Company determines the ECL of relevant financial FVTOCI, cumulative gains or losses previously recognized in
instruments using the following method: other comprehensive income are transferred out and included
in retained profits.
• For financial assets, the credit loss represents the present
value of the difference between the contractual cash flows For a transfer of a financial asset in its entirety that does not
receivable by the Company and the cash flows expected to satisfy the derecognition criteria, the Company continues to
be received by the Company. recognized the transferred financial asset in its entirety. The
consideration received from transfer of assets is recognized as a
• For credit-impaired financial assets that are not purchased
liability upon receipt.
or originated at the Balance Sheet date, the credit loss
represents the difference between the carrying amount of
5.4 Classification of financial liabilities and equity
the financial assets and the present value of expected future
instruments
cash flows discounted using original effective interest rate.
Financial instruments issued by the Company or their
The factors reflected by the Company’s measurement of ECL of components are classified into financial liabilities or equity
financial instruments include: unbiased probability weighted instruments on the basis of not only the legal form but
average amount recognized by assessing a series of possible also the contractual arrangements and their economic
results; time value of money; reasonable and supportable substance, together with the definition of financial liability
information related to historical events, current condition and and equity instrument.
forecast of future economic position that is available without
undue cost or effort at the Balance Sheet date. 5.4.1 Classification, recognition and measurement of financial
liabilities
5.2.4 Write-down of financial assets On initial recognition, financial liabilities are classified into
When the Company will no longer reasonably expect that the financial liabilities at FVTPL and other financial liabilities.
contractual cash flows of financial assets can be collected in 5.4.1.1 Other financial liabilities
aggregate or in part, the Company will directly write down the
book value of the financial asset, which constitutes derecognition Except for financial liabilities and financial guarantee contracts
of relevant financial assets. and loan commitments arising from transfer of financial assets
that do not meet the derecognition criteria or those arising from
5.3 Transfer of financial assets continuing involvement in the transferred financial assets, other
financial liabilities are subsequently measured at amortized cost,
The Company derecognizes a financial asset if one of the
with gain or loss arising from derecognition or amortization
following conditions is satisfied:
recognized in profit or loss.
If the modification or renegotiation for the contract by the Subsequent expenditures incurred for the fixed asset are
Company and its counterparties does not result in derecognition included in the cost of the fixed asset and if it is probable that
of a financial liability subsequently measured at amortized cost economic benefits associated with the asset will flow to the
but the changes in contractual cash flows, the Company will Company and the subsequent expenditures can be measured
recalculate the carrying amount of the financial liability, with reliably. Meanwhile the carrying amount of the replaced part is
relevant gain or loss recognized in profit or loss. The Company derecognized. Other subsequent expenditures are recognized in
will determine the carrying amount of the financial liability based profit or loss in the period in which they are incurred.
on the present value of renegotiated or modified contractual
A fixed asset is depreciated over its useful life using the straight-
cash flows discounted at the original effective interest rate
line method since the month subsequent to the one in which it
of the financial liability. For all costs or expenses arising from
is ready for intended use. The depreciation method, useful life,
modification or renegotiation of the contract, the Company will
estimated net residual value rate and annual depreciation rate of
adjust the modified carrying amount of the financial liability and
each category of fixed assets are as follows:
make amortization during the remaining term of the modified
financial liability.
Estimated net Annual
Category Useful life residual value depreciation
5.4.2 Derecognition of financial liabilities rate rate
The Company derecognizes a financial liability (or part of it) Electronic 1-5 years 0% 20%-100%
only when the underlying present obligation (or part of it) is equipment
discharged. An agreement between the Company (an existing
Office equipment 1-5 years 0% 20%-100%
borrower) and an existing lender to replace the original financial
liability with a new financial liability with substantially different Software 3 years 0% 33%
terms is accounted for as an extinguishment of the original Estimated net residual value of a fixed asset is the estimated
financial liability and the recognition of a new financial liability. amount that the Company would currently obtain from disposal
When the Company derecognizes a financial liability or a of the asset, after deducting the estimated costs of disposal, if
part of it, it recognizes the difference between the carrying the asset were already of the age and in the condition expected
amount of the financial liability (or part of the financial liability) at the end of its useful life.
derecognized and the consideration paid (including any non- If a fixed asset is upon disposal or no future economic benefits
cash assets transferred or new financial liabilities assumed) in are expected to be generated from its use or disposal, the fixed
profit or loss for the period. asset is derecognized. When a fixed asset is sold, transferred,
retired or damaged, the amount of any proceeds on disposal
5.4.3 Equity instruments of the asset net of the carrying amount and related taxes is
An equity instrument is any contract that evidences a residual recognized in profit or loss for the period.
interest in the assets of the Company after deducting all of its
The Company reviews the useful life and estimated net residual
liabilities. Equity instruments issued (including refinanced),
value of a fixed asset and the depreciation method applied at
repurchased, sold and cancelled by the Company are recognized
least once at each financial year-end, and account for any change
as changes of equity. Change of fair value of equity instruments
as a change in an accounting estimate.
is not recognized by the Company. Transaction costs related to
equity transactions are deducted from equity.
7. Long-term deferred expenses
The Company recognizes the distribution to holders of the equity Long-term deferred expenses represent expenses incurred that
instruments as distribution of profits, and dividends paid do not should be borne and amortized over the current and subsequent
affect total amount of shareholders equity. periods (together of more than one year). Long-term deferred
expenses are amortized using the straight-line method over the
5.5 Offsetting financial assets and financial liabilities expected periods in which benefits are derived.
Where the Company has a legal right that is currently enforceable
to set off the recognized financial assets and financial liabilities, 8. Impairment of non-financial assets
and intends either to settle on a net basis, or to realize the
The Company reviews the fixed assets and other long-term
financial asset and settle the financial liability simultaneously, a
assets at each Balance Sheet date to determine whether there
financial asset and a financial liability shall be offset and the net
is any indication that they have suffered an impairment loss.
amount is presented in the Balance Sheet. Except for the above
If an impairment indication exists, the recoverable amount
circumstances, financial assets and financial liabilities shall be
is estimated. Intangible assets with indefinite useful life
presented separately in the Balance Sheet and shall not be offset.
and intangible assets not yet available for use are tested for
impairment annually, irrespective of whether there is any
6. Fixed assets indication that the assets may be impaired.
Fixed assets are tangible assets that are held for use in the
production or supply of goods or services, for rental to others, or Recoverable amount is estimated on individual basis. If it is not
for administrative purposes, and have useful lives of more than practical to estimate the recoverable amount of an individual
one accounting year. A fixed asset is recognized only when it is asset, the recoverable amount of the asset group to which the
probable that economic benefits associated with the asset will asset belongs will be estimated. The recoverable amount of an
flow to the Company and the cost of the asset can be measured asset or asset group is the higher of its fair value less costs of
reliably. Fixed assets are initially measured at cost. disposal and the present value of the future cash flows expected
to be derived from the asset.
If such recoverable amount is less than its carrying amount, been done up to now. Otherwise, revenue is recognized at
a provision for impairment losses in respect of the deficit is a point in time when the customer obtains control over the
recognized in profit or loss for the period. relevant goods or services.
Once the impairment loss of such assets is recognized, it is not be Contract assets refer to the Company’s right to consideration in
reversed in any subsequent period. exchange for goods or services that the Company has transferred
to a customer when that right is conditioned on something
9. Employee benefits other than the passage of time. For the details of accounting
Actually-occurred short-term employee benefits are recognized policies on impairment of contract assets, please see Note IV.
as liabilities, with a corresponding charge to the profit or The Company’s unconditional (i.e., depending on the passage
loss for the period or in the costs of relevant assets in the of time only) right to receive consideration from the customer is
accounting period in which employees provide services to the separately presented as receivables.
Company. Staff welfare expenses incurred by the Company Contract liabilities refer to the Company’s obligation to transfer
are recognized in profit or loss for the period or the costs of goods or services to a customer for consideration received or
relevant assets based on the actually occurred amounts when receivable from the customer.
it actually occurred. Non-monetary staff welfare expenses are
measured at fair value. Contract assets and contract liabilities under the same contract
will be presented on a net basis.
Payment made by the Company of social security contributions
for employees such as premiums or contributions on medical If there are two or more of performance obligations included in
insurance, work injury insurance and maternity insurance, the contract, at the contract inception, the Company allocates
etc. and payments of housing funds, as well as trade union the transaction price to each single performance obligation
fund and employee education fund provided in accordance based on the proportion of standalone selling price of goods or
with relevant requirements, are calculated according to services promised in each standalone performance obligation.
prescribed bases and percentages in determining the amount However, if there is conclusive evidence indicating that the
of employee benefits and recognized as relevant liabilities, with contract discount or variable consideration is only relative with
a corresponding charge to the profit or loss for the period or one or more (not the whole) performance obligations in the
the costs of relevant assets in the accounting period in which contract, the Company will allocate the contract discount or
employees provide services. variable consideration to relative one or more performance
obligations. Standalone selling price refers to the price of a single
During the accounting period of rendering service to employees sale of goods or services. If the standalone selling price cannot
of the Company, amount which should be paid according be observed directly, the Company estimates the standalone
to defined contribution plans is recognized as liabilities and selling price through comprehensive consideration of all relative
recognized in profit or loss or related costs of assets. information that can be reasonably acquired and maximum use
A liability for a termination benefit is recognized in profit of observable inputs.
or loss for the period at the earlier of when the Company In case of the existence of variable consideration in the contract,
cannot unilaterally withdraw from the termination plan, or the the Company shall determine the best estimate of variable
redundancy offer and when the Company recognizes any related consideration based on the expected value or the most probably
restructuring costs or expenses. occurred amount. The transaction price including variable
consideration shall not exceed the amount of the cumulatively
10. Revenue recognition recognized revenue which is unlikely to be significantly reversed
The Company’s revenue is mainly from rendering of services. when relevant uncertainty is eliminated. At each Balance
Sheet date, the Company re-estimates the amount of variable
The Company recognizes revenue based on the transaction price consideration which should be included in transaction price.
allocated to the performance obligation when the Company
satisfies a performance obligation in the contract, namely, when The Company assesses whether it controls each specified good
the customer obtains control over relevant goods or services. or service before that good or service is transferred to the
A performance obligation is a commitment that the Company customer to determine whether the Company is a principal or
transfers a distinct good or service to a customer in the contract. an agent. The Company considers whether it has the primary
The transaction price is the amount of consideration to which obligation to fulfil the contract, pricing discretion and other
the Company expects to be entitled in exchange for transferring factors to determine whether it controls the goods or service
promised goods or services to a customer, excluding amounts and therefore is acting as a principal or an agent. If the Company
collected on behalf of third parties and amounts expected to be controls the specified good or service before that good or
refunded to a customer. service is transferred to a customer, the Company is a principal
and recognizes revenue in the gross amount of consideration
It is a performance obligation satisfied during a period of received or receivable. Otherwise, the Company is an agent and
time and the Company recognizes revenue during a period recognizes revenue in the amount of any fee or commission to
of time according to the progress of performance if one of which it expects to be entitled. The fee or commission is the
the following conditions is met: (i) the customer obtains and net amount of consideration that the Company retains after
consumes economic benefits at the same time of the Company’s paying the other party the consideration received in exchange
performance; (ii) the customer is able to control goods or for the goods or services to be provided by that party , or is
services in progress during the Company’s performance; (iii) determined in accordance with the established commission
goods or services generated during the Company’s performance amount or percentage, etc.
have irreplaceable utilization, and the Company is entitled to
collect amounts of cumulative performance part which have Where the Company receives receipts in advance from a
customer for sales of goods or rendering of services, the amount
is first recognized as a liability and then transferred to revenue can comply with the conditions attaching to the grant and the
when the related performance obligation has been satisfied. Company will receive the grant.
When the Company’s receipts in advance are not required to
If a government grant is in the form of a transfer of a monetary
be refunded and it is probable that the customer will waive all
asset, it is measured at the amount received or receivable.
or part of its contractual rights, the Company recognizes the
said amounts as revenue on a pro-rata basis in accordance with A government grant related to an asset is recognized as deferred
the pattern of exercise of the customer’s contractual rights, if income and included in profit or loss over the useful life
the Company expects to be entitled to the amounts relating to of the related asset.
the contractual rights waived by the customer; otherwise, the
For a government grant related to income, if the grant is a
Company reverses the related balance of the said liabilities to
compensation for related expenses or losses to be incurred
revenue only when it is highly unlikely that the customer will
in subsequent periods, the grant is recognized as deferred
require performance of the remaining performance obligations.
income over the periods in which the related costs or losses
A non-refundable initial fee (including membership fee of are recognized; If the grant is a compensation for related
club, X, etc.) charged to the customer at (or near) the contract expenses or losses already incurred, the grant is recognized
commencement date is included in the transaction price. Where immediately in profit or loss.
the initial fee is related to the goods or services committed to
A government grant related to the Company’s daily activities
be transferred to the customers, and these goods or services
is recognized in other income or written off related cost
constitute a single performance obligation, the Company
and expense based on the nature of economic activities; a
recognizes revenue based on the transaction price allocated
government grant not related to the Company’s daily activities is
to the goods or services upon their transfer; where the initial
recognized in non-operating income and expenses.
fee is related to the goods or services committed to be
transferred to the customers, but these goods or services do
not constitute a single performance obligation, the Company 12. Income taxes
recognizes revenue based on the transaction price allocated to Tax expense comprises current income tax and
the single performance obligation upon fulfilment of the single deferred income tax.
performance obligation including the goods or services; where
the initial fee is not related to the goods or services committed to 12.1 Current income taxes
be transferred to the customers, the initial fee will be recognized At the Balance Sheet date, current income tax liabilities (or
as revenue upon their transfer in the future as receipts in advance assets) for the current and prior periods are measured at the
to transfer goods or services in the future. amount expected to be paid (or recovered) according to the
requirements of tax laws.
Costs of obtaining a contract
For the incremental cost of obtaining the contract (cost that will 12.2 Deferred tax assets and deferred tax liabilities
not occur if the contract is not obtained) that is expected to be For temporary differences between the carrying amounts of
recoverable, it is recognized as an asset, and shall be amortized certain assets or liabilities and their tax base, or between the nil
on a basis that is consistent with the revenue recognition of the carrying amount of those items that are not recognized as assets
goods or services to which the asset relates and recognized in or liabilities and their tax base that can be determined according
profit or loss for the period. If the amortization period of such to tax laws, deferred tax assets and liabilities are recognized
asset is less than one year, it is recognized in profit or loss for the using the Balance Sheet liability method.
period when incurred. Other expenses incurred for obtaining the
contract is included in profit or loss for the period when incurred, Deferred tax is generally recognized for all temporary
except for those explicitly assumed by the customer. differences. Deferred tax assets for deductible temporary
differences are recognized to the extent that it is probable that
Costs to fulfil a contract taxable profits will be available against which the deductible
temporary differences can be utilized. However, for temporary
If the costs incurred in fulfilling a contract are not within the
differences associated with the initial recognition of goodwill
scope of any standards other than Revenue Standards, the
and the initial recognition of an asset or liability arising from a
Company recognizes an asset from the costs incurred to fulfil
transaction (not a business combination) that affects neither
a contract only if those costs meet all of the following criteria:
the accounting profit nor taxable profits (or deductible
(1) the costs relate directly to a contract or to an anticipated
losses) at the time of transaction, no deferred tax asset or
contract that the Company can specifically identify; (2) the costs
liability is recognized.
generate or enhance resources of the Company that will be used
in satisfying performance obligations in the future; and (3) the For deductible losses and tax credits that can be carried
costs are expected to be recovered. The asset mentioned above forward, deferred tax assets are recognized to the extent that it
shall be amortized on a basis that is consistent with the revenue is probable that future taxable profits will be available against
recognition of the goods or services to which the asset relates which the deductible losses and tax credits can be utilized.
and recognized in profit or loss for the period.
At the Balance Sheet date, deferred tax assets and liabilities
are measured at the tax rates, according to tax laws, that are
11. Government grants expected to apply in the period in which the asset is realized or
Government grants are monetary assets and non-monetary the liability is settled.
assets from the government to the Company at no consideration.
Current and deferred tax expenses or income are recognized
A government grant is recognized only when the Company
in profit or loss for the period, except when they arise from
transactions or events that are directly recognized in other
comprehensive income or in owners’ equity, in which case they 14. Leases
are recognized in other comprehensive income or in owners’ A lease is a contract whereby the lessor conveys to the lessee
equity; and when they arise from business combinations, in in return for a consideration the right to use an asset for an
which case they adjust the carrying amount of goodwill. agreed period of time.
At the Balance Sheet date, the carrying amount of deferred tax The Company assesses whether a contract contains a lease, at
assets is reviewed and reduced if it is no longer probable that inception of a contract. A contract is, or contains, a lease if the
sufficient taxable profits will be available in the future to allow contract conveys the right to control the use of an identified
the benefit of deferred tax assets to be utilized. Such reduction asset for a period of time in exchange for consideration. To assess
in amount is reversed when it becomes probable that sufficient whether a contract conveys the right to control the use of an
taxable profits will be available. identified asset, the Company assesses whether: (i) the contract
involves the use of an identified asset (ii) the Company has
12.3 Income tax offsetting substantially all of the economic benefits from use of the asset
When the Company has a legal right to settle on a net basis and through the period of the lease and (iii) the Company has the
intends either to settle on a net basis or to realize the assets and right to direct the use of the asset.
settle the liabilities simultaneously, current tax assets and current
tax liabilities are offset and presented on a net basis. The Company as lessee
When the Company has a legal right to settle current tax assets 14.1 Separating components of a lease
and liabilities on a net basis, and deferred tax assets and deferred If the contract contains one or more lease and non-lease
tax liabilities relate to income taxes levied by the same taxation components, the Company will separate the individual lease
authority on either the same taxable entity or different taxable and non-lease components and allocate contract consideration
entities which intend either to settle current tax assets and according to the relative proportion of the sum of the standalone
liabilities on a net basis or to realize the assets and liabilities prices of the lease components and the standalone prices of the
simultaneously, in each future period in which significant non-lease components.
amounts of deferred tax assets or liabilities are expected to be
reversed, deferred tax assets and deferred tax liabilities are offset 14.2 Right-of-use assets
and presented on a net basis.
Except for short-term leases and leases of low-value assets, at
the commencement date of the lease, the Company recognizes a
13. Transactions denominated in foreign currencies right-of-use asset.
A foreign currency transaction is recorded, on initial
The commencement date of the lease is the date on which
recognition, by applying the spot exchange rate on the
a lessor makes an underlying asset available for use by the
date of the transaction.
Company. The Company measures the right-of-use assets at cost.
At the Balance Sheet date, foreign currency monetary items The cost of the right-of-use assets comprises:
are translated into RMB using the spot exchange rates at the
Balance Sheet date. Exchange differences arising from the • the amount of the initial measurement of the lease liabilities;
differences between the spot exchange rates prevailing at the • any lease payments made at or before the commencement
Balance Sheet date and those on initial recognition or at the date, less any lease incentives received;
previous Balance Sheet date are recognized in profit or loss for
• any initial direct costs incurred by the Company;
the period, except that (1) exchange differences related to a
specific-purpose borrowing denominated in foreign currency • an estimate of costs to be incurred by the Company in
that qualify for capitalization are capitalized as part of the cost dismantling and removing the underlying asset, restoring the
of the qualifying asset during the capitalization period; (2) site on which it is located or restoring the underlying asset
exchange differences related to hedging instruments for the to the condition required by the terms and conditions of the
purpose of hedging against foreign currency risks are accounted lease, unless those costs incurred to produce inventories.
for using hedge accounting; (3) exchange differences arising
from available-for-sale non-monetary items (such as shares) The Company depreciates right-of-use assets by reference to
denominated in foreign currencies and changes in the carrying the relevant depreciation provisions of Accounting Standards
amounts (other than the amortized cost) of available-for-sale for Business Enterprises No. 4 - Fixed Assets. The right-of-use
monetary items are recognized as other comprehensive income assets are depreciated over the remaining useful lives of the
and included in capital reserve. leased assets where the Company is reasonably certain to obtain
ownership of the underlying assets at the end of the lease term.
Foreign currency non-monetary items measured at historical cost Otherwise, right-of-use assets are depreciated over the shorter of
are translated to the amounts in functional currency at the spot the lease term and the remaining useful lives of the leased assets.
exchange rates on the dates of the transactions and the amounts
in functional currency remain unchanged. Foreign currency 14.3 Lease liabilities
non-monetary items measured at fair value are re-translated at
Except for short-term leases and leases of low-value assets, at
the spot exchange rate on the date the fair value is determined.
the commencement date of the lease, the Company measures
Difference between the re-translated functional currency
the lease liabilities at the present value of the lease payments
amount and the original functional currency amount is treated as
that are not paid at that date. In calculating the present value of
changes in fair value (including changes of exchange rate) and is
lease payments, the Company uses the interest rate implicit in
recognized in profit and loss or as other comprehensive income.
the lease as the discount rate. The Company uses the incremental
borrowing rate if the interest rate implicit in the lease is not
readily determinable.
Lease payments refer to payments relating to the right to use V. Critical judgements in applying accounting
leased assets during the lease term, which are made by the
Company to the lessor, including:
policies and key assumptions and uncertainties
in accounting estimates
• fixed payments and in-substance fixed payments, less any
In the application of the Company’s accounting policies, which
lease incentives receivable (if any);
are described in Note IV, the Company is required to make
• variable lease payments that depend on an index or a rate; judgements, estimates and assumptions about the carrying
• the exercise price of a purchase option reasonably certain to amounts of items in the financial statements that cannot
be exercised by the Company; be measured accurately, due to the internal uncertainty of
• payments of penalties for terminating a lease, if the lease the operating activities. These judgements, estimates and
term reflects the Company exercising the option to terminate assumptions are based on historical experience of the Company’s
the lease; and management as well as other factors that are considered to be
• amounts expected to be paid under residual value relevant. Actual results may differ from these estimates.
guarantees provided by the Company. The aforementioned judgements, estimates and assumptions
• Variable lease payments that depend on an index or a are reviewed regularly on a going concern basis. The effect of
rate, are initially measured using the index or rate as at the a change in accounting estimate is recognized in the period
commencement date. Variable lease payments not included of the change, if the change affects that period only; or
in the measurement of the lease liabilities, are recognized in recognized in the period of the change and future periods, if the
profit or loss or cost of related assets in the period of those change affects both.
payments
- Key assumptions and uncertainties in accounting estimates
After the commencement date of the lease, the Company At the Balance Sheet date, the key assumptions and uncertainties
calculates interest expenses of lease liabilities for each period of in the accounting estimates that are likely to result in
the lease term based on fixed periodic rate and recognizes such material adjustments to the carrying amounts of assets and
expenses in profit or loss or cost of related assets. liabilities in the future are:
After the commencement date of the lease, the Company re-
measures the lease liabilities and adjusts the right-of-use assets Deferred tax assets
accordingly in the following cases: The management of the Company considers that it is uncertain
for the Company to obtain enough income tax payable in the
• If the book value of the right-of-use asset has been reduced future, so the Company did not recognize RMB 23,697,541.72 of
to zero, but the lease liability needs to be reduced further, the deductible losses as deferred tax assets at the end of this year
Company will recognize the difference in profit or loss for the according to Note VIII. 19.
period:
• there is a change in the lease term, or in the assessment of Provision of ECL for accounts receivable
an option to purchase the underlying asset, in which case The Company uses provision matrix to calculate ECL for the
the related lease liability is remeasured by discounting the accounts receivable. The provision rates are based on internal
revised lease payments using a revised discount rate at the credit ratings as groupings of various debtors that have similar
date of reassessment; risk patterns. The provision matrix is based on the Company’s
• There is a change in the amounts expected to be payable historical default rates. At 31 December 2022, the historical
under a residual value guarantee, or in future lease payments observed default rates are reassessed and changes in the
resulting from a change in an index or a rate used to forward-looking information are considered. The provision of
determine those payments, in which case the related lease ECL will vary based on the Company’s estimates. The information
liability is remeasured by discounting the revised lease about the ECL and the Company’s accounts receivable is
payments using the unchanged discount rate. If the change disclosed in Note VIII. 2.
of lease payment comes from the change of floating interest
rate, the revised discount rate shall be used to calculate the VI. Changes in accounting policies and
present value.
corrections of prior period accounting errors
14.4 Short-term leases The Interpretation No. 15 of the Accounting Standards for
The Company chooses not to recognize right-of-use assets and Business Enterprises (the “Interpretation No. 15”) was issued by
lease liabilities for short-term leases of and leases of low-value the Ministry of Finance on 30 December 2021, which stipulated
assets. A short-term lease is a lease that at the commencement the accounting treatment for the external sale of products or
date, has a lease term of 12 months or less and does not contain by-products produced by an enterprise before the fixed asset
a call option. A lease of low-value assets is a lease that the single are ready for intended use or in the process of research and
underlying asset, when is new, is of low value. The Company shall development, as well as the judgment on onerous contract.
recognize the lease payments associated with short-term leases
and leases of low-value assets in profit or loss or cost of related
assets on a straight-line basis over the lease term.
Judgment on onerous contracts VII. Taxation
The Interpretation No. 15 clarifies that the “cost for performing
the contract” considered by an enterprise in determining Value-added tax
whether a contract is an onerous contract shall include Value added tax (‘VAT’) on sales is calculated at 6% on revenue of
the incremental cost for performing the contract and the rendering of services according to the relevant requirements of
apportioned amount of other costs directly related to the tax laws and paid after deducting input VAT on purchases.
performance of the contract. The Interpretation came into Based on the zero VAT rate policy, the overseas revenue of the
force on 1 January 2022, and an enterprise shall implement this Company is exempted from VAT.
provision for contracts that have not fulfilled all obligations by 1
January 2022. The accumulative amounts impacted are allowed
to adjust the opening balance of retained earnings and amounts
Income tax
of other relevant items in the financial statements, and are The statutory income tax rate of the Company is 25%, but the
allowed not to adjust the comparative data of prior periods. applicable income tax rate of the Company is 15% in the year
(2021: 15%). The Company obtained the Certificate of Advanced
Upon assessment, the Company considers that the adoption Technology Service Enterprise on December 28, 2022 and paid
of this Interpretation affected the financial statements of income tax at a reduced rate of 15% in 2022. The accumulated
the Company as follows: tax loss of the Company as at December 31, 2022 has not
been fully deducted, therefore, the income tax of this year
Items 31 December 2021 Adjust 1 January 2022 has not been accrued.
Accumulated (214,151,150.67) (2,560,442.80) (216,711,593.47)
losses
Other taxes
Urban maintenance and construction tax is levied at 5% of the VAT actually paid.
Educational surcharge is levied at 3% of the VAT actually paid.
Local educational tax is levied at 2% of the VAT actually paid.
VIII. Notes to the financial statements

1. Cash and bank balances
(In RMB)
As at December 31,
Particulars
2022 2021
Deposits with banks 118,751,095.66 89,465,021.19
2. Accounts receivable
(1) The customer analysis of accounts receivable is as follows:
(In RMB)
As at December 31,
Particulars
2022 2021
Amounts due from other customers 468,274,650.37 243,637,393.28
Less: Credit losses provision 4,473,963.98 3,836,998.37
Total 463,800,686.39 239,800,394.91
As a part of the Company’s credit risk management, the Company conducts internal credit rating on debtors of accounts receivable
and determines the expected loss rate of accounts receivable of each rating. As at December 31, 2022, the analysis of the credit risk and
expected loss for accounts receivable is as follows:
(In RMB)
As at December 31, 2022

Internal credit rating Expected average Credit losses
Amount Book value
loss rate provision
Risk free 0.00% 126,366,509.62 – 126,366,509.62
Low risk 0.79% 340,132,268.36 (2,698,091.59) 337,434,176.77
High risk 100.00% 1,775,872.39 (1,775,872.39) –
Total 468,274,650.37 (4,473,963.98) 463,800,686.39
(2) The analysis of the movements of expected credit losses provision for accounts receivable is as follows:
(In RMB)
Expected credit
Particulars
losses
31 December 2021 3,836,998.37
1 January 2022 3,836,998.37
Provision during the year 1,562,925.81
Written-off during the year (925,960.20)
31 December 2022 4,473,963.98
3. Other receivables
3.1 Summary of other receivables
The ageing analysis of other receivables is as follows:
(In RMB)
As at December 31, 2022 As at December 31, 2021
Ageing Bad debt Bad debt

Amount Ratio Book value Amount Ratio Book value
provision provision
% %
Within 1 year 3,658,087.91 5.20 (177,571.61) 3,480,516.30 4,231,901.41 6.31 (90,287.26) 4,141,614.15
1 to 2 years 3,867,798.65 5.50 – 3,867,798.65 3,971,959.49 5.93 – 3,971,959.49
2- 3 years 3,971,959.49 5.65 – 3,971,959.49 7,490,958.91 11.18 – 7,490,958.91
More than 3 58,821,358.04 83.65 – 58,821,358.04 51,330,399.13 76.58 – 51,330,399.13
years
Total 70,319,204.09 100.00 (177,571.61) 70,141,632.48 67,025,218.94 100.00 (90,287.26) 66,934,931.68
Note: Other receivables aged over 3 years include loans of RMB 50,000,000.00 to Infosys Technologies (Shanghai) Co. Limited in 2017, out of which RMB
15,000,000.00 was originally due on May, 11 2018 and then was extended until the lender requires repayment, and RMB 35,000,000.00 was originally due
on July 27, 2018 and then was extended until the lender requires repayment. As at the Balance Sheet date, RMB 16,499,178.08 of interest income has been
recognized (2021: RMB 13,499,178.08). For more details, please refer to Note IX. (3)(b)(c).
Other receivables aged over 3 years are lease deposits.
4. Fixed assets
(In RMB)
Electronic
Office equipment Software Total
equipment
Cost
January 1, 2022 83,761,773.88 40,810,977.30 57,529.20 124,630,280.38
Additions during the year 7,566,969.57 343,834.89 – 7,910,804.46
Decrease during the year (25,636,959.36) (1,633,500.08) – (27,270,459.44)
Balance at December 31, 2022 65,691,784.09 39,521,312.11 57,529.20 105,270,625.40
Accumulated depreciation
January 1, 2022 (75,045,969.28) (39,152,615.09) (25,586.04) (114,224,170.41)
Charge for the year (5,938,591.16) (456,310.03) (19,176.40) (6,414,077.59)
Decrease during the year 25,636,959.36 1,633,500.08 – 27,270,459.44
Balance at December 31, 2022 (55,347,601.08) (37,975,425.04) (44,762.44) (93,367,788.56)
Carrying amounts
December 31, 2021 8,715,804.60 1,658,362.21 31,943.16 10,406,109.97
December 31, 2022 10,344,183.01 1,545,887.07 12,766.76 11,902,836.84
5. Construction in progress
(In RMB)
Balance at January 1, 2022 –

Additions during the year 8,226,201.69
Transfer to fixed assets (7,910,804.46)
Transfer to long-term deferred expenses (315,397.23)
Balance at December 31, 2022 –
6. Right-of -use assets

(In RMB)
Cost Leased assets

At January 1, 2022 35,084,598.81
Provided for the year 24,038,245.89
Decreased for the year (8,769,638.64)
At December 31, 2022 50,353,206.06
At January 1, 2022 8,996,383.06
Provided for the year 10,620,457.72
At December 31, 2022 19,616,840.78
Net book value
At December 31, 2022 30,736,365.28
At January 1, 2022 26,088,215.75

(In RMB)
As at December 31,
2022 2021
Leasehold improvement 1,041,889.98 1,037,016.38
8. Short-term loans
(In RMB)
As at December 31,
2022 2021
Unsecured loans 34,823,000.00 31,878,500.00
Short-term loans include a loan of USD 5,000,000.00 (equivalent to RMB 34,823,000.00) from Infosys Poland Sp. z o.o. for the purpose
of business operation, bearing an interest rate of LIBOR+1% per annum. The interest is paid upon demand by the Lender. It is due
on December 1, 2023.
9. Employee benefits payable

(In RMB)
As at Provision for the Payment for the As at

Item
January 1, 2022 year year December 31, 2022
Wages or salaries, bonus, allowances, subsidies 16,035,877.22 287,368,290.67 (280,120,081.64) 23,284,086.25
Social security contributions – 19,658,244.66 (19,658,244.66) –
Including: Medical insurance – 18,829,560.47 (18,829,560.47) –
Maternity and work injury insurance – 828,684.19 (828,684.19) –
Defined contribution plans (Note) – 32,054,932.38 (32,054,932.38) –
Housing funds – 20,308,785.60 (20,308,785.60) –
Total 16,035,877.22 359,390,253.31 (352,142,044.28) 23,284,086.25
Note: Defined contribution plans
(In RMB)
As at Provision for the Payment for As at

Item
January 1, 2022 year the year December 31, 2022
Basic pension insurance – 31,068,592.00 (31,068,592.00) –
Unemployment insurance – 986,340.38 (986,340.38) –
Total – 32,054,932.38 (32,054,932.38) –
The Company participates in basic pension insurance plan established by government in accordance with the relevant requirements.
According to the plan, the Company makes a monthly contribution equivalent to the ratio of 16%, 14%, 16% and 16%, in Shanghai,
Hangzhou, Beijing and Dalian respectively, of the employee’s monthly basic wage based on last year’s salary. The Company no longer
undertake further payment obligation. The corresponding cost charges to the profit or loss for the current period or the cost of a
relevant asset when occur.
10. Taxes payable

(In RMB)
As at December 31,
Category
2022 2021
VAT 10,152,601.92 –
Individual income tax 6,092,017.75 1,789,263.07
Other 2,158,781.64 –
Withholding income tax and VAT 216,202.56 6,637.71
Total 18,619,603.87 1,795,900.78
11. Non-current liabilities due within one year

(In RMB)
As at December 31,
Category
2022 2021
Lease liabilities due within one year 11,611,233.20 6,238,881.03
12. Lease liabilities

(In RMB)
As at December 31,
Category
2022 2021
Lease liabilities 39,126,543.36 25,408,926.41
Less: Lease liabilities recognized in non-current liabilities due within one year 11,611,233.20 6,238,881.03
Total 27,515,310.16 19,170,045.38
13. Paid-in capital

The registered capital of the Company is USD 78,000,000.00. As at December 31, 2022, the contribution by the investor according to the
Articles of Association is USD 62,999,982.00. The capital input of investors is as follows:

Company name Ratio Equivalent to Ratio Equivalent to
USD USD
% RMB % RMB
Infosys Limited 62,999,982.00 100.00 431,246,900.00 62,999,982.00 100 431,246,900.00
14. Capital reserve

(In RMB)
As at December 31,
2022 2021
Capital reserve 51,575,614.42 51,575,614.42
Capital reserve represents accounts payable that was waived by the Parent Company and other Infosys companies.
15. Operating income
(In RMB)
As at December 31,
Particulars
2022 2021
Income from principal activities-rendering of services 928,947,534.31 700,633,227.30
16. Financial expenses

(In RMB)
As at December 31,
Particulars
2022 2021
Interest expenses 1,312,502.06 143,864.66
Interest on lease liabilities 1,115,715.85 1,139,815.97
Interest income (3,555,972.43) (3,418,551.34)
Exchange gains (losses) (2,280,602.79) 6,030,182.87
Total (3,408,357.31) 3,895,312.16
17. Other income

(In RMB)
As at December 31,
Particulars
2022 2021
Subsidy on job stabilization 856,845.50 1,358,174.81
Fiscal subsidy 330,000.00 790,000.00
Gain from asset disposal – 742,736.08
Subsidy on export 513,542.98 477,600.00
Income tax service charges refund 135,108.50 385,882.01
Government grant for training – 177,500.00
10% additional deduction of VAT in service industry 1,536,604.83 164,644.82
Subsidy for disabled employment 4,020.00 39,965.68
Write off long-term payables 1,743,211.81 –
Other 118,939.31 –
Total 5,238,272.93 4,136,503.40
18. Credit impairment loss

(In RMB)
As at December 31,
Company name
2022 2021
Bad debt losses (1,721,489.30) (689,542.97)
19. Non-operating expense

(In RMB)
2022 2021
Tax late fees and penalties (5,767,846.56) -
During the year, the tax bureau conducted tax inspections on the Company’s tax payments in past years and made recoveries on taxable
matters that had not been paid in previous years, and the Company made a provision of RMB 5,767,846.56 for tax late fees and penalties.
20. Income tax expenses

(In RMB)
As at December 31,
Particulars
2022 2021
Current income tax expenses – –
Deferred income tax expenses – –
Total – –
As described in Note V, the Company’s management is uncertain that there will be sufficient taxable profit in future periods, so the
deferred tax assets related to the accumulated deductible losses as at December 31, 2022 amounting to RMB 23,697,541.72 is not
recognized. Among the accumulated deductible losses, RMB 23,697,541.72 will expire in 2023.
Reconciliation of income tax expenses to the accounting profit is as follows:
(In RMB)
As at December 31,
Particulars
2022 2021
Accounting profits 89,991,776.51 39,408,816.66
Expected income tax expenses (income) at tax rate of 15 % (2021: 15%) 13,498,766.48 5,911,322.50
Tax effect of non-deductible expenses 1,998,734.55 36,913.04
Unused deductible losses – –
Temporary differences for unrecognized deferred tax assets 8,511,472.41 (2,710,487.94)
Tax effect of using unrecognized deductible loss and deductible temporary (24,008,973.43) (3,237,747.60)
difference in previous years
Income tax expenses – –
21. Supplementary information to the cash flow statement

(1) Reconciliation of net profits to cash flows from operating activities:
(In RMB)
As at December 31,
Particulars
2022 2021
Net profits 89,991,776.51 39,408,816.66
Add: Provision for expected credit loss 1,721,489.30 689,542.97
Depreciation of fixed assets 6,414,077.59 4,846,754.95
Depreciation of right of use assets 10,620,457.72 8,996,383.06
Amortization of long-term deferred expenses 310,523.63 1,087,347.91
Financial expenses (10,920,924.22) 779,920.80
Gains on disposal of fixed assets – (742,736.08)
Increase in operating receivables (223,742,124.35) (2,171,143.02)
Increase (Decrease) in operating payables 158,280,839.43 (6,644,446.79)
Net cash flow from operating activities 32,676,115.61 46,250,440.46
(2) Net changes in cash and cash equivalents

(In RMB)
As at December 31,
Particulars
2022 2021
Cash and cash equivalents at the end of the year 118,751,095.66 89,465,021.19
Less: Cash and cash equivalents at the beginning of the year 89,465,021.19 65,601,874.90
Net increase in cash and cash equivalents 29,286,074.47 23,863,146.29
IX Rrelated party relationships and transactions

(1) Information about the parent company of the Company is as follows:
Registered Shareholding
Name of the Parent Company Registered address Nature of business Voting ratio
capital ratio
Infosys Limited India Rendering of information INR 11.48 100% 100%
technical consultation billion
service and management
consultation
(2) The following are other related parties which have transactions with the Company while no control
relationship exists:
Name Relationship with the Company
Infosys Poland Sp. z o.o. Controlled by the same parent company
Infosys Public Services Inc Controlled by the same parent company
Infosys BPM Limited Controlled by the same parent company
Infosys Technologies S.De.R.L Controlled by the same parent company
HIPUS Co., Ltd. Controlled by the same parent company
Infosys Technologies (Shanghai) Co. Limited Controlled by the same parent company
Infosys Compaz Pte Ltd Controlled by the same parent company
Infosys Automotive and Mobility GmBH Co. Controlled by the same parent company
Infosys (Czech Republic) Ltd Controlled by the same parent company
Infosys Austria Controlled by the same parent company
Infosys Consulting Romania Controlled by the same parent company
Infosys McCamish Sys LLC Controlled by the same parent company
Infosys Turkey Bilgi Teknoloijleri Controlled by the same parent company
Infosys Technologies (Sweden) Controlled by the same parent company
Infosys Consulting (Belgium) N.V. Controlled by the same parent company
Infosys Consulting AG Controlled by the same parent company
Infosys Consulting Ltda Controlled by the same parent company
Infosys Consulting S.R.L. (Argentina) Controlled by the same parent company
Infosys Consulting S.R.L. (Romania) Controlled by the same parent company
Infosys Consulting PTE. LTD. Controlled by the same parent company
Portland Group Pty Limited Controlled by the same parent company
CMA Systems FZ LLC Controlled by the same parent company
Infosys Luxembourg s.a.r.l Controlled by the same parent company
Infy Consulting Company Limited Controlled by the same parent company
(3) Significant transactions between the Company and the related parties in current year:
(a) Sales and purchase
The details of sales and purchases between the Company and its related parties are as follows:
(In RMB)
As at December 31,
Particulars
2022 2021
Sales
Infosys Ltd 150,329,473.12 89,878,096.00
Infosys Automotive And Mobility GmBH Co. 3,712,680.49 892,944.00
Infosys BPM Limited 4,364,132.15 3,623,090.43
HIPUS Co., Ltd. 6,470,437.87 6,737,131.00
Infosys Technologies S.De.R.L 1,591,349.41 8,186,342.38
Infosys Compaz Pte Ltd 739,588.35 705,953.65
Infosys Technologies (Shanghai) Co. Limited 663,349.31 6,890,246.37
Infosys Public Services Inc 641,153.61 521,694.68
Infosys McCamish Sys LLC 450,742.67 –
Infosys Turkey Bilgi Teknoloijleri 303,054.74 –
Infy Consulting Company Limited 238,837.01 72,073.00
Infosys Technologies (Sweden) 148,821.79 27,736.00
As at December 31,
Particulars
2022 2021
Infosys Poland Sp. z o.o. 139,298.06 24,402.00
Infosys Consulting (Belgium) N.V. 142,749.36 –
Infosys (Czech Republic) Ltd 107,916.08 20,598.00
Infosys Austria 86,895.93 19,266.00
Infosys Consulting S.R.L. (Romania) 45,304.54 –
Infosys Consulting S.R.L. (Argentina) 18,782.74 –
Infosys Consulting Ltda 57,582.35 –
Infosys Consulting PTE. LTD. 19,049.16 –
Portland Group Pty Limited 27,985.83 –
CMA Systems FZ LLC 134,612.92 –
Infosys Luxembourg s.a.r.l 499.27 –
Lodestone Belgium – 18,476.00
Lodestone Switzerland – 13,842.00
Infosys Consulting Romania – 7,782.00
Total 170,550,137.54 117,639,673.51
(In RMB)
As at December 31,
Particulars
2022 2021
Purchases
Infosys Technologies (Shanghai) Co. Limited 280,556,901.31 252,489,047.66
Infosys Limited 47,550,901.80 26,939,275.81
Infosys BPM Limited 871,558.35 237,146.41
Infosys (Czech Republic) Ltd 797,912.66 70,661.99
Total 329,777,274.12 279,736,131.87
(b) Loans and borrowings

The details of loans and borrowings between the Company and related parties are as follows:
(In RMB)
Incurred amount As at 31 Incurred amount As at 31 Annual interest
Particulars
in 2022 December 2022 in 2021 December 2021 rate
Borrowings from
Infosys Poland Sp. z o.o. 2,944,500.00 34,823,000.00 27,311,070.00 31,878,500.00 12 months
LIBOR+1%
Total 2,944,500.00 34,823,000.00 27,311,070.00 31,878,500.00
(In RMB)

Particulars
Lend to
Infosys Technologies (Shanghai) Co. – 15,000,000.00 – 15,000,000.00 6.00
Limited
Infosys Technologies (Shanghai) Co. – 35,000,000.00 – 35,000,000.00 6.00
Limited
Total – 50,000,000.00 – 50,000,000.00
Note: The loan of USD 5,000,000.00 obtained by the Company from Infosys Poland Sp. z o.o. is for the purpose of business operation. The loan bears an interest
rate of LIBOR+1% per annum and the interest is paid upon demand by the Lender. The loan is due on December 1, 2023. The Company accumulatively lent
RMB 50,000,000.00 to Infosys Technologies (Shanghai) Co. Limited in 2017, bearing an interest rate of 6% per annum, in which RMB 15,000,000.00 and RMB
35,000,000.00 would be due in May and July 2018, respectively, and extended to be repaid upon demand by the Lender.
(In RMB)
As at December 31,
Particulars
2022 2021
Interest expenses
Infosys Poland Sp. z o.o. 1,312,502.06 143,864.66
Interest income
Infosys Technologies (Shanghai) Co. Limited 3,000,000.00 3,000,000.00
(c) Amounts due to/from related companies

(In RMB)
As at December 31,
Accounts Name of the related parties
2022 2021
Accounts receivable Infosys Technologies (Shanghai) Co. Limited 55,907,594.06 55,204,443.77
Infosys Ltd 16,979,052.53 11,797,056.71
Infosys Automotive and Mobility GmBH Co. 4,784,651.37 –
HIPUS Co., Ltd. 561,921.08 524,982.70
Infosys Turkey Bilgi Teknoloijleri 301,482.49 –
Infosys Poland Sp. z o.o. 163,896.68 –
Infosys McCamish Sys LLC 137,729.35 –
Infosys Austria 110,216.54 –
Infosys Public Services Inc 64,918.43 43,911.04
Infy Consulting Company Limited 63,773.45 –
Infosys Compaz Pte Ltd 52,608.78 153,524.48
Infosys Technologies (Sweden) 40,893.28 –
Infosys Consulting (Belgium) N.V. 34,446.28 –
Infosys Consulting S.R.L. (Argentina) 19,041.15 –
Infosys Consulting S.R.L. (Romania) 13,494.75 –
Infosys (Czech Republic) Ltd 31,780.31 –
Infosys Consulting Ltda 29,931.76 –
Infosys Consulting PTE. LTD. 6,761.86 –
Portland Group Pty Limited 5,324.72 –
CMA Systems FZ LLC 2,665.00 –
Infosys Luxembourg s.a.r.l 77.66 –
Infosys Technologies S.De.R.L (30,919.13) 260,490.57
Total 79,710,226.86 68,217,040.96
Other receivables Infosys Technologies (Shanghai) Co. Limited 16,499,178.08 13,499,178.08
Accounts payable Infosys Technologies (Shanghai) Co. Limited 75,471,496.91 68,535,874.44
Infosys Limited 12,544,679.17 19,729,890.98
Infosys Automotive and Mobility GmBH Co. 9,769,843.57 –
Infosys (Czech Republic) Ltd 246,273.06 –
Total 98,281,790.94 88,321,530.48
As at December 31,
2022 2021
Other payables Infosys Poland Sp. z o.o. 1,351,265.98 43,974.86
X. Financial Instruments and risk management

The Company’s major financial instruments include accounts receivable, other receivables, short-term loans, accounts payable and
other payables. Details of these financial instruments are disclosed in Note VIII. The risks associated with these financial instruments
and the policies on how to mitigate these risks are set out below. The management manages and monitors these exposures to ensure
appropriate measures are implemented on a timely and effective manner.
The Company adopts sensitivity analysis technique to analyze how the profit and loss for the period and owners’ equity would have
been affected by reasonably possible changes in the relevant risk variables. As it is unlikely that risk variables will change in an isolated
manner, and the interdependence among risk variables will have significant effect on the amount ultimately influenced by the changes
in a single risk variable, the following are based on the assumption that the change in each risk variable is on a standalone basis.
1. Risk management objectives and policies

The Company’s risk management objectives are to achieve proper balance between risks and yield, minimize the adverse impacts of
risks on the Company’s operation performance, and maximize the benefits of the shareholders and other equity investors. Based on
these risk management objectives, the Company’s basic risk management strategy is to identify and analyze the industry’s exposure to
various risks, establish appropriate bottom line for risk tolerance, implement risk management, and monitors these exposures to ensure
1.1 Market risk

1.1.1 Foreign currency risk
Foreign currency risk is the risk that losses will occur because of changes in foreign exchange rates. The Company’s exposure to the
foreign currency risk is primarily associated with USD, INR, HKD and TWD. The Company’s principal activities are settled in RMB. As at 31
December 2022, the balance of the Company’s assets and liabilities are both denominated in RMB except that the assets and liabilities
set out below are denominated in foreign currencies. Foreign currency risk arising from the assets and liabilities denominated in foreign
currencies may have impact on the Company’s performance.
(In RMB)
As at December 31,
Particulars
2022 2021
Cash and bank balances 47,847,327.89 47,744,594.32
Accounts receivable 86,147,025.62 43,748,975.98
Short-term loans (34,823,000.00) (31,878,500.00)
Other payables – (43,974.86)
Interest payable (1,351,265.98) –
Accounts payable (1,872,390.44) (19,785,656.04)
Total 95,947,697.09 39,785,439.40
Sensitivity analysis on currency risk

The assumption for the sensitivity analysis on currency risk is that all hedges of net investments in foreign operations and the cash flow
hedges are highly effective.
On the basis of the above assumption, where all other variables are held constant, the reasonably possible changes in the foreign
exchange rate may have the following pre-tax effect on the profit or loss for the period and owners’ equity:
(In RMB)
2022 2021
Item Changes in exchange rate Effect on Owners’
Effect on profit Effect on profit Effect on Owners’ equity
equity
Foreign currencies 10% increase against RMB 9,594,769.71 9,594,769.71 3,978,543.94 3,978,543.94
Foreign currencies 10% decrease against RMB (9,594,769.71) (9,594,769.71) (3,978,543.94) (3,978,543.94)
1.2 Credit risk
As at December 31, 2022, the Company’s maximum exposure to credit risk which will cause a financial loss to the Company due to failure
to discharge an obligation by the counterparties.
The Company reviews the recoverable amount of each individual trade debt at each Balance Sheet date to ensure that adequate
impairment losses are made for irrecoverable amounts. In this regard, the management of the Company consider that the Company
credit risk is significantly reduced.
The credit risk on liquid funds is limited because the counterparties are banks with high credit rating.
1.3 Liquidity risk

In the management of the liquidity risk, the Company monitors and maintains a level of cash and cash equivalents deemed adequate by
the management to finance the Company’s operations and mitigate the effects of fluctuations in cash flows. The management monitors
use of loans and ensures to observe loan agreements.
XI. Capital management

The Company’s primary objectives when managing capital are to safeguard the Company’s ability to continue as a going concern.
The Company defines “capital” as including all components of equity. The balance of related party transactions are not regarded by
the Company as capital.
The Company’s capital structure is regularly reviewed and managed with due regard to the capital management practices of the Infosys
Limited Group to which the Company belongs. Adjustments are made to the capital structure in light of changes in economic conditions
affecting the Company. The results of the Board of Directors’ review of the Company’s capital structure are used as a basis for the
determination of the level of dividends, if any, that are declared.
The Company is not subject to externally imposed capital requirements.
XI. Commitments
(1) Capital commitments
(In RMB)
As at December 31,
2022 2021
Capital commitments that have been entered into but have not been recognized in the financial 1,967,733.60 7,774,963.92
statements: Contracts for purchasing fixed assets
Infosys Poland Sp. z o.o.
Infosys Subsidiary Financials Report 2022-23 Infosys Poland Sp. z o.o. | 239
To the Board of Directors of Infosys Poland Sp. z o.o

Opinion
We have audited the accompanying special purpose financial statements of INFOSYS POLAND SP. Z O.O.(“the Company”), which comprise
the Balance Sheet as at March 31, 2023, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of
Changes in Equity and the Statement of Cash Flows for the year ended on that date, and a summary of significant accounting policies
and other explanatory information (hereinafter referred to as “the special purpose financial statements”). The special purpose financial
statements are prepared for inclusion in the annual report of the Holding Company Infosys Limited under the requirements of section
129 (3) of the Companies Act 2013.
statements give a true and fair view in conformity with the basis of preparation referred to in Note 1.2 of the special purpose financial
Basis for Opinion


The Company’s Board of Directors is responsible for the preparation and presentation of these special purpose financial statements that
cash flows of the Company in accordance with the basis described in Note 1.2 of the special purpose financial statement.
This responsibility also includes maintenance of adequate accounting records for safeguarding the assets of the company and for
In preparing the special purpose financial statements, the Company’s Board of Directors are responsible for assessing the
Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
Auditor’s Responsibilities for the Audit of the Special purpose Financial Statements
assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a
240 | Infosys Poland Sp. z o.o. Infosys Subsidiary Financials Report 2022-23
Basis of Accounting
We draw attention to Note 1.2 to the special purpose financial statements, which describes the basis of accounting. As a result, the
special purpose financial statements may not be suitable for another purpose.
Other Matter
Corresponding figures of the Company for the year ended March 31, 2022 have been audited by another auditor who expressed an
unmodified opinion dated May 12, 2022 on the special purpose financial statements of the Company for the year ended March 31, 2022.
Our opinion on the financial statements is not modified in respect of the above matter.

The report is issued to the Board of Directors of the Company solely for the above purpose and should not be distributed to or used
For Deloitte Haskins and Sells LLP

Gurvinder Singh
Partner
UDIN: 23110128BGRDFH9239
Date: June 2, 2023

Place: Bengaluru
Balance Sheet (In PLN)
As at March 31,
Particulars Note
2023 2022
ASSETS
Non-current assets
Property, plant and equipment 2.1 7,627,669 8,143,953
Right of use assets 2.2 52,379,994 73,410,402
Goodwill 2.3 22,046,332 22,046,332
Financial assets:
Investments 2.4 42,934,577 54,952,504
Loans 2.5 134,233,060 126,223,714
Total non - current assets 279,812,852 303,993,011
Current assets
Financial assets:
Loans 2.5 186,869 27,369,291
Total Assets 651,980,901 603,754,515
Equity
Other equity 412,574,275 370,739,974
Total equity 415,074,275 373,239,974
Liabilities
Financial liabilities:
Other financial liabilities 2.12 2,293,596 –
Total non - current liabilities 58,658,122 77,407,393
Current liabilities
Trade payables 2.13 4,419,512 4,376,422
Provisions 2.15 1,557,444 1,051,095
Income tax liabilities (net) 2.16 2,071,778 5,050,440

for Deloitte Haskins & Sells LLP for and on behalf of the Board of Directors of Infosys Poland Sp. z o.o.
Firm’s Registration Number: 117366W/ W-100018
Gurvinder Singh Anup Kapoor Arindam Roy Chowdhury

Partner Director Director
June 2, 2023
Bengaluru
Statement of Profit and Loss (In PLN, except equity share and per equity share data)

Particulars Note
2023 2022
Other income, net 2.18 444,733 18,630,501
Total income 589,447,661 477,362,183
Expenses
Cost of technical sub-contractors and professional charges 2.19 76,978,564 47,424,066
Cost of software packages and others 17,156,959 2,656,763
Depreciation and amortization expense 2.1 & 2.2 18,949,479 19,964,899
Finance cost 2.2 4,335,915 1,761,742
Other expenses 2.19 28,740,537 19,203,671
Total expenses 531,034,828 405,678,544
Tax expense:
Current tax 2.16 17,337,157 13,145,490
Deferred tax 2.16 (758,625) (261,661)
16,578,532 12,883,829
Total other comprehensive income, net of tax – –
Total comprehensive income for the period 41,834,301 58,799,810
Equity shares of par value PLN 500/- each
Basic and diluted (PLN) 8366.86 11,759.96
Basic and diluted 5,000 5,000


June 2, 2023
Bengaluru
Statement of Changes in Equity (In PLN)
Other equity
Other Total equity
Capital
Reserves and surplus comprehensive attributable
reserve
Equity share income to equity
Particulars capital Equity holders of the
Business company
instruments
Securities Retained General transfer
through other
premium (1) earnings reserve adjustment
comprehensive
reserve(2)
income
Balance as at April 1, 2021 2,500,000 24,999,800 345,096,062 2,173,202 (60,800,000) 471,100 314,440,164
Profit for the year – – 58,799,810 – – – 58,799,810
Total Comprehensive income – – 58,799,810 – – – 58,799,810
for the period
Balance as at March 31, 2022 2,500,000 24,999,800 403,895,872 2,173,202 (60,800,000) 471,100 373,239,974
Balance as at April 01, 2022 2,500,000 24,999,800 403,895,872 2,173,202 (60,800,000) 471,100 373,239,974
Profit for the year – – 41,834,301 – – – 41,834,301
Total comprehensive income – – 41,834,301 – – – 41,834,301
for the period
Balance as at March 31, 2023 2,500,000 24,999,800 445,730,173 2,173,202 (60,800,000) 471,100 415,074,275


June 2, 2023
Bengaluru
Accounting Policy
investing or financing cash flows. The cash flows from operating, investing and financing activities of the Cmpany are segregated. The
(In PLN)

Particulars Note
2023 2022
Depreciation and amortization 2.1 & 2.2 18,949,479 19,964,899
Finance cost 4,335,915 1,761,742
Interest on bank deposits and others (11,335,841) (1,636,281)
Impairment loss recognized/ (reversed) under expected credit loss model 1,179,415 1,016,704
(Profit)/Loss/fair value change on Investments 22,749,320 (19,609,159)
Exchange difference on translation of assets and liabilities (950,649) (1,744,897)
Trade receivables and unbilled revenue 31,201 (17,760,378)
Trade payables 43,090 1,651,655
Income taxes paid, net of refunds (20,315,819) (18,485,994)
Net cash generated by operating activities 82,309,088 58,104,587
Expenditure on property, plant and equipment (3,807,273) (4,398,106)
Loans (to)/ repaid by employees (62,992) 65,767
Interest received on bank deposits and others 7,744,812 663,987
Loan given to fellow subsidiary (57,178,067) (129,431,682)
Loan repaid by fellow subsidiary 79,523,733 2,916,667
Payments to acquire financial assets
Preference and other securities (8,965,150) (10,690,417)
Net cash from/ (used in) investing activities 17,255,063 (140,873,784)
Payment of lease liabilities (15,570,731) (12,413,879)
Receipt under financing arrangements 6,435,057 –
Repayment of rentals towards financing arrangements (2,343,002) –
Effect of exchange rate on translation of foreign currency cash and cash (148,082) (837,394)
equivalents
Net increase/ (decrease) in cash and cash equivalents 88,085,475 (95,183,076)
Cash and cash equivalents at the beginning 2.8 124,166,587 220,187,057
Cash and cash equivalents at the end 2.8 212,103,980 124,166,587

June 2, 2023
Bengaluru
1. Overview
1.1 Company overview 1.4 Critical accounting estimates and judgements
Infosys Poland Sp. z o.o (‘the Company’) is a leading provider of a. Revenue recognition
business process management services to organizations that
The Company’s contracts with customers include promises to
outsource their business processes. The Company leverages the
transfer multiple products and services to a customer. Revenues
benefits of accounting, book keeping and auditing activities; tax
from customer contracts are considered for recognition and
consultancy, computer consultancy activities, computer facilities
measurement when the contract has been approved, in writing,
management activities, other information technology and
by the parties to the contract, the parties to contract are
computer service activities, data processing, hosting and related
committed to perform their respective obligations under the
activities, other information service activities not elsewhere
contract, and the contract is legally enforceable. The Company
classified, business and other management consultancy
assesses the services promised in a contract and identifies
activities, research and experimental development on social
distinct performance obligations in the contract. Identification of
sciences and humanities and other professional, scientific and
distinct performance obligations to determine the deliverables
technical activities not elsewhere classified.
and the ability of the customer to benefit independently from
The Company is incorporated and domiciled in Poland. It’s such deliverables, and allocation of transaction price to these
registered office is at ul. Pomorska 106A, 91-402 Łódź, Poland. distinct performance obligations involves significant judgement.
The Company is a majority-owned-and-controlled subsidiary of
Fixed-price business process management services revenue is
Infosys BPM Limited.
recognized ratably on a straight-line basis when services are
The Company’s financial statements are approved by the performed through an indefinite number of repetitive acts over
Company’s Board of Directors on June 2, 2023. a specified period. Revenue from fixed-price business process
management services contract is recognized ratably using a
1.2 Basis of preparation of financial statements percentage of completion method when the pattern of benefits
These special purpose financial statements are prepared for from the services rendered to the customer and the Company’s
inclusion in the annual report of the Ultimate Holding Company costs to fulfil the contract is not even through the period of the
Infosys Limited under the requirements of section 129 (3) of the contract because the services are generally discrete in nature
Companies Act 2013. and not repetitive. The use of method to recognize the business
process management services revenue requires judgment,
These financial statements are prepared in accordance with and is based on the promises in the contract and nature
Indian Accounting Standards (Ind-AS) under the historical cost of the deliverables.
convention on the accrual basis. The Ind-AS are prescribed under
Section 133 of the Act read with Rule 3 of the Companies (Indian The Company uses the percentage-of-completion method
Accounting Standards) Rules, 2015 and relevant amendment in accounting for its other fixed-price contracts. Use of the
rules issued thereafter. percentage-of-completion method requires the Company to
determine the actual efforts or costs expended to date as a
Accounting policies have been applied consistently to all periods proportion of the estimated total efforts or costs to be incurred.
presented in these financial statements except where a newly Efforts or costs expended have been used to measure progress
issued accounting standard is initially adopted or a revision to an towards completion as there is a direct relationship between
existing accounting standard requires a change in the accounting input and productivity. The estimation of total efforts or costs
policy hitherto in use. involves significant judgement and is assessed throughout the
period of the contract to reflect any changes based on the latest
1.3 Use of estimates and judgements available information.
The preparation of the financial statements in conformity Provisions for estimated losses, if any, on uncompleted contracts
with Ind-AS requires the Management to make estimates, are recorded in the period in which such losses become probable
judgments and assumptions. These estimates, judgments and based on the estimated efforts or costs to complete the contract
assumptions affect the application of accounting policies and (Refer to Note No. 2.17).
the reported amounts of assets and liabilities, the disclosures
of contingent assets and liabilities at the date of the financial b. Income taxes
statements and reported amounts of revenues and expenses
The Company’s major tax jurisdiction is Poland. Significant
during the period. The application of accounting policies that
judgments are involved in determining the provision for income
require critical accounting estimates involving complex and
taxes, including amount expected to be paid/recovered for
subjective judgments and the use of assumptions in the financial
uncertain tax positions (Refer to Note No. 2.16).
statements have been disclosed in Note No. 1.4. Accounting
estimates could change from period to period. Actual results In assessing the realizability of deferred income tax assets, the
could differ from those estimates. Appropriate changes in management considers whether some portion or all of the
estimates are made as the Management becomes aware of deferred income tax assets will not be realized. The ultimate
changes in circumstances surrounding the estimates. Changes in realization of deferred income tax assets is dependent upon the
estimates are reflected in the financial statements in the period generation of future taxable income during the periods in which
in which changes are made and, if material, their effects are the temporary differences become deductible. Management
disclosed in the notes to the financial statements. considers the scheduled reversals of deferred income tax
liabilities, projected future taxable income and tax planning
strategies in making this assessment. Based on the level of of this amendment is annual periods beginning on or after April
historical taxable income and projections for future taxable 1, 2023. The Group has evaluated the amendment and there is no
income over the periods in which the deferred income tax assets impact on its financial statements.
Ind-AS 12, Income Taxes - This amendment has narrowed the
scope of the initial recognition exemption so that it does not
of the deferred income tax assets considered realizable, however,
apply to transactions that give rise to equal and offsetting
could be reduced in the near term if estimates of future taxable
temporary differences. The effective date for adoption of this
amendment is annual periods beginning on or after April 1, 2023.
The Group has evaluated the amendment and there is no impact
on its financial statement.
Property, plant and equipment represent a significant proportion
of the asset base of the Company. The charge in respect of 2.1 Property, plant and equipment
periodic depreciation is derived after determining an estimate of Accounting Policy
an asset’s expected useful life and the expected residual value Property, plant and equipment are stated at cost, less
at the end of its life. The useful lives and residual values of the accumulated depreciation and impairment, if any. Costs
Company’s assets are determined by management at the time directly attributable to acquisition are capitalized until the
the asset is acquired and reviewed periodically, including at each property, plant and equipment are ready for use, as intended
financial year end. The lives are based on historical experience by management. The Company depreciates property, plant and
with similar assets as well as anticipation of future events, equipment over their estimated useful lives using the straight-
which may impact their life, such as changes in technology line method. The estimated useful lives of assets are as follows:
(Refer to Note No. 2.1).
Plant and machinery(1) 5 years
d. Impairment of Goodwill Computer equipment(1) 3-5 years
Goodwill is tested for impairment on an annual basis and Furniture and fixtures(1) 5 years
whenever there is an indication that the recoverable amount
of a cash generating unit is less than its carrying amount Office equipment (1)
5 years
based on a number of factors including operating results, Leasehold improvements Over lease term or 5 years
business plans, future cash flows and economic conditions. The which ever is lower
recoverable amount of cash generating units is determined
based on higher of value-in-use and fair value less cost to sell. (1)
The goodwill impairment test is performed at the level of the useful lives as given above best represent the period over which the
cash generating unit or Company’s cash-generating. which are these assets is different from the useful lives as prescribed under Part C of
benefitting from the synergies of the acquisition and which Schedule II of the Companies Act, 2013.
represents the lowest level at which goodwill is monitored for
internal management purpose. Depreciation methods, useful lives and residual values are
Market-related information and estimates are used to determine
the recoverable amount. Key assumptions on which the Advances paid towards the acquisition of property, plant and
management has based its determination of recoverable amount equipment outstanding at each Balance Sheet date are classified
include estimated long-term growth rates, weighted average as capital advances under other non-current assets and the
cost of capital and estimated operating margins. Cash flow cost of assets not ready to use before such date are disclosed
projections take into account past experience and represent the under ‘Capital work-in-progress’. Subsequent expenditures
Management’s best estimate about future developments. relating to property, plant and equipment is capitalized only
when it is probable that future economic benefits associated
1.5 Recent accounting pronouncements with these will flow to the Company and the cost of the item
can be measured reliably. Repairs and maintenance costs are
Ministry of Corporate Affairs (’MCA’) notifies new standards recognized in the statement of profit and loss when incurred. The
or amendments to the existing standards under Companies cost and related accumulated depreciation are eliminated from
(Indian Accounting Standards) Rules as issued from time to the financial statements upon sale or retirement of the asset and
time. On March 31, 2023, MCA amended the Companies (Indian the resultant gains or losses are recognized in the Statement
Accounting Standards) Amendment Rules, 2023, as below: of Profit and Loss.
Ind AS-1, Presentation of Financial Statements - This amendment
requires the entities to disclose their material accounting policies Impairment
rather than their significant accounting policies. The effective Property, plant and equipment and Intangible assets are
date for adoption of this amendment is annual periods beginning evaluated for recoverability whenever events or changes in
on or after April 1, 2023. The Company has evaluated the circumstances indicate that their carrying amounts may not
amendment and the impact of the amendment is insignificant in be recoverable. For the purpose of impairment testing, the
the company financial statements. recoverable amount (i.e., the higher of the fair value less cost
Ind-AS 8, Accounting Policies, Changes in Accounting Estimates to sell or the value-in-use) is determined on an individual asset
and Errors - This amendment has introduced a definition of basis unless the asset does not generate cash flows that are
‘accounting estimates’ and included amendments to Ind-AS 8 largely independent of those from other assets. In such cases, the
to help entities distinguish changes in accounting policies from recoverable amount is determined for the Cash Generating Unit
changes in accounting estimates. The effective date for adoption (’CGU’) to which the asset belongs.
The changes in the carrying value of property, plant and equipment for the year ended March 31, 2023, were as follows:
(In PLN)

Particulars Total
Gross carrying value as at April 1, 2022 11,243,894 843 3,248,799 28,292,125 5,567,149 48,352,810
Additions – – 150,778 3,602,496 54,001 3,807,275
Deletions – – (444,371) (7,846,971) (2,838,661) (11,130,003)
Gross carrying value as at March 31, 2023 11,243,894 843 2,955,206 24,047,650 2,782,489 41,030,082
Accumulated depreciation as at April 1, 2022 11,142,841 630 3,076,268 20,573,479 5,415,640 40,208,858
Depreciation 83,487 167 101,337 4,053,095 85,472 4,323,558
Accumulated depreciation on deletions – – (444,371) (7,846,971) (2,838,661) (11,130,003)
Accumulated depreciation as at March 31, 2023 11,226,328 797 2,733,234 16,779,603 2,662,451 33,402,413
Carrying value as of March 31, 2023 17,566 46 221,972 7,268,047 120,038 7,627,669
Carrying value as at April 1, 2022 101,053 213 172,531 7,718,646 151,509 8,143,952
The changes in the carrying value of property, plant and equipment for the year ended March 31, 2022, were as follows:
(In PLN)

Particulars Total
Gross carrying value as at April 1, 2021 11,243,894 843 3,183,169 25,112,983 5,524,096 45,064,985
Additions – – 65,630 4,297,634 43,053 4,406,317
Deletions – – – (1,118,492) – (1,118,492)
Gross carrying value as at March 31, 2022 11,243,894 843 3,248,799 28,292,125 5,567,149 48,352,810
Accumulated depreciation as at April 1, 2021 11,059,354 463 2,973,412 17,944,429 5,313,774 37,291,432
Depreciation 83,487 167 102,856 3,747,542 101,866 4,035,918
Accumulated depreciation on deletions – – – (1,118,492) – (1,118,492)
Accumulated depreciation as at March 31, 2022 11,142,841 630 3,076,268 20,573,479 5,415,640 40,208,858
Carrying value as at March 31, 2022 101,053 213 172,531 7,718,646 151,509 8,143,952
Carrying value as at April 1, 2021 184,540 380 209,757 7,168,554 210,322 7,773,553
2.2 Leases Certain lease arrangements include the options to extend or

Accounting Policy terminate the lease before the end of the lease term. ROU assets
for buildings and Computers. The Company assesses whether a The right-of-use assets are initially recognized at cost, which
contract contains a lease, at inception of a contract. A contract comprises the initial amount of the lease liability adjusted for
is, or contains, a lease if the contract conveys the right to control any lease payments made at or prior to the commencement date
the use of an identified asset for a period of time in exchange of the lease plus any initial direct costs less any lease incentives.
for consideration. To assess whether a contract conveys the right They are subsequently measured at cost less accumulated
to control the use of an identified asset, the Company assesses depreciation and impairment losses.
whether: (1) the contact involves the use of an identified asset Right-of-use assets are depreciated from the commencement
(2) the Company has substantially all of the economic benefits date on a straight-line basis over the shorter of the lease term
from use of the asset through the period of the lease and (3) the and useful life of the underlying asset. Right of use assets
Company has the right to direct the use of the asset. are evaluated for recoverability whenever events or changes
At the date of commencement of the lease, the Company in circumstances indicate their carrying amounts may not
recognizes a right-of-use asset (’ROU’) and a corresponding lease be recoverable. For the purpose of impairment testing, the
liability for all lease arrangements in which it is a lessee, except recoverable amount (i.e., the higher of the fair value less cost to
for leases with a term of twelve months or less (short-term leases) sell and the value-in-use) is determined on an individual asset
and low value leases. For these short-term and low value leases, basis unless the asset does not generate cash flows that are
the Company recognizes the lease payments as an operating largely independent of those from other assets. In such cases, the
expense on a straight-line basis over the term of the lease. recoverable amount is determined as Cash Generating Unit (CGU)
to which the asset belongs.
The lease liability is initially measured at amortized cost at the The aggregate depreciation expense on ROU assets is
present value of the future lease payments. The lease payments included under depreciation and amortization expense in the
are discounted using the interest rate implicit in the lease or, if statement of Profit and Loss.
The break-up of current and non-current lease liability as at
March 31, 2023 and March 31, 2022, was as follows:
of use asset if the Company changes its assessment if whether it (In PLN)
As at March 31,
Lease liability and ROU assets have been separately presented Particulars
in the balance sheet and lease payments have been classified as 2023 2022
financing cash flows. Non-current lease liability 56,364,526 77,407,393
Current lease liability 15,685,413 11,994,825
The Company as a lessor
Total 72,049,939 89,402,218
Leases for which the Company is a lessor is classified as a finance
or operating lease. Whenever the terms of the lease transfer The movement in lease liability during the year ended March 31,
substantially all the risks and rewards of ownership to the lessee, 2023 and March 31,2022, was as follows:
the contract is classified as a finance lease. All other leases are
(In PLN)
classified as operating leases.
When the Company is an intermediate lessor, it accounts for Year ended March 31,
Particulars
its interests in the head lease and the sublease separately. 2023 2022
The sublease is classified as a financing or operating lease by Balance at the beginning 89,402,218 116,747,955
reference to the right-of-use asset arising from the head lease.
Additions/ adjustments (5,033,176) (14,960,243)
For operating leases, rental income is recognized on a straight- Deletions/ adjustments (1,265,737) (755,522)
line basis over the term of the relevant lease.
Finance cost accrued during the 3,955,425 1,761,742
The changes in the carrying value of right of use assets for the period
year ended March 31, 2023, were as follows:
Payment of lease liability (15,570,731) (12,413,879)
(In PLN) Translation difference 561,940 (977,835)
Balance at the end 72,049,939 89,402,218
Category of ROU asset
Buildings Computers Total Rental expense recorded for short-term leases was PLN 1,319,072
for the year ended March 31, 2023 and PLN 550,090 for the year
Balance as of April 1, 73,322,660 87,742 73,410,402
2022
Additions/ (5,553,296) 535,869 (5,017,427) The details regarding the contractual maturities of lease liabilities
adjustments* as at March 31, 2023 on an undiscounted basis are as follows:
Deletions/ adjustments (1,208,469) (178,591) (1,387,060) (In PLN)
Depreciation (14,513,873) (112,048) (14,625,921)
As at March 31,
Balance as of March 31, 52,047,022 332,972 52,379,994 Particulars
2023 2023 2022
Less than one year 20,103,279 10,038,052
* Net of adjustments on account of modifications
One to five years 63,103,895 70,132,323
The changes in the carrying value of right of use assets for the More than five years – 13,512,605
year ended March 31, 2022, were as follows:
Total 83,207,174 93,682,980
(In PLN) The Company does not face a significant liquidity risk
Buildings Computers Total and when they fall due.
Balance as of April 1, 105,008,309 – 105,008,309
2021 2.3 Goodwill
Additions/Adjustments* (15,051,457) 91,214 (14,960,243) Accounting Policy
Deletions/Adjustments (708,683) – (708,683) Goodwill represents the purchase consideration in excess
Depreciation (15,925,509) (3,472) (15,928,981) of the Company’s interest in the net fair value of identifiable
assets, liabilities and contingent liabilities of the acquired entity.
Balance as of March 31, 73,322,660 87,742 73,410,402
When the net fair value of the identifiable assets, liabilities and
2022
contingent liabilities acquired exceeds purchase consideration,
* Includes adjustments based on the change in Indexation rates and the fair value of net assets acquired is reassessed and the bargain
tenancy incentives. purchase gain is recognized in capital reserve. Goodwill is
measured at cost less accumulated impairment losses.Summary (In PLN)
of changes in the carrying amount of goodwill is as follows:
As at March 31,
Particulars
Goodwill is tested for impairment on an annual basis and 2023 2022
whenever there is an indication that the recoverable amount of
Non-current
a cash generating unit (CGU) is less than its carrying amount. For
the impairment test, goodwill is allocated to the CGU or groups Unquoted investments- carried at
of CGUs which benefit from the synergies of the acquisition fair value through profit or loss
and which represents the lowest level at which goodwill is Tidal Scale Inc. - Preference – 12,902,843
monitored for internal management purposes. A CGU is the and other securities
smallest identifiable group of assets that generates cash inflows The House Fund II,L.P.- other 42,934,577 42,049,661
that are largely independent of the cash inflows from other securities(1)
assets or group of assets.
Total non-current investments 42,934,577 54,952,504
Impairment Aggregate amount of unquoted 42,934,577 54,952,504
Impairment occurs when the carrying amount of a CGU including investments
the goodwill, exceeds the estimated recoverable amount of Investment carried at fair value 42,934,577 54,952,504
the CGU. The recoverable amount of a CGU is the higher of its through Profit or Loss
fair value less cost to sell and its value-in-use. Value-in-use is (1)
There is an uncalled capital commitment from House of Fund
the present value of future cash flows expected to be derived
from the CGU. Key assumptions in the cash flow projections are Refer to Note No. 2.10 for accounting policies on
prepared based on current economic conditions and includes financial instruments.
estimated long term growth rates, weighted average cost of
capital and estimated operating margins. Method of fair valuation:
(In PLN)
(In PLN)
Class of As at March 31,
As at March 31, Method
Particulars investment 2023 2022
2023 2022
Preference Discounted cash – 12,902,843
Carrying value at the beginning 22,046,332 22,046,332 securities flows method,
Translation differences – – Market multiple
Carrying value at the end 22,046,332 22,046,332 method
Other Discounted cash 42,934,577 42,049,661
The recoverable amount of a CGU is the higher of its fair securities flows method,
value less cost to sell and its value-in-use. The value-in-use is Market multiple
determined based on specific calculations. These calculations method
use pre-tax cash flow projections for a CGU over a period
of five years. An average of the range of each assumption 2.5 Loans
used is mentioned below. As of March 31, 2023 the estimated
(In PLN)
recoverable amount of the CGU exceeded its carrying amount.
The key assumptions used for the calculations are as follows: As at March 31,
Particulars
2023 2022
As of March 31
Particulars Non-current
2023 2022
Long term growth rate 2-5 2-5
Operating margins 10-11 10-11
Less: Allowance for doubtful – (39,796)
Discount rate 13.2 11.9
loans to employees
2.4 Investments 9,884 27,543

(In PLN) Loans to fellow subsidiary (Refer to 134,223,176 126,196,171
Note 2.21) (1)
As at March 31,
Particulars 134,233,060 126,223,714
2023 2022
Current
Preference securities – 12,902,843
Other securities 42,934,577 42,049,661
Loans to fellow subsidiary – 27,263,073
(Refer to Note No. 2.21)(1)
Total carrying value 42,934,577 54,952,504 186,869 27,369,291
Total current loans
Total Loans 134,419,929 153,593,005
Includes dues from related
(1)
134,223,176 153,459,244
parties (Refer to Note No. 2.21)
2.6 Other financial assets As at March 31,
(In PLN) Particulars
2023 2022
As at March 31, Foreign currency forward 6,832,200 411,800
Particulars
2023 2022 contracts(2)
Non-current Others(1)(3) 1,109,722 191,938
Rental deposits (1)
2,838,271 2,844,490 Total current other financial assets 23,674,792 11,573,276
Non-current unbilled revenue 2,114,711 – Total financial assets 29,646,968 14,447,827
financial assets Financial assets carried at
(1)
22,814,768 14,036,027
Investment in lease – Non-current 1,019,194 30,061 amortized cost.
Total non-current other financial 5,972,176 2,874,551 (2)
Financial assets carried at fair 6,832,200 411,800
assets value through Profit or Loss.
Current (3)
Includes dues from related 253,167 189,360
Electricity and other deposits(1) 5,339 10,327
Unbilled revenues (1)#
15,511,809 10,844,431 # Classified as financial asset as right to consideration is unconditional upon
passage of time.
Interest accrued but not due(1) 215,722 114,780

(In PLN)
As at March 31,
Particulars
2023 2022
Current
Unsecured
Considered good(1)(2) 112,402,511 122,867,433
Less: Allowances on for credit losses (1,938,826) (1,260,235)
110,463,685 121,607,198
(1)
Includes dues from related parties 16,366,564 8,946,646
(2)
Includes dues from companies where directors are interested.
The table below provides details regarding the ageing of Trade receivables as at March 31, 2023

Particulars Less than 6 months - 1 More than 3
months year years
Undisputed Trade receivables 86,052,962 23,308,419 659,058 1,121,482 1,260,590 – 112,402,511
- considered good
Undisputed Trade receivables – – – – – – –
- credit impaired
considered good
credit impaired
Less: Allowance for credit loss – – – – – – (1,938,826)
Total trade receivables 86,052,962 23,308,419 659,058 1,121,482 1,260,590 – 110,463,685
The table below provides details regarding the ageing of Trade receivables as at March 31, 2022

Particulars Less than 6 months - 1 More than 3
months year years
Undisputed Trade receivables 92,122,113 19,934,730 10,134,582 676,008 – – 122,867,433
- considered good
- credit impaired
considered good
credit impaired
Less: Allowance for credit loss – – – – – – (1,260,235)
Total trade receivables 92,122,113 19,934,730 10,134,582 676,008 – – 121,607,198
2.8 Cash and cash equivalents (1)

Withholding taxes and others primarily consist of input tax credits.
(In PLN)
(2)
Classified as non-financial asset as the contractual right to consideration is
As at March 31,
Particulars 2.10 Financial instruments
2023 2022
Accounting Policy
Balances with banks
In current and deposit 212,099,212 124,161,824
accounts The Company recognizes financial assets and financial liabilities
Cash on hand 4,768 4,763
instrument. All financial assets and liabilities are recognized
212,103,980 124,166,587 at fair value on initial recognition, except for trade receivables
Deposit with more than 12 months – – which are initially measured at transaction price. Transaction
maturity costs that are directly attributable to the acquisition or issue
The deposits maintained by the Company with banks comprise value through profit or loss, are added to the fair value on initial
of time deposits, which can be withdrawn by the Company at any recognition. Regular way purchase and sale of financial assets are
point without prior notice or penalty on the principal. accounted for at trade date.
2.9 Other assets 2.10.2 Subsequent measurement

(In PLN) a. Non-derivative financial instruments
As at March 31, (i) Financial assets carried at amortized cost
Particulars
2023 2022 A financial asset is subsequently measured at amortized cost
Non-current if it is held within a business model whose objective is to hold
Advances other than capital
advance
Deferred contract cost(3) – 2,481,136 interest on the principal amount outstanding.
Total Non-Current other assets – 2,481,136
(ii) Financial assets at fair value through other comprehensive
Current
income (FVOCI)
Payment to vendors for 40,723 324,089 other comprehensive income if it is held within a business model
supply of goods whose objective is achieved by both collecting contractual cash
Others flows and selling financial assets and the contractual terms of the
financial asset give rise on specified dates to cash flows that are
Withholding taxes and 9,361,699 2,879,230
others(1)
solely payments of principal and interest on the principal amount
outstanding. The Company has made an irrevocable election
Prepaid expenses 1,092,696 1,008,446 for its investments which are classified as equity instruments
10,282,747 7,525,205 to present the subsequent changes in fair value in other
Deferred contract cost(3) 4,960,858 3,308,182
comprehensive income based on its business model.
Total Current other assets 25,738,723 15,045,152

(iii) Financial assets at fair value through profit or loss 2.10.3 Derecognition of financial instruments
A financial asset which is not classified in any of the above The Company derecognizes a financial asset when the
categories are subsequently fair valued through profit or loss. contractual rights to the cash flows from the financial asset
(iv) Financial liabilities for derecognition under Ind AS 109. A financial liability (or a
Financial liabilities are subsequently carried at amortized cost part of a financial liability) is derecognized from the Company’s
using the effective interest method, except for contingent Balance Sheet when the obligation specified in the contract is
consideration recognized in a business combination which is discharged or cancelled or expires.
subsequently measured at fair value through profit and loss.
For trade and other payables maturing within one year from the 2.10.4 Fair value of financial instruments
Balance Sheet date, the carrying amounts approximate fair value In determining the fair value of its financial instruments, the
due to the short maturity of these instruments. Company uses a variety of methods and assumptions that are
b. Derivative financial instruments date. The methods used to determine fair value include
The Company holds derivative financial instruments such as discounted cash flow analysis, available quoted market prices
foreign exchange forward and option contracts to mitigate the and dealer quotes. All methods of assessing fair value result
risk of changes in exchange rates on foreign currency exposures. in general approximation of value, and such value may never
The counterparty for these contracts is generally a bank. actually be realized.
Refer to the table, ‘Financial instruments by category’, below, for
(i) Financial assets or financial liabilities, at fair value through the disclosure on carrying value and fair value of financial assets
profit or loss and liabilities. For financial assets and liabilities maturing within
This category has derivative financial assets or liabilities which one year from the Balance Sheet date and which are not carried
are not designated as hedges. at fair value, the carrying amounts approximate fair value due to
the short maturity of these instruments.
Although the Company believes that these derivatives
constitute hedges from an economic perspective, they may
2.10.5 Impairment
not qualify for hedge accounting under Ind AS 109, Financial
Instruments. Any derivative that is either not designated a The Company recognizes loss allowances using the expected
hedge, or is so designated but is ineffective as per Ind AS 109, is credit loss (ECL) model for the financial assets and unbilled
categorized as a financial asset or financial liability, at fair value revenue which are not fair valued through profit or loss. Loss
through profit or loss. allowance for trade receivables and unbilled revenue with no
significant financing component is measured at an amount equal
Derivatives not designated as hedges are recognized initially to lifetime ECL. For all other financial assets, expected credit
at fair value and attributable transaction costs are recognized losses are measured at an amount equal to the 12-month ECL,
in net profit in the Statement of Profit and Loss when incurred. unless there has been a significant increase in credit risk from
Subsequent to the initial recognition, these derivatives are initial recognition in which case those are measured at lifetime
measured at fair value through profit or loss and the resulting ECL. The amount of expected credit losses or (reversal) that is
exchange gains or losses are included in other income. Assets/ required to adjust the loss allowance at the reporting date to
liabilities in this category are presented as current assets/current the amount that is required to be recognized is recognized as an
liabilities if they are either held for trading or are expected to be impairment gain or loss in Statement of Profit and Loss.
realized within 12 months after the Balance Sheet date.

(In PLN)
Financial assets/ liabilities at fair value

through profit or loss Total carrying
Particulars Amortized cost Total fair value
Designated upon value
Mandatory
initial recognition
Assets:
Cash and cash equivalents (Refer to Note 2.8) 212,103,980 – – 212,103,980 212,103,980
Preference and other securities – – 42,934,577 42,934,577 42,934,577
Trade receivables (Refer to Note 2.7) 110,463,685 – – 110,463,685 110,463,685
Loans (Refer to Note 2.5) 134,419,929 – – 134,419,929 134,419,929
Other financial assets (Refer to Note 2.6)(1) 22,814,768 – 6,832,200 29,646,968 29,646,968
Total 479,802,362 – 49,766,777 529,569,139 529,569,139
Financial assets/ liabilities at fair value
through profit or loss Total carrying
Particulars Amortized cost Total fair value
Designated upon value
Mandatory
initial recognition
Liabilities:
Trade payables (Refer to Note 2.13) 4,419,512 – – 4,419,512 4,419,512
Lease Liabilities ( Refer to Note 2.2) 72,049,939 – – 72,049,939 72,049,939
Other financial liabilities (Refer to Note 2.12) 90,955,522 – – 90,955,522 90,955,522
Total 167,424,973 – – 167,424,973 167,424,973
(1)
Excludes unbilled revenue on contracts where the right to consideration is dependent on completion of contractual milestones.
The carrying value and fair value of financial instruments by categories as at March 31, 2022 were as follows:
(In PLN)
Financial assets/ liabilities at fair

value through profit or loss
Total carrying
Particulars Amortised cost Designated Total fair value
value
upon initial Mandatory
recognition
Assets:
Cash and cash equivalents (Refer to Note 2.8) 124,166,587 – – 124,166,587 124,166,587
Preference and other securities – – 54,952,504 54,952,504 54,952,504
Trade receivables (Refer to Note 2.7) 121,607,198 – – 121,607,198 121,607,198
Loans (Refer to Note 2.5) 153,593,005 – – 153,593,005 153,593,005
Other financial assets (Refer to Note 2.6)(1) 14,036,027 – 411,800 14,447,827 14,447,827
Total 413,402,817 – 55,364,304 468,767,121 468,767,121
Liabilities:
Trade payables (Refer to Note No. 2.13) 4,376,422 – – 4,376,422 4,376,422
Lease Liabilities (Refer to Note No. 2.2) 89,402,218 – – 89,402,218 89,402,218
Other financial liabilities (Refer to Note No. 2.12) 60,865,079 – 2,706,201 63,571,280 63,571,280
Total 154,643,719 – 2,706,201 157,349,920 157,349,920
(1)
Excludes unbilled revenue on contracts where the right to consideration is dependent on completion of contractual milestones.
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
The following table presents fair value hierarchy of assets and liabilities measured at fair value as at March 31, 2023:
(In PLN)
Fair value measurement at end of the reporting period

As at March 31, using
Particulars
2023
Assets
Investments in preference securities (Refer to Note No. 2.4) – – – –
Investments in other securities (Refer to Note No. 2.4) 42,934,577 – – 42,934,577
Derivative financial instruments - gain on outstanding foreign 7,660,700 – 7,660,700 –
currency forward and option contracts (Refer to Note No. 2.6)
Liabilities
Derivative financial instruments - loss on outstanding foreign – – – –
exchange forward contracts (Refer to Note No. 2.12)
The hierarchy of assets and liabilities measured at fair value as at March 31, 2022, is as follows:
(In PLN)
As at March 31, Fair value measurement at end of the reporting year using
Particulars
2022 Level 1 Level 2 Level 3
Assets
Investments in preference securities (Refer to Note No. 2.4) 12,902,843 – – 12,902,843
Investments in other securities (Refer to Note No. 2.4) 42,049,661 – – 42,049,661
Derivative financial instruments - gain on outstanding foreign 411,800 – 411,800 –
currency forward and option contracts (Refer to Note No. 2.6)
Liabilities
Derivative financial instruments - loss on outstanding foreign 2,706,201 – 2,706,201 –
exchange forward contracts (Refer to Note No. 2.12)

The Company’s activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Company’s primary focus
is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance. The
Company’s exposure to credit risk is influenced mainly by the individual characteristic of each customer and the concentration of risk
from the top few customers.
Market risk
The Company operates internationally and a major portion of the business is transacted in several currencies and consequently the
Company is exposed to foreign exchange risk through its sales and services in the United States and elsewhere, and purchases from
overseas suppliers in various foreign currencies. The Company holds derivative financial instruments such as foreign exchange forward
contracts to mitigate the risk of changes in exchange rates on foreign currency exposures. The exchange rate between the Poland zloty
and foreign currencies has changed substantially in recent years and may fluctuate substantially in the future. Consequently, the results
of the Company’s operations are adversely affected as the Poland zloty appreciates/ depreciates against these currencies.
The following table analyzes foreign currency risk from financial assets and liabilites as at March 31, 2023:
(In PLN)
United Kingdom
Pound Sterling
Net Financial Assets 160,157,967 89,948,738 2,261,399 – 947,568 253,315,672
Net Financial Liabilities (2,573,287) (89,042,960) (557,194) – (1,762,923) (93,936,364)
Total 157,584,680 905,778 1,704,205 – (815,355) 159,379,308
The following table analyzes foreign currency risk from financial assets and liabilites as at March 31, 2022:
(In PLN)
United Kingdom
Pound Sterling
Net Financial Assets 119,753,033 168,924,661 16,936,679 – 107,838 305,722,211
Net Financial Liabilities (1,629,015) (94,219,078) (417,983) – (882,255) (97,148,331)
Total 118,124,018 74,705,583 16,518,696 – (774,417) 208,573,880
Sensitivity analysis between Poland zloty and USD

Particulars
2023 2022
Impact on the Company’s incremental Operating Margins 0.63% 0.69%
Sensitivity analysis is computed based on the changes in the income and expenses in foreign currency upon conversion into functional
currency, due to exchange rate fluctuations between the previous reporting year and the current reporting year.
Derivative financial instruments
The Company holds derivative financial instruments such as foreign exchange forward and option contracts to mitigate the
risk of changes in exchange rates on foreign currency exposures. The counterparty for these contracts is generally a bank
or a financial institution. These derivative financial instruments are valued based on inputs that are directly or indirectly
observable in the marketplace.
The following table gives details in respect of outstanding foreign exchange forward contracts:
(In PLN)
As at March 31,
In million In PLN In million In PLN
Forward contracts
In US Dollars 43 184,314,554 35 144,379,600
In United Kingdom Pound Sterling 3 15,907,668 3 16,833,300
In Euros – – 14 65,523,200
Total forwards 200,222,222 226,736,100
The foreign exchange forward contracts mature within twelve months. The analyzes of the derivative financial instruments into relevant
maturity groupings based on the remaining period as at the Balance Sheet date are as follows:
(In PLN)
As at March 31,
Particulars
2023 2022
Not later than one month 42,863,850 226,736,100
Later than one month and not later than three months 157,358,372 –
200,222,222 226,736,100
The Company offsets a financial asset and a financial liability when it currently has a legally enforceable right to set off the recognized
amounts and the Company intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.
The quantitative information about offsetting of derivative financial assets and derivative financial liabilities is as follows:
(In PLN)
As at March 31,
2023 2022
Particulars Derivative
Derivative Derivative Derivative
financial
financial asset financial liability financial asset
liability
Gross amount of recognized financial Asset/ liability 6,832,200 – 411,800 (2,706,201)
Amount set off – – – –
Net amount presented in balance sheet 6,832,200 – 411,800 (2,706,201)
Credit risk matrix to compute the ECL allowance for trade receivables.
Credit risk refers to the risk of default on its obligation by the The provision matrix takes into account available external and
counterparty resulting in a financial loss. The maximum exposure internal credit risk factors such as credit default swap quotes,
to the credit risk at the reporting date is primarily from trade credit ratings from international credit rating agencies and the
receivables amounting to PLN 110,463,685 and PLN 121,607,198 Company’s historical experience for customers.
as at March 31, 2023 and March 31, 2022 and unbilled revenue
amounting to PLN 27,909,267 and PLN 18,369,636 as of March Write off Policy
31, 2023 and March 31, 2022, respectively Trade receivables and Receivables are written off when there is no realistic prospect
unbilled revenue are typically unsecured. Credit risk has always of recovery.This is generally the case when the Company
been managed by the Company through credit approvals, determines through its continuous credit-monitoring that the
establishing credit limits and continuously monitoring the amount is not recoverable due to the financial inability of or
creditworthiness of customers to which the Company grants disputes with the customer. Insomecases, such financial assets
credit terms in the normal course of business. On account of writtenoff could still be subject to enforcement activities by the
adoption of Ind AS 109, the Company uses ECL model to assess Company in line with its policy of recovery of dues.
the impairment loss or gain. The Company uses a provision
The details in respect of percentage of revenues generated from top customer and top ten customers are as follows:
(In %)

Particulars
2023 2022

The allowance for lifetime expected credit loss on customer balances for the year ended March 31, 2023, was PLN 1,938,826. The
allowance for lifetime expected credit loss on customer balances for the year ended March 31, 2022, was PLN 1,260,235.
Credit risk on cash and cash equivalents is limited as we generally invest in deposits with banks and financial institutions with high credit
ratings assigned by international and domestic credit rating agencies.
Liquidity risk
The Company’s principal sources of liquidity are cash and cash equivalents and the cash flow that is generated from operations. The
Company believes that the working capital is sufficient to meet its current requirements.
As of March 31, 2023, the Company had a working capital of PLN 279,801,877 including cash and cash equivalents of PLN 212,103,980. As
of March 31, 2022, the Company had a working capital of PLN 146,654,356 including cash and cash equivalents of PLN 124,166,587.
As of March 31, 2023, and March 31, 2022, the outstanding compensated absences were PLN 22,974,002 and PLN 19,065,276 respectively,
which have been substantially funded. Further, as of March 31, 2023, and March 31, 2022, the Company had no outstanding bank
borrowings. Accordingly, no liquidity risk is perceived.
The details regarding the contractual maturities of significant financial liabilities as of March 31, 2023, are as follows:
(In PLN)
Trade payables 4,419,512 – – – 4,419,512
Other financial liabilities 88,661,926 2,293,596 – – 90,955,522
(Refer to Note No. 2.12)
The details regarding the contractual maturities of significant financial liabilities as of March 31, 2022, are as follows:
(In PLN)
Trade payables 4,376,422 – – – 4,376,422
Other financial liabilities 60,865,079 – – – 60,865,079
2.11 EQUITY
Accounting Policy
Ordinary shares
Retained earnings
Securities premium
The amount received in excess of the par value of equity shares has been classified as securities premium.

Other components of equity consist of changes on fair valuation of investments.
(In PLN, except as otherwise stated)
As at March 31,
Particulars
2023 2022
Authorized
Equity shares, PLN 500/- (PLN 500/-) par value
5,000 (5,000) equity shares 2,500,000 2,500,000
Equity shares, PLN 500/- (PLN 500/-) par value 2,500,000 2,500,000
5,000 (5,000) equity shares fully paid up
2,500,000 2,500,000
The Company has only one class of shares referred to as equity shares having a par value of PLN 500/-. Each holder of equity shares is
company in proportion to the number of equity shares held by the shareholders, after distribution of all preferential amounts. However,
no such preferential amounts exist currently.
The details of shareholder holding more than 5% shares as at:
As at March 31,
2023 2022
Number of Number of
% held % held
shares shares
Infosys BPM Limited, the holding company 5,000 100.00 5,000 100.00
The reconciliation of the number of shares outstanding and the amount of share capital is as follows:
(In PLN, except as otherwise stated)
As at March 31,
2023 2022
Particulars
Number of Number of
Amount Amount
shares shares
At the beginning of the period 5,000 2,500,000 5,000 2,500,000
At the end of the period 5,000 2,500,000 5,000 2,500,000
There has been no buy-back of shares, issuance of bonus shares or shares issued for consideration other than cash during the last 5 years.

Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the Company by the weighted
average number of equity shares outstanding during the period. Diluted earnings per equity share is computed by dividing the net
profit attributable to the equity holders of the Company by the weighted average number of equity shares considered for deriving basic
earnings per equity share, and also the weighted average number of equity shares that could have been issued upon conversion of all
dilutive potential equity shares. The dilutive potential equity shares are adjusted for the proceeds receivable had the equity shares been
actually issued at fair value (i.e. the average market value of the outstanding equity shares). Dilutive potential equity shares are deemed
converted as of the beginning of the period, unless issued at a later date. Dilutive potential equity shares are determined independently
for each period presented.
The number of equity shares and potentially dilutive equity shares are adjusted retrospectively for all periods presented for any share
splits and bonus shares issues including for changes effected prior to the approval of the financial statements by the Board of Directors.
(In PLN)
As at March 31,
Particulars
2023 2022
Non-current
Others
Financial Liability under revenue deals(1) 2,293,596 –
Total non-current other financial liabilities 2,293,596 –
Current
Others
Accrued compensation to employees(1) 47,906,935 42,155,634
Financial Liability under revenue deals (1)
2,178,950 –
Accrued expenses * (1)
28,752,209 17,887,916
Other payables (1)** 9,823,832 821,529
Foreign currency forward contracts(2) - 2,706,201
Total current other financial liabilities 111,635,928 82,636,556
Total other financial liabilities 113,929,524 82,636,556
(1)
Financial liability carried at amortized cost 90,955,522 60,865,079
(2)
Financial liability carried at fair value through Profit or loss – 2,706,201
* Includes dues to related parties (Refer to Note No. 2.21) 1,882,638 1,593,384
** Includes dues to related parties (Refer to Note No. 2.21) 9,823,831 821,529
2.13 Trade payables

(In PLN)
As at March 31,
Particulars
2023 2022
Current
Trade payables(1) 4,419,512 4,376,422
Total Trade payables 4,419,512 4,376,422
(1)
Includes dues to related parties (Refer to Note No. 2.21) 321,478 252,853
As at March 31, 2023 and March 31, 2022, there are no outstanding dues to Micro, Small and Medium Enterprises. There is no interest due
or outstanding on the same.
The table below provides details regarding the ageing of Trade payables as at March 31, 2023
(In PLN)

Particulars
MSME – – – – – –
Others 2,044,651 2,374,861 – – – 4,419,512
The table below provides details regarding the ageing of Trade payables as at March 31, 2022
(In PLN)

Particulars
MSME – – – – – –
Others 2,524,252 1,852,170 – – – 4,376,422

(In PLN)
As at March 31,
Particulars
2023 2022
Current
Others
Withholding taxes and other payables 15,219,322 17,229,018
Total current other liabilities 42,878,429 47,997,810
2.15 Provisions Provision for post sales customer support and other provisions
Accounting Policy
(In PLN)
Company has a present legal or constructive obligation that As at March 31,
Particulars
is reasonably estimable, and it is probable that an outflow of 2023 2022
economic benefits will be required to settle the obligation. Current
future cash flows at a pre-tax rate that reflects current Others
market assessments of the time value of money and the risks Post sales client support and 1,557,444 1,051,095
specific to the liability. other provisions
Total provisions 1,557,444 1,051,095
a. Post-sales client-support and others
The Company provides its clients with a fixed-period post- Provision for post-sales client-support and other provisions
sales support on its fixed-price, fixed-timeframe and time and The movement in the provision for post sales client support and
material contracts. Costs associated with such support services other provisions is as follows:
are accrued at the time related revenues are recorded and
included in cost of sales. The Company estimates such costs (In PLN)
based on historical experience and estimates are reviewed on
As at March 31,
a periodic basis for any material changes in assumptions and Particulars
likelihood of occurrence. 2023 2022
Provision recognized/ (reversed) 1,840,175 (225,126)
Provisions for onerous contracts are recognized when the
Provision utilized (1,281,480) (13,679)
are lower than the unavoidable costs of meeting the future Exchange difference (52,346) 16,749
obligations under the contract. The provision is measured at the Balance at the end 1,557,444 1,051,095
present value of the lower of the expected cost of terminating
the contract and the expected net cost of continuing with 2.16 Income taxes
the contract. Before a provision is established the Company
Accounting Policy
recognizes any impairment loss on the assets associated
with that contract. Income tax expense comprises current and deferred income
tax. Income tax expense is recognized in the Statement of
Profit and Loss except to the extent that it relates to items
recognized directly in equity, in which case it is recognized in The Company offsets current tax assets and current tax liabilities,
other comprehensive income. Current income tax for current and where it has a legally enforceable right to set off the recognized
prior periods is recognized at the amount expected to be paid amounts and where it intends either to settle on a net basis, or to
to or recovered from the tax authorities, using the tax rates and realize the asset and settle the liability simultaneously.
Income tax expense in the statement of profit and loss comprises:
recognized for all temporary differences arising between the tax (In PLN)
bases of assets and liabilities and their carrying amounts in the
financial statements. Deferred tax assets are reviewed at each Years ended March 31,
reporting date and are reduced to the extent that it is no longer Particulars
2023 2022
Current taxes 17,337,157 13,145,490
Deferred income tax assets and liabilities are measured using (758,625) (261,661)
Deferred taxes
enacted by the Balance Sheet date and are expected to apply to Income tax expense 16,578,532 12,883,829
taxable income in the years in which those temporary differences Income tax expense for the year ended March31,2023
are expected to be recovered or settled. The effect of changes and March31,2022 includes provision (net of reversals)of
in tax rates on deferred income tax assets and liabilities is PLN2,087,352 and reversal (net of additional provisions) of
recognized as income or expense in the period that includes PLN 611,324 respectively, pertaining to earlier periods on
the enactment or the substantive enactment date. A deferred completion of assessments.
that future taxable profit will be available against which the Deferred income tax for the year ended March 31, 2023, and
deductible temporary differences and tax losses can be utilized. March 31, 2022, substantially relates to origination and reversal of
temporary differences.
A reconciliation of the income tax provision to the amount computed by applying the statutory income tax rate to the income before
income taxes is summarized as follows:
(In PLN)

Particulars
2023 2022
Profit before income taxes 58,412,833 71,683,639
Statutory tax rate 19.00% 19.00%
Tax effect due to non-taxable income for tax purposes – 1,435,034
Tax provision (reversals), overseas and domestic 2,087,352 (611,324)
Effect of differential overseas tax rates – (5,485,203)
Effect of non-deductible expenses 5,260,004 8,399,017
Others (1,867,262) (4,473,586)
The applicable Poland statutory tax rates for fiscal 2023 and fiscal 2022 is 19% and 19% respectively.
The following table provides the details of income tax assets and income tax liabilities as of March 31, 2023 and March 31, 2022:
(In PLN)
As at March 31,
Particulars
2023 2022
Income tax assets 15,356,219 32,181,913
Current Income tax liabilities (17,427,997) (37,232,353)
Net income tax Liabilities at the end (2,071,778) (5,050,440)
The gross movement in the current income tax asset/ (liability) for the year ended March 31, 2023 and March 31, 2022 is as follows:
(In PLN)

Particulars
2023 2022
Net income tax asset/ (liability) at the beginning (5,050,440) (10,390,944)
Income tax paid, net of refunds 20,315,819 18,485,994
Income tax expense (17,337,157) (13,145,490)
Net income tax asset/(Liability) at the end (2,071,778) (5,050,440)
Deferred Tax Assest have not been recognised on the notional loss on venture of PLN 10,437,435 as at March 31,2023 as it is probable that
future taxable profit will not be available against which the deferred tax asset can be utilized in the foreseeable future.
(In PLN)
Carrying Value as Changes through Changes through Translation Carrying Value as

Particulars
on April 01,2022 Profit & Loss other equity difference on March 31,2023
Deferred tax assets:
Accrued Compensation 3,327,307 (190,575) – – 3,136,732
Accrued vacation 3,622,402 742,658 – – 4,365,060
Trade receivables 8,421,384 (2,861,283) – – 5,560,101
Lease Liabilities – 3,737,290 – – 3,737,290
Others 3,374,626 1,242,685 – – 4,617,311
Total deferred tax assets 18,745,719 2,670,775 – – 21,416,494
Property, plant and equipment (948,001) 375,279 – – (572,722)
Others (3,937,299) (2,287,429) – – (6,224,728)
Total deferred tax liabilities (4,885,300) (1,912,150) – – (6,797,450)
(In PLN)
Carrying Value as Changes through Changes through Translation Carrying Value as

Particulars
on April 01,2021 Profit & Loss other equity difference on March 31,2022
Accrued Compensation 2,801,413 525,894 – – 3,327,307
Accrued vacation 3,581,526 40,876 – – 3,622,402
Trade receivables – 8,421,384 – – 8,421,384
Others 8,022,265 (4,647,639) – – 3,374,626
Total deferred tax assets 14,405,204 4,340,515 – – 18,745,719
Property, plant and equipment (167,611) (780,390) – – (948,001)
Others (638,835) (3,298,464) – – (3,937,299)
Total deferred tax liabilities (806,446) (4,078,854) – – (4,885,300)
The ultimate realization of deferred tax assets is dependent upon significant reversal of cumulative revenue recognized will
management’s assessment of the Company’s ability to generate not occur when the uncertainty associated with the variable
taxable income during the periods in which the temporary consideration is resolved.
differences become deductible. Management’s assessment in
Revenue on time-and-material contracts and unit of work-based
the near term is subject to change if estimates of future taxable
contracts are recognized as the related services are -performed.
Fixed price business process management services revenue is
In assessing the realizability of deferred tax assets, management recognized ratably either on a straight-line basis when services
considers whether it is more likely than not that some portion are performed through an indefinite number of repetitive acts
or all of the deferred tax assets will not be realized. The over a specified period or using a percentage of completion
Management considers the scheduled reversals of deferred tax method when the pattern of benefits from the services rendered
liabilities, projected future taxable income, and tax planning to the customer and Company’s costs to fulfil the contract is not
strategies in making this assessment. Based on the level of even through the period of contract because the services are
historical taxable income and projections for future taxable generally discrete in nature and not repetitive.
income over the periods in which the deferred tax assets are
Revenue from other fixed price, fixed-timeframe contracts,
deductible, the Management believes that it is more likely than
where the performance obligations are satisfied over time is
not the Company will realize the benefit of any deductible
recognized using the percentage-of-completion method. Efforts
differences at March 31, 2023.
or costs expended have been used to determine progress
2.17 Revenue from operations input and productivity. Progress towards completion is measured
Accounting Policy as the ratio of costs or efforts incurred to date (representing work
The Company derives revenue primarily from the management of performed) to the estimated total costs or efforts. Estimates
business processes, both on the basis of allocation of staff, fixed of transaction price and total costs or efforts are continuously
price agreed with the Client, number of hours or based on the monitored over the lives of the contracts and are recognized in
unit price for a given activity. Revenue based on the allocation profit or loss in the period when these estimates change or when
of staff is recognized when realized and the revenue realized the estimates are revised. Revenues and the estimated total
from the date of the last invoice to the date of the balance sheet costs or efforts are subject to revision as the contract progresses.
are recognized as unbilled revenue. Revenue based on the fixed Provisions for estimated losses, if any, on uncompleted contracts
price agreed with the Client or the number of hours is recognized are recorded in the period in which such losses become probable
at a reliable amount, if they are probable. Revenue based on based on the estimated efforts or costs to complete the contract.
the unit price for a given activity are recognized as transactions The billing schedules agreed with customers include periodic
based on measurable deliverables. Provisions for expected performance-based billing and / or milestone-based progress
losses, if any, on unfulfilled contracts are recognized in the period billings. Revenues in excess of billing are classified as unbilled
in which the loss is probable, based on current estimates. revenue while billing in excess of revenues are classified as
Revenues from customer contracts are considered for contract liabilities (which we refer to as unearned revenues).
recognition and measurement when the contract has been Such capitalized contract costs relating to upfront payments
approved by the parties, in writing, to the contract, the parties to to customers are amortized to revenue and other capitalized
contract are committed to perform their respective obligations costs are amortized to expenses over the respective contract life
under the contract, and the contract is legally enforceable. on a systematic basis consistent with the transfer of goods or
Revenue is recognized upon transfer of control of promised services to customer to which the asset relates. Capitalized costs
products or services (‘performance obligations’) to customers are monitored regularly for impairment. Impairment losses are
in an amount that reflects the consideration the Company has recorded when present value of projected remaining operating
received or expects to receive in exchange for these products cash flows is not sufficient to recover the carrying amount of
or services (‘transaction price’). When there is uncertainty as the capitalized costs.
to collectability, revenue recognition is postponed until such
uncertainty is resolved. The Company presents revenues net of indirect taxes in its
identifies distinct performance obligations in the contract. Revenues for the year ended March 31, 2023 and March
The Company allocates the transaction price to each distinct 31, 2022, are follows:
performance obligation based on the relative standalone selling
price. The price that is regularly charged for an item when (In PLN)
sold separately is the best evidence of its standalone selling Years ended March 31,
price. In the absence of such evidence, the primary method Particulars
2023 2022
used to estimate standalone selling price is the expected cost
plus a margin, under which the Company estimates the cost Income from business process 589,002,928 458,731,682
of satisfying the performance obligation and then adds an management services
appropriate margin based on similar services. 589,002,928 458,731,682
The Company’s contracts may include variable consideration Disaggregate revenue information
including rebates, volume discounts and penalties. The
The table below presents disaggregated revenues from contracts
Company includes variable consideration as part of transaction
with customers for the year ended March 31, 2023, and March 31,
price when there is a basis to reasonably estimate the amount
2022, by offerings. The Company believe that this disaggregation
of the variable consideration and when it is probable that a
best depicts how the nature, amount, timing and uncertainty of to the customer of the entity’s performance completed to
our revenues and cash flows are affected by industry, market and date, typically those contracts where invoicing is on time and
other economic factors. material basis. Remaining performance obligation estimates are
(In PLN) subject to change and are affected by several factors, including
Years ended March 31, terminations, changes in the scope of contracts, periodic
Particulars revalidations, adjustment for revenue that has not materialized
2023 2022 and adjustments for currency.
Revenue by offerings
Digital 154,550,829 111,131,701 completely or partially unsatisfied as of March 31, 2023 other
Core 434,452,099 347,599,981 than those meeting the exclusion criteria mentioned above is
Total 589,002,928 458,731,682 PLN 248,191,665. Out of this, the Group expects to recognize
revenue of around 53.4% within the next one year and the
Trade receivables and contract balances remaining thereafter. This includes contracts that can be
The timing of revenue recognition, billings and cash collections
results in Receivables, Unbilled Revenue, and Unearned Revenue
on the Company’s Balance Sheet. Amounts are billed as work
progresses in accordance with agreed-upon contractual terms, 2.18 Other income, net
either at periodic intervals (e.g., monthly or quarterly) or upon Accounting policy
achievement of contractual milestones.
Other income is comprised primarily of interest income,
Receivables are rights to consideration that are unconditional. exchange gain/loss on forward contracts and on translation of
Unbilled revenues comprising revenues in excess of billings other assets and liabilities. Interest income is recognized using
from time and material contracts and fixed price business the effective interest method.
process management services are classified as financial asset
when the right to consideration is unconditional and is due only Foreign currency
after a passage of time. Functional currency
Invoicing to the clients for other fixed time frame contracts is The functional currency of the Company is the Polish złoty. The
based on milestones as defined in the contract and therefore financial statements are presented in Polish złoty.
the timing of revenue recognition is different from the timing Transactions and translations
of invoicing to the customers. Therefore, unbilled revenues for Foreign-currency-denominated monetary assets and liabilities
other fixed timeframe contracts are classified as non-financial are translated into the relevant functional currency at exchange
asset (contract asset) because the right to consideration is rates in effect at the Balance Sheet date. The gains or losses
dependent on completion of contractual milestones. resulting from such translations are included in the Statement
Invoicing in excess of earnings are classified as unearned revenue. of Profit and Loss. Non-monetary assets and non-monetary
liabilities denominated in a foreign currency and measured at fair
Trade receivables and unbilled revenues are presented net of value are translated at the exchange rate prevalent at the date
impairment in the Balance Sheet. when the fair value was determined. Non-monetary assets and
Performance obligations and remaining performance obligations non-monetary liabilities denominated in a foreign currency and
measured at historical cost are translated at the exchange rate
The remaining performance obligation disclosure provides the prevalent at the date of transaction.
aggregate amount of the transaction price yet to be recognized
as at the end of the reporting period and an explanation as Transaction gains or losses realized upon settlement of foreign
to when the Company expects to recognize these amounts currency transactions are included in determining net profit
in revenue. Applying the practical expedient as given in for the period in which the transaction is settled. Revenue,
IND AS 115, the Company has not disclosed the remaining expense and cash-flow items denominated in foreign currencies
performance obligation related disclosures for contracts where are translated into the relevant functional currencies using the
the revenue recognized corresponds directly with the value exchange rate in effect on the date of the transaction.
Other income for the year ended March 31, 2023, and March 31, 2022, is as follows:
(In PLN)

Particulars
2023 2022
Interest income on financial assets at carried at amortized cost:
Deposit with banks and others 11,335,841 1,636,281

Exchange gains/ (losses) on foreign currency forward and options contracts 15,794,750 (8,118,900)
Exchange gains/ (losses) on translation of other assets and liabilities (4,006,820) 5,110,384
Fair valuation loss on Investments (22,749,320) 19,609,160
Other miscellaneous income, net 70,282 393,576
444,733 18,630,501
2.19 Expenses
(In PLN)

Particulars
2023 2022
Salaries and bonus including overseas staff expenses 377,571,549 307,961,501
Staff welfare 4,114,173 6,133,699
381,685,722 314,095,200
Cost of technical sub-contractors and professional charges
Legal and professional 3,250,360 2,744,941
Recruitment and training 7,048,986 4,938,081
76,978,564 47,424,066
Other expenses
Computer maintenance 628,083 466,797
Office maintenance 8,679,338 8,093,817
Brand building and advertisement 307,213 189,287
Marketing expenses 35,105 11,775
Power and fuel 1,165,681 548,391
Insurance charges 248,447 222,193
Rent 1,319,072 550,090
Communication 2,863,708 2,045,701
Rates and taxes 5,900,912 4,353,573
Bank charges and commission 1,065,517 928,782
Postage and courier 205,117 152,243
Allowances for credit losses on financial assets 1,075,450 1,016,704
Professional membership and seminar participation fees 51,889 21,991
Provision for post-sale customer support and others 103,965 (311,551)
Other miscellaneous expenses 4,764,368 556,027
28,740,537 19,203,671
2.20 Contingent liabilities and commitments (To the extent not provided for)
Accounting Policy
Contingent liability is a possible obligation arising from past events and whose existence will be confirmed only by the occurrence or
non-occurrence of one or more uncertain future events not wholly within the control of the entity or a present obligation that arises from
past events but is not recognized because it is not probable that an outflow of resources embodying economic benefits will be required
to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability.
(In PLN)
As at March 31,
Particulars
2023 2022
Contingent liabilities:
Claims against the Company, not acknowledged as debts(1) – –
Commitments:
Estimated amount of unexecuted capital contracts(2) 721,723 2,727,601
(Net of advances and deposits)
Other commitments(3) 43,935,445 9,302,067
(1)
The Company is currently not involved in any significant lawsuits, claims, investigations and proceedings, including patent and commercial matters, which
arises in the ordinary course of business. There are no such pending matters that are expected to have material effect on these financial statements.
(2)
Capital contracts primarily comprises of commitments for infrastructure, facilities and computer equipments.
(3)
Other commitments relate to investment committed by the Company in the House Fund II,L.P. during the years.”
2023 2022
Ultimate Holding
Infosys Limited India Ultimate Holding Company Ultimate Holding Company
Holding
Infosys BPM Limited(2) India Holding company Holding company

Infosys Technologies (China) Co. Limited (Infosys China) China
Infosys Technologies (Shanghai) Company Limited (Infosys Shanghai) China
Infosys (Czech Republic) Limited s.r.o. Czech Republic
Infosys Luxembourg S.a.r.l Luxembourg
Serbia
Infosys Consulting Pte. Ltd. (Infosys Singapore) Singapore
Infosys Consulting GmbH(4) Germany
Infosys Consulting S.R.L. Romania
Germany
Belgium
Infosys Compaz Pte. Ltd (5) Singapore
(1)
On February 20, 2020, The Company, acquired 100% of the voting interests in Infosys Consulting Sp. z.o.o from Infosys Consulting Holding AG., effective
October 21, 2020, merged into company, a wholly owned subsidiary of Infosys BPM Limited.
(2)
(3)
(4)
(5)
(6)
On March 28, 2021, Infosys Limited and Infosys Germany Holding Gmbh registered Infosys Automotive and Mobility GmbH & Co. KG, a partnership firm.
(7)
The details of amounts due to or due from related parties as at March 31, 2023, March 31, 2022 are as follows:
(In PLN)
As at March 31,
Particulars
2023 2022
Loans to subsidaries
Infosys Technologies (China) Co. Limited 22,641,415 21,000,565
Infosys Technologies (Shanghai) Company Limited 26,401,311 24,637,681
Infosys Consulting Pte. Ltd 51,940,897 27,959,465
134,223,176 153,459,244
Trade receivables
Infosys Limited 12,344,687 7,490,387
Infosys Consulting AG 2,775,235 18,182
Infosys Luxembourg S.à.r.l 138,260 102,916
16,366,564 8,946,646
As at March 31,
Particulars
2023 2022
Other Receivables
253,167 189,360
Trade payables
Infy Consulting Company Limited 188,526 –
Infosys Technologies China 1,687 –
Infosys Consulting Romania 28,418 64,114
321,478 252,853
Other Payables
Infosys BPM Limited – 6,750
9,823,831 821,529
Infosys Technologies China – 21,976
1,882,638 1,615,360
Details of related party transactions entered into by the Company are as follows:
(In PLN)

Particulars
2023 2022
Infy Consulting Company Ltd 355,154 142,587
Infosys Consulting Romania 468,683 318,935
Infosys Technologies China 83,361 21,917
Oddity Code D.O.O 11,102 –
3,514,314 3,736,746
Sale of services
Infosys Limited 117,200,736 66,040,217
Infosys Luxembourg S.à.r.l 1,079,470 450,728
Infosys Consulting GmbH 5,254,573 5,315,103
Infosys Compaz Pte. Ltd – 156,924
145,057,222 84,486,326
Interest income
Infosys Technologies (Shanghai) Company Limited 1,181,693 409,518
Infosys Technologies (China) Co. Limited 1,121,509 173,529
Particulars
2023 2022
Infosys Consulting Pte. Ltd 1,269,520 46,528
6,694,822 1,391,617
Sale of shared services including facilities and personnel
1,923 –
1,923 –
6,868,031 405,731

Anup Kapoor Member of the Management Board
Arindam Roy Chowdhury Member of the Management Board

The table below describes the compensation to key managerial personnel which comprise directors and executive officers:
(In PLN)

Particulars
2023 2022
Salaries and other employee benefits to whole-time directors and executive officers(1) 433,160 434,986
Total 433,160 434,986
(1)
Does not include post-employment benefit based on actuarial valuation as this is done for the Company as a whole.
2.22 Retirement benefits

Under the Company’s remuneration rules, employees are entitled to retirement benefits. Liabilities due to retirement benefits have been
measured using the actuarial method and the discount rate based on market rate of return as at the end of the reporting period. Staff
turnover is estimated based on historical data and expected staff levels.
2.23 Business Combinations

Accounting policy
Our business combinations are accounted for using Ind-AS 103, Business Combinations. Business combinations between entities under
common control is accounted for at carrying value. The identity of the reserves is preserved as they appear in the standalone financial
statements of the Company in the same form in which they appeared in the financial statements of the acquired entity. The difference, if
any, between the consideration and the amount of share capital of the acquired entity is transferred to business transfer reserve.
2.24 Segment Reporting

Based on the ‘management approach’, as defined in Ind-AS 108, Segment Reporting, the Chief Operating Decision Maker (CODM)
evaluates the performance and allocates resources based on the analysis of the performance of the Company as a whole. The Company’s
operations are considered to constitute a single segment in the context of Ind-AS, 108 Segment Reporting.
The following are certain analytical ratios for the year ended March 31, 2023, and March 31, 2022:
Years ended March 31, % of

Particulars
Numerator Denominator Varianace
2023 2022
Current ratio Current assets Current liability 2.1 2.0 5%

Debt – equity ratio Total debt(1) Shareholder’s equity 0.2 0.2 0.0%
Debt service coverage ratio Earnings available for debt Debt service(3) 5.7 5.0 14%
service(2)
Return on eEquity (ROE) Net profits after taxes Average shareholder’s 10.6% 17.1% (6.5%)
equity
Trade receivables turnover ratio(5) Net credit revenue Average accounts receivable 5.1 4.0 27.5%
Trade payables turnover ratio (6)
Net credit purchase of Average trade payables 27.8 19.4 43.3%
services/ consumables
Net capital turnover ratio Net sales Working capital 3.0 3.1 (3.2%)
Net profit ratio Net profit Net sales 7.1% 12.8% (5.7%)
Return on capital employed (ROCE) Earning before interest and Capital employed (4)
16.6% 20.8% (4.2%)
taxes
Return on investment unquoted(7) Income from investments Time weighted average (30.5%) 75.2% (140.6%)
investments
(1)
Debt represents lease liabilities
(2)
Net profit after taxes + non-cash operating expenses + interest + other adjustments like loss on sale of Fixed assets etc.
(3)
(4)
During the year ended March 31, 2023, there is a variance of more than 25% compared to previous year in
(5)
. Trade Receivables turnover ratio increased due to improvement in DSO
(6)
Trade Payable turnover ratio improved due to timely payment to the Payables
(7)
Unquoted Return on Investment (ROI) due to fair valuation loss on Tidal Sacle
Anup Kapoor Arindam Roy Chowdhury

Director Director
Bengaluru
June 2, 2023
WONGDOODY, Inc.
Infosys Subsidiary Financials Report 2022-23 WONGDOODY, Inc. | 273

To the Board of Directors of WONGDOODY, Inc.

Opinion
We have audited the financial statements of WONGDOODY, Inc. (“the Company”), which comprise the Balance Sheet as at December
31, 2022, and the related Statement of Operations, Statement of Stockholders’ Equity and the Statement of Cash Flows for the year then
ended and notes to the financial statements, including a summary of significant accounting policies.
In our opinion and to the best of our information and according to the explanations given to us, the accompanying financial statements
present fairly, in all material respects, the financial position of the Company as at December 31, 2022 and the results of its operations
and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of
America (“US GAAP”).
Basis for Opinion

We conducted our audit in accordance with the International Standards on Auditing (ISAs). Our responsibilities under those standards
are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent
of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements, which include the
International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code), and we have fulfilled our
other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient
and appropriate to provide a basis for our opinion.
The Company’s Board of Directors is responsible for the other information. As informed to us, the Company does not have any other
information to be included in the annual report.
Our opinion on the financial statements does not cover the other information and we will not express any form of
Management is responsible for the preparation and fair presentation of the financial statements in accordance with US GAAP and the
design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements
that are free from material misstatement, whether due to fraud or error.
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either
intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Those Charged with Governance are responsible for overseeing the Company’s financial reporting process.

level of assurance but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could
We give in “Annexure A” a detailed description of Auditor’s responsibilities for Audit of the financial statements.
Other matter
The financial information of Wongdoody Holding Company Inc (erstwhile Parent) for the year ended December 2021 have been
presented as the corresponding financial information. The consolidated financial information of erstwhile parent for the year ended
December 31, 2021, were audited by another auditor whose report dated May 19, 2022, expressed an unmodified opinion. Refer note 1.1
of the financial statements.
Our opinion is not modified in respect of this matter.
For BDO India LLP
Place: Bengaluru
Date: May 05, 2023
274 | WONGDOODY, Inc. Infosys Subsidiary Financials Report 2022-23

Annexure A to the Independent Auditor’s Report of even date on the Financial
Statements of Wongdoody, Inc.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates and related
disclosures made by management, as well as evaluate the overall presentation of the financial statements.
We communicate with Those Charged with Governance regarding, among other matters, the planned scope and timing of the audit and
We also provide Those Charged with Governance with a statement that we have complied with relevant ethical requirements regarding
For BDO India LLP
Place: Bengaluru
Date: May 05, 2023

Balance Sheet
In US$
As of December 31,
Particulars
2022 2021
Assets
Current assets
Cash and cash equivalents 25,604,000 17,817,000
Accounts receivable, net 12,878,000 7,232,000
Prepaid expenses and other current assets 941,000 744,000
Contract assets 122,000 24,000
Income taxes receivable – 1,216,000
Loan to related parties 5,239,000 –
Non-current assets
Property and equipment, net 1,471,000 1,297,000
Operating lease assets, net 2,641,000 –
Loan to related parties 7,000,000 195,000
Deferred tax assets 9,237,000 10,021,000
Total assets 65,133,000 38,546,000
Liabilities and stockholders’ equity
Current liabilities
Accounts payable 9,367,000 2,610,000
Accrued compensation 5,148,000 3,425,000
Accrued expenses 1,633,000 1,189,000
Contract liabilities 1,571,000 495,000
Income taxes payable 751,000 –
Deferred rent-current – 114,000
Finance lease liabilities 31,000 28,000
Operating lease liabilities 1,450,000 –
Deferred rent, non-current – 431,000
Finance lease liabilities 44,000 87,000
Total non-current liabilities 1,666,000 518,000
Total liabilities 21,617,000 8,379,000
Commitments and contingencies (Notes 6 and 7)
Stockholders’ equity
Common stock 189,000 14,004,000
Retained earnings 43,327,000 16,163,000
Total stockholders’ equity 43,516,000 30,167,000
Total liabilities and stockholders’ equity 65,133,000 38,546,000
The accompanying notes are an integral part of these financial statements.

Statement of Operations
In US$

Particulars
2022 2021
Revenues 121,793,000 52,835,000
Advertising Services 28,583,000 21,158,000
Related Party Subcontracting 85,950,000 24,528,000
Related Party Professional Services 7,260,000 7,149,000
Operating Expenses
Salaries and related expenses 47,158,000 27,475,000
General and administrative expenses 56,556,000 19,782,000
Total operating expenses 103,714,000 47,257,000
Income From Operations 18,079,000 5,578,000
Other Income (Expense)
Interest expense (3,000) (2,000)
Interest income 501,000 33,000
Total other income, net 498,000 31,000
Income Before Income Taxes 18,577,000 5,609,000
Net Income 13,349,000 4,199,000

Statement of Stockholders’ Equity
In US$
Common Stock Retained

Particulars Total
Shares Amount Earnings
Balance, December 31, 2020 2,000 14,004,000 11,964,000 25,968,000
Net income - - 4,199,000 4,199,000
Balance, December 31, 2021 2,000 14,004,000 16,163,000 30,167,000
Transfer of balances due to merger (1,900) (13,815,000) 13,815,000 -
Net income - - 13,349,000 13,349,000
Balance, December 31, 2022 100 189,000 43,327,000 43,516,000

Statement of Cash Flows In US$

Particulars
2022 2021
Net income 13,349,000 4,199,000
Adjustments to reconcile net income to net cash used in operating activities
Depreciation and amortization 563,000 453,000
Deferred tax expense 784,000 1,143,000
Loss on disposal of long-lived assets 16,000 2,000
Receipt of tenant improvement allowance – 286,000
Changes in operating assets and liabilities
Accounts receivable (5,646,000) (3,811,000)
Contract assets (98,000) 1,563,000
Prepaid expenses and other assets (197,000) (334,000)
Accounts payable 6,757,000 950,000
Income taxes payable/ receivable 1,967,000 214,000
Contract liabilities 1,076,000 71,000
Accrued compensation 1,723,000 1,184,000
Accrued expenses 444,000 1,078,000
Other long-term liabilities (114,000) (318,000)
Net Cash Provided by Operating Activities 20,624,000 6,680,000
Cash flows from investing activities
Purchases of property and equipment (753,000) (794,000)
Loan to related parties (12,044,000) –
Proceeds from Sales and short-term investments, net – 7,070,000
Net Cash Provided by/ (Used in) Investing Activities (12,797,000) 6,276,000
Payments of finance lease liability (40,000) (38,000)
Net Cash Used in Financing Activities (40,000) (38,000)
Net Increase in Cash 7,787,000 12,918,000
Cash, beginning of year 17,817,000 4,899,000
Cash, end of year 25,604,000 17,817,000
Supplemental Disclosure of Cash Flow Information
Cash paid for interest – 2,000
Cash paid for taxes 2,477,000 –
Non-Cash Investing and Financing Activities
Property and equipment acquired under capital lease 20,000 112,000

therefore have not restated prior periods. The Company elected
Notes to Financial Statements the following transition related practical expedient: not to
reassess lease classification as determined under ASC 840, not
1. Description of Business and Summary of
to reassess initial direct cost from any existing leases, and to
Significant Accounting Policies use hindsight in determining the lease term when considering
options to extend or terminate the lease.
1.1 Description of Business
WONGDOODY, Inc. (the Company) is incorporated under the laws ASC 842 had an impact on the accompanying balance sheet
of the State of Washington and promotes products and services but did not have an impact on the accompanying statement
for clients across the United States, primarily through targeted of income. The most significant impact was the recognition
integrated marketing campaigns focused on live, digital, and of operating lease assets and operating lease liabilities. Upon
social brand experiences. adoption, the Company recorded operating lease liabilities of
$4,436,000 and operating lease assets of $3,891,000 as of January
On April 13, 2018, WONGDOODY Holding Company, Inc. entered 1, 2022. There was no cumulative effect adjustment to the
into a definitive agreement for all of the Company’s outstanding opening balance of member’s equity required.
common stock to be acquired by Infosys Limited (Infosys), a
consulting and information technology company based in India. In the year 2021, the Company recognizes the effect of all rent
The acquisition closed on May 22, 2018. variances over the expected life of the lease on a straight-
line basis. Any variances between cash rental payments and
Effective January 01, 2022 WONGDOODY, Inc (“New Parent”) straight-line expense recognition are recorded as a liability,
consummated merger of WDW Communications, Inc and which is included in deferred rent in the accompanying
WONGDOODY Holding Company, Inc into the Company. On consolidated Balance Sheets.
the effective dates, the aforesaid entities were under common
control. The merger of WDW Communications, Inc have been
1.5 Cash and Cash Equivalents
accounted as transfer of business and the merger WONGDOODY
Holding Company (“erstwhile Parent”) has been accounted as The Company maintains cash balances with various major
transfer of assets. Accordingly, the assets and liabilities of WDW financial institutions located in the United States. Accounts
Communications and WONGDOODY Holding Company has been at these institutions are guaranteed by the Federal Deposit
recorded at historical carrying value in the financial statement Insurance Corporation up to $ 250,000. The Company’s
of the Company for the year ended December 2022. Further management does not believe cash is exposed to significant
to provide corresponding financial information relevant to credit risk. The Company periodically evaluates the relative
current period figures, the consolidated financial information of credit standings of the financial institutions with which they do
erstwhile Parent for the year ended December 2021 have been business. Cash and cash equivalents are stated at cost, which
included as the corresponding financial information. approximates fair value.
1.2 Basis of Financial Statement Presentation 1.6 Accounts Receivable

The accompanying financial statements present the financial The Company’s credit policy towards its customers is 30 – 90
position, results of operations, and cash flows of the Company days. The Company carries its accounts receivable at cost less
in conformity with accounting principles generally accepted in an allowance for doubtful accounts. On a periodic basis, the
the United States of America (GAAP). Under the accrual basis of Company evaluates its accounts receivable and establishes
accounting, revenues are recognized when earned and expenses an allowance for doubtful accounts, based on the history of
are recognized when incurred. past write offs and collections and current credit conditions.
Receivables are written off as uncollectible on a periodic
These financial statements have been prepared on a going judgmental basis after collection efforts have been unsuccessful.
concern basis, which assumes the realization of assets and There was no allowance for doubtful accounts deemed necessary
satisfaction of liabilities in the normal course of business. These at December 31, 2022 and 2021.
financial statements have been presented in U.S. dollars, which is
the functional and reporting currency of the company. 1.7 Financial instruments
The carrying amount of the financial instruments which is
1.3 Use of Estimates cash and cash equivalents, accounts receivables, accounts
The preparation of financial statements in conformity with GAAP payables and accrued expenses, approximate their fair value
requires management to make estimates and assumptions that at December 31, 2022.
affect certain reported amounts and disclosures. The Company’s
significant estimates include the allowance for doubtful accounts 1.8 Property and Equipment
and the estimated useful lives of assets. Accordingly, actual
Property and equipment are stated at cost less accumulated
results could materially differ from those estimates.
depreciation and amortization and impairment losses (if any).
1.4 Adoption of New Accounting Standards The Company provides for depreciation and amortization
During the year ended December 31, 2022, the Company on a straight-line basis over the estimated useful lives of
adopted the following accounting standards issued by the FASB: the respective assets:
AAC 842- Lease accounting - The Company adopted ASC 842, Furniture, fixtures,
Leases, on January 1, 2022. The Company elected to apply 5-7 years
and office equipment
the provisions of the standard as of the date of adoption, and Computer 3-7 years
hardware and software

Leasehold improvements are amortized over the term of 1.11 Revenue Recognition
the lease, or the estimated useful lives of the improvements, The Company recognizes revenue in accordance with Accounting
whichever is shorter. Expenditures for major renewals and Standards Codification Topic 606, Revenue from Contracts with
betterments are capitalized while those for repairs and Customers (“ASC 606”). Under ASC 606, revenue is recognized
maintenance are expensed as incurred. when a customer obtains control of promised goods or services
(the performance obligation) in an amount that reflects the
1.9 Impairment of long-lived assets consideration the Company expects to receive in exchange for
The Company reviews long-lived assets for impairment those goods or services (the transaction price). The Company
whenever events or changes in circumstances indicate that the measures revenue by estimating the transaction price based on
carrying value of an asset may not be recoverable. The Company the consideration specified in the client arrangement. Revenue
measures recoverability of assets to be held and used by a is recognized as the performance obligations are satisfied.
comparison of the carrying value of an asset to its fair value. If The Company’s revenue is primarily derived from providing
such assets are considered to be impaired, the impairment to be advertising services to its customers, including creative strategy
recognized is measured by the amount by which the carrying and development, strategic planning, market plan development,
amount of the assets exceeds the estimated fair value of assets. connection planning, advertising, digital marketing, retail
Fair value of property and equipment is usually estimated marketing, and video/digital/print production. The Company’s
using discounted cash flows expected to be generated from contracts are primarily retainer contracts for advertising
the use of the asset. services or fees for service on a rate per hour or per project basis
for project-based work.
1.10 Employee benefits
Defined Contribution Plan 1.12 Performance Obligations
Eligible employees in the U.S. participate in an employee Substantially, all of the Company’s contracts with customers,
retirement savings plan (the “401K Plan”) under Section 401(K) the performance obligation is to provide creative consulting
of the U.S. Internal Revenue Code. The 401K Plan allows for services at an agreed upon level of effort to accomplish the
employees to defer a portion of their annual earnings on a pre- specified engagement. The customer contracts are comprised of
tax basis through voluntary contributions to the 401K Plan and arrangements involving fees based on an agreed upon monthly
for the Group to make matching contributions. billing rate over the term of the agreement, a fixed fee for the
defined project, or an agreed upon rate per hour. The transaction
Compensated absences price of a contract is allocated to each distinct performance
obligation based on its relative standalone selling price and is
The Company provides compensated absences which are recognized as revenue, when, or as, the customer receives the
expected to be utilized within the next 12 months, are treated benefit of the performance obligation. Clients typically receive
as short- term employee benefits. The Company measures and consume the benefit of the services as they are performed.
the expected cost of such absences as the additional amount Substantially all client contracts provide that the Company
that it expects to pay as a result of unused entitlement that is compensated for services performed to date and allow for
has accumulated at the reporting date. The Company treats cancellation by either party on short notice without penalty.
compensated absences expected to be carried forward beyond
twelve months, as long-term employee benefit for measurement Generally, the Company’s short-term contracts, which normally
purposes. Such long-term compensated absences are provided take 30 to 90 days to complete, consist of a single performance
for based on actuarial valuation using the projected unit credit obligation. As a result, the Company does not consider the
method at the period-end. underlying services as separate or distinct performance
obligations because the services are highly interrelated, occur in
Others close proximity, and the integration of the various components
As a result of the acquisition of the Company by Infosys, the of a marketing message is essential to overall service. In certain
Company entered into employment agreements with certain of the Company’s long-term retainer contracts, which have a
employees. Under each agreement, the employee will be entitled term of up to one year, the performance obligation is a stand
to a retention bonus, payable in three equal annual installments ready obligation because the Company provides a constant
on the anniversary date of the acquisition. The total amount level of similar services over the term of the contract. In certain
payable over the three-year period is $4,000,000. As per the creative services agreements, the Company acts as an agent and
Share Purchase Agreement, in the event an employee eligible arranges, at the client’s direction, for third parties to perform
for a retention bonus is no longer with the Company as of the studio production efforts.
annual payment date, the amount may be reallocated among
other employees or be used to recruit or retain new hires. As of 1.13 Revenue Recognition Methods
December 31, 2022 and 2021, the Company accrued $170,000 A substantial portion of the Company’s revenue is recognized
and $257,000, respectively. over time, as the services are performed, because the
client receives and consumes the benefit of the Company’s
In 2021, the Company entered into incentive agreements
performance throughout the contract period, or the Company
with certain executives. These incentive agreements include
creates an asset with no alternative use and is contractually
compensation for employee retention and bonuses to be paid
entitled to payment for the performance to date in the event
upon the achievement of specified targets. Because employees
the client terminates the contract for convenience. For the
eligible for these payments must remain employed to receive
client contracts, other than when the Company has a stand
them for each year, they are accounted for as compensation
ready obligation to perform services, revenue is recognized
to the extent earned in each period. As of December 31, 2022,
over time using input measures that correspond to the level of
the Company had accrued $1,780,000 for payments due
under these agreements.
staff effort expended to satisfy the performance obligation on a 1.16 Contract Assets and Contract Liabilities
rate per hour or equivalent basis. For the client contracts when The timing of revenue recognition may differ from the timing
the Company has a stand ready obligation to perform services of invoicing to customers. The Group classifies its right to
on an ongoing basis over the life of the contract, typically for consideration in exchange for deliverables as either an accounts
periods up to one year, where the scope of these arrangements receivable or a contract asset.
is broad and there are no significant gaps in performing the
services, the Company recognizes revenue using a time-based Contract assets: Contract assets include unbilled amounts
measure resulting in a straight line revenue recognition. from projects when revenues recognized exceed the amounts
From time to time, there may be changes in the client service invoiced to customers related to time and material contracts.
requirements during the term of a contract and the changes Such amounts are recoverable from customers based upon
could be significant. These changes are typically negotiated as various measures of performance, including achievement of
new contracts covering the additional requirements and the certain milestones, completion of specified units, or completion
associated costs, as well as additional fees for the incremental of a contract. Contract assets do not include capitalized costs to
work to be performed. obtain and fulfill a contract.
Contract liabilities: Contract liabilities from contracts arise when
1.14 Principal vs. Agent amounts invoiced to customers exceed revenues recognized.
For certain contracts, the Company incurs third-party costs on
Contract assets and liabilities are reported in a net position on a
behalf of clients, including direct costs and incidental or out of
contract-by-contract basis at the end of each reporting period.
pocket costs. Third party direct costs incurred in connection
with the creation and delivery of advertising services include,
among others: purchased media, studio production services, 1.17 Advertising Costs
specialized talent, including artists and other freelance labor, The Company expenses all advertising costs when incurred.
materials and services, and other related expenditures. Out of Advertising expenses for the years ended December 31, 2022 and
pocket costs include, among others: transportation, hotel, meals 2021 were approximately $192,000 and $252,000, respectively.
and telecommunication charges incurred by the Company in the
course of providing services. Billings related to out-of-pocket 1.18 Income Taxes
costs are included in revenue since the Company controls the Income tax expense comprises current and deferred income
goods or services prior to delivery to the client. tax. Income tax expense is recognized in net income in the
The inclusion of billings related to third-party direct costs in statement of income except to the extent that it relates to items
revenue depends on whether the Company acts as a principal recognized directly in equity, in which case it is recognized in
or as an agent in the client arrangement. In the contracts, which Other Comprehensive Income. Current income tax expense or
include studio production efforts and media planning and benefit for current and prior periods is recognized at the amount
buying services, the Company acts as an agent and arranges, at expected to be paid to or recovered from the tax authorities,
the client’s direction, for third parties to perform certain services. using the tax rates and tax laws that have been enacted or
In these cases, the Company does not control the goods or substantively enacted by the Balance Sheet date. Deferred
services prior to the transfer to the client. As a result, revenue is income tax assets and liabilities are recognized for all temporary
recorded net of these costs. differences arising between the tax bases of assets and liabilities
and their carrying amounts in the financial statements. Deferred
For contracts entered into with Infosys, the Company’s parent, tax assets are reviewed at each reporting date and are reduced
the Company acts as principal when contracting for third-party to the extent that it is no longer probable that the related tax
services on behalf of Infosys. This is because the Company benefit will be realized.
controls the specified services before they are transferred
to Infosys and the Company is responsible for providing the Deferred income tax assets and liabilities are measured using
specified services or is responsible for directing and integrating tax rates and tax laws that have been enacted or substantively
the third-party services to fulfill performance obligation outlined enacted by the Balance Sheet date and are expected to apply to
in the contract at an agreed upon price. In such arrangements, taxable income in the years in which those temporary differences
the Company also assumes pricing risk under the terms of the are expected to be recovered or settled. The effect of changes
contract. For all contracts with Infosys, the Company includes the in tax rates on deferred income tax assets and liabilities is
billable amounts related to third party costs in the transaction recognized as income or expense in the period that includes
price and records revenue over time at the gross amount billed. the enactment or the substantive enactment date. A deferred
1.15 Variable Consideration that future taxable profit will be available against which the
Some of the Company’s client arrangements include variable The Company offsets current tax assets and current tax liabilities,
consideration provisions, which include reconcilable fees where it has a legally enforceable right to set off the recognized
based on actual labor hours worked on a project compared to amounts and where it intends either to settle on a net basis, or to
budgeted labor hours. Variable consideration is estimated and realize the asset and settle the liability simultaneously.
included in total consideration at contract inception based on
either the expected value method or the most likely outcome The Company may recognize the tax benefit from an uncertain
method. These estimates are based on historical experience and tax position only if it is more likely than not that the tax position
other factors known at the time. will be sustained on examination by taxing authorities, based on
the technical merits of the position. The tax benefits recognized
in the financial statements from such a position are only included

if there is greater than 50 percent likelihood of them being Depreciation and amortization expense related to property
realized upon ultimate settlement. and equipment for the years ended December 31, 2022 and
2021 was $563,000 and $453,000, respectively. Property and
The Company recognizes interest accrued related to
equipment as of December 31, 2022 and 2021 included total
unrecognized tax benefits in interest expense and penalties
cost of $145,000 and $962,000 and accumulated amortization of
as income tax expense. As of December 31, 2022 and 2021, the
$72,000 and $848,000 respectively, of property and equipment
Company does not believe that it has taken any positions that
held under capital leases.
would require the recording of any additional tax liability, nor
does it believe that there are any unrealized tax benefits that
would either increase or decrease within the next year. 4. Leases
The Company has operating leases for office spaces. The
1.19 New Accounting Pronouncements Company determines if a contract is, or contains, a lease at
In June 2016, the FASB issued ASU 2016-13, Financial Instruments inception. A contract is, or contains, a lease if the contract
Credit Losses: Measurement of Credit Losses on Financial conveys the right to control the use of identified property or
Instruments. The new standard requires a financial asset (or equipment (an identified asset) for a period of time in exchange
a group of financial assets) measured at amortized cost basis for consideration. The Company has the right to control the
to be presented at the net amount expected to be collected. use of the identified asset when the Company has both of the
The amendments broaden the information that an entity must following: the right to obtain substantially all of the economic
consider in developing its expected credit loss estimate for benefits from use of the identified asset and the right to direct
assets measured either collectively or individually. The use of the use of the identified asset. In making this determination,
forecasted information incorporates more timely information in the Company considers all relevant facts and circumstances.
the estimate of expected credit loss, which will be more decision Operating lease assets are included in non-current assets and
useful to users of the financial statements. The update is effective operating lease liabilities are included in current and non-current
for the Company for the year ending December 31, 2023. The liabilities on the accompanying balance sheet.
Company is evaluating the impact of adoption of this standard
on the financial statements. The Company’s lease assets are recognized as the lease
liabilities, including any initial indirect costs and any prepaid
lease payments, less any lease incentives. The Company’s lease
2. Concentration of Credit Risk liabilities are recognized based on the present value of the future
Substantially all of the Company’s accounts receivable and minimum lease payments over the lease term at commencement
revenues are generated from a small group of customers. The date. Lease payments consist of amounts relating to the use of
Company performs ongoing credit evaluations of its clients the underlying asset during the lease term, specifically fixed
and generally does not require collateral. For the year ended payments, payments to be made in optional periods when the
December 31, 2022, one third-party customer represented Company is reasonably certain to exercise an option to extend
approximately 16% of the Company’s total revenues and the lease or not to exercise an option to terminate the lease and
approximately 25% of the Company’s total accounts receivable the amounts probable of being owed by the Company under
as of December 31, 2022. For the year ended December 31, residual guarantees. Variable lease payments are excluded in
2021, one third-party customer represented approximately measuring lease assets and lease liabilities because they do not
30% of the Company’s total revenues and approximately 1% depend on an index or a rate and are not in substance fixed
of the Company’s total accounts receivable as of December payments. The Company’s leases typically do not provide an
31, 2021. The loss of any of the Company’s significant implicit rate, the Company uses its incremental borrowing rate
customer relationships would have a material effect on the based on the information available at the commencement date
Company’s operations. See also note 7 for discussion of related in determining the present value of future payments.
party concentrations. For operating leases, after lease commencement, the Company
measures lease obligations for each period at the present value
3. Property and Equipment of any remaining lease payments, discounted by using the rate
determined at lease commencement. The Company recognizes
Property and equipment consist of the following: a single operating lease expense calculated on a straight-line
basis over the remaining lease term. The depreciation of the
In US$ lease asset increases each year as a result of the declining
Year ended December 31, lease liability balance.
Particulars
2022 2021 In the accompanying statement of income, the Company
Furniture, fixtures, 735,000 1,311,000 recognizes lease expense within selling, general and
and office equipment administration expense.
Computer 1,665,000 1,698,000

hardware and software
Leasehold improvements 1,680,000 1,660,000
4,080,000 4,669,000
Less accumulated (2,609,000) (3,372,000)
depreciation and amortization
Property and equipment, net 1,471,000 1,297,000

4.1 Finance Lease Liabilities The information on the weighted average remaining lease term
The aggregate amount of finance lease liabilities is as follows: and weighted average discount rate for our operating leases as of
December 31, 2022 is as follows:
In US$
As at
Year ended December 31, Operating Lease Term and Discount Rate December 31,
Particulars 2022
2022 2021
Finance lease liabilities 75,000 115,000 Weighted average remaining lease term 2.63 years
Less current portion (31,000) (28,000) Weighted average discount rate 3%
Finance Lease 44,000 87,000 The supplemental cash flow and non-cash information related to
Liabilities, long term portion our operating leases as of December 31, 2022 is as follows:
The aggregate amounts of payments of finance lease liabilities as In US$
of December 31, 2022 are as follows:
As at
In US$ Operating Lease Term and Discount Rate December 31,
2022
As at
Cash paid for amounts included in the 1,479,000
Particulars December 31,
2022 measurement of operating lease liabilities
2023 31,000 ROU assets obtained in exchange for 2,641,000
operating lease liabilities
2024 31,000
2025 16,000 5. Income Taxes
Total future payments 78,000
Income tax expense in the statements of income comprises:
Less amount representing (3,000)
interest on finance leases In US$
Total finance lease liabilities 75,000 As at December 31,
Particulars
2022 2021
4.2 Operating Lease Liabilities
Current income tax expense 4,002,000 267,000
In US$
Deferred income tax expense 784,000 1,143,000
As at December 31,
Particulars Prior income tax expense 442,000 –
2022 2021
Total Income Tax Expense 5,228,000 1,410,000
Less current portion (1,450,000) – For the year ended December 31, 2022, the difference between
the provision for income taxes and the income tax determined by
Operating Lease 1,622,000 –
applying the statutory federal income tax rate of 24% to income
liabilities, long term portion before income taxes is primarily due to the Company’s goodwill
The aggregate amounts of payments of operating lease liability and intangible deferred tax assets recorded in the tax provision
as of December 31, 2022 are as follows: from the acquisition by Infosys, but not recorded in the financial
statements, state income taxes and permanent items.
In US$
Significant components of the Company’s deferred tax assets
Year Ending and liabilities are as follows:
2022 In US$
2023 1,523,000 As at December 31,
Particulars
2024 807,000 2022 2021
2025 451,000 Fixed assets (228,000) (155,000)
2026 424,000 Accrued compensation 686,000 126,000
Total Future payments 3,205,000 Accrued vacation 272,000 108,000
Less amount representing (133,000) Other liabilities – 65,000
interest on operating leases (183,000)
Other assets (125,000)
Total operating lease liabilities 3,072,000
Goodwill and intangible 8,662,000 9,859,000
assets from acquisition
Accrued payroll taxes 28,000 143,000
Net Deferred Tax Assets 9,237,000 10,021,000

Deferred tax assets are reviewed at each reporting date and 8. Commitment and Contingencies
are reduced to the extent that it is no longer probable that the
related tax benefit will be realized. As of December 31, 2022, the Liabilities for loss contingencies arising from claims, tax
Company determined that no valuation allowance against its net assessments, litigations, fines and penalties, and other sources
deferred tax assets was necessary. are recorded when it is probable that a liability has been incurred
and the amount of the assessment and/or remediation can be
reasonably estimated. Legal costs incurred in connection with
6. Contribution Plan the same are expensed as incurred.
The Company also has a defined contribution plan pursuant
to Section 401(K) of the Internal Revenue Code covering 9. Subsequent Events
substantially all its employees in the USA. The Group’s matching
expense in connection with this plan for the year is $316,000 and The Company evaluated subsequent events and transactions
for Previous year is $278,000. that occurred after the balance sheet date through May 05, 2023,
the date that the financial statements were issued. Based upon
this review, other than as described below, the Company did
7. Related Party Transactions not identify any subsequent events that could have required
During the years ended December 31, 2022, and 2021, the adjustment or disclosure in the financial statements.
Company performed certain services for Infosys. The related
party accounts receivable balance at December 31, 2022 and
2021 totaled $8,657,000 and $6,437,000, respectively. Revenues
from related party during the year ended December 31, 2022 is
$85,950,000 from sub-contracting services and $7,260,000 from
professional services performed. Revenues from the related
party during the year ended December 31, 2021, is $24,528,000
from sub-contracting services and $7,149,000 from professional
services performed.
In March 2022, the Company loaned $7,000,000 to Outbox
Systems, Inc. (Simplus). The loan bears interest at a rate equal to
the 12-month U.S. Dollar LIBOR rate plus 1.15% spread. The rate
shall be revisited quarterly based on the 12 months U.S. Dollar
LIBOR on the 1st day of each quarter. Interest payments are due
on each anniversary date. At December 31, 2022, $7,000,000
of principal and $70,000 of accrued interest receivable are
outstanding related to this loan. The principal shall be repaid in
full on February 16, 2025. Therefore, the principal balance has
been classified under non-current assets in the accompanying
balance sheet. Interest is receivable on the anniversary date of
loan disbursement each year. Therefore, the interest receivable
balances have been classified under current assets in the
accompanying Balance Sheet.
During the year ended December 31, 2022, the Company
loaned $5,000,000 to Infosys Automotive and Mobility GmbH
& Co. KG (IGAM). The loan bears interest at a rate equal to the
12-month U.S. Dollar LIBOR rate plus 2.5% spread. The rate shall
be revisited quarterly based on the 12 months U.S. Dollar LIBOR
on the 1st day of each quarter. Interest payments are due on each
anniversary date. At December 31, 2022, $5,000,000 of principal
and $169,000 of accrued interest receivable are outstanding
related to this loan. The principal is repayable on demand.
Therefore, the principal and interest receivable balances have
been classified as other current assets under current assets in the
accompanying Balance Sheet.
For the year ended December 31, 2022, revenue from the parent
company represented approximately 76% of the Company’s
total revenues and approximately 67% of the Company’s total
accounts receivable as of December 31, 2022. For the year
ended December 31, 2021, revenue from the parent company
represented approximately 60% of the Company’s total revenues
and approximately 89% of the Company’s total accounts
receivable as of December 31, 2021.


Blue Acorn iCi Inc.
Infosys Subsidiary Financials Report 2022-23 Blue Acorn iCi Inc. | 287
To the Board of Directors of Blue Acorn iCi Inc.
Opinion
We have audited the financial statements of Blue Acorn iCi Inc. (the “Company”), which comprise the Balance Sheet as of December 31,
2022, and the related statements of operations, shareholder’s equity, and cash flows for the year then ended, and the related notes to the
financial statements (collectively referred to as the “financial statements”).
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of
December 31, 2022, and the results of its operations and its cash flows for the year then ended in accordance with accounting principles
generally accepted in the United States of America.
Basis for Opinion

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements
section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance
with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Change in Accounting Principle

As discussed in Note 3 to the consolidated financial statements, on January 1, 2022, the Company adopted Accounting Standards Update
(ASU) No. 2016-02, Leases, (Topic 842). Our opinion is not modified with respect to this matter.
Responsibilities of Management for the Financial Statements

The management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting
principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal
control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether
In preparing the financial statements, the management is required to evaluate whether there are conditions or events, considered in the
aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date that the
financial statements are available to be issued.

level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will
always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher
than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they
would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with GAAS, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and
perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the
amounts and disclosures in the financial statements.
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly,
no such opinion is expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by
management, as well as evaluate the overall presentation of the financial statements.
• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about
the Company’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of
the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.
Deloitte & Touche LLP
Date: May 4, 2023
288 | Blue Acorn iCi Inc. Infosys Subsidiary Financials Report 2022-23
Balance Sheet In US$
Particulars As at December 31, 2022

ASSETS
CURRENT ASSETS:
Cash and cash equivalents 16,365,350
Accounts receivable, net 5,871,415
Unbilled receivables 1,834,774
Prepaid expenses and other current assets 652,104
Due from affiliates (Refer to Note 10) 4,768,270
Note receivable from affiliate (Refer to Note 10) 2,588,351
Income tax receivable 465,204
Total current assets 32,545,468
NONCURRENT ASSETS:
Property and equipment, net (Refer to Note 4) 1,150,440
Right-of-use assets (Refer to Note 5) 4,926,620
Goodwill, net (Refer to Note 6) 1,101,304
Lease deposits 453,670
Total noncurrent assets 7,632,034
TOTAL ASSETS 40,177,502
LIABILITIES AND SHAREHOLDER’S EQUITY
CURRENT LIABILITIES:
Accounts payable and accrued expenses 11,922,636
Lease liabilities—current portion (Refer to Note 5) 2,429,055
Deferred revenue 234,339
Due to affiliate (Refer to Note 10) 96,538
Total current liabilities 14,682,568
NONCURRENT LIABILITIES:
Lease liabilities (Refer to Note 5) 3,512,459
Sublease deposit (Refer to Note 5) 162,861
Total noncurrent liabilities 3,675,320
Total liabilities 18,357,888
COMMITMENTS AND CONTINGENCIES (Refer to Note 9)
SHAREHOLDER’S EQUITY:
Common stock—$1 par; 1,000 shares authorized, 200 shares
issued and outstanding 200
Contributed surplus 74,314,803
Accumulated deficit (52,495,389)
Total shareholder’s equity 21,819,614
TOTAL LIABILITIES AND SHAREHOLDER’S EQUITY 40,177,502
See accompanying notes to financial statements.
Statement of Operations In US$
Year ended
Particulars
December 31, 2022
REVENUE 80,513,407
COST OF REVENUE 58,687,695
GROSS PROFIT 21,825,712
EXPENSES:
Selling, general and administrative 17,035,264
Amortization and depreciation 12,100,982
Provision for bad debt 114,881
Total expenses 29,251,127
LOSS FROM OPERATIONS (7,425,415)
INTEREST, Net (161,608)
LOSS BEFORE INCOME TAXES (7,263,807)
INCOME TAX BENEFIT (292,045)
NET LOSS (6,971,762)
Statement of Shareholder’s Equity
In US$
For the year ended December 31, 2022 Total

Particulars Common Contributed Accumulated Shareholder’s
Stock Surplus Deficit Equity
Balance—January 1, 2022 200 74,314,803 (45,523,627) 28,791,376
Net loss – – (6,971,762) (6,971,762)
Balance—December 31, 2022 200 74,314,803 (52,495,389) 21,819,614
Statement of Cash Flows In US$
Year ended
Particulars
December 31, 2022
OPERATING ACTIVITIES:
Net loss (6,971,762)
Adjustments to reconcile net loss to net cash provided by operating activities:
Amortization and depreciation 12,100,982
Noncash lease expense 2,064,227
Noncash interest income on affiliate note receivable (88,351)
Provision for doubtful accounts 114,881
Gain on the disposal of property and equipment 2,001
Changes in operating assets and liabilities:
Accounts receivable 1,091,844
Unbilled revenue 1,210,779
Prepaid expense and other current assets 95,829
Due from affiliate (2,246,278)
Income taxes (870,898)
Accounts payable and accrued expenses 1,804,345
Deferred revenue (384,437)
Operating lease liabilities (2,298,027)
Due to affiliate 29,756
Net cash provided by operating activities 5,654,891
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment (278,702)
Proceeds from the sales of property and equipment 1,750
Issuance of note receivable from affiliate (2,500,000)
Net cash used in investing activities (2,776,952)
CASH FLOWS FROM FINANCING ACTIVITIES:
Repayment of finance lease liability (39,551)
Net cash used in financing activities (39,551)
NET INCREASE IN CASH AND CASH EQUIVALENTS 2,838,388
CASH AND CASH EQUIVALENTS—Beginning of year 13,526,962
CASH AND CASH EQUIVALENTS—End of year 16,365,350
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION—Cash paid for income taxes, net of refunds 248,965
Notes to Financial Statements
As of and for the year ended December 31, 2022 Concentration Risk
The Company does not have any concentration risk with
1. Nature of business respect to revenue nor with respect to any vendors. One
customer approximated 40% of accounts receivables as
Blue Acorn iCi Inc. (the “Company”) provides information of December 31, 2022.
technology solutions, consulting, business process and
commerce services to its clients to optimize and enhance the
Cash and Cash Equivalents
digital experience of their end customers. The Company’s core
competencies include software staging and deployment, system The Company considers all highly liquid investments with a
integrations, data analytics and optimization and strategic maturity of three months or less at the date of purchase to
assessments. The Company was incorporated on September 13, be cash equivalents. Cash and cash equivalents are stated at
2017, in the state of Delaware. cost and consist of bank deposits that, at times, may exceed
federally insured limits. The balances are insured by the Federal
Infosys Nova Holdings, LLC,(“Parent Company”) owns all the Deposit Insurance Corporation up to $250,000. As of December
issued and outstanding shares of the Company. The parent 31, 2022, the Company had balances in excess of insured limits
Company also owned all the issued and outstanding shares totaling $16,115,350.
of Beringer Capital Digital Group Inc., collectively with the
Company doing business as Blue Acorn iCi. On January 1, 2022, Accounts Receivable
the Company entered into a merger agreement whereby
the Company and Beringer Capital Digital Group Inc. were Accounts receivable are generated from service agreements
consolidated into one company with Blue Acorn iCi Inc. being for information technology solutions, consulting, and business
the surviving company. The Company recorded the transfer process and commerce services. Billed amounts represent
of net assets at the carrying amounts. Comparative financial invoices that have been prepared and sent to the customer.
statements are not disclosed. The Company also has accounts receivable from amounts owed
to the Company by various merchant service providers for
customers’ orders that have been paid for by the customer using
2. Summary of significant accounting policies credit and/or debit cards.
Basis of Presentation The Company determines the need for an allowance for doubtful
These financial statements have been prepared in accordance accounts by evaluating the creditworthiness of each customer,
with generally accepted accounting principles for the United historical collection experiences and other information,
States of America (“US GAAP”). including the aging of the receivables. The Company evaluates
the collectability of its accounts receivable on an on-going
Use of Estimates basis. Accounts receivable are written off when deemed
uncollectible. The allowance for doubtful accounts was $138,104
The preparation of these financial statements requires as of December 31, 2022.
management to make estimates and assumptions that affect
the reported amounts of assets and liabilities. These estimates
Unbilled Receivables and Deferred Revenue
also affect the disclosure of assets and liabilities at the date of
the financial statements and the reported amounts of revenue The timing of revenue recognition may differ from the timing
and expenses during the reporting period. Because of the use of billing and cash receipts from customers. Amounts are
of estimates inherent in the financial reporting process, actual invoiced as work progresses, typically monthly in arrears, or
results could differ from those estimates. Significant estimates upon achievement of contractual milestones. The Company
and assumptions include revenue recognition related to fixed- records an asset when revenue is recognized prior to invoicing, or
price estimates utilizing the percentage completion method for deferred revenue when cash is received in advance of satisfying
measuring progress, and the valuation of accounts receivable, the performance obligation. Unbilled receivables and deferred
unbilled receivables, and deferred revenue. revenue are recorded net on a contract-by-contract basis and
are generally classified as current based on the Company’s
Credit Risk contract operating cycle.
The Company is exposed to credit risk with respect to
Property and Equipment
collectability of customer accounts receivable and unbilled
revenue. The Company provides for probable uncollectable Property and equipment are recorded at cost. Expenditures
amounts through a charge to net loss and a credit to a valuation for major additions and improvements are capitalized while
allowance based on its assessment of the current status of expenditures for repair and maintenance costs are expensed as
individual contracts. Balances that are still outstanding after incurred. Property and equipment is depreciated on a straight-
management has used reasonable collection efforts are written line basis over the following estimated useful lives of the assets:
off through a charge to the valuation allowance and credit to
accounts receivable.
Leasehold improvements Shorter of estimated For finance leases, total lease cost is recorded on an accelerated
useful life or lease basis whereby interest expense is recorded using the effective
term interest method and is included in Interest, net in the Statement
of Operations. ROU assets for finance leases are amortized on a
Machinery and equipment 5 years
straight-line basis over the remaining lease term. Amortization
Computer equipment and software 3–5 years expense related to finance leases is included in selling,
Furniture and fixtures 7 years general and administrative expenses in the Statement of
Operations. For operating leases, total lease cost is measured
Assets held for disposal are reported at the lower of the carrying and recorded on a straight-line basis over the lease term and is
amount and fair value less costs to sell. included in selling, general and administrative expenses in the
Statement of Operations.
Financial Instruments
The Company has elected to apply a practical expedient under
The fair value of financial instruments classified as current and
which it does not separate lease and non-lease components for
non-current assets or liabilities, including accounts receivable,
its operating leases. Under the election, the Company combines
accounts payable and accrued liabilities and amounts due to
base rents with fixed, non-lease common area maintenance
affiliates approximates carrying value, principally due to the
charges and computes its lease obligations based on the
short maturity of those items.
combined lease and non-lease components. Lease obligations
Fair value is defined as the price that would be received to sell are measured and recorded at the present value of future
an asset or paid to transfer a liability in an orderly transaction lease payments using a discount rate. For operating leases, the
between market participants at the measurement date. Company elected to apply the practical expedient for nonpublic
Fair value measurements are estimated based on inputs business entities, which allows the use of a risk-free rate for a
categorized as follows: period comparable to the lease term when the incremental
borrowing rate is not readily determinable. For the finance lease,
• Level 1 inputs include quoted prices (unadjusted) for identical the Company used the incremental borrowing rate implicit in the
assets or liabilities in active markets that are observable. respective lease agreement as the discount rate.
• Level 2 inputs include quoted prices for similar assets or Certain of the Company’s real estate leases contain options to
liabilities in active markets; quoted prices for identical or renew or extend the terms of the lease, as well as termination
similar assets or liabilities in markets that are not active; options that could shorten the original lease term, which are
inputs other than quoted prices that are observable for the included in the determination of the ROU assets and lease
asset or liability; and inputs that are derived principally from liabilities when it is reasonably certain that the Company will
or corroborated by observable market data by correlation or exercise the option. Lease agreements do not contain any
other means. material residual value guarantees, restrictions, or covenants.
• Level 3 inputs include unobservable inputs that reflect the
Company’s own assumption about what factors market ROU assets are generally measured and recorded at the sum
participants would use in pricing the asset or liability. of the lease obligation, any initial direct costs to consummate
the lease, and any lease payments made on or before
When measuring fair value, the Company maximizes the use of the commencement date.
observable inputs and minimizes the use of unobservable inputs.
Impairment of Long-Lived Assets
Leases The Company reviews long-lived assets, including intangible
Leases with a lease term of more than 12 months are classified assets with finite useful lives, for impairment whenever events
as either finance or operating leases. Leases are classified as or changes in circumstances indicate that the carrying value of
finance leases when the Company expects to consume a major the asset may not be recoverable. In connection with this review,
part of the economic benefits of the leased assets over the the Company also re-evaluates the periods of depreciation
remaining lease term. Conversely, the Company is not expected and amortization for these assets. The Company assesses
to consume a major part of the economic benefits of assets recoverability by determining whether the net book value
classified as operating leases. The lease classification affects of the related asset will be recovered through the projected
both the pattern and presentation of expense recognized in the undiscounted cash flows from the asset. If the Company
income statement, the categorization of assets and liabilities determines that the carrying value may not be recoverable, the
in the Balance Sheet, and classification of cash flows in the Company measures any impairment based on the asset’s fair
Statement of Cash Flows. value as compared to its’ carrying value. As of December 31,
2022, no impairment of long-lived assets was recorded.
The Company made an accounting policy election not to
recognize right-of-use (“ROU “) assets and lease liabilities for
leases with a term of 12 months or less. Lease payments for
these leases are recognized as lease costs on a straight-line basis
over the lease term.
Goodwill Step 4: Allocation of the transaction price to the performance
Goodwill arising from historical transactions is recorded at the obligations in the contract; and
excess of the purchase price of an acquired subsidiary over the Step 5: Recognition of revenue when, or as, the Company satisfies
fair value of the net assets acquired. a performance obligation.
The Company adopted the accounting alternative outlined
in Accounting Standards Codification (ASC) 350-20, Goodwill, Time and Materials and Fixed-price Revenue
which allows for private companies to amortize goodwill on a The Company’s contracts with customers are comprised of
straight-line basis not to exceed 10 years and test goodwill for diverse arrangements involving fees based on any one or a
impairment only when a triggering event occurs that indicates combination of the following: an agreed rate per hour for the
the fair value of an entity may be below its’ carrying value. The level of effort expensed by the Company’s resources (“Time and
Company amortized goodwill over an estimated useful life of Materials”); a monthly fee for support services which typically
4 years based on the strategic direction of the Company. At are capped at a designated number of hours, and/or a fixed fee
December 31, 2022, no impairment of goodwill was recorded. engagement which is priced based on the estimated effort to
complete the identified work (collectively “Fixed Price”).
Income Taxes Substantially all the Company’s contracts provide that
The Company accounts for income taxes under the asset and the Company is compensated for services performed and
liability method, which requires the recognition of deferred tax allow for cancellation by either party, without penalty. The
assets and liabilities for the expected future tax consequences Company’s contracts with customers typically do not include
of events that have been included in the financial statements. extended warranty periods; warranty-type work is typically
Under this method, deferred tax assets and liabilities are limited to correction to deliverables within the defined user
determined on the basis of the differences between the financial acceptance test periods.
statement and tax bases of assets and liabilities using enacted tax
rates in effect for the year in which the differences are expected At contract inception, the Company assesses the services
to reverse. The effect of a change in tax rates on deferred tax promised and identifies a performance obligation for each
assets and liabilities is recognized in income in the period that promise to transfer to the customer a service that is distinct.
includes the enactment date. When identifying individual performance obligations, the
Company considers all services promised in the contract
The Company recognizes deferred tax assets to the extent that regardless of whether they are explicitly stated in the customer
the Company believes these assets are more likely than not to be contract or implied by customary business practices. For all
realized. In making such a determination, the Company considers revenue streams, the performance obligation is to provide
all available positive and negative evidence, including future consulting services at an agreed-upon level of effort to
reversals of existing taxable temporary differences, projected accomplish the specific engagement.
future taxable income, tax-planning strategies, and results of
recent operations. A valuation allowance is recorded against The transaction price of a contract is allocated to each distinct
deferred tax assets if the Company determines that it is more performance obligation based on its relative standalone selling
likely than not that such deferred tax assets will not be realized price and is recognized as revenue when, or as, the customer
within the foreseeable future. receives the benefit of the performance obligation. The
Company’s customers typically receive and consume the benefit
of the Company’s services as they are performed. The Company’s
Revenue Recognition
contracts with customers typically allow for the use of third-party
The Company’s revenue is primarily derived from the planning contractors. The contractors are typically engaged to function
and execution of consulting services centric to customer in a staff augmentation model whereby, the Company controls
experience, including digital marketing and commerce the assignments and tasks to be completed; the Company
application development and architecture (“Commerce retains all risks and liabilities related to the defined performance
Services”), data driven strategic services (“Analytic Services”), obligations. The Company maintains the relationship of a
such as, design, strategic analysis, process reviews, data principal in the subcontracting of client work.
research and optimization, and “Experience Driven Commerce
Services” including, but not limited to, website hosting, For Time and Material contracts, the hours of development
optimization services, store operations, merchant of record and and or support provided each day or month represents a series
customer service support. of distinct services that have the same pattern of transfer to
the customer and thus are considered a single performance
In accordance with ASC 606, Revenue from Contracts with obligation. For fixed Price contracts, the performance obligations
Customers, revenue is recognized when a customer obtains are typically based on defined deliverables within the individual
control of promised goods or services (the performance contracts. For each of these contracts, the Company determines
obligation) in an amount that reflects the consideration the whether the performance obligations are separately identifiable
Company expects to receive in exchange for those goods (distinct) or should be combined (bundled) for measurement
or services (the transaction price). Revenue recognition is purposes. The Company considers:
determined through the application of the following steps:
1) The presence of a significant integration service;
Step 1: Identification of the contract with a customer
2) The presence of significant modification or
Step 2: Identification of the performance customization; and/or
obligations in the contract
3) The level of interdependencies between the services.
Step 3: Determination of the transaction price
For these transactions the transaction price is allocated to the the goods and/or services to be provided to the end customer
distinct and bundled performance obligations based on their in any way and the consideration to be received is not tied to
standalone selling price which is the standard rate multiplied by specific services the Company is providing to the customer. The
the estimated hours to complete the performance obligation. Company recognizes this revenue at the point in time in which
The standard rates are those quoted to customers, which reflect the performance obligation has been satisfied.
a cost-plus margin approach.
A substantial portion of the Company’s revenue is recognized Cost of Revenue
over time, as the services are performed, because the customer Cost of revenue consists primarily of contractor services, labor
receives and consumes the benefit of performance throughout incurred, and technology platform costs and processing fees.
the contract period (Time and Materials). For these contracts,
revenue is recognized over time using the input method on the 3. Changes in accounting policies
basis of hours incurred, which correspond to the level of effort
expended to satisfy the performance obligation on a rate per Recently Adopted Accounting Standards
hour or equivalent basis. The Company recognizes revenue Effective January 1, 2022, the Company adopted Accounting
for distinct performance obligations defined by fixed-price Standards Update (ASU) 2016-02, Leases (ASC Topic 842) and
contracts at a point in time; upon delivery and/or completion subsequent amendments. ASC Topic 842 requires an entity to
of the performance obligation at which time value transfers to recognize a ROU asset and lease liabilities on its Balance Sheet
the customer. Revenue for bundled performance obligations representing its right to use the underlying asset for the lease
identified within these contracts is recognized over time using term, regardless of classification of the lease as an operating or
the percentage of completion method. finance lease, and to disclose key quantitative and qualitative
information about lease contracts.
Service Unit Revenue
The Company adopted ASC Topic 842, using the modified
Experience-Driven Commerce Service contracts allow the retrospective approach, under which existing leases were
customer to define the performance obligation(s) by selection measured and capitalized as of the date of adoption, January 1,
of specific independent services, including, but not limited 2022. The Company elected the package of practical expedients
to, website hosting, optimization services, store operations, which permit the Company to avoid reassessing previous
merchant of record, and customer service support. The lease identifications within contracts, the existence of initial
transaction price for each independent service component is direct costs, and the lease classifications of any expired and
based on a standard pricing model for the relevant units of effort existing leases. Moreover, in accordance with the expedients,
required (“Service Unit”). The units of effort can be measured in all leases classified as operating leases under ASC Topic 840 are
terms of hours, volume of transactions, and/or the gross market automatically classified as operating leases under ASC Topic
value of the underlying product. The standard pricing of the 842, and all leases previously classified as capital leases are
units, for the most part, are based on cost plus margin. Merchant recorded as finance leases.
of record service unit revenue is recognized at the point in
time in which the performance obligation has been satisfied. On January 1, 2022, the Company recognized ROU assets and
Website hosting service unit revenue is recognized over time lease obligations for its operating leases in the amounts of
using the output method based on days the website is hosted. $6,895,361 and $8,187,472, respectively. As of January 1, 2022,
Optimization services, store operations, and customer service capital lease assets and liabilities in the amounts of $95,473 and
support service unit revenue is recognized over time using the $91,608, respectively, were classified as finance leases.
input method based on hours incurred.
Recently Issued Accounting Standards Not Yet
Affiliate Revenue Adopted
The Company has entered into contractual agreements with The Financial Accounting Standards Board has issued the
Infosys Limited, parent of the Parent Company (Ultimate Parent following standards.
Company) and subsidiaries of the Ultimate Parent Company
to provide services at the direction of the affiliated company. Standard Effective Date
Consistent with Time and Material contracts, the respective 2016-13 Financial Instruments—Credit January 1, 2023
revenue is recognized over time using the input method based Losses (Topic 326): Measurement
on hours incurred, which corresponds to the level of effort of Credit Losses on Financial
expended to satisfy the performance obligation on a rate per Instruments
hour or equivalent basis.
The Company does not expect this update will have a material impact on its
Partner Referral Program Revenue
The Company partners with software and/or service providers
to cross sell and market each other’s products or services.
In certain cases, the Company recognizes revenue based on
rebates received. Because the Company is not providing the
actual license, subscription and/or professional services (in most
cases) which the partner is selling, the Company is an agent as
defined by ASC 606. Specifically, the Company is not controlling
4. Property and equipment The components of lease cost for the year ended December 31,
2022, are as follows:
Property and equipment consist of the following:
In US$
In US$
Year ended
2022 Particulars December 31,
Particulars Accumulated Net Book 2022
Cost
Depreciation Value Finance lease cost:
Leasehold 2,306,706 1,684,661 622,045 Amortization of right-of-use assets 39,506
improvements
Interest on lease liabilities 3,896
Computer 4,035,902 3,525,608 510,294
equipment and Operating lease cost 2,216,753
software Short-term lease costs 59,863
Furniture and 367,904 349,803 18,101 2,320,018
fixtures
Less sublease income 943,089
Total property and 6,710,512 5,560,072 1,150,440
equipment—net Total lease cost 1,376,929
Depreciation expense for the year ended December The Company entered into a sublease agreement for the Shelton,
31, 2022 was $398,633. CT warehouse portion of the facility in 2019, which continued
through June 2022. The Company then entered a subsequent
sublease for the entire facility, which commenced on July
5. Leases 15, 2022 and expires on June 30, 2024. The future minimum
The Company leases administrative facilities in Boulder, Co; lease income from the remaining sublease agreement totals
Charleston, SC; and Raleigh, NC and an administrative and $1,253,451 and $636,778 for the years ending December 31, 2023
distribution facility in Shelton, CT, all under operating leases. The and 2024, respectively.
Company also has a finance lease for furniture and fixtures. Cash paid during the year ended December 31, 2022, for amounts
As of December 31, 2022, the Company’s operating leases included in the measurement of lease liabilities is as follows:
have a weighted-average remaining term of 3.20 years and the
In US$
Company’s finance lease has a remaining term of 1.42 years. The
weighted-average discount rate was 2.53% for the Company’s Year ended
Particulars
operating leases and 5.29% for its finance lease. December 31, 2022
As of December 31, 2022, the Company had no additional Operating cash flows used for operating 2,367,995
operating and finance leases commitments that leases
have not yet commenced. Operating cash flows for finance leases 3,896
As of December 31, 2022, right-of-use assets related to operating Financing cash flows for finance leases 39,551
and finance leases are as follows: Total 2,411,442
In US$ Future minimum lease payments, as of December 31,

2022, are as follows:
Right-of-Use Accumulated Net Book
Particulars
Asset Amortization Value In US$
Operating leases 6,895,374 2,024,721 4,870,653 As at December 31, 2022
Finance lease 95,473 39,506 55,967 Particulars
Operating Financing
Total 6,990,847 2,064,227 4,926,620 2023 2,496,538 43,448
As of December 31, 2022, liabilities related to operating and 2024 1,690,195 10,862
finance leases are as follows:
2025 748,447 –
In US$ 2026 598,299 –
Current Non-Current 2027 511,561 –
Particulars Total
Portion Portion Total undiscounted future lease 6,045,040 54,310
Operating leases 2,387,359 3,502,098 5,889,457 payments
Finance lease 41,696 10,361 52,057 Less imputed interest (155,583) (2,253)
Total 2,429,055 3,512,459 5,941,514 Total lease obligations 5,889,457 52,057
6. Goodwill
Goodwill consists of the following:
In US$
Accumulated Net Book

Particulars Cost
Amortization Value
Goodwill 53,659,424 52,558,120 1,101,304
Amortization expense for the year ended December 31, 2022 was $11,620,815. The remaining net book value of goodwill will be
amortized in full during the year ending December 31, 2023.
7. Revenue recognition
For the year ended December 31, 2022, revenue was disaggregated into the following categories:
In US$
Experience-
Commerce Analytics Driven Affiliate
Particulars Other Total
Services Services Commerce Revenue
Services
Time and materials 28,223,986 2,037,300 701,684 40,850,776 – 71,813,746
Fixed-price 239,511 – 1,821,148 – – 2,060,659
Service unit – – 5,858,967 – – 5,858,967
Partner rebates – – – – 780,035 780,035
Total revenue 28,463,497 2,037,300 8,381,799 40,850,776 780,035 80,513,407
8. Income taxes
The provision for income taxes for the year ended December 31, 2022 is as follows:
In US$
Year ended
Particulars
December 31, 2022
Current:
Federal (279,953)
State (12,093)
Total current (292,046)
Deferred—
Federal –
Provision for income taxes (292,046)
The effective income tax rates for 2022 differ from the federal statutory rates principally because of the effect of valuation allowance,
state income taxes, and other non-deductible expenses.
The components of the deferred tax assets and liabilities as of December 31, 2022 are as follows:
In US$
As at
Particulars
December 31, 2022
Goodwill amortization 10,804,000
Property and equipment depreciation (299,114)
Accrued expenses and allowances 196,884
Leases 263,872
Net operating loss 3,323,577
Valuation allowance (14,289,219)
Net deferred tax asset –
The Company continually assesses the realizability of its deferred Due from and to affiliates reflect payments due to/from the
tax assets. Due to the history of losses, the Company concluded Parent Company and its subsidiaries. These amounts are
that it was not more likely not to realize the net deferred non-interest bearing, due on demand, and measured at the
tax asset. Therefore, the Company recorded a full valuation exchange amount. At December 31, 2022, the related party
allowance on its net deferred tax asset as of December 31, 2022. balances were as follows:
The valuation allowance increased by $2,252,392 during the year
ended December 31, 2022. In US$
As of December 31, 2022, the Company had federal operating Year ended December 31, 2022
Particulars
loss (“NOL”) carryforwards of approximately $12,782,990 which Due From Affiliate Due to Affiliate
carry forward indefinitely. The utilization of the federal and state
Parent Company 4,607,366 92,705
net operating loss carryforwards may be subject to limitation
under the rules regarding a change in stock ownership as Subsidiaries of Parent 160,904 3,833
determined by the Internal Revenue Code or the laws of the Company
respective state. Additionally, the indefinite lived Federal NOL’s 4,768,270 96,538
will be limited to 80% of taxable income in future tax years.
On August 25, 2021, Beringer Capital Digital, Inc. (“Original
The Company has determined that there are no significant tax Lender”) entered into a loan agreement with the Parent
positions that result in uncertainty requiring recognition as Company to provide funding up to $5 million to the Parent
at and for the year ended December 31, 2022. The Company Company for potential merger and acquisition related activities.
recognizes interest and penalties accrued related to any The funding can be disbursed in multiple tranches with interest
unrecognized tax benefits in interest within the statement of charged at a rate equal to the 12 months USD Libor plus 1.25%.
operations. As of December 31, 2022, the Company had no Interest is payable on the anniversary date of fundings or
accrued interest and penalties related to unrecognized tax upon repayment of principal, whichever comes first. Principal
benefits. Tax years 2018–2021 remain open to audit in the federal payments are to be made on demand. The loan agreement
and state jurisdictions in which the Company operates. was amended on April 1, 2022, to name the Company as the
Original Lender and for the Company to assume and fulfill all
obligations of the Original Lender under the loan agreement.
9. Commitments and contingencies
No disbursements of funds have been made under the
Periodically, the Company may be involved in claims and loan agreement to date.
other legal matters. The Company records accruals for loss
On June 15, 2022, the Company entered into a loan agreement
contingencies to the extent that management concludes that it
with a subsidiary of the Parent Company to provide $2.5 million
is probable that a liability has occurred, and the amount of the
for working capital needs. The loan was fully funded upon
related loss can be reasonably estimated. Legal fees and other
execution and bears interest equal to the 12-month USD LIBOR
expenses related to litigation are expensed as incurred and
rate plus 2.5%, adjusted quarterly. Interest is payable at the
included in selling, general and administrative expenses within
time of repayment or on the anniversary date each, whichever
the statement of operations.
comes first. The principal amount of the loan is repayable
on demand. As of December 31, 2022, principal and accrued
10. Related party transactions interest totaled $2,588,351.
During the year ended December 31, 2022 the Company
recognized both revenue and expenses related to services 11. Retirement plans
provided to/from related parties as follows:
The Company sponsors a 401K plan which cover all
employees. The plan provides for safe harbor employer
In US$
matching contributions. Employer matching contributions
Year ended December 31, 2022 to the retirement plan for the year ended December 31,
Particulars 2022, were $796,969.
Revenue Expenses
Ultimate Parent Company 39,149,756 418,215
Subsidiary of ultimate parent 1,701,020 44,721
12. Subsequent events
company Management has evaluated subsequent events through
40,850,776 462,936 May 4, 2023, the date on which the financial statements were
available to be issued and no other events were noted.
Outbox Systems, Inc. dba Simplus (US).
Infosys Subsidiary Financials Report 2022-23 Outbox Systems, Inc. dba Simplus (US). | 301
Independent Auditors’ Report
To the Board of Directors of Outbox Systems, Inc. dba Simplus
Opinion
We have audited the accompanying consolidated financial statements of Outbox Systems, Inc. dba Simplus and subsidiaries (collectively,
the Company), which comprise the consolidated Balance Sheets as of January 31, 2023 and 2022, and the related consolidated
statements of operations, stockholders’ equity, and cash flows for the fiscal years then ended, and the related notes to consolidated
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position
of Outbox Systems, Inc. dba Simplus and subsidiaries as of January 31, 2023 and 2022, and the results of their operations and
their cash flows for the fiscal years then ended in accordance with accounting principles generally accepted in the United States
of America (US GAAP).
Basis for opinion

We conducted our audits in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our
responsibilities under those standards are further described in the Auditors’ Responsibilities for the audit of the financial statements
section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities in accordance
with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and
Responsibilities of the Management for the financial statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with US GAAP, and for the
design, implementation, and maintenance of internal control relevant to the preparation, and fair presentation of financial statements
that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Management is required to evaluate whether there are conditions or events, considered in the
aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that
the financial statements are available to be issued.
Auditors’ responsibilities for the audit of the financial statements

misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high
level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS
will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher
In performing an audit in accordance with US GAAS, we:
• Obtain an understanding of internal control relevant to the audit to design audit procedures that are appropriate in the
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by the
Management, as well as evaluate the overall presentation of the financial statements.
the audit, significant audit findings, and certain internal control related matters that we identified during the audits.
Tanner LLC
April 28, 2023
302 | Outbox Systems, Inc. dba Simplus (US). Infosys Subsidiary Financials Report 2022-23
Consolidated Balance Sheets (In US$)
Years ended January 31,

Particulars
2023 2022
Assets
Current assets :
Accounts receivable, net of allowance of US$ 1,232,137 and US$ 973,515, respectively 13,299,607 14,472,115
Prepaid expenses and other 1,940,971 1,885,607
Goodwill, net 12,380,899 14,657,480
Property and equipment, net 672,663 1,045,079
Other long-term assets 235,782 49,662
Total assets 40,382,420 46,363,845
Liabilities and stockholders’ equity
Current liabilities :
Accounts payable 711,391 921,660
Accrued expenses 18,355,468 23,627,566
Loan from affiliate 7,108,845 –
Deferred revenue 729,674 1,385,983
Other current liabilities 375,000 185,784
Other long-term liabilities 32,297 212,888
Commitments and contingencies
Stockholders’ equity :
Common stock held by Infosys, par value US$ 0.001 per share, 100 shares designated, 10 shares – –
issued and outstanding as of January 31, 2023 and January 31, 2022
Additional paid-in capital 65,122,057 65,083,457
Accumulated deficit (52,052,312) (45,053,493)
Total stockholders’ equity 13,069,745 20,029,964
Total liabilities and stockholders’ equity 40,382,420 46,363,845
Consolidated Statements of Operations (In US$)

Particulars
2023 2022
Professional and managed services revenues, net 98,944,486 97,899,750
Cost of professional services 68,168,757 61,035,593
Gross profit 30,775,729 36,864,157
Operating expenses :
Sales and marketing 19,731,178 19,490,544
General and administrative 14,549,931 20,477,830
Depreciation and amortization 2,838,879 2,786,406
Total operating expenses 37,119,988 42,754,780
Loss from operations (6,344,259) (5,890,623)
Other income (expense) :
Interest income 63,230 9,434
Interest expense (298,580) (30,680)
Realized FX gains (losses), net (215,764) (635,343)
Other income, net 16,220 58,135
Total other income (expense), net (434,894) (598,454)
Net loss before provision for income taxes (6,779,153) (6,489,077)
Provision for income taxes 219,667 53,777
Net loss (6,998,820) (6,542,854)
Consolidated Statements of Stockholders’ Equity
For the fiscal years ended January 31, 2023 and January 31, 2022
(In US$)
Preferred stock Common stock Additional Total
Accumulated
Particulars paid-in stockholders’
Shares Amount Shares Amount deficit
capital equity
Balance, January 31, 2021 – – 10 – 55,816,632 (38,510,639) 17,305,993

Contribution from parent – – – – 9,000,000 – 9,000,000
Other – – – – 266,825 – 266,825
Net loss - – – – – (6,542,854) (6,542,854)
Balance, January 31, 2022 – – 10 – 65,083,457 (45,053,493) 20,029,964
Other – – – – 38,600 – 38,600
Net loss – – – – – (6,998,820) (6,998,820)
Balance, January 31, 2023 – – 10 – 65,122,057 (52,052,312) 13,069,745
Consolidated Statements of Cash Flows
For the fiscal years ended January 31,
(In US$)

Particulars
2023 2022
Net loss (6,998,820) (6,542,854)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities :
Bad debt expense 559,576 936,651
Depreciation and amortization 2,838,879 2,786,406
Amortization of right-of-use asset 173,065 –
Change in operating assets, liabilities:
Accounts receivable 800,393 (4,248,408)
Prepaid expenses and other current assets (120,086) (507,300)
Accounts payable and accrued expenses (5,699,235) 9,422,451
Deferred revenue (658,545) (673,150)
Operating lease liability (358,315) –
Other non-current assets and liabilities 27,165 237,489
Net cash provided by (used in) operating activities (9,435,923) 1,411,285
Cash flows from investing activities :
Purchases of property and equipment (207,859) (604,966)
Proceeds on disposal of fixed assets 3,059 –
Net cash used in investing activities (204,800) (604,966)
Cash flows from financing activities :
Borrowings from (repayments to) affiliate 7,108,845 (5,043,895)
Contributions from parent – 9,000,000
Net cash provided by financing activities 7,108,845 3,956,105
Effect of exchange rates on cash and cash equivalents 130,474 95,071
Net increase in cash and cash equivalents (2,401,404) 4,857,495
Cash and cash equivalents as of beginning of the fiscal year 14,253,902 9,396,407
Cash and cash equivalents as of end of the fiscal year 11,852,498 14,253,902
Supplemental disclosure :
Cash paid for interest $189,735 $43,895
Notes to Consolidated Financial Statements
1. Description of organization and summary of losses, which, when realized, have been within the range of
Management’s expectations.
The Company maintains its cash in bank deposit accounts which
Organization balances, at times, exceed federally insured limits. To date, the
Outbox Systems, Inc. was incorporated on September 12, 2014 as Company has not experienced a lack of access to its cash.
a Delaware corporation. On April 14, 2015, Outbox Systems, Inc.
On March 10, 2023, the FDIC seized control of Silicon Valley Bank
began operating under the business name of Simplus. Outbox
(SVB) due to liquidity crisis at SVB. As of January 31, 2023, the
Systems, Inc. dba Simplus (Simplus) is a platinum Salesforce
Company had deposits of US$ 192,758 at SVB. These deposits
partner and leading provider of quote-to-cash implementations.
qualify for FDIC insurance as they do not exceed the US$ 250,000
Simplus provides advisory, implementation, change
per depositor account limit. Management of the Company
management, custom configuration, and managed services for
believes that the risk of loss is remote as the U.S. Federal
the following Salesforce platforms : CPQ, Billing, Sales Cloud,
Government has guaranteed 100% of all deposits.
Service Cloud, Community Cloud, MuleSoft, and CLM.
One non-related-party customer accounted for 16% of accounts
In March 2020, the Company entered into an agreement for
receivable as of January 31, 2023 and 15% of accounts receivable
all the Company’s outstanding common stock to be acquired
as of January 31, 2022. Non-related-party customer accounted
by Infosys Limited (Infosys), a consulting and information
for 10% of revenue for the fiscal years ended January 31, 2023
technology company based in India. Outbox Systems, Inc. and its
or January 31, 2022.
subsidiaries are now wholly-owned subsidiaries of Infosys. These
financials do not include any pushdown accounting adjustments
relating to the acquisition of the Company by Infosys. Cash and cash equivalents
The Company considers all highly liquid investments with
Consolidated financial statements an original maturity of three months or less to be cash
equivalents. Carrying amounts approximate fair value. Cash
The consolidated financial statements include the accounts of
equivalents, which consisted of money market funds, totaled
Simplus and its wholly-owned subsidiaries: Simplus ANZ, Pty
US$ 192,758 and US$ 7,690,376 as of January 31, 2023 and January
Ltd, Simplus Australia, Pty Ltd., and Simplus Philippines Inc.
31, 2022, respectively.
(SPI) (collectively, the Company). SPI provides managed services
and implementation services for the Company’s customers and
performs certain administrative and information technology Accounts receivable
functions for the Company. Simplus Australia performs quote- The Company records its trade receivables at sales value and
to-cash implementation services in their respective regions. All allowances are provided for customer accounts as collection
material intercompany accounts and transactions have been problems become known due to insolvency, disputes or other
eliminated in consolidation. issues. The amounts of these allowances reduce accounts
receivables to the estimated net realizable value as estimated by
Use of estimates Management based on the customer’s financial condition, age
of the customer’s receivables, and changes in payment trends.
The preparation of financial statements in conformity with
Accounts outstanding longer than the contracted payment
accounting principles generally accepted in the United States of
terms are considered past due. Accounts receivable are written
America (US GAAP) requires the Management to make estimates
off when Management determines the likelihood of collection is
and assumptions that affect reported amounts and disclosures.
remote. Recoveries of accounts receivable previously written off
The Company bases its estimates on historical experience and
are recorded as income when the cash is received.
on various other assumptions that are believed to be reasonable
under the circumstances, the results of which form the basis
for making judgements about the carrying values of assets Goodwill
and liabilities as well as the reported amounts of revenues and Goodwill represents the excess of the cost of an acquired entity
expenses during the period. Actual results could differ from over the net fair value of the identifiable assets acquired and
these estimates. Key management estimates include allowances liabilities assumed. The Company uses the simplified approach
for doubtful accounts receivable, the estimated useful life of under US GAAP and included all customer related intangible
goodwill, recognition of revenues and sales credits, and valuation assets and non-competition agreements acquired in goodwill.
allowances for net deferred income tax assets. Goodwill is stated at cost less accumulated amortization.
Amortization expense is determined using the straight-line
Concentrations of credit risk method over the estimated useful life of 10 years. The Company
assesses goodwill for impairment at the entity level, whenever
Financial instruments that potentially subject the Company to
a triggering event occurs that indicates the fair value of the
concentrations of credit risk primarily comprise cash and cash
Company may be below its carrying amount. As of January
equivalents and accounts receivable.
31, 2023, the Management determined that the Company’s
In the normal course of business, the Company provides goodwill was not impaired.
unsecured credit terms to its customers and requires no
collateral. The Company maintains allowances for estimated
Property and equipment Disaggregated revenue
Property and equipment are stated at cost, net of accumulated The Company disaggregates revenue from contracts with
depreciation. Depreciation is provided on a straight-line basis customers by geography and by the product type, as it believes it
over the estimated useful lives. Estimated useful lives for financial best depicts how the nature, amount, timing and uncertainty of
reporting purposes are determined based on the expected term revenue and cash flows are affected by economic factors.
the asset is expected to be utilized.
The Company’s revenue by geography for the fiscal years ended
January 31 is as follows :
Revenue recognition
The Company generates revenue through the performance (In US$)
of professional services, either in a time-and-materials-based
contract or through a managed-services contract. We determine Particulars
revenue recognition through the following steps : 2023 2022
North America 80,837,144 83,119,123
• Identification of the contract with a customer Asia Pacific 18,107,342 14,780,627
• Identification of the performance obligations in the contract Total 98,944,486 97,899,750
• Determination of the transaction price The Company’s revenue by offering is as follows for the fiscal
years ended January 31:
• Allocation of the transaction price to the performance
obligations in the contract; and
(In US$)
• Recognition of revenue when, or as, we satisfy a
performance obligation. Particulars
2023 2022
Revenue is presented as net of sales credits, which are recognized Professional services 82,311,194 81,614,826
proportionate to revenue over the estimated life of the project. Managed services 16,633,292 16,284,924
Total 98,944,486 97,899,750
Performance obligations
A performance obligation is a promise in a contract to Deferred revenue
transfer a distinct good or service to the customer and is
Deferred revenue primarily comprises cash deposits or payments
the unit of account under Topic 606 (see Recent Accounting
received in advance of revenue recognition and is recognized as
Pronouncements below). The transaction price is allocated
the revenue recognition criteria are met. The Company generally
to each distinct performance obligation and recognized as
invoices customers semi-monthly as work is performed or
revenue when, or as, the performance obligation is satisfied
monthly based on contractual terms.
by transferring the promised good or service to the customer.
The Company identified and tracks performance obligations at
contract inception so that the Company can monitor and account Practical expedients and exemptions
for the performance obligations over the life of the contract. There are several practical expedients and exemptions allowed
under Topic 606 that impact timing of revenue recognition
Materially, all of the Company’s contracts are single performance and the Company’s disclosure. Listed below are the practical
obligation arrangements – either a professional services expedients the Company applied in the adoption of Topic 606.
implementation project or a managed services arrangement.
• The Company does not evaluate a contract for significant
Professional services financing component if payment is expected within one year
Revenue from professional services typically comprises or less from the transfer of promised items to the customer.
implementation or other consulting services. Professional
services are typically sold on a time-and-materials basis. Costs to obtain and fulfill a contract
The Company recognizes time-and-materials arrangements The Company’s incremental direct costs of obtaining a contract
as the services are performed. Services are invoiced either consist of sales commissions. The Company’s policy is to pay sales
bi-monthly or monthly, and payments are typically due 30 commission upon invoicing. As the invoicing occurs consistent
days after the invoice. with when the revenue is recognized, the timing of the
expensing of the contract asset matches the revenue recognition.
Managed services
Revenue from managed services is recognized ratably over the Cost of professional services
term of the arrangement, typically either one-year or three- Cost of professional services primarily comprises employee-
years in length. The services are typically invoiced monthly, and related costs associated with the delivery of these services,
payments are typically due 30 days after invoice. the cost of subcontractors and certain third-party fees, as
well as any expenses incurred by these personnel that are not
billed to the customer.
Advertising The Company made an accounting policy election not to
Advertising costs are expensed as incurred. Advertising recognize right-of-use (ROU) assets and lease liabilities for
expenses, including sponsorships and events, totaled leases with a term of 12 months or less. Lease payments for
US$ 1,244,334 and US$ 1,064,555 for the fiscal years ended these leases are recognized as lease costs on a straight-line basis
January 31, 2023 and January 31, 2022, respectively. over the lease term.
The Company has elected to apply a practical expedient under
Income taxes which it does not separate lease and non-lease components for
The Company recognizes deferred income tax assets and its operating leases Under the election, the Company combines
liabilities for temporary differences between the financial base rents with fixed, non-lease common area maintenance
reporting and tax reporting bases of the Company’s assets charges and computes its lease obligations based on the
and liabilities, and expected benefits of utilizing net combined lease and non-lease components. Lease obligations
operating loss carryforwards. are measured and recorded at the present value of future
lease payments using a discount rate. For operating leases, the
The impact on deferred income taxes of changes in tax rates Company elected to apply the practical expedient for non-public
and laws, if any, applied to the years during which temporary business entities, which allows using a risk-free rate for a period
differences are expected to be settled, is reflected in the comparable to the lease term when the incremental borrowing
consolidated financial statements in the period of enactment. rate is not readily determinable. For finance leases, the Company
The Company records net deferred income tax assets to the uses the incremental borrowing rate implicit in the respective
extent it believes these assets will more likely than not be lease agreement as the discount rate.
realized. In making such determination, the Company considers
all available positive and negative evidence, including future Certain real estate leases of the Company contain options to
reversals of existing taxable temporary differences, projected renew or extent the terms of the lease, as well as termination
future taxable income, tax planning strategies and recent options that could shorten the original lease term. These are
financial operations. In the event the Company determines it included in the determination of the ROU assets and lease
would be able to realize its deferred income tax assets in the liabilities when it is reasonably certain that the Company will
future in excess of their recorded amount, the Company would exercise the option.
make an adjustment to the valuation allowance which would ROU assets are generally measured and recorded at the sum
reduce the provision for income taxes. of the lease obligation, any initial direct costs to consummate
The Company recognizes an income tax benefit from an the lease, and any lease payments made on or before the
uncertain tax position only if it is “more likely than not” that the commencement date. Lease agreements do not contain any
position is sustainable upon examination, including resolutions material residual value guarantees, restrictions, or covenants.
of any related appeals or litigation processes, based on its
technical merits. The income tax benefit of a qualifying position Recent accounting pronouncements
is the largest amount of income tax benefit that is greater Effective February 1, 2022, the Company adopted Accounting
than 50% likely of being realized upon settlement with a tax Standards Update (ASU) 2016-02, Leases (ASC Topic 842) and
authority having full knowledge of all relevant information. subsequent amendments. The standard requires an entity to
The liability for unrecognized income tax benefits is classified recognize a ROU asset and lease liability on its balance sheet
as non-current unless the liability is expected to be settled in representing its right to use the underlying asset for the lease
cash within 12 months of the reporting date. The Company term, regardless of classification of the lease as an operating or
records any estimated interest or penalties from the uncertain finance lease, and to disclose key quantitative and qualitative
tax position as income tax expense. As of January 31, 2023, information about lease contracts. The criteria for distinction
the Company had no uncertain tax positions that qualify for between a finance lease and an operating lease are substantially
either recognition or disclosure in the consolidated financial similar to the previous lease guidance for capital leases
statements. The Company has no federal or state income tax and operating leases.
return examinations in progress.
The Company adopted ASC Topic 842, using the modified
retrospective approach, under which existing leases were
Leases
measured and capitalized as of the date of adoption, February
Leases with a lease term of more than 12 months are classified 1, 2022, in lieu of applying the standard retrospectively to
as either finance or operating leases. Leases are classified as February 1, 2021. Accordingly, the financial statements for
finance leases when the Company expects to consume a major periods prior to February 1, 2022 were not modified for the
part of the economic benefits of the leased assets over the application of ASC Topic 842 and are presented under ASC
remaining lease term. Conversely, the Company is not expected Topic 840, Leases. Additionally, as part of the implementation,
to consume a major part of the economic benefits of assets the Company elected the package of practical expedients
classified as operating leases. The lease classification affects which permit the Company to avoid reassessing previous
both the pattern and presentation of expense recognized in the lease identifications within contracts, the existence of initial
income statement, the categorization of assets and liabilities direct costs, and the lease classifications of any expired and
in the Balance Sheet, and classification of cash flows in the existing leases. Moreover, in accordance with the expedients,
statement of cash flows. all leases classified as operating leases under ASC Topic 840
are automatically classified as operating leases under the new 4. Accrued expenses
standard, and all leases previously classified as capital leases are Accrued expenses consisted of the following:
recorded as finance leases.
On February 1, 2022, the Company recognized ROU assets and (In US$)
lease obligations for its operating leases to amount US$ 366,960 Years ended January 31,
and US$ 765,632, respectively. Particulars
2023 2022
In June 2016, the FASB issued ASU 2016-13, Financial Instruments- Accrued compensation 8,336,132 13,635,532
Credit Losses (Topic 326) : Measurement of Credit Losses on
Retention bonus accrual 7,326,903 7,879,314
Financial Instruments, which requires the measurement and
recognition of expected credit losses for financial assets held Reimbursable expenses 199,969 177,740
at amortized cost, which includes the Company’s accounts Other accrued expenses 2,492,464 1,934,980
receivables and contract assets. ASU 2016-13 replaces the
18,355,468 23,627,566
existing incurred loss impairment model with an expected
loss methodology, which will generally result in more timely The Company has credit card lines of credit with a borrowing
recognition of credit losses. ASU 2016-13 is effective for the capacity of US$ 1,050,000. These are secured by all assets of
Company on February 1, 2023. The Company adoption of ASU the Company and mature in August 2023, and are utilized by
2016-13 did not have a material impact on its consolidated employees to purchase reimbursable expenses. The interest rates
financial statements. range from 13.1% to 16.1%.
2. Goodwill 5. Debt
Goodwill consisted of the following: Debt consisted of the following:
(In US$)
(In US$)
Particulars Years ended January 31,
2023 2022
Goodwill 22,765,818 22,765,818
Unsecured loan payable to 7,108,845 –
Less : Accumulated amortization (10,384,919) (8,108,338)
Wongdoody (an Infosys affiliate),
12,380,899 14,657,480 bears interest at an interest rate
equal to LIBOR plus 1.15% interest
Amortization related to goodwill was US$ 2,276,581 and
(6.60% as of January 31, 2023). The
US$ 2,276,582 for the fiscal years ended January 31, 2023 and
principal amount of the loan is
January 31, 2022, respectively. payable on demand.
7,108,845 –
3. Property and equipment
Less : Current portion (7,108,845) –
Property and equipment and accumulated depreciation and
amortization were as follows : Long-term debt – –-
On February 28, 2023, the Company borrowed an additional
(In US$)
US$ 3,000,000 tranche available on the unsecured loan payable
Estimated Years ended January 31, to Wongdoody. The terms of the additional tranche are the same
Particulars as the terms noted above.
useful lives 2023 2022
Leasehold 5 years 942,231 943,623
6. Equity
improvements
Preferred stock
Furniture and fixtures 5 years 2,528 360,965
In March 2020, all the Company’s common stock and preferred
Equipment 3-5 years 1,499,123 983,816 stock was acquired by Infosys and consolidated into 10
Other 5 years 1,627 1,675 shares of common stock.
Total property and 2,445,509 2,290,079
equipment 7. Commitments And contingencies
Accumulated (1,772,846) (1,245,000) Litigation
depreciation and The Company is involved in legal proceedings from time to
amortization time arising in the normal course of business. The Management,
Total property and 672,663 1,045,079 after consultation with legal counsel, believes that the outcome
equipment, net of these proceedings will not have a material impact on the
Company’s financial position, results of operations, or liquidity.
Depreciation and amortization associated with property and
equipment was US$ 562,298 and US$ 509,824 for the fiscal years
ended January 31, 2023 and January 31, 2022, respectively.
Leases The federal income tax provision differed from the federal
As of January 31, 2023, ROU assets and lease liabilities related to income tax provision (benefit) computed at the statutory rate for
operating leases was US$ 193,876 and US$ 407,297, respectively. the following reasons for the fiscal years ended :
ROU assets are included in other long-term assets, lease liabilities
are included in other current liabilities and other long-term (In US$)
liabilities in the accompanying consolidated Balance Sheet. Years ended January 31,
Particulars
Supplemental cash flow information related to 2023 2022
leases is as follows : Federal income tax benefit at (1,288,513) (1,362,706)
statutory rate
(In US$)
State income tax benefit, net of (236,175) (340,804)
Year ended federal tax benefit
Particulars
2023
Permanent difference related to 831,386 597,672
Cash paid for amounts included in the 367,616 stock compensation expense and
measurement of operating lease liabilities goodwill amortization
Right-of-use assets obtained in exchange for 366,960 Prior period tax expense – (63,096)
operating lease liabilities
Change in tax rate 96,779 (28,406)
No additional leases were capitalized in 2023.
Change in valuation allowance 551,665 992,787
Maturities of lease liabilities, including principal and interest, as at Other 264,525 258,331
January 31, 2023, were as follows :
219,667 53,777
(In US$)
9. Income taxes
Fiscal years ending January 31,
Deferred income tax assets (liabilities) consisted of
2024 378,644 the following as of :
2025 32,339
(In US$)
Less: Implied interest (3,686)
Ending liability 407,297 Years ended January 31,
Particulars
2023 2022
As at January 31, 2023, we have no additional operating and
finance leases commitments that have not yet commenced. Net operating loss carryforwards 9,447,691 9,325,867
Accrued expenses and allowances 905,875 360,965
8. Income taxes Lease 53,033 –
The domestic and foreign components of income before Depreciation (22,953) (21,382)
provision (benefit) from income taxes are as follows :
Prepaid expenses (214,037) –
(In US$) Intangibles 496,913 431,474
Years ended January 31, Interest limitation carryforward – 17,933
Particulars
2023 2022 Valuation allowance (10,666,522) (10,114,857)
Domestic (10,068,300) (6,332,452) – –
Foreign 3,289,147 (156,626) Deferred income taxes reflect the tax effect of temporary
(6,779,153) (6,489,078) differences between the bases of assets and liabilities for
financial reporting and tax reporting purposes. The Company
establishes a valuation allowance if it is more likely than not these
assets will not be realized. Annually, the valuation allowance is
reviewed and adjusted based on management’s assessments
of realizability. The Management has evaluated the available
evidence about future taxable income and other possible sources
of realization of deferred income tax assets. The Company has
decided to account deferred tax assets on carry forward and
temporary differences based on the future projection available
which shows that sufficient profit will be available to offset
deferred tax assets accounted.
As of January 31, 2023, the Company has net operating loss 11. Related-party transactions
(NOL) carryforwards available to offset future taxable income During the fiscal year ended January 31, 2023, the Company
of approximately US$ 36 million, which will begin to expire in performed certain services for Infosys, the Company’s parent
2036. The utilization of the NOL carryforwards is subject to as of March 13, 2020. The related party receivable balance as of
annual limitations under Section 382 of the Internal Revenue January 31, 2023 and January 31, 2022 was US$ 3,863,118 and
Code. Section 382 imposes limitations on a corporation’s US$ 3,373,380, respectively, included in accounts receivable
ability to utilize its NOL carryforwards if it experiences an on the accompanying consolidated Balance Sheet. Revenues
‘ownership change.’ In general terms, an ownership change from Infosys during the 2023 and 2022, totaled US$ 45,931,037
results from transactions increasing the ownership of certain and US$ 25,918,983, respectively. The professional services
stockholders in the stock of a corporation by more than 50% over performed by Infosys for Simplus totaled US$ 1,450,549 and
a three-year period. US$ 987,341, respectively. The related party payables totaled
US$ 371,237 and US$ 40,965, respectively. As of January 31, 2023,
10. Employee benefit plan Simplus had borrowings of 7,108,845 from an Infosys affiliate.
The Company has a defined contribution plan eligible to For the fiscal year ended January 31, 2023, revenue from Infosys
employees that meet certain requirements. The Company makes represented approximately 46% of the Company’s total revenues
matching contributions to the plan. Matching contributions and approximately 27% of the Company’s total accounts
made to the plan by the Company for the fiscal years ended receivable. For the fiscal year ended January 31, 2022, revenue
January 31, 2023 and January 31, 2022 totaled US$ 903,397 and from Infosys represented approximately 26% of the Company’s
US$ 1,129,900, respectively. total revenues and approximately 23% of the Company’s total
accounts receivable.

Management has evaluated events and transactions for potential
recognition or disclosure through April 28, 2023, which is the
date the financial statements were available to be issued.
Infosys Compaz Pte. Ltd.
Infosys Subsidiary Financials Report 2022-23 Infosys Compaz Pte. Ltd. | 313
Directors’ statement
We are pleased to submit this Annual Report to the members of the Company, together with the audited financial statements for the
financial year ended 31 March 2023.
In our opinion :
(a) the financial statements set out on pages FS1 to FS34 are drawn up so as to give a true and fair view of the financial position of the
Company as at 31 March 2023 and the financial performance, changes in equity and cash flows of the Company for the year ended
on that date, in accordance with the provisions of the Companies Act 1967, Singapore Financial Reporting Standards (International)
and International Financial Reporting Standards; and
(b) at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts as
The Board of Directors has on the date of this statement, authorized these financial statements for issue.
Directors
The directors in office at the date of this statement are as follows :
Alan Raymond Thompson (Appointed on 27 June 2022)

(Chairman)
Andrew Stewart Groth
Salil Satish Parekh
Windy Chandra (Resigned on 2 February 2023)
(Appointed on 2 February 2023)
(Alternate director to Baskararao Paidithali)
Baskararao Paidithali (Appointed on 2 February 2023)
Lim Ming Pey (Resigned on 27 June 2022)
(Alternate director to Jonathon Revill Christopher Allaway)
(Resigned on 2 February 2023)
(Alternate director to Windy Chandra)
(Appointed on 2 February 2023)
(Alternate director to Alan Raymond Thompson)
Jonathon Revill Christopher Allaway (Resigned on 27 June 2022)
Manohar Madgula Atreya (Chief Executive Officer)
Directors’ interests
According to the register kept by the Company for the purposes of Section 164 of the Companies Act 1967 (“the Act”), particulars of
interests of directors who held office at the end of the financial year (including those held by their spouses and infant children) in shares,
debentures, warrants and share options in the Company and in related corporations are as follows :
Holdings at
beginning of the Holdings at end
Name of director and corporation in which interests are held
year / date of of the year
appointment
Andrew Stewart Groth
Infosys Limited
Stock Incentive Rewards Program Share Plan
- ADR RSU 34,038 19,741
- ADR PSU 22,000 16,667
Salil Satish Parekh
Infosys Limited
Employee Stock Options (ESOP) 673,723 786,658
314 | Infosys Compaz Pte. Ltd. Infosys Subsidiary Financials Report 2022-23
Holdings at
beginning of the Holdings at end
Name of director and corporation in which interests are held
year / date of of the year
appointment
Manohar Madgula Atreya
Infosys Limited
Employee Stock Options (ESOP) 3,625 –
Equity shares held in demat account 11,305 13,550
Cash Grants 1,800 13,770
Except as disclosed in this statement, no director who held office at the end of the financial year had interests in shares, debentures,
warrants or share options of the Company, or of related corporations, either at the beginning of the financial year, or date of appointment
if later, or at the end of the financial year.
Neither at the end of, nor at any time during the financial year, was the Company a party to any arrangement whose objects are, or one of
whose objects is, to enable the directors of the Company to acquire benefits by means of the acquisition of shares in or debentures of the
Company or any other body corporate.
Share options
During the financial year, there were :
(ii) no options granted by the Company to any person to take up unissued shares in the Company; and
(ii) no shares issued by virtue of any exercise of option to take up unissued shares of the Company.
As at the end of the financial year, there were no unissued shares of the Company under options.
Auditors
The auditors, KPMG LLP, have indicated their willingness to accept re-appointment.
On behalf of the Board of Directors
Alan Raymond Thompson

Director
Manohar Madgula Atreya

Director & Chief Executive Officer
May 29, 2023]
Independent auditors’ report
Members of the Company
Infosys Compaz Pte. Ltd.
Report on the audit of the financial statements

Opinion
We have audited the financial statements of Infosys Compaz Pte. Ltd. (the “Company”), which comprise the statement of financial
position as at 31 March 2023, and the statements of comprehensive income, changes in equity and cash flows for the year then ended,
and notes to the financial statements, including a summary of significant accounting policies, as set out on pages FS1 to FS34.
In our opinion, the accompanying financial statements are properly drawn up in accordance with the provisions of the Companies Act
1967 (the “Act”), Singapore Financial Reporting Standards (International) (“SFRS(I)s”) and International Financial Reporting Standards
(“IFRSs”), so as to give a true and fair view of the financial position of the Company as at 31 March 2023 and of the financial performance,
changes in equity and cash flows of the Company for the year ended on that date.
Basis for opinion

We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are
further described in the ‘Auditors’ responsibilities for the audit of the financial statements’ section of our report. We are independent of
the Company in accordance with the Accounting and Corporate Regulatory Authority Code of Professional Conduct and Ethics for Public
Accountants and Accounting Entities (“ACRA Code”), together with the ethical requirements that are relevant to our audit of the financial
statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA
Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other information
Management is responsible for the other information contained in the Annual Report. Other information is defined as all information in
the Annual Report other than the financial statements and our auditors’ report thereon.
We have obtained all other information prior to the date of this auditors’ report.
whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit
or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of management and directors for the financial statements

Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions
of the Act, SFRS(I)s and IFRSs, and for devising and maintaining a system of internal accounting controls. These accounting controls
should be sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorized use or disposition,
transactions are properly authorized and that they are recorded, as is necessary, to permit the preparation of true and fair financial
statements and to maintain accountability of assets.
In preparing the financial statements, Management is responsible for assessing the Company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern, and using the going concern basis of accounting, unless Management either
The directors’ responsibilities include overseeing the Company’s financial reporting process.
Auditors’ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements, as a whole, are free from material
misstatement, arising due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high
level of assurance but is not a guarantee that an audit conducted in accordance with SSAs will always detect a material misstatement
As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional skepticism throughout
the audit. We also :
• Identify and assess the risks of material misstatement of the financial statements, arising due to fraud or error, design and perform
opinion. The risk of not detecting a material misstatement resulting from fraud is higher than one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.
• Obtain an understanding of internal controls relevant to the audit to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal controls.
• Evaluate the appropriateness of accounting policies used, and the reasonableness of accounting estimates and related disclosures
made by Management.
• Conclude on the appropriateness of Management’s use of the going concern basis of accounting and, based on the audit evidence
auditors’ report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions
We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit
findings, including any significant deficiencies in internal controls that we identify during our audit.
Report on other legal and regulatory requirements

In our opinion, the accounting and other records required by the Act to be kept by the Company have been properly kept in accordance
with the provisions of the Act.
KPMG LLP
Public Accountants and
Singapore
May 31, 2023
Statement of financial position
(In SG $)
As at March 31,
Particulars Note
2023 2022
Assets
Property, plant and equipment 4 5,344,318 3,934,709
Deferred tax assets 8 484,640 937,017
Non-current assets 5,828,958 4,871,726
Contract assets 14 1,983,677 3,900,271
Trade and other receivables 5 37,615,320 22,502,540
Cash and cash equivalents 6 34,168,910 27,951,586
Current assets 73,767,907 54,354,397
Total assets 79,596,865 59,226,123
Equity
Share capital 7 2,600,000 2,600,000
Reserves 35,523,691 29,703,697
Total equity 38,123,691 32,303,697
Liabilities
Employee benefits 10 185,604 533,041
Provision for reinstatement cost 11 298,867 291,463
Lease liabilities 12 4,094,344 2,561,746
Non-current liabilities 4,578,815 3,386,250
Trade and other payables 9 23,705,013 14,786,163
Employee benefits 10 2,226,136 1,920,743
Contract liabilities 14 9,451,995 3,179,963
Current tax payable 741,132 2,865,144
Lease liabilities 12 770,083 784,163
Current liabilities 36,894,359 23,536,176
The accompanying notes form an integral part of these financial statements.
Statement of comprehensive income
(In SG$)

Particulars Note
2023 2022
Revenue 14 102,509,769 92,481,417
Cost of sales (84,312,096) (69,796,028)
Gross profit 18,197,673 22,685,389
Other income 276 10,000
Administrative expenses (11,509,633) (9,652,632)
Results from operating activities 6,688,316 13,042,757
Finance income 15 362,916 11,322
Finance costs 15 (81,676) (85,897)
Net finance income / (cost) 281,240 (74,575)
Profit before income tax 16 6,969,556 12,968,182
Tax expense 17 (787,194) (1,786,991)
Profit for the year, representing total comprehensive income for the year 6,182,362 11,181,191
Statement of changes in equity
(In SG $)
Accumulated
Particulars Share capital Total equity
profits
As at 1 April 2021 2,600,000 38,522,506 41,122,506
Total comprehensive income for the year
Total comprehensive income for the year – 11,181,191 11,181,191
Transactions with owners, recognized directly in equity
Distributions to owners of the Company
Interim tax-exempt (one-tier) dividend paid – (20,000,000) (20,000,000)
– (20,000,000) (20,000,000)
As at 31 March 2022 2,600,000 29,703,697 32,303,697
As at 1 April 2022 2,600,000 29,703,697 32,303,697
Adjustment on Onerous Contract application of SFRS(I)37 – (362,368) (362,368)
Adjusted balance ascat 1 April 2022 2,600,000 29,341,329 31,941,329
As at 31 March 2023 2,600,000 35,523,691 38,123,691
The statement of cash flows is as follows :
(In SG $)

Particulars Note
2023 2022
Profit before income tax 6,969,556 12,968,182
Adjustments for :
Depreciation of property, plant and equipment 4 1,206,505 1,456,225
Reversal allowance on doubtful debts 13 (40,280) (86,815)
Finance income 15 (362,916) (11,322)
Finance costs 15 81,676 85,897
7,854,541 14,412,167
Changes in working capital :
Trade and other receivables (15,072,500) (2,920,247)
Contract assets 1,916,594 2,250,890
Trade and other payables 8,556,482 (294,875)
Contract liabilities 6,272,032 (56,972)
Employee benefits (42,044) (264,395)
Cash generated from operating activities 9,485,105 13,126,568
Income tax paid (2,458,829) (1,675,816)
Net cash from operating activities 7,026,276 11,450,752
Purchase of property, plant and equipment 4 (224,549) (222,219)
Interest income received 15 362,916 11,322
Net cash from / (used in) investing activities 138,367 (210,897)
Payments of lease liabilities 12 (873,047) (784,096)
Dividend paid to owners of the Company – (20,000,000)
Interest paid 12 (74,272) (79,683)
Net cash used in financing activities (947,319) (20,863,779)
Net increase / (decrease) in cash and cash equivalents 6,217,324 (9,623,924)
Cash and cash equivalents as at 1 April 27,951,586 37,575,510
Cash and cash equivalents as at 31 March 6 34,168,910 27,951,586
Notes to the financial statements
These notes form an integral part of the financial statements. 2.5 Changes in accounting policies
The financial statements were authorized for issue by the Board New standards and amendments
of Directors on [date of signing]. The Company has applied the following SFRS(I)s, the
amendments to and interpretations of SFRS(I) for the first time
1 Domicile and activities for the annual period beginning on 1 April 2022 :
Infosys Compaz Pte. Ltd. (“the Company”) is a company • Amendment to SFRS(I) 16: COVID-19-Related Rent
incorporated in the Republic of Singapore. The address of the Concessions beyond 30 June 2021
Company’s registered office is 401 Commonwealth Drive #05-01
• Amendment to SFRS(I) 1-16: Property, Plant and Equipment –
Haw Par Techno Centre, Singapore 149598.
Proceeds before Intended Use
The principal activities of the Company are those relating to the • Amendments to SFRS(I) 1-37: Onerous Contracts – Cost of
provision of computer consultancy services. Fulfilling a Contract
The immediate holding company during the financial year is • Annual Improvements to SFRS(I)s 2018-2020
Infosys Singapore Pte. Ltd. (f.k.a Infosys Consulting Pte Ltd.),
a company incorporated in the Republic of Singapore. The Other than the amendments relating to SFRS(I) 1-37: Onerous
ultimate holding company is Infosys Limited, a company Contracts – Cost of Fulfilling a Contract, the application of these
incorporated in India. amendments to standards and interpretations does not have a
material effect on the financial statements.
2 Basis of preparation The Company has adopted Amendments to SFRS(I) 1-37: Onerous
Contracts – Cost of Fulfilling a Contract from 1 April 2022.
2.1 Statement of compliance This resulted in a change in accounting policy for performing
The financial statements have been prepared in accordance an onerous contracts assessment. Previously, the Company
with Singapore Financial Reporting Standards (International) included only incremental costs to fulfil a contract when
(“SFRS(I)”) and International Financial Reporting Standards determining whether that contract was onerous. The revised
(“IFRSs”). SFRS(I)s are issued by the Accounting Standards Council, policy is to include both incremental costs and an allocation of
which comprise standards interpretations that are equivalent to other direct costs.
IFRSs issued by the International Accounting Standards Board.
The amendments apply prospectively to contracts existing
All references to SFRS(I)s and IFRSs are subsequently at the date when the amendments are first applied. The
referred to as SFRS(I)s in these financial statements unless Company has analyzed all contracts existing at 1 April 2022,
otherwise specified. and has determined that some of them would be identified as
onerous applying the revised accounting policy – i.e. there is an
2.2 Basis of measurement impact on the opening equity balances as at 1 April 2022 as a
The financial statements have been prepared on the historical result of the change.
cost basis, except as otherwise described in the notes below. The impact on adoption is summarized as follows :
Impact on item in the statement of financial position
2.3 Functional and presentation currency
These financial statements are presented in Singapore dollars (In SG$)
(SG$), which is the Company’s functional currency.
As at March 31,
Particulars
2.4 Use of estimates and judgements 2023 2022
The preparation of the financial statements in conformity with Retained earnings 362,368 –
SFRS(I)s and IFRSs requires Management to make judgements,
estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets, There was no material impact either on other comprehensive
liabilities, income and expenses. Actual results may differ income, or the basic and diluted earnings per share, or statement
from these estimates. of cash flows for the financial year ended 31 March 2023 as a
result of applying the amendments.
Estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognized
in the period in which the estimates are revised and in any 3 Significant accounting policies
future periods affected. The accounting policies set out below have been applied
Information on areas involving a higher degree of judgement or consistently to all periods presented in these financial
areas where estimates are significant to the financial statements statements, except as explained in note 2.5, which addresses
are set out in note 21. changes in accounting policies.
3.1 Financial instruments Transfers of financial assets to third parties in transactions
(i) Recognition and initial measurement that do not qualify for derecognition are not considered sales
for this purpose, consistent with the Company’s continuing
Non-derivative financial assets and financial liabilities
recognition of the assets.
Trade receivables issued are initially recognized when they are
originated. All other financial assets and financial liabilities are Non-derivative financial assets : Assessment whether
initially recognized when the Company becomes a party to the contractual cash flows are solely payments of principal and
contractual provisions of the instrument. interest
A financial asset (unless it is a trade receivable without a For the purposes of this assessment, ‘principal’ is defined as the
significant financing component) or financial liability is initially fair value of the financial asset on initial recognition. ‘Interest’
measured at fair value plus, for an item not at fair value through is defined as consideration for the time value of money and for
profit or loss (“FVTPL”), transaction costs that are directly the credit risk associated with the principal amount outstanding
attributable to its acquisition or issue. A trade receivable without during a particular period of time, and for other basic lending
a significant financing component is initially measured at risks and costs (e.g. liquidity risk and administrative costs), as
the transaction price. well as a profit margin.
In assessing whether the contractual cash flows are solely
(ii) Classification and subsequent measurement
payments of principal and interest, the Company considers the
Non-derivative financial assets contractual terms of the instrument. This includes assessing
On initial recognition, a financial asset is classified as whether the financial asset contains a contractual term that could
measured at amortized cost. change the timing or amount of contractual cash flows such
that it would not meet this condition. In making this assessment,
Financial assets are not reclassified subsequent to their initial the Company considers :
recognition, unless the Company changes its business model for
managing financial assets. In such a case, all affected financial
• contingent events that would change the amount or timing
assets are reclassified on the first day of the first reporting period
of cash flows;
following the change in the business model.
• terms that may adjust the contractual coupon rate, including
Financial assets at amortized cost variable rate features;
• prepayment and extension features; and
A financial asset is measured at amortized cost if it meets both of
the following conditions and is not designated as at FVTPL : • terms that limit the Company’s claim to cash flows from
specified assets (e.g. non-recourse features).
• It is held within a business model whose objective is to hold
assets to collect contractual cash flows; and A prepayment feature is consistent with the solely payments
of principal and interest criterion, if the prepayment amount
• Its contractual terms give rise on specified dates to cash flows
substantially represents unpaid amounts of principal and
that are solely payments of principal and interest on the
interest on the principal amount outstanding, which may include
outstanding principal amount.
reasonable additional compensation for early termination of
the contract. Additionally, for a financial asset acquired at a
Financial assets : Business model assessment
significant discount or premium to its contractual par amount,
The Company assesses the objective of the business model, in a feature that permits or requires prepayment at an amount
which a financial asset is held, at a portfolio level because this that substantially represents the contractual par amount plus
best reflects the way the business is managed and information is accrued (but unpaid) contractual interest (which may also include
provided to Management. The information considered includes : reasonable additional compensation for early termination) is
treated as consistent with this criterion if the fair value of the
• The stated policies and objectives for the portfolio and the prepayment feature is insignificant at initial recognition.
operation of those policies in practice. These include whether
Management’s strategy focuses on earning contractual Non-derivative financial assets: Subsequent measurement and
interest income, maintaining a particular interest rate profile, gains and losses
matching the duration of the financial assets to the duration
Financial assets at amortized cost
of any related liabilities or expected cash outflows or realizing
cash flows through the sale of the assets. These assets are subsequently measured at amortized cost using
• How the performance of the portfolio is evaluated and the effective interest method. The amortized cost is reduced by
reported to the Company’s management. impairment losses. Interest income, foreign exchange gains and
• The risks that affect the performance of the business model losses and impairment are recognized in profit or loss. Any gain
(and the financial assets held within that business model) and or loss on derecognition is recognized in profit or loss.
how those risks are managed.
Non-derivative financial liabilities : Classification, subsequent
• How managers of the business are compensated – e.g.
measurement and gains and losses
whether compensation is based on the fair value of the assets
managed or the contractual cash flows collected. Financial liabilities are classified as measured at amortized
cost or FVTPL. A financial liability is classified as at FVTPL if it is
• The frequency, volume and timing of sales of financial assets
classified as held-for-trading, or it is designated as such on initial
in prior periods, the reasons for such sales and expectations
recognition. Financial liabilities at FVTPL are measured at fair
about future sales activity.
value and net gains and losses, including any interest expense,
are recognized in profit or loss. Directly attributable transaction (vi) Share capital
costs are recognized in profit or loss as incurred. Ordinary shares
Other financial liabilities are initially measured at fair value less Ordinary shares are classified as equity. Incremental costs directly
directly attributable transaction costs. They are subsequently attributable to the issue of ordinary shares are recognized as a
measured at amortized cost using the effective interest method. deduction from equity, net of any tax effects.
Interest expense and foreign exchange gains and losses are
recognized in profit or loss. These financial liabilities comprised 3.2 Property, plant and equipment
of trade and other payables. Recognition and measurement
(iii) Derecognition Property, plant and equipment are measured at cost less
accumulated depreciation and accumulated impairment losses.
Financial assets
The Company derecognizes a financial asset when: Cost includes expenditure that is directly attributable to the
acquisition of the asset. The cost of self-constructed assets
• the contractual rights to the cash flows from the financial includes the costs of materials and direct labor, any other costs
asset expire; or directly attributable to bringing the asset to a working condition
for their intended use, estimated costs of dismantling and
• it transfers the rights to receive the contractual cash flows in
removing the items and restoring the site on which they are
a transaction in which either,
located when the Company has an obligation to remove the
asset or restore the site, and capitalized borrowing costs.
– substantially all the risks and rewards of ownership of the
financial asset are transferred; or Purchased software, that is integral to the functionality of the
– the Company neither transfers nor retains substantially all related equipment, is capitalized as part of that equipment.
the risks and rewards of ownership, and it does not retain When parts of an item of property, plant and equipment have
control of the financial asset. different useful lives, they are accounted for as separate items
(major components) of property, plant and equipment.
Transferred assets are not derecognized when the Company The gain or loss on disposal of an item of property, plant and
enters into transactions, whereby it transfers assets recognized equipment (calculated as the difference between the net
in its statement of financial position, but retains either all or proceeds from disposal and the carrying amount of the item) is
substantially all of the risks and rewards of the transferred assets. recognized in profit or loss.
Financial liabilities Subsequent costs

The Company derecognizes a financial liability when its The cost of replacing a component of an item of property, plant
contractual obligations are discharged or cancelled or expire. and equipment is recognized in the carrying amount of the item,
The Company also derecognizes a financial liability when its if it is probable that the future economic benefits embodied
terms are modified and the cash flows of the modified liability within the component will flow to the Company, and its cost
are substantially different, in which case a new financial liability can be measured reliably. The carrying amount of the replaced
based on the modified terms is recognized at fair value. component is derecognized. The costs of the day-to-day
On derecognition of a financial liability, the difference between servicing of property, plant and equipment are recognized in
the carrying amount extinguished and the consideration paid profit or loss as incurred.
(including any non-cash assets transferred or liabilities assumed)
is recognized in profit or loss. Depreciation
Depreciation is based on the cost of an asset less its
(iv) Offsetting residual value. Significant components of individual assets
Financial assets and financial liabilities are offset and the are assessed and, if a component has a useful life that is
net amount presented in the statement of financial position different from the remainder of that asset, that component is
when, and only when, the Company currently has a legally depreciated separately.
enforceable right to set off the amounts and it intends either to Depreciation is recognized in the profit or loss on a straight-line
settle them on a net basis or to realize the asset and settle the basis to write down the cost of property, plant and equipment
liability simultaneously. to its estimated residual value over the estimated useful lives
(or lease term, if shorter) of each part of an item of property,
(v) Cash and cash equivalents plant and equipment.
Cash and cash equivalents comprise cash balances and short-
Depreciation is recognized from the date the property, plant
term deposits with maturities of three months or less, from the
and equipment are installed and ready for use, or in respect
date of acquisition, that are subject to an insignificant risk of
of internally constructed assets, from the date the asset is
changes in their fair value and are used by the Company in the
completed and ready for use. No depreciation is provided on
management of its short-term commitments.
construction work-in-progress until the related property, plant
and equipment is ready for use.
The estimated useful lives for the current and comparative improves such that there is no longer a significant increase in
years are as follows : credit risk since initial recognition, loss allowance is measured at
an amount equal to 12-month ECLs.
Buildings 1 to 6 years
The Company considers a financial asset to be in default when :
Leasehold improvements 5 years
Plant and machinery 5 years • the borrower is unlikely to pay its credit obligations to the
Computers and software 3 to 5 years Company in full, without recourse by the Company to actions
such as realizing security (if any is held); or
Office furniture and equipment 5 years
• the financial asset is more than a reasonable number of days
past due.
Depreciation methods, useful lives, and residual values
are reviewed at the end of each reporting period and The Company considers a contract asset to be in default when
adjusted if appropriate. the customer is unlikely to pay its contractual obligations to the
Company in full, without recourse by the Company to actions
such as realizing security (if any is held).
3.3 Impairment
(i) Non-derivative financial assets and contract assets The maximum period considered when estimating ECLs is
the maximum contractual period over which the Company is
The Company recognizes loss allowances for expected
exposed to credit risk.
credit losses (“ECLs”) on
Measurement of ECLs
• financial assets measured at amortized costs; and
• contract assets (as defined in SFRS(I) 15). ECLs are probability-weighted estimates of credit losses. Credit
losses are measured at the present value of all cash shortfalls
(i.e., the difference between the cash flows due to the entity
Loss allowances of the Company are measured on either of
in accordance with the contract and the cash flows that the
the following bases :
Company expects to receive). ECLs are discounted at the
effective interest rate of the financial asset.
• 12-month ECLs : These are ECLs that result from default
events that are possible within the 12 months after the
Credit-impaired financial assets
reporting date (or for a shorter period if the expected life of
the instrument is less than 12 months); or At each reporting date, the Company assesses whether financial
• Lifetime ECLs : These are ECLs that result from all possible assets carried at amortized cost are credit-impaired. A financial
default events over the expected life of a financial instrument asset is ‘credit-impaired’ when one or more events that have a
or contract asset. detrimental impact on the estimated future cash flows of the
financial asset have occurred.
Simplified approach Evidence that a financial asset is credit-impaired includes the
The Company applies the simplified approach to provide for following observable data :
ECLs for all trade receivables and contract assets. The simplified
approach requires the loss allowance to be measured at an • Significant financial difficulty of the borrower or issuer;
amount equal to lifetime ECLs. • A breach of contract, such as a default or is more than a
reasonable number of days past due.
General approach • The restructuring of a loan or advance by the Company on
The Company applies the general approach to provide for ECLs terms that the Company would not consider otherwise;
on all other financial instruments. Under the general approach, • It is probable that the borrower will enter bankruptcy or
the loss allowance is measured at an amount equal to 12-month other financial reorganization; or
ECLs at initial recognition. • The disappearance of an active market for a security because
At each reporting date, the Company assesses whether the credit of financial difficulties.
risk of a financial instrument has increased significantly since
initial recognition. When credit risk has increased significantly Presentation of allowance for ECLs in the statement of
since initial recognition, loss allowance is measured at an amount financial position
equal to lifetime ECLs. Loss allowances for financial assets measured at amortized
When determining whether the credit risk of a financial asset cost and contract assets are deducted from the gross carrying
has increased significantly since initial recognition and when amount of these assets.
estimating ECLs, the Company considers reasonable and
supportable information that is relevant and available without Write-off
undue cost or effort. This includes both quantitative and The gross carrying amount of a financial asset is written off
qualitative information and analysis, based on the Company’s (either partially or in full) to the extent that there is no realistic
historical experience and informed credit assessment and prospect of recovery. This is generally the case when the
includes forward-looking information. Company determines that the debtor does not have assets or
sources of income that could generate sufficient cash flows to
If credit risk has not increased significantly since initial repay the amounts subject to the write-off. However, financial
recognition or if the credit quality of the financial instruments assets that are written off could still be subject to enforcement
activities to comply with the Company’s procedures for employee in the periods during which related services are
recovery of amounts due. rendered to employees.
(ii) Non-financial assets 3.5 Provisions

The carrying amounts of the Company’s non-financial assets, A provision is recognized if, as a result of a past event, the
are reviewed at each Balance Sheet date to determine whether Company has a present legal or constructive obligation that
there is any indication of impairment. If any such indication can be estimated reliably, and it is probable that an outflow of
exists, then the asset’s recoverable amount is estimated. An economic benefits will be required to settle the obligation, and a
impairment loss is recognized if the carrying amount of an reliable estimate can be made of the amount of the obligation.
asset or its related cash-generating unit (“CGU”) exceeds its
estimated recoverable amount. 3.6 Leases
The recoverable amount of an asset or CGU is the greater of its At the inception of a contract, the Company assesses whether a
value in use and its fair value less costs of disposal. In assessing contract is, or contains, a lease. A contract is, or contains, a lease if
value in use, the estimated future cash flows are discounted to the contract conveys the right to control the use of an identified
their present value using a pre-tax discount rate that reflects asset for a period of time in exchange for consideration.
current market assessments of the time value of money and the
risks specific to the asset or CGU. For impairment testing, assets (i) As a lessee
that cannot be tested individually are grouped together into At the commencement or on modification of a contract that
the smallest group of assets that generates cash inflows from contains a lease component, the Company allocates the
continuing use that are largely independent of the cash inflows consideration in the contract to each lease component on the
of other assets or CGUs. basis of its relative standalone prices. However, for the leases
Impairment losses are recognized in profit or loss. Impairment of property, the Company has elected not to separate non-
losses recognized in respect of CGUs are allocated first to reduce lease components and account for the lease and non-lease
the carrying amount of any goodwill allocated to the CGU (group components as a single lease component.
of CGUs), and then to reduce the carrying amounts of the other The Company recognizes a right-of-use asset and a lease liability
assets in the CGU (group of CGUs) on a pro rata basis. at the lease commencement date. The right-of-use asset is
Impairment losses recognized in prior periods are assessed at initially measured at cost, which comprises the initial amount
each Balance Sheet date for any indications that the loss has of the lease liability adjusted for any lease payments made at
decreased or no longer exists. An impairment loss is reversed or before the commencement date, plus any initial direct costs
if there has been a change in the estimates used to determine incurred, and an estimate of costs to dismantle and remove the
the recoverable amount. An impairment loss is reversed only underlying asset or to restore the underlying asset or the site on
to the extent that the asset’s carrying amount does not exceed which it is located, less any lease incentives received.
the carrying amount that would have been determined, The right-of-use asset is subsequently depreciated using the
net of depreciation or amortization, if no impairment loss straight-line method from the commencement date to the end
had been recognized. of the lease term, unless the lease transfers ownership of the
underlying asset to the Company by the end of the lease term or
3.4 Employee benefits the cost of the right-of-use asset reflects that the Company will
Defined contribution plans exercise a purchase option. In that case, the right-of-use asset
A defined contribution plan is a post-employment benefit plan will be depreciated over the useful life of the underlying asset,
under which an entity pays fixed contributions into a separate which is determined on the same basis as those of property and
entity and will have no legal or constructive obligation to pay equipment. In addition, the right-of-use asset is periodically
further amounts. Obligations for contributions to defined reduced by impairment losses, if any, and adjusted for certain
contribution plans are recognized as an employee benefit remeasurements of the lease liability.
expense in profit or loss in the periods during which related The lease liability is initially measured at the present value of the
services are rendered by employees. lease payments that are not paid at the commencement date,
discounted using the interest rate implicit in the lease or, if that
Short-term employee benefits rate cannot be readily determined, the Company’s incremental
Short-term employee benefit obligations are measured on an borrowing rate. Generally, the Company uses its incremental
undiscounted basis, and are expensed as the related service is borrowing rate as the discount rate.
provided. A liability is recognized for the amount expected to be The Company determines its incremental borrowing rate by
paid under short-term cash bonus or profit-sharing plans if the obtaining interest rates from various external financing sources
Company has a present legal or constructive obligation to pay and makes certain adjustments to reflect the terms of the lease
this amount as a result of past service provided by the employee, and type of the asset leased.
and the obligation can be estimated reliably.
Lease payments included in the measurement of the lease
Training pool provisions liability comprise the following :
Training pool provisions are related to funds disbursed by its
former immediate holding company for the training of staff. A • Fixed payments, including in-substance fixed payments;
liability is recognized for the amount expected to be utilized • Variable lease payments that depend on an index or a
for the staff training and reduced by training attended by rate, initially measured using the index or rate as at the
commencement date;
• Amounts expected to be payable under a residual value price may be fixed or variable and is adjusted for time value
guarantee; and of money, if the contract includes a significant financing
• The exercise price under a purchase option that the Company component. Consideration payable to a customer is deducted
is reasonably certain to exercise, lease payments in an from the transaction price if the Company does not receive
optional renewal period if the Company is reasonably certain a separate identifiable benefit from the customer. When
to exercise an extension option, and penalties for early consideration is variable, the estimated amount is included in
termination of a lease unless the Company is reasonably the transaction price to the extent that it is highly probable
certain not to terminate early. that a significant reversal of the cumulative revenue will not
occur when the uncertainty associated with the variable
The lease liability is measured at amortized cost using the consideration is resolved.
effective interest method. It is remeasured when there is a Revenue may be recognized at a point in time or over time
change in future lease payments arising from a change in following the timing of satisfaction of the PO. If a PO is satisfied
an index or rate, either if there is a change in the Company’s over time, revenue is recognized based on the percentage
estimate of the amount expected to be payable under a residual of completion reflecting the progress towards complete
value guarantee, if the Company changes its assessment of satisfaction of that PO.
whether it will exercise a purchase, extension or termination
option or if there is a revised in-substance fixed lease payment.
3.9 Finance income and costs
When the lease liability is remeasured in this way, a The Company’s finance income and finance costs include :
corresponding adjustment is made to the carrying amount of the
right-of-use asset, or is recorded in profit or loss if the carrying • interest income; and
amount of the right-of-use asset has been reduced to zero. • interest expense.
The Company presents right-of-use assets that do not meet
the definition of investment property in ‘property, plant Interest income or expense is recognized using the
and equipment’ and lease liabilities in ‘lease liabilities’ in the effective interest method.
statement of financial position. The ‘effective interest rate’ is the rate that exactly discounts
estimated future cash payments or receipts through the
3.7 Government grants expected life of the financial instrument to :
Government grants related to assets are initially recognized as
deferred income at fair value when there is reasonable assurance • the gross carrying amount of the financial asset; or
that they will be received, and the Company will comply with • the amortized cost of the financial liability.
the conditions associated with the grant. These grants are then
recognized in profit or loss as ‘other income’ on a systematic In calculating interest income and expense, the effective interest
basis over the useful life of the asset. Grants that compensate the rate is applied to the gross carrying amount of the asset (when
Company for expenses incurred are recognized in profit or loss as the asset is not credit-impaired) or to the amortized cost of
deduction against salary cost on a systematic basis over financial the liability. However, for financial assets that have become
periods, unless the conditions for receiving the grant are met credit-impaired subsequent to initial recognition, interest
after the related expenses have been recognized. In this case, the income is calculated by applying the effective interest rate
grant is recognized when it becomes receivable. to the amortized cost of the financial asset. If the asset is no
longer credit-impaired, then the calculation of interest income
3.8 Revenue reverts to the gross basis.
Revenue from professional services and information technology
services in the ordinary course of business are recognized 3.10 Income tax
when the Company satisfies a performance obligation (‘PO’) Tax expense comprises current and deferred tax. Tax expense is
by transferring control of a promised good or service to the recognized in the profit or loss, except to the extent that it relates
customer. The amount of revenue recognized is the amount of to a business combination, to items recognized directly in equity
the transaction price allocated to the satisfied PO. or in other comprehensive income.
The transaction price is allocated to each PO in the contract Current tax is the expected tax payable on the taxable income for
on the basis of the relative standalone selling prices of the the year, using tax rates enacted or substantively enacted at the
promised goods and services. The individual standalone selling Balance Sheet date, and any adjustment to tax payable in respect
price of a good and service that has not previously been sold of previous years. The amount of current tax payable is the best
on a standalone basis, or has a highly variable selling price, is estimate of the tax amount expected to be paid that reflects
determined based on the residual portion of the transaction uncertainty related to income losses, if any.
price after allocating the transaction price to goods and / or
services with observable standalone selling prices. A discount Current tax assets and liabilities are offset only if certain
or variable consideration is allocated to one or more, but not all, criteria are met.
of the performance obligations if it relates specifically to those
Deferred tax is recognized in respect of temporary differences
performance obligations.
between the carrying amounts of assets and liabilities for
Transaction price is the amount of consideration in the contract financial reporting purposes and the amounts used for taxation
to which the Company expects to be entitled in exchange for purposes. Deferred tax is not recognized for temporary
transferring the promised goods and services. The transaction differences on the initial recognition of assets or liabilities in a
transaction that is not a business combination and that affects for all open tax years based on its assessment of many factors,
neither accounting nor taxable profit or loss. including interpretations of tax law and prior experience. This
assessment relies on estimates and assumptions, and may involve
Temporary differences in relation to a right-of-use asset and a
a series of judgements about future events. New information
lease liability for a specific lease are regarded as a net package
may become available that causes the Company to change its
(the lease) for the purpose of recognizing deferred tax.
judgement regarding the adequacy of existing tax liabilities, such
The measurement of deferred taxes reflects the tax changes to tax liabilities will impact tax expense in the period
consequences that would follow the manner in which the that such a determination is made.
Company expects, at the reporting date, to recover or settle
the carrying amount of its assets and liabilities. Deferred tax is 3.11 New standards and interpretations not adopted
measured at the tax rates that are expected to be applied to A number of new standards and amendments to standards are
temporary differences when they reverse, based on tax rates and effective for annual periods beginning after 1 April 2022 and
tax laws that have been enacted or substantively enacted by the earlier application is permitted. However, the Company has not
Balance Sheet date. early adopted the new or amended standards in preparing these
Deferred tax assets and liabilities are offset if there is a legally financial statements.
enforceable right to offset current tax liabilities and assets, and The following new SFRS(I)s and amendments to SFRS(I)s are
they relate to income taxes levied by the same tax authority on not expected to have a significant impact on the Company’s
the same taxable entity. financial statements.
A deferred tax asset is recognized for unused tax losses, tax
credits and deductible temporary differences, to the extent • Deferred tax related to assets and liabilities arising from a
that it is probable that future taxable profits will be available Single Transaction (Amendments to SFRS(I) 1-12)
against which temporary differences can be utilized. Deferred tax • Classification of liabilities as current or non-current
assets are reviewed at each Balance Sheet date, and are reduced (Amendments to SFRS(I) 1-1)
to the extent that it is no longer probable that the related tax • SFRS(I) 17 Insurance contracts and amendments to SFRS(I) 17
benefit will be realized. Insurance Contracts
In determining the amount of current and deferred tax, the • Disclosure of accounting policies (Amendments to SFRS(I) 1-1
Company considers the impact of uncertain tax positions, and SFRS(I) Practice Statement 2)
and whether additional taxes and interest may be due. The • Definition of accounting estimates (Amendments to SFRS(I)
Company believes that its accruals for tax liabilities are adequate 1-8)
4 Property, plant and equipment

(In SG$)
Office
Plant and Computers and improvement,
Particulars Building Total
machinery software furniture and
equipment
Cost
At 1 April 2021 5,602,637 54,300 25,426,322 2,136,203 33,219,462
Additions – – 216,483 5,736 222,219
Write off – – (2,876,320) – (2,876,320)
At 31 March 2022 5,602,637 54,300 22,766,485 2,141,939 30,565,361
At 1 April 2022 5,602,637 54,300 22,766,485 2,141,939 30,565,361
Additions 2,335,613 – 204,735 75,766 2,616,114
Write off – – (9,697,218) (47,296) (9,744,514)
At 31 March 2023 7,938,250 54,300 13,274,002 2,170,409 23,436,961
At 1 April 2021 1,529,870 24,985 24,634,905 1,860,987 28,050,747
Depreciation for the year 786,287 9,529 470,108 190,301 1,456,225
Write off – – (2,876,320) – (2,876,320)
At 31 March 2022 2,316,157 34,514 22,228,693 2,051,288 26,630,652
At 1 April 2022 2,316,157 34,514 22,228,693 2,051,288 26,630,652
Depreciation for the year 846,600 8,045 272,231 79,629 1,206,505
Write off – – (9,697,218) (47,296) (9,744,514)
At 31 March 2023 3,162,757 42,559 12,803,706 2,083,621 18,092,643
Office
Plant and Computers and improvement,
machinery software furniture and
equipment
Carrying amounts
At 1 April 2021 4,072,767 29,315 791,417 275,216 5,168,715
At 31 March 2022 3,286,480 19,786 537,792 90,651 3,934,709
At 31 March 2023 4,775,493 11,741 470,296 86,788 5,344,318
As at 31 March 2023, property, plant and equipment includes right-of-use assets of SG$ 4,775,493 (2022 : SG$ 3,286,480) and SG$ 43,920
(2022 : SG$ 17,225) related to leased building and office equipment and furniture respectively.
5 Trade and other receivables

(In SG$)
As at March 31,
Particulars
Note 2023 2022
Current assets
Trade receivables
Ultimate holding company 294,034 431,278
Related corporations 21,570,390 11,135,036
Third parties 3,856,108 1,574,186
14 25,720,532 13,140,500
Accrued revenue 14 5,580,130 4,926,401
Deposits 361,778 291,436
Other receivables 252,015 14,096
Non-trade receivables
Immediate holding company 640,075 –
Financial assets at amortized cost 32,554,530 18,372,433
Prepayments 5,060,790 4,130,107
37,615,320 22,502,540
The Company’s exposure to credit and currency risks, and impairment losses for trade and other receivables are disclosed in note 13.
Non-trade amount due from immediate holding company is unsecured, interest-free and repayable on demand.
6 Cash and cash equivalents

(In SG$)
As at March 31,
Particulars
2023 2022
Cash at bank 1,272,428 6,917,619
Fixed deposits 32,896,482 21,033,967
34,168,910 27,951,586
The weighted average effective interest rate relating to fixed deposits at the Balance Sheet date for the Company are 3.00% – 4.66%
(2022: 0.01% – 0.10%) per annum.
Included in the Company’s cash and cash equivalents are amounts of SG$ 34,168,910 (2022 : SG$ 27,951,586) placed with a financial
institution who is also a related corporation.
7 Share capital
(In SG$)
As at March 31,
Particulars
2023 2022
No. of shares No. of shares
Ordinary shares
At 1 April and 31 March 1,000,000 1,000,000
The holder of ordinary shares is entitled to receive dividends as declared from time to time, and is entitled to one vote per share at
meetings of the Company. All shares rank equally with regards to the Company’s residual assets.
All issued shares are fully paid.
Dividends
The following exempt (one-tier) dividends were declared and paid by the Company :
(In SG$)

Particulars
2023 2022
Paid by the Company to the owners of the Company
SG$ Nil per ordinary share (2022 : SG$ 20 per ordinary share) – 20,000,000
8 Deferred tax assets and liabilities

Deferred tax assets and liabilities are attributable to the following:
(In SG $)
Assets Liabilities
Particulars
2023 2022 2023 2022
Plant and equipment – – 86,921 105,232
Employee benefits (547,881) (1,009,785) – –
Trade receivable (23,680) (32,464) – –
Deferred tax (assets) / liabilities (571,561) (1,042,249) 86,921 105,232
Movement in deferred tax balances during the year:
(In SG$)
Recognized in Recognized in
Particulars At April 1, 2021 profit or loss (note At March 31, 2022 profit or loss (note At March 31, 2023
17) 17)
Plant and equipment 168,003 (62,771) 105,232 (18,311) 86,921
Employee benefits (1,007,944) (1,841) (1,009,785) 461,904 (547,881)
Trade receivable (58,521) 26,057 (32,464) 8,784 (23,680)
(898,462) (38,555) (937,017) 452,377 (484,640)
9 Trade and other payables
(In SG$)
As at March 31,
Particulars
2023 2022
Trade payables :
Ultimate holding company 9,805,159 1,491,074
Immediate holding company 3,141,244 935,266
Related corporations 726,249 108,476
Third parties 1,129,462 414,613
Other payables 2,247,616 1,275,446
Accruals 6,479,794 10,466,155
Non-trade payables :
Ultimate holding company 175,489 20,797
Related corporations – 74,336
23,705,013 14,786,163
Non-trade amounts due to ultimate holding company are unsecured, interest-free and repayable on demand.
Non-trade amounts due to related corporations were unsecured, interest-free and fully repaid during the year.
The Company’s exposure to liquidity risk related to trade and other payables is disclosed in note 13.
10 Employee benefits
(In SG$)
As at March 31,
Particulars
2023 2022
Current
Short-term accumulating compensated absences 1,514,986 1,336,354
Training plan 711,150 547,565
Bonus plan – 36,824
2,226,136 1,920,743
Non-current
Training plan 185,604 533,041
11 Provision for reinstatement cost

The movement for provision for reinstatement and redecoration of office premise is as follows :
(In SG$)
As at March 31,
Particulars
2023 2022
Non-current
Beginning of financial year 291,463 285,249
Unwind of discount 7,404 6,214
End of financial year 298,867 291,463
This provision relates to cost of dismantling and removing assets, and restoring the premise to its original condition as stipulated in the
operating lease agreement. The Company expects to incur the liability upon termination of the lease. The provision is measured at the
best estimate of the expenditure required and timing of outflows, to settle the present obligation at the end of each reporting period.
12 Lease liabilities
(In SG$)
As at March 31,
Particulars
2023 2022
Current 770,083 784,163
Non-current 4,094,344 2,561,746
4,864,427 3,345,909
Information about the Company’s exposure to interest rate and liquidity risk is included in note 13.
Terms and debt repayment schedule

Terms and conditions of outstanding loans and borrowings are as follows :
(In SG $)
Particulars Currency Nominal interest rate Year of maturity Face value Carrying amount
2023
Lease liabilities SGD 1.58% - 4.10% 2024 - 2029 5,481,552 4,864,427
2022
Lease liabilities SGD 1.58% – 2.63% 2023 – 2026 3,495,158 3,345,909
Reconciliation of movements of liabilities to cash flows arising 13 Financial instruments

from financing activities is as follows :
Overview
(In SG$) The Company has exposure to the following risks from its use of
Lease financial instruments :
Particulars
liabilities
Balance at 1 April 2021 4,130,005 • Credit risk
• Liquidity risk
Changes from financing cash flows
• Market risk
Payment of lease liabilities (784,096)
Interest paid (79,683) This note presents information about the Company’s exposure to
Total changes from financing cash flows (863,779) each of the above risks, the Company’s objectives, policies and
processes for measuring and managing risk, and the Company’s
Other changes management of capital.
Interest expense 79,683
Total other changes 79,683 Risk management framework
Balance at 31 March 2022 3,345,909 The Board of Directors oversees the management in monitoring
compliance with the Company’s risk management policies and
Balance at 1 April 2022 3,345,909
procedures, and reviews the adequacy of the risk management
Changes from financing cash flows framework in relation to the risks faced by the Company.
Payment of lease liabilities (873,047)
Interest paid (74,272) Credit risk
Credit risk is the risk of financial loss to the Company if a
Total changes from financing cash flows (947,319)
customer or counterparty to a financial instrument fails to
Other changes meet its contractual obligations and arises principally from the
Reassessment of lease 2,391,565 Company’s loans and receivables. The Company does not hold
any collateral in respect of their financial assets.
Interest expense 74,272
Total other changes 2,465,837 Exposure to credit risk
Balance at 31 March 2023 4,864,427 The Company limits its exposure to credit risk by mainly investing
in low-risk funds managed by Singapore financial institutions.
In 2023, the Company has exercised its renewal option relating The carrying amount of financial assets represents the maximum
to lease of its office premise for another 3 years, resulting credit exposure. The maximum exposure to credit risk at the
in an increase of lease liabilities and right-of-use assets reporting date was as follows :
amounting to SG$ 2,391,565.
Expected credit loss assessment for trade receivables, The Company believes that the unimpaired amounts, that are
accrued revenue and contract assets. past due by more than 60 days, are still collectible in full, based
on historic payment behavior and analysis of customer credit risk,
The Company uses a provision matrix to measure the lifetime
including underlying customers’ credit ratings, when available.
credit loss allowance for trade receivables, accrued revenue
and contract assets. In measuring the expected credit
losses, trade receivable and contract assets are grouped Non-trade receivables due from immediate holding
based on shared credit risk characteristics, such as customer company
types and days past due. The Company considers the non-trade amounts due from
immediate holding company to have a low credit risk by taking
In calculating the expected credit loss rates, the Company
into consideration the financial ability of the immediate holding
considers loss rates for each category of customers, based on
company to settle the amount due from it on estimating the risk
actual credit loss experience for the last three years. The resultant
of default used in measuring ECL. The resultant loss allowance is
impact arising from expected credit loss was not material.
expected to be insignificant.
The information about the exposure to credit risk for trade
receivables, accrued revenue and contract assets as at 31 Other financial assets
March is as follows :
Impairment loss on these other financial assets have been
measured on the 12-month expected loss basis and reflects the
(In SG$)
short-term maturities of the exposures. The Company considers
Lifetime that remaining receivables to have low credit risk based on the
Lifetime ECL –
Particulars ECL – credit external credit ratings of the counterparties.
not impaired
impaired
2023 Cash and cash equivalents
Current (not past due) 29,429,846 – Cash and fixed deposits are placed with banks and financial
institutions which are regulated. At the Balance Sheet date,
1 – 30 days past due 1,709,597 –
100% (2022: 100%) of the Company’s cash and cash equivalents
31 – 60 days past due 543,102 – are placed with financial institutions with credit-rating of A-1
More than 60 days past due 1,601,794 139,295 and above. Impairment on cash and cash equivalents has been
measured on the 12-month expected loss basis, and reflects the
Gross carrying amount 33,284,339 139,295
short maturities of the exposures. The Company considers that
Loss allowance – (139,295) its cash and cash equivalents have low credit risk based on the
Carrying amount 33,284,339 – external credit ratings of the counterparties.
2022
Liquidity risk
Current (not past due) 18,896,447 –
Liquidity risk is the risk that the Company will encounter difficulty
1 – 30 days past due 2,416,321 – in meeting the obligations associated with its financial liabilities
31 – 60 days past due 276,597 – that are settled by delivering cash or another financial asset.
More than 60 days past due 377,807 190,964 The Company’s objective when managing liquidity is to ensure,
Gross carrying amount 21,967,172 190,964 as far as possible, that it will always have sufficient liquidity to
– (190,964)
meet its liabilities when due, under both normal and stressed
Loss allowance
conditions, without incurring unacceptable losses or risking
Carrying amount 21,967,172 – damage to the Company’s reputation.
Movements in allowance for impairment in respect of

trade receivables
The movement in the allowance for impairment in respect of
trade receivables during the year was as follows :
(In SG$)
As at March 31,
Particulars
2023 2022
Balance as at 1 April 190,964 344,244
Reversal of impairment losses (40,280) (86,815)
previously recognized
Bad debts written off (11,389) (66,465)
Balance as at 31 March 139,295 190,964
Exposure to liquidity risk
The contractual maturities of financial liabilities, including estimated interest payments and excluding the impact of netting
agreements are as follows :
(In SG $)
Contractual
Particulars Carrying amount Within 1 year 2 to 5 years
cashflow
31 March 2023
Non-derivative financial liability
Trade and other payables 23,705,013 (23,705,013) (23,705,013) –
Lease liabilities 4,864,427 (5,481,552) (947,171) (4,534,381)
28,569,440 (29,186,565) (24,652,184) (4,534,381)
31 March 2022
Non-derivative financial liability
Lease liabilities 3,345,909 (3,495,158) (847,029) (2,648,129)
18,132,072 (18,281,321) (15,633,192) (2,648,129)
Market risk
Market risk is the risk that changes in market prices, such as foreign exchange rates will affect the Company’s income or the value of
its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within
acceptable parameters, while optimizing the return.
Currency risk
As at Balance Sheet date, the Company is not exposed to significant currency risks.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flow of the Company’s financial instruments will fluctuate because of changes
in market interest rates. As at Balance Sheet date, the Company is not exposed to significant interest rate risk.
Capital management
The capital management of the Company is determined and managed by the immediate holding company as part of the operations of
the Company. The Company’s capital comprises its share capital and accumulated profits.
There were no changes in the Company’s approach to capital management during the year.
Accounting classifications and fair values

The carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy are as
follows. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying
amount is a reasonable approximation of fair value.
(In SG$)
Financial assets at Other financial Total carrying

Particulars Note
amortized cost liabilities amounts
2023
Financial assets not measured at fair value
Trade and other receivables (excluding prepayments) 5 32,554,530 – 32,554,530
Cash and cash equivalents 6 34,168,910 – 34,168,910
66,723,440 – 66,723,440
Financial liabilities not measured at fair value
Trade and other payables 9 – 23,705,013 23,705,013
Financial assets at Other financial Total carrying
Particulars Note
amortized cost liabilities amounts
2022
Financial assets not measured at fair value
Trade and other receivables (excluding prepayments) 5 18,372,433 – 18,372,433
Cash and cash equivalents 6 27,951,586 – 27,951,586
46,324,019 – 46,324,019
Financial liabilities not measured at fair value
Trade and other payables 9 – 14,786,163 14,786,163
The notional amounts of financial assets and liabilities with a maturity of less than one year (including trade and other receivables, cash
and cash equivalents, and trade and other payables) are assumed to approximate their fair values because of the short period of maturity.
14 Revenue
(In SG$)
As at March 31,
Particulars
2023 2022
Professional services fee income 57,301,018 44,596,469
Smart messaging services fee income 8,926,032 11,374,687
Utility computing services fee income 27,371,241 28,146,456
IT security services fee income 8,911,478 8,363,805
102,509,769 92,481,417
The information about the nature and timing of the satisfaction of performance obligations in contracts with customers, including
significant payment terms, and the related revenue recognition policies is as follows :
Revenue stream
Nature of goods or services The Company generates revenue from providing IT consultancy services (which includes professional
service, smart messaging services, utility computing services and IT security services).
When revenue is recognized Revenue is recognized when these services are delivered to the customer and all criteria for acceptance
have been satisfied.
These contracts qualify for over time revenue recognition and the Company generally has enforceable
rights to payment for performance completed till date. The stage of completion is assessed by reference
to the contract effort incurred till date in proportion to the estimated total effort of each contract.
Significant payment terms Payment is due either when services are rendered to the customers or when milestones are met or
progress billing to the customer are based on a payment schedule in the contract that is dependent on
the achievement of specified milestones. If the value of the services rendered exceeds the payments
received from the customer, a contract asset is recognized.
Obligations for returns and Revenue is recognized to the extent that it is highly probable that a significant reversal in the amount of
refunds, if any cumulative revenue recognized will not occur. Therefore, the amount of revenue recognized is adjusted
based on availability of supporting documents.
The Company reviews its estimate of revenue at each reporting date and updates the amounts of the
assets and liabilities accordingly.
Disaggregation of revenue from contracts with customers

In the following table,revenue from contracts with customers is disaggregated by primary geographical markets, major products
and service lines and timing of revenue recognition. The table also includes a reconciliation of the disaggregated revenue with the
Company’s reportable segments.
(In SG$)
IT consultancy
2023 2022
Primary geographical markets
Singapore 102,509,769 92,481,417
2023 2022
Major products / service line
Sale of services 102,509,769 92,481,417
Timing of revenue recognition
Products and services transferred over time 102,509,769 92,481,417
Contract balances
The information about receivables, contract assets and contract liabilities from contracts with customers is as follows :
(In SG$)
Note As at March 31,

Particulars
2023 2022
Trade receivables 5 25,720,532 13,140,500
Accrued revenue 5 5,580,130 4,926,401
Contract assets 1,983,677 3,900,271
Contract liabilities (9,451,995) (3,179,963)
23,832,344 18,787,209
The contract assets primarily relate to the Company’s rights to consideration for work completed but not billed at the reporting
date on services rendered, and project completion. The contract assets are transferred to trade receivables when the rights become
unconditional. This usually occurs when the Company invoices the customer.
The contract liabilities primarily relate to advance consideration received from customers for projects over a period of time.
Significant changes in the contract assets and the contract liabilities balances during the year are as follows :
(In SG$)
Contract assets Contract liabilities

Particulars
2023 2022 2023 2022
Revenue recognized that was included in the contract liability – – 2,331,175 2,783,485
balance at the beginning of the year
Increase due to cash received, excluding amounts recognized – – (8,603,207) (2,726,512)
as revenue during the year
Contract assets reclassified to trade receivable (3,900,271) (6,151,161) – –
Changes in measurement of progress 1,983,677 3,900,271 – –
Actual agreements and service orders are used to estimate the total contract costs to complete. In making these estimates, Management
has relied on the expertise of project managers as well as timesheets to determine the progress of the projects. The estimated total
contract costs are reviewed every reporting period and adjusted where necessary, with the corresponding adjustment to profit margin
being recognized prospectively from the date of change.
Transaction price allocated to the remaining performance obligations

The following table includes revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or
partially satisfied) at the reporting date.
(In SG$)
Particulars 2024 2025 2026 Total

2023
IT consultancy services 45,142,586 21,997,901 50,210,773 117,351,260
Particulars 2023 2024 2025 Total

2022
IT consultancy services 15,237,133 4,903,518 625,571 20,766,222
Variable consideration, that is constrained and, therefore, not included in the transaction price, is excluded from the
amount presented above.
The Company applies the practical expedient in paragraph 121 of SFRS(I) 15 and does not disclose information about its remaining
performance obligations if :
• the performance obligation is part of a contract that has an original expected duration of one year or less; or
• the Company has a right to invoice a customer in an amount that corresponds directly with its performance to date, then it
recognizes revenue in that amount.
15 Finance income and costs

(In SG$)
As at March 31,
Particulars
2023 2022
Interest income under the effective interest method on:
Fixed deposits 362,916 11,322
Finance income 362,916 11,322
Lease liabilities (74,272) (79,683)
Unwind of discount for provision for reinstatement cost (7,404) (6,214)
Finance costs (81,676) (85,897)
Net finance costs 281,240 (74,575)
16 Profit before income tax

The items that have been included in arriving at profit before income tax are as follows :
(In SG$)
As at March 31,
Particulars
2023 2022
Depreciation of plant and equipment 1,206,505 1,456,225
Staff costs 39,841,819 35,468,292
Contributions to defined contribution plans, included in staff costs 2828,711 2,731,389
Government grant income, included in staff cost (594,268) (471,542)
Provision made for unconsumed leave 655,910 1,955,802
Legal and professional fee 973,719 1,800,596
In 2023, the Company has received government grant income related to Job Growth Incentive, an incentive to support employers to
expand local hiring amounting to SG$ 594,268 (2022: Job Growth Incentive of SG$ 471,542).
17 Income tax expense
(In SG$)
Note As at March 31,

Particulars
2023 2022
Current tax expense
Current year 741,133 2,337,525
Over provision in prior years (406,316) (511,979)
334,817 1,825,546
Deferred tax expense
Origination and reversal of temporary differences 8 452,377 (38,555)
Income tax expense 787,194 1,786,991
Reconciliation of effective tax rate
Income tax using Singapore tax rate of 17% (2022 : 17%) 1,184,825 2,204,591
Tax incentives (36,291) (40,366)
Non-deductible expenses 62,424 65,134
Income not subject to tax (17,425) (17,425)
Others (23) 87,036
Over provision in prior years (406,316) (511,979)
787,194 1,786,991
18 Leases
Leases as lessee (SFRS(I) 16)
The Company leases office and office equipment. The leases typically run for a period of three years, with an option to renew the
lease after that date.
The office leases were entered into many years ago and were classified previously as operating leases under SFRS(I) 1-17.
Information about leases for which the Company is a lessee is is as follows :
(In SG$)
Office furniture
and equipment
Balance at 1 April 2022 3,286,480 17,225 3,303,705
Depreciation charge for the year (846,600) (29,257) (875,857)
Reassessment of right-of-use assets 2,193,644 – 2,193,644
Additions to right-of-use assets 141,969 55,952 197,921
Balance at 31 March 2023 4,775,493 43,920 4,819,413
Balance at 1 April 2021 4,072,767 47,042 4,119,809
Depreciation charge for the year (786,287) (29,817) (816,104)
Balance at 31 March 2022 3,286,480 17,225 3,303,705
Amounts recognized in profit or loss

(In SG$)
As at March 31,
Particulars
2023 2022
Leases under SFRS(I) 16
Interest on lease liabilities 74,272 79,683
Amounts recognized in statement of cash flows Other related party transactions
(In SG $) For the purpose of these financial statements, parties are
As at March 31, considered to be related to the Company if the Company has
Particulars the ability, directly or indirectly, to control the party or exercise
2023 2022 significant influence over the party in making financial and
Total cash outflow for leases 947,319 863,779 operating decisions, or vice versa, where the Company and the
party are subject to common control or common significant
Extension options influence. Related parties may be individuals or other entities.
Some property leases contain extension options exercisable by Other than as disclosed elsewhere in the financial statements,
the Company up to three months before the end of the non- the transactions with related parties during the year based on
cancellable contract period. Where applicable, the Company terms agreed between the parties are as follows :
seeks to include extension options in new leases to provide
operational flexibility. The extension options held are exercisable (In SG$)
only by the Company and not by the lessors. The Company As at March 31,
assesses at the lease commencement date, whether it is Particulars
2023 2022
reasonably certain to exercise options. The Company reassesses
whether it is reasonably certain to exercise the options, if there Ultimate holding company
is a significant event or significant changes in circumstances Professional services fee 3,821,844 3,546,707
within its control. income
The Company has estimated that the potential future lease Smart messaging services fee 143,365 –
payments, should it exercise the extension option, would result income
in an increase in lease liability of SG$ 110,994 (2022 : SG$ 0). Utility computing services fee 282,488 –
income
19 Commitments IT security services fee income 16,255 –
License and Maintenance contracts Reimbursement of expenses (114) (120,602)
The Company has entered into contracts for the license and Manpower cost recovery (23,743,961) (14,675,851)
maintenance of certain software and equipment. The non- Immediate holding company
cancellable expenses are payable as follows : Manpower cost recovery (4,403,595) (2,650,443)
(In SG$) Related corporations
As at March 31, Professional services fee 39,995,964 36,894,854

Particulars income
2023 2022
Smart messaging services fee 8,500,634 10,849,675
Within one year 1,532,438 3,770,286 income
Between one and five years 915,277 1,470,467 Utility computing services fee 26,414,416 27,961,128
2,447,715 5,240,753 income
IT security services fee income 8,704,544 7,178,176
20 Related parties Manpower cost recovery (1,036,330) (617,370)
Key management personnel compensation Information technology (4,592,516) (4,142,373)
services and internet services
Key management personnel of the Company are those persons
expense
having the authority and responsibility for planning, directing
and controlling the activities of the entity. The directors
and executive officers are considered as key management 21 Critical accounting estimates, assumptions
personnel of the Company. and judgements
Key management personnel compensation comprised: Estimates, assumptions and judgements are continually
evaluated, and are based on historical experience and other
(In SG$) factors, including expectations of future events that are believed
As at March 31, to be reasonable under the circumstances.
Particulars
2023 2022 Information about assumptions and estimation uncertainties,
Short-term employee benefits 1,638,433 2,185,717 that have a significant risk of resulting in a material adjustment
within the next financial year and critical judgements in
Contributions to 11,768 39,884
applying accounting policies that have the most significant
defined contribution plans effect on the amounts recognized in the financial statements
1,650,201 2,225,601 are discussed below :
No directors fees was proposed in respect of the financial year

ended 31 March 2023 (2022 : SG$ 0).
Impairment of financial assets
The Company maintains impairment loss at a level considered
adequate to provide for potential uncollectible receivables.
The level of this allowance is evaluated by the Company based
on factors that affect the collectability of the accounts. These
factors include, but not limited to, the length of the Company’s
relationship with the debtors, their payment behavior and
known market factors. The Company reviews the age and status
of receivables and identifies accounts which require allowance
to be made on a continuous basis. The amount and timing of
recorded expenses for any period would differ if the Company
made different judgement or utilized different estimates. An
increase in the Company’s impairment loss would increase the
Company’s recorded other expenses and decrease current assets.
IT consultancy services contracts

The Company accounts for revenue and profit based on the stage
of completion of individual contracts. The amount of revenue
and profit recognized depends on Management’s assessment on
the stage of completion and the forecast profit of each contract.
Changes in conditions and circumstances over time can result in
variations to the original terms, including cost overruns which
may require further negotiation and settlements resulting in
penalties and provision for losses.
Significant judgements are used to estimate total contract costs
to complete. The estimated total contract costs are reviewed
every reporting period, and adjusted where necessary, with the
corresponding adjustment to profit margin being recognized
prospectively from the date of change.
Infosys Technologies S. de R. L. de C. V.
Infosys Subsidiary Financials Report 2022-23 Infosys Technologies S. de R. L. de C. V. | 341

To the Board of Managers and Partners of Infosys Technologies, S. de R. L. de C. V.
Opinion
We have audited the financial statements of Infosys Technologies, S. de R. L. de C. V. (the “Entity”), which comprise the statements of
financial position as of December 31, 2022, and 2021, and the statements of income, the statements of changes in partner’s interest
and the statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant
accounting policies.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Entity
as of December 31, 2022 and 2021, and its financial performance and its cash flows for the year then ended in accordance
with Mexican Financial Reporting Standards (MFRS’s) issued by the Mexican Board for Research and Development of Financial
Reporting Standards (CINIF).
Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISA’s). Our responsibilities under those standards are
further described in the Auditors’ Responsibilities for the Audit of Financial Statements section of our report. We are independent of the
Entity in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA
Code) together with the Code of Ethics issued by the Mexican Institute of Public Accountants (IMCP Code), and we have fulfilled our other
ethical responsibilities in accordance with the IESBA Code and with the IMCP Code.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other Matters
The accompanying financial statements have been prepared in English for the convenience of readers.
Management is responsible for the preparation and fair presentation of the financial statements in accordance with MFRS’s, and for such
internal control as management determines is necessary to enable the preparation of financial statements that are free from material
In preparing the financial statements, management is responsible for assessing the Entity’s ability to continue as a going concern,
intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Entity’s financial reporting process.
Auditors’ Responsibilities for the Audit of the Financial Statements

level of assurance but is not a guarantee that an audit conducted in accordance with ISA’s will always detect a material misstatement
As part of an audit in accordance with ISA’s, we exercise professional judgment and maintain professional skepticism
– I dentify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform
– Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity’s internal control.
– Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures
made by management.
– Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence
obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s Group’s
conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions may
cause the Entity to cease to continue as a going concern.
342 | Infosys Technologies S. de R. L. de C. V. Infosys Subsidiary Financials Report 2022-23

– E valuate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the
Galaz, Yamazaki, Ruiz Urquiza, S. C.

Affiliates of a Member Firm of Deloitte Touche Tohmatsu Limited
C.P.C. Jaime Núñez Valdés
Monterrey, Nuevo Leon, México
May 31, 2023

Statements of Financial Position
(In MXN)
As at December 31,
2022 2021
Assets
Current assets:
Cash 173,652,758 585,304,440
Accounts receivable, net 5, 6 131,622,594 178,600,485
Unbilled receivables 188,756,784 233,101,507
Loans to related party 7 556,194,799 –
Other receivables 6,128,295 5,117,604
Income tax receivable 20,867,384 –
Prepayments 3g 22,758,096 10,662,182
Current portion of the deferred contract cost 3h 30,644,839 15,574,897
Total current assets 1,130,625,549 1,028,361,115
Computer equipment and furniture and equipment, net 9 31,039,990 18,635,677
Lease right-of-use assets 10 69,442,076 82,521,339
Deferred employee statutory profit sharing 14 11,643,950 12,340,606
Deferred income taxes 16 35,389,323 39,501,097
Guarantee deposits 2,364,553 2,356,992
Deferred contract cost 3h – 25,958,161
Total assets 1,280,505,441 1,209,674,987
Liabilities and Partner’s interest
Current liabilities:
Trade accounts payable 6, 8 42,915,953 6,889,305
Direct employee benefits 13 16,883,968 32,957,316
Taxes payable 12 51,786,421 68,284,503
Employee statutory profit sharing 3l 13,168,861 20,604,872
Deferred revenue 3h 18,482,283 29,832,194
Current portion of the financial liability under revenue contracts 3j 14,066,047 8,455,072
Employee benefits 3l 25,588,808 21,763,225
Financial liability under revenue contracts 3j 19,836,802 33,903,258
Partner’s interest 15
Contributed capital 175,000,000 175,000,000
Total partner’s interest 992,923,840 891,126,834
Total Liabilities and Partner’s Interest 1,280,505,441 1,209,674,987
Commitments and contingent liabilities 17

Statements of Income
(In MXN)

Particulars Notes
2022 2021
Service revenues 1,311,997,676 1,221,967,723
Operating expenses:
Salaries and related costs 942,080,331 705,235,696
Services 111,808,659 191,290,473
Depreciation 14,347,392 7,011,111
Depreciation of lease right-of-use assets 10 19,502,907 18,397,331
Employee statutory profit sharing 9,621,793 20,143,443
Other 59,990,467 55,511,986
Total operating expenses 1,157,351,549 997,590,040
Operating income 154,646,127 224,377,683
Comprehensive financial results:
Foreign exchange loss (29,201,433) (6,203,481)
Interest attributable to lease liabilities 11 (6,517,677) (6,931,819)
Interest income 26,478,477 14,411,030
Comprehensive financial results, net (9,240,633) 1,275,730
Income before income taxes 145,405,494 225,653,413
Income taxes 16 43,608,488 54,830,034
Net income 101,797,006 170,823,379

Statements of Changes in Partner’s Interest
(In MXN)
Contributed Total partner’s

Particulars Retained earnings
capital interest
Balances as of January 1, 2021 175,000,000 545,303,455 720,303,455
Net comprehensive income (note 15 b) – 170,823,379 170,823,379
Balances as of December 31, 2021 175,000,000 716,126,834 891,126,834
Net comprehensive income (note 15 b) – 101,797,006 101,797,006
Balances as of December 31, 2022 175,000,000 817,923,840 992,923,840

Statements of Cash Flows
(In MXN)

Particulars
2022 2021
Income before income taxes 145,405,494 225,653,413
Items relating to investing activities:
Depreciation 14,347,392 7,011,111
Depreciation of lease right-of-use assets 19,502,907 18,397,331
Interest income (26,478,477) (14,411,030)
Lease interest 6,517,677 6,931,819
159,294,993 243,582,644
Accounts receivable 46,977,891 (72,583,388)
Other receivables and prepayments (13,106,605) (3,151,597)
Guarantee deposits (7,561) (53,154)
Trade accounts payable 36,026,647 1,880,061
Direct employee benefits (16,073,348) (8,253,195)
Income tax and other taxes paid (52,265,545) (31,826,332)
Employee statutory profit sharing (7,436,011) 1,846,805
Employee benefits 3,825,583 6,715,748
Deferred contract assets 10,888,219 (41,533,058)
Net cash provided by operating activities 168,124,263 96,624,534
Interest received 26,478,477 14,411,030
Loans to related party (556,194,799) –
Expenditure on computer equipment, furniture and equipment (17,643,552) (10,148,307)
Net cash (used in) / provided by investing activities (547,359,874) 4,262,723
Financial liability under revenue contracts (8,455,481) 42,358,330
Net cash (used in)/ provided by financing activities (32,416,071) 19,755,955
Net (decrease)/ increase in cash (411,651,682) 120,643,212
Cash at beginning of year 585,304,440 464,661,228
Cash at end of year 173,652,758 585,304,440

For the years ended December 31, 2022 and 2021 f. Classification of costs and expenses
(In Mexican pesos) Given that the Entity is a service entity, ordinary costs and
expenses are presented based on their nature, in order to present
the information clearer.
1. Activities
Infosys Technologies, S. de R. L. de C. V. (the Entity), is an g. Operating income
incorporated Entity under the laws of Mexico. The address of Additionally, the “Operating income” line item is included, which
the Entity is Boulevard Gustavo Díaz Ordaz 130 west, 18th floor, results from subtracting the expenses from service income as this
Santa María, Monterrey, Nuevo León. The Entity is a subsidiary line item is considered to provide a better understanding of the
of Infosys Limited, and its main activity is to provide services Entity’s economic and financial performance.
of advice, operational support personnel trained in the area
of design, development, implementation and adaptation of
business solutions related to information technology.
3. Summary of significant accounting policies
The accompanying financial statements have been prepared
2. Basis of preparation in conformity with MFRS, which require that management
make certain estimates and use certain assumptions that affect
a. Explanation for preparation into English the amounts reported in the financial statements and their
The accompanying financial statements have been prepared in related disclosures; however, actual results may differ from such
English for convenience of readers. These financial statements estimates. The Entity’s management, upon applying professional
are presented on the basis of Mexican Financial Reporting judgment, considers that estimates made and assumptions
Standards (“MFRS”), which are comprised of accounting used were adequate under the circumstances. The significant
standards that are individually referred to as Normas de accounting policies of the Entity are as follows:
Información Financiera or “NIFs”. Certain accounting practices
applied by the Entity that conform with MFRS may not a. Accounting changes –
conform with accounting principles generally accepted in Effective as of January 1, 2023, although early adoption is
the country of use. permitted during 2022:
b. Monetary unit of the financial statements NIF B-7, Business acquisitions – Includes jointly-controlled
transactions and mergers performed for restructuring purposes
The financial statements and notes as of December 31, 2022 within the scope of this standard. An “accounting value
and 2021 and for the years then ended include balances and method” is established for recognizing business acquisitions
transactions denominated in Mexican pesos of different performed between jointly-controlled entities, except when
purchasing power. Cumulative inflation rates over the previous the acquiring entity has minority stockholders whose equity
three-year periods ended December 31, 2022 and 2021 were is affected by the acquisition or when the acquiring entity is
1% and 13.86%, respectively. Accordingly, the economic listed on a stock market.
environment is not inflationary in either such period and no
inflationary effects were recognized in the accompanying NIF B-15, Translation of foreign currencies - The amendments
consolidated financial statements. Inflation rates for the indicate that when the recording currency and reporting
years ended December 31, 2022 and 2021 were 7.82% and currency are the same, entities may apply a practical expedient
7.35%, respectively. of not remeasuring to the functional currency and presenting
the financial statements based on information prepared
c. Going concern by using the recording currency, as long as the financial
statements are exclusively intended for the legal and tax
The financial statements have been prepared by
purposes of entities which:
Management under the assumption that the Entity will
continue as a going concern. a) Are individual entities without subsidiaries or a holding
company, or users that require complete financial
d. Translation of foreign currency statements prepared by considering the effects arising from
The financial statements as of December 31, 2022 and 2021, and the translation to the functional currency; or
for the years then ended, were prepared using the currency in b) Are subsidiaries, associates or joint ventures that
which transactions are recorded which is same to the Entity’s do not have users requiring complete financial
functional currency. statements prepared by considering the effects arising
from the translation to the functional currency; for
e. Comprehensive income example, a subsidiary whose immediate holding
The Entity presents comprehensive income in a single statement company is located abroad.
of income or loss entitled “Statement of income” given that the
NIF D-3, Employee benefits - In those cases in which the
Entity did not generate Other Comprehensive Income (OCI)
Entity considers that PTU will be paid at a lower rate than the
during the current year or the preceding year, which is presented
current legal rate because this payment is subject to the limits
for comparative purposes.
established by applicable laws, it must:

a) Determine the temporary differences existing as of the date obligations, while also referring to the credit risk definition
of the financial statements for PTU purposes pursuant to the contained in NIF C-19, Payable financial instruments.
terms of paragraph 43.3.1;
Additionally, the Improvements to NIF 2022 include
b) Determine the PTU rate that is expected to arise in improvements to NIF that do not generate accounting changes,
subsequent years based on financial and tax projections or but rather were issued with the main objective of increasing
according to the PTU rate of the current year; clarity and precision of the related standards.
c) Apply the PTU rate mentioned in numeral b) to the amount
of the temporary differences referred to in a). b. Cash
Cash consists of checking accounts, and foreign currency. Cash is
Disclosures – The standards have been amended to eliminate stated at nominal value; any fluctuations in value are recognized
certain disclosure requirements in NIF B-1, Accounting changes in comprehensive financing (cost) income of the period.
and correction of errors, NIF B-10, Effects of inflation, NIF B-17, Fair
value determination, and Property, plant and equipment. c. Accounts receivable
Accounts receivable are recognized according to the percentage
Amendments
of completion of service to the date of the statement of
NIF D-5, Leases - extends the practical expedient deadline until financial position and include amounts billed and unbilled
June 30, 2023 to include the waiver of rentals that fulfill all the net of provisions for returns and discounts and the allowance
conditions detailed in subparagraphs a), b) and d) of paragraph for doubtful accounts.
4.4 of the original INIF 23 and involve payments with original
maturities of no later than June 30, 2023. If lease payment d. Offsetting of financial assets and financial
reductions extend beyond June 30, 2023, the total waiver would
liabilities
fall outside the scope of INIF 23 and this amendment and must
be treated according to the terms of NIF D-5. The Entity offsets a recognized financial asset and a financial
liability and presents the net amount on the statement of
Improvements to the 2023 NIF that do not generate accounting financial position only when it fulfills the following two
changes and which are primarily intended to enhance the conditions: a) it currently has a legally enforceable right to
accuracy and clarity of the standards in question. offset the financial asset and the financial liability under any
Accounting treatment of Investment Units (UDI, for its name in circumstance and b) it has the intention of settling the financial
Spanish) - Improvements have been made to NIF B-3, Statement asset and the financial liability on a net basis, or to realize the
of comprehensive income, NIF B-10, Effects of inflation, and financial asset and settle the financial liability simultaneously.
NIF B-15, Translation of foreign currencies, to extend the In all other cases, the Entity presents the financial assets and
accounting treatment applicable to UDI; for example, NIF B-3 the financial liabilities separately on the statement of financial
indicates that items such as the exchange rate fluctuations position as its rights and obligations in accordance with
of headings denominated in a foreign currency or in another their characteristics
exchange unit, such as the UDI, must be presented within
Comprehensive Financing Cost. e. Computer equipment and furniture and
equipment, net
Additional headings – The following assets and liabilities,
as applicable, are included in NIF B-6, Statement of changes Furniture and equipment are recorded at acquisition cost.
in financial position: cost to fulfill a contract, contract Depreciation on furniture and equipment is calculated on
acquisition costs, conditional account receivable; right-of-use the straight-line basis over the estimated useful lives of the
asset, contract liability. assets as determined by the Entity’s Management. The total
useful lives annual depreciation rates of the principal asset
Accounts receivable - the wording of the scope of NIF C-3 classes are as follows:
was modiified in order to be consistent with its objective,
which means referring to the general concept of accounts Particulars Years Rates
receivable as opposed to the specific concept of trade accounts Furniture and equipment 5 20%
receivable. The reference to trade accounts receivable has been
eliminated from other NIF. Computer equipment 2-5 50 – 20%
Minor repairs and maintenance costs are expensed as incurred.
Impracticability of retrospectively presenting accounting
changes, corrections of errors or reclassifications - modifications
were made to the wording of NIF B-1, Accounting changes and f. Lease right-of-use assets
correction of errors, to avoid duplicating the information already Lease contracts that transfer the right to the Entity to utilize
specified by NIF B-1. an asset for a given period of time in exchange for a payment
are evaluated at the start of the contract to determine whether
Specific NIF referring to the treatment of fair value - NIF B-17,
the Entity obtains the right to control the use of an identified
NIF B-11, NIF C-3, NIF C-15 and NIF C-22 have been updated to
asset for a given period of time. If it substantially obtains all
include standards involving the treatment of fair value, while
the economic benefits derived from the use of the asset, the
also clarifying that certain disclosures are not applicable to assets
Entity records these rights-of-use, which are recorded at cost at
when their recovery value is the same as their net sales price
the contract starting date, while also considering: i) the initial
(fair value less their disposal cost) in accordance with NIF B-11.
valuation of the lease liability; ii) the payments made before or at
Additionally, it has been clarified that fair value measurements
the lease starting date; iii) the initial direct costs incurred, and iv)
must include the risk that an entity might not fulfill its
the estimated cost to be incurred at the end of the lease to retire
the asset and restore the asset or the place where it is located.

rights-of-use are subsequently valued at cost less accumulated k. Accruals
depreciation or amortization and accrued impairment losses, and Based on Management’s estimates, the Entity recognizes
adjusted for any lease liability remeasurement. accruals for present obligations where the transfer of assets
The costs incurred in relation to the design, construction or or the rendering of services is virtually inevitable and arises as
installation of an asset are capitalized in conformity with the NIF a consequence of past events, principally services and other
applicable to the underlying asset. amounts payable to employee
The depreciation (amortization) of lease right-of-use asset is

l. Employee benefits
calculated as follows: i) for leases that do not transfer asset
ownership, during the period of lease contract, while considering Employee benefits are those granted to personnel
the options to extend the contract period that are reasonably and/or their beneficiaries in exchange for the services
certain to be exercised, and ii) for leases that transfer asset rendered by the employee, which include all kinds of
ownership, during the useful life of the underlying asset remuneration earned, as follows:
Direct employee benefits

g. Prepayments
Are determined based on the services rendered by employees,
Mainly include prepayments for the purchase of services that are
considering their most recent salaries, and recognizing
received after the date of the statement of financial position and
the liability as it accrues. These benefits include mainly
in the ordinary course of operations. This includes a prepayment
compensated absences, such as vacation and vacation
amount with related party Panaya Limited for $4,304,681.
premiums, and incentives.
h. Impairment of long-lived assets in use
Termination benefits
The Entity reviews the carrying amounts of long-lived assets in
A liability for termination benefits and a cost or expense is
use when an impairment indicator suggests that such amounts
recognized when the Entity has no realistic alternative other
might not be recoverable, considering the greater of the present
than to face the payments or cannot withdraw the offer of those
value of future net cash flows or the net sales price upon
benefits, or when it meets the conditions to recognize the costs
disposal. Impairment is recorded when the carrying amounts
of a restructuring, whichever comes first.
exceed the greater of the aforementioned amounts. Impairment
indicators considered for these purposes are, among others,
Defined Contribution Plans
operating losses or negative cash flows in the period if they are
combined with a history or projection of losses, depreciation Obligations for contributions to defined contribution plans are
and amortization charged to results, which in percentage terms recognized in the Income Statement as the related services are
in relation to revenues are substantially higher than those of provided by employees. Prepaid contributions are recognized as
previous years, obsolescence, reduction in the demand for the an asset to the extent that down payment results in a reduction
services rendered, competition and other legal and economic in payments to be made in the future or a cash refund.
factors. The impairment loss on the value of long-lived assets
in use, as well as its reversal, are classified in the same cost Defined Benefit Plans
and expense line items where the related depreciation or The calculation of obligations by defined benefit plans
amortization associated with those assets are recognized. is performed annually by qualified actuaries using the
projected unit credit method.
i. Lease liabilities When the calculation results in a possible asset for the Entity, the
At the commencement date of the lease, these liabilities are asset recognized is limited to the present value of the available
recognized by considering the present value of the lease economic benefits in the form of future refunds of the plan
payments to be made. Future payments include: i) fixed or reductions in future contributions to the plan. To calculate
payments less any incentives; ii) variable payments that depend the present value of economic benefits, any minimum funding
on an index or rate; iii) payments expected to guarantee the requirement should be considered.
residual value; iv) purchase options, when the Entity is reasonably
certain to exercise them; v) payments made when exercising an The labor cost of the current service, which represents the cost
option at the end of the lease period and which are discounted of the benefit period to the employee for having completed
by utilizing the discount rate implicit in the lease or, otherwise, by one more year of working life based on the benefit plans, is
utilizing the Entity’s incremental borrowing rate. These items are recognized in the costs and operating expenses. Net interest is
subsequently valued by i) adding accrued interest, ii) reducing for recognized under the “Comprehensive financial result, net”.
lease payments, and iii) remeasuring the effects of revaluations Changes to plans that affect the cost of past services are
or modifications, together with the effect of changes to recognized in operating results immediately in the year in which
substantially fixed lease payments. The variable payments that the change occurs, with no possibility of deferral in subsequent
are not included in the valuation of lease liabilities are recognized years. Likewise, the effects of liquidation events or reduction
in the results of the period as they arise. of obligations in the period that significantly reduce the cost
of future services and / or significantly reduce the population
j. Financial liability under revenue contracts subject to benefits, respectively, are recognized in the
The financial liability is created for Sale and Lease back (of old results of operations.
assets purchased from Daimler) to Hewlett-Packard Operations Remedies (before actuarial gains and losses) resulting from
Mexico S. de R. L. de C. V. differences between the projected and actual actuarial

assumptions at the end of the period are recognized in the the process to conclude the contract is extended, checks are
period in which the results of the period are incurred. performed to determine the new estimates. These revisions may
result in increases or decreases in estimated revenues and costs,
Statutory employee profit sharing (PTU, for its acronym in which are recognized in income for the corresponding period.
Spanish)
If during the life of the projects, the Entity estimates
Is determined by applying the 10% rate to taxable income as that the costs incurred plus costs to be incurred exceed
defined in article 9 of the Income Tax Law, The resulting PTU the total revenues, the estimated loss is recognized in
expense is then compared to the greater of the maximum limit operating income immediately.
of three months of the employee’s salary or the average amount
of profit-sharing received during the three preceding years. If the Unbilled costs and profits are recognized under unbilled
10% rate exceeds either of these two amounts, the employee’s receivables, while revenues in excess of costs and profits are
PTU will either be equal to the greater of three months’ salary or recognized as deferred revenues and are presented under
the average PTU of the three preceding years, as the case may be. current liabilities until all the conditions required for revenue
recognition are met.
Deferred PTU derived from temporary differences between
the accounting and tax bases of assets and liabilities, including Maintenance revenues are recognized proportionally according
projected PTU in accordance to the preceding paragraph, is to the contractual terms.
recognized only when it can be reasonably assumed that a The Entity estimates after-sales services for certain customers to
liability may be settled or a benefit is generated, and there is no provide support in case of error corrections, volume discounts,
indication that circumstances will change in such a way that the among other reserve times.
liabilities will not be paid or benefits will not be realized.
o. Business and credit concentration
m. Income Tax
Expenses for administrative services with related parties as
Income tax (“ISR”, for its acronym in Spanish) are recorded in of December 31, 2022, and 2021 amount to 13% and 15%,
results of the year in which they are incurred. Deferred taxes are respectively, of total operating expenses. In addition, balances
calculated by applying the corresponding tax rate to temporary receivable from related parties as of December 31, 2022, and
differences resulting from comparing the accounting and 2021 represent to 47% and 3%, respectively, of total assets and
tax bases of assets and liabilities and including, if any, future balances payable to related parties as December 31, 2022, and
benefits from tax loss carryforwards and certain tax credits. 2021 represent 5% and 1% of total liabilities.
Deferred tax assets are recorded only when there is a high
probability of recovery. p. Comprehensive financial results (CFR)
The CFR includes foreign exchange loss/gain and interest income.
n. Revenue recognition
Transactions in foreign currency are recorded at the exchange
Revenues from services are recognized as services are provided. rate prevailing on the date of execution or settlement. Foreign
The revenue from contracts for hours dedicated to management currency assets and liabilities are translated at the exchange rate
services and/or technical support application in the information in force at the statement of financial position date. Exchange
centers or at the customer’s place of business are recognized differences arising from assets and liabilities denominated in
in the period in which they are performed based on the hours foreign currencies are reported on the income statement.
dedicated to the projects and the fixed fees negotiated for
the respective project. q. Contingencies
Revenues from fixed-price contracts are recognized using the Liabilities for loss contingencies are recorded when it is probable
percentage-of-completion method. Based on the percentage- that a liability has been incurred and the amount thereof can
of-completion method, income is recognized based on the costs be reasonably estimated. When a reasonable estimation cannot
incurred to date, obtaining a percentage of the total estimated be made, disclosure is provided in the notes to the financial
costs to complete the contract. No revenue is recognized when statements. Contingent revenues, earnings or assets are not
there is significant doubt about the recoverability. If there are recognized until realization is assured.
projections that change the estimated income, or costs, or if
4. Foreign currency exposure and translation

Monetary assets and liabilities denominated in dollars, euros and pound sterling translated into the reporting currency, as of December
31, 2022 and 2021, were as follows:
(In MXN)
As at December 31, 2022 Pound sterling Dollars Euros

Assets:
Assets – 210,840,342 558,433,743
Liabilities 20,741 12,406,537 66,579,540
Net (liability) /assets (20,741) 198,433,804 491,854,203

As at December 31, 2021 Pound sterling Dollars Euros
Assets:
Assets 2,276,979 197,811,492 –
Liabilities – 8,831,668 9,292,609
Net (liability)/assets 2,276,979 188,979,824 (9,292,609)
At December 31, 2022 and 2021, amounts recorded $(29,201,433) and $(6,203,481), respectively, for the foreign exchange loss.
The exchange rates used in the various translation processes to the reporting currency are as follows:
Exchange Rate
Country Currency
2022 2021
United States of America Dollars 19.4659 20.4793
European Union Euros 20.7388 23.2011
England Pound Sterling 23.4188 27.6639
At December 31, 2022, the Entity did not have foreign exchange hedging instruments.
5. Accounts receivable - net (1)

Infosys Limited in 2022 and 2021, Infosys BPO Limited, Infosys Chile SPA
and McCamish System LLC in 2022.
Accounts receivable at December 31, 2022 and 2021, (2)
Infosys Automotive and Mobility.
consist of the following: (3)
EdgeVerve Systems Limited, Infosys Limited, Infosys Chile SpA, Infosys
Technologies (Shanghai) Company Limited e Infosys Technologies (China)
(In MXN) Company Limited in 2022 and 2021, Lodestone Argentina in 2021, Infosys
(República Checa) Limited and Infosys BPO Limited in 2022.
As at December 31, (4)
Panaya Limited in 2022 and 2021.
Particulars
2022 2021
Balance receivable from related parties are as follows:
Billed accounts receivable 111,618,733 181,248,393
Less: (In MXN)
Provision for discount to (34,557,741) (36,899,930) As at December 31,

customers Particulars
2022 2021
Allowance for expected credit (2,512,007) (1,256,558) Infosys Limited 54,684,126 34,639,571
loss
Infosys Consulting S.R.L. – 869,009
(37,069,748) (38,156,488)
Infosys BPO Limited 341,909 –
74,548,985 143,091,905
Infosys Chile SPA 84,864 –
6. Related parties Lodestone Argentina 1,876,292 –

Transactions carried out with related parties, during the years
ended December 31, 2022 and 2021, were as follows: 57,073,609 35,508,580
(In MXN)
Balance payable to related parties are as follows:
Years ended December 31, (In MXN)
Particulars
2022 2021 As at December 31,
Revenues for consulting and 560,368,001 378,123,106 Particulars
2022 2021
implementation provided to
customers on behalf of its related Infosys Limited 5,553,793 –
party. (1) Edgeverve Systems Limited 388,625 1,292,322
Interest Income on loan to 12,937,912 – Infosys Technologies (China) Co. – 836,720
subsidiary. (2) Limited
Expenses for specialized 90,099,669 143,984,843 Infosys Technologies (Shanghai) – 287,654
personnel services in project Co. Limited
implementation. (3)
Lodestone Argentina 561,610 –
Licence (4) 9,400,907 8,382,537
Panaya Ltd 1,345,871 –
Infosys BPO Limited 47,097 –

As at December 31, 11. Lease liabilities
Particulars
2022 2021 (In MXN)
Infosys Automotive and Mobility 6,733,966 – As at December 31,
Particulars
Infosys (Czech Republic) Ltd 50,448 – 2022 2021
Infosys Chile SpA 139,851 125,939 Balance as of January 1, 95,858,408 109,169,800
14,821,261 2,542,635 Additions 6,436,963 2,359,164
Financial expenses 6,517,677 6,931,819
7. Loans to related party (23,960,590) (22,602,375)
Payments
Loans to related parties are as follows: Balance as of December 31, 84,852,458 95,858,408
(In MXN)
Lease current liabilities 18,447,067 16,530,748
As at December 31,
Particulars Liabilities for long-term leases 66,405,391 79,327,660
2022 2021
Infosys Automotive and Mobility 556,194,799 –
556,194,799 – As of December 31, 2022, the maturity of the liabilities for long-
term leased assets is as follows:
Loan is given at the rate equal to 12 months EURIBOR
LIBOR + 2.50% simple interest per annum, which is (In MXN)
repayable on demand.
Year Amount
2024 8,294,809
8. Trade accounts payable
2025 5,050,768
(In MXN)
2026 5,468,348
As at December 31,
Particulars 2027 5,920,452
2022 2021
2028 in next years 41,671,014
Trade payables 28,094,692 4,346,670
Total 66,405,391
28,094,692 4,346,670
Balance includes an accrual with Infosys Limited of $15,966,327. 12. Taxes payable
As of December 31, taxes payable consists of the following:
9. Computer equipment and furniture and
equipment (In MXN)
Computer equipment and Furniture and equipment at December As at December 31,

Particulars
31, 2022 and 2021, comprise the following: 2022 2021
Income tax withheld to third 21,514,888 20,365,311
(In MXN)
parties
As at December 31, Value added tax 10,841,436 30,168,565
Particulars
2022 2021 Other Tax payments Social security 19,430,097 17,750,627
Furniture and equipment 53,185,002 53,547,864 contributions
Computer equipment 102,355,545 84,349,131 51,786,421 68,284,503
155,540,547 137,896,995
Less: accumulated depreciation (124,500,557) (119,261,318)
31,039,990 18,635,677
10. Right-of-use-assets
(In MXN)
As at December 31,
Buildings
2022 2021
Balance as of January 1, 82,521,340 98,559,506
Additions 6,423,643 2,359,164
Depreciation of the year (19,502,907) (18,397,331)
Balances at December 31, 69,442,076 82,521,339

13. Direct employee benefits
Accruals at December 31, 2022 and 2021, include the following:
(In MXN)
Subcontracting Other personnel

As at December 31, 2022 Total
and others benefits
Balances at December 31, 2021 9,843,428 23,113,888 32,957,316
Increases recorded in earnings 261,595,044 2,187,613,110 2,449,208,154
Payments (273,682,614) (2,191,598,888) (2,465,281,502)
Balances at December 31, 2022 (2,244,142) 19,128,110 16,883,968
(In MXN)
Subcontracting Other personnel

As at December 31, 2021 Total
and others benefits
Increases recorded in earnings 472,394,653 1,766,052,396 2,238,447,050
Payments (475,013,392) (1,771,686,853) (2,246,700,245)
14. Deferred PTU 15. Partner’s interest

The deferred PTU expense (benefit) is as follows: The principal characteristics of partner’s interest
are described below:
(In MXN)
As at December 31, a) Structure of contributed capital

Particulars The Entity’s contributed capital at December 31, 2022 and
2022 2021
2021, is composed of two social parties, fixed and variable.
Deferred PTU 696,656 (672,910)
Social fixed portion has a value of 10,000,000 and variable
portion of 165,000,000.
The effects of PTU on temporary differences that give rise to
significant portions of deferred PTU assets and liabilities as of b) Comprehensive income
December 31, are detailed as follows: During the years ended at December 31, 2022 and 2021, there
were no items that, in accordance with MFRS applicable, have to
(In MXN) be taken directly to equity, so the comprehensive income equals
net income for the year, as presented in income statements.
As at December 31,
Particulars
2022 2021 c) Restrictions on partner’s interest
Deferred tax assets: According to the General Corporations Law, net income for the
Allowance for doubtful 304,092 163,546 year is subject to a 5% separation, to constitute the legal reserve,
receivables until it reaches a fifth of the contributed capital. As of December
Provisions for accounts 3,279,483 3,625,196 31, 2022 and 2021, the legal reserve amounts to $21,944,525 that
receivable has not reached the required amount.
Accruals 3,922,092 3,310,959 Partner’s contributions restated as provided for by the tax law,
Deferred revenues 1,856,338 2,995,554 may be refunded to partner’s tax-free, to the extent that such
contributions equal or exceed partner’s interest.
Lease right of use asset 1,739,738 1,333,707
Retained earnings on which no IT have been paid, are subject
Provisions for vacations 2,558,881 2,176,323
to income taxes in the events of distribution, at the rate of 30%
Total gross deferred tax assets 13,660,624 13,605,285 payable by the Entity, consequently, the partner’s may only
Deferred tax liabilities: receive 70% of such amounts.
Furniture and equipment 171,333 198,461
Prepayments 1,845,341 1,066,218
Total gross deferred tax liabilities 2,016,674 1,264,679
Net deferred tax asset 11,643,950 12,340,606

16. Income taxes 17. Commitments and contingent liabilities
a. The Entity is subject to ISR. According with the ISR a) In accordance with Mexican tax law, the tax authorities
law, the rate is 30% are empowered to examine transactions carried
out during the five years prior to the most recent
The income tax expense is as follows:
income tax return filed.
(In MXN) b) In accordance with the income tax law, companies
carrying out transactions with related parties are subject
As at December 31, to certain requirements as to the determination of prices,
Particulars
2022 2021 which should be similar to those that would be used in
Income tax: arm’s-length transactions.
Current 39,496,713 55,558,558 Should the tax authorities examine the transactions and
4,111,775 (728,524) reject the related-party prices, they could assess additional
Deferred
taxes plus the related inflation adjustment and interest, in
43,608,488 54,830,034 addition to penalties of up to 100% of the omitted taxes.
c) The Entity entered into a contract to provide services to
b. The reconciliation of the statutory and effective its parent Company, in which it undertakes to provide
ISR rates, expressed in amounts and as a services necessary for their operation. These contracts
percentage of income before income taxes, are are for an indefinite period. Total payments for this
(In MXN) concept was $143,984,843 for 2022 and $248,518,168
for 2021 and included in operating expenses in the
As at December 31,
Particulars statement of income.
2022 2021
18. New accounting principles
Enacted tax rate 30% 30%
As of December 31, 2022, the Mexican Board for Research
Computed “expected” tax expense 43,621,648 67,696,023
and Development of Financial Reporting Standards (CINIF, for
Increase/ (reduction) resulting its name in Spanish) issued the following Mexican Financial
from Reporting Standards (NIF) and Improvements to the NIF, which
Effects of inflation, net (16,303,213) (21,609,015) could affect the Entity’s financial statements:
Non-deductible expenses 13,971,401 9,143,529 Improvements to the 2023 NIF that generate accounting changes
Other, net 2,318,652 (400,503) and are effective for fiscal years starting as of January 1, 2023,
although early application is permitted in 2022:
43,608,488 54,830,034
NIF B-11, Disposal of long-lived assets and discontinued
c. The main items that give rise to a deferred ISR operations - Long-lived assets held for distribution to the
asset/ (liability) are: owners, that is, that will be used to pay dividends or capital
(In MXN) reimbursements, are valued at the lower of net carrying value
and fair value less disposal costs under NIF B-11, Disposal of long-
As at December 31, lived assets and discontinued operations; however, it is necessary
Particulars
2022 2021 to specify the accounting recognition of any difference between
the amount to be distributed to the owners and the value of said
long-lived assets. Therefore, the standard requires additional
Allowance for doubtful 912,275 490,637 disclosure indicating that since these are distributions to owners,
receivables the difference must be recognized in retained earnings as
Provisions for accounts 10,226,227 10,875,588 established in Bulletin C-15, Impairment in the value of long-lived
receivable assets and their disposal, which was in force until 2021.
Accruals 11,378,499 9,932,880
a. Improvements to NIF that do not generate
Deferred revenues 5,569,016 8,986,663
accounting changes
Lease right of use asset 5,219,214 4,001,121
NIF B-3 – Comprehensive income statement, clarifies that
Profit Sharing Payable 3,950,658 6,181,460 exchange fluctuations derived from Investment Units
Provisions for vacations 7,676,642 6,528,968 (UDIS, for its abbreviation in Spanish) must be included in
the comprehensive financing result; on the other hand, for
Total gross deferred tax assets 44,932,531 46,997,317
purposes of NIF B-10 - Effects of inflation, they must be treated
Deferred tax liabilities as monetary items; consequently, in the application of NIF B-15
Prepayments 5,536,024 3,198,654 – Conversion of foreign currencies, they must be valued at the
closing exchange rate.
Furniture and equipment 513,999 595,384
Deferred PTU 3,493,185 3,702,182 NIF B-10, - When NIF B-10 was issued, references were made
to an 8% inflation rate given that such rate results in 26%
Total gross deferred tax liabilities 9,543,208 7,496,220
cumulative rate over a three-year period. The reference to the
Net deferred tax asset 35,389,323 39,501,097 8% average is removed.

NIF C-3, Accounts receivable – It is clarified that the scope
of this NIF includes other accounts receivable that do not
accrue interest. The reference to “trade” accounts receivable is
eliminated, thus including all accounts receivable.
NIF C-4, Inventories – It is specified that its scope includes
tangible and intangible assets. The reference to direct materials
including spare parts for maintenance is eliminated. The concept
of advance payments (in the context of inventories) is modified
to “inventories paid in advance”.
19. Subsequent Events

In preparing the financial statements, the Entity has evaluated
the events and transactions for their subsequent recognition or
disclosure as of December 31, 2022 and until May 31, 2023 (date
on which the financial statements were authorized for issuance),
and has concluded that there are no subsequent events.
20. Authorization to issue the financial statements

On May 31, 2023, Gerardo Villarreal Garza, Expedition and
Operations Leader, authorized the issuance of the accompanying
financial statements and related notes thereto.
In accordance with the General Corporations Law and the
bylaws of the Entity, the partners’ are empowered to modify
the financial statements after issuance. The accompanying
financial statements will be submitted to the next Partner’s
Meeting for approval.

Infosys Technologies (Shanghai) Co. Limited
Auditor’s Report
De Shi Bao (Shen) Zi (23) No. P07828
The Board of Directors of Infosys Technologies (Shanghai) Co. Limited :
Opinion
We have audited the accompanying financial statements of Infosys Technologies (Shanghai) Co. Limited (the “Company”), which
comprise the Balance Sheet as at 31 December 2022, the statement of income, the statement of cash flow, and the statement of changes
in owners’ equity for the year then ended, and notes to the financial statements.
In our opinion, the accompanying financial statements of the Company are prepared and present fairly, in all material respects, the
Company’s financial position as of 31 December 2022, and the Company’s results of operation and cash flow for the year ended in
accordance with Accounting Standards for Business Enterprises.
Basis for opinion

We conducted our audit in accordance with China Standards on auditing. Our responsibilities under those standards are further
described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of
the Company in accordance with the code of ethics for Chinese Certified Public Accountants, and we have fulfilled our other ethical
responsibilities in accordance with the Code.
Responsibilities of the Management and those charged with governance for the financial statements
The Management of the Company is responsible for the preparation and fair presentation of the financial statements in accordance with
Accounting Standards for Business Enterprises, and designing, implementing and maintaining internal control that is necessary to enable
that the financial statements are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Management is responsible for assessing the Company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Management
either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s financial reporting process.
Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance whether the financial statements as a whole are free from material misstatement,
whether due to fraud or error, and to issue an auditor’s report that includes our opinion solely to you. Reasonable assurance is a high
level of assurance, but is not a guarantee that an audit conducted in accordance with China Standards on Auditing will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error, and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users, taken on the basis of financial statements.
As part of an audit in accordance with China Standards on Auditing, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also :
(1) Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and
perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
(2) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
(3) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the management.
(4) Conclude on the appropriateness of the management’s use of the going concern basis of accounting and, based on the audit
Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However,
future events or conditions may cause the Company to cease to continue as a going concern.
(5) Evaluate the overall presentation, structure and content of the financial statements (including the disclosures), and whether the
358 | Infosys Technologies (Shanghai) Co. Limited Infosys Subsidiary Financials Report 2022-23
We communicated with those charged with governance regarding, among other matters, the planned scope and timing of the audit and
Deloitte Touche Tohmatsu Chinese Certified Public Accountant

Certified Public Accountants LLP Gao, Sunchao
Shanghai, China Chinese Certified Public Accountant

Zheng, Alex Zhipeng
May 31, 2023
The auditor’s report and the accompanying financial statements are English translations of the Chinese auditors’ report and statutory
financial statements prepared under accounting principles and practices generally accepted in the People’s Republic of China. These
financial statements are not intended to present the financial position and results of operations and cash flows in accordance with
accounting principles and practices generally accepted in other countries and jurisdictions. In case the English version does not conform
to the Chinese version, the Chinese version prevails.
Infosys Subsidiary Financials Report 2022-23 Infosys Technologies (Shanghai) Co. Limited | 359
Balance Sheet
(In RMB)
As at December 31,
2022 2021
Assets
Current assets
Cash and bank balances 1 22,002,332.99 35,890,767.14
Accounts receivable 2 91,007,104.87 90,136,780.71
Prepayments 121,471.62 56,762.61
Other receivables 3 1,384,249.09 1,210,656.89
Other current assets – 450,341.20
Non-current assets
Fixed assets 4 630,295,021.12 676,050,980.89
Construction in progress 5 – –
Right-of-use assets 6 9,654,467.72 12,528,187.99
Intangible assets 7 54,647,820.76 56,058,660.67
Long-term deferred expenses 8 2,279,407.84 3,028,615.05
Total assets 811,391,876.01 875,411,753.15
Liabilities and owners’ equity
Current liabilities
Short-term loans 9 84,823,000.00 81,878,500.00
Accounts payable 59,491,332.84 57,912,482.90
Employee benefits payable 10 21,362,610.83 18,375,007.29
Taxes payable 11 12,262,802.87 6,827,994.58
Other payables 36,921,483.16 31,326,735.40
Other current liabilities 6,321,133.42 7,390,248.90
Non-current liabilities due within one year 12 5,830,330.90 4,928,471.00
Total current liabilities 227,012,694.02 208,639,440.07
Long-term loans 13 41,200,000.00 41,200,000.00
Lease liabilities 14 5,652,807.98 9,528,034.34
Other non-current liabilities 15 36,570,536.00 37,854,656.00
Total Non-current liabilities 83,423,343.98 88,582,690.34
Owners’ equity
Paid-in capital 16 1,052,400,443.23 1,052,400,443.23
Accumulated losses (551,444,605.22) (474,210,820.49)
Total owners’ equity 500,955,838.01 578,189,622.74
Total liabilities and owners’ equity 811,391,876.01 875,411,753.15
The financial statements on pages 360 to 382 were signed by the following:
Stone Zhu Subrata Das

Legal Representative Head of Accounting Department
Statement of income
(In RMB)

2022 2021
I. Operating income 17 408,492,719.60 427,200,383.22
Less: Operating costs 432,650,945.17 422,379,200.91
Taxes and surcharges 8,188,965.27 7,945,363.70
Administrative expenses 35,929,126.21 37,131,246.23
Selling expenses 4,444,421.05 5,619,287.26
Financial expenses 18 8,467,615.62 5,658,730.16
Add: Other income 19 6,503,490.43 7,586,210.06
Credit impairment profit(loss) 20 24,410.16 (29,373.36)
Non-operating expenses 21 (2,572,336.62) –
II. Operating loss (77,232,789.75) (43,976,608.34)
III. Total loss (77,232,789.75) (43,976,608.34)
Less: Income tax expenses 22 – –
IV. Net loss for the year (77,232,789.75) (43,976,608.34)
V. Other comprehensive income, net of tax – –
VI. Total comprehensive loss for the year (77,232,789.75) (43,976,608.34)
Statement of cash flows
(In RMB)

2022 2021
I. Cash Flows from Operating Activities
Cash receipts from the sale of goods and the rendering of services 425,162,190.76 444,265,588.12
Other cash receipts relating to operating activities 5,263,853.42 11,231,599.66
Sub-total of cash inflows from operating activities 430,426,044.18 455,497,187.79
Payments for goods purchased and services received 12,051,910.82 26,292,196.19
Payments to and on behalf of employees 383,015,759.59 366,793,091.76
Payments of various types of taxes 17,072,609.18 20,759,830.19
Other cash payments relating to operating activities 24,342,715.26 64,988,888.45
Sub-total of cash outflows from operating activities 436,482,994.85 478,834,006.59
Net Cash Flow Used in Operating Activities 23 (6,056,950.67) (23,336,818.80)
II. Cash Flows from Investing Activities
Net cash received from disposal of fixed assets, intangible assets and – 360,556.06
other long-term assets
Other cash receipts relating to investment activities – –
Subtotal of cash inflows from investment activities – 360,556.06
Payments for acquisition of fixed assets, intangible assets and other 3,364,531.20 10,594,552.56
long-term deferred expenses
Sub-total of cash outflows from investing activities 3,364,531.20 10,594,552.56
Net Cash Flow Used in Investing Activities (3,364,531.20) (10,233,996.50)
III. Cash flow from financing activities
Cash receipts from capital contributions – 96,044,884.75
Cash received from borrowings – –
Subtotal of cash inflows from financing activities – 96,044,884.75
Cash paid for debt repayment – 65,995,000.00
Cash payments for distribution of dividends or
profit or interest expenses – 4,169,221.15
Cash payments to other financing related activities 4,510,557.56 3,921,116.82
Subtotal of cash outflows from investment activities 4,510,557.56 74,085,337.97
Net Cash Flow Used in Financing Activities (4,510,557.56) 21,959,546.78
IV. Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents 43,605.28 (947,760.91)
V. Net Increase (Decrease) in Cash and Cash Equivalents 23 (13,888,434.15) (12,559,029.43)
Add: Opening Balance of Cash and Cash Equivalents 35,890,767.14 48,449,796.57
VI. Closing Balance of Cash and Cash Equivalents 23 22,002,332.99 35,890,767.14
Statement of changes in owners’ equity
(In RMB)
Particulars Paid-in capital Accumulated losses Total owners’ equity

I. Balance at 31 December 2021 1,052,400,443.23 (474,210,820.49) 578,189,622.74
(1) Changes in accounting policies - (994.98) (994.98)
II. Balance at 1 January 2022 1,052,400,443.23 (474,211,815.47) 578,188,627.76
III. Changes in equity during the year
(1) Total comprehensive income - (77,232,789.75) (77,232,789.75)
IV. Balance at 31 December 2022 1,052,400,443.23 (551,444,605.22) 500,955,838.01
Particulars Paid-in capital Accumulated losses Total owners’ equity

I. Balance at 1 January 2021 956,355,558.48 (429,564,952.35) 526,790,606.13
Impact on account of adoption of new accounting standards - (669,259.80) (669,259.80)
956,355,558.48 (430,234,212.15) 526,121,346.33
II. Changes in equity during the year
(1) Total comprehensive income - (43,976,608.34) (43,976,608.34)
(2) Owners’ contributions 96,044,884.75 - 96,044,884.75
III. Balance at 31 December 2021 1,052,400,443.23 (474,210,820.49) 578,189,622.74
For the year ended December 31, 2022
I. Basic information III. Statements of compliance with the ASBE

Infosys Technologies (Shanghai) Co., Ltd. (the ‘Company’), is The financial statements of the Company have been prepared in
a Limited Liability Company established in Shanghai in the accordance with Accounting Standards for Business Enterprises
People’s Republic of China (PRC). The Company obtained an (“ASBE”), and present truly and completely, the Company’s
approval certificate Shang Wai Zi Hu Ming Du Zi Zi [2011] 0512 financial position as of 31 December 2022, and the Company’s
from the Shanghai Municipal Government on 16 February results of operations and cash flows for the year ended.
2011, and a business license 310000400643765 (Minhang) on 21
February 2011 issued by Shanghai Administration of Industry and IV. Significant accounting policies and accounting
Commerce of the PRC. The parent and ultimate holding Company
is Infosys Limited (formerly Infosys Technologies Limited). estimates
In 2012, The Company’s Board of Directors resolved to increase The following significant accounting policies and accounting
the Company’s registered capital from US $20,000,000 to estimates are determined in accordance with ASBE.
US $150,000,000. The Company obtained a revised approval
certificate Shang Wai Zi Hu Du Zi Zi [2011] 0512 from the 1. Accounting year
Shanghai Municipal Government for the change on 9 August The Company has adopted the calendar year as its accounting
2012 and a revised business license 310000400643765 (Shiju) on year, i.e. from 1 January to 31 December.
19 October 2012 issued by Shanghai Administration of Industry
and Commerce of the PRC. 2. Functional currency
On 24 October 2016, the Company updated its scope of principal Renminbi (‘RMB’) is the currency of the primary economic
activities and obtained a renewed business license with the environment in which the Company operates. Therefore, the
unified social credit code of 91310000569580636B. Company chooses RMB as its functional currency and adopts
RMB to prepare its financial statements.
In 2020, the Company’s Board of Directors resolved to increase
the Company’s registered capital from USD 150,000,000 to USD
165,000,000. The Company obtained approval from the China 3. Basis of accounting and principle of measurement
(Shanghai) Free Trade Zone Market Supervision Administration The Company has adopted the accrual basis of accounting.
for the change on 9 December 2020. The Company also obtained Except for certain financial instruments which are measured at
a renewed business license with the unified social credit code of fair value, the Company has adopted the historical cost as the
913101157547751363 on 19 December 2020. As at 31 December principle of measurement of the financial statements. Where
2022, details of capital contribution by the investing parties are assets are impaired, provisions for asset impairment are made in
set out in Note VIII, 16. accordance with relevant requirements.
The Company’s year of operation is 50 years and its principal Where the historical cost is adopted as the measurement basis,
activities are to carry out research, develop, design, produce assets are recorded at the amount of cash or cash equivalents
software; sale of self-produced products; provide related paid or the fair value of the consideration given to acquire
technology consulting services and after sale services; them at the time of their acquisition. Liabilities are recorded at
develop computer and network technology; provide the amount of proceeds or assets received or the contractual
testing and maintenance of software solutions; provide amounts for assuming the present obligation, or, at the amounts
business process management. of cash or cash equivalents expected to be paid to settle the
liabilities in the normal course of business.
II. Basis for the preparation of financial Fair value is the price that would be received to sell an asset
statements or paid to transfer a liability in an orderly transaction between
market participants at the measurement date, regardless
Going concern of whether that price is directly observable or estimated
As of 31 December 2022, the Company’s accumulated loss using valuation technique. Fair value measurement and/
is RMB 551,444,605.22. Total current liabilities exceed total or disclosure in the financial statements are determined
current assets RMB 112,497,535.45. The parent company of according to the above basis.
the Company agrees not to collect the amount owed by Fair value measurements are categorised into Level 1, 2 or
the Company in the foreseeable future, and to provide all 3 based on the degree to which the inputs to the fair value
neccessary financial assistance for the repayment of the amount measurements are observable and the significance of the
owed by the Company in the foreseeable future, so as to inputs to the fair value measurement in its entirety, which are
maintain the Company’s ability to continue as a going concern. described as follows:
Therefore, the financial statements have been prepared on the
going concern basis. • Level 1 inputs are unadjusted quoted prices in active markets
for identical assets or liabilities that the entity can access at
the measurement date;
• Level 2 inputs are inputs, other than quoted prices included through other comprehensive income (“FVTOCI”) or at fair value
within Level 1, that are observable for the asset or liability, through profit or loss (“FVTPL”), respectively.
either directly or indirectly;
If the contractual terms of the financial asset give rise on
• Level 3 inputs are unobservable inputs for the asset or specified dates to cash flows that are solely payments of principal
liability. and interest on the principal amount outstanding, and the
financial asset is held within a business model whose objective
4. Cash and cash equivalents is achieved by collecting contractual cash flows, the Company
Cash comprises cash on hand and deposits that can be readily classifies such financial asset as financial assets at amortized
withdrawn on demand. Cash equivalents are the Company’s cost, which include cash and bank balances, notes receivable,
short-term, highly liquid investments that are readily convertible accounts receivable and other receivables, etc.
to known amounts of cash and which are subject to an
If the contractual terms of the financial asset give rise on
insignificant risk of changes in value.
specified dates to cash flows that are solely payments of principal
and interest on the principal amount outstanding, and the
5. Financial instruments financial asset is held within a business model whose objective
Financial assets and financial liabilities are recognised is achieved by both collecting contractual cash flows and selling
when the Company becomes a party to the contractual the financial asset, the Company classifies such financial asset as
provisions of the instrument. financial assets at FVTOCI . The accounts receivable and notes
receivable classified as at FVTOCI upon acquisition are presented
For financial assets purchased or sold in a regular way, the
under financing with receivables, while the remaining items
Company recognizes assets acquired and liabilities assumed
due within one year (inclusive) upon acquisition are presented
on a trade date basis, or derecognizes the assets sold
under other current assets. Other financial assets of such type
on a trade date basis.
are presented as other debt investments if it is due after one
Financial assets and financial liabilities are initially measured year since the acquisition, or presented under non-current assets
at fair value. For financial assets and financial liabilities at fair due within one year if it is due within one year (inclusive) since
value through profit or loss, transaction costs are immediately the Balance Sheet date.
Upon initial recognition, the Company may irrevocably designate
For other financial assets and financial liabilities, transaction the non-held-for-trading equity instrument investments
costs are included in their initial recognized amounts. Upon other than contingent considerations recognized in business
initial recognition of accounts receivable that does not contain combination not involving enterprises under common
significant financing component or without considering the control as financial assets at FVTOCI on an individual basis.
financing component included in the contract with a term Such type of financial assets are presented as investments in
not exceeding one year under the Accounting Standards for other equity instruments.
Business Enterprises No. 14 - Revenue (“Revenue Standards”), the
A financial asset is classified as held-for-trading if any of the
Company adopts the transaction price as defined in the Revenue
following criteria is satisfied:
Standards for initial measurement.
The effective interest method is a method of calculating the • It has been acquired principally for the purpose of selling it in
amortized cost of a financial asset or a financial liability and near term.
of allocating the interest income or interest expense over the • On initial recognition, it is part of a portfolio of identified
relevant accounting periods. financial instruments that the Company manages together
The effective interest rate is the rate that exactly discounts and there is objective evidence that the Company has a
estimated future cash flows through the expected life of the recent actual pattern of short-term profit-taking.
financial asset or financial liability to the carrying amount of the • It is a derivative that is neither a financial guarantee contract
financial asset or to the amortized cost of the financial liability. nor designated as an effective hedging instrument.
When calculating the effective interest rate, the Company
estimates future cash flows considering all contractual terms 5.1.1 Financial assets at amortized cost
of the financial asset or financial liability (such as repayment Financial assets at amortized cost are subsequently measured
in advance, extension, call option or other similar options etc.) at amortized cost using effective interest method. Any gains
without considering the expected credit losses. or losses arising from impairment or derecognition are
The amortized cost of a financial asset or financial liability is the included in profit or loss.
initially recognized amount net of principal repaid, plus or less For financial assets at amortized cost, the Company recognizes
the cumulative amortized amount arising from amortization interest income using effective interest rate. The Company
of difference between the amount initially recognized and the calculates and recognizes interest income through carrying
amount at the maturity date using effective interest method, amount of financial assets multiplying effective interest, except
and then net of cumulative credit loss allowance (only applicable for the following circumstances:
to financial assets).
• For purchased or originated credit-impaired financial assets,
5.1 Classification, recognition and measurement of financial the Company calculates and recognizes its interest income
assets based on amortized cost of the financial asset and the
After initial recognition, the Company’s financial assets of various effective interest through credit adjustment since initial
types are subsequently measured at amortized cost, at fair value recognition.
• For purchased or originated financial assets that were (2) An actual or expected significant change in the financial
not credit-impaired but have become credit-impaired in instrument’s external credit rating;
subsequent period, the Company calculates the interest (3) Significant changes in the external market indicators
income by applying the effective interest rate to the of credit risk of the same financial instrument or similar
amortized cost of the financial assets in subsequent period. financial instruments with the same expected duration.
If the financial instrument is no longer credit-impaired due These indicators include: credit spreads, credit default
to improvement of credit risk, and the improvement is linked swap prices against borrower, length of time and extent
with an event occurred after application of above provisions, to which the fair value of financial assets is less than their
the Company will calculate the interest income by applying amortized cost, and other market information related to
effective interest rate to the carrying amount of the financial the borrower (such as the borrower’s debt instruments or
assets. changes in the price of equity instruments);
5.2 Impairment of financial instruments (4) Significant adverse changes in regulatory, economic, or
technological environment of the debtor;
For financial asset at amortized cost, the Company recognizes the
provision for losses on the basis of expected credit loss (“ECL”). (5) Adverse changes in business, financial or
economic conditions that are expected to cause a
For contract assets, notes receivable and accounts receivable
significant decrease in the debtor’s ability to meet
arising from transactions regulated by Revenue Standards that
its debt obligations.
do not contain significant financing component or without
considering the financing component included in the contract Irrespective of the outcome of the above assessment, the
with a term not exceeding one year, the Company recognizes the Company presumes that the credit risk has increased significantly
provision for losses at an amount equivalent to the lifetime ECL. since initial recognition when contractual payments are more
For other financial instruments (other than purchased or than 30 days (inclusive) past due.
originated credit-impaired financial assets), the Company At the balance sheet date, if the Company determines that the
assesses the changes of credit risk since initial recognition of financial instrument has only lower credit risk, the Company
relevant financial instruments at each balance sheet date. If the assumes that the credit risk of such financial instrument has not
credit risk has increased significantly since initial recognition of increased significantly since initial recognition. The financial
the financial instruments, the Company recognizes the provision instrument is deemed as having lower credit risk if (i) it has a low
for losses at an amount equivalent to lifetime ECL; if the credit risk of default; (ii) the borrower has a strong capacity to meet
risk has not increased significantly since initial recognition its contractual cash flow obligations in the near term; and (iii)
of the financial instruments, the Company recognizes the adverse changes in economic and business conditions in the
provision for losses at an amount equivalent to 12-month ECL. longer term may, but will not necessarily, reduce the ability of the
The increase or reversal of credit loss provision for financial borrower to fulfil its contractual cash flows obligations.
assets other than those classified as at FVTOCI is recognized as
impairment loss or gain and included in profit or loss for the 5.2.2 Credit-impaired financial assets
period. For financial assets classified as at FVTOCI, the credit loss
provision is recognized in other comprehensive income and the When an event or several events that are expected to have
impairment loss or gain is included in profit or loss for the period adverse impact on the future cash flows of the financial assets
without reducing the carrying amount of the financial assets have occurred, the financial assets become credit-impaired. The
in the balance sheet. evidences of credit impairment of financial assets include the
following observable information:
Where the Company has measured the provision for losses at
an amount equivalent to lifetime ECL of a financial instrument (1) Significant financial difficulty of the issuer or debtor;
in prior accounting period, but the financial instrument no (2) Breach of contract by the debtor, such as a default or
longer satisfies the criteria of significant increase in credit risk delinquency in interest or principal payments;
since initial recognition at the current balance sheet date, the
(3) The creditor of the debtor, for economic or contractual
Company recognizes the provision for losses of the financial
reasons relating to the debtor’s financial difficulty, have
instrument at an amount equivalent to 12-month ECL at the
granted to the debtor a concession that the creditor would
current balance sheet date, with any resulting reversal of
not otherwise consider;
provision for losses recognized as impairment gains in profit or
loss for the period. (4) It is probable that the debtor will enter bankruptcy or
other financial reorganizations;
5.2.1 Significant increase in credit risk
Based on the Company’s internal credit risk management, the
The Company uses reasonable and supportable forward-looking
Company considers an event of default occurs when information
information to assess whether the credit risk has increased
developed internally or obtained from external sources indicates
significantly since initial recognition by comparing the risk of
that the debtor is unlikely to pay its creditors, including the
a default occurring on the financial instrument at the balance
Company, in full (without taking into account any collaterals
sheet date with the risk of a default occurring on the financial
held by the Company).
instrument at the date of initial recognition.
Irrespective of the outcome of the above assessment,
The following information is taken into account when assessing
the Company presumes that an event of default on the
whether the credit risk has increased significantly:
financial instrument has occurred if the contractual payment
(1) An actual or expected decrease in the internal credit of the financial instrument has been more than 90 days
rating for the debtor; (inclusive) past due.
5.2.3 Determination of ECL respective fair value of those parts at the date of transfer. The
The Company determines the credit losses on accounts difference between (1) the carrying amount allocated to the part
receivable and other receivable on a portfolio basis using derecognized on the date of derecognition; and (2) the sum of
an impairment matrix for related financial instruments. The the consideration received for the part derecognized and any
financial instruments are grouped based on common risk cumulative gain or loss allocated to the part derecognized which
characteristics. The common credit risk characteristics adopted has been previously recognized in other comprehensive income,
by the Company include: type of financial instrument, credit is recognized in profit or loss. Where the transferred assets are
risk rating, overdue status, industry of the debtor and company non-trading equity instrument investments designated as at
size company size, etc. FVTOCI, cumulative gains or losses previously recognized in
other comprehensive income are transferred out and included
The Company determines the ECL of relevant financial in retained profits.
instruments using the following method:
For a transfer of a financial asset in its entirety that does not
• For financial assets, the credit loss represents the present satisfy the derecognition criteria, the Company continues to
value of the difference between the contractual cash flows recognized the transferred financial asset in its entirety. The
receivable by the Company and the cash flows expected to consideration received from transfer of assets is recognized as a
be received by the Company. liability upon receipt.
• For credit-impaired financial assets that are not purchased
5.4 Classification of financial liabilities and equity
or originated at the balance sheet date, the credit loss
instruments
represents the difference between the carrying amount of
the financial assets and the present value of expected future Financial instruments issued by the Company or their
cash flows discounted using original effective interest rate. components are classified into financial liabilities or equity
instruments on the basis of not only the legal form but
The factors reflected by the Company’s measurement of ECL of also the contractual arrangements and their economic
financial instruments include: unbiased probability weighted substance, together with the definition of financial liability
average amount recognized by assessing a series of possible and equity instrument.
results; time value of money; reasonable and supportable
information related to historical events, current condition and 5.4.1 Classification, recognition and measurement of financial
forecast of future economic position that is available without liabilities
undue cost or effort at the balance sheet date. On initial recognition, financial liabilities are classified into
financial liabilities at FVTPL and other financial liabilities.
5.2.4 Write-down of financial assets
5.4.1.1 Other financial liabilities
When the Company will no longer reasonably expect that the
contractual cash flows of financial assets can be collected in Except for financial liabilities and financial guarantee contracts
aggregate or in part, the Company will directly write down the and loan commitments arising from transfer of financial assets
book value of the financial asset, which constitutes derecognition that do not meet the derecognition criteria or those arising from
of relevant financial assets. continuing involvement in the transferred financial assets, other
financial liabilities are subsequently measured at amortized cost,
5.3 Transfer of financial assets with gain or loss arising from derecognition or amortization
The Company derecognizes a financial asset if one of the
following conditions is satisfied: (1) the contractual rights to the If the modification or renegotiation for the contract by the
cash flows from the financial asset expire; or (2) the financial asset Company and its counterparties does not result in derecognition
has been transferred and substantially all the risks and rewards of of a financial liability subsequently measured at amortized cost
ownership of the financial asset is transferred to the transferee; but the changes in contractual cash flows, the Company will
or (3) although the financial asset has been transferred, the recalculate the carrying amount of the financial liability, with
Company neither transfers nor retains substantially all the risks relevant gain or loss recognized in profit or loss. The Company
and rewards of ownership of the financial asset but has not will determine the carrying amount of the financial liability based
retained control of the financial asset on the present value of renegotiated or modified contractual
cash flows discounted at the original effective interest rate
For a transfer of a financial asset in its entirety that satisfies the
of the financial liability. For all costs or expenses arising from
derecognition criteria, the difference between (1) the carrying
modification or renegotiation of the contract, the Company will
amount of the financial asset transferred; and (2) the sum of the
adjust the modified carrying amount of the financial liability and
consideration received from the transfer and any cumulative gain
make amortization during the remaining term of the modified
or loss that has been recognized in other comprehensive income,
financial liability.
is recognized in profit or loss. Where the transferred assets are
non-trading equity instrument investments designated as at
5.4.2 Derecognition of financial liabilities
FVTOCI, cumulative gains or losses previously recognized in
other comprehensive income are transferred out and included The Company derecognizes a financial liability (or part of it)
in retained profits. only when the underlying present obligation (or part of it) is
discharged. An agreement between the Company (an existing
If a part of the transferred financial asset qualifies for borrower) and an existing lender to replace the original financial
derecognition, the overall carrying amount of the financial asset liability with a new financial liability with substantially different
prior to transfer is allocated between the part that continues to
be recognized and the part that is derecognized, based on the
terms is accounted for as an extinguishment of the original Estimated net residual value of a fixed asset is the estimated
financial liability and the recognition of a new financial liability. amount that the Company would currently obtain from disposal
of the asset, after deducting the estimated costs of disposal,
When the Company derecognizes a financial liability or a
if the fixed asset were already of the age and in the condition
part of it, it recognizes the difference between the carrying
expected at the end of its useful life.
amount of the financial liability (or part of the financial liability)
derecognized and the consideration paid (including any non- If a fixed asset is upon disposal or no future economic benefits
cash assets transferred or new financial liabilities assumed) in are expected to be generated from its use or disposal, the fixed
profit or loss for the period. asset is derecognized. When a fixed asset is sold, transferred,
retired or damaged, the amount of any proceeds on disposal
5.4.3 Equity instruments of the asset net of the carrying amount and related taxes is
An equity instrument is any contract that evidences a residual recognized in profit or loss for the period.
interest in the assets of the Company after deducting all of its The Company reviews the useful life and estimated net residual
liabilities. Equity instruments issued (including refinanced), value of a fixed asset and the depreciation method applied at
repurchased, sold and cancelled by the Company are recognized least once at each financial year-end, and account for any change
as changes of equity. Change of fair value of equity instruments as a change in an accounting estimate.
is not recognized by the Company. Transaction costs related to
equity transactions are deducted from equity. 7. Construction in progress
The Company recognizes the distribution to holders of the equity Construction in progress is measured at its actual costs. The
instruments as distribution of profits, and dividends paid do not actual costs include various construction expenditures during
affect total amount of shareholders equity. the construction period and other relevant costs. Construction
in progress is not depreciated. Construction in progress is
5.5 Offsetting financial assets and financial liabilities transferred to a fixed asset when it is ready for intended use.
Where the Company has a legal right that is currently enforceable
to set off the recognized financial assets and financial liabilities, 8. Intangible assets
and intends either to settle on a net basis, or to realize the Intangible assets include land use right.
financial asset and settle the financial liability simultaneously, a
financial asset and a financial liability shall be offset and the net An intangible asset is initially measured at cost. An intangible
amount is presented in the balance sheet. Except for the above asset with a finite useful life is amortized using the straight-line
circumstances, financial assets and financial liabilities shall be method over its useful life when the asset is available for use.
presented separately in the balance sheet and shall not be offset. The Company reviews the useful life and amortization method
at least at each financial year-end. A change in the useful life or
6. Fixed assets the amortization method used is accounted for as a change in an
Fixed assets are tangible assets that are held for use in the accounting estimate.
production or supply of goods or services, for rental to others, or For an intangible asset with a finite useful life, the Company
for administrative purposes, and have useful lives of more than reviews the useful life and amortisation method at the end of the
one accounting year. A fixed asset is recognized only when it is year, and makes adjustments when necessary.
probable that economic benefits associated with the asset will
flow to the Company and the cost of the asset can be measured The useful life for such intangible asset is as follows:
reliably. Fixed assets are initially measured at cost.
Category Useful life
Subsequent expenditures incurred for the fixed asset are
Land use right 50 years
included in the cost of the fixed asset and if it is probable that
economic benefits associated with the asset will flow to the
Company and the subsequent expenditures can be measured
reliably. Meanwhile the carrying amount of the replaced part is Long-term deferred expenses represent expenses incurred that
derecognized. Other subsequent expenditures are recognized in should be borne and amortized over the current and subsequent
profit or loss in the period in which they are incurred. periods (together of more than one year). Long-term deferred
expenses are amortized using the straight-line method over the
A fixed asset is depreciated over its useful life using the straight- expected periods in which benefits are derived.
line method since the month subsequent to the one in which it
is ready for intended use. The depreciation method, useful life, 10. Impairment of non-financial assets
estimated net residual value rate and annual depreciation rate of
each category of fixed assets are as follows: The Company reviews the fixed assets, construction in progress
and other long-term assets at each balance sheet date to
Category Useful life Estimated Annual determine whether there is any indication that they have
Net residual depreciation suffered an impairment loss. If an impairment indication exists,
value rate rate the recoverable amount is estimated. Intangible assets with
Buildings 25 years 0% 4%
indefinite useful life and intangible assets not yet available for
use are tested for impairment annually, irrespective of whether
Electronic 2-5 years 0% 20%-50% there is any indication that the assets may be impaired.
equipment
Office equipment 2-5 years 0% 20%-50%
Recoverable amount is estimated on individual basis. If it is not
practical to estimate the recoverable amount of an individual
asset, the recoverable amount of the asset group to which the consumes economic benefits at the same time of the Company’s
asset belongs will be estimated. The recoverable amount of an performance; (ii) the customer is able to control goods or
asset or asset group is the higher of its fair value less costs of services in progress during the Company’s performance; (iii)
disposal and the present value of the future cash flows expected goods or services generated during the Company’s performance
to be derived from the asset. have irreplaceable utilization, and the Company is entitled to
collect amounts of cumulative performance part which have
If such recoverable amount is less than its carrying amount,
been done up to now. Otherwise, revenue is recognized at
a provision for impairment losses in respect of the deficit is
a point in time when the customer obtains control over the
recognized in profit or loss for the period.
relevant goods or services.
Once the impairment loss of such assets is recognized, it is not be
Contract assets refer to the Company’s right to consideration in
reversed in any subsequent period.
exchange for goods or services that the Company has transferred
to a customer when that right is conditioned on something
11. Employee benefits other than the passage of time. For the details of accounting
Actually occurred short-term employee benefits are recognized policies on impairment of contract assets, please see Note IV.
as liabilities, with a corresponding charge to the profit or The Company’s unconditional (i.e., depending on the passage
loss for the period or in the costs of relevant assets in the of time only) right to receive consideration from the customer is
accounting period in which employees provide services to the separately presented as receivables.
Company. Staff welfare expenses incurred by the Company
are recognized in profit or loss for the period or the costs of Contract liabilities refer to the Company’s obligation to transfer
relevant assets based on the actually occurred amounts when goods or services to a customer for consideration received or
it actually occurred. Non-monetary staff welfare expenses are receivable from the customer.
measured at fair value. Contract assets and contract liabilities under the same contract
Payment made by the Company of social security contributions will be presented on a net basis.
for employees such as premiums or contributions on medical If there are two or more of performance obligations included in
insurance, work injury insurance and maternity insurance, the contract, at the contract inception, the Company allocates
etc. and payments of housing funds, as well as trade union the transaction price to each single performance obligation
fund and employee education fund provided in accordance based on the proportion of stand-alone selling price of goods or
with relevant requirements, are calculated according to services promised in each stand-alone performance obligation.
prescribed bases and percentages in determining the amount However, if there is conclusive evidence indicating that the
of employee benefits and recognized as relevant liabilities, with contract discount or variable consideration is only relative with
a corresponding charge to the profit or loss for the period or one or more (not the whole) performance obligations in the
the costs of relevant assets in the accounting period in which contract, the Company will allocate the contract discount or
employees provide services. variable consideration to relative one or more performance
During the accounting period of rendering service to employees obligations. Stand-alone selling price refers to the price of a
of the Company, amount which should be paid according to single sale of goods or services. If the stand-alone selling price
defined contribution plans is recognized as liabilities, and cannot be observed directly, the Company estimates the stand-
recognized in profit or loss or related costs of assets. alone selling price through comprehensive consideration of
all relative information that can be reasonably acquired and
A liability for a termination benefit is recognized in profit maximum use of observable inputs.
or loss for the period at the earlier of when the Company
cannot unilaterally withdraw from the termination plan or the In case of the existence of variable consideration in the contract,
redundancy offer and when the Company recognizes any related the Company shall determine the best estimate of variable
restructuring costs or expenses. consideration based on the expected value or the most probably
occurred amount. The transaction price including variable
consideration shall not exceed the amount of the cumulatively
12. Revenue recognition
recognized revenue which is unlikely to be significantly reversed
The Company’s revenue is mainly from rendering of services. when relevant uncertainty is eliminated. At each balance
The Company recognizes revenue based on the transaction price sheet date, the Company re-estimates the amount of variable
allocated to the performance obligation when the Company consideration which should be included in transaction price.
satisfies a performance obligation in the contract, namely, when The Company assesses whether it controls each specified good
the customer obtains control over relevant goods or services. or service before that good or service is transferred to the
A performance obligation is a commitment that the Company customer to determine whether the Company is a principal or
transfers a distinct good or service to a customer in the contract. an agent. The Company considers whether it has the primary
The transaction price is the amount of consideration to which obligation to fulfil the contract, pricing discretion and other
the Company expects to be entitled in exchange for transferring factors to determine whether it controls the goods or service
promised goods or services to a customer, excluding amounts and therefore is acting as a principal or an agent. If the Company
collected on behalf of third parties and amounts expected to be controls the specified good or service before that good or
refunded to a customer. service is transferred to a customer, the Company is a principal
It is a performance obligation satisfied during a period of and recognizes revenue in the gross amount of consideration
time and the Company recognizes revenue during a period received or receivable. Otherwise, the Company is an agent and
of time according to the progress of performance if one of recognizes revenue in the amount of any fee or commission to
the following conditions is met: (i) the customer obtains and which it expects to be entitled. The fee or commission is the
net amount of consideration that the Company retains after recognition of the goods or services to which the asset relates
paying the other party the consideration received in exchange and recognized in profit or loss for the period.
for the goods or services to be provided by that party , or is
determined in accordance with the established commission 13. Government grants
amount or percentage, etc. Government grants are monetary assets and non-monetary
Where the Company receives receipts in advance from a assets from the government to the Company at no consideration.
customer for sales of goods or rendering of services, the amount A government grant is recognized only when the Company
is first recognized as a liability and then transferred to revenue can comply with the conditions attaching to the grant and the
when the related performance obligation has been satisfied. Company will receive the grant.
When the Company’s receipts in advance are not required to If a government grant is in the form of a transfer of a monetary
be refunded and it is probable that the customer will waive all asset, it is measured at the amount received or receivable.
or part of its contractual rights, the Company recognizes the
said amounts as revenue on a pro-rata basis in accordance with A government grant related to an asset is recognized as deferred
the pattern of exercise of the customer’s contractual rights, if income and included in profit or loss over the useful life
the Company expects to be entitled to the amounts relating to of the related asset.
the contractual rights waived by the customer; otherwise, the For a government grant related to income, if the grant is a
Company reverses the related balance of the said liabilities to compensation for related expenses or losses to be incurred
revenue only when it is highly unlikely that the customer will in subsequent periods, the grant is recognized as deferred
require performance of the remaining performance obligations. income over the periods in which the related costs or losses
A non-refundable initial fee (including membership fee of are recognized; If the grant is a compensation for related
club, X, etc.) charged to the customer at (or near) the contract expenses or losses already incurred, the grant is recognized
commencement date is included in the transaction price. Where immediately in profit or loss.
the initial fee is related to the goods or services committed to A government grant related to the Company’s daily activities
be transferred to the customers, and these goods or services is recognized in other income or written off related cost
constitute a single performance obligation, the Company and expense based on the nature of economic activities; a
recognizes revenue based on the transaction price allocated government grant not related to the Company’s daily activities is
to the goods or services upon their transfer; where the initial recognized in non-operating income and expenses.
fee is related to the goods or services committed to be
transferred to the customers, but these goods or services do
14. Income taxes
not constitute a single performance obligation, the Company
recognizes revenue based on the transaction price allocated to Tax expense comprises current income tax and
the single performance obligation upon fulfilment of the single deferred income tax.
performance obligation including the goods or services; where
the initial fee is not related to the goods or services committed to 14.1 Current income taxes
be transferred to the customers, the initial fee will be recognized At the balance sheet date, current income tax liabilities (or
as revenue upon their transfer in the future as receipts in advance assets) for the current and prior periods are measured at the
to transfer goods or services in the future. amount expected to be paid (or recovered) according to the
requirements of tax laws.
Costs of obtaining a contract
For the incremental cost of obtaining the contract (cost that will 14.2 Deferred tax assets and deferred tax liabilities
not occur if the contract is not obtained) that is expected to be For temporary differences between the carrying amounts of
recoverable, it is recognized as an asset, and shall be amortized certain assets or liabilities and their tax base, or between the nil
on a basis that is consistent with the revenue recognition of the carrying amount of those items that are not recognized as assets
goods or services to which the asset relates and recognized in or liabilities and their tax base that can be determined according
profit or loss for the period. If the amortization period of such to tax laws, deferred tax assets and liabilities are recognized
asset is less than one year, it is recognized in profit or loss for the using the balance sheet liability method.
period when incurred. Other expenses incurred for obtaining the
Deferred tax is generally recognized for all temporary
contract is included in profit or loss for the period when incurred,
differences. Deferred tax assets for deductible temporary
except for those explicitly assumed by the customer.
differences are recognized to the extent that it is probable that
taxable profits will be available against which the deductible
Costs to fulfil a contract
temporary differences can be utilized. However, for temporary
If the costs incurred in fulfilling a contract are not within the differences associated with the initial recognition of goodwill
scope of any standards other than Revenue Standards, the and the initial recognition of an asset or liability arising from a
Company recognizes an asset from the costs incurred to fulfil transaction (not a business combination) that affects neither
a contract only if those costs meet all of the following criteria: the accounting profit nor taxable profits (or deductible
(1) the costs relate directly to a contract or to an anticipated losses) at the time of transaction, no deferred tax asset or
contract that the Company can specifically identify; (2) the costs liability is recognized.
generate or enhance resources of the Company that will be used
in satisfying performance obligations in the future; and (3) the For deductible losses and tax credits that can be carried
costs are expected to be recovered. The asset mentioned above forward, deferred tax assets are recognized to the extent that it
shall be amortized on a basis that is consistent with the revenue is probable that future taxable profits will be available against
which the deductible losses and tax credits can be utilized.
At the balance sheet date, deferred tax assets and liabilities non-monetary items measured at fair value are re-translated at
are measured at the tax rates, according to tax laws, that are the spot exchange rate on the date the fair value is determined.
expected to apply in the period in which the asset is realized or Difference between the re-translated functional currency
the liability is settled. amount and the original functional currency amount is treated as
changes in fair value (including changes of exchange rate) and is
Current and deferred tax expenses or income are recognized
recognized in profit and loss or as other comprehensive income.
in profit or loss for the period, except when they arise from
transactions or events that are directly recognized in other
comprehensive income or in owners’ equity, in which case they 16. Leases
are recognized in other comprehensive income or in owners’ A lease is a contract whereby the lessor conveys to the lessee
equity; and when they arise from business combinations, in in return for a consideration the right to use an asset for an
which case they adjust the carrying amount of goodwill. agreed period of time.
At the balance sheet date, the carrying amount of deferred tax The Company assesses whether a contract contains a lease, at
assets is reviewed and reduced if it is no longer probable that inception of a contract. A contract is, or contains, a lease if the
sufficient taxable profits will be available in the future to allow contract conveys the right to control the use of an identified
the benefit of deferred tax assets to be utilized. Such reduction asset for a period of time in exchange for consideration. To assess
in amount is reversed when it becomes probable that sufficient whether a contract conveys the right to control the use of an
taxable profits will be available. identified asset, the Company assesses whether: (i) the contract
involves the use of an identified asset (ii) the Company has
14.3 Income tax offsetting substantially all of the economic benefits from use of the asset
When the Company has a legal right to settle on a net basis and through the period of the lease and (iii) the Company has the
intends either to settle on a net basis or to realize the assets and right to direct the use of the asset.
settle the liabilities simultaneously, current tax assets and current The Company as lessee
tax liabilities are offset and presented on a net basis.
When the Company has a legal right to settle current tax assets 16.1 Separating components of a lease
and liabilities on a net basis, and deferred tax assets and deferred If the contract contains one or more lease and non-lease
tax liabilities relate to income taxes levied by the same taxation components, the Company will separate the individual lease
authority on either the same taxable entity or different taxable and non-lease components and allocate contract consideration
entities which intend either to settle current tax assets and according to the relative proportion of the sum of the stand-
liabilities on a net basis or to realize the assets and liabilities alone prices of the lease components and the stand-alone prices
simultaneously, in each future period in which significant of the non-lease components.
amounts of deferred tax assets or liabilities are expected to be
reversed, deferred tax assets and deferred tax liabilities are offset 16.2 Right-of-use assets
and presented on a net basis. Except for short-term leases and leases of low-value assets, at
the commencement date of the lease, the Company recognizes a
15. Transactions denominated in foreign currencies right-of-use asset.
A foreign currency transaction is recorded, on initial The commencement date of the lease is the date on which
recognition, by applying the spot exchange rate on the a lessor makes an underlying asset available for use by the
date of the transaction. Company. The Company measures the right-of-use assets at cost.
At the balance sheet date, foreign currency monetary items The cost of the right-of-use assets comprises:
are translated into RMB using the spot exchange rates at the
balance sheet date. Exchange differences arising from the • the amount of the initial measurement of the lease liabilities;
differences between the spot exchange rates prevailing at the • any lease payments made at or before the commencement
balance sheet date and those on initial recognition or at the date, less any lease incentives received;
previous balance sheet date are recognized in profit or loss for • any initial direct costs incurred by the Company;
the period, except that (1) exchange differences related to a • an estimate of costs to be incurred by the Company in
specific-purpose borrowing denominated in foreign currency dismantling and removing the underlying asset, restoring the
that qualify for capitalization are capitalized as part of the cost site on which it is located or restoring the underlying asset
of the qualifying asset during the capitalization period; (2) to the condition required by the terms and conditions of the
exchange differences related to hedging instruments for the lease, unless those costs incurred to produce inventories.
purpose of hedging against foreign currency risks are accounted
for using hedge accounting; (3) exchange differences arising The Company depreciates right-of-use assets by reference to
from available-for-sale non-monetary items (such as shares) the relevant depreciation provisions of Accounting Standards
denominated in foreign currencies and changes in the carrying for Business Enterprises No. 4 - Fixed Assets. The right-of-use
amounts (other than the amortized cost) of available-for-sale assets are depreciated over the remaining useful lives of the
monetary items are recognized as other comprehensive income leased assets where the Company is reasonably certain to obtain
and included in capital reserve. ownership of the underlying assets at the end of the lease term.
Foreign currency non-monetary items measured at historical cost Otherwise, right-of-use assets are depreciated over the shorter of
are translated to the amounts in functional currency at the spot the lease term and the remaining useful lives of the leased assets.
exchange rates on the dates of the transactions and the amounts
in functional currency remain unchanged. Foreign currency
16.3 Lease liabilities assets. A short-term lease is a lease that at the commencement
Except for short-term leases and leases of low-value assets, at date, has a lease term of 12 months or less and does not contain
the commencement date of the lease, the Company measures a call option. A lease of low-value assets, is a lease that the single
the lease liabilities at the present value of the lease payments underlying asset, when is new, is of low value. The Company shall
that are not paid at that date. In calculating the present value of recognize the lease payments associated with short-term leases
lease payments, the Company uses the interest rate implicit in and leases of low-value assets in profit or loss or cost of related
the lease as the discount rate. The Company uses the incremental assets on a straight-line basis over the lease term.
borrowing rate if the interest rate implicit in the lease is not
readily determinable. V. Critical judgements in applying accounting
Lease payments refer to payments relating to the right to use policies and key assumptions and
leased assets during the lease term which are made by the uncertainties in accounting estimates
Company to the lessor, including:
In the application of the Company’s accounting policies, which
• fixed payments and in-substance fixed payments, less any are described in Note IV, the Company is required to make
lease incentives receivable (if any); judgements, estimates and assumptions about the carrying
• variable lease payments that depend on an index or a rate; amounts of items in the financial statements that cannot
be measured accurately, due to the internal uncertainty of
• the exercise price of a purchase option reasonably certain to
the operating activities. These judgements, estimates and
be exercised by the Company;
assumptions are based on historical experience of the Company’s
• payments of penalties for terminating a lease, if the lease management as well as other factors that are considered to be
term reflects the Company exercising the option to terminate relevant. Actual results may differ from these estimates.
the lease; and
• amounts expected to be paid under residual value The aforementioned judgements, estimates and assumptions
guarantees provided by the Company. are reviewed regularly on a going concern basis. The effect of
a change in accounting estimate is recognized in the period
• Variable lease payments that depend on an index or a
of the change, if the change affects that period only; or
rate, are initially measured using the index or rate as at the
recognized in the period of the change and future periods, if the
commencement date. Variable lease payments not included
change affects both.
in the measurement of the lease liabilities, are recognized in
profit or loss or cost of related assets in the period of those - Key assumptions and uncertainties in accounting estimates
payments
At the balance sheet date, the key assumptions and uncertainties
in the accounting estimates that are likely to result in
After the commencement date of the lease, the Company
material adjustments to the carrying amounts of assets and
calculates interest expenses of lease liabilities for each period of
liabilities in the future are:
the lease term based on fixed periodic rate, and recognizes such
expenses in profit or loss or cost of related assets.
Deferred tax assets
After the commencement date of the lease, the Company re- The management of the Company considers that it is uncertain
measures the lease liabilities and adjusts the right-of-use assets for the Company to obtain enough income tax payable in the
accordingly in the following cases: future, so the Company did not recognize RMB 441,470,113.75 of
deductible losses as deferred tax assets at the end of this year
• If the book value of the right-of-use asset has been reduced according to Note VIII. 21.
to zero, but the lease liability needs to be reduced further, the
Company will recognize the difference in profit or loss for the
Provision of ECL for accounts receivable
period;
The Company uses provision matrix to calculate ECL for the
• There is a change in the lease term, or in the assessment of
accounts receivable. The provision rates are based on internal
an option to purchase the underlying asset, in which case
credit ratings as groupings of various debtors that have similar
the related lease liability is remeasured by discounting the
risk patterns. The provision matrix is based on the Company’s
revised lease payments using a revised discount rate at the
historical default rates. At 31 December 2022, the historical
date of reassessment;
observed default rates are reassessed and changes in the
• There is a change in the amounts expected to be payable forward-looking information are considered. The provision of
under a residual value guarantee, or in future lease payments ECL will vary based on the Company’s estimates. The information
resulting from a change in an index or a rate used to about the ECL and the Company’s accounts receivable is
determine those payments, in which case the related lease disclosed in Note VIII. 2 .
liability is remeasured by discounting the revised lease
payments using the unchanged discount rate. If the change
of lease payment comes from the change of floating interest VI. Changes in accounting policies and
rate, the revised discount rate shall be used to calculate the corrections of prior period accounting errors
present value.
The Interpretation No. 15 of the Accounting Standards for
16.4 Short-term leases Business Enterprises (the “Interpretation No. 15”) was issued by
the Ministry of Finance on 30 December 2021, which stipulated
The Company chooses not to recognize right-of-use assets and the accounting treatment for the external sale of products or
lease liabilities for short-term leases of and leases of low-value by-products produced by an enterprise before the fixed asset
are ready for intended use or in the process of research and Income tax
development, as well as the judgment on onerous contract. The statutory income tax rate of the Company is 25% (2021: 25%).
The accumulated tax loss of the Company as at 31 December
Judgment on onerous contracts 2022 has not been fully deducted, therefore, the income tax of
The Interpretation No. 15 clarifies that the “cost for performing this year has not been accrued.
the contract” considered by an enterprise in determining
whether a contract is an onerous contract shall include Other taxes
the incremental cost for performing the contract and the Urban maintenance and construction tax is levied at 5% of
apportioned amount of other costs directly related to the the VAT actually paid.
performance of the contract. The Interpretation came into
force on 1 January 2022, and an enterprise shall implement this Educational surcharge is levied at 3% of the VAT actually paid.
provision for contracts that have not fulfilled all obligations by 1 Local educational tax is levied at 2% of the VAT actually paid.
January 2022. The accumulative amounts impacted are allowed
to adjust the opening balance of retained earnings and amounts
of other relevant items in the financial statements, and are VIII. Notes to the financial statements
allowed not to adjust the comparative data of prior periods.
1. Cash and bank balances
Upon assessment, the Company considers that the adoption (In RMB)
of this Interpretation affected the financial statements of
As at December 31,
the Company as follows: Particulars
2022 2021
Items 31 December 2021 Adjust 1 January 2022 Deposits with banks 22,002,332.99 35,890,767.14
Accumulated (474,210,820.49) (994.98) (474,211,815.47)
losses 2. Accounts receivable
(1) The customer analysis of accounts receivable is as follows:
VII. Taxation
(In RMB)
Value-added tax
As at December 31,
Value added tax (‘VAT’) on sales is calculated at 6% on revenue of Particulars
2022 2021
rendering of services according to the relevant requirements of
tax laws and paid after deducting input VAT on purchases. Amounts due 91,144,032.04 90,449,892.32
from other customers
Based on the zero VAT rate policy, the oversea revenue of the
Company is exempted from VAT. Less: Credit losses provision 136,927.17 313,111.61
Total 91,007,104.87 90,136,780.71
As a part of the company’s credit risk management, the Company conducts internal credit rating on debtors of accounts receivable
and determines the expected loss rate of accounts receivable of each rating. As at 31 December 2022, the analysis of the credit risk and
expected loss for accounts receivable is as follows:
(In RMB)

Internal credit rating Expected average Credit losses
Amount Book value
loss rate provision
Risk free 0.00% 91,007,104.87 – 91,007,104.87
Low risk 100.00% 69,152.36 (69,152.36) –
High risk 100.00% 67,774.81 (67,774.81) –
Total 91,144,032.04 (136,927.17) 91,007,104.87
(2) The analysis of the movements of expected credit losses provision for accounts receivable is as follows:
(In RMB)
Particulars Expected credit losses

31 December 2021 313,111.61
1 January 2022 313,111.61
Provision reversal during the year (176,184.44)
31 December 2022 136,927.17
3. Other receivables
3.1 Summary of other receivables
The ageing analysis of other receivables is as follows:
(In RMB)

Aging Bad debt Bad debt
Amount Ratio Book value Amount Ratio Book value
provision provision
RMB % RMB RMB RMB % RMB RMB
Within 1 year 394,132.73 27.40 (54,114.34) 340,018.39 1,211,670.21 100.00 (1,013.32) 1,210,656.89
1 to 2 years 1,044,230.70 72.60 – 1,044,230.70 – – – –
Total 1,438,363.43 100.00 (54,114.34) 1,384,249.09 1,211,670.21 100.00 (1,013.32) 1,210,656.89
4. FIXED ASSETS
(In RMB)
Cost Electronic equipment Office equipment Buildings Total

1 January 2022 32,700,170.52 93,206,633.45 775,097,899.22 901,004,703.19
Additions during the year 2,941,411.72 262,191.11 – 3,203,602.83
Decrease (37,222.35) – – (37,222.35)
Balance at 31 December 2022 35,604,359.89 93,468,824.56 775,097,899.22 904,171,083.67
1 January 2022 (26,204,627.66) (53,981,356.63) (144,767,738.01) (224,953,722.30)
Charge for the year (3,674,611.08) (14,277,936.92) (31,007,014.60) (48,959,562.60)
Decrease 37,222.35 – – 37,222.35
Balance at 31 December 2022 (29,842,016.39) (68,259,293.55) (175,774,752.61) (273,876,062.55)
Carrying amounts
1 January 2022 6,495,542.86 39,225,276.82 630,330,161.21 676,050,980.89
31 December 2022 5,762,343.50 25,209,531.01 599,323,146.61 630,295,021.12
5. Construction in progress Particulars Buildings

(In RMB)
At 31 December 2022 7,638,592.74
Particulars RMB Net book value
Balance at 1 January 2021 – At 31 December 2022 9,654,467.72
Additions during the year 3,364,531.20 At 1 January 2022 12,528,187.99
Transfer to fixed assets (3,203,602.83)
Transfer to long-term deferred expenses (160,928.37) 7. Intangible assets
(In RMB)
Balance at 31 December 2022 –
Particulars Land use right
6. Right-of-use assets Cost
(In RMB) 70,540,000.00
Balance at 31 December 2021
Particulars Buildings and 31 December 2022
Cost Accumulated amortization
At 1 January 2022 16,176,596.92 31 December 2021 (14,481,339.33)
Provided for the year 1,116,463.54 Charge for the year (1,410,839.91)
At 31 December 2022 17,293,060.46 Balance at 31 December 2022 (15,892,179.24)
Accumulated depreciation Carrying amounts
At 1 January 2022 3,648,408.93 31 December 2022 54,647,820.76
Provided for the year 3,990,183.81 31 December 2021 56,058,660.67
8. Long-term deferred expenses Short-term loans include a loan from Infosys Poland Sp. z o.o.
(In RMB) for the purposes of business operation. The principal of the
loan is USD 5,000,000.00 (31 December 2022: equivalent to RMB
As at December 31, 34,823,000.00), bearing interest per annum at 6.00%. Since 1
Particulars
2022 2021 January 2018, it has been adjusted to 3.50%. The term of loan was
Office decoration 2,279,407.84 3,028,615.05 1 year. It was due on 17 May 2018, and was extended to 17 May
2023. Since 18 May 2022, bearing interest per annum has been
9. Short-term loans adjusted to 12 months LIBOR+1.25% , simple interest.
(In RMB) Short-term loans include loans of RMB 50,000,000.00 from
As at December 31,
Infosys Technologies (China) Co. Limited for the purpose of
Particulars business operation, bearing an interest rate of 6.00% per annum.
2022 2021 The loans was originally due in 2018 and then was extended until
Unsecured loans 84,823,000.00 81,878,500.00 the lender requires repayment.
10. Employee benefits payable

(In RMB)
As at 1 January, Provision for the Payment for the As at 31 December,

Item
2022 year year 2022
Wages or salaries, bonus, allowances, subsidies 18,375,007.29 350,434,767.37 (347,447,163.83) 21,362,610.83
Social security contributions – 22,339,852.27 (22,339,852.27) –
Including: Medical insurance – 21,852,634.73 (21,852,634.73) –
Maternity and work injury insurance – 487,217.54 (487,217.54) –
Defined contribution plans (Note) – 40,577,389.93 (40,577,389.93) –
Housing funds – 15,742,967.71 (15,742,967.71) –
Total 18,375,007.29 429,094,977.28 (426,107,373.74) 21,362,610.83
Note: Defined contribution plans
(In RMB)
As at 1 January, Provision for the Payment for the As at 31 December,

Item
2022 year year 2022
Basic pension insurance – 39,653,149.78 (39,653,149.78) –
Unemployment insurance – 924,240.15 (924,240.15) –
Total – 40,577,389.93 (40,577,389.93) –
The Company participates in basic pension insurance plan established by government in accordance with the relevant requirements.
According to the plan, the Company makes a monthly contribution equivalent to the ratio of 16%, 16% and 15%, in Shanghai, Nanjing
and Shenzhen respectively, of the employee’s monthly basic wage based on last year’s salary. The Company no longer undertake further
payment obligation. The corresponding cost charges to the profit or loss for the current period or the cost of a relevant asset when occur.
11. Taxes payable 12. Non-current liabilities due within one year
(In RMB) (In RMB)
As at December 31, As at December 31,

Category Particulars
2022 2021 2022 2021
Housing tax 4,100,950.60 1,821,713.62 Subsidies due within one year 1,284,120.00 1,284,120.00
Individual income tax 3,147,875.30 3,687,576.73 Lease 4,546,210.90 3,644,351.00
Withholding income tax and VAT 1,987,421.64 1,318,704.23 liabilities due within one year
Total 5,830,330.90 4,928,471.00
VAT 47,098.03 –
Other 2,979,457.30 –
Total 12,262,802.87 6,827,994.58
13. Long-term loans 15. Other non-current liabilities
(In RMB) (In RMB)
As at December 31, Particulars RMB

Particulars
2022 2021 Cost
Unsecured loans 41,200,000.00 41,200,000.00 Balance at 1 January 48,966,000.00
The long-term loans of RMB 41,200,000.00 from Infosys 2022, 31 December 2022
Consulting Singapore in 2020 are for the purpose of business Depreciation
operation, bearing an interest rate of 4.00% per annum. The
Balance at 1 January 2022 (9,827,224.00)
term of loan is 1 year. It was originally due on 19 January 2022
and subsequently extended to 19 January 2024. The interest Additions during the year (1,284,120.00)
rate was changed to 12 months LIBOR+0.8%, simple interest Balance at 31 December 2022 (11,111,344.00)
since 20 January 2023. This rate is adjusted at LIBOR on the
Net book value
first day of each quarter. The borrower shall pay interest on
demand by the lender. Net book value at 31 December 2022 37,854,656.00
Less: Subsidies recognized in non-current 1,284,120.00
14. Lease liabilities liabilities due within one year
(In RMB) 36,570,536.00
Balance at 31 December 2022
As at December 31, Balance at 31 December 2021 37,854,656.00
Particular
2022 2021 The company received a technology support fund of RMB
Lease Liabilities 10,199,018.88 13,172,385.34 33,896,000.00 from Shanghai Zizhu Industrial Park Development
Less: Lease liabilities 4,546,210.90 3,644,351.00 Co., LTD. (“ Zizhu Industrial Park “) in January 2012. The purpose
recognized in non-current of this payment is to subsidize the technology projects of
liabilities due within one year the Company during its operating period. The company
shall amortize the amount equally over the fifty years
Total 5,652,807.98 9,528,034.34 of its business life.
The company received a technical renovation subsidy of RMB
15,070,000.00 from Shanghai Minhang District Finance Bureau
in December 2013. The purpose of this payment is to subsidize
the Company’s Software Development Center project, and is a
government subsidy related to the asset.
16. Paid-in capital

The registered capital of the Company is USD 165,000,000.00. As at 31 December 2022, the contribution by the investor according to the
Articles of Association is as follows:
As at December 31,
2022 2021
Particulars
Ratio % Equivalent to Ratio %
USD USD Equivalent to RMB
RMB
Infosys Limited 164,599,982.00 100.00 1,052,400,443.23 164,599,982.00 100.00 1,052,400,443.23
17. Operating income

(In RMB)
As at December 31,
Particulars
2022 2021
Income from principal activities
Rendering of services 407,582,424.92 424,953,011.90
Other operating income
Rental income 910,294.68 2,247,371.32
Total 408,492,719.60 427,200,383.22
18. Financial expenses
(In RMB)
As at December 31,
Particulars
2022 2021
Interest income (271,176.21) (216,069.62)
Interest expenses 6,202,669.04 7,016,093.83
Interest expenses of lease liabilities 420,727.56 456,849.73
Exchange losses 2,115,395.23 (1,598,143.78)
Total 8,467,615.62 5,658,730.16
19. Other income

(In RMB)
As at December 31,
Government Grants Related to assets/income
2022 2021
Development zone supporting fund Related to income 4,150,000.00 3,810,699.00
Technological support subsidy Related to assets 1,284,120.00 1,284,120.00
10% additional deduction of VAT input of Service Industry Related to income 191,308.16 240,909.20
Refund of service charge for withholding and remit Related to income 271,024.78 119,874.23
individual income tax
Subsidy for job stabilization Related to income 215,355.16 691.20
Training subsidy Related to income 300.00 413,340.00
Export subsidy Related to income – 196,300.00
Subsidy for disabled employment Related to income 9,184.25 170,824.44
Loss on disposal of fixed assets Related to income – (150,151.75)
Others Related to income 382,198.08 1,499,603.74
Total 6,503,490.43 7,586,210.06
20. Credit impairment proft(loss)

(In RMB)
As at December 31,
Particulars
2022 2021
Bad debt reverse (loss) 24,410.16 (29,373.36)
21. Non-Operating Expense

(In RMB)
As at December 31,
Particulars
2022 2021
Tax late fees and penalties (2,572,336.62) –
During the year, the tax bureau conducted tax inspections on the Company’s tax payments in past years and made recoveries on taxable
matters that had not been paid in previous years, and the Company made a provision of RMB 2,572,336.62 for tax late fees and penalties.
22. Income tax expenses

(In RMB)
As at December 31,
Particulars
2022 2021
Current income tax expenses – –
Deferred tax expenses – –
Total – –
No provision for income tax has been made as the Company had a tax loss for the year.
As described in Note V, the Company’s management is uncertain that there will be sufficient taxable income in future periods, so the
deferred tax assets related to the accumulated deductible losses as at 31 December 2022 amounting to RMB 415,981,907.83 is not
recognized. Among the accumulated losses, RMB 96,778,379.30, RMB 100,136,322.85, RMB 88,534,506.63, RMB 71,453,856.83 and RMB
59,078,842.22 will expire in 2023, 2024, 2025, 2026 and 2027 respectively.
Reconciliation of income tax expenses to the accounting profit is as follows:
(In RMB)
As at December 31,
Particulars
2022 2021
Accounting losses (77,233,784.73) (43,976,608.34)
Expected income tax expense at tax rate of 25% (19,308,446.18) (10,994,152.09)
Tax effect of non-deductible expenses 182,390.84 61,644.17
Unused deductible loss 14,769,710.56 11,223,574.23
Temporary differences for deferred tax assets not recognized 4,356,344.79 (291,066.31)
Income tax expenses – –
23. Supplementary information to the cash flow statement

(1) Reconciliation of net loss to cash flows from operating activities:
(In RMB)
As at December 31,
Particulars
2022 2021
Net loss (77,232,789.75) (43,976,608.34)
Add: Provisions for impairment losses on credit (24,410.16) 29,373.36
Depreciation of fixed assets 48,959,562.60 56,227,194.03
Depreciation of right-of-use assets 3,990,183.81 3,648,408.93
Financial expenses 3,321,622.28 8,211,500.19
Amortization of intangible assets 1,410,839.91 1,410,839.90
Amortization of long-term deferred expenses 910,135.58 8,155,934.19
Decrease (Increase) in operating receivables (579,759.67) 4,367,084.45
Increase (Decrease) in operating payables 13,187,664.73 (61,410,545.51)
Net cash flow from operating activities (6,056,950.67) (23,336,818.80)
(2) Net changes in cash and cash equivalents:

in RMB
As at December 31,
Particulars
2022 2021
Cash and cash equivalents at the end of the year 22,002,332.99 35,890,767.14
Less: Cash and cash equivalents at the beginning of the year 35,890,767.14 48,449,796.57
Net increase / (decrease) in cash and cash equivalents (13,888,434.15) (12,559,029.43)
IX. Related party relationships and transactions

(1) Information about the parent company of the Company is as follows:
Name Registered Registered Shareholding Voting
Nature of business
of the Parent Company address capital ratio ratio
Infosys Limited India Rendering of information technical consultation INR 11.48 100% 100%
service and management consultation billion
(2) The following are other related parties which have transactions with the Company while no control
relationship exists:
Name Relationship with the Company
Infosys Poland Sp. z o.o. Controlled by the same parent company
Infosys Consulting Pte. Ltd. Controlled by the same parent company
Infosys Technologies (China) Co. Limited Controlled by the same parent company
Infosys Technologies S.De.R.L Controlled by the same parent company
Panaya Ltd. Controlled by the same parent company
Infosys Compaz Pte Ltd Controlled by the same parent company
(3) Significant transactions between the Company and the related parties in current year
(a) Sales and purchases
The details of sales and purchases between the Company and its related parties are as follows:
(In RMB)
As at December 31,
Sales
2022 2021
Infosys Technologies (China) Co. Limited 280,556,901.31 252,489,047.66
Infosys Limited 116,939,855.41 94,093,438.74
Panaya Ltd. 1,019,241.88 1,024,950.94
Infosys Technologies S.De.R.L 954,598.90 7,563,223.31
Infosys Compaz Pte Ltd 162,634.28 –
Total 399,633,231.78 355,170,660.65
(In RMB)
As at December 31,
Purchases
2022 2021
Infosys Technologies (China) Co. Limited 663,349.31 6,890,246.34
Infosys Limited 3,220,498.27 2,936,670.59
Total 3,883,847.58 9,826,916.93
(b) Loans and borrowings

The details of loans and borrowings between the Company and related parties are as follows:
(In RMB)

Particulars
Borrowings from
Infosys Poland Sp. z o.o. 2,944,500.00 34,823,000.00 (746,000.00) 31,878,500.00 12 months
LIBOR+1.25%
Infosys Technologies (China) Co. Limited – 50,000,000.00 – 50,000,000.00 6.00%
Infosys Limited – – (65,249,000.00) – 6.00%
Infosys Consulting Pte. Ltd. – 41,200,000.00 – 41,200,000.00 12 months
LIBOR+0.8%
Total 2,944,500.00 126,023,000.00 (65,995,000.00) 123,078,500.00
Note:
On April 21, 2021, the Company sent a letter to Infosys Poland Sp.z o.o. The extended loan of US $5,000,000.00 (equivalent to RMB 34,823,000.00 on December 31,
2022) has a term of 1 year. The interest rate will be 3.50% from 1 January 2021. It will be adjusted to 12 months LIBOR+1.25% from May 18, 2022. The amount of this
year is the difference caused by exchange rate changes.
Short-term borrowings include the borrowings obtained by the Company from Infosys Technologies (China) Co., Ltd. for business purposes in 2017, amounting to
RMB 50,000,000.00 with an annual interest rate of 6.00%. These borrowings were originally due in 2018 and will be extended to be returned at the request of the
Lender.
The Company has borrowed RMB 41,200,000.00 from Infosys Consulting Singapore for operation in 2020, with an annual interest rate of 4.00%. From 20 January
2023, the interest rate will be one-year US dollar LIBOR plus 0.8% spread. The one-year term of the facility was originally due on January 19, 2022 and was extended
to January 19, 2024.
(In RMB)
As at December 31,
Particulars
2022 2021
Interest expenses
Infosys Technologies (China) Co. Limited 3,000,000.00 3,000,000.00
Infosys Poland Sp. z o.o. 1,473,521.98 874,451.74
Infosys Consulting Pte. Ltd. 1,729,147.06 1,648,000.00
Infosys Limited – 1,493,642.09
Total 6,202,669.04 7,016,093.83
(c) Amounts due to/from related companies

(In RMB)
As at December 31,
2022 2021
Accounts receivable Infosys Technologies (China) Co. Limited 75,471,496.91 68,535,874.44
Infosys Limited 12,563,756.54 9,992,893.34
Infosys Compaz Pte Ltd 162,771.52 –
Infosys Technologies S.De.R.L – 89,553.40
Panaya Ltd. 68,455.47 67,179.99
Total 88,266,480.44 78,685,501.17
Accounts payable Infosys Technologies (China) Co. Limited 55,907,594.06 55,204,443.77
Infosys Limited 3,583,738.78 2,708,039.13
Total 59,491,332.84 57,912,482.90
Other payables Infosys Technologies (China) Co. Limited 16,499,178.08 13,499,178.08
Infosys Poland Sp. z o.o. 7,459,449.18 5,503,626.46
Infosys Consulting Pte. Ltd. 4,961,936.10 3,232,789.04
Total 28,920,563.36 22,235,593.58
X. Financial instruments and risk management

The Company’s major financial instruments include cash and bank balances, accounts receivable, other receivables, accounts payable,
other payables and short-term loans. Details of these financial instruments are disclosed in Note VII. The risks associated with these
financial instruments and the policies on how to mitigate these risks are set out below. The management manages and monitors these
exposures to ensure appropriate measures are implemented on a timely and effective manner.
The Company adopts sensitivity analysis technique to analyze how the profit and loss for the period and owners’ equity would have
been affected by reasonably possible changes in the relevant risk variables. As it is unlikely that risk variables will change in an isolated
manner, and the interdependence among risk variables will have significant effect on the amount ultimately influenced by the changes
in a single risk variable, the following are based on the assumption that the change in each risk variable is on a stand-alone basis.
1. Risk management objectives and policies

The Company’s risk management objectives are to achieve proper balance between risks and yield, minimize the adverse impacts of
risks on the Company’s operation performance, and maximize the benefits of the shareholders and other equity investors. Based on
these risk management objectives, the Company’s basic risk management strategy is to identify and analyze the industry’s exposure to
various risks, establish appropriate bottom line for risk tolerance, implement risk management, and monitors these exposures to ensure
1.1 Market risk
1.1.1 Foreign currency risk
Foreign currency risk is the risk that losses will occur because of changes in foreign exchange rates. The Company’s exposure to the
foreign currency risk is primarily associated with USD and INR. The Company’s principal activities are settled in RMB. As at 31 December
2022, the balance of the Company’s assets and liabilities are both denominated in RMB except that the assets and liabilities set out below
are denominated in foreign currencies. Foreign currency risk arising from the assets and liabilities denominated in foreign currencies may
have impact on the Company’s performance.
(In RMB)
As at December 31,
2022 2021
Cash and bank balances 671,298.92 329,644.99
Accounts receivable 12,794,983.53 9,622,587.82
Short-term loans (34,823,000.00) (31,878,500.00)
Interest payable (7,459,449.18) (5,503,626.46)
Accounts payable (3,583,738.78) (2,708,039.13)
Total (32,399,905.51) (30,137,932.78)
Sensitivity analysis on currency risk
The assumption for the sensitivity analysis on currency risk is that all hedges of net investments in foreign operations and the cash flow
hedges are highly effective.
On the basis of the above assumption, where all other variables are held constant, the reasonably possible changes in the foreign
exchange rate may have the following pre-tax effect on the profit or loss for the period and owners’ equity:
(In RMB)
As at December 31,
Changes in exchange 2022 2021
Item
rate Effect on Owners’ Effect on Owners’
Effect on profit Effect on profit
equity equity
Foreign currencies 10% increase against (3,239,990.55) (3,239,990.55) (3,013,793.28) (3,013,793.28)
RMB
Foreign currencies 10% decrease against 3,239,990.55 3,239,990.55 3,013,793.28 3,013,793.28
RMB
1.2 Credit risk

As at 31 December 2022, the Company’s maximum exposure to credit risk which will cause a financial loss to the Company due to failure
to discharge an obligation by the counterparties.
The Company reviews the recoverable amount of each individual trade debt at each balance sheet date to ensure that adequate
impairment losses are made for irrecoverable amounts. In this regard, the management of the Company consider that the Company
credit risk is significantly reduced.
The credit risk on liquid funds is limited because the counterparties are banks with high credit rating.
1.3 Liquidity risk

In the management of the liquidity risk, the Company monitors and maintains a level of cash and cash equivalents deemed adequate by
the management to finance the Company’s operations and mitigate the effects of fluctuations in cash flows. The management monitors
use of loans and ensures to observe loan agreements.
XI. Capital management

The Company’s primary objectives when managing capital are to safeguard the Company’s ability to continue as a going concern.
The Company defines “capital” as including all components of equity. The balance of related party transactions are not regarded by
the Company as capital.
The Company’s capital structure is regularly reviewed and managed with due regard to the capital management practices of the Infosys
Limited Group to which the Company belongs. Adjustments are made to the capital structure in light of changes in economic conditions
affecting the Company. The results of the Board of Directors’ review of the Company’s capital structure are used as a basis for the
determination of the level of dividends, if any, that are declared.
XII. Commitments
(1) Capital commitments
(In RMB)
As at December 31,
2022 2021
Capital commitments that have been entered into but have not been performed: 1,219,606.45 2,660,619.03
Infosys Consulting GmbH
Infosys Subsidiary Financials Report 2022-23 Infosys Consulting GmbH | 383

To the Members of Infosys Consulting GmbH

Opinion
We have audited the accompanying special purpose financial statements of Infosys Consulting GmbH (“the Company”), which comprise
the Balance Sheet as at December 31, 2022, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of
Basis for Opinion


The Company’s Board of Directors areManagement is responsible for the preparation of these special purpose financial statements that
In preparing the special purpose financial statements, the Company’s Management is Board of Directors are responsible for assessing
The Management isBoard of Directors are responsible for overseeing the Company’s financial reporting process.
the audit. We also:
384 | Infosys Consulting GmbH Infosys Subsidiary Financials Report 2022-23

• Evaluate the overall presentation, structure and content of the special purpose financial statements, including the disclosures, and
whether the special purpose financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.
i) we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary
for the purpose of our audit;
iii) the Balance Sheet, the Statement of Profit and Loss and the Statement of Cash Flow and Statement of Changes in Equity dealt
with by this Report are in agreement with the books of account.
UDIN : 23202841BGWLUY7680
For Shenoy & Kamath

(M Rathnakar Kamath)
Partner
Place: Bengaluru
Date: May 20, 2023

Balance Sheet
in EUR
As at December 31
2022 2021
ASSETS
Non-current assets
Right-of-use assets 2.18 995,607 1,763,937
Financial assets
Loans 2.2 – 4,069,544
Income tax assets, net 2.13 1,117,668 803,979
Current assets
Financial assets
Loans 2.2 78,631 260,505
Total assets 23,141,774 25,528,350
Equity
Equity share capital 2.8 86,000 86,000
Other equity 7,514,307 7,665,671
Total equity 7,600,307 7,751,671
Liabilities
Lease Liabilities 2.18 1,294,457 2,221,018
Current liabilities
Trade payables 2.9 5,969,349 1,935,590
Lease Liabilities 2.18 1,360,326 1,177,213
Other current liabilities 2.11 915,103 3,167,373
Provisions 2.12 93,558 95,810
Income tax liabilities, net 2.13 840,515 283,934

As per our report of even date attached for for and on behalf of the Board of Directors of Infosys Consulting GmbH
Shenoy & Kamath

M. Rathnakar Kamath Ann Kathrin Sauthoff Bloch

Partner Executive Director
Place: Bengaluru
Date : May 21, 2023

In EUR,except equity share and per equity share data
Years ended December 31

2022 2021
Other income, net 2.15 (115,964) 149,075
Total income 53,354,336 44,089,654
Expenses
Depreciation expense 2.1 724,269 837,871
Finance cost 9,159 5,653
Other expenses 2.17 524,422 330,716
Total expenses 52,814,208 40,721,312
Profit/(loss) before tax 540,128 3,368,342
Tax expense
Current tax 2.13 687,449 (70,658)
Deferred tax 2.13 – –
Profit/(Loss) for the year (147,321) 3,439,000
Other comprehensive income / (loss)
Total Comprehensive Income/(loss) for the period/year (147,321) 3,439,000
As per our report of even date attached for for and on behalf of the Board of Directors of Infosys Consulting
GmbH
Shenoy & Kamath

Place: Bengaluru
Date : May 21, 2023

In EUR

Reserves and Surplus attributable to
Equity share
Particulars equity holders of
capital
Retained earnings Capital reserve the Company
Balance as of January 1, 2021 86,000 2,226,671 2,000,000 4,312,671

Profit for the year – 3,439,000 – 3,439,000
Balance as of December 31, 2021 86,000 5,665,671 2,000,000 7,751,671
Impact on adoption of amendment to Ind-AS 37 # – (4,043) – (4,043)
Profit for the year – (147,321) – (147,321)
Balance as of December 31, 2022 86,000 5,514,307 2,000,000 7,600,307
# Impact on account of adoption of amendment to Ind AS 37 Provisions, Contingent Liabilities and Contingents Assets
GmbH
Shenoy & Kamath

Place: Bengaluru
Date : May 21, 2023

In EUR
Year ended December 31

2022 2021
Profit/(Loss) for the year (147,321) 3,439,000
operating activities
Depreciation and amortization expense 2.1 & 2.18 724,269 837,871
Income tax expense 2.13 687,449 (70,658)
Impairment loss recognized / (reversed) under expected credit loss model 23,152 4,955
Finance Cost 9,159 5,653
Provision for post-sales client support and warranties (6,294) 54,825
Interest and dividend income (10,890) (16,041)
Exchange differences on translation of assets and liabilities 129,646 (132,364)
Other financial assets and other assets 1,336,439 (5,692,879)
Trade payables 4,033,759 1,321,248
Other financial liabilities, other liabilities and provisions (5,591,264) 2,207,317
Cash generated from / (used in) operations (1,679,529) (2,703,095)
Income taxes paid 2.13 (444,557) (682,646)
Net cash generated by / (used in) operating activities (2,124,086) (3,385,741)
Expenditure on property, plant and equipment net of sale proceeds (403,130) (106,929)
Loans and advances to employees 24,603 232,888
Loans repaid by Parent company and other subsidiaries 4,237,705 2,500,000
Loan given to subsidiaries – (200,000)
Interest and dividend received on investments 10,890 16,041
Net cash from/(used in) investing activities 3,870,068 2,442,000
Payment of Lease Liabilities (1,527,737) (784,182)
Interest and finance expenses paid (7,116) (2,429)
Net cash from / (used in) financing activities (1,534,853) (786,611)
Net increase/(decrease) in cash and cash equivalents 211,129 (1,730,352)
Cash and cash equivalents at the beginning of the year 2.5 749,957 2,480,309

GmbH
Shenoy & Kamath

Place: Bengaluru
Date : May 21, 2023

Significant accounting policies
Company overview the consideration we expect to receive in exchange for those
products or services.
Infosys Consulting GmbH is a wholly-owned subsidiary of Infosys
Consulting Holding AG (Infosys Lodestone) (formerly Lodestone Arrangements with customers for software related services are
Holding AG). The Company renders professional management either on a fixed-timeframe or on a time-and-material basis.
consulting services, thereby enabling its clients to enhance
business performance. 1.5.1 Time & Material
1 Significant accounting policies the related services are performed and revenue from the
end of the last invoicing to the reporting date is recognized
1.1 Accounting year
as unbilled revenue.
The accounting year of the Company is from January 1 to December
31.
1.5.2 Fixed Price
Revenue from fixed-price, fixed-timeframe contracts, where
These special purpose financial statements are prepared for the performance obligations are satisfied over time and where
inclusion in the Annual Report of the Ultimate Holding Company there is no uncertainty as to measurement or collectability
Infosys Limited under the requirements of Section 129 (3) of the of consideration, is recognized as per the percentage-
Companies Act 2013. These financial statements are prepared in of-completion method.
accordance with Indian Accounting Standards (Ind-AS), under
1.5.3 Unbilled/ Unearned
are prescribed under Section 133 of the Act read with Rule 3 of
the Companies (Indian Accounting Standards) Rules, 2015 and Revenues in excess of invoicing are classified as contract assets
relevant amendment rules issued thereafter. (which we refer as unbilled revenue) while invoicing in excess of
revenues are classified as contract liabilities (which we refer to as
Items included in the financial statements of the Company unearned revenues).
environment in which the entity operate (i.e. the “functional 1.5.4 Volume Discounts
currency”). The functional currency of the Company is Euro and
The Company accounts for volume discounts and pricing
the financial statements are also presented in Euro. All amounts
incentives to customers as a reduction of revenue based on
included in the financial statements are reported in Euro,
the ratable allocation of the discounts/ incentives to each of
unless otherwise stated. Accounting policies have been applied
the underlying performance obligation that corresponds to
consistently to all periods presented in these financial statements
the progress by the customer towards earning the discount/
except where a newly issued accounting standard is initially
incentive. Also, when the level of discount varies with increases
adopted or a revision to an existing accounting standard requires
in levels of revenue transactions, the company recognizes the
a change in the accounting policy hitherto in use.
liability based on its estimate of the customer’s future purchases.
If it is probable that the criteria for the discount will not be met,
1.3 Presentation currency
or if the amount thereof cannot be estimated reliably, then
The Company’s presentation currency is Euro. discount is not recognized until the payment is probable and
1.4 Use of estimates the amount can be estimated reliably. The Company recognizes
The preparation of the financial statements in conformity changes in the estimated amount of obligations for discounts in
with Ind-AS requires the Management to make estimates the period in which the change occurs.
and assumptions that affect the application of accounting
policies and the reported balances of assets and liabilities and 1.5.5 Contract Modification
disclosures relating to contingent liabilities as at the date of Contract modifications are accounted for when additions,
the financial statements and reported amounts of income and deletions or changes are approved either to the contract scope
expenses during the period. or contract price. The accounting for modifications of contracts
Accounting estimates could change from period-to-period. involves assessing whether the services added to an existing
Actual results could differ from those estimates. Appropriate contract are distinct and whether the pricing is at the standalone
changes in estimates are made as the Management becomes selling price. Services added that are not distinct are accounted
aware of changes in circumstances surrounding the estimates. for on a cumulative catch-up basis, while those that are distinct
Changes in estimates are reflected in the financial statements are accounted for prospectively, either as a separate contract, if
in the period in which changes are made and, if material, their the additional services are priced at the standalone selling price,
effects are disclosed in the notes to the financial statements. or as a termination of the existing contract and creation of a new
contract if not priced at the standalone selling price.
1.5 Revenue recognition
1.5.6 Tax
The Company derives revenues primarily from consultancy services.
Revenue is recognized upon transfer of control of promised The Company presents revenues net of indirect taxes in its
products or services to customers in an amount that reflects Statement of Profit and Loss.

1.6 Provisions in the Statement of Profit and Loss when incurred. The cost
A provision is recognized if, as a result of a past event, the and related accumulated depreciation are eliminated from the
Company has a present legal or constructive obligation that financial statements upon sale or retirement of the asset and the
is reasonably estimable, and it is probable that an outflow of resultant gains or losses are recognized in the Statement of Profit
economic benefits will be required to settle the obligation. and Loss. Assets to be disposed off are reported at the lower of
Provisions are determined by discounting the expected the carrying value or the fair value less cost to sell.
market assessments of the time value of money and the risks 1.10 Financial instruments
specific to the liability. 1.10.1 Initial recognition
1.7 Post-sales client support when it becomes a party to the contractual provisions of the
The Company provides its clients with a fixed-period post-sales instrument. All financial assets and liabilities are recognized at
support on its fixed-price, fixed-timeframe contracts. Costs fair value on initial recognition, except for trade receivables,
associated with such support services are accrued at the time which are initially measured at transaction price. Transaction
when related revenues are recorded in the Statement of Profit costs that are directly attributable to the acquisition or issue
and Loss. The Company estimates such costs based on historical of financial assets and financial liabilities, which are not at fair
experience and the estimates are reviewed annually for any value through profit or loss, are added to the fair value on initial
material changes in assumptions and likelihood of occurrence. recognition. Regular way purchase and sale of financial assets are
1.8 Onerous contracts
Provisions for onerous contracts are recognized when the 1.10.2 Subsequent measurement
expected benefits to be derived by the Company from a contract Non-derivative financial instruments
are lower than the unavoidable costs of meeting the future (i) Financial assets carried at amortized cost
obligations under the contract. Provisions for estimated losses,
A financial asset is subsequently measured at amortized cost
if any, on incomplete contracts are recorded in the period in
if it is held within a business model whose objective is to hold
which such losses become probable based on the estimated
efforts or costs to complete the contract. The provision is
measured at the present value of the lower of the expected
cost of terminating the contract and the expected net cost of
continuing with the contract. Before a provision is established
the Company recognizes any impairment loss on the assets
(ii) Financial assets at fair value through Other Comprehensive
associated with that contract.
Income
1.9 Property, plant and equipment A financial asset is subsequently measured at fair value through
Other Comprehensive Income if it is held within a business model
whose objective is achieved by both collecting contractual
accumulated depreciation and impairment, if any. Costs directly
cash flows and selling financial assets and the contractual
attributable to acquisition are capitalized until the property,
terms of the financial asset give rise on specified dates to cash
plant and equipment are ready for use, as intended by the
flows that are solely payments of principal and interest on the
Management. The Company depreciates property, plant and
principal amount outstanding.
Computer equipment(1) 3-5 years A financial asset, which is not classified in any of the above
Office equipment 5 years (iv) Financial liabilities
Depreciation methods, useful lives and residual values are Financial liabilities are subsequently carried at amortized
reviewed periodically, including at each financial year end. cost using the effective interest method. For trade and other
(1)
For these class of assets, based on technical evaluation, the Management the carrying amounts approximate fair value due to the short
believes that the useful lives as given above best represent the period maturity of these instruments.
over which the Management expects to use these assets. Hence, the
useful lives for these assets is different from the useful lives as prescribed
under Part C of Schedule II of the Companies Act 2013. 1.10.3 Fair value of financial instruments
Advances paid towards the acquisition of property, plant and In determining the fair value of its financial instruments, the
equipment outstanding at each Balance Sheet date is classified Company uses a variety of methods and assumptions that are
as capital advances under other non-current assets and the cost based on market conditions and risks existing at each reporting
of assets not put to use before such date are disclosed under date. The methods used to determine fair value include
‘Capital work-in-progress’. Subsequent expenditures relating discounted cash flow analysis, available quoted market prices
to property, plant and equipment is capitalized only when and dealer quotes. All methods of assessing fair value result
it is probable that future economic benefits associated with in general approximation of value, and such value may never
these will flow to the Company and the cost of the item can be actually be realized.

1.11 Impairment of Profit and Loss. Non-monetary assets and non-monetary
a. Financial assets liabilities denominated in a foreign currency and measured at fair
value are translated at the exchange rate prevalent at the date
Credit Loss (ECL) model for the financial assets, which are not
fair valued through profit or loss. Loss allowance for trade
receivables with no significant financing component is measured
prevalent at the date of the transaction. The related revenue and
at an amount equal to lifetime ECL. For all other financial assets,
expense are recognized using the same exchange rate.
the 12-month ECL, unless there has been a significant increase Transaction gains or losses realized upon settlement of foreign
in credit risk from initial recognition in which case those are currency transactions are included in determining net profit
measured at lifetime ECL. The amount of expected credit for the period in which the transaction is settled. Revenue,
losses (or reversal) that is required to adjust the loss allowance expense and cash-flow items denominated in foreign currencies
at the reporting date to the amount that is required to be are translated into the relevant functional currencies using the
recognized is recognized as an impairment gain or loss in the exchange rate in effect on the date of the transaction.
statement of profit or loss.
1.14 Income taxes
b. Non-financial assets Income tax expense comprises current and deferred income tax.
(i) Property, plant and equipment Income tax expense is recognized in net profit in the Statement
Property, plant and equipment are evaluated for recoverability of Profit and Loss except to the extent that it relates to items
whenever events or changes in circumstances indicate that their recognized directly in equity, in which case it is recognized in
carrying amounts may not be recoverable. For the purpose of equity or other comprehensive income. Current income tax for
impairment testing, the recoverable amount (i.e. the higher of current and prior periods is recognized at the amount expected
the fair value less cost to sell and the value-in- use) is determined to be paid to or recovered from the tax authorities, using the
on an individual asset basis unless the asset does not generate tax rates and tax laws that have been enacted or substantively
cash flows that are largely independent of those from other enacted by the Balance Sheet date. Deferred income tax assets
assets. In such cases, the recoverable amount is determined for and liabilities are recognized for all temporary differences
the Cash Generating Unit (CGU) to which the asset belongs. arising between the tax bases of assets and liabilities and their
carrying amounts in the financial statements. Deferred tax
If such assets are considered to be impaired, the impairment to assets are reviewed at each reporting date and are reduced
be recognized in the Statement of Profit and Loss is measured by to the extent that it is no longer probable that the related tax
the amount by which the carrying value of the assets exceeds the benefit will be realized.
estimated recoverable amount of the asset. An impairment loss
is reversed in the Statement of Profit and Loss if there has been Deferred income tax assets and liabilities are measured using
a change in the estimates used to determine the recoverable tax rates and tax laws that have been enacted or substantively
amount. The carrying amount of the asset is increased to its enacted by the Balance Sheet date and are expected to apply to
revised recoverable amount, provided that this amount does not taxable income in the years in which those temporary differences
exceed the carrying amount that would have been determined are expected to be recovered or settled. The effect of changes
(net of any accumulated depreciation) had no impairment loss in tax rates on deferred income tax assets and liabilities is
been recognized for the asset in prior years. recognized as income or expense in the period that includes
1.12 Employee Benefits income tax asset is recognized to the extent that it is probable
that future taxable profit will be available against which the
Compensated absences
The Company has a policy on compensated absences, which
are both accumulating and non-accumulating in nature. The The Company offsets current tax assets and current tax liabilities,
expected cost of accumulating compensated absences is where it has a legally enforceable right to set off the recognized
determined by actuarial valuation performed by an independent amounts and where it intends either to settle on a net basis, or to
actuary at each Balance Sheet date using projected unit credit realize the asset and settle the liability, simultaneously.
method on the additional amount expected to be paid/availed
as a result of the unused entitlement that has accumulated at the 1.15 Cash Flow Statement
Balance Sheet date. Expense on non-accumulating compensated Cash flows are reported using the indirect method, whereby
absences is recognized in the period in which the absences occur. profit for the period is adjusted for the effects of transactions
of a non-cash nature, any deferrals or accruals of past or future
1.13 Foreign currency operating cash receipts or payments and item of income or
Functional currency expenses associated with investing or financing cash flows. The
cash flows from operating, investing and financing activities of
The functional currency of the company is the EUR. These
the Company are segregated.
financial statements are presented in EUR.
Transactions and translations 1.16 Other income
Foreign currency denominated monetary assets and liabilities Other income is comprised primarily of interest income and
are translated into the relevant functional currency at exchange exchange gain on translation of other assets and liabilities.
rates in effect at the Balance Sheet date. The gains or losses
resulting from such translations are included in the Statement

1.17 Earnings per share of the underlying asset to Infosys’s operations taking into
Basic earnings per share is computed by dividing the net profit account the location of the underlying asset and the availability
after tax by the weighted average number of equity shares of suitable alternatives. The lease term in future periods is
outstanding during the period. reassessed to ensure that the lease term reflects the current
economic circumstances.
1.18 Borrowing Cost Certain lease arrangements include the options to extend or
Borrowing cost are charged to the Statement of Profit and Loss in terminate the lease before the end of the lease term. ROU assets
the period in which they occurred. and lease liabilities includes these options when it is reasonably
1.19 Leases:
The Company as a lessee comprises the initial amount of the lease liability adjusted for
The Company’s lease asset classes primarily consist of leases any lease payments made at or prior to the commencement date
for buildings and computers. The Company assesses whether a of the lease plus any initial direct costs less any lease incentives.
contract contains a lease, at inception of a contract. A contract They are subsequently measured at cost less accumulated
is, or contains, a lease if the contract conveys the right to control depreciation and impairment losses.
the use of an identified asset for a period of time in exchange
for consideration. To assess whether a contract conveys the right
and useful life of the underlying asset. Right-of-use assets are
At the date of commencement of the lease, the Company sell and the value-in-use) is determined on an individual asset
recognizes a right-of-use asset (“ROU”) and a corresponding lease basis unless the asset does not generate cash flows that are
liability for all lease arrangements in which it is a lessee, except largely independent of those from other assets. In such cases, the
for leases with a term of twelve months or less (short-term leases) recoverable amount is determined for the Cash Generating Unit
and low value leases. For these short-term and low value leases, (CGU) to which the asset belongs.
As a lessee, the Company determines the lease term as the non- are discounted using the interest rate implicit in the lease or, if
cancellable period of a lease adjusted with any option to extend not readily determinable, using the incremental borrowing rates
or terminate the lease, if the use of such option is reasonably in the country of domicile of these leases. Lease liabilities are
certain. The Company makes an assessment on the expected remeasured with a corresponding adjustment to the related right
lease term on a lease-by-lease basis and thereby assesses of use asset if the Company changes its assessment if whether it
whether it is reasonably certain that any options to extend or will exercise an extension or a termination option.
terminate the contract will be exercised. In evaluating the lease
term, the Company considers factors such as any significant
leasehold improvements undertaken over the lease term, costs
financing cash flows.
relating to the termination of the lease and the importance

The changes in the carrying value of property, plant and equipment for the year ended December 31, 2022 are as follows:
In EUR
Plant and Computer Furniture and

Particulars Office Equipment Total
machinery equipment fixtures
Gross carrying value 1 641,458 217,692 6,171 865,322
as of January 1, 2022
Additions – 403,130 – – 403,130
Deletions – (49,576) (24,491) (3,807) (77,874)
Gross carrying value as 1 995,012 193,201 2,364 1,190,578
of December 31, 2022
Accumulated depreciation (1) (547,705) (216,483) (4,815) (769,004)
Depreciation – (78,630) (1,209) (644) (80,483)
Accumulated depreciation on – 49,576 24,491 3,807 77,874
deletions

Accumulated depreciation as (1) (576,759) (193,201) (1,652) (771,613)
Carrying value as of December 31, 2022 – 418,253 – 712 418,965
Carrying value as of January 1, 2022 – 93,753 1,209 1,356 96,318
In EUR

Gross carrying value 1 534,529 217,692 6,171 758,393
Additions – 106,929 – – 106,929
Gross carrying value as 1 641,458 217,692 6,171 865,322
Accumulated depreciation (1) (496,190) (210,332) (3,886) (710,409)
Depreciation – (51,515) (6,151) (929) (58,595)
Accumulated depreciation as (1) (547,705) (216,483) (4,815) (769,004)
Carrying value as of December 31, 2021 – 93,753 1,209 1,356 96,318
Carrying value as of January 1, 2021 – 38,339 7,360 2,285 47,984
2.2 Loans 2.3 Other financial assets

In EUR In EUR
As at December 31 As at December 31
2022 2021 2022 2021
Non-current Non-current
Unsecured, considered good Investment in Lease 3,377,516 1,129,827
Loan to Subsidiary (1)
– 4,024,678 3,377,516 1,129,827
Loans and advances to – 44,866 Current
employees
Unbilled Revenues(1) 2,156,047 2,102,082
Total Non-current loans – 4,069,544
Rental deposits (1)
66,686 72,886
Current Investment in Lease 667,291 667,291
Loans Receivables Others (1)(2) 22,508 235,597
considered good - Secured
Total current 2,912,532 3,077,856
Loan to Subsidiary(1) – 202,137 other financial assets
Loans and advances to 78,631 58,368 Total 6,290,048 4,207,683
employees
Financial assets
(1) 6,290,048 4,207,683
Total current loans 78,631 260,505
carried at amortized cost
(1) – 4,226,815
(2) 290 235,615
parties (Refer to Note No.2.19)
party (Refer to Note No.2.19)

In EUR
As at December 31
Particulars
2022 2021
Current
Unsecured
Considered good (1) 10,670,065 7,861,608
(1)
Includes dues from related parties (Refer to Note No.2.19) 4,858,195 2,255,053
Trade receivables ageing schedule for the year ended as on December 31, 2022
In EUR

Particulars Less than 6 6 months to More than 3
months 1 year years
Undisputed Trade 11,374,997 (466,522) 101,992 1,069,934 (1,410,336) 10,670,065
receivables – considered good
Trade payables ageing schedule for the year ended as on December 31, 2022
In EUR
Outstanding for following periods from due date of

payment
Particulars
Less than 1 More than 3
year years
Outstanding trade payables – 5,969,349 – – – 5,969,349
Trade receivables ageing schedule for the year ended as on December 31, 2021
In EUR

Particulars Less than 6 6 months to More than 3
months 1 year years
Undisputed Trade 8,086,688 115,317 1,069,932 902,811 (2,313,140) 7,861,608
Trade payables ageing schedule for the year ended as on December 31, 2021:
In EUR

Particulars Less than 1 More than 3
year years
2.5 Cash and cash equivalents 2.6 Other assets

In EUR In EUR
As at December 31 As at December 31
2022 2021 2022 2021
Balances with banks Current
In current accounts 960,185 748,552 Others
Cash on hand 901 1,405 Prepaid expenses (1) 960,384 2,418,707
Total Cash and Cash equivalents 961,086 749,957 Advance for supply of goods 7,336 –
and rendering of services
Unbilled Revenues – 1,191,746
Withholding taxes and others 1,641,984 2,104,366

As at December 31
unbilled revenue amounting to EUR 2,156,047 and EUR 3,293,828
Particulars as of December 31, 2022 and December 31, 2021, respectively.
2022 2021 Trade receivables and unbilled revenue are typically unsecured.
(1)
– 11,731 Credit risk has always been managed by the Company through
party (Refer to Note No.2.19) credit approvals, establishing credit limits and continuously
monitoring the creditworthiness of customers to which the
2.7 Financial instruments Company grants credit terms in the normal course of business.
Financial instruments by category The Company uses ECL model to assess any required allowances
The carrying value and fair value of financial instruments and uses a provision matrix to compute the ECL allowance for
by categories as of December 31, 2022 and December 31, trade receivables and unbilled revenues. The matrix takes into
2021 were as follows: account credit reports and other related credit information to
In EUR
As at December 31
Particulars The recognition/ (reversal) for lifetime ECL on customer
2022 2021 balances for the year ended December 31, 2022 was EUR
Assets 23,152 and allowance for year ended December 31, 2021 was
EUR 4,955 respectively.
Cash and cash equivalents 961,086 749,957
In EUR
(Refer to Note No. 2.4) Particulars
2022 2021
Loans (Refer to Note No.2.2) 78,631 260,505
Balance at the beginning 32,410 27,104
Other financial assets 6,290,048 4,207,683
(Refer to Note No.2.3) Impairment loss 23,152 4,955
recognized / (reversed)
Total 17,999,830 13,079,753
Translation differences 6,368 351
Liabilities
Balance at the end 61,930 32,410
Trade payables 5,969,349 1,935,590
(Refer to Note No. 2.9) Credit risk on cash and cash equivalents is limited as we generally
invest in deposits with banks and financial institutions with high
Lease Liability 2,654,783 3,398,231
credit ratings assigned by credit rating agencies.
Other financial liabilities 4,726,388 8,411,522 Liquidity risk
(Refer to Note No.2.10) The Company’s principal sources of liquidity are cash
Total 13,350,520 13,745,343 and cash equivalents.
All the above financial assets and liabilities are As of December 31, 2022, the Company had a working capital
carried at amortized cost and the carrying values of EUR 3,003,812, including cash and cash equivalents of
approximates their fair value. EUR 961,086. As of December 31, 2021, the Company had a
working capital of EUR 2,109,084, including cash and cash
Credit risk equivalents of EUR 749,957
Credit risk refers to the risk of default on its obligation by the As of December 31, 2022 and December 31, 2021, the
counterparty resulting in a financial loss. The maximum exposure outstanding compensated absences were EUR 341,771 and EUR
to the credit risk at the reporting date is primarily from trade 484,219 respectively.
receivables amounting to EUR 10,670,065 and EUR 7,861,608 as
of December 31, 2022 and December 31, 2021, respectively and
In EUR

In EUR
2.8 Equity As at December 31,

Equity share capital Particulars
2022 2021
As at December 31, 2022, the Company had one member, Includes dues to related
(2)
85,470 54,497
Infosys Consulting Holding AG (formerly Lodestone parties (Refer to Note No.2.19)
Holding AG) (“the Member”). The Member owns100% of the
interests of the Company 2.11 Other liabilities
In EUR
2.9 Trade payables
In EUR As at December 31,
Particulars
2022 2021
As at December 31,
Particulars Current
2022 2021
Unearned revenue 59,511 90,282
Trade payables * 5,969,349 1,935,590
5,969,349 1,935,590 Others
Total trade payables
*Includes dues to related parties 283,973 188,032 Withholding taxes and others 850,142 2,777,089
(Refer to Note No.2.19) Advance received from clients 5,450 300,002
Total current other liabilities 915,103 3,167,373
In EUR 2.12 Provisions
As at December 31, In EUR
Particulars
2022 2021 As at December 31
Particulars
Non-current 2022 2021
Others Current
Other payables 18,804 29,096 Others
18,804 29,096 Post-sales7 client support 93,558 95,810
Current Total current Provisions 93,558 95,810
Others
Provision for post-sales client support
Accrued compensation to 1,127,595 1,654,105
The movement in the provision for post-sales client
employees
support is as follows :
Accrued expenses (1) 3,572,591 6,665,474
Compensated absences 341,771 484,219 In EUR
Other payables (2)

7,398 62,847 Year ended December 31,
Particulars
5,049,355 8,866,645 2022 2021
Total current other 5,068,159 8,895,741 Balance at the beginning 95,810 40,985
financial liabilities Provision recognized / (reversed) (2,252) 54,825
Financial liability 4,726,388 8,411,522 Balance at the end 93,558 95,810
–
Financial liability carried at fair –
expected to be utilized over a period of six months to one year.
(1)
Includes dues to related 318,398 278,069

2.13 Income taxes 2.14 Revenue from operations
Income tax expense in the Statement of In EUR
Profit and Loss comprises: Years ended December 31,
Particulars
In EUR 2022 2021
Income from 53,470,300 43,940,579
Particulars consultancy services
2022 2021
Total revenue from operations 53,470,300 43,940,579
Current taxes 687,449 (70,658)
Deferred taxes – – Disaggregate revenue information
Income tax expense 687,449 (70,658) The disaggregated revenues from contracts with customers
by offerings for the year ended December 31, 2022 are as
Current tax expense for the years ended December 31, 2022 follows. The Company believes that this disaggregation best
and December 31, 2021 includes reversal (net of provisions) depicts how the nature, amount, timing and uncertainty of our
amounting to EUR 674,164 and provisions (net of reversals) of EUR revenues and cash flows are affected by industry, market and
318,825 respectively, pertaining to prior periods. other economic factors.
computed by applying the statutory income tax rate to the In EUR
income before income taxes is summarized as follows: Years ended December 31,
Particulars
In EUR 2022 2021
Particulars Core 27,947,698 24,887,023
2022 2021
Digital 25,522,602 19,053,556
Profit/(Loss) before income tax 540,128 3,368,342
Total 53,470,300 43,940,579
Enacted tax rates in Germany (%) 27.38% 27.38%
Computed expected tax expense 147,860 922,084 Digital Services
Effect of unrecognized 213,340 (678,626) Digital Services comprise of service and solution offerings
deferred tax assets of the company that enable our clients to transform their
317,194 businesses. These include offerings that enhance customer
Tax provision (reversals) (318,825)
experience, leverage AI-based analytics and big data, engineer
Others 9,055 4,709 digital products and IoT, modernize legacy technology systems,
Income tax expense 687,449 (70,658) migrate to cloud applications and implement advanced
The applicable Germany statutory tax rate for year ended
December 31, 2022 is 27.38% and tax rate for the year ended
Core Services
December 31, 2021 is 27.38%.
Core Services comprise traditional offerings of the Company that
The details of income tax assets and income tax have scaled and industrialized over a number of years. These
liabilities are as follows : primarily include application management services, proprietary
In EUR solutions, product engineering and management, infrastructure
Years ended December 31, management services, traditional enterprise application
2022 2021
Income tax assets 1,117,668 803,979 Trade receivables and contract balances
Current income tax liabilities 840,515 283,934 The timing of revenue recognition, billings and cash collections
Net current income tax assets / 277,153 520,045 results in receivables, unbilled revenue, and unearned revenue
(liability) at the end on the Company’s Balance Sheet. Amounts are billed as work
progresses in accordance with agreed-upon contractual terms,
The gross movement in the current income tax asset /
either at periodic intervals (e.g., monthly or quarterly) or upon
(liability) is as follows:
achievement of contractual milestones.
In EUR The Company’s receivables are rights to consideration that
are unconditional. Unbilled revenues comprising revenues in
excess of billings from time and material contracts and fixed
2022 2021 price maintenance contracts are classified as financial asset
Net current income tax asset / 520,045 (233,259) when the right to consideration is unconditional and is due only
(liability) at the beginning after a passage of time.
Income tax paid 444,557 682,646 Invoicing to the clients for other fixed-price contracts is based on
Current income tax expense (687,449) 70,658 milestones as defined in the contract and therefore the timing of
revenue recognition is different from the timing of invoicing to
Net current income tax asset / 277,153 520,045
the customers. Therefore, unbilled revenues for other fixed price
contracts (contract asset) are classified as non-financial asset

because the right to consideration is dependent on completion 2.16 Employee benefit expenses & cost of software
of contractual milestones. In EUR
Invoicing in excess of earnings are classified as “unearned revenue”. Years ended December 31,
Particulars
Trade receivables and unbilled revenues are presented net of 2022 2021
impairment in the Balance Sheet. Employee benefit expenses
During the year ended December 31, 2022, the Company Salaries, including bonus 19,956,032 17,554,780
recognized revenue of EUR 432,706 arising from opening
Total employee benefit expenses 19,956,032 17,554,780
unearned revenue as of January 1, 2022.
Cost of
During the year ended December 31, 2021, the Company software packages and others
recognized revenue of EUR 426,733 arising from opening
unearned revenue as of January 1, 2021. For own use 23,567 23,189
Third-party items bought for 20,883,186 11,258,974
During the year ended December 31, 2022, EUR 1,350,133
of unbilled revenue pertaining to fixed-price development
contracts as of January 1, 2022 has been reclassified Total cost of 20,906,753 11,282,163
to trade receivables upon billing to customers on software packages and others
completion of milestones.
2.17 Other expenses
Performance obligations and remaining performance In EUR
obligations
The remaining performance obligation disclosure provides the Particulars
2022 2021
as at the end of the reporting period and an explanation as Other expenses
to when the Company expects to recognize these amounts in Power and fuel 48,578 59,799
revenue. Applying the practical expedient as given in Ind-AS
115, the Company has not disclosed the remaining performance
obligation related disclosures for contracts where the revenue Printing and stationery 17,552 10,407
recognized corresponds directly with the value to the customer Rates and taxes 68,365 2,794
of the entity’s performance completed to date, typically those
Repairs and maintenance 63,884 52,879
contracts where invoicing is on time and material, including unit
of work based contracts. Remaining performance obligation Insurance 57,426 59,377
estimates are subject to change and are affected by several Provision for post-sales client (6,294) 54,825
factors, including terminations, changes in the scope of support and others
contracts, periodic revalidations, adjustment for revenue that has Statutory audit fees 33,125 27,891
not materialized and adjustments for currency fluctuations.
Bank charges 7,454 5,623
Others 113,840 47,646
completely or partially unsatisfied as at December 31, 2022, other
than those meeting the exclusion criteria mentioned above, is Total other expenses 524,422 330,716
EUR 230,909. The contracts can generally be terminated by the
customers and typically includes an enforceable termination
penalty payable by them. Generally, customers have not
terminated contracts without cause.
2.15 Other income

In EUR

Particulars
2022 2021
Interest received on financial
assets carried at amortized cost
Interest received on Employee – –
Loans & Others
Interest Income on Loan To 10,890 16,041
Subsidiary
Finance 2,478 –
Income under revenue deals
Exchange gains/ (129,794) 132,364
(losses) on translation of
assets and liabilities
Others 462 670
(115,964) 149,075

2.18 Leases
The changes in the carrying value of right of use assets for the year ended December 31, 2022: are as follows:
In EUR

Particulars Computer Total
Buildings Vehicles
Equipment
Balance as of January 1, 2022 399,076 1,345,425 19,436 1,763,937
Additions 24,320 782,246 – 806,566
Deletion – (931,110) – (931,110)
Depreciation (176,943) (462,748) (4,095) (643,786)
Balance as of December 31, 2022 246,453 733,813 15,341 995,607
The changes in the carrying value of right of use assets for the year ended December 31, 2021 are as follows:
In EUR

Buildings Vehicles
Equipment
Balance as of January 1, 2021 557,630 4,488 33,994 596,112
Additions 21,688 3,571,104 – 3,592,792
Deletion – (1,645,691) – (1,645,691)
Depreciation (180,242) (584,476) (14,558) (779,276)
Balance as of December 31, 2021 399,076 1,345,425 19,436 1,763,937
The aggregate depreciation expense on ROU assets is included under depreciation and amortization expense in the
The break-up of current and non-current lease liabilities is as follows:
In EUR
As at December 31
Particulars
2022 2021
Current lease liabilities 1,360,326 1,177,213
Non-current lease liabilities 1,294,457 2,221,018
Total 2,654,783 3,398,231
The movement in lease liabilities during the year ended is as follows:
In EUR
For the years ended December 31,

Particulars
2022 2021
Balance at the beginning 3,398,231 608,085
Additions 782,246 3,571,104
Finance cost accrued during the period 2,043 3,224
The Company does not face a significant liquidity risk with regard to its lease liabilities as the current assets are sufficient to meet the
obligations related to lease liabilities as and when they fall due.

List of holding companies:
Country Holding as at December 31,

Name of the holding company
2022 2021
Infosys Consulting Holding AG (Infosys Lodestone) Switzerland 100.00% 100.00%
Name of the ultimate holding company Country


China
Sweden
U.S.
India
India
Chile
Saudi Arabia
Russia
U.S.
Infosys Public Services, Inc. USA (Infosys Public Services) (1)
U.S.
Infosys Canada Public Services Inc(20)(39) Canada
Infosys BPM Limited (1)(47)
India
Poland
U.S.
Portland Group Pty Ltd(3) Australia
U.S.
Australia
Switzerland
France
Infosys Consulting (Shanghai) Co., Ltd. (34) (4)
China
U.K.
Argentina
U.S.
Panaya Ltd.(6) Israel
Germany

U.K.
U.K.
Dubai
Sweden
Norway
Slovakia
South Africa
WongDoody Holding Company Inc. (WongDoody)(1)(40) U.S.
U.S.
U.S.
Stater N.V.(9)
The Netherlands
The Netherlands
HypoCasso B.V. (12)
The Netherlands
Belgium
U.S.
Canada
Australia
Philippines
U.K.
Ireland
U.S.
U.S.
Germany
Hungary
Poland
GuideVision UK Ltd(22) U.K.
U.S.
U.S.
U.S.
U.S.

U.S.
U.K.
Infosys Germany Holding Gmbh (1)(29)
Germany
Infosys Automotive and Mobility GmbH & Co. KG(1)(30) Germany
India
(37)
Malaysia
Infosys Business Solutions LLC(1)(46) Qatar
Infosys Germany GmbH (formerly Kristall 247. GmbH (“Kristall”) (48)
Germany
China
Germany
Germany
Serbia
Germany
Canda
Germany
France
U.K.
Innovisor Inc. (54)
U.S.
BASE life science Inc.(54) U.S.
Spain
(1)
(2)
(3)
(4)
(5)
Majority-owned and controlled subsidiary of Infosys Consulting Holding AG
(6)
(7)
(8)
(9)
Majority-owned and controlled subsidiary of Infosys Consulting Pte. Ltd.
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)

(21)
(22)
(23)
(24)
(25)
(26)
(27)
Under liquidation
(28)
(29)
(30)
On March 28, 2021 Infosys Limited and Infosys Germany Holding Gmbh registered Infosys Automotive and Mobility GmbH & Co. KG, a partnership firm.
(31)
(32)
(33)
(34)
(35)
(36)
(37)
(38)
(39)
(40)
(41)
(42)
(43)
(44)
(45)
(46)
(47)
(48)
(49)
(50)
(51)
(52)
(53)
(54)
(55)
(56)
The details of amounts due to or due from related parties as at December 31, 2022 and December 31, 2021 are as follows :
In EUR
As at December 31
Particulars
2022 2021
Trade receivables
Infosys Management Consulting Pty Limited – 5,047
Infosys Automotive and Mobility GmbH & Co. KG 123,501 15,865
Infosys Compaz Pte. Ltd – –
Infosys Consulting Ltda – –
Infy Consulting Company Limited 4,727,045 2,232,437
Infosys Consulting S.R.L. (Romania) – 1,684
Infosys Consulting S.R.L. (Argentina) 1,684 –
4,858,195 2,255,053

As at December 31
Particulars
2022 2021
Loans
Infosys Consulting Holding AG (Infosys Lodestone) (formerly Lodestone Holding AG) – 4,024,678
Infosys Automotive and Mobility GmbH & Co. KG – 202,137
– 4,226,815
Infosys Consulting AG – 78,103
Infy Consulting Company Limited – 3,875
Infosys Consulting Holding AG 20 5,913
Infosys Consulting (Belgium) NV – 4,462
Infy Consulting B.V. – 77,156
290 235,615
Trade payables
Infosys Poland Sp z.o.o 155,351 89,152
Infosys Consulting S.R.L. (Romania) 17,863 11,312
Infosys Consulting (Shanghai) Co., Ltd – –
Infy Consulting B.V. – –
Infosys Consulting Pte Limited – –
Infy Consulting Company Limited 102,916 83,647
283,973 188,032
Other Financial Liabilities
Infosys Consulting Sp. z.o.o – –
Lodestone Management Consultants Portugal, Unipessoal, Lda. – –
85,470 54,497
Accrued expenses
318,398 278,069
Other current assets
Panaya Limited – 11,731
– 11,731
The details of the related parties transactions entered into by the Company for the years ended December 31, 2022 and December 31,
In EUR

Particulars
2022 2021
Purchase of services, shared facilities and personnel
Infosys Consulting S.R.L. (Romania) 221,431 242,301

Particulars
2022 2021
Infosys Poland Sp z.o.o 1,166,747 1,108,394
Infosys Consulting (Belgium) NV – –
Infosys Consulting SAS – 2,008
Infosys Consulting (Shanghai) Co., Ltd – –
Infosys (Czech Republic) Limited s.r.o. – 16,255
Infosys Consulting Holding AG (Infosys Lodestone) (formerly Lodestone Holding AG) – –
Panaya Limited 11,731 46,923
Infosys Consulting Sp. z.o.o – –
Infosys Consulting Pte Limited – –
3,041,451 6,116,418
Interest Income
Infosys Consulting Holding AG (Infosys Lodestone) (formerly Lodestone Holding AG) 10,890 16,041
10,890 16,041
Sale of services
Infosys Consulting Ltda – –
Infosys Consulting SAS – –
Infosys Consulting (Belgium) NV – 575
Infosys Management Consulting Pty Limited – 4,892
Infosys Consulting Pte Limited – 4,901
Infosys Poland Sp z.o.o – –
Infosys Automotive and Mobility GmbH & Co. KG 90,451 13,332
Infosys Compaz Pte. Ltd – –
27,126,830 21,621,543
2.20Segment reporting
The Company is engaged in providing consultancy service in a single geography. Based on the ‘management approach’, as defined in

2.27 Ratios
December 31, December 31,

2022 2021
Debt – Equity Ratio Total Debt Shareholder’s 0.3 0.4 (20.3%)
(represents lease Equity
liabilities) (1)
Debt Service Coverage Ratio Earnings Debt Service(3) 0.4 5.5 (93.0%)(4)
available for debt
service(2)
Return on Equity (ROE) Net Profits after Average (1.9%) 57.0% (103.4%)(5)
taxes Shareholder’s
Equity
Trade receivables turnover ratio Revenue Average Trade 5.8 7.9 (27.3%)(6)
Receivable
Trade payables turnover ratio Purchases of Average Trade 8.1 17.5 (53.6%)(7)
services and Payables
other expenses
Net capital turnover ratio Revenue Working Capital 17.8 20.6 (13.4%)(8)
Net profit ratio Net Profit Revenue (0.3%) 7.8% (103.5%)(9)
Return on capital employed (ROCE) Earning before Capital 5.3% 30.2% (82.6%)(10)
interest and taxes Employed(4)
(1)
(2)
(3)
(4)
Decrease in earnings and increase in debt
(5)
Decrease in Net profit
(6)
Increase in Revenue and increase in Trade Receivables
(7)
Increase in Credit purchase and increase in Trade Payables
(8)
Increase in Revenue and decrease in working capital
(9)
Decrease in Net Profit
(10)
Decrease in Net Profit before taxes


Infosys Consulting AG
Infosys Subsidiary Financials Report 2022-23 Infosys Consulting AG | 411

Report of the Statutory Auditor
To the General Meeting of Infosys Consulting AG, Kloten

Opinion
We have audited the financial statements of Infosys Consulting AG, Kloten (the Company), which comprise the Balance Sheet as at
31 December 2022 and the income statement for the year then ended, and notes to the financial statements, including a summary
of significant accounting policies. In our opinion, the accompanying financial statements comply with Swiss law and the Company’s
articles of incorporation.
Basis for Opinion

We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our responsibilities under those
provisions and standards are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” Section of
our report. We are independent of the Company in accordance with the provisions of Swiss law, and the requirements of the Swiss audit
profession, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Board of Directors’ Responsibilities for the Financial Statements

The Board of Directors is responsible for the preparation of the financial statements in accordance with the provisions of Swiss law and
the Company’s articles of incorporation, and for such internal control as the Board of Directors determines is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors is responsible for assessing the Company’s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of accounting unless the Board of

level of assurance but is not a guarantee that an audit conducted in accordance with Swiss law and SA-CH will always detect a material
they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on EXPERT Suisse’s website at: https://
www.expertsuisse.ch/en/audit-report. This description forms an integral part of our report.

In accordance with Art. 728a para. 1 item 3 CO and PS-CH 890, we confirm that an internal control system exists, which has been
designed for the preparation of the financial statements according to the instructions of the Board of Directors.
Furthermore, we confirm that the proposed appropriation of available earnings complies with Swiss law and the Company’s articles of
incorporation. We recommend that the financial statements submitted to you be approved.
For Deloitte AG
Jan Meyer
Licensed Audit Expert
Auditor in charge
Aude Salord
Licensed Audit Expert
Place: Zurich
412 | Infosys Consulting AG Infosys Subsidiary Financials Report 2022-23

Balance sheet
In CHF
As at December 31,
2022 2021
Assets
Cash and cash equivalents 4,889,379.39 6,960,362.63
Receivables from third parties 4,718,541.31 2,014,274.69
Receivables from other group companies 1,388,602.80 5,391,766.44
Other short-term receivables 15,352.70 0.00
Prepaid expenses and accrued income 6,285,152.35 1,185,135.46
Loans to shareholder 2,986,324.93 402,596.36
Investments 2.1 4,700.06 65,118.06
Tangible assets 2.2 214,475.90 103,259.81
Intangible assets 100,179.23 0.00
Right of use assets 2.3 6,077,271.73 6,811,880.15
TOTAL ASSETS 26,679,980.40 22,934,393.60
Liabilities and equity
Accounts payable to third parties 1,618,184.31 1,000,902.21
Accounts payable to other group companies 1,837,136.78 517,561.70
Other short-term liabilities 1,506,288.89 1,496,053.06
Other short-term payables to shareholder 0.00 14,520.51
Short-term lease liabilities 2.3 774,936.63 774,936.63
Accrued expenses and deferred income 8,314,502.80 6,024,280.55
Total short-term liabilities 14,051,049.41 9,828,254.66
Lease liability 2.3 5,422,026.16 5,863,985.92
Total long-term liabilities 5,422,026.16 5,863,985.92
Share capital 2.4 120,000.00 120,000.00
Statutory retained earnings 60,000.00 60,000.00
Voluntary retained earnings 3,562,153.02 6,129,829.06
Net result for the year 3,464,751.81 932,323.96
Total equity 7,206,904.83 7,242,153.02
TOTAL LIABILITIES AND EQUITY 26,679,980.40 22,934,393.60

Income statement
In CHF

Particulars
2022 2021
Consulting revenue 21,612,568.63 7,422,761.30
Other service revenue 31,703,082.27 24,677,909.28
Revenue discounts / reversals (3,003,214.10) (405,387.44)
Other revenue 275,038.80 182,632.56
Revenue (net) 50,587,475.60 31,877,915.70
Total cost of services (19,413,282.25) (9,012,189.81)
Gross profit 31,174,193.35 22,865,725.89
Personnel expenses (23,830,552.35) (20,109,223.30)
Office rent and maintenance (139,113.95) (270,021.22)
Administration and general expenses (186,677.29) (117,008.73)
Consulting (Accounting, tax, legal) expenses (122,135.91) (401,562.04)
Marketing expenses (57,782.33) (36,071.84)
Depreciation and amortization (946,247.90) (836,526.86)
Total operating expenses (25,282,509.73) (21,770,413.99)
Earnings before interest and taxes (EBIT) 5,891,683.62 1,095,311.90
Financial expenses (1,319,564.32) (106,984.93)
Financial income 191,448.82 524,181.22
Net financial result (1,128,115.50) 417,196.29
Extraordinary income – 275.98
Net extraordinary result – 275.98
Earnings before tax (EBT) 4,763,568.12 1,512,784.17
Tax expenses (1,298,816.31) (580,460.21)
Net result for the year 3,464,751.81 932,323.96

Notes to the financial statements 2. Information on Balance Sheet and income
statement items
Infosys Consulting AG is a wholly-owned subsidiary of Infosys
2.1 Investments
Consulting Holding AG, Kloten (Switzerland). The Company
renders professional management consulting services, thereby Company: Infosys Consulting S.R.L.
enabling its clients to enhance business performance. Location: Buenos Aires, Argentina
1. Principles In ARS
1.1 Accounting year Years ended December 31,
The accounting year of the Company is from Particulars
2022 2021
January 1 to December 31
Share capital: 30,000,000.00 30,000,000.00
1.2 General aspects Directly held percentage of 1.83% 1.83%
These financial statements were prepared according to the ownership and voting rights:
principles of the Swiss Law on Accounting and Financial
Reporting (32nd title of the Swiss Code of Obligations). Where 2.2 Tangible assets
not prescribed by law, the significant accounting and valuation In CHF
principles applied are described below. Swiss law allows the Years ended December 31,
company to create, and as a consequence also release hidden Particulars
2022 2021
reserves in its financial statements.
Installations and equipment 4,443,175.24 4,524,493.00
1.3 Revenue recognition Installations and (4,228,699.34) (4,421,233.19)
The method for recognizing revenues and cost depends on the equipment - Depreciation
nature of the services rendered and on the substance of the TOTAL 214,475.90 103,259.81
contractual agreement. Revenues and costs generated under
time-and-material contracts are recognized as services are 2.3 Right of use assets (RoU) and lease liabilities
rendered. Revenue from fixed-price, fixed-timeframe contracts
As a result of accounting for lease and rental agreements
is recognized as per the percentage-of-completion method. An
in accordance with the principle of Right-of-use, accounts
expected project loss is recognized as an expense immediately.
affected are as follows:
Efforts expended have been used to measure progress towards
completion as there is a direct relationship between input and In CHF
productivity. Revenue comprises the invoiced value for the
services and expense reimbursements, net of value added tax. Years ended December 31,
Particulars
2022 2021
1.4 Tangible assets Balance Sheet
Tangible assets are valued at acquisition or manufacturing
Rent office – 7 years 6,033,684.14 6,811,880.15
costs less accumulated depreciation and impairment losses.
With the exception of land, tangible assets are depreciated Computer Equipment 43,587.59 –
using the straight-line method. As soon as there are indicators Lease liability (6,196,962.79) (6,638,922.55)
that book values may be overstated, these are reviewed and, if
necessary, adjusted. Income Statement
Amortization - RoU building 778,196.01 778,196.01
1.5 Leases Amortization 18,828.71 –
Leasing and rental agreements are accounted for as right-of-use - RoU comp equipment
assets on the balance sheet and subject to depreciation based on Interest 12,875.95 14,233.51
the assets useful lives. expense on lease liability
1.6 Foregoing a cash flow statement and additional 2.4 Share capital
disclosures in the notes
As at 31 December 2022, the share capital consists of 1’200 equity
As Infosys Limited., the owner of Infosys Consulting Holding AG, shares of CHF 100 / par value.
has prepared its consolidated financial statements in accordance
with a recognized accounting standard (IFRS IASB), it has decided
to forego presenting additional information on interest-bearing
liabilities and audit fees in the notes as well as a cash flow
statement and management report in accordance with Swiss law.

3. Other Information
3.1 Full-time equivalents
The annual average number of full-time equivalents was above
50 and below 250 similar to the previous reporting year.
Proposal on the appropriation of voluntary retained

earnings
Amounts in CHF
The Board of Directors proposes to appropriate the voluntary
retained earnings (available earnings) as follows:
In CHF
Year ended
2022
Voluntary retained earnings (brought forward) 3,562,153.02
Net result for the year 3,464,751.81
Total voluntary retained earnings 7,026,904.83
Dividend 3,000,000.00
To be carried forward 4,026,904.83
The dividend of CHF 3’000’000.00 will be set-off against the loan
towards Infosys Consulting Holding AG.

HIPUS Co., Ltd
Infosys Subsidiary Financials Report 2022-23 HIPUS Co., Ltd | 417

To the Members of HIPUS Co., Ltd

Opinion
We have audited the accompanying special purpose financial statements of HIPUS Co., Ltd (“the Company”), which comprise the Balance
Sheet as at March 31, 2023, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in
Equity and the Statement of Cash Flows for the year ended on that date, and a summary of significant accounting policies and other
explanatory information (hereinafter referred to as “the special purpose financial statements”). The special purpose financial statements
are prepared for inclusion in the annual report of the Holding Company Infosys Limited under the requirements of section 129 (3) of
the Companies Act 2013.
Basis for Opinion


In preparing the special purpose financial statements, the Company’s Board of Directors areManagement is responsible for assessing
The Board of Directors areManagement is responsible for overseeing the Company’s financial reporting process.
the audit. We also:
418 | HIPUS Co., Ltd Infosys Subsidiary Financials Report 2022-23

presentation.
iii) the Balance Sheet, the Statement of Profit and Loss and the Statement of Cash Flow and Statement of Changes in Equity dealt with
by this Report are in agreement with the books of account.
For Shenoy & Kamath

Partner
UDIN : 23202841BGWLXV5537
Place: Bengaluru.
Date: May 22, 2023

Balance Sheet (In ¥ million)
As at March 31,
Particulars Notes
2023 2022
ASSETS
Non-current assets
(a) Property, plant and equipment 2 127 137
(b) Right of use asset 2B 487 627
(c) Other intangible assets 2A 146 189
(d) Deferred tax assets 8 184 180
(e) Financial assets
(i) Others 4 119 119
Current assets
(a) Financial assets
(i) Trade receivables 6 12,767 11,839
(ii) Cash and cash equivalents 7 3,665 2,554
(iii) Others 4 6,186 5,505
(b) Other current assets 5 1,766 1,257
TOTAL ASSETS 25,447 22,407
Equity
(a) Equity share capital 3 500 500
(b) Other equity 3 1,446 1,016
Liabilities
(a) Provisions 9 270 251
(b) Other financial liabilities
(i) Lease liability 10 340 480
Total non-current liabilities 610 731
Current liabilities
(a) Financial liabilities
(i) Trade payables 11 21,779 19,284
(ii) Other financial liabilities 10 598 611
(b) Other current liabilities 12 367 166
(c) Income tax liabilities net 21 147 99
TOTAL EQUITY AND LIABILITIES 25,447 22,407

As per our report of even date attached for for and on behalf of the Board of Directors HIPUS Co., Ltd
Shenoy & Kamath

M. Rathnakar Kamath Anantha Radhakrishnan Rajeev Ranjan

Bengaluru
Date: May 22, 2023

(In ¥ million, except equity share and per equity share data)
For the year ended March 31,

Particulars Notes
2023 2022
I Revenue from operations 13 5,833 5,078
Other income 14 90 96
Total income (I) 5,923 5,174
II Expenses
Employee benefits expense 15 2,422 2,248
Depreciation and amortization expense 16 216 187
Cost of technical sub-contractors 1,961 1,649
Travel expenses 18 12
Other expenses 17 539 473
Total expenses (II) 5,156 4,569
III Profit before tax (I-II) 767 605
IV Tax expense
(i) Current tax 21 214 160
(ii) Deferred tax 21 (4) (1)
Total tax expense (IV) 210 159
V Profit for the year (III- IV) 557 446
VI Other Comprehensive income/ (loss)
(i) Items that will not be reclassified subsequently to profit or loss – –
Other comprehensive expense for the year – –
VII Total comprehensive income for the year (V+VI) 557 446
Earnings per share (EPS)
Basic and diluted (¥) 18 5,57,125 4,46,371
Weighted average equity shares used in computing earnings per equity share 1,000 1,000
Shenoy & Kamath


Bengaluru
Date: May 22, 2023

(In ¥ million)
Total equity attributable to the

Reserve and surplus
Particulars Equity equity holders of the Company
Legal capital reserve Retained earnings
Balance as at March 31 2021 500 1 681 1,182
Changes in equity
Dividend (including tax on dividend) – – (112) (112)
Profit/ (Loss) for the year – – 446 446
Total comprehensive income – – 446 446
Balance as at March 31 2022 500 1 1,015 1,516
Changes in equity
Dividend (including tax on dividend) – – (127) (127)
Profit/ (Loss) for the year – – 557 557
Total comprehensive income – – 557 557
Balance as at March 31 2023 500 1 1,445 1,946
Shenoy & Kamath


Bengaluru
Date: May 22, 2023

Cash Flow Statement (In ¥ million)
For the year ended March 31,

Particulars Notes
2023 2022
Profit before tax for the year: 767 605
Depreciation and amortization expense 216 187
Interest income (90) (79)
Other adjustments (210) (159)
Changes in assets and liabilities:
Trade receivables (929) 463
Other financial asset and other assets (504) (527)
Trade payables 2,495 805
Other financial liabilities, other liabilities and provisions 429 913
Cash used in operations 2,174 2,209
Income taxes paid (net of refunds) (166) (152)
Net cash generated by operating activities (A) 2,008 2,057
Loan given (669) (1,099)
Expenditure on property plant and equipment, Intangibles (23) (846)
Interest income 70 30
Net cash generated/ (used in) investing activities (B) (622) (1,915)
Payments of dividends. (127) (112)
Net cash used in financing activities (C) (274) (255)
Net increase/ (decrease) in cash and cash equivalents (A+B+C) 1,111 (113)
Cash and cash equivalents at the beginning of the year 2,554 2,667
Cash and cash equivalents at the end of the year 7 3,665 2,554
Shenoy & Kamath


Bengaluru
Date: May 22, 2023

Company overview Revenue on time-and-material contracts are recognized as
the related services are performed and revenue from the
HIPUS Co., Ltd is a majority-owned subsidiary of Infosys end of the last invoicing to the reporting date is recognized
Consulting Pte Ltd. The Company renders procurement as unbilled revenue.
outsourcing services to customers, thereby enabling clients to
enhance business performance. Revenue from fixed-price, fixed-timeframe contracts, where
the performance obligations are satisfied over time and where
there is no uncertainty as to measurement or collectability
1 Significant accounting policies of consideration, is recognized as per the percentage-
of-completion method.
1.1 Accounting year
The Accounting year for the company is from April 1 to March 31. The Company presents revenues net of indirect taxes in its
statement of Profit and loss.
These special purpose financial statements are prepared
1.6 Provisions
for inclusion in the Annual Report of the holding company A provision is recognized if, as a result of a past event, the
Infosys Limited under the requirements of Section 129 (3) of Company has a present legal or constructive obligation that
the Companies Act 2013. is reasonably estimable, and it is probable that an outflow of
economic benefits will be required to settle the obligation.
These financial statements are prepared in accordance with Provisions are determined by discounting the expected
Indian Accounting Standards (Ind-AS) under the historical cost future cash flows at a pre-tax rate that reflects current
convention on the accrual basis. The Ind-AS are prescribed under market assessments of the time value of money and the risks
Section 133 of the Act read with Rule 3 of the Companies (Indian specific to the liability.
Accounting Standards) Rules, 2015 and relevant amendments
rules issued thereafter.
1.7 Property, plant, and equipment
Property, plant, and equipment are stated at cost, less
The Company’s presentation currency is Japanese Yen (JPY). attributable to acquisition are capitalized until the property,
1.4 Use of estimates Management. The Company depreciates property, plant and
The preparation of the financial statements in conformity equipment over their estimated useful lives using the straight-
with Ind-AS requires the Management to make estimates and line method. The estimated useful lives of assets are as follows:
assumptions that affect the accounting policies and reported
balances of assets and liabilities, and disclosures relating to Asset Life of asset
contingent liabilities as at the date of the financial statements Furniture and fixture 5 years
and reported amounts of income and expenses during the Building 8 - 12 years
period. Accounting estimates could change from period
to period. Actual results could differ from those estimates.
Appropriate changes in estimates are made as the Management Depreciation methods, useful lives and residual values are
becomes aware of changes in circumstances surrounding the reviewed periodically, including at each financial year end.
estimates. Changes in estimates are reflected in the financial
statements in the period in which changes are made and,
1.8 Intangible assets
if material, their effects are disclosed in the notes to the
financial statements. Research costs are expensed as incurred. Software product
development costs are expensed as incurred unless technical
Examples of such estimates include computation of percentage and commercial feasibility of the project is demonstrated, future
of completion which requires the Company to estimate the economic benefits are probable, the Company has an intention
efforts or costs expended to date as a proportion of the total and ability to complete and use or sell the software, and the costs
efforts to be expended, impairment losses on financial assets, can be measured reliably. The costs which can be capitalized
income taxes, post-sales customer support, and the useful lives include the cost of material, direct labor, overhead costs that are
of property, plant, and equipment and intangible assets. directly attributable to preparing the asset for its intended use.
1.5 Revenue recognition 1.9 Leased assets

Revenue is recognized to the extent that it is probable that the The Company as a lessee
economic benefits will flow to the Company and the revenue can
The Company’s lease asset classes primarily consist of leases for
be reliably measured. Revenue is measured as the value of the
land and buildings. The Company assesses whether a contract
consideration received or receivable, excluding discounts, value-
contains a lease, at inception of a contract. A contract is, or
added tax and other sales taxes.
contains, a lease if the contract conveys the right to control the
Arrangements with customers for services are either on a fixed- use of an identified asset for a period of time in exchange for
price, fixed-timeframe or on a transactional basis.

consideration. To assess whether a contract conveys the right 1.10.2 Subsequent measurement
to control the use of an identified asset, the Company assesses Non-derivative financial instruments
(ii) the Company has substantially all the economic benefits (i) Financial assets carried at amortized cost
from use of the asset through the period of the lease and (iii) the A financial asset is subsequently measured at amortized cost
Company has the right to direct the use of the asset. if it is held within a business model whose objective is to hold
At the date of commencement of the lease, the Company contractual terms of the financial asset give rise on specified
recognizes a right-of-use asset (’ROU’) and a corresponding lease dates to cash flows that are solely payments of principal and
liability for all lease arrangements in which it is a lessee, except interest on the principal amount outstanding.
for leases with a term of twelve months or less (short-term leases)
and low value leases. For these short-term and low value leases, (ii) Financial assets at fair value through other
the Company recognizes the lease payments as an operating comprehensive income
financial asset is subsequently measured at fair value through
Certain lease arrangements include the options to extend or other comprehensive income if it is held within a business model
terminate the lease before the end of the lease term. ROU assets whose objective is achieved by both collecting contractual
and lease liabilities includes these options when it is reasonably cash flows and selling financial assets. The contractual terms
certain that they will be exercised. of the financial asset give rise on specified dates to cash flows
The right-of-use assets are initially recognized at cost, which that are solely payments of principal and interest on the
comprises the initial amount of the lease liability adjusted for principal amount outstanding.
any lease payments made at or prior to the commencement date
of the lease plus any initial direct costs less any lease incentives. (iii) Financial assets at fair value through profit or loss
They are subsequently measured at cost less accumulated A financial asset, which is not classified in any of the above
depreciation and impairment losses. categories, is subsequently fair-valued through profit or loss.
Right-of-use assets are depreciated from the commencement (iv) Financial liabilities
and useful life of the underlying asset. Right of use assets are Financial liabilities are subsequently carried at amortized
evaluated for recoverability whenever events or changes in cost using the effective interest method. For trade and other
circumstances indicate that their carrying amounts may not payables maturing within one year from the Balance Sheet date,
be recoverable. For the purpose of impairment testing, the the carrying amounts approximate fair value due to the short
recoverable amount (i.e., the higher of the fair value less cost to maturity of these instruments.
basis unless the asset does not generate cash flows that are 1.11 Fair value of financial instruments
largely independent of those from other assets. In such cases, the In determining the fair value of its financial instruments, the
recoverable amount is determined for the Cash Generating Unit Company uses a variety of methods and assumptions that are
(CGU) to which the asset belongs. based on market conditions and risks existing at each reporting
of use asset if the Company changes its assessment if whether it 1.12 Impairment
will exercise an extension or a termination option. a. Financial assets
Lease liability and ROU asset have been separately presented in The Company recognizes loss allowances using the expected
the Balance Sheet and lease payments have been classified as credit loss (ECL) model for the financial assets which are not
financing cash flows. fair-valued through profit or loss. Loss allowance for trade
1.10.1 Initial recognition the 12-month ECL, unless there has been a significant increase
The Company recognizes financial assets and financial liabilities in credit risk from initial recognition in which case those are
when it becomes a party to the contractual provisions of the measured at lifetime ECL. The amount of expected credit losses
instrument. All financial assets and liabilities are recognized (or reversal) that is required to adjust the loss allowance at the
at fair value on initial recognition, except for trade receivables reporting date to the amount that is required to be recognized is
which are initially measured at transaction price. Transaction recognized as an impairment gain or loss in profit or loss.
costs that are directly attributable to the acquisition or issue of
financial assets and financial liabilities, which are not at fair value b. Non-financial assets
through profit or loss, are added (i) Property, plant, and equipment
to the fair value on initial recognition. Regular way purchase and Property, plant, and equipment are evaluated for recoverability
sale of financial assets are accounted for at trade date. whenever events or changes in circumstances indicate that their

carrying amounts may not be recoverable. For the purpose of other comprehensive income. Current income tax for current and
impairment testing, the recoverable amount (i.e., the higher of prior periods is recognized at the amount expected to be paid
the fair value less cost to sell and the value in use) is determined to or recovered from the tax authorities, using the tax rates and
on an individual asset basis unless the asset does not generate tax laws that have been enacted or substantively enacted by the
cash flows that are largely independent of those from other Balance Sheet date. Deferred income tax assets and liabilities are
assets. In such cases, the recoverable amount is determined recognized for all temporary differences arising between the tax
for the CGU to which the asset belongs. If such assets are bases of assets and liabilities and their carrying amounts in the
considered to be impaired, the impairment to be recognized in financial statements. Deferred tax assets are reviewed at each
the Statement of Profit and Loss is measured by the amount by reporting date and are reduced to the extent that it is no longer
which the carrying value of the assets exceeds the estimated probable that the related tax benefit will be realized.
recoverable amount of the asset.
An impairment loss is reversed in the Statement of Profit and Loss tax rates and tax laws that have been enacted or substantively
if there has been a change in the estimates used to determine enacted by the Balance Sheet date and are expected to apply to
the recoverable amount. The carrying amount of the asset is taxable income in the years in which those temporary differences
increased to its revised recoverable amount, provided that this are expected to be recovered or settled. The effect of changes
amount does not exceed the carrying amount that would have in tax rates on deferred income tax assets and liabilities is
been determined (net of any accumulated amortization or recognized as income or expense in the period that includes the
depreciation) had no impairment loss been recognized for the enactment or the substantive enactment date.
asset in previous years.
A deferred income tax asset is recognized to the extent that it
is probable that future taxable profit will be available against
1.13 Employee Benefits which the deductible temporary differences and tax losses can
Provision for retirement benefits be utilized. The Company offsets current tax assets and current
Provided for payment of retirement benefits to employees, in tax liabilities, where it has a legally enforceable right to set off the
the amount deemed accrued at the fiscal year-end, based on the recognized amounts and where it intends either to settle on a net
projected retirement benefit obligation at the fiscal year-end. basis, or to realize the asset and settle the liability simultaneously.
(Equals the benefits payable for voluntary retirements at the
current year based on simplified method) 1.15 Cash flow statement
Provision for director bonus and employee bonus profit for the period is adjusted for the effects of transactions
Recognized based on the estimated payment amount for bonus of a non-cash nature, any deferrals or accruals of past or future
to directors and employees. operating cash receipts or payments and item of income or
expenses associated with investing or financing cash flows. The
1.14 Income taxes cash flows from operating, investing and financing activities of
Income tax is computed basis the consolidated tax system. the Company are segregated.
Income tax expense comprises current and deferred income tax. 1.16 Earning per share
Income tax expense is recognized in net profit in the Statement
Basic earnings per share is computed by dividing the net profit
after tax by the weighted average number of equity shares
outstanding during the period.
Note 2: Property, plant and equipment

(In ¥ million)
Description of assets Buildings Furniture and fixtures Total

Gross Block
Balance as at March 31, 2021 23 28 51
Additions 96 26 122
Deletions (20) (2) (22)
Additions 1 5 6
Deletions – – –
Depreciation expense for the year 1 4 5
Deletions (1) – (1)

Description of assets Buildings Furniture and fixtures Total
Deletions (18) (1) (19)
Net Block as at March 31, 2022 94 43 137
Net Block as at March 31, 2023 86 41 127
Note 2A: Goodwill and other intangible assets

(In ¥ million)
Other intangible assets

Particulars
Software Construction in progress
Balance as at March 31, 2021 327 9
Additions 63 46
Deletions (2) (36)
Additions 29 3
Deletions – (22)
Accumulated Amortization and impairment losses
Balance as at March 31, 2020 152 –
Amortization expense for the year 28 –
Deletions (4)
Deletions (1)
Deletions –
Net Block as at March 31, 2022 170 19
Net Block as at March 31, 2023 146 0
Note 2B: Leases The changes in the carrying value of right of use assets for the
the changes in the carrying value of right of use assets for the year ended March 31, 2022, are as follows:
year ended March 31, 2023, are as follows:
(In ¥ million)
(In ¥ million) Category of
Total
Category of Particulars ROU asset
Total
Particulars ROU asset Buildings
Buildings Balance as at April 1, 2021 106 106
Balance as at April 1, 2022 627 627 Additions 655 655
Additions 7 7 Deletion – –
Deletion – – Depreciation (134) (134)
Depreciation (147) (147) Balance as at March 31, 2022 627 627
Balance as at March 31, 2023 487 487 The aggregate depreciation expense on ROU assets is
The following is the break-up of current and non-current lease The Company does not face a significant liquidity risk with
liabilities as at March 31, 2023 and March 31, 2022: regard to its lease liabilities as the current assets are sufficient
to meet the obligations related to lease liabilities as and
(In ¥ million) when they fall due.
As at March 31,
Particulars Note 3: Equity share capital
2023 2022
Current lease liabilities 147 147 (In ¥ million)
Non-current lease liabilities 340 480 Years ended March 31,
Particulars
Total 487 627 2023 2022
The movement in lease liabilities during the year ended March 31, Authorized
2022, and March 31, 2023, is as follows: Equtiy shares,
JPY 500,000 par value
(In ¥ million)
1,000 common stock 500 500
Particulars Issued, subscribed
2023 2022 and paid-up capital
Balance at the beginning 627 115 Equity shares,
Additions 7 655 JPY 500,000 par value
Finance cost 1 – 1,000 common stock 500 500
accrued during the period
Deletions – – The details of shareholder holding more than 5% shares as at
Payment of lease liabilities (147) (143) March 31, 2023, and March 31, 2022, are as follows;
Balance at the end 487 627 Name of As at March 31, 2023 As at March 31, 2022
The details of the contractual maturities of lease liabilities as at shareholder Number Number
March 31, 2023, and March 31, 2022, on an undiscounted basis: Holding % Holding %
of shares of shares
(In ¥ million) Infosys Limited 810 81% 810 81%

Hitachi Limited 150 15% 150 15%
As at March 31,
Particulars
2023 2022
Less than one year 148 480
One to five years 340 147
More than five years – –
Total 488 627
The number of shares outstanding and the amount of share capital as at March 31, 2023, and March 31, 2022 is as follows;
As at March 31,
Number of shares at the beginning and end of the period 2023 2022
Number of shares 1,000 50,00,00,000 1,000 50,00,00,000
Note 4: Other financial assets

(In ¥ million)
As at March 31,
Non-current Current Non-current Current
Considered good
(a) Loan – 6,186 – 5,505
(b) Others 119 – 119 –
119 6,186 119 5,505

Note 5: Other assets
(In ¥ million)
As at March 31,
Considered good
(a) Prepaid expenses – 95 – 97
(b) Balances with statutory/ government authorities – 475 – 469
(c) Others – 1,196 – 691
– 1,766 – 1,257
Note 6: Trade receivables

(In ¥ million)
As at March 31,
Particulars
2023 2022
Trade receivables (unsecured)
Considered good 12,767 11,839
Less: Allowance for expected credit loss – –
12,767 11,839
Outstanding payments as at March 31, 2023
(In ¥ million)
Less than 6 6 months to 1 More than 3

Particulars Not Due 1-2 years 2-3 years Total
months year years
Undisputed trade 12,591 176 – – – – 12,767
Undisputed trade – – – – – – –
receivables – credit impaired
Disputed trade – – – – – – –
Less: Allowance for credit loss –
Total trade receivables 12,767
Outstanding payments as at March 31, 2022
(In ¥ million)
Less than 6 6 months to 1 More than 3

Particulars Not due 1-2 years 2-3 years Total
months year years
Undisputed trade 11,703 136 – – – – 11,839


Note 7: Cash and cash equivalents
(In ¥ million)
As at March 31,
Particulars
2023 2022
(a) Cash on hand – –
(b) Balances with bank
In current accounts 3,665 2,554
3,665 2,554
Note 8: Recognized deferred tax (net)

(In ¥ million)
As at March 31,
Particulars
2023 2022
Deferred tax liability
Excess of depreciation on fixed assets under income-tax law over depreciation provided in accounts – –
Deferred tax assets
Provision for employee benefits 179 176
Provisions for property, plant and equipment 5 4
Provision for unused tax losses – –
Deferred tax assets (net) (1) 184 180
(1)
Net deferred tax assets have been recognized only to the extent that the Company has sufficient taxable temporary differences or there is convincing evidence
that sufficient taxable profit will be available against which such deferred tax assets can be realized.
Note 9: Provisions
(In ¥ million)
As at March 31,
Particulars
2023 2022
Asset retirement obligation 21 – 21 –

Provision for retirement benefits 249 – 230 –
270 – 251 –
Note 10: Other financial liabilities

(In ¥ million)
As at March 31,
Particulars
2023 2022
Accrued expenses – 205 – 152
Deposits received – 15 – 40
Employee benefits payable – 231 – 272
Lease liability 340 147 480 147
340 598 480 611

Note 11: Trade payables
(In ¥ million)
As at March 31,
Particulars
2023 2022
Trade payables 21,779 19,284
21,779 19,284
As at March 31, 2023

(In ¥ million)

year years
Trade payables 21,779 – – – – 21,779

(In ¥ million)

year years
Trade payables 19,284 – – – – 19,284
Refer note 22 for related party balances
Note 12: Other liabilities corresponds directly with the value to the customer of the
entity’s performance completed to date, typically those contracts
(In ¥ million) where invoicing is on time and material basis. Remaining
As at March 31, performance obligation estimates are subject to change and
Particulars are affected by several factors, including terminations, changes
2023 2022
in the scope of contracts, periodic revalidations, adjustment for
Others 367 166 revenue that has not materialized and adjustments for currency.
367 166
completely or partially unsatisfied as at March 31, 2023, other
than those meeting the exclusion criteria mentioned above,
Note 13: Revenue from operations is ₹ NIL. Out of this, the Group expects to recognize revenue
of around 100% within the next one year and the remaining
(In ¥ million) thereafter. The contracts can generally be terminated by the
customers and typically includes an enforceable termination
Particulars penalty payable by them.
2023 2022
5,833 5,078 The impact on account of applying the erstwhile Ind AS 18
Revenue from services
Revenue standard instead of Ind AS 115 Revenue from contract
5,833 5,078 with customers on the financials results of the Group for the year
ended March 31, 2023, is insignificant.
Trade receivables
The Company classifies the right to consideration in exchange Note 14: Other income
for deliverables as a receivable. Revenue recognition for
fixed-price development contracts is based on percentage (In ¥ million)
of completion method. Invoicing to the clients is based on Years ended March 31,
milestones as defined in the contract. This would result in the Particulars
2023 2022
timing of revenue recognition being different from the timing of
billing the customers. Interest income 90 79
Miscellaneous income (net) 0 17
Performance obligations and remaining performance 90 96
obligations
as at the end of the reporting period and an explanation as to
when the Group expects to recognize these amounts in revenue.
Applying the practical expedient as given in Ind-AS 115, the
Group has not disclosed the remaining performance obligation
related disclosures for contracts where the revenue recognized

Note 15: Employee benefits expense Note 17: Other expenses
(In ¥ million) (In ¥ million)
Years ended March 31, Years ended March 31,

2023 2022 2023 2022
Salaries and wages 1,947 1,812 Communication expenses 27 21
Staff welfare expenses 344 308 Office expenses 323 298
Pension costs 113 111 Rental 45 45
Directors remuneration 18 17 Recruitment 72 31
2,422 2,248 Consumables 7 6
Note 16: Depreciation and amortization expense Statutory audit fees 14 13
(In ¥ million) Miscellaneous expenses 10 22
Years ended March 31, Rates and taxes 41 37
Particulars
2023 2022 539 473
Depreciation of property, 163 143
plant and equipment *
Amortization of intangible assets 53 44
216 187
* Including RoU Amortization
Note 18: Earnings per share

i) Basic earnings per share
The calculations of earnings attributable to equity shareholders and weighted average number of equity shares outstanding for
purposes of basic earnings per share calculations are as follows:
(In ¥ million, except equity share and per equity share data)

Particulars
2023 2022
a. Profit after tax (¥ million) 557 446
b. Weighted average number of equity shares for the purposes of earnings per share 1,000 1,000
Basic and dilutive earnings per equity share (a/b) ¥ 5,57,125 4,46,371
Note 19: Financial instruments

Set out below, is a comparison by class of the carrying amount and fair value of the Company’s financial instruments other than those
with carrying amount that are reasonable approximations of fair values:

(In ¥ million)
Financial assets/ liabilities Fair value

Fair value Fair value Total
Particulars Note No Amortized
through through other carrying
cost Level 1 Level 2 Level 3 Total
profit and comprehensive value
loss income
ASSETS
Financial assets
Other financial assets 4 6,304 – – 6,304 – – – –
Trade receivables 6 12,767 – – 12,767 – – – –
Cash 7 3,665 – – 3,665 – – – –
Total financial assets 22,736 – – 22,736 – – – –

loss income
LIABILITIES
Trade payables 11 21,779 – – 21,779 – – – –
Other financial liabilities 10 937 – – 937 – – – –
Total financial liabilities 22,716 – – 22,716 – – – –

(In ¥ million)

loss income
ASSETS
Financial assets
Other financial assets 4 5,624 – – 5,624 – – – –
Trade receivables 6 11,839 – – 11,839 – – – –
Cash 7 2,554 – – 2,554 – – – –
Total financial assets 20,017 – – 20,017 – – – –
LIABILITIES
Trade payables 11 19,284 – – 19,284 – – – –
Other financial liabilities 10 1,091 – – 1,091 – – – –
Total financial liabilities 20,375 – – 20,375 – – – –
Notes: For assets and liabilities that are recognized in the financial
The carrying value of all the items in the table above have statements on a recurring basis, the Company determines
been classified as amortized cost. Amortized cost is deemed to whether transfers have occurred between levels in the hierarchy
be the carrying value. by re-assessing categorization (based on the lowest level input
that is significant to the fair value measurement as a whole) at
the end of each reporting period.
The following table provides the fair value measurement
hierarchy of the Company’s assets and liabilities. Note 20: Financial risk management
All assets and liabilities for which fair value is measured The Company’s principal financial liabilities comprise loans and
or disclosed in the financial statements are categorized borrowings, Trade and other payables and financial guarantee
within the fair value hierarchy, described as follows, based contracts. The main purpose of these financial liabilities is to
on the lowest level input that is significant to the fair value finance the Company’s operations and to provide guarantees to
measurement as a whole: support its operations. The Company’s principal financial assets
include investments, loans, trade and other receivables, cash and
Level 1 — Quoted (unadjusted) market prices in active markets cash equivalents and other bank balances that derive directly
for identical assets or liabilities from its operations.
Level 2 — Valuation techniques for which the lowest level input The Company’s activities exposes it to market risk, credit
that is significant to the fair value measurement is directly or risk and liquidity risk.
indirectly observable
Level 3 — Valuation techniques for which the lowest level input
that is significant to the fair value measurement is unobservable

(a) Risk management framework Expected credit loss for the year ended March 31, 2023, and
The Company’s risk management is carried out by the March 31, 2022 is nil.
management under the policies approved by the Board of
Directors that help in identification, measurement, mitigation (ii) Financial instrument and cash deposit
and reporting all risks associated with the activities of the The company limits its exposure to credit risk by generally
Company. These risks are identified on a continuous basis and investing in liquid securities and only with counterparties that
assessed for the impact on the financial performance. The Board have a good credit rating. The company does not expect any
of Directors reviews and agrees policies for managing each of losses from nonperformance by these counter-parties, and
these risks, which are summarized below. does not have any significant concentration of exposures to
specific industry sectors.
(b) Market risk
Market risk is the risk that the fair value of future cash flows of a (d) Liquidity risk
financial instrument will fluctuate because of changes in market Liquidity risk is the risk that the Company will not be able to
prices. Market risk comprises three types of risk: interest rate risk, meet its financial obligations as they become due. The Company
currency risk and other price risk, such as equity price risk and manages its liquidity risk by ensuring, as far as possible, that it
commodity risk. Financial instruments affected by market risk will always have sufficient liquidity to meet its liabilities when
include loans and borrowings, trade receivables, trade payables, due. Also, the Company has unutilized credit limits with banks.
deposits and investments. The Company’s corporate treasury department is responsible
for liquidity, funding as well as settlement management. In
(i) Foreign currency risk addition, processes and policies related to such risks are overseen
The Company operates primarily in Japan and does not have any by senior management.
foreign currency risk The details of the contractual maturities of significant financial
liabilities as at March 31, 2023, are as follows:
(ii) Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows (In ¥ million)
of a financial instrument will fluctuate because of changes in Less than 1 to 5 More than
market interest rates. The Company does not have any debt and Particulars Total
1 year Years 5 years
hence does not carry any interest rate risk.
March 31, 2023
(c) Credit risk Trade payables 21,779 – – 21,779
Credit risk is the risk of financial loss to the Company if a Other 598 340 – 937
customer or counterparty to a financial instrument fails to meet financial liabilities
its contractual obligations. The Company is exposed to the credit 22,377 340 – 22,716
risk from its trade receivables, unbilled revenue, investments,
cash and cash equivalents, bank deposits and loans. The
maximum exposure to credit risk is equal to the carrying value The details of the contractual maturities of significant financial
of the financial assets. The objective of managing counterparty liabilities as at March 31, 2022, are as follows:
credit risk is to prevent losses in financial assets.
(In ¥ million)
(i) Trade receivables
Less More
Customer credit risk is managed by each business unit subject 1 to 5
Particulars than 1 than 5 Total
to the Company’s established policy, procedures and control Years
year years
relating to customer credit risk management. Credit quality
March 31, 2022
of a customer is assessed based on a credit evaluation before
entering into an arrangement. Outstanding customer receivables Trade payables 19,284 – – 19,284
are regularly monitored. Other financial 611 480 – 1,091
An impairment analysis is performed at each reporting date on liabilities (non-current)
an individual basis for major clients. In addition, a large number 19,895 480 – 20,375
of minor receivables are grouped into homogenous group and
assessed for impairment collectively. The calculation is based on Capital management
actual incurred historical data. The maximum exposure to credit For the purpose of the Company’s capital management, capital
risk at the reporting date is the carrying value of each class of includes issued equity capital, securities premium and all other
financial assets. The Company does not hold collateral as security. equity reserves attributable to the equity holders. The primary
The Company considers the credit risk with respect to trade objective of the Company’s capital management is to maximize
receivables as low, since majority of the customers are parties the shareholder value.
with good repute and are regular in discharging their obligation
within the credit period provided by the Company. The Company The Company manages its capital structure and makes
has used a practical expedient by computing the expected credit adjustments in light of changes in economic conditions and the
loss allowance for trade receivables based on a provision matrix. requirements of the financial covenants. To maintain or adjust
The provision matrix takes into account historical credit loss the capital structure, the Company may adjust the dividend
experience and adjusted for forward looking information. payment to shareholders, return capital to shareholders or issue

new shares. The Company monitors capital using a gearing ratio,
As at March 31,
which is net debt divided by total capital plus net debt. Particulars
2023 2022
Note 21: Income taxes Tax effects of:

- Item not deductible for tax
Profit and Loss comprises: Entertainment expenses 1 –
Directors’ remuneration and 3 4
(In ¥ million) bonus
Years ended March 31, Stock-based compensation 1 –
Particulars expenses-directors
2023 2022
Current taxes 214 160 Accrued directors’ bonus 1 –
Deferred taxes (4) (1) Stock-based compensation 1 –

expenses-directors
Income tax expense 210 159
-Corporate residential 3 4
tax - per capital basis
Reconciliation of tax charge
(In ¥ million) -Special tax credit (43) (29)
- Non-deductible foreign tax 6 2
As at March 31,
Particulars Income tax expense 210 159
2023 2022
Profit before tax 767 605 The details of income tax assets and income tax liabilities
as of are as follows:
Adjustments for
deviations from JGAAP (In ¥ million)
G&A expense-Allocation to 5 (25)
As at March 31,
External Sale - IFRS Particulars
2023 2022
Interest expense on lease liability 1 0
Income tax assets – –
Adjusted profit before tax 773 581
Current income tax liabilities 147 99
Enacted tax rate in Japan 31% 31%
Net current income tax assets/ (147) (99)
Income tax expense at 237 178 (liability) at the end
tax rates applicable
The gross movement in the current income tax assets/ (liabilities) for the years ended March 31, 2023, and March 31, 2022, is as follows:
(In ¥ million)
As at March 31,
Particulars
2023 2022
Net current income tax assets/ (liabilities) at the beginning (99) (92)
Income tax paid 166 152
Current income tax expense (214) (159)
Net current income tax assets/ (liabilities) at the end (147) (99)
The movement in gross deferred income tax asset/ (liabilities) as at March 31, 2023, is as follows:
(In ¥ million)
Carrying Value as Changes through Carrying Value as

Particulars
on March 31, 2022 Profit & Loss A/c on March 31, 2023
Deferred income tax assets / (liabilities)
Property plant and equipment 4 1 5
Accrued compensation to employees 176 3 179
Total deferred income tax assets/ (liabilities) 180 4 184

The movement in gross deferred income tax asset/ (liabilities) as at March 31, 2022, is as follows:
(In ¥ million)
Carrying Value as Changes through Carrying Value as

Particulars
on March 31, 2021 Profit & Loss A/c on March 31, 2022
Deferred income tax assets/ (liabilities)
Property plant and equipment 4 – 4
Accrued compensation to employees 175 1 176
Total Deferred income tax assets/ (liabilities) 179 1 180
Note 22: Related party transactions

% of Holding
Relationship with
Name of holding company Country For the year ended March 31,
related party
2022 2023
Infosys Consulting Pte Limited (Infosys Singapore) Parent entity Singapore 81% 81%
Hitachi Limited (former parent entity) Shareholder Japan 15% 15%
(parent entity)
Related party transactions


Mexico
Infosys Technologies (Sweden) AB (Infosys Sweden)(1) Sweden
China
U.S.
Austria
Chile
Saudi Arabia
Luxembourg
Infosys Americas Inc. (Infosys Americas)(1)(26) U.S.
U.S.
Canada
Czech Republic
U.S.
Australia
Switzerland
Switzerland
Germany
France

Czech Republic
China
The Netherlands
Belgium
U.S.
Germany
U.K.
Dubai
Fluido Oy (8)
Finland
Norway
Slovakia
Singapore
U.S.
U.S.
Stater N.V. (9)
The Netherlands
The Netherlands
Stater Participations B.V. (12)
The Netherlands
Belgium
U.S.
Simplus North America Inc.(16)(27) Canada
Australia
Australia
Philippines
U.K.
Ireland
U.S.
Czech Republic
Finland
Hungary

GuideVision Polska Sp. z.o.o (21)
Poland
U.K.
Blue Acorn iCi Inc (formerly Beringer Commerce Inc)(15) U.S.
Beringer Capital Digital Group Inc (15)(41)
U.S.
U.S.
U.S.
U.S.
U.K.
Germany
Germany
(33)
Malaysia
Germany
oddity GmbH (46)
Germany
Taiwan
Germany
Germany
Germany
Canda
Switzerland
Denmark
U.K.
Itlay
U.S.
Germany
Norway
Panasonic Corporation (55) Japan
Pasona Inc. (55)
Japan
Hitachi, Ltd.(55) Japan
Hitachi High-Tech Corporation (56)
Japan
Hitachi Industrial Equipment Systems Co,Ltd.(56) Japan
Hitachi Real Estate Partners, Ltd. (56)
Japan
Hitachi Document Solutions Co., Ltd. (56)
Japan

Hitachi Systems,Ltd. (56)
Japan
Hitachi Ke Systems, Ltd. (56)
Japan
Hitachi Ict Business Services, Ltd.(56) Japan
Hitachi Solutions, Ltd.(56) Japan
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
(25)
(26)
Under liquidation
(27)
(28)
(29)
(30)
(31)
(32)
(33)
(34)
(35)
(36)
(37)
(38)
(39)
(40)
(41)
(42)
(43)
(44)
(45)
Infosys Consulting S.R.L. (Argentina) (formerly a wholly-owned subsidiary of Infosys Consulting Holding AG) became the majority owned and controlled
(46)
(47)
(48)

(49)
(50)
(51)
(52)
(53)
(54)
(55)
Minority shareholders of HIPUS Co, Ltd.
(56)
Subsidiaries of Hitachi, Ltd.
The details of amounts due to or from related parties as at 31 March 2023, and 31 March 2022, are as follows;
(In ¥ million)

Particulars
2023 2022
Trade payables
Payable to EdgeVerve Systems Limited 34 –
Payable to Infosys Limited 17 4
Payable to Infosys China 11 10
Payable to HITACHI 34 48
Payable to Pasona – 80
Payable to HITACHI HIGH-TECH CORPORATION 22 20
Payable to Hitachi Industrial Equipment Systems Co,Ltd. 17 27
Payable to Hitachi Real Estate Partners, Ltd. 398 396
Payable to HITACHI DOCUMENT SOLUTIONS CO., LTD. 768 572
Payable to HITACHI SYSTEMS,LTD. 548 484
Payable to HITACHI KE SYSTEMS, LTD. 90 76
Payable to HITACHI ICT BUSINESS SERVICES, LTD. 117 75
Payable to HITACHI SOLUTIONS, LTD. 105 212
Trade Receivables
Receivable to Infosys Limited 3 3
Receivable to HITACHI 5,578 4,944
Receivable to Panasonic 522 325
Receivable to HITACHI HIGH-TECH CORPORATION 511 222
Receivable to Hitachi Industrial Equipment Systems Co, Ltd. 1,349 1,249
Receivable to Hitachi Real Estate Partners, Ltd. 10 184
Receivable to HITACHI SYSTEMS,LTD. 3 3
Receivable to HITACHI KE SYSTEMS, LTD. 6 5
Receivable to HITACHI ICT BUSINESS SERVICES, LTD. 3 –
Receivable to HITACHI SOLUTIONS, LTD. 401 264
Sale of Goods or services (net）
Sales to HITACHI 2,206 1,971
Sales to Panasonic 492 398
Sales to HITACHI HIGH-TECH CORPORATION 510 405
Sales to Hitachi Industrial Equipment Systems Co., Ltd. 194 178
Sales to Hitachi Real Estate Partners, Ltd. 105 111
Sales to HITACHI DOCUMENT SOLUTIONS CO., LTD. 2 2
Sales to HITACHI SYSTEMS,LTD. 7 8
Sales to HITACHI KE SYSTEMS, LTD. 1 1
Sales to HITACHI ICT BUSINESS SERVICES, LTD. 37 –
Sales to HITACHI SOLUTIONS, LTD. 0 43

Particulars
2023 2022
Purchase of Goods or services
Purchase from HITACHI 313 624
Purchase from Pasona 1 213
Purchase from HITACHI HIGH-TECH CORPORATION 66 51
Purchase from Hitachi Industrial Equipment Systems Co., Ltd. 119 154
Purchase from Hitachi Real Estate Partners, Ltd. 4,166 119
Purchase from HITACHI DOCUMENT SOLUTIONS CO., LTD. 1,822 11
Purchase from HITACHI SYSTEMS, LTD. 1,278 59
Purchase from HITACHI KE SYSTEMS, LTD. 902 833
Purchase from HITACHI ICT BUSINESS SERVICES, LTD. 690 242
Purchase from HITACHI SOLUTIONS, LTD. 425 501
Intercompany Revenue
Services provided to Infosys Limited – 25
Intercompany Sub-contractors
Services taken from EdgeVerve Systems Limited 34 –
Services taken from Infosys China 129 112
Loan
Loan given to Infosys Singapore 6,096 5,419
Interest Accrued
Interest accrued on Loan given to Infosys Singapore 90 79
Transaction with key management personnel:

The table below describes the compensation to key management personnel which comprise directors and executive officers:
(Amount in ¥ million)

Particulars
2023 2022
Salaries and other employee benefits to whole-time directors and executive officers 43 41
Total 43 41
Note 23: Segment reporting

The Company is engaged in developing and marketing solutions in a single geography. Its operations are therefore considered to
constitute a single segment. Based on the ‘management approach’ as defined in Ind-AS 108, Segment Reporting, the Chief Operating
Decision Maker (CODM) evaluates performance of the Company as a whole. Its operations are, therefore, considered to constitute a single
segment in the context of Ind-AS 108, Segment Reporting.

Note 24: Ratios
31st March 31st March Reason (If variation is
2023 2022 more than 25%)
Debt – Equity Ratio Total Debt (represents Shareholder’s Equity 0.3 0.4 -39.5% Total debt has
lease liabilities) (1) increased due to lease
renewal.
Debt Earnings available for Debt Service(3) 5.2 4.4 18.4%
Service Coverage Ratio debt service(2)
Return on Equity (ROE) Net Profits after taxes Average Shareholder’s 29% 29% -
Equity
Trade Revenue Average Trade 0.1 0.1 12.7%
receivables turnover ratio Receivable
Trade Net Credit Purchases Average Trade 0.0 0.0 7.8%
Payables Turnover Ratio Payables
Net Capital Turnover Ratio Revenue Average Working 1.2 1.4 -14.5%
Capital
Net Profit Ratio Net Profit Net Sales 9% 9% -
Return on Capital Employed EBIT Capital Employed (4)
34% 31% 3%
(1)
(2)
Earnings available for debt service represents Net profit after taxes + Non-
cash operating expenses + finance cost”
(3)
(4)
Tangible net worth + deferred tax liabilities + Lease Liabilities


Infosys Consulting Ltda.
To the Members of Infosys Consulting Ltda

Opinion
We have audited the accompanying special purpose financial statements of Infosys Consulting Ltda (“the Company”), which comprise
Basis for Opinion


the audit. We also:
446 | Infosys Consulting Ltda. Infosys Subsidiary Financials Report 2022-23

presentation.
For Shenoy & Kamath

Partner
UDIN : 232028418GW1UQ1673
Place: Bengaluru
Date: May 20, 2023
Infosys Subsidiary Financials Report 2022 -23 Infosys Consulting Ltda. | 447
Balance Sheet
in BRL
As at December 31,
2022 2021
ASSETS
Non-current assets
Right to use of Asset 2.8 13,504,792 5,123,006
Capital work-in-progress 11,189 –
Financial assets
Other financial assets 3,632,699 –
Income tax assets (net) 2.14 1,708,519 3,558,498
Current assets
Financial assets
Loans 789,153 832,174
Total assets 198,438,028 128,333,374
Equity
Other equity 2.9 (213,379,355) (216,250,435)
Total equity 61,691,715 58,820,635
Liabilities
Lease Liability 2.8 4,647,118 3,024,130
Other financial liabilities 16,818,529 –
Current liabilities
Lease Liability 2.8 11,307,012 3,168,764
Trade payables 2.10 18,852,932 4,439,181
Provisions 2.13 722,625 1,036,983

As per our report of even date attached for for and on behalf of the Board of Directors of
Shenoy & Kamath
M. Rathnakar Kamath Angelo Mazzocchi

Partner Director
Place: Bengaluru
Date: May 20, 2023
in BRL

2022 2021
Other income, net 2.16 5,200,573 2,322,195
Total income 221,219,565 175,715,161
Expenses
Communication expenses 4,123,415 3,982,445
Depreciation and amortization expenses 2.1 8,225,306 4,396,230
Finance cost 2,119,818 575,249
Other expenses 2.17 16,486,615 8,159,620
Total expenses 204,877,631 167,743,319
Profit/(Loss) before tax 16,341,934 7,971,842
Tax expense
Current tax 2.14 6,147,642 1,432,660
Previous Year tax 2.14 5,091,723 –
Profit/(Loss) for the year 5,102,569 6,539,182
Equity shares of par value BRL 1/- each
Basic and Diluted (BRL) 0.02 0.02
Basic and Diluted 275,071,070 275,071,070
Shenoy & Kamath

Partner Director
Place: Bengaluru
Date: May 20, 2023

Statement Of Changes in Equity
In BRL
Other equity
Total equity
Reserves and Surplus
Equity share attributable to
Particulars Business transfer
capital equity holders of
Retained earnings adjustment the Company
reserve
Balance as of January 1, 2022 275,071,070 (206,136,959) (10,113,476) 58,820,635
Ind AS 37 Adjustment – (2,231,489) – (2,231,489)
Balance as of December 31, 2022 275,071,070 (203,265,879) (10,113,476) 61,691,715
Balance as of January 1, 2021 275,071,070 (212,676,141) (10,113,476) 52,281,453

Balance as of December 31, 2021 275,071,070 (206,136,959) (10,113,476) 58,820,635
Shenoy & Kamath

Partner Director
Place: Bengaluru
Date: May 20, 2023
Statement of Cash Flows In BRL

Particulars
2022 2021
Profit/ (Loss) for the year 5,102,569 6,539,182
Adjustments to reconcile net loss to net cash provided by operating activities
Depreciation expense 8,225,306 4,396,230
Income tax expense 8,979,763 (637,645)
Impairment loss recognized / (reversed) under expected credit loss model 618,445 1,123,067
Finance Cost 2,119,818 575,249
Other adjustments (3,340,320) 3,742
Exchange differences on translation of assets and liabilities 3,685,209 (990,402)
Trade receivables (15,420,395) 2,699,553
Other financial assets and other assets (28,926,707) 7,780,655
Trade payables 12,954,953 (5,602,464)
Other financial liabilities and other liabilities and provisions 26,798,834 3,774,479
Net cash generated in operating activities 18,759,414 18,572,470
Expenditure on property, plant and equipment (7,845,012) (5,016,848)
Cash flow from/used in financing activities
Payment of lease liability (5,915,620) (575,249)
Other receipts/ (payments) 1,966,034 (3,709,664)
Net increase in cash and cash equivalents 6,964,816 9,270,709
Shenoy & Kamath

Partner Director
Place: Bengaluru
Date: May 20, 2023

Company overview Arrangements with customers for software related
services are either on a fixed-price, fixed-timeframe or on a
Infosys Consulting Ltda. is a wholly-owned subsidiary of time-and-material basis.
Infosys Limited w.e.f . August 14, 2018. The Company renders
professional management consulting services, thereby enabling Revenue on time-and-material contracts are recognized as
its clients to enhance business performance. the related services are performed and revenue from the
1.1 Accounting year Revenue from fixed-price, fixed-timeframe contracts, where
The accounting year of the Company is from
January 1 to December 31.
of consideration, is recognized as per the percentage-
of-completion method.
These special purpose financial statements are prepared for When there is uncertainty as to measurement or ultimate
inclusion in the Annual Report of the holding company, Infosys collectability, revenue recognition is postponed until such
Limited under the requirements of Section 129 (3) of the uncertainty is resolved. Efforts or costs expended have been
Companies Act 2013. used to measure progress towards completion as there is a direct
relationship between input and productivity.
These financial statements are prepared in accordance with
Indian Accounting Standards (Ind-AS) under the historical cost Maintenance revenue is recognized ratably over the term of the
convention on the accrual basis. The Ind-AS are prescribed under underlying maintenance arrangement.
Section 133 of the Act read with Rule 3 of the Companies (Indian Revenues in excess of invoicing are classified as contract assets
Accounting Standards) Rules, 2015. (which we refer as unbilled revenue) while invoicing in excess of
Accounting policies have been consistently applied except where revenues are classified as contract liabilities (which we refer to as
a newly issued accounting standard is initially adopted or a unearned revenues).
revision to an existing accounting standard requires a change in In arrangements for software development and related services
the accounting policy hitherto in use. and maintenance services, the Company has applied the
guidance in Ind-AS 115, Revenue from Contract with Customer,
1.3 Presentation currency by applying the revenue recognition criteria for each distinct
The Company’s presentation currency is Brazilian real (BRL). performance obligation. The arrangements with customers
generally meet the criteria for considering software development
1.4 Use of estimates and related services as distinct performance obligations. For
The preparation of the financial statements in conformity allocating the transaction price, the Company has measured the
with Ind-AS requires the Management to make estimates and revenue in respect of each performance obligation of a contract
assumptions that affect the reported balances of assets and at its relative standalone selling price. The price that is regularly
liabilities and disclosures relating to contingent liabilities as at the charged for an item when sold separately is the best evidence
date of the financial statements and reported amounts of income of its standalone selling price. In cases where the Company is
and expenses during the period. unable to determine the standalone selling price, the Company
uses the expected cost-plus margin approach in estimating the
Accounting estimates could change from period to period. Actual standalone selling price. For software development and related
results could differ from those estimates. Appropriate changes services, the performance obligations are satisfied as and when
in estimates are made as the Management becomes aware of the services are rendered since the customer generally obtains
changes in circumstances surrounding the estimates. Changes in control of the work as it progresses.
in which changes are made and, if material, their effects are Revenue from licenses where the customer obtains a “right to
disclosed in the notes to the financial statements. use” the licenses is recognized at the time the license is made
1.5 Revenue recognition customer obtains a “right to access” is recognized over the
The Company derives revenues primarily from business IT
services comprising of software development and related
services, consulting and package implementation and from the
licensing of software products and platforms across our core and
digital offerings (“together called as software related services”).
The following is a summary of new and/or revised significant license and implementation have been identified as two separate
accounting policies related to revenue recognition. performance obligations, the transaction price for such contracts
based on their relative standalone selling prices. In the absence
products or services to customers in an amount that reflects
of standalone selling price for implementation, the performance
the consideration we expect to receive in exchange for those
obligation is estimated using the expected cost-plus margin future cash flows at a pre-tax rate that reflects current
approach. Where the license is required to be substantially market assessments of the time value of money and the risks
customized as part of the implementation service the entire specific to the liability.
to be a single performance obligation and the revenue is 1.7 Post-sales client support and others
recognized using the percentage-of-completion method as the The Company provides its clients with a fixed-period post-sales
implementation is performed. Revenue from client training, support for corrections of errors and support on all its fixed-price,
support and other services arising due to the sale of software fixed-timeframe contracts. Costs associated with such support
products is recognized as the performance obligations are services are accrued at the time when related revenues are
satisfied. ATS revenue is recognized ratably over the period in recorded and included in cost of sales. The Company estimates
which the services are rendered. such costs based on historical experience and the estimates are
The Company accounts for volume discounts and pricing reviewed annually for any material changes in assumptions.
the ratable allocation of the discounts / incentives to each of 1.8 Onerous contracts
the underlying performance obligation that corresponds to Provisions for onerous contracts are recognized when the
the progress by the customer towards earning the discount / expected benefits to be derived by the Company from a
incentive. Also, when the level of discount varies with increases contract are lower than the unavoidable costs of meeting
in levels of revenue transactions, the Company recognizes the the future obligations under the contract. The provision is
liability based on its estimate of the customer’s future purchases. measured at the present value of the lower of the expected
If it is probable that the criteria for the discount will not be met, cost of terminating the contract and the expected net cost of
or if the amount thereof cannot be estimated reliably, then continuing with the contract. Before a provision is established,
discount is not recognized until the payment is probable and the Company recognizes any impairment loss on the assets
the amount can be estimated reliably. The Company recognizes associated with that contract.
changes in the estimated amount of obligations for discounts in
the period in which the change occurs. 1.9 Property, plant and equipment
Deferred contract costs are incremental costs of obtaining a Property, plant and equipment are stated at cost, less
contract which are recognized as assets and amortized over the accumulated depreciation and impairment, if any. Costs directly
term of the contract. attributable to acquisition are capitalized until the property,
Contract modifications are accounted for when additions, management. The Company depreciates property, plant and
deletions or changes are approved either to the contract scope equipment over their estimated useful lives using the straight-
or contract price. The accounting for modifications of contracts line method. The estimated useful lives of assets are as follows:
contract are distinct and whether the pricing is at the standalone Computer equipment(1) 3-5 years
selling price. Services added that are not distinct are accounted
Furniture and fixtures (1)
5 years
for on a cumulative catch-up basis, while those that are distinct
are accounted for prospectively, either as a separate contract, if Office Equipment(1) 5 years
the additional services are priced at the standalone selling price, Plant and Machinery (1)
5 years
or as a termination of the existing contract and creation of a new Leasehold Improvements Over lease term
The Company presents revenues net of indirect taxes in its reviewed periodically, including at each financial year end.
Statement of Profit and loss.
(1)
Based on technical evaluation, the Management believes that the useful
Rendering of services lives as given above best represent the period over which management
expects to use these assets. Hence, the useful lives for these assets is
Revenue from a contract to provide services is recognized in the different from the useful lives as prescribed under Part C of Schedule II of
period in which the services are provided in accordance with the the Companies Act, 2013.
terms of the contract. At each year end revenue from unbilled
services provided are included within accrued income and any
amounts invoiced in advance are deferred to the accounting
period when those services will be provided.
The stage of completion is determined on the basis of the actual ‘Capital work-in-progress’. Subsequent expenditures relating
completion of a proportion of the total services to be rendered. to property, plant and equipment is capitalized only when
An expected loss on a contract is recognized immediately in the it is probable that future economic benefits associated with
Profit and Loss Account. these will flow to the Company and the cost of the item can be
1.6 Provisions in net profit in the Statement of Profit and Loss when incurred.
A provision is recognized if, as a result of a past event, the The cost and related accumulated depreciation are eliminated
Company has a present legal or constructive obligation that from the financial statements upon sale or retirement of the
is reasonably estimable, and it is probable that an outflow of asset and the resultant gains or losses are recognized in the
economic benefits will be required to settle the obligation. Statement of Profit and Loss.

1.10 Financial instruments measured at lifetime ECL. The amount of expected credit losses
1.10.1 Initial recognition (or reversal) that is required to adjust the loss allowance at the
reporting date to the amount that is required to be recognized is
recognized as an impairment gain or loss in profit or loss.
b. Non-financial assets
fair value on initial recognition, except for trade receivables,
which are initially measured at transaction price. Transaction (i) Property, plant and equipment
costs that are directly attributable to the acquisition or issue Property, plant and equipment are evaluated for recoverability
of financial assets and financial liabilities, that are not at fair whenever events or changes in circumstances indicate that their
value through profit or loss, are added to the fair value on initial carrying amounts may not be recoverable. For the purpose of
recognition. Regular way purchase and sale of financial assets are impairment testing, the recoverable amount (i.e. the higher of
accounted for at trade date. the fair value less cost to sell and the value-in-use) is determined
on an individual asset basis unless the asset does not generate
1.10.2 Subsequent measurement cash flows that are largely independent of those from other
a. Non-derivative financial instruments assets. In such cases, the recoverable amount is determined for
(i) Financial assets carried at amortized cost the CGU to which the asset belongs.
A financial asset is subsequently measured at amortized cost If such assets are considered to be impaired, the impairment to
if it is held within a business model whose objective is to hold be recognized in the Statement of Profit and Loss is measured by
the asset in order to collect contractual cash flows and the the amount by which the carrying value of the assets exceeds the
contractual terms of the financial asset give rise on specified estimated recoverable amount of the asset. An impairment loss
dates to cash flows that are solely payments of principal and is reversed in the Statement of Profit and Loss if there has been
interest on the principal amount outstanding. a change in the estimates used to determine the recoverable
(ii) Financial assets at fair value through other revised recoverable amount, provided that this amount does not
comprehensive income exceed the carrying amount that would have been determined
A financial asset is subsequently measured at fair value through (net of any accumulated amortization or depreciation) had no
other comprehensive income if it is held within a business model impairment loss been recognized for the asset in prior years.
cash flows and selling financial assets and the contractual 1.13 Employee Benefits
terms of the financial asset give rise on specified dates to cash Compensated absences
flows that are solely payments of principal and interest on the The Company has a policy on compensated absences which
principal amount outstanding. are both accumulating and non-accumulating in nature. The
(iii) Financial assets at fair value through profit or loss expected cost of accumulating compensated absences is
A financial asset, which is not classified in any of the above actuary at each Balance Sheet date using projected unit credit
categories are subsequently fair valued through profit or loss. method on the additional amount expected to be paid/availed
(iv) Investment in subsidiaries as a result of the unused entitlement that has accumulated at the
Balance Sheet date. Expense on non-accumulating compensated
Investment in subsidiaries is carried at cost in the separate absences is recognized in the period in which the absences occur.
1.14 Foreign currency
1.11 Fair value of financial instruments
Functional currency
The functional currency of the Company is the BRL.
based on market conditions and risks existing at each reporting Transactions and translations
date. The methods used to determine fair value include Foreign-currency denominated monetary assets and liabilities
discounted cash flow analysis, available quoted market prices are translated into the relevant functional currency at exchange
and dealer quotes. All methods of assessing fair value result rates in effect at the Balance Sheet date. The gains or losses
in general approximation of value, and such value may never resulting from such translations are included in net profit in
actually be realized. the Statement of Profit and Loss. Non-monetary assets and
non-monetary liabilities denominated in a foreign currency
1.12 Impairment and measured at fair value are translated at the exchange rate
a. Financial assets prevalent at the date when the fair value was determined. Non-
The Company recognizes loss allowances using the Expected foreign currency and measured at historical cost are translated at
Credit Loss (ECL) model for the financial assets, which are not the exchange rate prevalent at the date of the transaction.
receivables with no significant financing component is measured Transaction gains or losses realized upon settlement of foreign
at an amount equal to lifetime ECL. For all other financial assets, currency transactions are included in determining net profit
expected credit losses are measured at an amount equal to for the period in which the transaction is settled. Revenue,
the 12-month ECL, unless there has been a significant increase expense and cash-flow items denominated in foreign currencies
in credit risk from initial recognition in which case those are
are translated into the relevant functional currencies using the 1.20 Leases
exchange rate in effect on the date of the transaction. Ind-AS 116 requires lessees to determine the lease term as the
non-cancellable period of a lease adjusted with any option
1.15 Income taxes to extend or terminate the lease, if the use of such option is
Income tax expense comprises current and deferred income tax. reasonably certain. The Group makes an assessment on the
Income tax expense is recognized in net profit in the Statement expected lease term on a lease-by-lease basis and thereby
of Profit and Loss except to the extent that it relates to items assesses whether it is reasonably certain that any options to
recognized directly in equity, in which case it is recognized in extend or terminate the contract will be exercised. In evaluating
other comprehensive income. Current income tax for current and the lease term, the Company considers factors, such as any
prior periods is recognized at the amount expected to be paid significant leasehold improvements undertaken over the
to or recovered from the tax authorities, using the tax rates and lease term, costs relating to the termination of the lease and
tax laws that have been enacted or substantively enacted by the the importance of the underlying asset to group’s operations
Balance Sheet date. Deferred income tax assets and liabilities are taking into account the location of the underlying asset and
recognized for all temporary differences arising between the tax the availability of suitable alternatives. The lease term in future
bases of assets and liabilities and their carrying amounts in the periods is reassessed to ensure that the lease term reflects the
financial statements. Deferred tax assets are reviewed at each current economic circumstances. After considering current and
reporting date and are reduced to the extent that it is no longer future economic conditions, the Group has concluded that no
probable that the related tax benefit will be realized. changes are required to lease period relating to the existing lease
contracts (Refer to Note no. 2.8).
taxable income in the years in which those temporary differences The Company’s lease asset classes primarily consist of leases
are expected to be recovered or settled. The effect of changes for buildings and vehicles. The Company assesses whether a
in tax rates on deferred income tax assets and liabilities is contract contains a lease, at inception of a contract. A contract
recognized as income or expense in the period that includes is, or contains, a lease if the contract conveys the right to control
the enactment or the substantive enactment date. A deferred the use of an identified asset for a period of time in exchange
income tax asset is recognized to the extent that it is probable for consideration. To assess whether a contract conveys the right
that future taxable profit will be available against which the to control the use of an identified asset, the Company assesses
deductible temporary differences and tax losses can be utilized. whether: (i) the contract involves the use of an identified asset
The Company offsets current tax assets and current tax liabilities, (ii) the Company has substantially all of the economic benefits
where it has a legally enforceable right to set off the recognized from use of the asset through the period of the lease and (iii) the
amounts and where it intends either to settle on a net basis, or to Company has the right to direct the use of the asset.
realize the asset and settle the liability simultaneously. At the date of commencement of the lease, the Company
1.16 Cash Flow Statement liability for all lease arrangements in which it is a lessee, except
Cash flows are reported using the indirect method, whereby for leases with a term of twelve months or less (short-term leases)
profit for the period is adjusted for the effects of transactions and low value leases. For these short-term and low value leases,
of a non-cash nature, any deferrals or accruals of past or future the Company recognizes the lease payments as an operating
operating cash receipts or payments and item of income or expense on a straight-line basis over the term of the lease.
expenses associated with investing or financing cash flows. The Certain lease arrangements includes the options to extend or
cash flows from operating, investing and financing activities of terminate the lease before the end of the lease term. ROU assets
the Company are segregated. and lease liabilities includes these options when it is reasonably
1.17 Other income
Other income is comprised primarily of interest income,
dividend income and exchange gain on translation of other
assets and liabilities. Interest income is recognized using the
of the lease plus any initial direct costs less any lease incentives.
effective interest method.
1.18 Earnings per share
Basic earnings per share is computed by dividing the net profit Right-of-use assets are depreciated from the commencement
after tax by the weighted average number of equity shares date on a straight-line basis over the shorter of the lease term
outstanding during the period. and useful life of the underlying asset. Right of use assets are
1.19 Cash and cash equivalents be recoverable. For the purpose of impairment testing, the
The Company considers all highly liquid investments with a recoverable amount (i.e. the higher of the fair value less cost to
remaining maturity at the date of purchase of three months or sell and the value-in-use) is determined on an individual asset
less and that are readily convertible to known amounts of cash to basis unless the asset does not generate cash flows that are
be cash equivalents. largely independent of those from other assets. In such cases, the
recoverable amount is determined for the Cash Generating Unit
(CGU) to which the asset belongs.

The lease liability is initially measured at amortized cost at the Lease liability and ROU asset have been separately presented in
present value of the future lease payments. The lease payments the Balance Sheet and lease payments have been classified as
are discounted using the interest rate implicit in the lease or, if financing cash flows.
in the country of domicile of these leases. Lease liabilities are 1.21 Borrowing Cost
remeasured with a corresponding adjustment to the related right Borrowing cost are charged to the Statement of Profit and Loss in
of use asset if the Company changes its assessment if whether it the period in which they were incurred.

In BRL
Plant and Office Computer Furniture and Leasehold

Particulars Total
machinery Equipment equipment fixtures Improvement
Gross carrying value 1,261,184 274,614 13,409,628 4,827,172 1,818,265 21,590,863
Additions - 3,623 7,830,200 – – 7,833,823
Deletions (2,030) – (1,201,020) (185,253) – (1,388,303)
Gross carrying value as 1,259,154 278,237 20,038,808 4,641,919 1,818,265 28,036,383
Accumulated depreciation (1,253,601) (260,217) (8,827,552) (4,744,137) (1,368,243) (16,453,750)
Depreciation (3,862) (7,723) (2,866,327) (48,995) (450,022) (3,376,929)
Accumulated – 2,030 1,201,020 185,253 – 1,388,303
depreciation on deletions
as of December 31, 2022
Carrying value as 1,691 12,327 9,545,949 34,040 – 9,594,007
Carrying value 7,583 14,397 4,582,076 83,035 450,022 5,137,113
In BRL

Particulars Total
machinery Equipment equipment fixtures Improvement
Gross carrying value 1,261,184 274,614 8,425,877 4,827,172 1,753,981 16,542,828
Additions – – 4,983,751 – 64,284 5,048,035
Deletions – – – – – –
Gross carrying value as 1,261,184 274,614 13,409,628 4,827,172 1,818,265 21,590,863
Accumulated depreciation (1,249,739) (249,763) (8,331,809) (4,691,026) (848,721) (15,371,058)
Depreciation (3,862) (10,454) (495,743) (53,111) (519,522) (1,082,692)
Accumulated – – – – – –
depreciation on deletions
as of December 31, 2021
Carrying value as 7,583 14,397 4,582,076 83,035 450,022 5,137,113
Carrying value 11,445 24,851 94,068 136,146 905,260 1,171,770
In BRL
As at December 31
Particulars
2022 2021
Current
Unbilled Revenues 42,242,227 18,302,151
Others(1) 43,244 18,010
Total Other Current financial assets 42,285,471 18,320,161
Total Other financial assets 42,285,471 18,320,161
Financial assets carried at amortized cost 42,285,471 18,320,161
(1)
Includes Travel advance

In BRL
As at December 31
Particulars
2022 2021
Current
Unsecured
Considered good(1) 50,402,077 36,412,291
50,402,077 36,412,291
Less: Allowances for credit losses (5,217,101) (5,698,828)
(1)
Includes dues from related parties (refer to Note No.2.18) 13,132,391 5,787,701
Year ended December 31, 2022 and December 31, 2021
In BRL
Particulars More Total

Less than 6 6 months
Not Due 1-2 years 2-3 years than 3
months - 1 year
years
Undisputed Trade receivables – considered good 33,594,684 13,675,861 3,131,533 – – – 50,402,077
27,557,084 8,369,273 485,935 – – – 36,412,291
5,698,828

In BRL
As at December 31
Particulars
2022 2021
Balances with banks
In current accounts 14,353,873 28,188,057
Fixed Deposit 35,799,000 15,000,000
Total Cash and Cash equivalents 50,152,873 43,188,057

2.5 LOANS
In BRL
As at December 31
Particulars
2022 2021
Current
Total current loans 745,097 832,174
2.6 Other current assets

In BRL
As at December 31
Particulars
2022 2021
Current
Payment to vendors for supply of goods – 84,516
Others
Prepaid Expenses(1) (10,951) 7,173
Interest accrued not due 2,620,823 541,128
Others 13,833,451 –
(1)
Includes dues from subsidiaries (Refer to Note 2.18) 10,951 3,409

In BRL
As at December 31
Particulars
2022 2021
Assets
Cash and cash equivalents (Refer to Note No.2.4) 50,152,873 43,188,057
Trade receivables (Refer to Note No.2.3) 45,184,976 30,713,463
Loans (Refer to Note No.2.5) 789,153 832,174
Other financial assets (Refer to Note No.2.2) 42,285,471 18,320,161
Total 138,412,473 93,053,855
Liabilities
Trade payables (Refer to Note No.2.10) 18,852,932 4,439,181
Other financial liabilities (Refer to Note No.2.11) 42,141,369 26,901,632
Total 60,994,301 31,340,813
All the above financial assets and liabilities are carried at amortized cost and the carrying values approximates their fair value.

The Company’s activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Company’s focus is to
foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance. The primary
market risk to the Company is foreign exchange risk. The Company’s exposure to credit risk is influenced mainly by the individual
characteristic of each customer and the concentration of risk from the top few customers.
Market risk
The Company operates internationally, and a major portion of the business is transacted in several currencies. Consequently, the
Company is exposed to foreign exchange risk through its sales and services in other countries and purchases from overseas suppliers in
various foreign currencies.
The following table analyses the foreign currency risk from monetary assets and liabilities as at December 31, 2022:
In BRL
Particulars US Dollars Euro UK Pound Sterling Swiss Francs Other currencies Total
Net Financial Assets 28,736,280 265,543 (9,836) 1,289,244 28,464,198 58,745,429
Net (717,076) (16,289,413) – – (1,008,827) (18,015,316)
Net assets / (liabilities) 28,019,204 (16,023,870) (9,836) 1,289,244 27,455,371 40,730,113
The following table analyses the foreign currency risk from monetary assets and liabilities as at December 31, 2021:
In BRL
Particulars US Dollars Euro UK Pound Sterling Swiss Francs Other currencies Total
Net Financial Assets 17,508,458 2,449,983 – – – 19,958,441
Net (101,119) (2,973,835) – (13,711,294) (1,082,263) (17,868,511)
Net assets / (liabilities) 17,407,339 (523,852) – (13,711,294) (1,082,263) 2,089,930
Credit risk In BRL

Credit risk refers to the risk of default on its obligation by Years ended December 31,
the counterparty resulting in a financial loss. The maximum Particulars
2022 2021
exposure to the credit risk at the reporting date is primarily
from trade receivables amounting to BRL 45,184,976 and BRL Balance at the beginning 2,700,088 1,577,021
30,713,463 as of December 31, 2022 and December 31, 2021, Impairment loss 618,445 1,123,067
respectively and unbilled revenue amounting to BRL 42,242,227 recognized / reversed
and BRL 18,302,151 as of December 31, 2022 and December
Amounts written off – –
31, 2021, respectively. Trade receivables and unbilled revenue
are typically unsecured. Credit risk has always been managed Translation differences – –
by the Company through credit approvals, establishing credit Balance at the end 3,318,533 2,700,088
limits and continuously monitoring the creditworthiness of
customers to which the Company grants credit terms in the
normal course of business. As per Ind AS 109, the Company uses Credit risk on cash and cash equivalents is limited as we generally
ECL model to assess the impairment loss or gain. The Company invest in banks with high credit ratings assigned by international
uses a provision matrix to compute the ECL allowance for and domestic credit rating agencies.
trade receivables and unbilled revenues. The provision matrix
takes into account available external and internal credit risk Liquidity risk
factors such as credit default swap quotes, credit ratings from The Company’s principal source of liquidity are cash
international credit rating agencies and the Company’s historical and cash equivalents.
experience for customers.
As of December 31, 2022 and December 31,2021, the Company
Credit risk exposure had cash and cash equivalents of BRL 50,152,873 and BRL
43,188,057 respectively.
Provision of BRL 618,445 and BRL 1,123,067 for ECL on customer
balances was done for the years ended December 31, 2022 and As of December 31, 2022 and December 31, 2021, the outstanding
December 31, 2021 respectively. compensated absences were BRL 12,063,408 and BRL

2.8 Leases
The weighted average incremental borrowing rate applied to lease liabilities as at January 1, 2022 is 9.0%
In BRL

Buildings Vehicles
Equipment
Balance as of January 1, 2022 4,292,616 830,388 – 5,123,004
Modifications/ Additions 4,549,326 2,802,463 7,282,528 14,634,317
Deletion – (58,236) (1,345,919) (1,404,155)
Depreciation (1,838,822) (1,546,445) (1,463,107) (4,848,374)
Balance as of December 31, 2022 7,003,121 2,028,169 4,473,502 13,504,792
In BRL

Buildings Vehicles
Equipment
Balance as of January 1, 2021 5,433,517 2,071,052 – 7,504,569
Additions 655,152 876,229 – 1,531,381
Deletion (128,164) (471,245) – (599,409)
Depreciation (1,667,889) (1,645,648) – (3,313,537)
Balance as of December 31, 2021 4,292,616 830,388 – 5,123,004
The break-up of current and non-current lease liabilities as at December 31, 2022 and December 31, 2021 is as follows:
In BRL
As at December 31
Particulars
2022 2021
Total 15,954,130 6,192,894
The movement in lease liabilities during the year ended December 31, 2022 and December 31, 2021 is as follows:
In BRL
For the year ended

2022 2021
Additions 14,634,317 1,531,381
Deletions (58,237) (599,408)
Finance cost accrued during the period 1,100,775 575,249
The details regarding the contractual maturities of lease liabilities as at December 31, 2022 and December 31, 2021 on an undiscounted basis are
as follows:
In BRL
As at December 31
Particulars
2022 2021
Less than one year 4,647,118 3,168,764
One to five years 14,244,201 6,650,989
Total 18,891,319 9,819,753
Rental expense recorded for short-term leases was 0 and BRL 181,047 for the years ended December 31,2022 and December 31,2021.
2.9 EQUITY
in BRL, except as otherwise stated

2022 2021
Authorized
275,071,070 (275,071,070) equity shares of BRL1/- par value, fully paid 275,071,070 275,071,070
275,071,070 (275,071,070) equity shares of BRL1/- par value, fully paid. 275,071,070 275,071,070
(Of the above, 275,071,070 equity shares are held by the holding company, Infosys Limited as
at December 31,2022)
275,071,070 275,071,070
The details of shareholders holding more than 5% shares as at December 31, 2022 and December 31, 2021 are as follows:
in BRL, except as otherwise stated
Name of the As at December 31, 2022 As at December 31, 2021

shareholder Number of shares % held Number of shares % held
Infosys Limited 27,50,71,070 100 27,50,71,070 100
The reconciliation of the number of shares outstanding and the amount of share capital as at December 31, 2022 and December
in BRL except as stated otherwise

Particulars
Number of shares at the beginning of the period 275,071,070 275,071,070 275,071,070 275,071,070
Issue of shares during the year – – – –
Number of shares at the end of the period 275,071,070 275,071,070 275,071,070 275,071,070
2.10 Trade payables

In BRL
As at December 31,
Particulars
2022 2021
Trade payables * 18,852,932 4,439,181
*Includes dues to related parties (Refer to Note No.2.18) 596,918 3,518,600

In BRL

Particulars Not Due Less than 1 More than 3 Total
1-2 years 2-3 years
year years
Others 1,996,152 14,818,739 2,038,041 – – 18,852,932
1,915,564 2,013,296 – – 510,321 4,439,181
Total trade payables 1,996,152 14,818,739 2,038,041 – – 18,852,932
Total trade payables 1,915,564 2,013,296 – – 510,321 4,439,181

In BRL
As at December 31,
Particulars
2022 2021
Current
Others
Accrued compensation to employees* 2,730,255 8,585,720
Accrued expenses (1)* 29,417,530 10,586,837
Other payables (2)
* 9,993,584 7,729,075
Total current other financial liabilities 54,204,777 36,864,930
* Financial liability carried at amortized cost 42,141,369 26,901,632
(1)
Includes dues to related parties (Refer to Note No.2.18) 7,213,296 464,111
(2)
Includes dues to related parties (Refer to Note No.2.18) 9,200,495 7,495,600
2.12 Other current liabilities 2.14 Income taxes

In BRL Income tax expense in the Statement of Profit and Loss comprises:
In BRL
As at December 31,
Particulars Years ended December 31,
Current 2022 2021
Current taxes 6,147,642 1,432,660
Prior period tax 5,091,723 –
Others
Total other current liabilities 30,193,320 20,978,751 Income tax expense for the years ended December 31, 2022
and December 31, 2021 includes provisions (net of reversals)
2.13 Provisions amounting to BRL 11,239,365 and reversals amounting to BRL
In BRL
As at December 31,
Particulars computed by applying the statutory income tax rate to the
2022 2021 income before income taxes is summarized as follows:
Current
In BRL
Others
Post-sales client support 722,625 1,036,983 Years ended December 31,
Particulars
Total current Provisions 722,625 1,036,983 2022 2021
Profit/(loss) before income tax 16,341,934 7,971,842
Enacted tax rates in Brazil (%) 34.00% 34.00%
Tax reversals, 5,091,723 –
overseas and domestic
revenues and cash flows are affected by industry, market and
Particulars other economic factors.
2022 2021
Effect of unrecognized 553,450 (1,278,152) In BRL
deferred tax assets Years ended December 31,
Effect of 10,199 386 Particulars
2022 2021
non-deductible expenses
Others 27,735 –
Core 205,731,669 165,913,153
Digital 10,287,323 7,479,813
The applicable Brazil statutory tax rate for years ended December 216,018,992
Total 173,392,966
31,2022 and December 31,2021 is 34%.
The details of income tax assets and income tax Digital Services
liabilities are as follows: Digital Services comprise of service and solution offerings
of the company that enable our clients to transform their
In BRL businesses. These include offerings that enhance customer
Years ended December 31, experience, leverage AI-based analytics and big data, engineer
digital products and IoT, modernize legacy technology systems,
2022 2021
Income tax assets 1,708,519 3,789,426 cyber security systems.
Current income tax liabilities – (230,928)
Core Services
Net current income tax assets / 1,708,519 3,558,498
(liability) at the end Core Services comprise traditional offerings of the company that
have scaled and industrialized over a number of years. These
The gross movement in the current income tax asset / primarily include application management services, proprietary
(liability) is as follows: application development services, independent validation
solutions, product engineering and management, infrastructure
In BRL
management services, traditional enterprise application
Years ended December 31, implementation, support and integration services.
2022 2021
Net current income tax asset / 3,558,498 1,831,678
(liability) at the beginning The company classifies the right to consideration in exchange for
deliverables as either a receivable or as unbilled revenue.
Income tax paid/ (set-off) 2,038,061 1,089,176
Forex (41,020) 44,370
Movement due to customer WHT 2,300,622 2,025,935 recognized as related service are performed. Revenue for fixed
Current income tax expense (6,147,642) (1,432,660) price maintenance contracts is recognized on a straight-line basis
Net current income tax asset / 1,708,519 3,558,498
(liability) at the end asset for these cases as right to consideration is unconditional
Revenue from operations for the years ended December 31, 2022 Revenue recognition for fixed price development contracts is
and December 31, 2021 is as follows: based on percentage of completion method. Invoicing to the
clients is based on milestones as defined in the contract. This
In BRL would result in the timing of revenue recognition being different
from the timing of billing the customers. Unbilled revenue for
Years ended December 31, fixed price development contracts (contract asset) is classified
Particulars
2022 2021 as non-financial asset as the contractual right to consideration is
Revenue from software services 215,606,237 173,352,476 dependent on completion of contractual milestones.
Revenue from 412,755 40,490 Invoicing in excess of earnings are classified as unearned revenue.
products and platforms Trade receivable and unbilled revenues are presented net of
Total revenue from operations 216,018,992 173,392,966 impairment in the Balance Sheet.
During the year ended December 31, 2022, the company
recognized revenue of BRL 2,187,415 arising from opening
The disaggregated revenues from contracts with customers unearned revenue of BRL 3,195,948 as of January 1, 2022.
by offerings for the year ended December 31, 2022 are as

Performance obligations and remaining performance 2.17 Expenses
obligations In BRL
aggregate amount of the transaction price yet to be recognized Particulars
as at the end of the reporting period and an explanation as to 2022 2021
when the Group expects to recognize these amounts in revenue. Employee benefit expenses
Applying the practical expedient as given in Ind AS 115, the Salaries including bonus 142,873,784 123,753,948
Group has not disclosed the remaining performance obligation
related disclosures for contracts where the revenue recognized Share based payments to 253,238 726,827
corresponds directly with the value to the customer of the employees
entity’s performance completed to date, typically those contracts Staff welfare 281,508 90,218
where invoicing is on time and material basis. Remaining Total employee benefit expenses 143,408,530 124,570,993
performance obligation estimates are subject to change and
are affected by several factors, including terminations, changes In BRL
revenue that has not materialized and adjustments for currency. Year ended December 31,
Particulars
2022 2021
completely or partially unsatisfied as at December 31, 2022, Other expenses
other than those meeting the exclusion criteria mentioned Power and fuel 23,662 26,161
above, is BRL 38.5 Mn. Out of this, the Group expects to
recognize revenue of around 61.3% within the next one year
and the remaining thereafter. This includes contracts that can Operating lease payments - 181,047
be terminated for convenience without a substantive penalty Rates and taxes 2,218,281 2,532,606
since, based on current assessment, the occurrence of the same is
Repairs and maintenance 2,459,195 1,745,782
2.16 Other income Insurance 672,408 122,113
In BRL Provision / (Reversal) for (2,454,749) 3,742
Year ended December 31, post-sales client support
Particulars
2022 2021 Cost of software packages 11,966,761 1,732,141
and others
assets Carried at amortized cost Allowances / (Reversals) for 618,445 1,123,067
credit losses on financial
Deposits with banks and 3,935,010 839,772 assets
others
Others 516,549 336,962
assets fair valued through other Total other expenses 16,486,615 8,159,620
comprehensive income
Exchange gains / (losses) on 17,687 1,266,460
liabilities
Miscellaneous income, net 1,247,876 215,963
Total other income 5,200,573 2,322,195

Holding as at
Name of the holding companies Country
December 31, 2022 December 31, 2021

China
Mexico
China
India
Austria
Kallidus Inc, (Kallidus) (28)
U.S.
Saudi Arabia
Infosys CIS LLC(15) Russia
Luxembourg
U.S.
Canada
Czech Republic
Poland
Australia
Switzerland
Australia
Germany
France
Czech Republic
U.K.
Argentina
Belgium
Panaya Ltd. (6)
Israel
U.K.
U.K.
Dubai
Sweden
Denmark
Slovakia

Singapore
South Africa
U.S.
WongDoody, Inc(10)(42) U.S.
HIPUS Co., Ltd (9)
Japan
Stater N.V.(9)
The Netherlands
The Netherlands
The Netherlands
Stater Belgium N.V./S.A.(13) Belgium
Germany
U.S.
Australia
Australia
Philippines
U.K.
Infosys Fluido Ireland, Ltd.(formerly Simplus Ireland, Ltd)(21) Ireland
Infosys Limited Bulgaria EOOD (1)
Bulgaria
U.S.
Czech Republic
Finland
Hungary
U.K.
U.S.
U.S.
U.S.
U.S.
U.S.
Turkey
Infosys Germany Holding Gmbh(1)(29) Germany
Infosys Automotive and Mobility GmbH & Co. KG (1)(30)
Germany
Malaysia
Qatar
Germany
oddity GmbH (49)
Germany
Taiwan
Germany
Germany
Germany
Canada
Germany
Denmark
U.K.
Innovisor Inc. (54)
U.S.
U.S.
Germany
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
(25)
(26)
(27)
Under liquidation
(28)
(29)
(30)
(31)

(32)
(33)
(34)
(35)
(36)
(37)
(38)
(39)
(40)
(41)
(42)
(43)
(44)
(45)
(46)
(47)
(48)
(49)
(50)
(51)
(52)
(53)
(54)
(55)
(56)
In BRL
As at December 31
Particulars
2022 2021
Trade receivables
Infosys Consulting S.R.L. 122,277 150
Infosys Limited 10,628,240 4,183,478
Infosys BPM Ltd 1,179,892 154,838
Infosys Compaz Pte. Ltd 29,170 271,817
13,132,391 5,787,701
Trade payables
Infosys Consulting S.R.L. 153,108 76,584
Infosys Consulting AG – 3,116,247
Infosys BPM Ltd 116,446 –
Infosys Management Consulting Pty Ltd – 238,792
596,918 3,518,600
Infosys Compaz Pte. Ltd 29,170 –
As at December 31
Particulars
2022 2021
9,200,495 7,495,600
Accrued expenses
7,213,296 464111
In BRL
For the years ended December 31

Particulars
2022 2021
Purchase of shared services, facilities and personnel
Infosys Consulting S.R.L. 655,823 1,362,892
Infosys Management Consulting Pty Ltd 54,857 236,692
Infosys BPM Ltd 212,447 –
10,507,541 7,205,520
Sale of services
Infosys Limited 61,147,179 40,375,020
Infosys Compaz Pte. Ltd 135,079 271,707
Infosys Consulting AG – (22,831)
66,093,107 41,662,176
2.19 Ratios

2022 2021
Debt – Equity Ratio Total Debt (represents Shareholder’s Equity 0.26 0.11 15.333%
lease liabilities) (1)
Debt Service Coverage Ratio Earnings available for Debt Service(3) 2.6 20.0 (86.9%)*
debt service(2)
Return on Equity (ROE) Net Profits after taxes Average Shareholder’s 8.5% 11.8% -3.3%
Equity
Trade receivables turnover ratio Revenue Average Trade Receivable 5.7 5.3 7.1%
Trade payables turnover ratio Purchases of services and Average Trade Payables 16.7 23.0 (27.5%)#
other expenses
Net capital turnover ratio Revenue Working Capital 3.9 3.6 9.4%
Net profit ratio Net Profit Revenue 2.4% 3.8% (0.01)
Return on capital employed (ROCE) Earning before interest Capital Employed(4) 23.8% 13.1% 0.11
and taxes
(1)

(2)
(3)
(4)
* Due to increase in lease payments for the current year
# Due to increase in trade payables


Infosys Consulting S.R.L. (Romania)
Infosys Subsidiary Financials Report 2022-23 Infosys Consulting S.R.L. | 473

To the Members of Infosys Consulting S.R.L

Opinion
We have audited the accompanying special purpose financial statements of Infosys Consulting S.R.L (“the Company”), which comprise
Basis for Opinion


the audit. We also:
474 | Infosys Consulting S.R.L. Infosys Subsidiary Financials Report 2022-23

presentation.
For Shenoy & Kamath

Partner
UIDN: 23202841BGWLUZ397
Place: Bengaluru
Date: May 20,2023

Balance Sheet
(In RON)
As at December 31,
2022 2021
ASSETS
Non-current assets
Right to Use of asset 2.13 14,404,523 15,351,332
Income tax assets (net) 2.12 – 2,119,744
Deferred tax asset 2.12 2,386,928 –
Other non-current assets 2,292,452 1,295,099
Current assets
Financial assets
Cash and cash equivalents 2.5 514,109 9,060,626
Loans 2.2 89,379 10,168
Total assets 80,123,667 59,808,957
Equity
Other equity 27,729,928 20,459,627
Total equity 37,648,228 30,377,927
Liabilities
Lease Liability 2.13 9,583,147 12,578,950
Current liabilities
Trade payables 2.10 206,349 1,770
Borrowings 2.10 1,957,362 –
Lease Liability 2.13 6,948,045 4,439,489
Income tax liabilities, net 2.12 1,767,747 235,542

for Shenoy & Kamath for and on behalf of the Board of Directors of
Chartered Accountants Infosys Consulting S.R.L.
Firm Registration Number:006673S
M. Rathnakar Kamath Lilly Vasanthini

Partner Director
Place: Bengaluru
Date: May 20,2023

(In RON, except equity share and per equity share data)

2022 2021
Other income, net 2.15 963,191 163,275
Total income 189,827,692 139,258,159
Expenses
Cost of technical sub-contractors 2,260,542 491,687
Finance Cost 195,235 120,792
Other expenses 2.16 10,490,204 5,927,621
Total expenses 180,214,302 129,180,778
Tax expense
Current tax 2.12 4,730,017 32,636
Deferred tax 2.12 (2,386,928) –
Equity shares of RON 100 par value each
Basic (RON) 73.30 101.27
Diluted (RON) 73.30 101.27
Basic 99,183 99,183
Diluted 99,183 99,183


Partner Director
Place: Bengaluru
Date: May 20,2023

(In RON)

2022 2021
Depreciation expense 2.1 12,499,067 9,725,245
Finance cost 195,235 120,792
Interest Income on prepaid contract cost (64,074) –
Income tax expense 2.12 2,343,089 32,636
Currency translation differences 669,468 314,353
Trade receivables (21,026,652) 2,739,114
Trade payables 204,579 (404,826)
Cash (used in)/ generated from operations (1,768,475) 13,525,048
Net cash generated by operating activities (2,846,543) 11,619,983
Expenditure on property, plant and equipment net of sale proceeds (2,849,731) (124,028)
Net cash used in investing activities (2,849,731) (124,028)
Proceeds from borrowings 1,957,363 –
Net decrease in cash and cash equivalents (8,546,517) 6,948,166
Cash and cash equivalents at the beginning of the year 2.5 9,060,626 2,112,460
Cash and cash equivalents at the end of the year 2.5 514,109 9,060,626


Partner Director
Place: Bengaluru
Date: May 20,2023

(In RON)

Equity share Reserves and Surplus attributable to
Particulars
capital Securities equity holders of
Retained earnings General reserve Other Reserves the Company
premium
Balance as at January 99,18,300 8,00,000 93,46,995 147,887 120,000 2,03,33,182
1, 2021
Changes in equity
for the year ended
December 31, 2021
Profit for the year – – 10,044,745 – – 10,044,745
Balance as at 9,918,300 8,00,000 1,93,91,740 1,47,887 1,20,000 3,03,77,927
December 31, 2021
Changes in equity
for the year ended
December 31, 2022
Profit for the year – – 7,270,301 – – 7,270,301
Balance as at 9,918,300 800,000 26,662,041 147,887 120,000 37,648,228
December 31, 2022


Partner Director
Place: Bengaluru
Date: May 20,2023

Company overview 1.5 Revenue recognition
The Company derives revenues primarily from
Infosys Consulting S.R.L. (formerly S.C. Infosys Consulting S.R.L.)
(registered in Romania) became a wholly-owned subsidiary of
Infosys Limited w.e.f 01 February, 2019. The Company renders Revenue is recognized upon transfer of control of promised
professional management consulting services, thereby enabling products or services to customers in an amount that reflects
its clients to enhance business performance. the consideration we expect to receive in exchange for those
1 Significant accounting policies Arrangements with customers for software related services are
either on a fixed-timeframe or on a time-and-material basis.
1.1 Accounting year
The accounting year of the Company is from 1.5.1 T&M
January 1 to December 31. Revenue on time-and-material contracts are recognized as
1.2 Basis of preparation of financial statements end of the last invoicing to the reporting date is recognized
These special purpose financial statements are prepared for as unbilled revenue.
inclusion in the annual report of the Ultimate Holding Company
Infosys Limited under the requirements of Section 129 (3) of the 1.5.2 Licenses
Companies Act 2013. These financial statements are prepared Revenue from licenses where the customer obtains a “right to
in accordance with Indian Accounting Standards (Ind-AS) under use” the licenses is recognized at the time the license is made
the historical cost convention on the accrual basis. The Ind-AS available to the customer. Revenue from licenses where the
are prescribed under Section 133 of the Act read with Rule 3 of customer obtains a “right to access” is recognized over the
the Companies (Indian Accounting Standards) Rules, 2015 and access period. Arrangements to deliver software products
relevant rules issued thereafter. generally have three elements: license, implementation and
Accounting policies have been consistently applied except where Annual Technical Services (ATS). The Company has applied the
a newly issued accounting standard is initially adopted or a principles under Ind-AS 115 to account for revenues from these
revision to an existing accounting standard requires a change in performance obligations. When implementation services are
the accounting policy hitherto in use. provided in conjunction with the licensing arrangement and the
license and implementation have been identified as two separate
1.3 Presentation currency performance obligations, the transaction price for such contracts
The Company’s presentation currency is Romanian Lei (RON). based on their relative standalone selling prices. In the absence
of standalone selling price for implementation, the performance
1.4 Use of estimates obligation is estimated using the expected cost-plus margin
The preparation of the financial statements in conformity approach. Where the license is required to be substantially
with Ind-AS requires the Management to make estimates and customized as part of the implementation service the entire
assumptions that affect the reported balances of assets and arrangement fee for license and implementation is considered
liabilities and disclosures relating to contingent liabilities as at the to be a single performance obligation and the revenue is
date of the financial statements and reported amounts of income recognized using the percentage-of-completion method as the
and expenses during the period. implementation is performed. Revenue from client training,
support and other services arising due to the sale of software
products is recognized as the performance obligations are
satisfied. ATS revenue is recognized ratably over the period in
which the services are rendered.
1.5.3 Volume Discounts
disclosed in the notes to the financial statements. The Company accounts for volume discounts and pricing
Examples of such estimates include computation of percentage the ratable allocation of the discounts/ incentives to each of
of completion which requires the Company to estimate the the underlying performance obligation that corresponds to
efforts or costs expended to date as a proportion of the total the progress by the customer towards earning the discount/
efforts to be expended, impairment losses on financial assets, incentive. Also, when the level of discount varies with increases
future obligations under employee benefit plans, income taxes, in levels of revenue transactions, the Company recognizes the
post-sales customer support and the useful lives of property, liability based on its estimate of the customer’s future purchases.
plant and equipment. If it is probable that the criteria for the discount will not be met,
discount is not recognized until the payment is probable and
the amount can be estimated reliably. The Company recognizes

changes in the estimated amount of obligations for discounts in Plant and Machinery 5 years
the period in which the change occurs.
Office Equipment 5 years
1.5.4 Contract Modification Computer equipment 3-5 years
Contract modifications are accounted for when additions, Furniture and fixtures 5 years
deletions or changes are approved either to the contract scope Leasehold Improvements Over the lease tenure
involves assessing whether the services added to an existing Depreciation methods, useful lives and residual values are
contract are distinct and whether the pricing is at the standalone reviewed periodically, including at each financial year end.
selling price. Services added that are not distinct are accounted Based on technical evaluation, the management believes that the
for on a cumulative catch-up basis, while those that are distinct useful lives as given above best represent the period over which
are accounted for prospectively, either as a separate contract, if management expects to use these assets. Hence the useful lives
the additional services are priced at the standalone selling price, for these assets is different from the useful lives as prescribed
or as a termination of the existing contract and creation of a new under Part C of Schedule II of the Companies Act 2013.
1.5.5 Tax equipment outstanding at each Balance Sheet date is classified
to property, plant and equipment is capitalized only when
1.6 Provisions it is probable that future economic benefits associated with
A provision is recognized if, as a result of a past event, the these will flow to the Company and the cost of the item can be
Company has a present legal or constructive obligation that measured reliably. Repairs and maintenance costs are recognized
is reasonably estimable, and it is probable that an outflow of in net profit in the Statement of Profit and Loss when incurred.
economic benefits will be required to settle the obligation. The cost and related accumulated depreciation are eliminated
Provisions are determined by discounting the expected from the financial statements upon sale or retirement of the
future cash flows at a pre-tax rate that reflects current asset and the resultant gains or losses are recognized in the
market assessments of the time value of money and the risks Statement of Profit and Loss.
1.7 Post-sales client support 1.10.1 Initial recognition
The Company provides its clients with a fixed-period post-sales
support for corrections of errors and support on all its fixed-price,
fixed-timeframe contracts. Costs associated with such support
services are accrued at the time when related revenues are
at fair value on initial recognition, except for trade receivables
recorded and included in cost of sales. The Company estimates
such costs based on historical experience and the estimates are
reviewed annually for any material changes in assumptions.
1.8 Onerous contracts recognition. Regular way purchase and sale of financial assets are
Provisions for onerous contracts are recognized when the accounted for at trade date.
are lower than the unavoidable costs of meeting the future 1.10.2 Subsequent measurement
obligations under the contract. The provision is measured at the a. Non-derivative financial instruments
present value of the lower of the expected cost of terminating
the contract and the expected net cost of continuing with
the contract. Before a provision is established the Company A financial asset is subsequently measured at amortized cost
recognizes any impairment loss on the assets associated if it is held within a business model whose objective is to hold
with that contract. the asset in order to collect contractual cash flows and the
1.9 Property, plant and equipment dates to cash flows that are solely payments of principal and
accumulated depreciation and impairment, if any. Costs
directly attributable to acquisition are capitalized until the
income
by management. The Company depreciates property, plant and A financial asset is subsequently measured at fair value through
equipment over their estimated useful lives using the straight- other comprehensive income if it is held within a business model
line method. The estimated useful lives of assets are as follows: whose objective is achieved by both collecting contractual cash
flows and selling financial assets and the contractual terms of
are solely payments of principal and interest on the principal
amount outstanding.

(iii) Financial assets at fair value through profit or loss 1.13 Employee Benefits
A financial asset, which is not classified in any of the above Compensated absences
categories are subsequently fair valued through profit or loss. The Company has a policy on compensated absences which
(iv) Financial liabilities expected cost of accumulating compensated absences is
Financial liabilities are subsequently carried at amortized determined by actuarial valuation performed by an independent
cost using the effective interest method. For trade and other actuary at each Balance Sheet date using projected unit credit
payables maturing within one year from the Balance Sheet date, method on the additional amount expected to be paid/availed
the carrying amounts approximate fair value due to the short as a result of the unused entitlement that has accumulated at the
maturity of these instruments. Balance Sheet date. Expense on non-accumulating compensated
absences is recognized in the period in which the absences occur.
In determining the fair value of its financial instruments, the 1.14 Foreign currency
Company uses a variety of methods and assumptions that are Functional currency
based on market conditions and risks existing at each reporting The functional currency of the Company is the Romanian
date. The methods used to determine fair value include Lei. These financial statements are presented in its
discounted cash flow analysis, available quoted market prices functional currency.
in general approximation of value, and such value may never Transactions and translations
Foreign-currency denominated monetary assets and liabilities
1.12 Impairment rates in effect at the Balance Sheet date. The gains or losses
a. Financial assets resulting from such translations are included in net profit in
The Company recognizes loss allowances using the Expected the Statement of Profit and Loss. Non-monetary assets and
Credit Loss (ECL) model for the financial assets, which are not non-monetary liabilities denominated in a foreign currency
fair valued through profit or loss. Loss allowance for trade and measured at fair value are translated at the exchange rate
receivables with no significant financing component is measured prevalent at the date when the fair value was determined. Non-
at an amount equal to lifetime ECL. For all other financial assets, monetary assets and non-monetary liabilities denominated in a
expected credit losses are measured at an amount equal to foreign currency and measured at historical cost are translated at
the 12-month ECL, unless there has been a significant increase the exchange rate prevalent at the date of the transaction.
measured at lifetime ECL. The amount of expected credit losses
(or reversal) that is required to adjust the loss allowance at the
(i) Property, plant and equipment 1.15 Income taxes
Property, plant and equipment are evaluated for recoverability Income tax expense comprises current and deferred income tax.
whenever events or changes in circumstances indicate that their Income tax expense is recognized in net profit in the statement
carrying amounts may not be recoverable. For the purpose of of profit and loss except to the extent that it relates to items
impairment testing, the recoverable amount (i.e. the higher of recognized directly in equity, in which case it is recognized in
the fair value less cost to sell and the value-in-use) is determined other comprehensive income. Current income tax for current and
on an individual asset basis unless the asset does not generate prior periods is recognized at the amount expected to be paid
cash flows that are largely independent of those from other to or recovered from the tax authorities, using the tax rates and
assets. In such cases, the recoverable amount is determined for tax laws that have been enacted or substantively enacted by the
the CGU to which the asset belongs. Balance Sheet date. Deferred income tax assets and liabilities are
If such assets are considered to be impaired, the impairment to recognized for all temporary differences arising between the tax
be recognized in the Statement of Profit and Loss is measured by bases of assets and liabilities and their carrying amounts in the
the amount by which the carrying value of the assets exceeds the financial statements. Deferred tax assets are reviewed at each
estimated recoverable amount of the asset. An impairment loss reporting date and are reduced to the extent that it is no longer
is reversed in the statement of profit and loss if there has been probable that the related tax benefit will be realized.
a change in the estimates used to determine the recoverable Deferred income tax assets and liabilities are measured using
amount. The carrying amount of the asset is increased to its tax rates and tax laws that have been enacted or substantively
revised recoverable amount, provided that this amount does not enacted by the Balance Sheet date and are expected to apply to
exceed the carrying amount that would have been determined taxable income in the years in which those temporary differences
(net of any accumulated amortization or depreciation) had no are expected to be recovered or settled. The effect of changes
impairment loss been recognized for the asset in prior years. in tax rates on deferred income tax assets and liabilities is

income tax asset is recognized to the extent that it is probable At the date of commencement of the lease, the Company
that future taxable profit will be available against which the recognizes a right-of-use asset (“ROU”) and a corresponding lease
deductible temporary differences and tax losses can be utilized. liability for all lease arrangements in which it is a lessee, except
The Company offsets current tax assets and current tax liabilities, for leases with a term of twelve months or less (short-term leases)
where it has a legally enforceable right to set off the recognized and low value leases. For these short-term and low value leases,
amounts and where it intends either to settle on a net basis, or to the Company recognizes the lease payments as an operating
realize the asset and settle the liability simultaneously. expense on a straight-line basis over the term of the lease.
1.16 Cash Flow Statement terminate the lease before the end of the lease term. ROU assets
Cash flows are reported using the indirect method, whereby and lease liabilities includes these options when it is reasonably
profit for the period is adjusted for the effects of transactions certain that they will be exercised.
operating cash receipts or payments and item of income or The right-of-use assets are initially recognized at cost, which
expenses associated with investing or financing cash flows. The comprises the initial amount of the lease liability adjusted for
cash flows from operating, investing and financing activities of any lease payments made at or prior to the commencement date
the Company are segregated. of the lease plus any initial direct costs less any lease incentives.
Basic earnings per share is computed by dividing the net profit Right-of-use assets are depreciated from the commencement
after tax by the weighted average number of equity shares date on a straight-line basis over the shorter of the lease term
outstanding during the period. and useful life of the underlying asset. Right of use assets are
1.18 Other Income circumstances indicate that their carrying amounts may not
Other income is comprised primarily of interest income, dividend recoverable amount (i.e. the higher of the fair value less cost to
income and exchange gain/loss on forward and options sell and the value-in-use) is determined on an individual asset
contracts and on translation of other assets and liabilities. Interest basis unless the asset does not generate cash flows that are
income is recognized using the effective interest method. largely independent of those from other assets. In such cases, the
1.19 Leases (CGU) to which the asset belongs.
The Company’s lease asset classes primarily consist of leases present value of the future lease payments. The lease payments
for buildings. The Company assesses whether a contract are discounted using the interest rate implicit in the lease or, if
contains a lease, at inception of a contract. A contract is, or not readily determinable, using the incremental borrowing rates
contains, a lease if the contract conveys the right to control the in the country of domicile of these leases. Lease liabilities are
use of an identified asset for a period of time in exchange for remeasured with a corresponding adjustment to the related right
consideration. To assess whether a contract conveys the right of use asset if the Company changes its assessment if whether it
to control the use of an identified asset, the Company assesses will exercise an extension or a termination option.
(ii) the Company has substantially all of the economic benefits Lease liability and ROU asset have been separately presented in
from use of the asset through the period of the lease and (iii) the the Balance Sheet and lease payments have been classified as
Company has the right to direct the use of the asset. financing cash flows.

The changes in the carrying value of Property, plant and equipment for the year ended 31st December 2022 are as follows:
(In RON)
Plant and Office Computer Furniture Leasehold

Particulars Total
machinery Equipment equipment and fixtures Improvements
Gross carrying value as at January 1, 2022 – 1,481,362 9,990,971 3,693,217 8,397,769 23,563,319
Additions/Adjustments 84,053 324,654 3,490,193 2,906,757 3,868,873 10,674,530
Other Adjustments – – (56,891) – – (56,891)
Gross carrying value as at December 31, 2022 84,053 1,806,016 13,424,273 6,599,974 12,266,642 34,180,958
Accumulated depreciation as at January 1, 2022 – 701,166 6,086,914 1,830,492 5,465,304 14,083,876
Depreciation 14,662 397,480 3,521,219 1,423,600 2,675,568 8,032,529
Other Adjustments – – (56,891) – – (56,891)
Accumulated depreciation as at December 31, 2022 14,662 1,098,646 9,551,242 3,254,092 8,140,872 22,059,514
Carrying value as at December 31, 2022 69,391 707,370 3,873,031 3,345,882 4,125,770 12,121,444
Carrying value as at January 1, 2022 – 780,196 3,904,057 1,862,725 2,932,465 9,479,443

The changes in the carrying value of property, plant and equipment for the year ended 31 December, 2021 are as follows:
(In RON)
Plant and Office Computer Furniture Leasehold

Particulars Total
machinery Equipment equipment and fixtures Improvements
Gross carrying value as at January 1, 2021 – 1,481,362 10,098,590 3,693,217 8,397,769 23,670,938
Additions – – 124,028 – – 124,028
Deletions – – (231,647) – – (231,647)
Gross carrying value as at December 31, 2021 – 1,481,362 9,990,971 3,693,217 8,397,769 23,563,319
Accumulated depreciation as at January 1, 2021 – 408,659 3,927,777 1,745,281 2,594,293 8,676,010
Depreciation – 292,507 2,390,783 85,211 2,871,011 5,639,512
Accumulated depreciation on deletions – – (231,646) – – (231,646)
Accumulated depreciation as at December 31, 2021 – 701,166 6,086,914 1,830,492 5,465,304 14,083,876
Carrying value as at December 31, 2021 – 780,196 3,904,057 1,862,725 2,932,465 9,479,443
Carrying value as at January 1, 2021 – 1,072,703 6,170,813 1,947,936 5,803,476 14,994,928
2.2 Loans As at December 31,

(In RON) Particulars
2022 2021
As at December 31 Less: Allowances for credit loss (1,196,515) (23,129)
Particulars
2022 2021 28,029,646 7,002,994
Current (1)
Includes dues from related 10,493,613 4,642,916
Unsecured, considered good parties (Refer to Note No.2.17)
Other loans
Loans and advances to 89,379 10,168
(In RON)
employees
Total loans 89,379 10,168 As at December 31,
Particulars
2022 2021
2.3 Other financial assets Balances with banks
(In RON) 514,109 9,060,626
In current accounts
As at December 31, Total Cash and Cash Equivalents 514,109 9,060,626
Particulars
2022 2021
Current 2.6 Other assets
(In RON)
Rental deposits (2) 2,490,756 1,670,566
Unbilled revenues (2) 5,900,522 1,781,065 As at December 31
Particulars
Others (1) (2) 2,759,260 2,289,671 2022 2021
11,150,538 5,741,302 Current
11,150,538 5,741,302 Advances other than capital 4,045,524 1,646,081

Total
advance
(1)
Includes dues from related 21,135 24,354
Others
parties (Refer to Note No.2.17)
(2)
Financial assets carried at 11,150,538 5,741,302 Prepaid expenses 716,189 5,120,409
amortized cost (Refer to Note Deferred contract cost 64,075 777,059
No.2.7) 4,308,860 2,204,700
Withholding taxes and
others
9,134,648 9,748,249
(In RON)
As at December 31,
Particulars
2022 2021
Current
Unsecured
Considered good(1) 28,029,646 7,002,994
Considered doubtful 1,196,515 23,129
29,226,161 7,026,123

2.7 Financial instruments Credit risk
Financial instruments by category Credit risk refers to the risk of default on its obligation by the
The carrying value and fair value of financial instruments by counterparty resulting in a financial loss. The maximum exposure
categories were as follows: to the credit risk at the reporting date is primarily from trade
receivables amounting to RON 28,029,646 and RON 7,002,994 as
(In RON) of December 31, 2022 and December 31, 2021, respectively and
unbilled revenue amounting to RON 5,900,522 and 1,781,065 as
As at December 31, of December 31, 2022 and December 31, 2021, respectively. Trade
Particulars
2022 2021 receivables and unbilled revenue are typically unsecured. Credit
Assets risk has always been managed by the Company through credit
Cash and cash equivalents (Refer 514,109 9,060,626 the creditworthiness of customers to which the Company grants
to Note No.2.5)
credit terms in the normal course of business. On account of
Trade receivables (Refer to Note 28,029,646 7,002,994 adoption of Ind-AS 109, the Company uses ECL model to assess
No.2.4) the impairment loss or gain. The Company uses a provision
Loans (Refer to Note No.2.2) 89,379 10,168 matrix to compute the ECL allowance for trade receivables and
11,150,538 5,741,302
unbilled revenues. The provision matrix takes into account
Other financial assets (Refer to
available external and internal credit risk factors such as credit
Note No.2.3)
default swap quotes, credit ratings from credit rating agencies
Total 39,783,672 21,815,090 and the Company’s historical experience for customers.
Liabilities
Liquidity risk
Trade payables (Refer to Note 206,349 1,770
No.2.10) The Company’s principal sources of liquidity are cash
14,447,104 4,641,351 and cash equivalents.
Other financial liabilities (Refer to
Note No.2.9) As of December 31, 2022, the Company had a working capital
Total 14,653,453 4,643,121 of RON 16,026,028, including cash and cash equivalents of
RON 514,109. As of December 31, 2021, the Company had a
working capital of RON 14,711,259, including cash and cash
All the above financial assets and financial liabilities equivalents of RON 9,060,626.
are carried at amortized cost and the carrying values
As of December 31, 2022 and December 31, 2021 the outstanding
compensated balances were RON 4,082,297 and RON
2.8 Equity
(In RON, except as stated otherwise)
As at December 31,
Particulars
2022 2021
Authorized
99,183 (99,183) equity shares of RON 100 par value, fully paid 9,918,300 9,918,300
Issued, subscribed and paid up
99,183 (99,183) equity shares of RON 100 par value, fully paid 9,918,300 9,918,300
9,918,300 9,918,300
The details of shareholders holding more than 5% shares are as follows :

% held % held
shares shares
Infosys Limited 99,183 100.00 99,183 100.00

(In RON, except as stated otherwise)

Particulars Number of Number of
Amount Amount
shares shares
Number of shares at the beginning of the period 99,183 9,918,300 99,183 9,918,300
Number of shares at the end of the period 99,183 9,918,300 99,183 9,918,300
2.9 Other financial liabilities 2.12 Income taxes

(In RON) Income tax expense in the Statement of
As at December 31, Profit and Loss comprises:
Particulars
2022 2021 (In RON)
Current
Others
2022 2021
Accrued compensation to 3,619,484 3,073,471 Current taxes 4,730,017 32,636
employees (1)
Deferred taxes (2,386,928) –
Accrued expenses (1) (2) 2,930,396 778,410
Income tax expense 2,343,089 32,636
Short-term borrowings 1,957,362 –
Other payables (1)(3) 5,939,862 789,470 Current tax expense for the years ended December 31, 2022
and December 31, 2021 includes Income tax cost (net of
18,529,401 8,597,023 provisions) amounting to RON 1,892,652 and Nil respectively,
Total financial liabilities 18,529,401 8,597,023 pertaining to prior periods.
Financial liability carried at
(1)
14,447,104 4,641,351 A reconciliation of the income tax provision to the amount
amortized cost computed by applying the statutory income tax rate to the
(2)
2,049,265 247,737 income before income taxes is summarized as follows:
(In RON)
(3)
3,234,285 237,921
(Refer to Note No.2.17) Particulars Years ended December 31,
2022 2021
2.10 Trade payables
(In RON)
Enacted tax rates in Romania (%) 16.00% 16.00%
As at December 31,
Particulars Computed expected tax expense 1,538,142 1,612,381
2022 2021
Overseas/PE Taxes 29,864 32,637
Trade payables(1) 206,349 1,770
Others 775,083 (1,612,382)
206,349 1,770
Income tax expense 2,343,089 32,636
(1)
206,349 406,596
The applicable Romanian statutory tax rate for the years ended
2.11 Other liabilities December 31 2022 and December 31, 2021 is 16%.
(In RON)
The details of income tax assets and income tax
As at December 31, liabilities are as follows :
Particulars
2022 2021
(In RON)
Current
Unearned revenue 196,621 17,811 As at December 31,
Particulars
Others 2022 2021
Withholding taxes and others 5,244,129 3,560,445 Income tax assets – 2,119,744
5,440,750 3,578,256 Current income tax liabilities 1,767,747 235,542

Net current income tax assets / (1,767,747) 1,884,202

The gross movement in the current income tax asset / (liability) is as follows:
(In RON)

Particulars
2022 2021
Net current income tax asset / (liability) at the beginning 1,884,202 11,773
Income tax paid 1,078,068 1,905,065
Current income tax expense (4,730,017) (32,636)
Net current income tax asset / (liability) at the end (1,767,747) 1,884,202
The tax effects of significant temporary differences that resulted in deferred income tax assets and liabilities are as follows:
(In RON)
As at December 31,
Particulars
2022 2021
Accrued compensation to employees 1,733,760 –
Compensated absences 653,168 –
Total Deferred income tax assets 2,386,928 –
2.13 Leases
(In RON)

Particulars Total
Computer Buildings Vehicles
Balance as of January 1, 2022 – 15,316,250 35,082 15,351,332
Additions, Net 3,519,729 – – 3,519,729
Depreciation (422,363) (4,019,263) (24,912) (4,466,538)
Balance as of December 31, 2022 3,097,366 11,296,987 10,170 14,404,523
(In RON)

Particulars Total
Computer Buildings Vehicles
Balance as of January 1, 2021 – 19,377,071 59,994 19,437,065
Depreciation – (4,060,821) (24,912) (4,085,733)
Balance as of December 31, 2021 – 15,316,250 35,082 15,351,332
The break-up of current and non-current lease liabilities is as follows:
(In RON)
As at December 31,
Particulars
2022 2021
Total 16,531,192 17,018,439

The movement in lease liabilities during the year (In RON)
ended is as follows:
Particulars
(In RON) 2022 2021
As at December 31,
Particulars Core 129,929,909 121,624,567
2022 2021
Digital 58,934,592 17,470,317
Total 188,864,501 139,094,884
Additions 3,519,729 –
Finance cost accrued during the 129,397 120,792 Digital Services
period
Digital Services comprise of service and solution offerings
Payment of lease liabilities (4,807,606) (4,547,790) of the Company that enable our clients to transform their
Translation Difference 671,233 314,353 businesses. These include offerings that enhance customer
Balance at the end 16,531,192 17,018,439 experience, leverage AI-based analytics and big data, engineer
digital products and IoT, modernize legacy technology systems,
The details regarding the contractual maturities of lease cyber security systems.
liabilities as at December 31, 2022 and December 31, 2021 on an
undiscounted basis are as follows: Core Services
Core Services comprise traditional offerings of the Company that
(In RON) have scaled and industrialized over a number of years. These
As at December 31,
Particulars application development services, independent validation
2022 2021 solutions, product engineering and management, infrastructure
Less than one year 5,720,921 4,535,177 management services, traditional enterprise application
One to five years 11,421,142 12,698,179 implementation, support and integration services.

Performance obligations and remaining performance
Total 17,142,063 17,233,356 obligations
The Company does not face a significant liquidity risk with as at the end of the reporting period and an explanation as to
regard to its lease liabilities as the current assets are sufficient when the Group expects to recognize these amounts in revenue.
to meet the obligations related to lease liabilities as and Applying the practical expedient as given in Ind-AS 115, the
when they fall due. Group has not disclosed the remaining performance obligation
Rental expense recorded for short-term leases was RON 1,357,272 related disclosures for contracts where the revenue recognized
for the year ended December 31,2022. corresponds directly with the value to the customer of the
entity’s performance completed to date, typically those contracts
2.14 Revenue from operations where invoicing is on time and material basis. Remaining
(In RON)
are affected by several factors, including terminations, changes
Years ended December 31, in the scope of contracts, periodic revalidations, adjustment for
Particulars
2022 2021 revenue that has not materialized and adjustments for currency.
Income from consultancy services 188,864,501 139,094,884 The aggregate value of performance obligations that are
188,864,501 139,094,884 completely or partially unsatisfied as at December 31, 2022, other
Disaggregate revenue information is ₹ NIL. Out of this, the Group expects to recognize revenue
The disaggregated revenues from contracts with customers by of around 100% within the next one year and the remaining
offerings for the years ended December 31, 2022 and December thereafter. The contracts can generally be terminated by the
31, 2021 . The Company believes that this disaggregation best customers and typically includes an enforceable termination
depicts how the nature, amount, timing and uncertainty of our penalty payable by them.
revenues and cash flows are affected by industry, market and
other economic factors. 2.15 Other income
(In RON)

2022 2021
Miscellaneous income, net 963,191 163,275
963,191 163,275

2.16 Expenses
(In RON)

Particulars
2022 2021
Staff welfare 3,308,134 2,690,701
146,539,665 110,351,626
Other expenses
Power and fuel 433,426 282,215
Cost of software packages and others for own use 3,306,144 835,801
Rental Expenses 1,357,272 595,119
Repairs and maintenance 1,925,546 1,834,646
Insurance 277,785 178,827
Others 2,098,228 1,236,832
10,490,204 5,927,621


Name of the holding companies Country
2021 2020
Infosys Limited (w.e.f 01st February 2019) India 100% 100%

Mexico
China
India
Austria
Kallidus Inc, (Kallidus)(28)
U.S.
Infosys Arabia Limited (27) (2)
Saudi Arabia
Brazil
Luxembourg
Infosys Americas Inc. (Infosys Americas)(1) U.S.
U.S.
Canada

U.S.
Australia
Switzerland
Switzerland
Germany
Czech Republic
Argentina
Belgium
Panaya Ltd. (6)
Israel
U.K.
U.K.
Dubai
Sweden
Norway
Slovakia
South Africa
WongDoody Holding Company Inc. (WongDoody) (40) (1)
U.S.
U.S.
Stater N.V.(9)
The Netherlands
The Netherlands
Stater XXL B.V.(12) The Netherlands
HypoCasso B.V. (12)
The Netherlands
Belgium
Stater Gmbh (32) (12)
Germany
Canada
Australia
Philippines
U.K.

U.K.
Ireland
U.S.
Czech Republic
Germany
Hungary
U.K.
U.S.
Mediotype LLC (45)
(24)
U.S.
iCiDIGITAL LLC (44)
(26)
U.S.
Turkey
Infosys Automotive and Mobility GmbH & Co. KG (30) (1)
Germany
Infosys Green Forum (36) (1)
India
Infosys Business Solutions LLC (46) (1)
Qatar
China
Germany
Germany
Serbia
Germany
Germany
France
Itlay
U.S.
BASE life science S.L. (55) (54)
Spain

(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
(25)
(26)
(27)
Under liquidation
(28)
(29)
(30)
(31)
(32)
(33)
(34)
(35)
(36)
(37)
(38)
(39)
(40)
(41)
(42)
(43)
(44)
Merged with Beringer Capital Digital Group Inc, effective January 1, 2022In RON
(45)
(46)
(47)
(48)
(49)
(50)
(51)
(52)
(53)
(54)
(55)
(56)

As at December 31,
Particulars
2022 2021
Trade receivables
Infosys Consulting Sp. z.o.o 76,281 88,425
Infosys Limited 10,186,306 4,463,361
10,493,613 4,607,795
Prepaid and other financial assets
Infosys Consulting AG – –
Infosys Poland Sp. Z.o.o 12,321 –
21,135 24,354
Trade payables
Infy Consulting Company Ltd – 1,626
Infosys Technologies (China) Co. Limited (Infosys China) 8,980 –
Infosys Consulting AG – 404,970
206,349 406,596
Other payables & Financial liabilities
Infosys Limited 97,815 76
Infosys BPO Ltd. 116,571 –
Infosys Consulting Holding AG (Infosys Lodestone) 1,957,362 –
Infosys Automotive and Mobility GmbH & Co. KG 864,641 –
Infosys Turkey Bilgi Teknolojileri Limited Sirketi 197,896 –
Infosys Consulting Sp. z.o.o. – 35,660
3,234,285 35,736
Accrued expenses
Infosys Technologies (China) Co.Limited – –
Infosys (Czech Republic) Ltd – –
Infosys BPM Limited – –
2,049,265 41,279

(In RON)

2022 2021
Capital transactions
Financing transactions
Equity
9,318,300 9,318,300
Infy Consulting Company Ltd – 2,723
Infosys Technologies (China) Co.Limited 31,446 –
1,947,578 1,606,426
Sale of services
Infosys Luxembourg S.à.r.l – –
Infosys Consulting SAS – –
Infy Consulting Company Ltd – 7,657,966
Infosys Consulting Sp. z.o.o 480,361 323,812
Infosys Limited 140,614,709 82,046,627
143,365,962 92,256,129
Interest expense
Infosys Consulting Holding AG (Infosys Lodestone) 1,762 –
1,762 180,822

Ind-AS 108, Segment Reporting the Chief Operating Decision Maker (CODM) evaluates the performance and allocates resources based
the context of Ind-AS 108 Segment Reporting.

(In RON)
As at December 31,
Particulars
2022 2021
Current
Trade Receivable considered good - Unsecured 29,226,161 7,026,123
Less: Allowance for expected credit loss 1,196,515 23,129
Trace Receivable considered good - Unsecured 28,029,646 7,002,994
Total trade receivables (1)
(1)
Includes dues from subsidiaries – –

(In RON)

1-2 years 2-3 years
months year years
Undisputed Trade receivables 8,547,952 19,178,926 1,492,134 7,149 – – 29,226,161
– considered good
1,741,327 5,215,090 69,706 – – – 7,026,123
– credit impaired
– – – – – – –
23,129
7,002,994
2.10 Trade payables

(In RON)

2022 2021
Trade payables (1) 206,349 1,770
(1)
Includes dues to subsidiaries 206,349 1,770
Trade payables ageing schedule

(In RON)

1-2 years 2-3 years
year years
Others 105,378.10 100,971 – – – 206,349
151 – 1,619 – – 1,770
Total trade payables 105,378.10 100,970.65 – – – 206,349
Total trade payables 151 – 1,619 – – 1,770
2.19 Ratios

2022 2021
Debt – Equity Ratio Total Debt (represents lease Shareholder’s Equity 0.4 0.6 (12.1%)
liabilities) (1)
Debt Service Coverage Ratio Earnings available for debt Debt Service(3) 4.2 4.4 (5.1%)
service(2)
Return on Equity (ROE) Net Profits after taxes Average Shareholder’s 21.4% 39.6% (18.2%)
Equity
Trade receivables turnover ratio Revenue Average Trade Receivable 10.8 16.6 (35.1%)*
Trade payables turnover ratio Purchases of services and Average Trade Payables 181.5 37.9 378.3%#
other expenses
Net capital turnover ratio Revenue Working Capital 11.8 9.5 24.6%

2022 2021
Net profit ratio Net Profit Revenue 5.1% 7.2% (2.2%)
Return on capital employed Earning before interest and Capital Employed(4) 18.9% 21.5% (2.6%)
(ROCE) taxes
(1)
(2)
(3)
(4)
* Trade receivable turnover ratio has increased as a result of increase in revenue.
#
Trade payable turnover ratio has increased as a result of increased purchases of cost of software packages.


Panaya Ltd.
Infosys Subsidiary Financials Report 2022-23 Panaya Ltd. | 499

To the shareholders of Panaya Ltd.
We have audited the accompanying Statement of Financial Position of Panaya Ltd. (“the Company”) as of December 31, 2022 and 2021,
and the related Statement of Comprehensive Income (loss), changes in shareholders’ deficiency and cash flows for the years then ended.
These financial statements are the responsibility of the Company’s Board of Directors and management. Our responsibility is to express
an opinion on these financial statements based on our audit.
We conducted our audits in accordance with generally accepted auditing standards, including those prescribed by the Auditors’
Regulations (Auditor’s Mode of Performance) - 1973. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the principles used and
significant estimates made by the Board of Directors and management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Company
as of December 31, 2022 and 2021, and the results of its operations and its cash flows for the years then ended, in conformity with
accounting principles generally accepted in Israel (Israeli GAAP).
Brightman Almagor Zohar & Co.

Certified Public Accountants
A Firm in the Deloitte Global Network
April 25, 2023

Tel-Aviv, Israel
500 | Panaya Ltd. Infosys Subsidiary Financials Report 2022-23

Statement of Financial Position
NIS in thousands
As at December 31,
Particulars Note
2022 2021
ASSETS
Current assets:
Cash and cash equivalents 10,309 14,387
Trade receivables 3,309 556
Trade receivables - Related parties 176 329
Other receivables - Related parties 844 920
Other current assets 2,690 4,218
Property and equipment, net 3 3,381 4,081
LIABILITIES AND SHAREHOLDERS’ DEFICIENCY
Current Liabilities:
Trade payables - Related parties 121,560 107,837
Other payables - Related parties 773 321
Other payables 5,896 8,467
Employee related payables 13,753 12,742
Loan – Related parties 4 50,539 44,989
Deferred revenue 101,302 105,770
Accrued severance pay, net of severance fund 5 165 325
Commitments and contingent liabilities 6 – –
Total shareholders’ deficiency (278,055) (262,450)
Liabilities and shareholders’ deficiency 20,709 24,491
The accompanying notes are an integral part of the financial statements.
Place: Tel-Aviv, Israel David Binny

Director

Statements of Comprehensive Income (loss)
NIS in thousands

Particulars Note
2022 2021
Revenues 2H 132,502 126,243
Cost of revenues 34,657 31,971
Gross profit 97,845 94,272
Operating expenses:
Research and development 2C, 9A 36,351 36,888
Selling and marketing expenses 9B 34,872 29,952
General and administrative expenses 9C 12,891 11,425
Operating profit 13,731 16,007
Financial (expenses) income, net (29,336) 5,071
Net income (loss) and comprehensive income (loss) (15,605) 21,078

Director

Statement of Changes in Shareholders’ Deficiency
NIS in thousands
Payments on
Share based Total
Additional account of Accumulated
Particulars Share capital payment shareholders’
paid in capital Shares to be Deficit
capital fund deficiency
allotted
Balance at January 1, 2021 6 79,932 15,863 68,798 (448,127) (283,528)
Net income – – – – 21,078 21,078
Balance at December 31, 2021 6 79,932 15,863 68,798 (427,049) (262,450)
Net loss – – – – (15,605) (15,605)
Balance at December 31, 2022 6 79,932 15,863 68,798 (442,654) (278,055)

Director

NIS in thousands

Particulars
2022 2021
Net income (loss) (15,605) 21,078
Adjustment required to reconcile net income (loss) to cash used in operating activities:
Increase in trade, other receivables, and other assets (996) (30)
Increase (decrease) in trade and other payables 9,890 (72,597)
Increase in employee related payables 1,011 110
Decrease in deferred revenue (4,468) (1,063)
Increase (decrease) in accrued severance pay, net (160) 34
Increase (decrease) in interest of loan and exchange rate impact 5,550 (2,054)
Net cash used in operating activities (3,663) (53,172)
Acquisition of property and equipment (415) (373)
Net cash used in investing activities (415) (373)
Cash flows from financing activities:
Loan – related parties – 47,043
Net cash provided by financing activities – 47,043
Decrease in cash and cash equivalents (4,078) (6,502)
Cash and cash equivalents at the end of the year 10,309 14,387

Director

Note 1- General Annual rates of depreciation are as follows:
A. Panaya Ltd. (the “Company”) was incorporated and Particulars %

commenced operations on January 2, 2006, as a wholly- Computers and software 33
owned subsidiary of Panaya Inc. (“the Parent Company”),
which is incorporated in Delaware, U.S. Office furniture and equipment 7
B. The Company develops and markets solutions for ERP Leasehold improvements 10
systems, by identifying the changes on the ERP system Communications equipment 15
through automated analysis. Leasehold improvements are amortized by the straight-line
C. The Company has incurred losses since its inception and its method over the term of the lease, which is shorter than the
continued operations as a going concern are dependent estimated useful life of the improvements.
on financing from the Parent Company, until it reaches
sufficient profitability. E. Intangible assets
D. Related parties - Within their meaning in Opinion No. 29 of the These assets that represent acquired domains, copyrights,
Institute of Certified Public Accountants in Israel. licenses and trademarks are stated at cost and amortized
using the straight-line method over their estimated useful
E. The functional currency of the Company is the NIS, as the lives of 3 to 4 years.
NIS is the primary currency of the economic environment in
which the Company has operated and expects to continue to F. Fair value of financial instruments
operate in the foreseeable future.
The carrying amount of some of the Company’s financial
instruments, including cash equivalents, accounts receivable,
Note 2- Significant Accounting Policies accounts payable and accrued liabilities approximate their fair
The significant accounting policies applied are as follows: value, due to their short maturities.
A. Use of estimates: G. Income taxes

The preparation of financial statements in accordance with Income taxes are accounted for using the asset and liability
generally accepted accounting principles in Israel requires approach. The asset and liability approach requires the
management to make estimates and assumptions that recognition of taxes payable or refundable for the current
affect the reported amounts of assets and liabilities and year and deferred tax liabilities and assets for the future tax
disclosure of contingent assets and liabilities at the date of consequences of events that have been recognized in the
the financial statements and reported amounts of expenses Company’s financial statements or tax returns. The measurement
during the reported periods. Actual results could differ of current and deferred tax liabilities and assets is based
from those estimates. on provisions of the relevant tax law. The measurement of
deferred tax assets is reduced, if necessary, by the amount
of any tax benefits that, based on available evidence, are not
B. Cash equivalents:
expected to be realized.
The Company considers all highly liquid investments, which
include short-term bank deposits (up to three months from date H. Revenues
of deposit) that are not restricted as to withdrawal or use, to
be cash equivalents. The Company derives its revenue principally from the sale
of its ERP systems analysis services, including activation and
monthly service fees. Revenues from services are recognized
C. Research and development:
as services are performed or on a straight-line basis if
Costs incurred in connection with the research of the Company’s service is ongoing. Revenue is recognized provided that an
products are expensed as incurred. arrangement (usually in the form of a purchase order) exists,
the fee is fixed and determinable and collection is reasonably
D. Property and equipment assured. If uncertainties exist, revenue is recognized when the
Property and equipment are stated at cost. Depreciation is uncertainties are resolved.
computed by the straight-line method over the estimated
useful life of the assets.

Note 3- Property and Equipment, net Note 7- Stockholders’ Equity
The composition: Common Stock:
NIS in thousands
As at December 31,
Particulars
2022 2021 Particulars Issued and
Authorized
Cost: fully paid
Furniture and fixtures 2,147 2,130 Number of shares
Computers and software 11,444 11,087 Ordinary shares NIS 1.00 par value 10,000 6,000
each
Leasehold improvements 11,337 11,338
432 390
Each ordinary share is entitled to one vote and to receive
Communication equipment
dividends as declared by the Board of Directors.
25,360 24,945
Less - Accumulated depreciation 21,979 20,864 Note 8- Taxes on Income
Net book value 3,381 4,081
A. The tax rate relevant to the Company in
2022 and 2021 is 23%.
Note 4 - Loan – Related parties
Tax benefits under the Law for the Encouragement of Capital
On March 9, 2021, the Company received a loan of NIS 52.7 Investments, 1959 (hereinafter - “the Law”)
Million (USD 16 Million) from related party. The loan will be
repayable on demand with annual interest of Libor + 2.75%. Under the Law, including Amendment No. 60 to the Law that as
published in April 2005, by virtue of the “benefited enterprise” if
The Company repaid NIS 2.53 million (USD 0.74 million) and the status is granted to some facilities of the Israeli subsidiary, it
6.65 million (USD 2.1 million), including accrued interest in 2022 will be entitled to various tax benefits.
and 2021 respectively.
The main tax benefits available are:
Note 5- Liability for Severance Pay In respect of income derived from the benefited enterprise, the
Company is entitled to reduced tax rates during a period of up
On February 28, 2015, the Company’s employees have signed
to ten years from the year in which such enterprise first earns
off on Section 14 of the Severance Pay law - 1963, pursuant to
taxable income (limited to twelve years from commencement
which the Company’s regular deposits with pension funds and/
of production or fourteen years from the date of approval,
or insurance companies release it from any further liability to
whichever is earlier).
the employees for whom such deposits are made. Therefore,
the financial statements do not include a liability in respect of Income derived from the benefited enterprise is tax exempt
the amounts that were deposited from that date to cover that during the first two years of the seven to ten year tax benefit
liability. As regards to severance pay liability until the sign off, a period as above, and is subject to a reduced tax rate of 10%- 25%
liability is recognized in the financial statements in respect of the during the remaining years of benefits.
employer’s obligation to pay severance pay, which is calculated
In the event of distribution of a cash dividend from income,
on the basis of their most recent salary as at balance sheet date,
which was tax exempt as above, the Company would have to pay
multiplied by the employee’s years of employment until February
the 25% tax in respect of the amount distributed.
28, 2015, and is presented net of the amounts deposited for
severance pay as aforesaid. The Company is entitled to claim accelerated depreciation in
respect of equipment used by approved enterprises during the
Note 6- Commitments and Contingent Liabilities- first five years of the operation of these assets.
The entitlement to the above benefits is conditional upon the
Lease agreements:
Israeli subsidiary’s fulfilling the conditions stipulated by the
A. In March 2015, the Company entered into a lease agreement above Law, regulations published there under and the certificate
for new premises to be used by the Company from 2016 for a of approval for the specific investments in benefited enterprises.
period of five years with an optional extension of additional five In the event of failure to comply with these conditions, the
years. During 2016, the Company moved to the new location. benefits may be cancelled and the Company may be required to
In January 2020, the Company utilized the option and extended refund the amount of the benefits, in whole or in part, with the
the lease agreement until December 2025. addition of linkage differences to the Israeli CPI and interest.
Future minimum lease payments under the lease agreement for The Company elected 2008, as its implementation year
the new premises are NIS 197 thousand per month, for a period as stipulated in the Law and 2012, as its expansion year as
of 24 months commencing January 2023. stipulated in the Law.
B. The Company entered into several operating lease The Law was amended as part of the Economic Policy Law for the
agreements in respect of vehicles that it uses. The leases are for a years 2011-2012, which was passed in the Knesset on December
period of three years. 27, 2010 (hereinafter - “the Amendment”).

The Amendment sets alternative benefit tracks to the ones B. Selling and marketing expenses:
currently in place under the provisions of the Law, as follows: NIS in thousands
investment grants track designed for enterprises located in
national development zone A and two new tax benefits tracks Year ended December 31,
Particulars
(preferred enterprise and a special preferred enterprise), which 2022 2021
provide for application of a unified tax rate to all preferred Payroll and related expenses 16,966 14,112
income of the Company, as defined in the Law.
Consultants and related expenses 3,268 2,763
The benefits granted to the preferred enterprises will be
Marketing 4,706 5,400
unlimited in time, unlike the benefits granted to special preferred
enterprises, which will be limited for a period of 10 years. The Travel and office expenses 1,111 449
benefits shall be granted to companies that will qualify under Other 6,522 5,359
criteria set in the law; for the most part, those criteria are similar 2,299 1,869
Related Parties - subcontractors
to the criteria that were set in the Law prior to its amendment.
34,872 29,952
Company’s management believes that the Company is in
compliance with the conditions stipulated by the above law. C. General and administrative expenses:
B. The Company has received final tax assessments NIS in thousands
through tax year 2017. Year ended December 31,
Particulars
C. As of December 31, 2022, the Company had a net carryforward 2022 2021
tax loss of approximately NIS 324 million. Under Israeli tax Payroll and related expenses 10,131 9,491
laws, the carryforward tax losses of the Company can be
utilized indefinitely. Consultants and related expenses 806 563
Doubtful debts 88 (287)
D. Deferred tax assets were not created since the realization of
any future benefit from deductible temporary differences, Other 1,866 1,658
net operating loss and tax credit carryforwards cannot be 12,891 11,425
sufficiently assured as of December 31, 2022.
Note 9- Supplementary Statements of Operations

Information
A. Research and development costs:
NIS in thousands

Particulars
2022 2021
Payroll and related expenses 23,114 25,220
Consultants and related expenses 8,189 6,737
Depreciation and amortization 457 526
Other 4,591 4,405
36,351 36,888


Portland Group Pty. Ltd.
Infosys Subsidiary Financials Report 2022-23 Portland Group Pty Ltd | 509
To the Board of Directors of Portland Group Pty. Ltd.
Report on the Audit of the Financial Report

Opinion
We have audited the financial report of Portland Group Pty Ltd (the “Company”) which comprises the statement of financial position as at
31 March 2023, the statement of profit and loss and other comprehensive income, the statement of changes in equity and the statement
of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies, and
the directors’ declaration.
In our opinion, the accompanying financial report of the Company is in accordance with the Corporations Act 2001, including:
(i) giving a true and fair view of the Company’s financial position as at 31 March 2023 and of its financial performance for the
year then ended; and
(ii) complying with Australian Accounting Standards – Reduced Disclosure Requirements and the Corporations Regulations 2001.
Basis for Opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further
described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the
Company in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the
Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence
Standards) (the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical
responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of the
Company, would be in the same terms if given to the directors as at the time of this auditor’s report.
Other Information
The directors are responsible for the other information. The other information comprises the information included in the Company’s
annual report for the year ended 31 March 2023, but does not include the financial report and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and we do not express any form of assurance
conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether
the other information is materially inconsistent with the financial report or our knowledge obtained in the audit, or otherwise appears
to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report

The directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with
Australian Accounting Standards – Reduced Disclosure Requirements and the Corporations Act 2001 and for such internal control as the
directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material
In preparing the financial report, the directors are responsible for assessing the ability of the Company to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either
intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement,
whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and maintain professional
scepticism throughout the audit. We also:
510 | Portland Group Pty Ltd Infosys Subsidiary Financials Report 2022-23
• Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit
procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
made by the directors.
• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence
auditor’s report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our
• Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial
report represents the underlying transactions and events in a manner that achieves fair presentation.
findings, including any significant deficiencies in internal control that we identify during our audit.
DELOITTE TOUCHE TOHMATSU
Harsh Shah
Partner
Place: Sydney
Date: May 31, 2023
Directors’ Report
For the year ended March 31, 2023
The Directors present their report together with the financial report of Portland Group Pty Ltd (the Company), for the financial year
ended March 31, 2023 and the Auditor’s Report thereon.
1. Directors
The directors of the Company at any time during or since the end of the financial year are:
Mr. Andrew James Jarvis
Mr. Andrew Stewart Groth
Mr. Abhay Harigobind Das Chauhan
Directors have been in office since the start of the financial year to the date of this report unless otherwise stated.
2. Principal activities
The principal activities of the Company include provision of sourcing and category management service, project-based consultancy
support and ongoing management services. The Company offers complete client procurement and supply chain functions from
innovative, high-end strategy to effective, low cost transactional processing and resale of software.
3. Dividends
The Board of Directors, in their meeting on April 12, 2023, declared and paid a final dividend of $9,772,000 for the financial year
4. Operating and financial review

The profit after tax for the year ended March 31, 2023 amounted to $4,951,223 (2022: profit after tax of $2,806,543). This was primarily a
result of increase of revenue from $36,759,629 for the year ended March 31, 2022 to $56,033,417 for the year ended March 31, 2023.
5. Environmental regulation
The Company’s operations are not regulated by any significant environmental regulation under a law of the commonwealth or of a state
or territory. However, the Board believes that the Company has adequate systems in place for the management of its environmental
requirements and is not aware of any breach of those environmental requirements as they apply to the Company.
6. Events subsequent to reporting date

No matters or circumstances, except as mentioned in note 26 have arisen since the end of the financial year and the date of this report,
which significantly affected or may significantly affect the operations of the Company, the results of those operations, or the state of
affairs of the Company in future financial years.
7. Likely developments
The Company will continue to pursue its policy of increasing the profitability and market share of its major business sectors during the
next financial year.
Further information about likely developments in the operations of the Company and the expected results of those operations in future
financial years has not been included in this report because disclosure of the information would be likely to result in unreasonable
prejudice to the Company.
8. Indemnification and insurance of officers and auditors

No indemnities have been given or insurance premiums paid, during or since the end of the financial year, for any person who is or has
been an officer or auditor of the Company.
9. Lead auditor’s independence declaration

The Lead auditor’s independence declaration is set out on page 29 and forms part of the directors’ report for the financial year
10. Estimation of uncertainties relating to the global health pandemic from COVID-19 (COVID-19)
The Company has considered the possible effects that may result from the pandemic relating to COVID-19 in the preparation of financial
statements, including the recoverability of carrying amounts of financial and non-financial assets. In developing the assumptions
relating to the possible future uncertainties in the global economic conditions because of this pandemic, the Company has, at the date of
approval of these financial statements, used internal and external sources of information and expects that the carrying amount of these
assets will be recovered. The impact of COVID-19 on the Company’s financial statements may differ from that estimated as at the date of
approval of these financial statements.
The Directors are not aware of any other matter or circumstance that has occurred since the end of the financial period that has
significantly affected or may affect the operations of the Company, the results of those operations or the state of affairs of the Company
in subsequent financial years.
This report is made with a resolution of the directors:
Abhay Chauhan
Director
Dated at Sydney this 31st day of May 2023
(In AUD)
As at March 31,
Particulars Note
2023 2022
Assets
Current assets
Cash and cash equivalents 12a 22,564,144 14,851,954
Other current assets 11c 113,919 67
Prepayments 11a 1,046,486 1,444,932
Non-current assets
Deferred tax assets 16a 514,072 576,973
Property, plant and equipment 13 157,264 76,264
Right-of-use assets 19 1,132,761 1,313,578
Other non-current assets 11d 349,679 –
Trade and other receivables 10 870,606 1,819,761
Prepayments 11b 1,344 406,107
Total assets 40,976,659 32,079,471
Liabilities
Current liabilities
Trade and other payables 14 3,260,648 803,695
Other current liabilities 15 12,298,506 12,422,372
Current tax liabilities (net) 119,450 16,236
Provisions 17 24,770 25,935
Employee benefit obligations 18 4,847,892 2,909,680
Employee benefit obligations 18 549,847 586,084
Other non-current liabilities 15 1,842,169 2,412,314
Net Assets 16,480,175 11,528,952
Equity
Share capital 25a 3,389,049 3,389,049
Total equity 16,480,175 11,528,952
Total liabilities and equity 40,976,659 32,079,471
The notes on page 9 to 27 are an integral part of these financial statements
Statement of Profit or Loss and Other Comprehensive Income
(In AUD)

Particulars Note
2023 2022
Revenue 5 56,033,417 36,759,629
Cost of sales 6 (47,364,332) (31,255,875)
Gross profit 8,669,085 5,503,754
Selling and distribution expenses (115,739) (28,274)
Administrative expenses (1,705,528) (1,380,102)
Operating profit 6,847,818 4,095,378
Finance income 7 306,831 68,389
Finance costs 9 (79,416) (63,972)
Net finance income 227,415 4,417
Income tax expense 16b & c (2,124,010) (1,293,252)
Profit after tax 4,951,223 2,806,543
Items that will never be reclassified to profit or loss: – –
Items that are or may be reclassified subsequently to profit or loss: – –
Other comprehensive income, net of tax – –
Total comprehensive income 4,951,223 2,806,543
For the year ended March 31, 2023 and March 31, 2022
(In AUD)
Particulars Share capital Retained earnings Total equity

Balance as on April 1, 2021 3,389,049 23,333,360 26,722,409
Total other comprehensive income – – –
Total Comprehensive Income – 26,139,903 29,528,952
Transactions with owners of the Company –
Issue of ordinary shares – – –
Dividends – (18,000,000) (18,000,000)
Total transactions with owners of the Company – (18,000,000) (18,000,000)
Balance at March 31, 2022 3,389,049 8,139,903 11,528,952
Balance as on April 1, 2022 3,389,049 8,139,903 11,528,952
Total comprehensive income 3,389,049 13,091,126 16,480,175
Transactions with owners of the Company
Dividends – – –
Total transactions with owners of the Company – – –
Balance at March 31, 2023 3,389,049 13,091,126 16,480,175
(In AUD)

Particulars Note
2023 2022
Cash flows from Operating activities
Cash receipts from customers (inclusive of GST) 59,000,211 35,327,662
Cash paid to suppliers and employees (49,669,924) (31,083,358)
Cash generated from Operations 9,330,287 4,244,304
Interest received 306,831 23,552
Net Income taxes paid (1,957,898) (1,785,600)
Net cash from operating activities 12b 7,679,220 2,482,256
Cash flows from Investing activities
Interest received on deposit with bank 7 146,310 –
Interest Income on loan to Subsidiary 7 115,807 –
Finance Income under revenue deals 7 5,587 –
Purchase of plant equipment 13 (154,362) (66,651)
Net cash used in investing activities 113,342 (66,651)
Cash flows from Financing Activities:
Payment of lease liability 19 (80,372) (377,863)
Dividends paid – (18,000,000)
Net cash used in financing activities (80,372) (18,377,863)
Net increase/(decrease) in cash and cash equivalents 7,712,190 (15,962,258)
Cash and cash equivalents at April 1 14,851,954 30,814,212
Cash and cash equivalents as at March 31 12a 22,564,144 14,851,954
1. Reporting entity (i) Recognition of provisions and contingencies: key
assumptions about the likelihood and magnitude of an
Portland Group Pty Ltd (the “Company”) is domiciled in Australia. outflow of resources.
The Company’s registered office and principal place of business
is Suite 9.01,Level 9, 130 Pitt Street, Sydney NSW 2000, Australia. (ii) AASB 16 requires lessees to determine the lease term as the
The parent of the Company is Infosys BPO Ltd. India and the non-cancellable period of a lease adjusted with any option
ultimate parent is Infosys Ltd., India. The Company is a for-profit to extend or terminate the lease, if the use of such option
entity and primarily is involved in provision of project based is reasonably certain. The Company makes an assessment
consultancy support and ongoing management services to on the expected lease term on a lease-by-lease basis and
improve the Company’s profitability in the long term. thereby assesses whether it is reasonably certain that any
options to extend or terminate the contract will be exercised.
In evaluating the lease term, the Company considers factors
2. Basis of preparation such as any significant leasehold improvements undertaken
over the lease term, costs relating to the termination of
(a) Statement of Compliance
the lease and the importance of the underlying asset to
The Company is for profit entity and the financial statements Company’s operations taking into account the location
have been prepared as a general purpose financial report to of the underlying asset and the availability of suitable
satisfy the directors’ reporting requirements under Corporations alternatives. The lease term in future periods is reassessed
Act 2001. Simplified disclosure regime (SDR) has been adopted in to ensure that the lease term reflects the current economic
the preparation of these financial statements. circumstances. After considering current and future
In the opinion of the directors, the Company is not publicly economic conditions, the Company has concluded that no
accountable nor a reporting entity. The financial report of changes are required to lease period relating to the existing
the Company has been drawn up as a financial report for lease contracts (Refer to Note no. 19).
distribution to the members and for the purpose of fulfilling the (iii) The Company has considered the possible effects that
requirements of the Corporations Act 2001. may result from the pandemic relating to COVID-19 in
The financial report has been prepared in accordance with the preparation of financial statements, including the
the recognition, measurement and classification aspects of all recoverability of carrying amounts of financial and non-
applicable Australian Accounting Standards (AASBs) adopted by financial assets. In developing the assumptions relating to
the Australian Accounting Standards Board (AASB). the possible future uncertainties in the global economic
conditions because of this pandemic, the Company has,
The annual financial statements were approved by the Board of at the date of approval of these financial statements, used
Directors on the date of signing of the directors report. internal and external sources of information and expects
that the carrying amount of these assets will be recovered.
(b) Basis of measurement The impact of COVID-19 on the Company’s financial
The financial statements have been prepared on the historical statements may differ from that estimated as at the date of
cost basis, unless otherwise stated. approval of these financial statements.
(c) Functional and presentation currency 3. Significant accounting policies

These financial statements are presented in Australian dollars,
The Company has consistently applied the following accounting
which is the Company’s functional currency.
policies to all periods presented in these financial statements.
(d) Use of estimates and judgements
(a) Revenue
In preparing these financial statements, management has
The Company’s main source of income is from provision of
made judgements, estimates and assumptions that affect
sourcing and category management service, project-based
the application of the Company’s accounting policies and the
consultancy support and ongoing management services.
reported amounts of assets, liabilities, income and expenses.
Actual results may differ from these estimates.
Fixed Price
Estimates and underlying assumptions are reviewed on an Revenue from fixed-price, fixed-time frame contracts, where
ongoing basis. Revisions to accounting estimates are recognized the performance obligations are satisfied over time and where
in the period in which the estimate is revised and in any there is no uncertainty as to measurement or collectability
future periods affected. of consideration, is recognized as per the percentage-of-
completion method using input method such as efforts
(e) Assumptions and estimation uncertainties expended, time elapsed or costs incurred.
Information about assumptions and estimation uncertainties that
have a significant risk of resulting in a material adjustment within (a) Maintenance
the year ending March 31, 2023 are: Maintenance revenue is recognised ratably over the term of the
underlying maintenance arrangement.
(b) Non-Maintenance the outcome of a contract can be estimated reliably, contract
Efforts or costs expended have been used to measure progress revenue is recognized in profit or loss in proportion to the
towards completion as there is a direct relationship between stage of completion of the contract. The stage of completion is
input and productivity. assessed by reference to surveys of work performed. When the
outcome of a contract cannot be estimated reliably, contract
(i) Licenses revenue is recognized only to the extent of contract costs
Revenue from licenses where the customer obtains a “right to incurred that are likely to be recoverable.
use” the licenses is recognized at the time the license is made Contract expenses are recognized as incurred unless they create
available to the customer. Arrangements to deliver software an asset related to future contract activity. An expected loss on a
products generally have three elements: license, implementation contract is recognized immediately in profit or loss.
and Annual Technical Services (ATS). The Company has applied
the principles under AASB15 to account for revenues from these Contracts in progress represents the gross amount expected
performance obligations. ATS revenue is recognised ratably over to be collected from customers for contract work performed to
the period in which the services are rendered. date. It is measured at costs plus profits recognized to date less
progress billings and recognized losses.
(ii) Agency Revenue
Contracts in progress are presented as part of trade and other
Where the company acts as an agent on behalf of any group receivables in the statement of financial position for all contracts
company, the revenue is recognized on net basis– Revenue less in which costs incurred plus recognized profits exceed progress
costs. (Refer Note 5). billings and recognized losses. If progress billings and recognized
losses exceed costs incurred plus recognized profits, then the
Time & Material difference is presented as deferred income in the statement of
Revenue on time-and-material contracts are recognised using financial position. Customer advances are presented as deferred
output method such as hours of service provided or units income in the statement of financial position.
delivered or serviced. Revenue from the end of the last invoicing
to the reporting date is recognised as unbilled revenue. (c) Foreign currency transactions
Transactions in foreign currencies are translated to the functional
Uncertainty currency of the Company at exchange rates at the dates
When there is uncertainty as to measurement or ultimate of the transactions.
collectability, revenue recognition is postponed until such
Monetary assets and liabilities denominated in foreign currencies
uncertainty is resolved. Efforts or costs expended have been
at the reporting date are translated to the functional currency at
used to measure progress towards completion as there is a direct
the exchange rate at the reporting date. Non-monetary assets
relationship between input and productivity.
and liabilities that are measured at fair value in a foreign currency
are translated to the functional currency at the exchange
Contract Modification
rate when the fair value was determined. Foreign currency
Contract modifications are accounted for when additions, differences are generally recognized in profit or loss. Non-
deletions or changes are approved either to the contract scope monetary items that are measured based on historical cost in a
or contract price. The accounting for modifications of contracts foreign currency are not translated.
contract are distinct and whether the pricing is at the standalone
(d) Employee benefits
selling price. Services added that are not distinct are accounted
for on a cumulative catch up basis, while those that are distinct (i) Short-term employee benefits
are accounted for prospectively, either as a separate contract, if Short-term employee benefits are expensed as the related
the additional services are priced at the standalone selling price, service is provided. A liability is recognized for the amount
or as a termination of the existing contract and creation of a new expected to be paid under short‑term cash bonus or
contract if not priced at the standalone selling price. profit‑sharing plans if the Company has a present legal or
constructive obligation to pay this amount as a result of past
Unbilled/Unearned service provided by the employee, and the obligation can
Revenues in excess of invoicing are classified as contract assets be estimated reliably.
(which we refer as unbilled revenue) while invoicing in excess of
revenues are classified as contract liabilities (which we refer to (ii) Defined contribution plans
as unearned revenues). A defined contribution plan is a post-employment benefit
plan under which the Company pays fixed contributions
Tax into a separate entity and will have no legal or constructive
The Company presents revenues net of indirect taxes in its obligation to pay further amounts. Obligations for contributions
Statement of Profit and loss and other comprehensive income. to defined contribution plans are recognized as the related
service is provided. Prepaid contributions are recognized as an
asset to the extent that a cash refund or a reduction in future
(b) Contracts in progress
payments is available.
Contract revenue includes the initial amount agreed in the
contract plus any variations in contract work, claims and (iii) Other long‑term employee benefits
incentive payments, to the extent that it is probable that they
The Company’s net obligation in respect of long‑term employee
will result in revenue and can be measured reliably. When
benefits is the amount of future benefit that employees have
earned in return for their service in the current and prior periods. liabilities; such changes to tax liabilities will impact tax expense
That benefit is discounted to determine its present value. in the period that such a determination is made.
The discount rate is the yield at the repay date on Australian
corporate bonds that have maturity dates approximately the (f) Property, plant and equipment
term of the Company’s obligations. Remeasurements are (i) Recognition and measurement
recognized in profit or loss in the period in which they arise.
Items of property, plant and equipment are measured at cost less
(iv) Termination benefits accumulated depreciation and accumulated impairment losses.
Termination benefits are expensed at the earlier of when the Purchased software that is integral to the functionality of the
company can no longer withdraw the offer of those benefits related equipment is capitalized as part of that equipment. If
and when the Company recognizes costs for a restructuring. If significant parts of an item of property, plant and equipment
benefits are payable more than 12 months after the reporting have different useful lives, they are accounted for as separate
date, then they are discounted to their present value. items (major components) of property, plant and equipment.
Any gain and loss on disposal of an item of property, plant and
(e) Income tax equipment is recognized in profit or loss.
Income tax expense comprises current and deferred tax.
It is recognized in profit or loss except to the extent that (ii) Subsequent expenditure
it relates to items recognized directly in equity or in other Subsequent expenditure is capitalized only when it is
comprehensive income. probable that the future economic benefits associated with
the expenditure will flow to the Company and its cost can
(i) Current tax be measured reliably. The costs of the day‑to‑day servicing
Current tax comprises the expected tax payable or receivable of property, plant and equipment are recognized in profit
on the taxable income or loss for the year and any adjustment or loss as incurred.
to tax payable or receivable in respect of previous years. It is
measured using tax rates enacted or substantively enacted (iii) Depreciation
at the reporting date. Depreciation is calculated to write off the cost of property,
plant and equipment less their estimated residual values using
(ii) Deferred tax the straight-line basis over their estimated useful lives, and is
Deferred tax is recognized in respect of temporary differences generally recognized in profit or loss. The estimated useful lives
between the carrying amounts of assets and liabilities for of property, plant and equipment are as follows:
financial reporting purposes and the amounts used for taxation
purposes. Deferred tax is not recognized for temporary Particulars 2023
differences on the initial recognition of assets or liabilities in a Plant and machinery 5 years
transaction that is not a business combination and that affects
Computer equipment 3-5 years
neither accounting nor taxable profit nor loss.
Furniture and fixtures 5 years
Deferred tax is measured at the tax rates that are expected to be
applied to temporary differences when they reverse, using tax
rates enacted or substantively enacted at the reporting date. Depreciation methods, useful lives and residual values are
The measurement of deferred tax reflects the tax consequences reviewed at each reporting date and adjusted if appropriate.
that would follow the manner in which the Company expects, at
the reporting date, to recover or settle the carrying amount of its (g) Financial instruments
assets and liabilities. AASB 9 Financial Instruments: Classification and Measurement
(effective for annual periods beginning on or after January 1,
Deferred tax assets and liabilities are offset only if
2018) – AASB 9 was issued by the IASB in November 2009 and
certain criteria are met.
amended in November 2013 to include the new requirements
A deferred tax asset is recognized for unused tax losses, tax for general hedge accounting. Another revised version of AASB
credits and deductible temporary differences, to the extent that 9 was issued in July 2014 mainly to include, a) impairment
it is probable that future taxable profits will be available against requirements for financial assets and b) limited amendments to
which they can be utilized. Deferred tax assets are reviewed at the classification and measurement requirements by introducing
each reporting date and are reduced to the extent that it is no a ‘fair value through other comprehensive income’ (FVTOCI)
longer probable that the related tax benefit will be realized. measurement category for certain simple debt instruments. In
relation to the impairment of financial assets, AASB 9 requires an
(iii) Tax exposures expected credit loss model. This standard has not impacted the
In determining the amount of current and deferred tax, the Company’s financial position or performance, as the Company
Company takes into account the impact of uncertain tax does not have any financial instruments which are designated
positions and whether additional taxes and interest may be through profit or loss category.
due. This assessment relies on estimates and assumptions and The Company classifies non-derivative financial assets into the
may involve a series of judgements about future events. New following categories: financial assets at fair value through profit
information may become available that causes the Company to or loss, held-to-maturity financial assets, loans and receivables.
change its judgement regarding the adequacy of existing tax
The Company classifies non-derivative financial liabilities into the (h) Impairment
other financial liabilities category (i) Non-derivative financial assets
Financial assets not classified as at fair value through profit or
(i) Non‑derivative financial assets and financial liabilities –
loss, including an interest in an equity-accounted investee, are
recognition and derecognition
assessed at each reporting date to determine whether there is
The Company initially recognizes loans and receivables issued on objective evidence of impairment.
the date that they are originated. All other financial assets and
financial liabilities are recognized initially on the trade date. Objective evidence that financial assets are impaired includes:
The Company derecognizes a financial asset when the • default or delinquency by a debtor;
contractual rights to the cash flows from the asset expire.
• restructuring of an amount due to the Company on terms
Any interest in such transferred financial assets that is created
that the Company would not consider otherwise;”
or retained by the Company is recognized as a separate
asset or liability. • indications that a debtor or issuer will enter bankruptcy;
• adverse changes in the payment status of borrowers or
The Company derecognizes a financial liability when its issuers;
contractual obligations are discharged or cancelled or expire.
• the disappearance of an active market for a security.
Financial assets and financial liabilities are offset and the net
amount presented in the statement of financial position when, (ii) Financial assets measured at amortized cost
and only when, the Company has a legal right to offset the The Company considers evidence of impairment for these
amounts and intends either to settle them on a net basis or to assets measured at both a specific asset and collective level.
realize the asset and settle the liability simultaneously. All individually significant assets are assessed for specific
impairment. Those found not to be specifically impaired are then
(ii) Non‑derivative financial assets – measurement collectively assessed for any impairment that has been incurred
Financial assets at fair value through profit or loss: but not yet identified. Assets that are not individually significant
A financial asset is classified as at fair value through profit or are collectively assessed for impairment by grouping together
loss if it is classified as held-for-trading or is designated as such assets with similar risk characteristics.
on initial recognition. Directly attributable transaction costs In assessing collective impairment, the Company uses historical
are recognized in profit or loss as incurred. Financial assets at information on the timing of recoveries and the amount of loss
fair value through profit or loss are measured at fair value and incurred, and makes an adjustment if current economic and
changes therein, which take into account any dividend income, credit conditions are such that the actual losses are likely to be
are recognized in profit or loss. greater or lesser than suggested by historical trends.
Held‑to‑maturity financial assets: An impairment loss is calculated as the difference between an
These are initially recognized at fair value plus any directly asset’s carrying amount and the present value of the estimated
attributable transaction costs. Subsequent to initial future cash flows discounted at the asset’s original effective
recognition, they are measured at amortized cost using the interest rate. Losses are recognized in profit or loss and reflected
effective interest method. in an allowance account. When the Company considers that
there are no realistic prospects of recovery of the asset, the
Loans and receivables: relevant amounts are written off. If the amount of impairment
These assets are initially recognized at fair value plus any loss subsequently decreases and the decrease can be related
directly attributable transaction costs. Subsequent to initial objectively to an event occurring after the impairment was
recognition, they are measured at amortized cost using the recognized, then the previously recognized impairment loss is
effective interest method. reversed through profit or loss.
Cash and cash equivalents: (iii) Non‑financial assets

In the Statement of Cash Flows, cash and cash equivalents At each reporting date, the Company reviews the carrying
includes bank overdrafts that are repayable on demand and form amounts of its non-financial assets (other than inventories and
an integral part of the Company’s cash management. deferred tax assets) to determine whether there is any indication
of impairment. If any such indication exists, then the asset’s
(iii) Non-derivative financial liabilities – measurement recoverable amount is estimated.
Non-derivative financial liabilities are initially recognized at fair For impairment testing, assets are grouped together into the
value less any directly attributable transaction costs. Subsequent smallest group of assets that generates cash inflows from
to initial recognition, these liabilities are measured at amortized continuing use that are largely independent of the cash inflows
cost using the effective interest rate method. of other assets or CGUs.
The recoverable amount of an asset or CGU is the greater of its
(iv) Share capital
value in use and its fair value less costs to sell. Value in use is
Ordinary shares: based on the estimated future cash flows, discounted to their
Incremental costs directly attributable to the issue of present value using a pre-tax discount rate that reflects current
ordinary shares, net of any tax effects, are recognized as a market assessments of the time value of money and the risks
deduction from equity. specific to the asset or CGU.
An impairment loss is recognized if the carrying amount of an development of the business. There were no changes to the
asset or CGU exceeds its recoverable amount. Impairment losses Company’s capital management during the year.
are recognized in profit or loss. They are allocated to reduce
the carrying amount of any goodwill allocated to the CGU (or (o) Goods and service tax
group of CGUs), and then to reduce the carrying amounts of Revenue, expenses and assets are recognized net of the amount
the other assets in the CGU (or group of CGUs) on a pro rata of Goods and Services Tax (GST), except where the amount of
basis An impairment loss is reversed only to the extent that the GST incurred is not recoverable from the Australian Taxation
asset’s carrying amount does not exceed the carrying amount Office (ATO). In these circumstances, the GST is recognized as part
that would have been determined, net of depreciation or of the cost of acquisition of the asset or as part of the expense.
amortization, if no impairment loss had been recognized.
Receivables and payables are stated with the amount of
(i) Other Current Assets GST included. The net amount of GST recoverable from, or
payable to, the ATO is included as a current asset or liability
Other Current Assets include Rental deposits made to lease
in the Balance Sheet.
vendors as per lease agreement and Interest accrued but not
due on fixed deposits made to bank. Once the interest amount is Cash flows are included in the Statement of Cash Flows on a
received, the asset account is decreased. gross basis. The GST components of cash flows arising from
investing and financing activities, which are recoverable from, or
(j) Prepayments payable to, the ATO are classified as operating cash flows.
Prepaid expenses are future expenses that are paid in advance
and hence recognized initially as an asset. As the benefits (p) Leases
of the expenses are recognized, the related asset account is The Company’s lease asset classes primarily consist of leases
decreased and expensed. for buildings. The Company assesses whether a contract
(k) Trade and Other Payables contains, a lease if the contract conveys the right to control the
Trade payables are obligations to pay for goods or services that use of an identified asset for a period of time in exchange for
have been acquired from suppliers in the ordinary course of consideration. To assess whether a contract conveys the right
business. Trade payables are classified as current liabilities if to control the use of an identified asset, the Company assesses
payment is due within one year or less. If not, they are presented whether: (1) the contact involves the use of an identified asset
as non-current liabilities. The average credit period on purchases (2) the Company has substantially all of the economic benefits
is 30 days from the date of invoice. No interest is charged on from use of the asset through the period of the lease and (3) the
overdue payables. The Company has financial risk management Company has the right to direct the use of the asset.
policies in place to ensure that all payables are paid within the At the date of commencement of the lease, the Company
pre-agreed credit terms. recognizes a right-of-use asset (“ROU”) and a corresponding lease
(l) Other current and non-current liabilities for leases with a term of twelve months or less (short-term leases)
Other current and non-current liabilities consist of accrued and low value leases. For these short-term and low value leases,
expenses and deferred revenue relating to contract revenue the Company recognizes the lease payments as an operating
majorly. Other liabilities are classified as current if payment is expense on a straight-line basis over the term of the lease.
due within 12 months. Certain lease arrangements include the options to extend or
(m) Provisions and lease liabilities include these options when it is reasonably
A provision is recognized if, as a result of a past event, the certain that they will be exercised.
Company has a present legal or constructive obligation that The right-of-use assets are initially recognized at cost, which
can be estimated reliably, and it is probable that an outflow comprises the initial amount of the lease liability adjusted for
of economic benefits will be required to settle the obligation. any lease payments made at or prior to the commencement date
Provisions are determined by discounting the expected of the lease plus any initial direct costs less any lease incentives.
future cash flows at a pre-tax rate that reflects current They are subsequently measured at cost less accumulated
market assessments of the time value of money and the depreciation and impairment losses.
risks specific to the liability. The unwinding of the discount is
recognized as a finance cost. Right-of-use assets are depreciated from the commencement
Post sales client support and useful life of the underlying asset. Right of use assets
A provision for post sales client support is recognized when the are evaluated for recoverability whenever events or changes
underlying services are sold, based on historical post sales client in circumstances indicate their carrying amounts may not
support data and a weighting of all possible outcomes against be recoverable. For the purpose of impairment testing, the
their associated probabilities. recoverable amount (i.e., the higher of the fair value less cost to
(n) Capital Management
The Directors’ policy is to maintain strong capital base so as to recoverable amount is determined as Cash Generating Unit (CGU)
maintain investor and creditor confidence and to sustain future to which the asset belongs.
The lease liability is initially measured at amortized cost at the on the following methods. When applicable, further information
present value of the future lease payments. The lease payments about the assumptions made in determining fair values is
are discounted using the interest rate implicit in the lease or, if disclosed in the notes specific to that asset or liability.
in the country of domicile of these leases. Lease liabilities are (i) Trade and other receivables
remeasured with a corresponding adjustment to the related right The fair value of trade and other receivables, excluding
of use asset if the Company changes its assessment if whether it construction contracts in progress is estimated as the
will exercise an extension or a termination option. present value of future cash flows, discounted at the market
Lease liability and Right-of-use assets have been separately rate of interest. For trade and other receivables maturing
presented in the Balance Sheet and lease payments have been within one year from the Balance Sheet date, the carrying
classified as financing cash flows. amounts approximate fair value due to the short maturity
(q) Finance income
(ii) Other non-derivative financial liabilities
Finance income comprises interest income on funds invested,
gains on the disposal of available-for-sale financial assets, Fair value, which is calculated based on the present value of
changes in the fair value of financial assets at fair value future principal and interest cash flows, is discounted at the
through profit or loss, and reclassification of amounts market rate of interest at the reporting date.
previously recognized in other comprehensive income. Interest
income is recognized as it accrues in profit or loss, using the (s) Comparatives
effective interest method. Comparatives have been reclassified for consistency with the
current period presentation.
Foreign currency gains and losses are reported on a net basis
as either finance income or finance cost depending on whether
foreign currency movements are in a net gain or net loss position.
(r) Determination of fair values

A number of the Company’s accounting policies and disclosures
require the determination of fair value, for both financial
and non-financial assets and liabilities. Fair values have been
determined for measurement and/or disclosure purposes based
4. New standards and interpretations not yet adopted

Australian Accounting Standards and Interpretations that have recently been issued or amended but are not yet mandatory, have not
been early adopted by the Company for the annual reporting period ended March 31, 2023. The Company has not yet assessed any
material impact of these the new or amended Accounting Standards and Interpretations.
(i) New and revised IFRS Standards in issue but not yet effective
Effective for
annual reporting
Date issued Standard/Amendment
periods beginning
on or after
Jul-17 AASB 17 Insurance Contracts (as amended) April 1, 2023
Various AASB 2014-10 Amendments to Australian Accounting Standards – Sale or Contribution of Assets April 1, 2023
between an Investor and its Associate or Joint Venture, AASB 2015-10 Amendments to Australian
Accounting Standards – Effective Date of Amendments to AASB 10 and AASB 128, AASB 2017-5
Amendments to Australian Accounting Standards – Effective Date of Amendments to AASB 10 and
AASB 128 and Editorial Corrections
March 2020 / AASB 2020-1 Amendments to Australian Accounting Standards – Classification of Liabilities as Current April 1, 2023
August 2020 or Non-current and AASB 2020-6 Amendments to Australian Accounting Standards – Classification of
Liabilities as Current or Non-current – Deferral of Effective Date
Mar-21 AASB 2021-2 Amendments to Australian Accounting Standards – Disclosure of Accounting Policies April 1, 2023
and Definition of Accounting Estimates
Jun-21 AASB 2021-5 Amendments to Australian Accounting Standards – Deferred Tax related to Assets and April 1, 2023
Liabilities arising from a Single Transaction
Mar-23 AASB 2022-1 Amendments to Australian Accounting Standards – Initial Application of AASB 17 and April 1, 2023
AASB 9 – Comparative Information
5. Revenue asset as the contractual right to consideration is dependent on
completion of contractual milestones.
(In AUD)
Invoicing in excess of earnings are classified as unearned revenue.
As at March 31,
Particulars Trade receivables and unbilled revenues are presented net of
2023 2022
impairment in the Balance Sheet.”
Related party revenue 18,205,719 6,106,974
Third party revenue (Principal) 37,827,698 30,652,655 6. Cost of sales
Third party revenue (Agent) – –
(In AUD)
56,033,417 36,759,629
As at March 31,
At March 31, 2023 the Company has deferred revenue of Particulars
2023 2022
$1,684,513 (2022: $2,425,488), which represents the fair value
of that portion of the revenue and the Company has unbilled Employee benefit expense 23,076,099 11,376,254
revenue of $5,548,243 (2022: $7,684,907). Cost of third party software 19,415,511 16,879,908
External 4,872,722 2,999,713
Disaggregate revenue Information contractor expense and others
The table below presents disaggregated revenues from contracts 47,364,332 31,255,875
with customers by contract-type for each of our business
segments. The Company believes that this disaggregation best
depicts how the nature, amount, timing and uncertainty of our 7. Finance Income
revenues and cash flows are affected by industry, market and (In AUD)
As at March 31,
Particulars
Revenues by Contract type 2023 2022
(In AUD) Interest income 146,310 –
from deposits with banks
As at March 31,
Particulars Interest income on 39,127 23,552
2023 2022
prepaid contract cost
Fixed Price 25,808,606 25,730,128
Interest Income 115,807 –
Time & Materials 30,224,811 11,029,501 on loan to Subsidiary
Total 56,033,417 36,759,629 Finance 5,587 –
Income under revenue deals
Revenues by period of recognition
Miscellaneous Income – 44,837
(In AUD)
306,831 68,389
As at March 31,
Particulars
2023 2022 8. Auditors’ remuneration
Over the period 40,495,843 26,840,901
(In AUD)
Point in time 15,537,574 9,918,728
As at March 31,
Total 56,033,417 36,759,629 Particulars
2023 2022
Trade receivables and Contract Balances Audit of financial statements – 28,350 23,650
The Company classifies the right to consideration in exchange for Deloitte Touche Tohmatsu
deliverables as either a receivable or as unbilled revenue. 28,350 23,650
passage of time. Revenue for time and material contracts are 9. Expenses by nature
recognized as related service are performed. Revenue for fixed (In AUD)
price maintenance contracts is recognized on a straight-line basis
over the period of the contract. Revenues in excess of billings As at March 31,
Particulars
is recorded as unbilled revenue and is classified as a financial 2023 2022
asset for these cases as right to consideration is unconditional 73,361
Depreciation 65,166
upon passage of time .
Employee benefits 24,010,430 12,084,403
Revenue recognition for fixed price development contracts is
based on percentage of completion method. Invoicing to the Rental expenses – 1,342
clients is based on milestones as defined in the contract. This Amortisation on ROU assets 399,900 333,667
would result in the timing of revenue recognition being different Interest 40,289 40,421
from the timing of billing the customers. Unbilled revenue for expenses on leases liability
fixed price development contracts is classified as non-financial
Finance 39,127 –
Expense under revenue deals
10. Trade and other receivables 11.b. Prepayments (non-current)
(In AUD)
(In AUD)
As at March 31,
As at March 31, Particulars
2023 2022
Prepaid expenses 1,344 –
Current
Prepaid Contract cost – 406,107
1,344 406,107
Unbilled revenue 5,857,505 5,865,146
9,068,905 11,144,248 11.c. Other current assets
Amounts due from related 5,157,480 445,587 (In AUD)
party (Trade receivables, As at March 31,
Other receivables & Particulars
Unbilled revenue - Note 23) 2023 2022
14,226,385 11,589,835 Advances to PF trust – 67

Interest Accrued not Due FD 5,622 –
Non-Current
870,606 1,819,761 GST Payable 76,046 –
Unbilled revenue
Other current assets 32,251 –
870,606 1,819,761
113,919 67
The average credit period is 30 days. No interest is charged on 11.d. Other non-current assets
trade receivables. Based on the management’s best estimate, (In AUD)
impairment in trade receivables amounting to nil and AUD 8,307
exist as on March 31, 2023 and March 31, 2022 respectively. Also, As at March 31,
Particulars
an exposure to credit risk from trade receivables and unbilled 2023 2022
revenue amounting to AUD 53,787 and AUD 164,079 exist as on Investment in lease 349,679 –
March 31, 2023 and March 31, 2022 respectively.
349,679 –
11.a. Prepayments (current)

12.a. Cash and cash equivalents
(In AUD)
(In AUD)
As at March 31,
2023 2022
Prepaid expenses 584,257 892,448
Cash at Bank 22,564,144 14,851,954
Loans and advances to employees 44,811 11,008
22,564,144 14,851,954
Prepaid contract cost 417,417 541,476
1,046,485 1,444,932
12.b. Cash flows from operating activities

(In AUD)
As at March 31,
Particulars
2023 2022
Reconciliation of Cash flow from Operations with Profit after Income Tax 4,951,223 2,806,543
Adjustments for:
Depreciation & Amortization 473,261 398,833
Deferred tax assets 62,902 (32,551)
Net tax assets (liabilities) 103,214 (459,797)
5,670,016 2,777,000
Changes in:
Trade and other receivables (2,636,550) (5,107,931)
Other current and non-current assets 485,624 538,613
Prepayments 803,208 (1,528,570)
As at March 31,
Particulars
2023 2022
Trade and other payables 2,456,954 465,839
Other Current and non-current liabilities (694,012) 5,045,227
Provisions (1,165) (50,098)
Employee benefits obligation 1,901,975 363,729
Finance Income (306,831) (23,552)
Loss on sale of assets – 1,999
Net cash from operating activities 7,679,220 2,482,256
13. Property, plant and equipment

(In AUD)
Plant and Furniture and Computer

Particulars Total
machinery fixtures equipment
Cost
Balance at April 1, 2021 22,459 92,417 570,004 684,880
Additions 5,534 – 61,117 66,651
Disposals (1,479) (31,810) (1,648) (34,937)
Balance at March 31, 2022 26,514 60,607 629,473 716,594
Balance at April 1, 2022 26,514 60,607 629,473 716,594
Additions – – 154,361 154,362
Disposals (2,591) (7,550) (265,464) (275,605)
Balance at March 31, 2023 23,923 53,057 518,370 595,351
Accumulated Depreciation
Balance at April 1, 2021 19,163 89,862 499,076 608,101
Depreciation 1,499 1,046 62,621 65,166
Disposals (988) (30,301) (1,648) (32,937)
Balance at March 31, 2022 19,674 60,607 560,049 640,330
Balance at April 1, 2022 19,674 60,607 560,049 640,330
Depreciation 1,748 – 71,614 73,362
Disposals (2,591) (7,550) (265,464) (275,606)
Balance at March 31, 2023 18,831 53,057 366,199 438,086
Carrying Amounts
At March 31, 2022 6,840 – 69,424 76,264
At March 31, 2023 5,092 – 152,171 157,264
14. Trade and other payables

(In AUD)
As at March 31,
Particulars
2023 2022
Amounts due to related party 2,448,890 135,910
3,260,648 803,695
15. Other current liabilities (c) Income tax expense
(In AUD)
(In AUD)
As at March 31,
As at March 31, Particulars
2023 2022
Corporation income tax
Accrued expenses - cost of 9,076,469 8,008,164
third-party software Current year 2,110,446 1,280,159
Accrued expenses - others 693,320 922,859 Adjustments in respect of prior (49,335) 45,643
years
Deferred revenue 1,684,513 2,425,488
2,061,111 1,325,802
Withholding taxes payable 54,077 403,232
Deferred tax expense
Accrued 394,147 295,994
expenses - Inter-Company Origination and reversal of 62,899 (32,550)
temporary differences
Financial Liabilities under 395,137 366,635
Write down of previously – –
revenue deals (current)
recognized deferred tax assets
Loans and 843 –
Income tax expense for the 62,899 (32,550)
Advances to Employees
period
12,298,506 12,422,372
Total income tax expense 2,124,010 1,293,253
Non-Current
Accrued expenses - cost of 1,562,627 1,732,214 17. Provisions
third-party software (In AUD)
Financial Liabilities under 279,541 680,100 As at March 31,
revenue deals (non-current) Particulars
2023 2022
1,842,168 2,412,314
Provision for post service client 24,770 25,935
support
16. Tax assets and liabilities 24,770 25,935
(a) Deferred tax assets The movement in provisions is as 2023 2022
(In AUD) follows :
As at March 31, Balance at the beginning 25,935 76,033

Particulars Provision recognized/ (reversed) (1,165) (50,098)
2023 2022
Deferred tax assets due Balance at the end 24,770 25,935
to timing differences:
Provision for doubtful debts 16,792 52,152
18. Employee Benefit Obligations
(In AUD)
Provision for Employee benefits 492,446 517,224
As at March 31,
Provision for post- 7,431 7,597 Particulars
2023 2022
sale customer support
Current
Deferred tax liabilities (2,597) –
Provision for employee bonuses 3,756,250 1,771,688
Net Deferred tax assets 514,072 576,973
Annual leave 781,158 835,021
(b) Reconciliation of effective tax rate Long service leave 310,484 302,971
(In AUD) 4,847,892 2,909,680
As at March 31, Non-Current
Particulars
2023 2022 Long service leave 549,847 586,084
Profit before tax 7,075,233 4,099,795 549,847 586,084
Tax using the Company’s domestic 2,122,570 1,229,939
tax rate of 30% (2021: 30%)
Adjustments in respect of prior (49,335) 45,643
years
Non-deductible expenses 50,775 17,670
Income tax expense for the period 2,124,010 1,293,252
19. Leases The employee compensation is as follows :
Leases as lessee (In AUD)

Following are the changes in the carrying value of As at March 31,
right-of-use assets Particulars
2023 2022
(In AUD) Short-term employee benefits 794,205 564,001
As at March 31,
Particulars 21. Financial instruments
2023 2022
Opening Balance 1,313,578 704,720 Financial instruments by Category
Additions 308,509 942,525 (In AUD)

Deletions (89,426) – As at March 31,
Amortization (399,900) (333,667) Particulars
2023 2022
Closing Balance 1,132,761 1,313,578 Financial Assets
The following is the movement in lease liabilities during the year Cash and cash equivalents 22,564,144 14,851,954
As at March 31, Trade and other receivables 14,787,729 13,409,596

Particulars 113,919 67
2023 2022 Other current assets
Opening Balance 1,374,203 769,120 37,465,792 28,261,618
Additions 308,509 1,302,120 Financial liabilities
Deletions (89,426) (359,595) Lease Liability 1,553,202 1,374,203
Finance cost accrued during the 40,289 40,421 Trade and other payables 3,260,648 803,695
year Other financial liabilities 11,386,484 11,066,468
Payment of lease liabilities (80,372) (377,863) 16,200,335 13,244,366
Closing Balance 1,553,203 1,374,203
22. Contingent liabilities and Financing facilities
The following is the break-up of current and non-current lease
liabilities: a. Contingent liabilities
(In AUD)
In the opinion of the management, there are no contingent
As at March 31, liabilities as at March 31, 2023 (2022 - Nil)
Particulars
2023 2022
Current lease liabilities 555,565 377,412
b. Financing facilities
(In AUD)
Non-current lease liabilities 997,638 996,791
Total 1,553,203 1,374,203 As at March 31,
Particulars
2023 2022
as at March 31, 2023 and March 31,2022 on an undiscounted Unsecured bank guarantee facility
basis are as follows: reviewed annually and payable
at call-Amount used 293,432 293,432
(In AUD)
293,432 293,432
As at March 31,
Particulars
2023 2022 23. Related party transactions
Less than one year 528,587 367,832 The details of the related party transactions entered into by the
One to five years 1,009,346 1,035,327 Company during the year ended 31st March 2023 and 31st March
More than five years – – 2022 are as follows:
Total 1,537,933 1,403,159 (In AUD)
As at March 31,
20. Key management personal compensation Particulars
2023 2022
Key Management personnel of the Company are those persons Purchase of services
having the authority and responsibility for planning, directing
and controlling activities of the Company. The directors of the Infosys Limited 102,096 583,838
Company are considered as Key management personnel of Infosys BPM Limited 1,057,342 601,922
the Company. Further, the amounts disclosed does not include Infosys (Czech Republic) Ltd 93,168 –
employment benefits recognized based on the actuarial
valuation since they are computed for the Company as a whole Infosys Technologies China 15,027 –
and not at individual basis. 1,267,633 1,185,760
As at March 31, 24. Capital risk management
Particulars
2023 2022 The Company manages its capital to ensure it continues as a
Sale of services going concern. The capital structure comprises issued capital,
cash and retained earnings. There are no externally imposed
Infosys Limited 17,006,637 3,799,383
capital requirements on the Company.
Hipus Co., Ltd – 2,045 25. Capital and reserves
18,205,719 6,106,974 (a) Share capital
Purchase of shared services Ordinary shares
Infosys Limited 132,960 134,678 (In AUD)
132,960 134,678 As at March 31,
Particulars
Sale of shared services 2023 2022
Infosys Limited 60,464 70,205 On issue at April 1 (17,450,000 3,389,049 3,389,049
number of shares)
Infosys Management – 1,948
Consulting Pty Limited Issued for cash – –
60,464 72,153 On issue at March 31 (17,450,000 3,389,049 3,389,049
number of shares)
All shares rank equally with regard to the
The details of the amount due to or due from the related parties Company’s residual assets.
as at March 31, 2023 and March 31, 2022 are as follows
Ordinary shares
(In AUD)
The Company does not have authorized capital or par value in
As at March 31, respect of its issued shares. Holders of these shares are entitled to
Particulars
2023 2022 dividends as declared from time to time and are entitled to one
vote per share at meetings of the Company.
Trade receivables
Infosys Limited 5,014,219 237,888 (b) Dividends
109,366 202,157 (In AUD)
Infosys BPM Limited
5,123,585 440,045 As at March 31,
Particulars
Other receivables 2023 2022
Dividend Declared and Paid – 18,000,000
28,353 – – –
Infosys BPM Limited
33,896 5,542 Dividend franking account
Trade payables (In AUD)
Infosys BPM Limited 182,762 59,213 As at March 31,
Particulars
Infosys (Czech Republic) Ltd 61,025 – 2023 2022
Infosys Technologies China 9,017 – 30 per cent franking credits 5,215,875 3,022,102
252,804 59,213 available to shareholders of
Portland Group Pty Ltd for
Other payables subsequent financial years
Infosys Limited 91,640 76,697 5,215,875 3,022,102
Infosys Automotive and 2,104,447 –
The above available amounts are based on the balance of the
Mobility dividend franking account at year-end adjusted for:
2,196,087 76,697
a. franking credits/ debits that will arise from the payment/
Accrued Expense receipts of the current tax liabilities/ assets;
Infosys Limited 394,147 295,994 b. franking debits that will arise from the payment of dividends
394,147 295,994 recognised as a liability at the year-end;
c. franking credits that will arise from the receipt of dividends
recognised as receivables by the tax consolidated Company at
Other receivables and other payables consist of Cross charges the year-end; and”
from the related parties mentioned above.
d. franking credits that the entity may be prevented from
distributing in subsequent years.
The ability to utilize the franking credits is dependent upon there

being sufficient available profits to declare dividends.
There has not arisen in the interval between the end of the financial year and the date of this report any item, transaction or event of a
material and unusual nature likely, in the opinion of the directors of the Company, to affect significantly the operations of the Company,
the results of those operations, or the state of affairs of the Company, in future financial years, other than above. Please refer note 2 (e)
‘Assumptions and estimation uncertainties’ for the COVID 19 pandemic disclosure. The Board of Directors, in their meeting on April 12,
2023, declared a final dividend of $9,772,000 (not franked) for the financial year ended March 31, 2023.
The Directors are not aware of any other matter or circumstance that has occurred since the end of the financial period that has
significantly affected or may affect the operations of the Company, the results of those operations or the state of affairs of the Company
in subsequent financial years.
Directors’ declaration
In the opinion of the directors of the Portland Group Pty Ltd (“the Company”):
(a) The Company is not publicly accountable nor a reporting entity;
(b) The financial statements and notes, set out on page 5 to 27, are in accordance with the Corporations Act 2001, including:
(i) giving a true and fair view of the financial position of the Company as at 31st March 2023 and of its performance for the financial
year ended on that date; and
(ii) complying with Australian Accounting Standards (including the Australian Accounting Interpretations) to the extent described
in Note 2, and the Corporations Regulations 2001; and
(c) There are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.
Signed in accordance with a resolution of directors.
Abhay Chauhan
Director
Dated at Sydney this 31st day of May 2023
Fluido Oy
Infosys Subsidiary Financials Report 2022-23 Fluido Oy | 531

Auditor’s Report
To the Annual General Meeting of Fluido Oy

Opinion
We have audited the financial statements of Fluido Oy for the year ended 31 December 2022. The financial statements comprise the
balance sheet, income statement, cash flow statements and notes for the group as well as the parent company.
In our opinion, the financial statements give a true and fair view of the group´s and the company’s financial performance and financial
position in accordance with the laws and regulations governing the preparation of financial statements in Finland and comply with
statutory requirements.
Basis for Opinion

We conducted our audit in accordance with good auditing practice in Finland. Our responsibilities under good auditing practice are
further described in the Auditor’s Responsibilities for the Audit of Financial Statements section of my report. We are independent of the
parent company and of the group companies in accordance with the ethical requirements that are applicable in Finland and are relevant
to our audit, and we fulfill my other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our opinion.
Responsibilities of the Board of Directors and the Managing Director for the Financial Statements
The Board of Directors and the Managing Director are responsible for the preparation of financial statements that give a true and fair
view in accordance with the laws and regulations governing the preparation of financial statements in Finland and comply with statutory
requirements. The Board of Directors and the Managing Director are also responsible for such internal control as they determine is
necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors and the Managing Director are responsible for assessing the parent
company’s and the group´s ability to continue as going concern, disclosing, as applicable, matters relating to going concern and using
the going concern basis of accounting. The financial statements are prepared using the going concern basis of accounting unless there is
an intention to liquidate the parent company or the group or cease operations, or there is no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of Financial Statements

Our objective is to obtain reasonable assurance on whether the financial statements as a whole are free from material misstatement,
assurance, but is not a guarantee that an audit conducted in accordance with good auditing practice will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they
could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.
As part of an audit in accordance with good auditing practice, we exercise professional judgment and maintain professional skepticism
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the parent company’s or the
group´s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
• Conclude on the appropriateness of the Board of Directors’ and the Managing Director’s use of the going concern basis of accounting
and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the parent company’s or the group´s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if
such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of
our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern.
financial statements represent the underlying transactions and events so that the financial statements give a true and fair view.
532 | Fluido Oy Infosys Subsidiary Financials Report 2022-23

• Obtain sufficient appropriate audit evidenced regarding the financial information of the entities or business activities within
the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and
performance of the group audit. We remain solely responsible for our audit opinion.
significant audit findings, including any significant deficiencies in internal control that we identify during my audit.
Other Reporting Requirements

Other Information
The Board of Directors and the Managing Director are responsible for the other information. The other information comprises
information included in the report of the Board of Directors. Our opinion on the financial statements does not cover
the other information.
In connection with our audit of the financial statements, our responsibility is to read the information included in the report of the Board
of Directors and, in doing so, consider whether the information included in the report of the Board of Directors is materially inconsistent
with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. Our responsibility
also includes considering whether the report of the Board of Directors has been prepared in accordance with the applicable
laws and regulations.
In our opinion, the information in the report of the Board of Directors is consistent with the information in the financial statements and
the report of the Board of Directors has been prepared in accordance with the applicable laws and regulations.
If, based on the work we have performed on the report of the Board of Directors, we conclude that there is a material misstatement of
this other information, we are required to report that fact. We have nothing to report in this regard.
Auditia Oy
Authorised Public Accountants
Jani Käsnänen
Authorised Public Accountant
Helsinki,
May 24, 2023

Information about the year
Fluido Group is a provider of digital transformation services to companies in Finland, Sweden, Norway, Denmark, Germany, UK, Ireland
and Benelux. Group revenue in 2022 was € 6,41,49,710 and profit before tax € 43,40,266. Group revenue grew by 27.8% in 2022 and the
company strengthened its market position as leading service provider in the Nordics in Salesforce technology area. Parent company
Fluido Oy’s revenue was € 3,47,36,096 and profit before tax € 12,39,602.
Temporary changes in business took place due to crisis in Ukraine. However, Fluido’s business has continued steady and profitable
growth and we have been able to deliver digital transformation services to our customers normally.
Company shares
Fluido Group shares are 100% owned by Infosys Group. Number of shares is 1,57,116. Infosys Group is based in Bangalore and is listed in
New York and Mumbai stock exchanges and has over 3,40,000 employees. Infosys Group revenue for fiscal year ending March 2023 was
US$ 18 billion and profit US$ 3 billion. Fluido Oy shares are divided into two class in such a way, that A-shares are 99,521 and B-shares
57,595. B-series has preference over assets up to the price paid for them in the way described in the Articles of Association.
Branches
Fluido Oy has branches in Germany (reg.number HRB 252914) and in Netherlands (reg.number 80799140)
Estimate of risks and uncertainties

Business risks mainly relate to general global economic situation and the impact of economic fluctuations to companies investments.
The company has managed to hire competent employees and invest into Fluido being an interesting and attracting workplace also
in the future. Fluido has no major customer risk. The revenue split among customers is such, that no single customer represents
over 10% of revenue.
Estimate of future developments

2023 has started as expected. Group will aim to grow revenue and profit according to its business plan.
Key ratios
(In € Thousands)
For the period between January 1 to December 31,

Parent company
2022 2021 2020
Revenue 34,736 28,247 24,787
Ebitda 1,349 2,779 4,189
Profit before tax 1,240 2,698 4,008
EBIT-% 3.5% 9.3% 16.4%
Equity Ratio (%) 62.6% 68.4% 63.7%
ROE (%) 6.8% 16.8% 35.7%
For the period between January 1 to December 31,

Group
2022 2021 2020
Revenue 64,150 50,164 40,099
Ebitda 5,130 5,061 4,826
Profit before tax 4,340 4,164 4,091
EBIT-% 6.8% 8.4% 10.0%
Equity Ratio (%) 56.2% 54.9% 49.8%
ROE (%) 22.5% 26.7% 48.0%

Personnel
On an average, 458 employees worked at Fluido Group during the year. The salaries and bonuses paid to personnel during the year
were € 38.7 million.
Personnel in average
Particulars 2022 2021 2020
Group 458 382 329
Parent 205 194 186
Related party guarantees and loans

The parent company has issued a letter of support providing the Fluido Denmark A/S with sufficient liquidity to meet its current and
future liabilities as they fall due.
Fluido Oy has additionally given guarantee to support its fully owned subsidiary Fluido UK Limited in such a way, that Fluido UK is able to
meet all its liabilities as they fall due for at least 12 months from the date of signing of the Annual Accounts.
Fluido Oy has granted to its 100% owned subsidiaries the following loans without collateral :
Fluido Sweden AB € 5,14,868.67 and Fluido UK Limited € 28,59,004.92. Arm’s length interest tied to euribor and libor is charged on both
loans. Rates have varied between 1.4-1.8%. Loan capital will be repaid, when cash flow of the companies is at sufficient level.
Fluido Oy has also granted a capital loan of SEK 53,33,203.10 to Fluido Sweden Ab. The loan is considered equity in Fluido Sweden AB.
Repayment of loan is subject to increase of equity at Fluido Sweden to a level that would allow repayment. Capital loan is interest free.
Fluido Oy has granted Infosys Automotive and Mobility GmbH & Co.KG:lle € 60,00,000 loan of which € 34,87,668.49 eur has been drawn.
Market interest rate is applied which is 12-month euribor + 2.5%.
Fluido Norway AS has granted Infosys Automotive and Mobility GmbH & Co.KG:lle € 50,00,000 loan, of which € 26,00,000 has been drawn.
Market interest rate is applied which is 12-month euribor + 2.5%.
Board proposal for dividend distribution

Board proposes to Annual General Meeting no dividend is distributed.

Consolidated Balance Sheet (In €)
As at December 31,
Particulars
2022 2021
Assets
Non-current assets
Intangible assets
Other long-term assets 16 193,60 19 106,82
Goodwill 548 560,53 1 107 803,52
Intangible total 564 754,13 1 126 910,34
Tangible assets
Machinery and equipment 505 737,88 513 837,23
Tangible total 505 737,88 513 837,23
Total non-current assets 1 070 492,01 1 640 747,57
Current assets
Long-term receivables – Long-term loans 6 158 066,06 -
Other long-term receivables 205 155,82 185 085,60
Total long-term receivables 6 363 221,88 185 085,60
Short-term receivables
Trade debtors 8 206 752,16 9 926 607,66
Other debtors 981 924,54 424 570,04
Prepayments and accrued income 3 912 172,60 2 997 272,56
Total short-term receivables 13 100 849,30 13 348 450,26
Cash 6 741 963,41 7 385 101,74
Total current assets 26 206 034,59 20 918 637,60
Assets total 27 276 526,60 22 559 385,17
Capital and reserves
Share capital 2 500,00 2 500,00
Other reserves 5 508 279,64 5 508 280,03
Retained earnings 6 888 045,76 3 976 120,61
Profit / (loss) of the financial year 3 121 230,69 2 911 925,15
Translation difference (177 385,74) (9 963,93)
Total capital and reserves 15 342 670,35 12 388 861,86
Provisions 13 728,00 94 432,50
Creditors
Long-term creditors 13 301,51 11 506,00
Short-term creditors
Advances received 207 186,46 155 470,96
Trade creditors 1 041 101,88 422 641,55
Other creditors 3 313 491,44 3 350 736,58
Accruals and deferred income 7 345 046,96 6 135 735,72
Total short-term creditors 11 906 826,74 10 064 584,81
Total creditors 11 920 128,25 10 076 090,81
Total equity and liabilities 27 276 526,60 22 559 385,17

Consolidated statement of Profit and Loss (In €)
January 1 to December 31,

Particulars
2022 2021
Revenue 64 149 710,89 50 163 868,27
Other income 164 264,92 26 260,31
Materials and services
Materials
Purchases during year (196 208,79) (162 302,15)
Materials total (196 208,79) (162 302,15)
External services
External services (4 582 903,62) (2 521 531,72)
Materials and services in total (4 779 112,41) (2 683 833,87)
Personnel costs
Salaries (38 742 496,63) (30 611 881,68)
Personnel related costs
Pension costs (4 766 014,74) (3 810 889,87)
Other social costs (4 595 774,34) (3 097 656,94)
Total personnel related costs (9 361 789,08) (6 908 546,81)
Total personnel costs (48 104 285,71) (37 520 428,49)
Other expenses (6 300 330,69) (4 924 823,97)
EBITDA 5 130 247,00 5 061 042,25
Depreciation
Depreciation according to plan (763 864,30) (855 043,58)
Depreciation total (763 864,30) (855 043,58)
EBIT 4 366 382,70 4 205 998,67
Financial income and cost
Other interest income
Other 566 818,80 72 850,52
Total other financial income 566 818,80 72 850,52
Interest expenses & other financial costs
To others (592 935,24) (115 333,42)
Total interest expense & other costs (592 935,24) (115 333,42)
Total financial income and cost (26 116,44) (42 482,90)
Profit before tax 4 340 266,26 4 163 515,77
Income tax (1 219 035,57) (1 251 590,62)
Net profit 3 121 230,69 2 911 925,15

Consolidated Statement of Cash Flow (In €)
January 1 to December 31
Particulars
2022 2021
Operations cash flow
Corrections :
Depreciations 763 864,30 855 043,58
Financial income 26 116,44 42 482,00
Cash flow before change in working capital 5 130 247,00 5 061 041,34
Change in working capital :
Addition to short-term receivables 227 530,74 (4 604 428,01)
Additions to short-term debt 1 585 288,61 311 613,50
Operations cash flow before financial items and tax 6 943 066,35 768 226,83
Paid direct taxes (1 156 130,84) (776 985,48)
Business interests (8 753,20) (42 482,00)
Operations cash flow 5 778 182,31 (51 240,65)
Investments cash flow
Investments to tangible and intangible (193 608,74) (280 647,52)
Long-term loans to group companies (6 000 000,00) –
Investments cash flow (6 193 608,74) (280 647,52)
Funding cash flow
Change in long-term receivables – –
Change in long-term debt – –
Funding cash flow – –
Change of cash position (415 426,43) (331 888,17)
Impact of currencies (227 711,90) 37 272,57
Cash 1.1 7 385 101,74 7 679 717,34
Cash 31.12 6 741 963,41 7 385 101,74

Parent Company Balance Sheet (In €)
As at December 31,
Particulars
2022 2021
Assets
Non-current assets
Tangible assets
Machinery and equipment 338 599,47 355 536,24
Total tangible assets 338 599,47 355 536,24
Investments
Investment in group companies 4 482 574,96 4 482 574,96
Receivables from group companies 3 373 873,59 2 564 370,27
Total investments 7 856 448,55 7 046 945,23
Total non-current assets 8 195 048,02 7 402 481,47
Current assets
Long-term loans to group companies 3 487 668,49 –
Deferred tax asset 158 254,60 129 827,19
Long-term receivables total 3 645 923,09 129 827,19
Short-term receivables
Trade debtors 3 973 294,62 2 834 618,84
Receivables from Group companies 2 861 524,10 5 110 482,52
Other receivables 454 770,31 328 409,66
Prepayments and accrued income 2 435 427,82 1 618 459,53
Short-term receivables Total 9 725 016,85 9 891 970,55
Total receivables 13 370 939,94 10 021 797,74
Cash 2 330 803,42 3 004 195,55
Total current assets 15 701 743,36 13 025 993,29
Total assets 23 896 791,38 20 428 474,76
Equity
Share capital 2 500,00 2 500,00
Other reserves 5 499 123,10 5 499 123,10
Retained earnings 8 472 076,03 6 311 296,06
Profit / (loss) of the financial year 982 982,37 2 160 779,97
Equity total 14 956 681,50 13 973 699,13
Provisions 13 728,00 94 432,50
Creditors
Short-term creditors
Received advances 207 186,46 155 470,96
Accounts payable 558 555,40 212 644,09
Group creditors 2 318 888,87 1 015 208,63
Other creditors 1 554 374,91 1 405 407,43
Accruals and deferred income 4 287 376,24 3 571 612,02
Total short-term creditors 8 926 381,88 6 360 343,13
Total creditors 8 926 381,88 6 360 343,13
Total equity and liabilities 23 896 791,38 20 428 474,76

Parent Company’s Statement of Profit and Loss (In €)
For the period between January 1 to

2022 2021
Revenue 34 736 096,07 28 246 703,34
Other income 31 653,71 26 260,31
Materials and services
Materials
Purchases during year (117 155,00) (162 302,15)
Materials total (117 155,00) (162 302,15)
External services
External services (5 256 110,95) (2 309 953,53)
Materials and services total (5 373 265,95) (2 472 255,68)
Personnel costs
Salaries (19 745 913,57) (16 526 046,29)
Other personnel related costs
Pension costs (3 032 568,60) (2 603 493,47)
Other Personnel related costs (1 154 100,21) (837 876,30)
Other personnel related costs total (4 186 668,81) (3 441 369,77)
Total personnel costs (23 932 582,38) (19 967 416,06)
Other expenses (4 112 802,38) (3 053 904,89)
EBITDA 1 349 099,07 2 779 387,02
Depreciation
Depreciation according to plan (131 361,98) (149 449,67)
Total depreciation (131 361,98) (149 449,67)
EBIT 1 217 737,09 2 629 937,35
Financial income and cost
Other interest income 195 607,43 29 091,98
Other 3 176,07 59 121,14
Total other financial income 198 783,50 88 213,12
Interest expenses & other financial costs
Total others (176 918,31) (19 695,35)
Total interest expense & other costs (176 918,31) (19 695,35)
Total financial income and cost 21 865,19 68 517,77
Income tax (256 619,91) (537 675,15)
Net profit 982 982,37 2 160 779,97

Parent Company’s Statement of Cash Flow (In €)
For the period between January 1 to

2022 2021
Operations cash flow
Corrections :
Depreciations 131 361,98 149 449,67
Change in accruals (80 704,50) 0
Financial income and cost (21 865,19) (68,517,77)
Other non-cash items (63 473,05)
Cash flow before change in working capital 1 204 921,52 2 779 387,02
Change in working capital:
Addition to short-term receivables 196 507,13 (1 701 716,61)
Additions to short-term debt 2 661 204,66 539 070,03
Operations cash flow before financial items and tax 4 062 633,31 1 616 740,44
Business interests (1 587,54) 39 425,79
Paid direct taxes (809 171,75) (573 575,60)
Operations cash flow 3 251 874,02 1 082 590,63
Investments cash flow
Investments to tangible and intangible (114 425,21) (197 747,42)
Long-term loans to group companies (3 400 000,00) (802 868,65)
Change in subsidiary receivables (410 840,94) (1 497 381,32)
Interest income from subsidiaries – 29 091,98
Investments cash flow (3 925 266,15) (2 468 905,41)
Funding cash flow
Paid increase of equity – –
Change in long-term receivables – –
Funding cash flow – –
Change in cash position (673 392,13) (1 386 314,78)
Cash 1.1 3 004 195,55 4 390 510,33
Cash 31.12 2 330 803,42 3 004 195,55

Notes to Annual Accounts
Principles for accounting
Annual Accounts have been prepared according to current legislation and other stipulations regarding preparations of the Accounts.
All subsidiaries, Fluido Sweden AB, Fluido Norway A/S, Fluido Denmark A/S ja Fluido Slovakia s.r.o, Infosys Fluido UK Ltd ja Infosys Fluido
Ireland Ltd have been consolidated into the consolidated accounts. Consolidations have been done according to acquisition method
in accounting. All intra group ownership, receivables, debts, internal margins and other transactions have been eliminated. The foreign
currency income statements of the subsidiaries have been combined with the average exchange rate of the Bank of Finland for 2022, and
the balance sheets with the exchange rate of the balance sheet date of December 31, 2022.
Valuation principles for assets

Non-current assets are valued at cost minus depreciation.
Receivables and other financial assets have been valued as per Accounting Act Chapter 5 Section 2.
Depreciation methods
Asset are depreciated according to plan.
Depreciation schedule is :
Intangibles 5 years
Tangibles 25% residual depreciation
Goodwill 5 years
Statement of Profit and Loss – Additional information

Revenue by region
(In €)
Group Parent
Particulars
2022 2021 2022 2021
Finland 21 138 206,86 19 276 514,14 21 138 206,86 19 276 514,14
Europe 20 345 176,63 17 925 697,56 5 971 243,79 3 862 191,88
Other 22 666 327,40 12 961 656,42 7 626 645,42 5 107 997,23
Total 64 149 710,89 50 163 868,27 34 736 096,07 28 246 703,34
Audit fees
(In €)
Group Parent
Particulars
2022 2021 2022 2021
Audit 91 499,81 55 046,00 42 290,00 20 600,00
Other 1 924,46 1 675,00 – –
Total 93 424,27 56 721,00 42 290,00 20 600,00

Balance Sheet – Additional information
Details of non-current assets
(In €)
Group Parent
Particulars
2022 2021 2022 2021
Non-current assets
Acq. cost at beginning of year 189 060,34 189 060,34 160 856,70 160 856,70
Additions – – – –
Acq cost December 31 189 060,34 189 060,34 160 856,70 160 856,70
Accumul. depreciation January 1 (170 359,50) (138 951,23) (160 856,70) (131 000,60)
Depreciation cur. Year (1 481,57) (31 408,27) – (29 856,10)
Accumul. depreciation December 31 (171 841,07) (170 359,50) (160 856,70) (160 856,70)
Currency difference (1 025,67) 405,98 – –
Accounting value December 31 16 193,60 19 106,82 – –
Goodwill
Acq. cost at beginning of year 3 297 388,62 3 297 388,62 – –
Additions – – – –
Acq cost December 31 3 297 388,62 3 297 388,62 – –
Accumul. depreciation January 1 (2 237 485,11) (1 601 374,56) – –
Depreciation cur. Year (544 412,79) (636 110,55) – –
Accumul. depreciation December 31 (2 781 897,90) (2 237 485,11) – –
Currency difference 33 069,81 47 900,01 – –
Accounting value December 31 548 560,53 1 107 803,52 – –
Machinery & equipment
Acq. cost at beginning of year 1 130 165,74 834 946,92 795 007,85 597 260,43
Additions 218 440,62 295 218,82 114 425,21 197 747,42
Acq cost December 31 1 348 606,36 1 130 165,74 909 433,06 795 007,85
Accumul. depreciation January 1 (618 262,29) (430 737,53) (439 471,61) (319 878,04)
Depreciation cur. year (217 969,94) (187 524,76) (131 361,98) (119 593,57)
Accumul. depreciation December 31 (836 232,23) (618 262,29) (570 833,59) (439 471,61)
Currency difference (6 636,25) 1 933,78 – –
Accounting value December 31 505 737,88 513 837,23 338 599,47 355 536,24
Investments
Acq. cost at beginning of year – – 3 679 706,31 3 679 706,31
Additions – – 802 868,65 –
Acq cost December 31 – – 4 482 574,96 3 679 706,31

Prepayments and accrued income
(In €)
Group Parent
Particulars
2022 2021 2022 2021
Unbilled sales 2 773 534,31 2 527 190,16 1 652 176,38 1 317 206,13
Tax related receivables 428 958 ,52 _ 428 958 ,52 _
Other receivables 709 679,77 470 082,40 354 292,92 301 253,40
Total 3 912 172,60 2 997 272,56 2 435 427,82 1 618 459,53
Group structure
Fluido group ultimate parent is Infosys Ltd, domiciled in Bangalore, India. Infosys financial statements are available at Infosys Ltd web
page www.infosys.com.
Ownership in other entities

(In €)
Name and residence Ownership (%)

Fluido Sweden AB 100 %
Fluido Denmark A/S 100 %
Fluido Norway AS 100 %
Fluido Slovakia s.r.o 100 %
Infosys Fluido UK, Ltd 100 %
Infosys Fluido Ireland Ltd 100%
Receivables from group companies

(In €)

Long term
Capital loans 514 868,67 514 868,57
Other long-term loans 2 859 004,92 2 049 501,60
Infosys group 3 487 668,49 _
Total 6 861 542,08 2 564 370,17
Short term
Trade receivables 2 861 524,10 4 647 604,38
Other receivables – 462 878,14
TOTAL 2 861 524,10 5 110 482,52

Deferred taxes
Deferred tax is booked from temporary differences related to cost accruals. In group statements there are deferred tax
bookings related to losses.
(In €)
2022 2021
Particulars
Group Parent Group Parent
Tax for the year 1 248 135,57 284 884,44 1 130 345,42 573 575,60
Change in deferred taxes (29 099,99) (28 264,53) 121 245,20 (35 900,45)
TOTAL 1 219 035,58 256 619,91 1 251 590,62 537 675,15
Changes in equity
(In €)
2022 2021
Particulars
Group Parent Group Parent
Share capital 2 500,00 2 500,00 2 500,00 2 500,00
Other reserves 5 508 279,64 5 499 123,10 5 508 280,03 5 499 123,10
Translation difference (177 385,74) – (9 963,93) –
Retained earnings 6 888 045,76 8 472 076,03 3 976 120,61 6 311 296,06
Dividends – – – –
Own share purchase – – – –
Profit for the year 3 121 230,69 982 982,37 2 911 925,15 2 160 779,97
Total available equity 15 340 170,35 14 954 181,50 12 386 361,86 13 971 199,13
Total equity 15 342 670,35 14 956 681,50 12 388 861,86 13 973 699,13
Calculation of distributable equity according to Company Act 13:5§ :

(In €)
Other reserves 5 499 123,10

Retained earnings 8 472 076,03
Profit for the year 982 982,37
Total available equity 14 954 181,50
Capitalised development costs –
Total available equity for dividend 14 954 181,50
Debts to group companies

(In €)

Creditors 2 318 888,87 1 015 208,63
Other group debt – –
Total 2 318 888,87 1 015 208,63
Other accrued debts

(In €)
Group Parent
Particulars
2022 2021 2022 2021
Salary related 6 237 450,26 5 584 767,45 3 948 953,39 3 337 727,47
Tax related 722 379,18 95 165,55 (0,36) 95 165,55
Other 385 217,50 455 802,72 338 423,21 138 719,00
Total 7 345 046,94 6 135 735,72 4 287 376,24 3 571 612,02

Group transactions with related party
During the financial year, Fluido Oy had group sales worth € 1,22,13,252.36 and group purchases of € 33,60,177.89. Sales and purchases
have been carried out at normal commercial terms.
Personnel
Average personnel
(In €)
Group Parent
2022 2021 2022 2021
458 382 205 194
Other liabilities
Keva (facilities landlord), rental guarantee for Espoo office € 1,22,541.81. Lease will end on February 28,2023. Fluido Oy can end lease by
giving notice of three months and paying five months’ rent. Future rent liability to Keva is € 1,99,036.30 eur and to others € 13,769.40.
Company renewed lease and liability related to new lease is € 6,29, 950.08 from March 1,2023 onwards.
Guarantees and related party loans

The parent company has issued a letter of support providing the Fluido Denmark A/S with sufficient liquidity to meet its current and
future liabilities as they fall due.
Fluido Oy has additionally given guarantee to support its fully owned subsidiary Fluido UK Limited in such a way, that Fluido UK is able to
meet all its liabilities as they fall due for at least 12 months from the date of signing of the Annual Accounts.
Fluido Oy has granted to its 100% owned subsidiaries the following loans without collateral :
Loan to Fluido Sweden AB was € 5,14,868.67 and to Fluido UK Limited was € 28,59,004.92. Arm’s length interest tied to Euribor and
Libor is charged on both loans. Rates have varied between 1.4-1.8%. Loan capital will be repaid, when cash flow of the companies is
at sufficient level.
Fluido Oy has also granted a capital loan of SEK53,33,203.10 to Fluido Sweden AB. The loan is considered equity in Fluido Sweden AB.
Repayment of loan is subject to increase of equity at Fluido Sweden to a level that would allow repayment. Capital loan is interest free.
Fluido Oy has granted Infosys Automotive and Mobility GmbH & Co.KG:an unsecured loan € 60,00,000 no collateral loan, of which
€ 34,87,668.49 has been drawn. Market interest rate is applied which is 12-month euribor + 2.5%.
Fluido Norway AS has granted Infosys Automotive and Mobility GmbH & Co.KG:lle € 50,00,000 no collateral loan, of which € 26,00,000 has
been drawn. Market interest rate is applied which is 12- month euribor + 2.5%.
Thomas Johanson Dinesh Ramakrishna

CEO Chairman of the Board
Jasmeet Singh
Board Member
Auditor signature
Audit statement has been given with this date
Jani Käsnänen, KHT

Auditia Oy, publicly certified auditing firm

List of Accounting Materials
Daily ledger Electronic

General ledger Electronic
Annual Accounts Electronic / physical
Balance Sheet specifications Electronic / physical
Various accounting material types and method of preserving
Sales invoices Electronic

Purchase invoices Electronic
E-invoices Electronic
Travels expense claims Electronic
Salaries Electronic
Bank statements Electronic
VAT calculations Electronic
Periodical tax returns Electronic


Kaleidoscope Animations, Inc.
Infosys Subsidiary Financials Report 2022-23 Kaleidoscope Animations, Inc. | 549

To the Board of Directors of Kaleidoscope Animations, Inc.:
Opinion
We have audited the consolidated financial statements of Kaleidoscope Animations, Inc. and subsidiary (the “Company”), which
comprises the consolidated Balance Sheets as of December 31, 2022 and 2021, and the related consolidated Statements of Income
and Comprehensive Income, Changes in Stockholder’s Equity, and cash flows for the years then ended, and the related notes to the
consolidated financial statements (collectively referred to as the “financial statements”).
December 31, 2022 and 2021, and the results of its operations and its cash flows for the years then ended in accordance with accounting
principles generally accepted in the United States of America.
Basis for Opinion
We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our
Emphasis of Matter
As discussed in Note 1 of the accompanying financial statements, the Company adopted Accounting Standard Update 2016-02—Leases
(Topic 842), on January 1, 2022. Our opinion is not modified with respect to this matter.
Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the
aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date that the
financial statements are available to be issued.

the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.
Deloitte & Touche LLP

Date: May 25, 2023
550 | Kaleidoscope Animations, Inc. Infosys Subsidiary Financials Report 2022-23
(In US$)
As at December 31,
Particulars
2022 2021
ASSETS
CURRENT ASSETS:
Contract receivables 8,951,250 7,004,060
Prepaid expenses and other current assets 386,572 268,191
PROPERTY AND EQUIPMENT—Net 940,748 1,061,073
OTHER ASSETS:
Deposits 46,198 27,540
Deferred taxes—net 115,953 318,645
Operating lease right-of-use asset—net 1,803,085 –
Total other assets 1,965,236 346,185
TOTAL ASSETS 18,570,702 13,404,139
LIABILITIES AND STOCKHOLDER’S EQUITY
CURRENT LIABILITIES:
Accounts payable 286,550 253,746
Accrued expenses 646,732 685,295
Short-term operating lease liability 461,619 –
Other short-term payable 18,360 108,212
Unearned revenue 1,312,072 818,033
LONG-TERM LIABILITIES—
Operating lease liabilities—net of current portion 1,353,214 –
Total long-term liabilities 1,353,214 –
STOCKHOLDER’S EQUITY:
Common stock—authorized 429,150 shares, no par value; 429,150 shares issued and outstanding
Additional paid-in capital 4,512,008 4,512,008
Total stockholder’s equity 14,492,155 11,538,853
TOTAL LIABILITIES AND STOCKHOLDER’S EQUITY 18 570 702 13,404,139
See notes to consolidated financial statements.

Consolidated Statements of Income and comprehensive income
(In US$)
For years ended December 31,

Amount % of Revenue Amount % of Revenue
REVENUE 35,700,693 100.0 % 33,316,819 100.0 %
COST OF REVENUE 25,672,366 71.9 21,874,488 65.7
GROSS PROFIT 10,028,327 28.1 11,442,331 34.3
OPERATING EXPENSES:
Salaries and related expenses 2,873,026 8.0 2,543,264 7.6
Occupancy and office expenses 1,113,460 3.3 781,641 2.3
Real estate and other taxes expenses 144,244 0.4 208,355 0.6
Travel, meals, and entertainment expenses 383,299 1.1 299,653 0.9
Information technology expenses 608,966 1.7 512,132 1.5
Insurance expenses 5,265 56,396 0.2
Departmental and other staff-related expenses 335,393 0.9 309,145 0.9
Professional fees 702,969 2.0 788,150 2.4
Total operating expenses 6,166,622 17.5 5,498,736 16.5
OPERATING INCOME 3,861,705 10.6 5,943,595 17.8
OTHER INCOME (EXPENSES):
Other income 31,931 0.1
Interest expenses (3,507)
Depreciation and amortization (323,561) (0.9) (256,533) (0.8)
Provision for income taxes (616,773) (1.7) (424,166) (1.3)
Total other income (expenses) (908,403) (2.6) (684,206) (2.1)
NET INCOME AND TOTAL COMPREHENSIVE INCOME 2,953,302 8.0 % 5,259,389 15.8 %

Consolidated Statements of Changes in Stockholder’s Equity
(In US$)
Particulars Paid In Capital Retained Earnings Total

Balance—January 1, 2021 4,512,008 1,767,456 6,279,464
Plus: net income and total comprehensive income 5,259,389 5,259,389
Balance—December 31, 2021 4,512,008 7,026,845 11,538,853
Plus: net income and total comprehensive income 2,953,302 2,953,302
Balance—December 31, 2022 4,512,008 9,980,147 14,492,155

Consolidated Statements of Cash Flows
(In US$)
For years ended December 31,

Particulars
2022 2021
Net income 2,953,302 5,259,389
Adjustments to reconcile net income to net cash provided by operating activities:
Non-cash operating lease expense 11,748 –
Deferred income tax expense 202,692 (331,144)
Changes in operating assets and liabilities:
Contract receivables (1,947,189) (1,104,663)
Other current assets (118,381) 87,074
Change in deposits (18,658) (3,900)
Accounts payable 32,804 (234,056)
Accrued expenses (38,563) (153,443)
Other short-term payable (89,852) 83,212
Unearned revenue 494,039 (25,975)
Net cash provided by operating activities 1,805,503 3,833,027
Purchase of fixed assets (203,237) (286,787)
Proceeds from sales of fixed assets
Net increase in cash and cash equivalents 1,602,266 3,546,240
Beginning cash and cash equivalents 4,724,630 1,178,390
Ending cash and cash equivalents 6,326,896 4,724,630
Interest paid – 3,507
Income taxes paid 692,428 818,473
Noncash financing and investing activities consist of:
Operating lease right-of-use assets and liabilities 2,122,341 –

Notes to consolidated financial statements
1. Basis of presentation and summary of Use of Estimates
significant accounting policies The preparation of financial statements in conformity with
accounting principles generally accepted in the United States
General Information of America requires management to make estimates and
Kaleidoscope Animations, Inc. (“Animations” or the “Company”) is assumptions that affect the reported amounts of assets and
a full-service insights, design, and development firm innovating liabilities, the disclosures of contingent assets and liabilities at the
across medical, consumer, and industrial markets. date of the financial statements, and the reported amounts of
revenues and expenses during the reporting period. Accordingly,
These consolidated financial statements include the accounts actual results could differ from those estimates.
of its wholly-owned subsidiary Kaleidoscope Prototyping
(“Prototyping”), which manufacturers prototypes based on Cash and Cash Equivalents
specifications requested by customers. All intercompany
transactions have been eliminated. Animations and Prototyping Cash and cash equivalents include cash on hand, amounts on
are headquartered in Cincinnati, Ohio, with customer bases deposit, and a certificate of deposit with an original maturity of
concentrated in southwest Ohio. less than three months at financial institutions.
On October 9, 2020, Animations was purchased by Infosys Contract Receivables

Nova Holdings, LLC. However, Animations elected not to
Contract receivables are stated at their contractual outstanding
apply push-down accounting. Accordingly, the consolidated
balances, net of any allowance for doubtful accounts. Accounts
financial statements are presented at the Company’s
are considered past due if any portion of an account has not been
historical carrying amounts.
paid in full within the contractual terms of the account. Contract
receivables are generally based on amounts billed and currently
Basis of Accounting due from customers and amounts currently due but unbilled.
The accompanying consolidated financial statements have been
prepared in accordance with accounting principles generally The Company begins to assess its ability to collect receivables
accepted in the United States of America using the accrual that are more than 120 days past due and provides for an
method of accounting. adequate allowance for doubtful accounts based on the
Company’s collection history, the financial stability and recent
payment history of the customer, and other pertinent factors.
Accounting Principles Adopted
Receivables are written off as uncollectible after the Company
In February 2016, the Financial Accounting Standards Board has used reasonable collection efforts and deems them
(FASB) issued Accounting Standards Update (ASU) 2016-02, uncollectible. Based on these criteria, no allowance for doubtful
Leases (Topic 842), which supersedes existing guidance for accounts has been provided at December 31, 2022 and 2021.
accounting for leases under Topic 840, Leases. FASB also
subsequently issued the following additional ASUs, which amend It is management’s policy not to accrue interest on past-
and clarify Topic 842: ASU 2018-01, Land Easement Practical due accounts as they are typically difficult to collect.
Expedient for Transition to Topic 842; ASU 2018-10, Codification There was no bad debt expense for the years ended
Improvements to Topic 842, Leases; ASU 2018 11, Leases (Topic December 31, 2022 and 2021.
842): Targeted Improvements; ASU 2018-20, Narrow-scope
Improvements for Lessors; and ASU 2019-01, Leases (Topic 842): Property and Equipment
Codification Improvements. The most significant change in the Property and equipment are presented at cost less accumulated
new leasing guidance is the requirement to recognize right- depreciation. Depreciation is provided using the straight-line
of-use (ROU) assets and lease liabilities for operating leases method over the estimated useful lives of the assets, which range
on the Balance Sheet. from 3 to 15 years for furniture and equipment and software and
The Company adopted this ASU effective January 1, 2022, 15 years for leasehold improvements. When assets are retired
using the modified retrospective approach, and utilized the or otherwise disposed of, the cost and related accumulated
practical expedient to not recognize ROU assets and lease depreciation are removed from the accounts, and any resulting
liabilities for leases within an initial term of 12 months or less gain or loss is recognized in the income statement for the period.
on the Balance Sheets. In addition, the Company elected the The cost of maintenance and repairs is charged to expense as
transition package of three practical expedients permitted incurred; significant renewals and betterments are capitalized.
within the standard, which eliminated the requirements to
reassess prior conclusions about lease identification, lease Leases
classification and initial direct costs. The adoption had a material The Company leases certain buildings and equipment.
impact on the Company’s Balance Sheet but did not have a The determination of whether an arrangement is a lease is
material impact on the statement of income. Upon adoption on made at the lease’s inception. Under Accounting Standards
January 1, 2022, the Company recognized ROU assets and lease Codification (ASC) 842, a contract is (or contains) a lease if
liabilities of $1,882,927. it conveys the right to control the use of an identified asset
for a period of time in exchange for consideration. Control is
defined under the standard as having both the right to obtain
substantially all of the economic benefits from use of the asset

and the right to direct the use of the asset. Management only Income Taxes
reassesses its determination if the terms and conditions of the Through October 8, 2020, the Company was an S corporation
contract are changed. for income tax purposes. In lieu of corporate federal and state
Operating leases are included in operating lease right-of-use income taxes, the owners are taxed on their proportionate share
assets, net, short-term operating lease liability, and operating of the Company’s taxable income. Therefore, no provision or
lease liabilities, net of current portion in the Balance Sheet. liability for federal or state income taxes related to the Company
has been included in these consolidated financial statements
ROU assets represent the Company’s right to use an underlying through October 8, 2020.
asset for the lease term and lease liabilities represent the
Company’s obligation to make lease payments arising from the In conjunction with Animation’s acquisition by Infosys Nova, LLC
lease. Operating lease ROU assets and liabilities are recognized on October 9, 2020, the Company changed its status from an S
at the lease commencement date based on the present value corporation to a C corporation. Provisions for income taxes are
of lease payments over the lease term. The Company uses the based on taxes payable or refundable for the current year and
implicit rate when it is readily determinable. As most of the deferred taxes on temporary differences between the amount
Company’s leases do not provide an implicit rate, the Company of taxable income and pretax financial income and between the
adopted the accounting policy election to use the risk-free tax bases of assets and liabilities and their reported amounts in
rate for a term similar to the related lease term. Lease expense the financial statements. Deferred tax assets and liabilities are
for lease payments is recognized on a straight-line basis over included in the consolidated financial statements at currently
the lease term. Lease terms may include options to extend enacted income tax rates applicable to the period in which the
or terminate the lease when it is reasonably certain that the deferred tax assets and liabilities are expected to be realized or
Company will exercise those options. settled as prescribed in FASB ASC 740, Income Taxes. As changes
in the tax laws or rates are enacted, deferred tax assets and
The Company has lease agreements with lease and non-lease liabilities are adjusted through the provision for income taxes.
components, which are generally accounted for separately with
amounts allocated to the lease and non-lease components based In assessing the realizability of deferred tax assets, management
on stand-alone prices. considers the likelihood that some or all of the deferred tax
assets will not be realized. The ultimate realization of deferred
Certain building lease agreements include provisions for variable tax assets is dependent upon the generation of future taxable
rent payments, which relate to real estate taxes paid under two income during the periods in which those temporary differences
leases. As these amounts vary from year-to-year, these variable become deductible. Management considers the scheduled
costs are expensed as incurred. None of the Company’s lease reversal of temporary differences and projected future taxable
agreements contain any material residual value guarantees. income in making this assessment.
The Company has elected to recognize payments for short-
term leases with a lease term of 12 months or less as expense as Uncertain Tax Positions
incurred and these leases are not included as lease liabilities or The Company is required to recognize, measure, classify, and
right-of-use assets on the Balance Sheets. disclose in the consolidated financial statements uncertain
tax positions taken or expected to be taken in the Company’s
Revenue, Cost Recognition and Contract Assets and tax returns. Management has determined that the Company
Liabilities does not have any uncertain tax positions and associated
The Company follows the practical expedient whereby costs unrecognized benefits that materially impact the consolidated
incurred to obtain a contract are expensed as incurred when financial statements or related disclosures. Since tax matters
the amortization period is one year or less. All of the Company’s are subject to some degree of uncertainty, there can be no
revenue is recognized over time as the Company satisfies its assurance that the Company’s tax returns will not be challenged
performance obligations by performing consulting services, by the taxing authorities and that the Company will not be
on-site services to customers, or prototyping work. There are no subject to additional tax, penalties, and interest as a result of
performance obligations satisfied at a point in time. such challenge. The Company believes it is no longer subject to
income tax examinations for years ended prior to December 31,
For contracts based on time and materials, revenue is recorded 2018. The Company’s policy with regard to interest and penalty,
as the hours are incurred. For fixed rate contracts, the Company if incurred, is to recognize interest through interest expense and
recognizes revenue over time as performance obligations penalties through other expenses.
progress under statements of work or purchase orders primarily
based on labor hours incurred or milestones reached. The Advertising Costs
revenue earned in a period is based on the ratio of hours
Advertising is expensed as incurred. Advertising costs for the
incurred to total estimated hours required by the contract, as the
year ended December 31, 2022, were $169,041 (2021—$10,129)
Company believes this output method best depicts the transfer
and are included in occupancy and office expenses in the
of value to the customer. The majority of the projects do not
consolidated statement of income and comprehensive income.
contain variable consideration.
Contracts are billed as work progresses in accordance with Impairment of Long-Lived Assets
agreed-upon contractual terms at periodic intervals or
The Company reviews long-lived assets for impairment whenever
upon achievement of contractual milestones. Billings do not
events or changes in circumstances indicate the carrying
necessarily correlate with revenues recognized under the labor
amount of an asset may not be recoverable. Recoverability
hours output method. The Company records contract assets and
of assets to be held and used is measured by comparison of
contract liabilities to account for these differences in timing.
the carrying amount of an asset to future undiscounted net

cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is
measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are
reported at the lower of carrying amount or the fair value less the costs to sell. Management has determined that no impairment exists at
December 31, 2022 or 2021.
Recently Issued Significant Accounting Standards

In June 2016, the FASB issued its final standard on measurement of credit losses on financial instruments. This standard, issued as ASU
2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, requires that an entity
measure impairment of certain financial instruments, including trade receivables, based on expected losses rather than incurred losses.
This update is effective for financial statement periods beginning after December 15, 2022, with early adoption permitted. The Company
is currently in the process of evaluating the impact of adoption of this ASU on its consolidated financial statements.
2. Contract receivables and contract liabilities

Contract Receivables, net on the Balance Sheet consist of the following:
(In US$)
As at December 31,
Particulars
2022 2021
Contracts in progress—billed 8,304,156 6,682,483
Contracts in progress—unbilled 647,094 321,577
8,951,250 7,004,060
The Company’s only contract liability is unearned revenue, which represents payments received in advance of services performed. The
following table depicts activities for contract liabilities:
(In US$)
Revenue
Recognized Cash Received Balance at
Balance at December 31, 2020 Refunds Issued Included in in Advance of December 31,
December 31, Performance 2021
2020 Balance
844,088 – 844,088 818,033 818,033
Revenue
Cash Received Balance at
Recognized
Balance at December 31, 2021 Refunds Issued in Advance of December 31,
Included in Dec.
Performance 2022
31, 2021 Balance
818,033 – 818,033 1,312,072 1,312,072
The Company expects to recognize the balance in unearned revenue as revenue within the next year.
3. Property and equipment

At year-end, property and equipment consisted of:
(In US$)
As at December 31,
Particulars
2022 2021
Furniture and equipment 1,906,899 1,703,663
Leasehold improvements 36,510 36,510
Software 8,870 8,870
Subtotal 1,952,279 1,749,043
Less: accumulated depreciation (1,011,531) (687,970)
Net book value 940,748 1,061,073

Depreciation expense for the years ended was $323,561 and 5. Concentrations, risks and uncertainties
$256,533, for 2022 and 2021, respectively.
The Company maintains cash balances at one financial
institution. At times, the cash account may exceed federally
4. Income taxes insured limits of $250,000. At December 31, 2022, the amount
As discussed in Note 1, Animations was purchased by Infosys uninsured was $3,928,269 (2021—$4,355,492).
Nova, LLC on October 9, 2020, and the Company changed its The Company generated approximately 59% of its external
status from a S corporation to a C corporation. At that time, the sales from three customers during 2022 (2021—56% from three
Company became subject to and pays taxes as a C corporation. customers). The top three customers represent 34%, 13%, and
The Company recognized a net deferred tax liability in the 12% of external sales (2021—28%, 15%, and 13%). At December
amount of $87,392 for existing temporary differences at the time 31, 2022, approximately 75% of Contract Receivables are due
of the change in tax status. from three customers (2021—71% from three customers). The
The provision for taxes on income consists of the following: top three customers represent 62%, 8%, and 6% of Contract
Receivables (2021—50%, 16%, and 5%).
(In US$)
Particulars As at December 31, 6. Retirement plan

2022 2021 The Company sponsors a 401(k) retirement plan covering all
Current tax expense: employees who are 21 years old and have completed at least
one year of service based on employment status of at least
Federal 288,195 659,502
1,000 service hours per year. Employees may enter the plan on
State 125,886 95,808 either January 1, April 1, July 1, or October 1. Participants are
414,081 755,310 vested over a six-year period at 20% per year beginning in year
two. There is also a discretionary employer match in which the
Deferred tax benefit (expense): Company has the discretion to make a matching contribution
Federal 178,312 (286,528) to the plan in a pro rata formula based on compensation. There
State 24,380 (44,616) was $213,281 of discretionary contributions expensed in the
consolidated statement of income and comprehensive income
202,692 (331,144)
in cost of revenue and salaries and related expenses on behalf of
Total provision for income taxes 616,773 424,166 the Company’s employees in 2022 (2021—$169,899).
FASB ASC requires the following disclosure of the Company’s

7. Leasing activities
total deferred tax assets and liabilities at year-end: Other than short-term leases, the Company is a party to five
operating leases, with lease terms ranging from two to eight
(In US$) years. The Company leases its corporate headquarters and
As at December 31, the buildings in which it operates and also leases equipment
Particulars for use in its labs.
2022 2021
Deferred tax asset: The quantitative information concerning the Company’s
operating leases for the year ended December
Accrued expenses 21,946 92,053 31, 2022 is as follows:
Rou liabilities 453,708
1,022,654 764,585 (In US$)
Intangibles
1,498,308 856,638 Lease costs included in occupancy and office
expenses:
Deferred tax liability:
Operating lease cost 380,325
Property and equipment, net (235,187) (257,522)
Short-term lease cost 19,600
Goodwill (683,500) (273,965)
Variable lease cost 60,100
Rou assets (450,771)
Net lease costs 460,025
Other current assets (12,897) (6,506)
Other information:
(1,382,355) (537,993)
Operating lease—operating cash flows (fixed 444,378
Net deferred tax asset 115,953 318,645 payments)
Operating lease—operating cash flows (liability 383,309
reduction)
There were no valuation allowances for deferred tax assets
at December 31, 2022 and 2021. There are no net operating
loss carryforwards. Management does not believe that any
reasonably possible changes will occur within the next 12
months that will have a material impact on the consolidated

The weighted average remaining lease term and discount rate as
of December 31, 2022 is as follows:
Weighted average lease term—operating leases 4.87 years

Weighted average discount rate—operating leases 4.00 %
Maturities of Lease Liabilities as of December 31,

2022 were as follows:
(In US$)
2023 511,394
2024 409,254
2025 269,298
2026 264,012
2027 271,001
Thereafter 230,689
Total lease payments 1,955,648
Less: interest (140,815)
Present value of lease payments 1,814,833
8. Related party transactions

generated $4,213,891 (2021—$1,505,025) of revenue from entities
affiliated with Infosys Nova Holdings, LLC. Included in contract
receivables at December 31, 2022 is $693,255 (2021—$373,131)
due from Infosys. The Company provided product development,
design and engineering services as part of various medical
technology and industrial customer solutions.
Related party payables due to Infosys were $75,241 at
December 31, 2022 (2021—$0).
In preparing these consolidated financial statements, the
Company has evaluated events and transactions for potential
recognition or disclosure through May 25, 2023, the date the
consolidated financial statements were available to be issued.
Management has determined that there were no events that
occurred that require additional disclosure.


Infosys Technologies (Sweden) AB
Infosys Subsidiary Financials Report 2022-23 Infosys Technologies (Sweden) AB. | 561
To the general meeting of the shareholders of Infosys Technologies (Sweden) AB corporate identity number 556779-1040
Report on the annual accounts

Opinions
We have audited the annual accounts of Infosys Technologies (Sweden) AB for the financial year 2022-01-01 - 2022-12-31.
In our opinion, the annual accounts have been prepared in accordance with the Annual Accounts Act and present fairly, in all material
respects, the financial position of Infosys Technologies (Sweden) AB as of 31 December 2022 and its financial performance and cash flow
for the year then ended in accordance with the Annual Accounts Act. The statutory administration report is consistent with the other
parts of the annual accounts.
We therefore recommend that the general meeting of shareholders adopts the income statement and balance sheet.
Basis for Opinions
We conducted our audit in accordance with International Standards on Auditing (ISA) and generally accepted auditing standards in
Sweden. Our responsibilities under those standards are further described in the Auditor’s Responsibilities section. We are independent
of Infosys Technologies (Sweden) AB in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled our
ethical responsibilities in accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions.
Responsibilities of the Board of Directors
The Board of Directors are responsible for the preparation of the annual accounts and that they give a fair presentation in accordance
with the Annual Accounts Act. The Board of Directors are also responsible for such internal control as they determine is necessary to
enable the preparation of annual accounts that are free from material misstatement, whether due to fraud or error.
In preparing the annual accounts, The Board of Directors are responsible for the assessment of the company’s ability to continue as a
going concern. They disclose, as applicable, matters related to going concern and using the going concern basis of accounting. The
going concern basis of accounting is however not applied if the Board of Directors intends to liquidate the company, to cease operations,
or has no realistic alternative but to do so. The going concern basis of accounting is however not applied if the Board of Directors intends
to liquidate the company, to cease operations, or has no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the annual accounts as a whole are free from material misstatement,
whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of
assurance, but is not a guarantee that an audit conducted in accordance with ISAs and generally accepted auditing standards in Sweden
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of
these annual accounts.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout
the audit. We also:
• Identify and assess the risks of material misstatement of the annual accounts, whether due to fraud or error, design and perform audit
procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinions.
The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of the company’s internal control relevant to our audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company’s internal
control.
made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting in preparing the annual
accounts. We also draw a conclusion, based on the audit evidence obtained, as to whether any material uncertainty exists related to
events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a
material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the annual accounts
or, if such disclosures are inadequate, to modify our opinion about the annual accounts. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to
continue as a going concern.
• Evaluate the overall presentation, structure and content of the annual accounts, including the disclosures, and whether the annual
accounts represent the underlying transactions and events in a manner that achieves fair presentation.
562 | Infosys Technologies (Sweden) AB. Infosys Subsidiary Financials Report 2022-23
We must inform the Board of Directors of, among other matters, the planned scope and timing of the audit. We must also inform of
significant audit findings during our audit, including any significant deficiencies in internal control that we identified.
Report on other legal and regulatory requirements

Opinions
In addition to our audit of the annual accounts, we have also audited the administration of the Board of Directors of Infosys Technologies
(Sweden) AB for the financial year 2022-01-01 - 2022-12-31 and the proposed appropriations of the company’s profit or loss.
We recommend to the general meeting of shareholders that the profit to be appropriated in accordance with the proposal in the
statutory administration report and that the members of the Board of Directors be discharged from liability for the financial year.
Basis for Opinions
We conducted the audit in accordance with generally accepted auditing standards in Sweden. Our responsibilities under those standards
are further described in the Auditor’s Responsibilities section. We are independent of Infosys Technologies (Sweden) AB in accordance
with professional ethics for accountants in Sweden and have otherwise fulfilled our ethical responsibilities in accordance with
these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinions.
Responsibilities of the Board of Directors
The Board of Directors is responsible for the proposal for appropriations of the company’s profit or loss. At the proposal of a dividend,
this includes an assessment of whether the dividend is justifiable considering the requirements which the company’s type of operations,
size and risks place on the size of the company’s equity, consolidation requirements, liquidity and position in general.
The Board of Directors is responsible for the company’s organization and the administration of the company’s affairs. This includes
among other things continuous assessment of the company’s financial situation and ensuring that the company’s organization
is designed so that the accounting, management of assets and the company’s financial affairs otherwise are controlled in
a reassuring manner.
Our objective concerning the audit of the administration, and thereby our opinion about discharge from liability, is to obtain audit
evidence to assess with a reasonable degree of assurance whether any member of the Board of Directors in any
• has undertaken any action or been guilty of any omission which can give rise to liability to the company, or
• in any other way has acted in contravention of the Companies Act, the Annual Accounts Act or the Articles of Association.
Our objective concerning the audit of the proposed appropriations of the company’s profit or loss, and thereby our opinion about this, is
to assess with reasonable degree of assurance whether the proposal is in accordance with the Companies Act.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with generally accepted
auditing standards in Sweden will always detect actions or omissions that can give rise to liability to the company, or that the proposed
appropriations of the company’s profit or loss are not in accordance with the Companies Act.
As part of an audit in accordance with generally accepted auditing standards in Sweden, we exercise professional judgment and
maintain professional scepticism throughout the audit. The examination of the administration and the proposed appropriations of
the company’s profit or loss is based primarily on the audit of the accounts. Additional audit procedures performed are based on our
professional judgment with starting point in risk and materiality. This means that we focus the examination on such actions, areas
and relationships that are material for the operations and where deviations and violations would have particular importance for the
company’s situation. We examine and test decisions undertaken, support for decisions, actions taken and other circumstances that are
relevant to our opinion concerning discharge from liability. As a basis for our opinion on the Board of Directors’ proposed appropriations
of the company’s profit or loss we examined whether the proposal is in accordance with the Companies Act.
Östersund, 2023
Deloitte AB
Signature on Swedish original
Jonas Lindgren
Authorized Public Accountant
Date: May 26, 2023
Directors’ Report
Information about the company
The company offers comprehensive technical solutions where the company’s customers can improve their business results. The
company’s business is to provide solutions that covers the entire software lifecycle regarding technical consulting, design, development,
change, maintenance, system integration, package evaluation and implementation, testing and infrastructure management.
The company is headquartered in Stockholm.
Significant events during the financial year

No significant events during the financial year.
Expected future prospects and significant risks and uncertainties.

The impact of Covid-19 has come to an end from financial year 2022 and the company is forecasting stable growth in the future.
(in SEK ‘000)

Multi-year overview (Tkr) 2022 2021 2020 2019 2018
Net turnover 256,566 225,745 143,030 74,056 82,170
Profit / loss after financial items 62,472 41,292 19,041 6,596 2,817
Balance Sheet total 257,797 172,495 145,895 55,530 49,557
Equity / assets ratio (%) 59.41% 58.48% 41.58% 74.98% 70.70%
Number of employees 37 34 31 44 52
Changes in equity
(In SEK)
Particulars Retained Profit Profit / loss this

Share capital Total
/ loss year
Amount at the opening of the year 100,000 60,575,487 40,207,972 100,883,459
– 40,207,972 (40,207,972) –
Profit / loss for the year – – 52,287,174 52,287,174
Amount at the closing of the year 100,000 100,783,459 52,287,174 153,170,633
Proposals for profit allocation

The Board of Directors recommends that the profit / loss and brought forward profits available for disposition (SEK) :
(In SEK)
Profit carried forward 100,783,459
Profit for the year 52,287,174
153,070,633
Be distributed so that they are :
Carried over 153,070,633
The company’s earnings and financial position in general are indicated in the following income statement and Balance Sheet as well as
the cash flow analysis with notes.
Income statement
(In SEK)

Particulars Note
2022 2021
Net turnover 2 256,556,365 225,744,823
Total operating income 256,556,365 225,744,823
Operating expenses
Other external costs 3, 4 (128,070,313) (128,593,880)
Personnel costs 5 (58,999,726) (53,599,132)
Depreciation / amortization and impairment of property, plant and equipment (33,604) (33,604)
and intangible assets
Total operating expenses (187,103,643) (182,226,616)
Operating profit / loss 6 69,452,722 43,518,207
Fnancial items
Other interest income and similar profit / loss items 7 204,054 –
Interest expense and similar profit / loss items 8 (4,184,055) (2,226,467)
Total financial items (3,980,001) (2,226,467)
Profit / (loss) before tax 65,472,721 41,291,740
Tax on profit for the year 9 (13,185,547) (1,083,768)
Net profit / loss for the year 52,287,174 40,207,972
Balance Sheet
(In SEK)
As at December 31,
Particulars Note
2022 2021
Assets
Fixed assets
Tangible fixed assets
Equipment, tools and installations 10 61,238 94,842
61,238 94,842
Financial assets
Deferred tax assets 11 55,671 49,067
Other long-term receivables 12 6,196,842 400,000
6,252,513 449,067
Total fixed assets 6,313,751 543,909
Current assets
Current receivables
Accounts receivable 45,241,540 22,707,509
Receivables from group companies 108,158,417 76,733,229
Current tax assets – 579,689
Deferred expenses and accrued income 13 24,259,683 19,535,517
177,659,640 119,555,944
Cash on hand and in bank 66,095,780 52,394,850
Total assets 250,069,171 172,494,703
Equity 14, 20
Restricted reserves
Share capital 100,000 100,000
100,000 100,000
Non-restricted equity
Retained earnings or losses 100,783,459 60,575,487
Profit / loss for the year 52,287,174 40,207,972
153,070,633 100,783,459
Total equity 153,170,633 100,883,459
Current liabilities
Accounts payable 2,749,907 898,929
Liabilities to group companies 33,678,603 16,460,577
Current tax liabilities 3,806,444 –
Other liabilities 19,291,910 14,764,189
Accrued expenses and deferred income 15 37,371,674 39,487,549
Cash flow analysis
(In SEK)

Particulars Note
2022 2021
Current activities
Profit / loss after financial items 65,472,721 41,291,740
Adjustments for items not included in the cash flow 16 4,217,659 2,260,072
Tax paid (8,806,018) (3,386,169)
Cash flow from operating activities before change in working capital 60,884,362 40,165,643
Cash flow from change in the working capital
Change in customers’ accounts receivable (22,534,031) 39,407,225
Change in current receivables (36,149,354) (56,360,697)
Change in current liabilities 17,296,795 (14,161,357)
Cash flow from operating activities 19,497,772 9,050,814
Investment activities
Investments in financial assets (5,796,842) –
Cash flow from investment activities (5,796,842) –
Change in cash and cash equivalents 13,700,930 9,050,814
Cash and cash equivalents at beginning of year 17 52,394,850 43,344,036
Cash and cash equivalents at year-end 66,095,780 52,394,850
Notes
Note 1 Accounting and valuation principles Income taxes
Total tax consists of current tax and deferred tax. Taxes are
General information reported in the income statement, except when the underlying
The Annual Report is prepared in accordance with the Swedish transaction is reported directly in equity, whereby the associated
Annual Accounts Act and BFNAR 2012:1 Annual Reporting and tax effects are reported in equity.
consolidated reports (K3).
Receivables and liabilities in foreign currencies have been valued Current tax
at the closing rate of exchange. Profit on exchange and exchange Current tax refers to income tax for the current financial
loss on operating receivables and liabilities are reported in year and the part of the income tax that has not yet been
the operating result. reported. Current tax is calculated based on the tax s as per
Balance Sheet date.
The accounting principles remain unchanged as compared
to the previous year.
Employee remuneration
Revenue recognition Remuneration to employees in the form of wages, bonuses, paid
vacation, sick leave etc. is reported in line with earnings.
Revenue has been raised to the fair value of consideration
received or receivable, and is recognized to the extent that it is
Cash flow analysis
probable that the economic benefits will be available to be used
by the company and the revenue can be measured reliably. Cash flow statement is prepared using the indirect method.
The reported cash flow includes only transactions that involve
Fixed assets receipts or disbursements.
Intangible and tangible fixed assets are posted at the acquisition
Definition of key business ratios
value less accumulated depreciation and any write-downs.
Net turnover
Depreciation is done on a straight-line basis over the estimated
Main operating revenues, invoiced expenses, side income and
useful life of the asset, taking the significant residual value into
revenue adjustments.
account. The following depreciation percentage is applied :
Profit/loss after financial items
Tangible fixed assets
Profits after financial items and costs but before
Equipment, tools and installations 20% appropriations and taxes.
Financial instruments Balance Sheet total

Receivables are reported as current assets with the exception of Company’s gathered assets.
items with a due date of more than 12 months after the Balance
Sheet date, which are classified as fixed assets. Equity / assets ratio (%)
Claims are taken into account to the expected amount to be paid Adjusted equity (equity and untaxed reserves with deductions
after deduction for individually assessed bad debts. for deferred tax) as a percent of the Balance Sheet total.
Leasing agreements Number of employees

When the risks and rewards related to the leased assets are Average number of employees during the financial year.
transferred to the lessee, the agreements are classified as finance
leases. On initial recognition, it is accounted as receivable in Note 2 Net turnover distribution
the Balance Sheet. Direct expenditure incurred in connection
(In SEK)
with the company include finance lease, which are distributed
over the entire term of the lease. On subsequent reporting Years ended December 31,
opportunity, the finance income is distributed, attributable Particulars
2022 2021
to the agreement, over the lease period so that an equal
Net turnover per line of business
remuneration is obtained.
Sweden 252,467,400 220,991,562
When the risks and rewards associated with the asset have
not been transferred to the lessee, the lease are classified United Kingdom 7,315 3,558,485
as an operating lease. The assets of the company are the Rest of Europe 4,046,862 1,194,776
lessor is accounted for as fixed assets or current assets USA 560 –
dependent on when the lease term expires. The leasing fee is
determined annually and is reported on a straight-line basis Brazil 34,228 –
over the lease term. 256,556,365 225,744,823
Note 3 Leasing agreement Years ended December 31,
Particulars
Leasing costs for the year pursuant to lease agreements amount 2022 2021
to SEK 1,989,403 (SEK 3,215,328). Sex distribution among leading
clerks
Future leasing fees that mature, as regards non-terminable
leasing agreements, are as follows : Proportion of men in the 100 % 100 %
Board of Directors
(In SEK) Proportion of men among 100 % 100 %
Years ended December 31, managing clerks
Particulars
2022 2021
Note 6 Purchases and sales between group
Within 1 year 2,632,212 2,647,456
companies
Later than one year, but within 219,351 2,202,814
five years (In SEK)
2,851,563 4,850,270 Years ended December 31,
Particulars
2022 2021
Note 4 Remuneration to auditors
Share of the total acquisitions for 57.25 % 60.80 %
Audit assignment refers to inspection of the Annual Report the year made by other companies
and the accounting as well as the reports of the Board of within the group
Directors, other tasks fulfilled by the company auditor, as well as Share of the total sales for the year 25.56 % 24.50 %
counselling or other assistance deriving from observations made made to other companies within
in the course of the inspection or fulfilment of such other tasks. the group
(In SEK)
Years ended December 31, Note 7 Other interest income and similar profit /
Particulars loss items
2022 2021
Deloitte AB (In SEK)
Audit engagement 159,000 159,000 Years ended December 31,
159,000 159,000 Particulars
2022 2021
Other interest income 204,054 –
Note 5 Employees and personnel costs 204,054 –
(In SEK)
Years ended December 31, Note 8 Other interest income and similar profit /
Particulars
2022 2021 loss items
Average number of employees (In SEK)
Women 7 7 Years ended December 31,
Men 30 27 Particulars
2022 2021
37 34 Exchange differences (4,184,055) (2,226,467)
Salaries and other remunerations (4,184,055) (2,226,467)
Other employees 41,990,182 36,238,104
41,990,182 36,238,104 Note 9 Current and deferred tax
Social security expenses (In SEK)
Pension costs for other 6,808,472 6,459,761 Years ended December 31,
employees Particulars
2022 2021
Other social security expenses 10,201,072 10,901,267
Tax on profit for the financial year
pursuant to law and contracts
17,009,544 17,361,028 Current tax (13,292,811) (1,132,835)
58,999,726 53,599,132 Adjustment for the previous 100,660 –

Total salaries, remunerations,
year
social security expenses and
pension costs Deferred tax 6,604 49,037
Total tax expense (13,185,547) (1,083,798)
Reconciliation of effective tax
(In SEK)

Percent Amounts Percent Amounts
Reported profit before tax 65,472,720 41,291,740
Tax at applicable tax rate 20.6% (13,487,380) 20.6% (8,506,098)
Non-deductible expenses – – – (8,495)
Adjustment for taxes for the previous year (0.5%) 301,833 – –
During the year utilization of prior year tax loss carryforwards, which value is – – (18%) 7,450,060
not recognized as an asset
Other – – – (19,235)
Reported effective tax 20.1% (13,185,547) 2.6% (1,083,768)
Note 10 Equipment, tools and installations Note 13 Deferred expenses and accrued income
(In SEK) (In SEK)

2022 2021 2022 2021
Acquisition value, opening 167,980 167,980 Other prepaid expense 6,094,642 2,543,292
balance Accrued income 18,165,041 16,992,225
Accumulated acquisition value, 167,980 167,980 24,259,683 19,535,517
closing balance
Depreciation, opening balance (73,138) (39,533) Note 14 Number of shares and the ratio value
Depreciation for the year (33,604) (33,605)
(In SEK)
Accumulated depreciation, (106,742) (73,138)
closing balance Number of
Name Quota value
shares
Book value, closing balance 61,238 94,842
Number of A-shares 1,000 100
Note 11 Deferred tax liability 1,000 –
(In SEK)
Note 15 Accrued expenses and deferred income
As at December 31,
Particulars (In SEK)
2022 2021
Balance at beginning of year 49,067 – Particulars
2022 2021
Provisions for the year 6,604 49 067
Salaries 4,926,414 2,661,773
Uncommitted amount during the – –
year Holiday salaries 4,471,436 6,199,396
Balance at the end of the year 55,671 49 067 Other expenses 13,537,541 7,587,344
Prepaid income 14,436,283 23,039,036
Note 12 Other long-term receivables 37,371,674 39,487,549
(In SEK)
Note 16 Adjustments for items not included in
As at December 31,
Particulars the cash flow
2022 2021
(In SEK)
Acquisition value, opening 400,000 400,000
balance Years ended December 31,
Particulars
Incoming accounts 5,796,842 – 2022 2021
Accumulated acquisition value, 6,196,842 400,000 Profit on exchange 33,605 33,605
closing balance 4,184,055 2,226,467
Exchange loss
Book value, closing balance 6,196,842 400,000
4,217,660 2,260,072
Note 17 Liquid assets
(In SEK)

Particulars
2022 2021
Liquid assets
Bank deposits 66,095,780 52,394,850
66,095,780 52,394,850
Note 18 Information on the parent company

Infosys Technologies (Sweden) AB is a subsidiary to Infosys Ltd. (L85110KA1981PLC013115), with headquarters in India.
The parent company prepare consolidated accounts in which Infosys Technologies (Sweden) AB is included.
Note 19 Significant events after the financial year

No significant events after the financial year.
Note 20 Appropriation of profit or loss

(In SEK)

Particulars
2022
Proposals for profit allocation
The Board of Directors recommends that the profit / loss and brought forward profits available for
disposition :
profit carried forward 100,783,459
profit for the year 52,287,174
153,070,633
be distributed so that they are : carried over 153,070,633
Stockholm 2023
Karmesh Gul Vaswani Ruchir Budhwar
Chairman Board Memeber
Our audit report was submitted May 26, 2023
Deloitte AB
Jonas Lindgren
Authorized Public Accountant
Infosys Management Consulting Pty Ltd
Infosys Subsidiary Financials Report 2022-23 Infosys Management Consulting Pty Ltd | 573
To the Members of Infosys Management Consulting Pty Limited
Opinion
We have audited the financial report of Infosys Management Consulting Pty Limited (the “Entity”) which comprises the statement of
financial position as at 31 December 2022, the statement of profit or loss and other comprehensive income, the statement of changes in
equity and the statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant
accounting policies and the directors’ declaration.
In our opinion, the accompanying financial report of the Entity is in accordance with the Corporations Act 2001, including:
• Giving a true and fair view of the Entity’s financial position as at 31 December 2022 and of its financial performance for the
year then ended; and
• Complying with Australian Accounting Standards – Simplified Disclosure Requirements and the Corporations Regulations 2001.
Basis for Opinion

We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities under those standards are further
described in the Auditor’s Responsibilities for the Audit of the Financial Report section of our report. We are independent of the Entity in
accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting
Professional & Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards)
(the Code) that are relevant to our audit of the financial report in Australia. We have also fulfilled our other ethical responsibilities in
accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has been given to the directors of the
Company, would be in the same terms if given to the directors as at the time of this auditor’s report.
Other Information
The directors are responsible for the other information. The other information comprises the information included in the Entity’s annual
report for the year ended 31 December 2022, but does not include the financial report and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and we do not express any form of
In connection with our audit of the financial report, our responsibility is to read the other information and, in doing so, consider whether
the other information is materially inconsistent with the financial report or our knowledge obtained in the audit, or otherwise appears
to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Directors for the Financial Report

The directors of the Company are responsible for the preparation of the financial report that gives a true and fair view in accordance with
Australian Accounting Standards – Simplified Disclosure Requirements and the Corporations Act 2001 and for such internal control as the
directors determine is necessary to enable the preparation of the financial report that gives a true and fair view and is free from material
In preparing the financial report, the directors are responsible for assessing the ability of the Entity to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either
intend to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Report

Our objectives are to obtain reasonable assurance about whether the financial report as a whole is free from material misstatement,
assurance, but is not a guarantee that an audit conducted in accordance with the Australian Auditing Standards will always detect a
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this financial report.
As part of an audit in accordance with the Australian Auditing Standards, we exercise professional judgement and maintain professional
• Identify and assess the risks of material misstatement of the financial report, whether due to fraud or error, design and perform audit
procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
574 | Infosys Management Consulting Pty Ltd Infosys Subsidiary Financials Report 2022-23
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity’s internal control.
made by the directors.
• Conclude on the appropriateness of the directors’ use of the going concern basis of accounting and, based on the audit evidence
obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability
to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s
report to the related disclosures in the financial report or, if such disclosures are inadequate, to modify our opinion. Our conclusions
are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the
Entity to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial report, including the disclosures, and whether the financial
report represents the underlying transactions and events in a manner that achieves fair presentation.
findings, including any significant deficiencies in internal control that we identify during our audit.
Deloitte Touche Tohmatsu
Rajnil Kumar
Partner
Paramatta
May 23, 2023
Directors report
The Directors present their report together with the Financial Report of Infosys Management Consulting Pty Ltd (the Company), for the
financial year ended December 31, 2022 and the Auditor’s Report thereon.
1. Directors
The Directors of the Company at any time during or since the end of the financial year are:
Mr. Geoffrey Anton Leong Appointed 16 May 2016
Mr. Roger Gibson Resigned 17 December 2021
2. Company secretary
Mr. Roger Gibson was appointed as Company Secretary on August 9, 2019 and resigned with effect from December, 17 2021.
3. Principal activities
Infosys Management Consulting Pty Ltd. supports clients in designing and delivering simple and pragmatic solutions to their complex
business problems. The focus is set on processes, data and systems, enabling operating models, which work pragmatically and efficiently
in today’s complex and global business environment.
The strategy of the business is remaining cost competitive and to increase the market share by owning our client’s business challenges,
identifying new opportunities, and reimagine business solutions to help create new markets and disrupt existing ones.
There were no significant changes in the nature of the activities of the Company during the year.
4. Dividends
During the financial year ended December 31, 2022, a dividend of $2,800,000 at 30% corporate income tax rate was paid to the holders of
fully paid ordinary shares on June 14, 2022.
5. Operating and financial review

The profit after tax for the year ended December 31, 2022 amounted to $1,811,404 (2021 Profit after tax of 1,695,546). This was primarily a
result of an increase of revenue from $33,450,435 in year 2021 to $36,272,899 in year 2022. Gross margin has remained consistent at 13%.
6. Environmental regulation
The Company’s operations are not regulated by any significant environmental regulation under a law of the commonwealth or of a state
or territory. However, the Board believes that the Company has adequate systems in place for the management of its environmental
requirements and is not aware of any breach of those environmental requirements as they apply to the Company.

No matters or circumstances have arisen since the end of the financial year and the date of this report, which significantly affected
or may significantly affect the operations of the Company, the results of those operations, or the state of affairs of the Company in
future financial years.
8. Likely developments
The Company will continue to pursue its policy of profitability and market share of its major business sectors during the
Further information about likely developments in the operations of the Company and the expected results of those operations in future
financial years has not been included in this report because disclosure of the information would be likely to result in unreasonable
prejudice to the Company.
9. Indemnification and insurance of officers and auditors

No indemnities have been given or insurance premiums paid, during or since the end of the financial year, for any person who is or has
been an officer or auditor of the Company.
10. Lead auditor’s independence declaration

The Lead auditor’s independence declaration is set out on page 29 and forms part of the directors’ report for the financial year
ended 31 December 2022.
11. Estimation of uncertainties relating to the global health pandemic from COVID-19 (COVID-19)
The Company has considered the possible effects that may result from the pandemic relating to COVID-19 in the preparation of
these financial statements including the recoverability of carrying amounts of financial and non-financial assets. In developing the
assumptions relating to the possible future uncertainties in the global economic conditions because of this pandemic, the Company,
as at the date of approval of these financial statements has used internal and external sources of information. The Company expects to
recover the carrying amount of the assets and will continue to closely monitor any material changes to future economic conditions.
The Company has concluded that the impact is not material on any of the estimates, including the revenue forecast, in preparing the
This report is made with a resolution of the directors:
Geoffrey Leong
Director
Dated in Sydney this 23rd day of May 2023.
Statement of financial position (In AUD)
Note As at December 31,

Particulars
2022 2021
Assets
Current assets
Cash and cash equivalents 8 6,544,487 8,010,038
Current tax Assets 454,617 240,914
Other assets 32,527 14,240
Non-current assets
Property, plant and equipment 10 148,869 84,758
Other assets 7a 837,750 988,372
Total non-current assets 986,619 1,073,130
Total assets 11,696,181 12,062,172
Liabilities
Current liabilities
Trade payables 11 (264,127) (410,217)
Other payables 12 (2,222,287) (1,334,654)
Provisions 13 (2,503,965) (2,596,430)
Total current liabilities (4,990,379) (4,341,301)
Provisions 13 (366,266) (392,739)
Total non-current liabilities (366,266) (392,739)
Total liabilities (5,356,645) (4,734,040)
Net assets 6,339,536 7,328,132
Equity
Issued capital 14 3,500,300 3,500,300
Total equity 6,339,536 7,328,132
The notes on pages 582 to 594 are an integral part of these financial statements.
Statement of Profit and Loss and other comprehensive income (In AUD)

Particulars
2022 2021
Revenue 5 36,272,899 33,450,435
Cost of sales 6b (31,464,494) (28,988,695)
Gross profit 4,808,405 4,461,740
Administrative expenses 6d (853,148) (791,573)
Other expenses 6c (1,349,010) (1,193,092)
Operating profit 2,606,247 2,477,075
Investment Income 6a 9,953 –
Other gains and losses 6f (18,170) (27,142)
Net finance costs (8,217) (27,142)
Income tax expense 7b (786,626) (754,387)
Other comprehensive income, net of tax – –
Total comprehensive income 1,811,404 1,695,546
(In AUD)
Particulars Share capital Retained earnings Total Equity

Balance at January 1, 2021 3,500,300 2,132,286 5,632,586
Total transactions with owners of the Company – – –
Balance at December 31, 2021 3,500,300 3,827,832 7,328,132
Balance at January 1, 2022 3,500,300 3,827,832 7,328,132
Dividends paid to owners of the Company (Refer to Note 23) – (2,800,000) (2,800,000)
Total transactions with owners of the Company – (2,800,000) (2,800,000)
Balance at December 31, 2022 3,500,300 2,839,236 6,339,536
(In AUD)

Particulars
2022 2021
Cash receipts from customers 35,300,531 32,718,039
Cash paid to suppliers and employees (32,990,534) (31,440,295)
Cash (used in)/generated from operations 2,309,997 1,277,744
Interest (paid)/received net (8,973) (15,813)
Income tax (paid)/refund received (849,708) (1,131,172)
Net cash from operating activities 16 1,451,316 130,759
Purchase of property, plant and equipment (116,867) (96,057)
Dividends paid to owners of the Company 23 (2,800,000) –
Net cash used in financing activities (2,800,000) –
Net increase/(decrease) in cash and cash equivalents (1,465,551) 34,702
Cash and cash equivalents at January 1 8,010,038 7,975,336
Cash and cash equivalents as at December 31 6,544,487 8,010,038
1. Reporting entity uncertainties in the global economic conditions because of this
pandemic, the Company, as at the date of approval of these
Infosys Management Consulting Pty Ltd (the “Company”), is a financial statements has used internal and external sources
Company domiciled in Australia. The address of the Company’s of information. The Company expects to recover the carrying
registered office is Level 3, 100 Arthur Street, PO Box 1885, North amount of the assets and will continue to closely monitor any
Sydney, NSW 2060 with effective from May 1, 2020. The financial material changes to future economic conditions.
statements of the Company are as at and for the year ended
December 31, 2022. The Company is a for-profit entity and is The Company has concluded that the impact is not material on
primarily involved in specialized IT consulting service. any of the estimates, including the revenue forecast, in preparing
the financial statements.
2. Basis of preparation
3. Significant accounting policies
(a) Statement of compliance
The accounting policies set out below have been applied
These financial statements are general purpose financial consistently to all periods presented in these financial statements
statements which have been prepared in accordance with and have been applied consistently by the Company.
Corporations Act 2001 and Australian Accounting Standards –
Simplified Disclosure Requirements (“SDR”) and comply with (a) Foreign currency
other requirements of the law.
Transactions in foreign currencies are translated to the functional
In the opinion of the directors, the Company is not publicly currency of the Company at exchange rates at the dates of
accountable nor a reporting entity. The financial report of the transactions. Monetary assets and liabilities denominated
the Company has been drawn up as a financial report for in foreign currencies at the reporting date are retranslated
distribution to the members and for the purpose of fulfilling the to the functional currency at the exchange rate at that date.
requirements of the Corporations Act 2001. The foreign currency gain or loss on monetary items is the
The financial report has been prepared in accordance with difference between amortized cost in the functional currency at
the recognition, measurement and classification aspects the beginning of the period, adjusted for effective interest and
of all applicable Australian Accounting Standards (AASBs) payments during the period, and the amortized cost in foreign
adopted by the Australian Accounting Standards Board (AASB) currency translated at the exchange rate at the end of the year.
under the SDR framework. Non-monetary assets and liabilities denominated in foreign
currencies that are measured at fair value are retranslated to the
The annual financial statements were authorized by the functional currency at the exchange rate at the date that the fair
directors on May 23, 2023. value was determined. Non-monetary items in a foreign currency
that are measured in terms of historical cost are translated using
(b) Basis of measurement the exchange rate at the date of the transaction. Exchange
The financial statements have been prepared on the historical differences arising on the translation of non-monetary items are
cost basis, unless otherwise indicated. recognized directly in equity to the extent that the gain or loss is
directly recognized in equity, otherwise the exchange difference
(c) Functional and presentation currency is recognized in profit or loss.
These financial statements are presented in Australian dollars,
(b) Financial Instruments
which is the Company’s functional currency.
AASB 9 Financial Instruments: Classification and Measurement
(d) Use of estimates and judgements (effective for annual periods beginning on or after January 1,
2018) – AASB 9 was issued by the IASB in November 2009 and
The preparation of financial statements in conformity with AASB amended in November 2013 to include the new requirements
requires management to make judgements, estimates and for general hedge accounting. Another revised version of AASB
assumptions that affect the application of accounting policies 9 was issued in July 2014 mainly to include, a) impairment
and the reported amounts of assets, liabilities, income and requirements for financial assets and b) limited amendments to
expenses. Actual results may differ from these estimates. the classification and measurement requirements by introducing
Estimates and underlying assumptions are reviewed on an a ‘fair value through other comprehensive income’ (FVTOCI)
ongoing basis. Revisions to accounting estimates are recognized measurement category for certain simple debt instruments. In
in the period in which the estimates are revised and in any relation to the impairment f financial assets, AASB 9 requires an
future periods affected. expected credit loss model.
(e) Assumptions and estimation uncertainties (i) Financial assets

The Company has considered the possible effects that may The Company initially recognizes loans and receivables on
result from the pandemic relating to COVID-19 in the preparation the date that they are originated. All other financial assets
of these financial statements including the recoverability of (including assets designated at fair value through profit or loss)
carrying amounts of financial and non-financial assets. In are recognized initially on the trade date at which the Company
developing the assumptions relating to the possible future becomes a party to the contractual provisions of the instrument.
The Company derecognizes a financial asset when the Cost includes expenditure that is directly attributable to the
contractual rights to the cash flows from the asset expire, or acquisition of the asset.
it transfers the rights to receive the contractual cash flows on
When parts of an item of property, plant and equipment have
the financial asset in a transaction in which substantially all
different useful lives, they are accounted for as separate items
the risks and rewards of ownership of the financial asset are
(major components) of property, plant and equipment.
transferred. Any interest in transferred financial assets that is
created or retained by the Company is recognized as a separate Any gains and losses on disposal of an item of property, plant
asset or liability. and equipment (calculated as the difference between the net
proceeds from disposal and the carrying amount of the item) is
Financial assets and liabilities are offset and the net amount
presented in the statement of financial position when, and only
when, the Company has a legal right to offset the amounts and
(ii) Subsequent costs
intends either to settle on a net basis or to realize the asset and
settle the liability simultaneously. The cost of replacing part of an item of property, plant and
equipment is recognized in the carrying amount of the item if it
The Company has the following financial assets: is probable that the future economic benefits embodied within
the part will flow to the Company and its cost can be measured
Financial Assets reliably. The costs of the day-to-day servicing of property, plant
Loans and receivables are financial assets with fixed or and equipment are recognized in profit or loss as incurred.
determinable payments that are not quoted in an active market.
Such assets are recognized initially at fair value plus any directly (iii) Depreciation
attributable transaction costs. Subsequent to initial recognition Items of property, plant and equipment are depreciated on
loans and receivables are measured at amortized cost using the a straight-line basis in profit or loss over the estimated useful
effective interest method, less any impairment losses. lives of each component.
Loans and receivables comprise trade and other receivables. Items of property, plant and equipment are depreciated from the
date that they are installed and are ready for use, or in respect
Cash and cash equivalents of internally constructed assets, from the date that the asset is
Cash and cash equivalents comprise cash balances and call completed and ready for use.
deposits with original maturities of three months or less from
The estimated useful lives for the current and comparative
the acquisition date that are subject to an insignificant risk of
periods are as follows:
changes in their fair value and are used by the Company in the
management of its short-term commitments in the current Leasehold improvement/ 5 years or lease term, whichever
liabilities on the Balance sheet. installation is earlier
(ii) Financial liabilities IT equipment 3 years
The Company initially recognizes debt securities issued and Office machine 2 years
subordinated liabilities on the date that they are originated. All Furniture 5 years
other financial liabilities (including liabilities designated at fair
value through profit or loss) are recognized initially on the trade
date at which the Company becomes a party to the contractual Depreciation methods, useful lives and residual values are
provisions of the instrument. reviewed at each reporting date.
The Company derecognizes a financial liability when its
(e) Intangible assets
(i) Other intangible assets – software
The Company classifies financial liabilities into the other financial
Other intangible assets that are acquired by the Company and
liabilities category. Such financial liabilities are recognized
have finite useful lives are measured at cost less accumulated
initially at fair value less any directly attributable transaction
amortization and accumulated impairment losses.
costs. Subsequent to initial recognition, these financial liabilities
are measured at amortized cost using the effective interest rate
(ii) Subsequent expenditure
method. Other financial liabilities comprise loans and borrowings
and trade and other payables. Subsequent expenditure is capitalized only when it increases
the future economic benefits embodied in the specific asset to
(c) Share Capital which it relates. All other expenditure, including expenditure on
internally generated goodwill and brands, is recognized in profit
Ordinary shares
or loss as incurred.
Ordinary shares are classified as equity. Incremental costs directly
attributable to the issue of ordinary shares are recognized as a (iii) Amortization
deduction from equity, net of any tax effect.
Intangible assets are amortized on a straight-line basis in profit
or loss over their estimated useful lives, from the date that they
(d) Property, plant and equipment are available for use.
(i) Recognition and measurement
Items of property, plant and equipment are measured at cost less
accumulated depreciation and accumulated impairment losses.
The estimated useful lives for the current and comparative specific impairment. Those found not to be specifically impaired
periods are as follows: are then collectively assessed for any impairment that has been
incurred but not yet identified. Assets that are not individually
Software 3 years significant are collectively assessed for impairment by grouping
Amortization methods, useful lives and residual values are together assets with similar risk characteristics.
reviewed at each financial year-end and adjusted if appropriate. In assessing collective impairment, the Company uses historical
trends of the probability of default, timing of recoveries and the
(f) Impairment amount of loss incurred, adjusted for management’s judgement
(i) Non-financial assets as to whether current economic and credit conditions are such
that the actual losses are likely to be greater or lesser than
The carrying amounts of the Company’s non-financial assets,
suggested by historical trends.
other than deferred tax assets, are reviewed at each reporting
date to determine whether there is any indication of impairment. An impairment loss in respect of a financial asset measured
If any such indication exists, then the asset’s recoverable amount at amortized cost is calculated as the difference between its
is estimated. Indefinite life intangible assets are tested annually carrying amount and the present value of the estimated future
for impairment. An impairment loss is recognized if the carrying cash flows discounted at the asset’s original effective interest
amount of an asset or its related Cash Generating Unit (CGU) rate. Losses are recognized in profit or loss and reflected in an
exceeds its recoverable amount. allowance account against receivables.
The recoverable amount of an asset or CGU unit is the greater Interest on the impaired asset continues to be recognized
of its value in use and its fair value less costs to sell. In assessing through the unwinding of the discount. When an event occurring
value in use, the estimated future cash flows are discounted to after the impairment was recognized causes the amount of
their present value using a pre-tax discount rate that reflects impairment loss to decrease, the decrease in impairment loss is
current market assessments of the time value of money and reversed through profit or loss.
the risks specific to the asset. For impairment testing, assets
are grouped together into the smallest group of assets that (g) Employee benefits
generates cash inflows from continuing use that are largely (i) Defined contribution plans
independent of the cash inflows of other assets or CGUs.
A defined contribution plan is a post-employment benefit
Impairment losses are recognized in profit or loss. Impairment plan under which the Company pays fixed contributions into a
losses recognized in respect of CGUs are allocated first to reduce separate entity and will have no legal or constructive obligation
the carrying amount of any goodwill allocated to the CGU (or to pay further amounts. Obligations for contributions to defined
group of CGUs), and then to reduce the carrying amounts of the contribution plans are recognized as an employee expense in
other assets in the CGU (or group of CGUs) on a pro rata basis. profit and loss when they are due. Prepaid contributions are
An impairment loss in respect of goodwill is not reversed. For recognized as an asset to the extent that a cash refund or a
other assets, an impairment loss is reversed only to the extent reduction in future payments is available.
that the asset’s carrying amount does not exceed the carrying
amount that would have been determined, net of depreciation or (ii) Long term employee benefits
amortization, if no impairment loss had been recognized. The Company’s net obligation in respect of long-term employee
(ii) Financial assets earned in return for their service in the current and prior periods
A financial asset is assessed at each reporting date to determine plus related on costs; that benefit is discounted to determine its
whether there is any objective evidence that it is impaired. present value, and the fair value of any related assets is deducted.
The discount rate is the yield at the reporting date on corporate
A financial asset is impaired if there is objective evidence of bond rates that have maturity dates approximating the terms of
impairment as a result of one or more events that occurred after the Company’s obligations.
the initial recognition of the asset, and that the loss event had an
impact on the estimated future cash flows of that asset that can (iii) Termination benefits
be estimated reliably. Termination benefits are recognized as an expense when
Objective evidence that financial assets are impaired includes the Company is demonstrably committed, without realistic
default or delinquency by a debtor, restructuring of an amount possibility of withdrawal, to a formal detailed plan to either
due to the Company on terms that the Company would not terminate employment before the normal retirement date, or
consider otherwise, indications that a debtor or issuer will to provide termination benefits as a result of an offer made
enter bankruptcy, adverse changes in the payment status of to encourage voluntary redundancy. Termination benefits for
borrowers or issuers, economic conditions that correlate with voluntary redundancies are recognized as an expense if the
defaults or the disappearance of an active market for a security. Company has made an offer encouraging voluntary redundancy,
In addition, for an investment in an equity security, a significant it is probable that the offer will be accepted, and the number of
or prolonged decline in its fair value below its cost is objective acceptances can be estimated reliably.
evidence of impairment.
(iv) Short term benefits
The Company considers evidence of impairment for financial
assets measured at amortized cost (loans and receivables and Short-term employee benefit obligations are expensed as the
held-to-maturity financial assets) at both a specific asset and related service is provided.
collective level. All individually significant assets are assessed for
A liability is recognized for the amount expected to be paid The Company allocates the transaction price to each distinct
under short term cash bonus or profit-sharing plans if the performance obligation based on the relative standalone selling
Company has a present legal or constructive obligation to pay price. The price that is regularly charged for an item when
this amount as a result of past service provided by the employee sold separately is the best evidence of its standalone selling
and the obligation can be estimated reliably. price. In the absence of such evidence, the primary method
used to estimate standalone selling price is the expected cost
If the amount of the leave is expected to be settled beyond 12
plus a margin, under which the Company estimates the cost
months from the reporting date, the amount is measured in
of satisfying the performance obligation and then adds an
accordance with a long-term benefit as noted above (note 3(f)(ii)).
appropriate margin based on similar services.
(v) Employee stock compensation The Company’s contracts may include variable consideration
The employees of the Company are given stock options of the including rebates, volume discounts and penalties. The
ultimate parent entity and the cost is charged to the Profit & Loss Company includes variable consideration as part of transaction
account based on the recharges from the ultimate parent entity. price when there is a basis to reasonably estimate the amount
of the variable consideration and when it is probable that a
(h) Provisions significant reversal of cumulative revenue recognized will
A provision is recognized if, as a result of a past event, the consideration is resolved.
can be estimated reliably, and it is probable that an outflow Revenue from a contract to provide services is recognized in the
of economic benefits will be required to settle the obligation. period in which the services are provided in accordance with
Provisions are determined by discounting the expected the terms of the contract. In service arrangements, the Company
future cash flows at a pre-tax rate that reflects current satisfies the performance obligation and recognizes revenue
market assessments of the time value of money and the over time. The Company recognizes revenue on the basis of
risks specific to the liability. The unwinding of the discount is contractually agreed mark up on costs incurred for Intercompany
recognized as a finance cost. revenue. In fixed-priced contracts, revenue is recognized based
on progress towards completion of performance obligation using
(i) Onerous contracts a percentage of completion method. Efforts or costs expensed
have been used to measure progress towards completion as
A provision for onerous contracts is recognized when the
there is a direct relationship between input and productivity.
expected benefits to be derived by the Company from a
Revenue in excess of invoicing are classified as unbilled revenue,
contract are lower than the unavoidable cost of meeting its
while invoicing in excess of revenues are classified as unearned
obligations under the contract. The provision is measured
revenue. Revenue on time-and-material contracts are recognized
at the present value of the lower of the expected cost of
as the related services are performed and revenue from the
terminating the contract and the expected net cost of
continuing with the contract. Before a provision is established,
the Company recognizes any impairment loss on the assets
associated with the contract.
(k) Leases
(j) Services – Revenue recognition The Company assesses whether a contract is or contains a lease,
at inception of the contract. The Company recognizes a right-of-
The Company derives revenues primarily from Information
use asset and a corresponding lease liability with respect to all
Technology (“IT”) consultancy services. Revenue is recognized
lease arrangements in which it is the lessee, except for short-
upon transfer of control of promised services to customers in an
term leases (defined as leases with a lease term of 12 months or
amount that reflects the consideration we expect to receive in
less) and leases of low value assets (such as tablets and personal
exchange for those services. Revenue is measured as the value
computers, small items of office furniture and telephones). For
of the consideration received or receivable, excluding discounts,
these leases, the Company recognizes the lease payments as an
value added tax and other sales taxes.
operating expense on a straight-line basis over the term of the
Revenues from customer contracts are considered for lease unless another systematic basis is more representative of
recognition and measurement when the contract has been the time pattern in which economic benefits from the leased
approved in writing, by the parties, to the contract, the parties to assets are consumed.
contract are committed to perform their respective obligations
In the case of the Company, all leases are short term leases and
under the contract, and the contract is legally enforceable.
hence are exempted from the recognition and measurement
requirements of AASB 16 Leases.
products or services (“performance obligations”) to customers
in an amount that reflects the consideration the Company has The lease liability is initially measured at the present value of
received or expects to receive in exchange for these products the lease payments that are not paid at the commencement
or services (“transaction price”). When there is uncertainty as date, discounted by using the rate implicit in the lease. If
to collectability, revenue recognition is postponed until such this rate cannot be readily determined, the lessee uses its
uncertainty is resolved. incremental borrowing rate.
identifies distinct performance obligations in the contract.
Lease payments included in the measurement of the Right-of-use assets are depreciated over the shorter period
lease liability comprise: of lease term and useful life of the underlying asset. If a lease
transfers ownership of the underlying asset or the cost of the
• Fixed lease payments (including in-substance fixed right-of-use asset reflects that the Company expects to exercise
payments), less any lease incentives receivable; a purchase option, the related right-of-use asset is depreciated
• Variable lease payments that depend on an index or over the useful life of the underlying asset.
rate, initially measured using the index or rate at the The depreciation starts at the commencement date of the lease.
commencement date;
• The amount expected to be payable by the lessee under The right-of-use assets are presented as a separate line in the
residual value guarantees; statement of financial position.
• The exercise price of purchase options, if the lessee is Variable rents that do not depend on an index or rate are not
reasonably certain to exercise the options; included in the measurement of the lease liability and the right-
• Payments of penalties for terminating the lease, if the lease of-use asset. The related payments are recognized as an expense
term reflects the exercise of an option to terminate the lease. in the period in which the event or condition that triggers those
payments occurs and are included in profit or loss.
The lease liability is presented as a separate line in the statement As a practical expedient, AASB 16 permits a lessee not to separate
of financial position. non-lease components, and instead account for any lease and
The lease liability is subsequently measured by increasing the associated non-lease components as a single arrangement. The
carrying amount to reflect interest on the lease liability (using the Company has not used this practical expedient. For contracts
effective interest method) and by reducing the carrying amount that contain a lease component and one or more additional
to reflect the lease payments made. lease or non-lease components, the Company allocates the
consideration in the contract to each lease component on the
The Company remeasures the lease liability (and makes basis of the relative standalone price of the lease component and
a corresponding adjustment to the related right- the aggregate standalone price of the non-lease components.
of-use asset) whenever:
(l) Tax
• The lease term has changed or there is a significant event
or change in circumstances resulting in a change in the Tax expense comprises current and deferred tax. Current and
assessment of exercise of a purchase option, in which case deferred tax are recognized in profit or loss except to the extent
the lease liability is remeasured by discounting the revised that it relates to items recognized directly in equity or in other
lease payments using a revised discount rate. comprehensive income.
• The lease payments change due to changes in an index or Current tax is the expected tax payable or receivable on the
rate or a change in expected payment under a guaranteed taxable income or loss for the year, using tax rates enacted or
residual value, in which cases the lease liability is remeasured substantively enacted at the reporting date, and any adjustment
by discounting the revised lease payments using an to tax payable in respect of previous years.
unchanged discount rate (unless the lease payments change
Deferred tax is recognized in respect of temporary differences
is due to a change in a floating interest rate, in which case a
between the carrying amounts of assets and liabilities for
revised discount rate is used).
financial reporting purposes and the amounts used for taxation
• A lease contract is modified and the lease modification is purposes. Deferred tax is not recognized for temporary
not accounted for as a separate lease, in which case the differences on the initial recognition of assets or liabilities in a
lease liability is remeasured based on the lease term of the transaction that is not a business combination and that affects
modified lease by discounting the revised lease payments neither accounting nor taxable profit or loss.
using a revised discount rate at the effective date of the
modification. Deferred tax is measured at the tax rates that are expected to be
applied to temporary differences when they reverse, using tax
The Company did not make any such adjustments during rates enacted or substantively enacted at the reporting date.
the periods presented. In determining the amount of current and deferred tax the
The right-of-use assets comprise the initial measurement of the Company takes into account the impact of uncertain tax
corresponding lease liability, lease payments made at or before positions and whether additional taxes and interest may be
the commencement day, less any lease incentives received and due. The Company believes that its accruals for tax liabilities
any initial direct costs. They are subsequently measured at cost are adequate for all open tax years based on its assessment
less accumulated depreciation and impairment losses. of many factors, including interpretations of tax law and prior
experience. This assessment relies on estimates and assumptions
Whenever the Company incurs an obligation for costs to and may involve a series of judgements about future events. New
dismantle and remove a leased asset, restore the site on which information may become available that causes the Company to
it is located or restore the underlying asset to the condition change its judgement regarding the adequacy of existing tax
required by the terms and conditions of the lease, a provision is liabilities; such changes to tax liabilities will impact tax expense
recognized and measured under AASB 137. To the extent that in the period that such a determination is made.
the costs relate to a right-of-use asset, the costs are included in
the related right-of-use asset, unless those costs are incurred to Deferred tax assets and liabilities are offset if there is a legally
produce inventories. enforceable right to offset current tax liabilities and assets, and
they relate to income taxes levied by the same tax authority on
the same taxable entity, or on different tax entities, but they (m) Goods and Service tax
intend to settle current tax liabilities and assets on a net basis or Revenue, expenses and assets are recognized net of the amount
their tax assets and liabilities will be realized simultaneously. of goods and services tax (GST), except where the amount of GST
A deferred tax asset is recognized for unused tax losses, tax incurred is not recoverable from the Australian Taxation Office
credits and deductible temporary differences, to the extent that (ATO). In these circumstances, the GST is recognized as part of the
it is probable that future taxable profits will be available against cost of acquisition of the asset or as part of the expense.
which they can be utilized. Receivables and payables are stated with the amount of
Deferred tax assets are reviewed at each reporting date and GST included. The net amount of GST recoverable from, or
are reduced to the extent that it is no longer probable that the payable to, the ATO is included as a current asset or liability
related tax benefit will be realized. in the Balance sheet.
Cash flows are included in the statement of cash flows on a gross
basis. The GST components of cash flows arising from investing
and financing activities, which are recoverable from, or payable
to, the ATO are classified as operating cash flows.
(n) New standards and interpretations

(i) There are no new standards, amendments to standards and interpretations effective for annual periods beginning after January 1,
2022 that have any significant effect on the financial statements of the Company for the year ended December 31, 2022.
(ii) The Company adopted AASB 1060 General Purpose Financial Statements – Simplified Disclosures for For-Profit and Not-for-Profit
Tier 2 Entities (AASB 1060) in the current year. There has been no significant impact on the financial statements from the transition
from Australian Accounting Standards – Reduced Disclosure Requirements to AASB 1060.
(iii) At the date of authorization of these financial statements, the Company has not applied the following new and revised changes
that have been issued but are not yet effective. The Company does not plan to adopt these standards early.
Effective for annual reporting periods

Date issued Pronouncement
beginning on or after
July 2017 AASB 17 Insurance Contracts (as amended) January 1, 2023
Various AASB 2014-10 Amendments to Australian Accounting Standards – Sale or January 1, 2023 and January 1, 2025
Contribution of Assets between an Investor and its Associate or Joint Venture,
AASB 2015-10 Amendments to Australian Accounting Standards – Effective
Date of Amendments to AASB 10 and AASB 128, AASB 2017-5 Amendments to
Australian Accounting Standards – Effective Date of Amendments to AASB 10
and AASB 128 and Editorial Corrections, AASB 2021-7 Amendments to Australian
Accounting Standards – Effective Date of Amendments to AASB 10 and and
AASB 128 and Editorial Corrections
March 2020 AASB 2020-1 Amendments to Australian Accounting Standards – Classification January 1, 2024
August 2020/ of Liabilities as Current or Non-current, AASB 2020-6 Amendments to Australian
(October 2022) Accounting Standards – Classification of Liabilities as Current or Non-current
– Deferral of Effective Date and IASB amendment Non-current Liabilities with
Covenants (Amendments to IAS 1)
March 2021 AASB 2021-2 Amendments to Australian Accounting Standards – Disclosure of January 1, 2023
Accounting Policies and Definition of Accounting Estimates
June 2021 AASB 2021-5 Amendments to Australian Accounting Standards – Deferred Tax January 1, 2023
related to Assets and Liabilities arising from a Single Transaction
March 2023 AASB 2022-1 Amendments to Australian Accounting Standards – Initial January 1, 2023
Application of AASB 17 and AASB 9 – Comparative Information
Determination of fair values Level 2 inputs are inputs, other than quoted prices included
For financial reporting purposes, fair value measurements are within Level 1, that are observable for the asset or liability, either
categorized into Level 1, 2 or 3 based on the degree to which the directly or indirectly; and
inputs to the fair value measurements are observable and the Level 3 inputs are unobservable inputs for the asset or liability.
significance of the inputs to the fair value measurement in its
entirety, which are described as follows: (i) Trade and other receivables
Level 1 inputs are quoted prices (unadjusted) in active markets The fair value of trade and other receivables, excluding
for identical assets or liabilities that the entity can access at construction contracts in progress is estimated as the
the measurement date; present value of future cash flows, discounted at the market
rate of interest. For trade and other receivables maturing 6c. Other expenses
within one year from the Balance Sheet date, the carrying (In AUD)
amounts approximate fair value due to the short maturity
of these instruments. As at December 31,
Particulars
2022 2021
(ii) Other financial liabilities Depreciation expense 52,756 20,567
Fair value, which is calculated based on the present value of Bank charges 18,926 15,813
future principal and interest cash flows, is discounted at the
Other expense 1,277,328 1,156,712
market rate of interest at the reporting date.
1,349,010 1,193,092
5. Revenue
6d. Administrative expenses
(In AUD) (In AUD)
2022 2021 2022 2021
Primary geographical markets Communications 111,107 127,860
India 35,846,389 33,391,488 Legal and accounting 62,585 49,994
Australia and Singapore 411,921 – Back office expense (1,369) 171
Brazil 14,589 58,947 Employee benefit expense 680,825 613,548
36,272,899 33,450,435 853,148 791,573
Major products/service lines
IT Consultancy services 36,272,899 33,450,435 6e. Employee expense
(In AUD)
Timing of revenue recognition
36,272,899 33,450,435 As at December 31,
Services transferred over time Particulars
2022 2021
Revenue from contracts with 36,272,899 33,450,435
Group companies Employee salary 19,648,651 18,361,871
Employee bonus 1,326,299 554,645
Annual leave and long service (110,051) 21,527
6a. Investment income leave
(In AUD) Superannuation 2,111,027 1,877,796
As at December 31, Other employee related expenses 1,488,463 1,139,787
Particulars
2022 2021 24,464,389 21,955,626
Interest on financial assets
measured at amortized Cost 6f. Other gains and losses
9,953 – (In AUD)
Interest received from bank
Net Investment Income 9,953 – As at December 31,
Particulars
2022 2021
6b. Cost of sales Net foreign exchange gains/ (18,170) (27,142)
(In AUD) (losses)
As at December 31, (18,170) (27,142)
Particulars
2022 2021
Travel 263,924 278,309
Employee benefits expense 23,783,564 21,352,368
External contractor expense 7,417,006 7,358,018
31,464,494 28,988,695
7. Tax expense
(a) Deferred tax asset
(In AUD)
Charged to P&L December 31, Charged to P&L December 31,

Particulars January 1, 2021
FY21 2021 FY22 2022
Sundry Debtors - (1) 1 (2) 3
Other assets (16,305) (17,165) 859 (1,400) 2,260
Unavailed leave 549,933 (6,458) 556,392 33,015 523,377
Accrued compensation 526,025 94,905 431,120 119,009 312,110
Total 1,059,653 71,281 988,372 150,622 837,750
(b) Reconciliation of effective tax rate

(In AUD)
As at December 31,
Particulars
2022 2021
Tax using the Company’s domestic tax rate of 30% (2021: 30%) 779,409 734,980
Catch-up deferred tax accounted (15,390) (7,287)
Non-deductible tax expenses 22,607 14,452
Others – 12,242
Income tax expense for the year 786,626 754,387
(c) Income tax expenses

(In AUD)
As at December 31,
Particulars
2022 2021
Current Tax 651,394 670,930
Prior Year (15,390) 12,176
Deferred tax expenses
Origination & reversal of temporary difference 150,622 71,281
786,626 754,387
8. Cash and cash equivalents

(In AUD)
As at December 31,
Particulars
2022 2021
9.Trade and other receivables

(In AUD)
As at December 31,
Particulars
2022 2021
Trade receivable due from related party 3,564,223 2,637,543
Other receivables 113,708 86,307
3,677,931 2,723,850
No allowance is recognized for expected credit losses. Based on management’s best estimate, there is no impairment of receivables and
exposure to credit risk from trade receivables. The average credit period on sale is 30 days. No interest is charged on trade receivables.
10. Property, plant and equipment
(In AUD)
Leasehold
IT Equipment /
Particulars improvement/ Furniture Total
Office machines
installation
Cost
Balance at January 1, 2021 205,163 243,803 39,026 487,992
Additions – 96,057 – 96,057
Balance at December 31, 2021 205,163 339,860 39,026 584,049
Depreciation and impairment losses
Balance at January 1, 2021 (205,163) (236,336) (37,224) (478,723)
Depreciation for the year – (18,766) (1,802) (20,568)
Balance at December 31, 2021 (205,163) (255,102) (39,026) (499,291)
Carrying amounts
As at January 1, 2021 – 7,467 1,802 9,269
As at December 1, 2021 – 84,758 – 84,758
(In AUD)
Leasehold
IT Equipment /
Particulars improvement/ Furniture Total
Office machines
installation
Cost
Balance at January 1, 2022 205,163 339,860 39,026 584,049
Additions – 116,867 – 116,867
Disposals/write off (11,802) (7,879) (13,833) (33,514)
Balance at December 31, 2022 193,361 448,848 25,193 667,402
Depreciation and impairment losses
Balance at January 1, 2022 (205,163) (255,102) (39,026) (499,291)
Depreciation for the year – (52,756) – (52,756)
Disposals/write off 11,802 7,879 13,833 33,514
Balance at December 31, 2022 (193,361) (299,979) (25,193) (518,533)
Carrying amounts
at January 1, 2022 – 84,758 – 84,758
at December 31, 2022 – 148,869 – 148,869
11. Trade payables

(In AUD)
As at December 31,
Particulars
2022 2021
Trade payables due to related party – 32,409
Other trade payables 264,127 377,808
264,127 410,217
The average credit period on purchases is 30 days from the date of invoice. No interest is charged on overdue payables. The Company
has financial risk management policies in place to ensure that all payables are paid within the pre-agreed credit terms.
12. Other payables
(In AUD)
As at December 31,
Particulars
2022 2021
Accrued superannuation expense – 396,918
Accrued subcontractor expenses 1,457,407 619,591
Other accruals 618,694 208,332
Other accruals due to related party 146,186 109,813
2,222,287 1,334,654
13. Provisions
Carrying amount
Employee benefits
(In AUD)
As at December 31,
Particulars
2022 2021
Current
Annual leave 1,196,448 1,323,403
Long service leave outstanding 181,875 138,498
Incentive provision 96,044 49,668
Accrued bonus 1,029,598 1,084,861
Total current 2,503,965 2,596,430
Non-current
Long service leave outstanding 366,266 392,739
Total non-current 366,266 392,739
Total employee provisions 2,870,231 2,989,169
Movements in provisions
(In AUD)
Long Service
Incentive
Particulars Annual Leave Leave Accrued Bonus Total
Provision
Outstanding
Carrying amount as at January 1, 2022 1,323,403 531,237 49,668 1,084,861 2,989,169
(+) Additions – 16,904 96,044 1,128,452 1,241,400
(-) Amounts Charged (126,955) – (49,668) (1,183,715) (1,360,338)
Carrying amount as at December 31, 2022 1,196,448 548,141 96,044 1,029,598 2,870,231
14. Capital and reserves

Share capital
(In shares)
As at December 31,
Particulars
2022 2021
On issue at January 1 3,500,300 3,500,300
Add: shares issued during the year – –
On issue at December 31 3,500,300 3,500,300
Ordinary shares
The Company does not have authorized capital or par value in respect of its issued shares. All issued shares are fully paid. All shares rank
equally with regard to the Company’s residual assets, except that preference shareholders participate only to the extent of the face
value of the shares.
The holders of ordinary shares are entitled to receive dividends 16. Reconciliation of cash flow from operating
as declared from time-to-time and are entitled to one vote per
share at meetings of the Company. In respect of the Company’s
activities
shares that are held by the Company, all rights are suspended (In AUD)
until those shares are reissued.
As at December 31,
Particulars
Dividend franking account 2022 2021
(In AUD) Reconciliation of Cash Flow from
Operations with Profit after
As at December 31, Income Tax paid
Particulars
2022 2021
Profit for the year after tax 1,811,404 1,695,546
30 per cent franking credits 3,060,900 3,411,192
Adjustments for:
available to shareholders
of Infosys Management Depreciation expense 52,756 20,567
Consulting Pty Ltd for Income tax expense 786,626 754,387
subsequent financial years
Operating profit before changes in 2,650,786 2,470,500
3,060,900 3,411,192 working capital
Decrease/(increase) in trade (972,369) (722,462)
The above available amounts are based on the balance of the and other receivables
dividend franking account at year-end adjusted for: (Decrease)/increase in trade 741,263 (68,365)
and other payables
a. franking credits/debits that will arise from the payment/
receipts of the current tax liabilities/ assets; (Decrease)/increase in (118,938) (417,968)
provision and employee
b. franking debits that will arise from the payment of benefits
dividends recognized as a liability at the year-end;
Increase/(decrease) in deferred 282 226
c. franking credits that will arise from the receipt of dividends income
recognized as receivables at the year-end; and (849,708) (1,131,172)
Income tax paid
d. franking credits that the entity may be prevented from Net cash from operating 1,451,316 130,759
distributing in subsequent years. activities
The ability to utilize the franking credits is dependent upon there

being sufficient available profits to declare dividends. 17. Related party transactions
The details of the related party transactions entered into by
15. Key management personnel compensation the Company during the years ended December 31, 2022 and
December 31, 2021 are as follows:
Key management personnel of the Company are those
persons having the authority and responsibility for planning, (In AUD)
directing and controlling activities of the Company. The
directors of the Company are considered as key management As at December 31,
Particulars
personnel of the Company. 2022 2021
The employee compensation is as follows: Revenue Transactions
Sale of services
(In AUD)
Infosys Limited 35,846,389 33,391,488
As at December 31, Infosys Consulting Ltda 14,589 58,947
Particulars
2022 2021 Infosys Compaz Pte Ltd 105,453 –
Short 563,532 1,130,009
Simplus Australia Pty Ltd 265,660 –
term employee benefits*
36,232,091 33,450,435
* Does not include employment benefits recognized based on the actuarial Purchase of services
valuation since they are computed for the Company as a whole and not at
individual basis. Infosys Consulting Pte Ltd 124,084 128,596
Infosys Consulting BV – 184
237,163 247,658
Employee stock compensation –
Cross
Charge by Infosys Limited 18,306 (28,233)
The details of the amount due to or due from related parties as at 18. Financial instruments
December 31, 2022 and December 31, 2021 are as follows:
(In AUD)
(In AUD)
As at December 31,
2022 2021 Financial assets
2022 2021
Trade receivables
Receivables 3,677,931 2,723,850
Infosys Consulting Ltda – 58,947
Financial liabilities At amortized
Infosys compaz pte ltd 17,583 –
cost:
Infy Consulting BV – 20,593
Trade payables (264,127) (410,217)
Simplus Australia Pty Ltd 292,226 – Other payables (2,222,287) (1,334,654)
Infosys Consulting Pte Ltd 60,494 – 19. Auditors’ remuneration
3,564,223 2,637,543 (In AUD)
Trade Payables As at December 31,
Infosys Consulting Pte Ltd – 11,238 Particulars
2022 2021
Infosys Consulting AG – 11,010 Audit of financial reports* 35,000 27,500
Infosys Consulting GmbH – 7,865 Total 35,000 27,500
Infosys compaz pte ltd – 2,296
* The audit fees for 2021 and 2022 are payable to Deloitte Touche
– 32,409 Tohmatsu.
Provision expense
Employee stock compensation - 146,186 109,813
Cross Charge by Infosys Limited
20. Ultimate parent entity

As at, and throughout the financial year ending December 31, 2022, the parent entity of the Company was Infosys Consulting Holding
AG, incorporated in Switzerland, and the ultimate parent is Infosys Ltd., India.

There has not arisen in the interval between the end of the financial year and the date of this report any item, transaction or event of a
material and unusual nature likely, in the opinion of the directors of the Company, to affect significantly the operations of the Company,
the results of those operations, or the state of affairs of the Company, in future financial years, other than above.
22. Capital management

The Board’s policy is to improve its capital base so as to maintain investor, creditor and market confidence and to sustain future
development of the business. The Board of Directors will continue to monitor the return on capital, and level of dividends to
ordinary shareholders.
The Board seeks to maintain a balance between higher returns that might be possible with higher levels of borrowings and
the advantages and security offered by a sound capital position. There were no changes to the Company’s approach to capital
management during the year.
The Company is not subject to externally imposed capital requirements, other than any requirements that exist by way of arrangements
entered into by the Company’s ultimate parent entity.
23. Dividend paid to owners of the Company
During the year ended December 31, 2022, on account of the dividend declaration to the parent entity, the Company has incurred a net
cash outflow of $2,800,000 which is equivalent to $0.80 dividend per share. (2021 $nil).
In the opinion of the directors of Infosys Management Consulting Pty Ltd (“the Company”):
(a) the Company is not publicly accountable nor a reporting entity;
(b) the financial statements and notes, set out on pages 8 to 27 are in accordance with the Corporations Act 2001, including:
(i) giving a true and fair view of the financial position of the Company as at December 31, 2022 and of its performance, as
represented by the results of its operations and its cash flows, for the financial year ended on that date in accordance with the
statement of compliance and basis of preparation described in Note 2;
(ii) complying with Australian Accounting Standards (including the Australian Accounting Interpretations) to the extent described
in Note 2, and the Corporations Regulations 2001; and
(c) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.
Signed in accordance with a resolution of the directors:
Dated at Sydney 23rd day of May 2023.
Geoffrey Leong
Director
GuideVision s.r.o.
Infosys Subsidiary Financials Report 2022-23 GuideVision s.r.o.. | 595

To the Shareholder of
GuideVision, s.r.o.
Having its registered office at: Türkova 2319/5 b, Chodov, 149 00 Prague 4
Opinion
We have audited the accompanying financial statements of GuideVision, s.r.o. (hereinafter also the “consolidation group”) prepared on
the basis of accounting regulations applicable in the Czech Republic, which comprise the consolidated balance sheet as at 31 December
2022, the consolidated profit and loss account and notes to these consolidated financial statements, including a summary of significant
accounting policies and other explanatory information.
In our opinion, the accompanying financial statements give a true and fair view of the financial position of the consolidation group as
at 31 December 2022, and of its consolidated financial performance for the year then ended in accordance with accounting regulations
applicable in the Czech Republic.
Basis for Opinion

We conducted our audit in accordance with the Act on Auditors and Auditing Standards of the Chamber of Auditors of the Czech
Republic, which are International Standards on Auditing (ISAs), as amended by the related application guidelines. Our responsibilities
under this law and regulation are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial
Statements section of our report. We are independent of the Group in accordance with the Act on Auditors and the Code of Ethics
adopted by the Chamber of Auditors of the Czech Republic and we have fulfilled our other ethical responsibilities in accordance with
these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other Information in the Consolidated Annual Report

Pursuant to Section 2(b) of the Auditors Act, other information is information in the annual report other than the consolidated financial
statements and our Auditor’s report. Other information is the responsibility of the Company’s statutory executives.
Our opinion on the consolidated financial statements does not relate to other information. Nevertheless, part of our responsibility
in relation to the audit of the consolidated financial statements is to read the other information and to assess whether the other
information is materially consistent with the consolidated financial statements or our knowledge of the entity and the consolidation
group obtained in the course of the audit of the consolidated financial statements or otherwise appears to be materially misstated.
We also consider whether the other information has been prepared, in all material respects, in accordance with applicable legislation.
This assessment means whether the other information complies with the legal requirements for the form and preparation of other
information in the context of materiality, i.e. whether any failure to comply with those requirements would be likely to affect the
judgement made on the basis of the other information.
On the basis of the procedures performed, to the extent that we are able to assess, we conclude that:
• The other information, which describes the facts that are also presented in the consolidated financial statements, is consistent in all
material respects with the consolidated financial statements.
• The other information has been prepared in accordance with applicable legislation.
We are also required to state whether, based on our knowledge and understanding of the Company obtained in the course of our audit,
the other information is free from material misstatement. As part of those procedures, we did not identify any material misstatements in
the other information received.
Responsibilities of the Company’s statutory executives for the Consolidated Financial Statements
The statutory executives are responsible for the preparation and fair presentation of the consolidated financial statements in accordance
with the Czech Auditing Standards and for such internal control as the statutory executives determine is necessary to enable the
preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the statutory executives are responsible for assessing the Group’s ability to continue
as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless
the statutory executives either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material
reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.
596 | GuideVision s.r.o.. Infosys Subsidiary Financials Report 2022-23

As part of an audit in accordance with the above law or regulation, we exercise professional judgment and maintain professional
• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.
made by the statutory executives.
• Conclude on the appropriateness of the statutory executives’ use of the going concern basis of accounting and, based on the audit
Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention
in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future
events or conditions may cause the Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and
whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group
to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of
the group audit. We remain solely responsible for our audit opinion.
We communicate with the statutory executives regarding, among other matters, the planned scope and timing of the audit and
In Prague on May 19, 2023
Audit firm: Statutory auditor:

Deloitte Audit s.r.o. Miroslav Zigáček
registration no. 079 registration no. 2222

General information
GuideVision, s.r.o. has prepared a consolidated annual 1.5 Cooperation with Infosys
report for 2022 pursuant to Section 22b of Act No. 563/1991 In October 2020, the GuideVision Group became part of the
Coll., on Accounting. international Infosys Group. Thanks to this integration, it has
gained a global business scope and the opportunity to bid for
1.1 Definition of the Consolidation Group and work on large contracts that would be difficult to achieve
GuideVision, s.r.o., together with its fully owned subsidiaries, without a strategic partner.
forms a group (the “GuideVision Group”) that is subject to the
obligation to prepare consolidated financial statements. 2. Additional information
The companies listed below are included in
the consolidated group:
2.1 Financial Performance of the Consolidated Entity
in 2022
Parent company: In the 2022 reporting period, the Group achieved net sales of CZK
GuideVision, s.r.o., Türkova 2319/5 b, Chodov, 149 00 619 million. This represents an increase of approximately 16%
Praha 4, Czech Republic compared to the prior period (CZK 533 million).
Subsidiaries: The Group’s net profit amounts to CZK 40,527 thousand, which is
almost the same result as in 2021 when the Group achieved a net
GuideVision Polska Sp. z o.o., Mokotowska 4/6, profit of CZK 41,161 thousand.
00-641 Warszawa, Poland
The average recalculated headcount in 2022 was 232 (2021: 193).
GuideVision Suomi Oy, Urho Kekkosen katu 4-6 E,
00100 Helsinki, Finland
2.2 Information on Events that Occurred subsequent
GuideVision Magyarország Kft., Fehérvári út 79, to the Balance Sheet Date that are Material to the
1119 Budapest, Hungary Purpose of this Annual Report
GuideVision Deutschland GmbH, Parkring 2, 85748 No such events have occurred, with the exception of the ongoing
Garching b. München, Germany war in Ukraine. The Group does not anticipate a material impact
on its business continuity due to this event.
GuideVision UK Ltd, 71-75 Shelton Street, WC2H 9JQ
London, Great Britain The current crisis in the banking market in the US in connection
with the suspension of Silicon Valley Bank has not had a
1.2 Description of Services Provided significant impact on the Group. The Company has no
activities in the US.
The Group’s principal activity is provision of advisory, consulting,
and implementation services in the field of information The ongoing high inflation rate in Europe in 2023 will continue to
technology in the Central and Eastern Europe region. impact the Company’s business. The Group does not expect this
fact to have a material impact on business continuity.
GuideVision provides its international clients with strategic
advisory, expertise and innovative technical practices.
2.3 Information on the Anticipated Development of
1.3 ServiceNow Product Description the Entity’s Activities
The Group specialises in the supply, implementation and post- The Group does not anticipate any significant changes to the
implementation support of the American product ServiceNow business in 2023. It anticipates a steady increase in sales volume.
from the American company of the same name. The Group’s objective for 2023 remains primarily to provide top
quality service and customer satisfaction. In the medium term,
ServiceNow is an enterprise cloud platform that helps companies the Group plans to expand into the markets of the Scandinavian
digitise business processes and the employee experience. countries and the DACH region.
It is designed especially for larger corporations with a
large headcount(1). The statutory executives are not aware of any other matter
(1)
https://www.guidevision.eu/, 2022
or circumstance beyond the scope described in Note 2.2 that
occurred subsequent to the reporting period that would or
1.4 SnowMirror Product Description may have a material impact on the Group’s operations, the
SnowMirror is an internally developed product of the parent results of those operations or the Group’s position in the
company, GuideVision, s.r.o., which it sells to its customers. It is a following financial years.
data replication tool for the ServiceNow platform that improves
its performance and enables the creation of custom reports. 2.4 Other Information
The parent company sells licenses for this product. During The Group has no research activities; a natural part of its
its existence, the Group has sold this product to more than a activities includes development of software solution and its
hundred customers worldwide(2). maintenance or improvement.
(2)
https://www.snow-mirror.com/, 2022 The Group does not own any treasury shares.

In providing services, the Group strives to be as energy, water and other raw materials efficient as possible.
The Group complies with all obligations arising from labour relations as stipulated by the Labour Code.
The Group does not have a branch or other part of a business plant abroad. The individual subsidiaries included in the GuideVision Group
operate abroad as independent companies under the legislation of their respective countries.

(In CZK thousand)
As at December 31,
2022 2021
TOTAL ASSETS 309,342 268,330
A. Receivables for subscribed capital
B. Fixed assets 7,279 1,445
B.I. Intangible fixed assets 4,428 289
B.II. Tangible fixed assets 2,842 1,147
B.IV. Goodwill on consolidation 9.0 9.0
C. Current assets 293,714 249,311
C.II. Receivables 167,458 128,318
C.IV. Cash 126,255 120,993
D. Accruals and deferrals 8,349 17,574
(In CZK thousand)
As at December 31,
2022 2021
TOTAL LIABILITIES & EQUITY 309,342 268,330
A. Equity 151,022 109,267
A.I. Share capital 200 200
A.II. Share premium and capital funds 993 (235)
A.IV. Retained earnings (+/-) 109,302 68,141
A.V. Profit or loss for the current period net of minority interests 40,527 41,161
B.+C. Liabilities 70,383 76,040
B. Reserves 18,883 23,558
C. Payables 51,500 52,482
C.II. Short-term payables 51,500 52,482
D. Accruals and deferrals 87,937 83,023
Consolidated profit and loss account

(In CZK thousand)

2022 2021
I. Sales of products and services 605,207 523,862
A. Purchased consumables and services 227,958 186,548
C. Own work capitalised (-) (1,596) (1,269)
D. Staff costs 329,473 265,055
E. Adjustments to values in operating activities 2,922 2,397
E.1.A. Release of positive consolidation difference (goodwill) 1 1
III. Other operating income 560 1,298
F. Other operating expenses (3,120) 8,239

2022 2021
* Operating profit or loss (+/-) 50,131 64,190
VI. Interest income and similar income 2,588 19
J. Interest expenses and similar expenses 6 13
VII. Other financial income 10,566 7,483
K. Other financial expenses 9,867 15,362
* Financial profit or loss (+/-) 3,281 (7,873)
** Profit or loss before tax (+/-) 53,412 56,317
L. Income tax 12,885 15,156
** Profit or loss net of tax (+/-) 40,527 41,161
** Consolidated profit or loss net of share of income from associates 40,527 41,161
*** Profit or loss for the current period net of minority interests (+/-) 40,527 41,161
* Net turnover for the current period 618,921 532,662
General information 1.2. Board of Directors and Supervisory Board at the

Balance Sheet Date :
1.1. Incorporation and description of the consolidating
entity (hereinafter referred to as the “Parent Position Name
Company”) Statutory executive Norbert Nagy
GuideVision, s.r.o. was formed by a Deed of Association as a Statutory executive Radovan Krejčí
limited liability company on 1 August 2014 and was incorporated
following its registration in the Register of Companies held by 1.3. Group identification
the Court in Prague on 27 August 2014. The Company’s principal GuideVison, s.r.o. is part of a group. The consolidated financial
business activities focus on information technology. statements for the widest group of entities are prepared by
The individuals and legal entities with an equity interest greater Infosys Limited, a company registered in the Republic of India.
than 20% and the amount of their equity interest are as follows : The consolidated financial statements for the narrowest group
of entities are prepared by Infy Consulting Company Limited,
Ownership a company registered in the United Kingdom of Great Britain
Shareholder / owner
percentage and Northern Ireland.
Infy Consulting Company Limited 100%
Registration No.: 06087315 Both consolidated entities present their financial statements in
Registered office : 14th Floor, 10 Upper Bank Street, compliance with their respective country’s regulations.
Canary Wharf, London, E14 5NP, United Kingdom
of Great Britain and Northern Ireland
Total 100 %
2. Definition of the consolidation group (Hereinafter referred to as the ‘GuideVision Group’ or ‘the
Group’).
2.1. Organizational chart of the GuideVision Group
Guide Vision, s.r.o.
100% 100% 100% 100% 100%
Guide Vision UK Guide Vision Guide Vision Polska Guide Vision Suomi Guide Vision
Ltd. Magyarország kft Sp. Zo.o. Oy. Deutschland GmbH

2.2. Overview of group entities
Equity investment Level of Consolidation
Name Registered office
percentage control method
GuideVision, s.r.o. Türkova 2319/5 b, Chodov, 149 00 Prague 4 consolidating entity n/a n/a
GuideVision Polska Sp. z o.o. Mokotowska 4/6, 00-641 Warsaw 100 Subsidiary Full consolidation
GuideVision Suomi Oy Urho Kekkosen katu 4-6 E, 00100 Helsinki 100 Subsidiary Full consolidation
GuideVision Magyarország Kft Fehérvári út 79, 1119 Budapest 100 Subsidiary Full consolidation
GuideVision UK Ltd 71-75 Shelton Street, WC2H 9JQ London 100 Subsidiary Full consolidation
GuideVision Deutschland GmbH Parkring 2, 85748 Garching b. München 100 Subsidiary Full consolidation
The GuideVision Group includes all entities in which the parent entity has an interest.
The financial statements of all companies included in the GuideVision Group’s are presented in compliance with the regulations
applicable in the respective country. They are also available for consolidation purposes at the registered office of the Parent Company.
No change occurred in the structure of the GuideVision Group in 2022. No subsidiaries have been included or eliminated.
The Balance Sheet date of all companies included in the GuideVision Group is 31 December 2022.
2.3. Subsidiaries
The following table shows information on the GuideVision Group’s subsidiaries as of 31 December 2022:
Place of incorporation (or registration) and Ownership Voting rights

Name Principal activity
operation percentage % %
GuideVision Polska Sp. z o.o. Warsaw, The Republic of Poland 100 100 Provision of IT consulting
services
GuideVision Suomi Oy Helsinki, Finland 100 100 Provision of IT consulting
services
GuideVision Magyarország Kft Budapest, Hungary 100 100 Provision of IT consulting
services
GuideVision UK Ltd London, United Kingdom 100 100 Provision of IT consulting
services
GuideVision Deutschland GmbH Meissen, The Federal Republic of Germany 100 100 Provision of IT consulting
services
3. Accounting principles and policies These financial statements are presented in thousands of Czech
Crowns (CZK ‘000), unless stated otherwise.
The GuideVision Group’s accounting books and records are
maintained, and the financial statements were prepared in 3.1. The Impact of COVID-19 on the Group’s operation
accordance with Accounting Act 563/1991 Coll., as amended; and going concern assumption
Regulation 500/2002 Coll., which provides implementation
guidance on certain provisions of the Accounting Act for The subsiding COVID-19 pandemic has placed increased
reporting entities that are businesses maintaining double- demands on the GuideVision Group to protect the health of
entry accounting records, as amended; and Czech Accounting its employees. The Group adopted all possible measures to
Standards for Businesses, as amended. prevent the spread of the disease in the workplace (hygiene
measures, voluntary and mandatory testing, working from
The accounting records are maintained in compliance with home). Thanks to these measures, the companies within the
general accounting principles, specifically the historical cost Group did not experience any significant constraints in terms of
valuation basis (unless stated otherwise), the accruals principle, operational capacity in 2022.
the prudence concept and the going concern assumption.
The pandemic, on the other hand, has created new needs in the
For preparing the consolidated financial statements of field of automation of corporate processes. The Management,
the GuideVision Group, the accounting policies within therefore believes that the pandemic has not affected the
the GuideVision Group have been consolidated. The Group’s ability to continue as a going concern.
significant accounting policies as applied by each company
are described below. 3.2. Impact of the invasion of Ukraine and on the
The GuideVision Group’s consolidated financial statements have Group’s operation and going concern assumption
been prepared as of the balance sheet date, i.e., 31 December The Group’s management assesses the adverse effects of the
2022, for the calendar year ended 31 December 2022. conflict in Ukraine in general terms, particularly in view of the
anticipated economic recession in the EU countries.

Given the significantly higher inflation rate and due to the of assets in the consolidated financial statements and the
general price increases across industries, the Management reported profit or loss.
expects that the upward trend in costs will continue in 2023
The figures from financial statements of subsidiaries with
across the Group than to an even greater extent than in previous
their registered offices abroad maintaining their accounts in a
years. In particular, wages and other business-related operating
foreign currency are translated at the exchange rate prevailing
costs are expected to increase. This may lead to the Group’s
on the date on which the consolidated financial statements are
lower operating profit next year.
prepared. The difference arising from the year-on-year exchange
Even considering the above, the Group’s management does not rate change is reflected in the special revaluation fund – refer
anticipate that the impact of the conflict in Ukraine will lead to the note on Equity.
to losses or disruption to the Group’s normal operations and
business activities. Adjustments to the valuation of assets and liabilities of a
subsidiary.
3.3. Scope and method of consolidation If the valuation of assets and liabilities in the accounting records
Consolidation is performed in accordance with the relevant of subsidiaries differs significantly from the fair value, a valuation
direct consolidation method. Direct consolidation means that adjustment is made to reflect the fair values of assets and
all entities within a group are consolidated at the same time, liabilities at the date of acquisition or at the date of increase in
without the use of possible consolidated financial statements the equity interest in connection with the determination of the
prepared for sub-groups. consolidation difference. The relevant assets and liabilities of the
subsidiary are included in the consolidated financial statements
The group of companies comprises the Parent Company at this adjusted valuation amount.
GuideVision, s.r.o. and its subsidiaries. The definition of
subsidiaries is stated below. When adjustments are made to the valuation of assets and
liabilities in accordance with the paragraph above, adjustments
3.3.1. Subsidiary are also made to reflect the differences between the transactions
Equity investments in companies whose financial and operating occurring subsequent to the date of acquisition or increase in
processes can be controlled by the parent company to obtain the equity interest as a result of the relevant assets or liabilities
benefits from their activities are classified as equity investments being charged or credited to the profit or loss of the subsidiary
in controlled entities. as valued in the subsidiary’s accounts, and those transactions
recognized (valued) following the adjusted valuation of the
For consolidation purposes, a subsidiary is defined as a company relevant items of assets and liabilities for consolidation purposes.
in which the Parent Company has a controlling influence through
the ownership of more than 50% of the share capital. Summary of the Parent Company’s and its subsidiaries’
These companies are consolidated using the full financial statements.
consolidation method. The Parent Company aggregates the reclassified and adjusted
figures in its financial statements with the reclassified and
3.4. Full-consolidation procedure adjusted figures in the financial statements of its subsidiaries.
3.4.1. Description of the full consolidation method
Intercompany transactions between the Parent Company and
Full consolidation method means: its subsidiaries are eliminated.
a) the inclusion of individual components of the balance sheets Accounting transactions with no effect on the profit or
and profit and loss accounts of subsidiaries in the Parent loss are eliminated.
Company’s balance sheet and profit and loss account in full
after reclassification and adjustments, if any, • Intercompany receivables and payables, and expenses and
income within the GuideVision Group , that have a material
b) the elimination of accounting transactions between the impact on assets, liabilities and the profit or loss items in the
Group’s entities that represent intercompany relationships, consolidated financial statements, are completely eliminated.
c) the recognition of a potential consolidation difference
and its amortization., Elimination of accounting transactions with impact on profit or loss.
3.4.2. Full consolidation method stages • The preparation of the consolidated balance sheet and the
Reclassifications and adjustments of items in the financial consolidated profit and loss account eliminates transactions
statements of the Parent Company and its subsidiaries. between the Parent Company and a subsidiary, or
intercompany transactions between subsidiaries, that have
The information for the Parent Company and its subsidiaries
a material impact on the profit or loss of the GuideVision
is reclassified considering the items added to the
Group with regard to accruals and deferrals, including in the
consolidated balance sheet and consolidated profit and loss
following cases :
account and their content.
Adjustments are made in accordance with the valuation a) Intercompany sales and purchases of inventory or services.
principles specified in the consolidation rules. Adjustments of
this kind will be made only for those subsidiaries whose valuation b) Intercompany sales and purchases of fixed assets.
principles differ from those stipulated in the consolidation c) Intercompany dividends or profit shares received and paid.
rules, and would materially affect the view of the valuation

The application of the full consolidation method eliminates * for the expected useful life of the respective software
transactions between the Parent Company and its subsidiaries, Assets held under finance leases are depreciated by the lessor
and intercompany transactions between subsidiaries. however there are no finance leases.
The elimination of transactions affecting each other’s profit or There may be deviations from the CZ GAAP definition of
loss is made in accordance with the consolidation rules declared. tangible and intangible assets in individual countries, but due
The income item in the consolidated profit and loss to the immateriality of this component of assets compared to
account is reduced by the dividend or profit share income the total assets of the Group, the consolidating entity does not
received, while the accumulated profits or losses brought quantify the differences.
forward in the consolidated balance sheet are increased or
reduced, respectively. 3.6. Financial assets
Financial assets with maturity or intent to hold exceeding one
Consolidation difference year are reported as non-current. Financial assets with maturity
The consolidation difference is the difference between the or intent to hold up to one year are recognized as current.
acquisition cost of the subsidiary’s interests and their valuation
according to the Parent Company’s equity interest stated at fair 3.7. Receivables
value, which arises from the difference between the fair values of Upon origination, receivables are stated at their nominal value as
assets and the fair values of liabilities at the date of acquisition or subsequently reduced by appropriate provisions.
at the date of further increase in the interest (further acquisition
of securities or shares). The acquisition date is the date on which
3.8. Payables
the controlling entity effectively begins to exercise control over
the consolidated entity. Payables are stated at nominal value.
The consolidation difference is amortized over 20 years on a 3.9. Loans

straight-line basis. The consolidation difference is recognized
through the positive consolidation difference or negative Loans are stated at their nominal value. The portion of long-term
consolidation difference items, and is charged or credited to loans maturing within one year from the Balance Sheet date is
expenses or income from ordinary activities, respectively. included in short-term loans.
Elimination of equity securities and investments 3.10. Reserves

The shares issued by the subsidiary and the equity of Reserves are intended to cover liabilities and expenditure the
the subsidiary that is attributable to the investment nature of which is clearly defined, and which are either likely
held by the parent company will be excluded from the to be incurred or certain to be incurred as of the Balance Sheet
consolidated balance sheet. date, but uncertain as to their amount or as to the date on
which they will arise.
3.5. Tangible and intangible fixed assets The Group recognizes reserves for outstanding vacation days,
In the previous year, the GuideVision Group reduced the limit for unused points in the Cafeteria benefit scheme (or equivalent
the definition of fixed assets. As of 1 January 2022, fixed assets benefit scheme in the respective country), annual bonuses and
are defined as all assets with an estimated useful life greater than management and sales staff bonuses.
one year and acquisition cost greater than CZK 5,000. This limit
applies to both tangible and intangible assets. The exception 3.11. Foreign currency translation
is mobile phones, for which the limit for classification as fixed Transactions of the Parent Company denominated in foreign
assets was set at CZK 10,000, and office furniture, for which the currencies during the year are translated using ,the exchange
limit for classification as assets was set at CZK 15,000. rate of the Czech National Bank prevailing on the date of the
Purchased tangible and intangible fixed assets are stated at cost transaction. As of the date of the financial statements, the Parent
less accumulated depreciation and provisions, if any. Company’s foreign currency assets and liabilities are translated
using the exchange rate of the Czech National Bank prevailing on
The cost of fixed asset improvements exceeding CZK 5,000 for the date of the financial statements.
individual tangible assets for the reporting period increases the
acquisition cost of the related fixed asset. The financial statements of foreign companies entering the
consolidation, are translated into CZK using the exchange rate of
The cost of tangible and intangible fixed assets is depreciated / the Czech National Bank as of 31 December 2022.
amortized over the estimated useful life of the assets using the
straight-line method. 3.12. Revenue recognition
Depreciation Number of Revenue from the sale of consultancy services is recognized
Type of assets either on the basis of a statement of the actual hours worked
method years
at the client’s site in the previous month (so called ‘time and
Computers and accessories straight line 3
material’ projects, hereinafter referred to as ‘TM projects’) or after
Office equipment and furniture straight line 5 a certain milestone has been reached as specified in the project’s
Vehicles straight line 5 contract documentation (so-called ‘fix time-fix price’ projects,
Software and other intangible straight line 3-5*
hereinafter referred to as ‘FTFP projects’).
assets

The Group recognizes revenue from TM projects using estimates and assumptions based on all the relevant information
estimates in the month to which they relate in terms of time and available to it. Nevertheless, pursuant to the nature of estimates,
substance. Actual billing is always delayed by one month, and the actual results and outcomes in the future may differ
is based on a written approval of the number of hours worked from these estimates.
at the client’s site.
If there is an FTFP project in progress at the end of the reporting 3.14. Cash flow statement
period, the entity records work-in-progress at the cost of inputs, The consolidated cash flow statement has not been prepared as
net of profit margin. there is no obligation to prepare a cash flow statement.
Revenue from the sale of licenses is accrued on a time basis
3.15. Derivatives
according to the term of the license sold. The monthly amount
released in revenue is calculated with the precision of days. On The Group uses derivative financial instruments as effective
the accrual’s basis, sales of licenses correspond to the cost of hedging instruments in accordance with the Group’s risk
purchased licenses held for resale. management strategy. The Group’s currency risk hedging is
performed solely by the Parent Company.
Revenue is measured at the value of the consideration received
or receivable and represents amounts receivable for services The Parent Company does not evidence the fulfilment of hedge
provided in the normal course of business, net of discounts, value accounting criteria under Czech Accounting Standards and,
added tax and other sales related taxes. hence, the derivatives are not accounted for as hedges. These
derivatives are recognized as derivatives held for trading.
3.13. Use of estimates Derivatives held for trading are carried at fair value at the
The presentation of financial statements requires Management Balance Sheet date. In determining fair value, the Company has
to make estimates and assumptions that affect the reported referred to market values.
amounts of assets and liabilities at the Balance Sheet date, and Fair value changes in respect of trading derivatives are
the reported amounts of revenues and expenses during the recognized as part of profit or loss for the current period.
reporting period. Management of the Group has made these
4. Additional information
4.1. Intangible fixed assets (IFA)
Cost
(CZK ‘000)
Opening Closing
Particulars Additions Disposals Transfers
balance balance
Software and development 6 944 5 851 – – 12 795
Total 2022 6 944 5 851 – – 12 795
Total 2021 5 674 1 271 1 – 6 944
Provisions and accumulated amortization

(CZK ‘000)
Opening Closing Net book

Particulars Additions Disposals Transfers Provisions
balance balance value
Development 6 655 1 712 – – 8 367 – 4 428
Total 2022 6 655 1 712 – – 8 367 – 4 428
Total 2021 5 368 1 287 – – 6 655 – 289
4.2. Tangible fixed assets (TFA)

Cost
(CZK ‘000)
Opening Closing
Particulars Additions Disposals Transfers
balance balance
Tangible movable assets and their sets 5 170 2 720 1 632 – 6 258
Other TFA 126 – – – 126
Total 2022 5 296 2 720 1 632 – 6 384
Total 2021 4 657 2 033 1 443 – 5 247(1)
(1)
The discrepancy between the opening balance of the current period and the closing balance of the previous period is due to the effect of revaluation at the
current closing rate of items arising from foreign companies within the Group.

Provisions and accumulated depreciation
(CZK ‘000)
Opening Closing Net book

Particulars Additions Disposals Transfers Provisions
balance balance value
Tangible movable assets and 3 897 1 025 1 418 – 3 504 – 2 754
their sets
Other TFA 25 13 – – 38 – 88
Total 2022 3 922 1 038 1 418 – 3 542 – 2 842
Total 2021 3 341 1 169 409 – 4 101(1) – 1 147
(1)
The discrepancy between the opening balance of the current period and the closing balance of the previous period is due to the effect of revaluation at the
current closing rate of items arising from foreign companies within the Group.
4.3. Settlement of the consolidation difference

(CZK ‘000)
Value of the consolidation Amortization of the Value of the consolidation

Particulars
difference as of 1 Jan 2022 consolidation difference difference as of 31 Dec 2022
GuideVision Polska Sp. z o.o. 9.4 0.6 8.8
The value of the identified consolidation difference is immaterial.
4.4. Short-term receivables 4.6. Deferred expenses and accrued income

The Group records only short-term receivables. As of 31 The most significant item of deferred expenses and accrued
December 2022, the Group records trade receivables past their income consists of purchased ServiceNow licenses intended for
due dates for more than 90 days amounting to CZK 1,358,000 resale to end customers in the total amount of CZK 5,906,000
(December 31, 2021: CZK 460, 000). (2021: CZK 16,125,000) in the Parent Company GuideVision, s.r.o.
The structure of other than Group receivables is
presented as follows : 4.7. Equity
The Parent Company’s statutory body anticipates that the 2022
(CZK ‘000) profit will be transferred to retained earnings brought forward
and used to cover the future operating needs of the Company. A
As at December 31,
Particulars final decision has not yet been made.
2022 2021
The reported profit of prior years has increased from CZK
Trade receivables 64 845 102 315
68,141,000 at the end of 2021 to CZK 109,302,000. This is mainly
Receivables – Controlled 79 036 – because the Parent Company’s profit share for 2021 was not
or controlling entity paid out during 2022.
Social security and health – – The item share premium and capital funds includes the
insurance contributions cumulative effect of the year-on-year change in the exchange
State – Tax receivables 7 658 727 rate applied to include foreign subsidiaries in the consolidation.
Prepayments made 2 340 2 960
4.8. Reserves
Estimated receivables 9 769 17 927
Other reserves
Sundry receivables 659 847 (CZK ‘000)
Receivables 164 307 124 776
As at December 31,
(excluding deferred tax asset) Particulars
2022 2021
Deferred tax asset 3 151 3 542
Outstanding vacation days 4 254 2 975
Total receivables 167 458 128 318
Unused points in the cafeteria 651 396
benefit scheme
Receivables are not collateralized, and do not serve as collateral Employee bonuses (annual, 10 391 19 423
for the Company’s liabilities. retention and incentive
programme)
4.5. Derivatives ESOP bonus programme 3 021 –
The Company did not use any derivatives during Bonuses for sales staff 566 764
the reporting period. Total other reserves 18 883 23 558
The most significant item in other reserves comprises the
annual employee bonuses, which will be paid in the first half

of 2023 based on the Company’s approved results for the As at December 31,
prior reporting period. Particulars
2022 2021
4.9. Short-term payables Post-implementation support and 34 823 38 829
training
The Group records only short-term payables. As of 31 December
2022, the Group records no payables past their due dates for Sales of SN+SM licences 102 545 86 537
more than 90 days (the situation was the same in 2021). Other 91 911
The structure of other than Group payables is Total sales of own products and 605 207 523 862
presented is as follows : services
In 2022, the share of FTFP projects in total sales increased. These
(CZK ‘000)
are mainly projects for the customer Dr. Max BDC, s.r.o.
As at December 31,
Particulars
2022 2021 4.13. Employees, Management and Statutory Bodies
Payables to credit institutions – – The average headcount of GuideVision’s employees and
managers for the years ended 31 December 2022 and 31
Short-term prepayments received – 25
December 2021 is as follows :
Trade payables 3 366 12 882
Payables - Controlled or – – 2022
controlling entity
Total staff
Payables to employees 12 533 10 554 Number of
Particulars costs in
staff
Social security and health 7 603 6 019 CZK ‘000
insurance payables Employees 225 302 284
State - Tax payables and subsidies 3 873 3 473 Management 7 27 189
Estimated payables 23 785 19 505 Total 232 329 473
Sundry payables 340 24
2021
Total 51 500 52 482
Total staff
Number of
4.10. Accrued expenses and deferred income Particulars
staff
costs in
CZK ‘000
The most significant item in accrued expenses and deferred
income consists of the SnowMirror licenses (an internally Employees 186 240 921
developed product) amounting to CZK 5,29,79,000 (2021: CZK Management 7 24 134
5,70,35,000), which the Group sells through GuideVision, s.r.o.
Total 193 265 055
and GuideVision UK, Ltd.
4.11. Deferred income tax The number of employees is based on the average headcount
The Group recorded a deferred tax asset amounting to CZK during the reporting period.
31,51,000 arising from temporary differences between tax and
The Management of the Company is defined at the level of
carrying amounts of assets and reserves.
“top management”, which consists of three persons in the
The partial deferred tax asset for tax losses in the subsidiaries management of the Parent Company and four persons in the
that have incurred losses has not yet been recorded due to position of “management directors” in the subsidiaries.
the prudence principle – the uncertainty in the utilization
of these losses. The Group’s management will periodically 4.14. Significant post-Balance Sheet events
review the assumptions for the utilization of these losses in Except for the ongoing military conflict in Ukraine (Refer to
future reporting periods. Note 3.2), no events had occurred subsequent to the Balance
Sheet date that would have a material impact on the Company’s
4.12. Income from ordinary activities financial statements.
The most significant income items include consulting services
provided in the implementation of the ServiceNow product and
sales of ServiceNow and SnowMirror licenses (‘SN’ and ‘SM’).
(CZK ‘000)
As at December 31,
Particulars
2022 2021
SN Consulting services – TM 455 990 397 562
projects
SN Consulting services – FTFP 11 758 23
projects

Infosys Luxembourg S.à r.l
Infosys Subsidiary Financials Report 2022-23 Infosys Luxembourg S.à r.l | 607
To the Members of Infosys Luxembourg S.a.r.l.

Opinion
We have audited the accompanying special purpose financial statements of Infosys Luxembourg S.a.r.l. (“the Company”), which comprise
statements, of the state of affairs of the Company as at March31, 2023, the profit and total comprehensive income, changes in equity and
Basis for Opinion


the audit. We also:
608 | Infosys Luxembourg S.à r.l Infosys Subsidiary Financials Report 2022-23
presentation.
For Shenoy & Kamath

Partner
UDIN : 23202841BGWLUT6786
Place: Bengaluru
Date: May 20,2023
Balance Sheet
(In EUR)
As at March 31,
2023 2022
ASSETS
Non-current assets
Right of use asset 2.1 456,463 49,689
Other non-current assets 2.4 – 421
Current assets
Financial assets
Loans – –
Income tax assets (net) – –
Total assets 10,601,298 7,356,522
Equity
Other equity (441,279) (1,219,814)
Total equity 1,558,721 780,186
LIABILITIES
Lease liability 2.1 424,709 25,400
Total non-current liabilities 424,709 25,400
Current liabilities
Lease liability 2.1 24,600 24,600
Trade payables 2.7 5,311,173 3,403,030
Provisions 2.15 102,422 42,772
Income tax liabilities (net) 2.11 14,860 4,815
As per our report of even date attached for and on behalf of the Board of Directors of Infosys Luxembourg s.a r.l
for Shenoy & Kamath
Firm’s Registration Number: 006673S
M. Rathnakar Kamath Puneet Shukla Michael Helbig

Place: Bengaluru
Date: May 20, 2023
(In EUR, except equity share and per equity share data)

Particulars Note
2023 2022
Other Income/ (loss), net 2.13 19,640 (16,305)
Total income 20,542,500 12,573,638
Expenses
Employee benefit expenses 2.14 1,195,964 832,604
Cost of software packages and others 2.14 62,422 2,506
Finance costs 2.1 10,335 2
Other expenses 2.14 295,058 170,498
Total expenses 19,753,920 12,284,426
Profit/ (loss) before tax 788,580 289,212
Tax expense:
Current tax 10,045 –
Profit/ (loss) for the year 778,535 289,212
Total comprehensive income/ (loss) for the period 778,535 289,212
Equity shares of par value EUR 100/- each
Basic (EUR) 38.93 14.46
Diluted (EUR) 38.93 14.46
Basic 20,000 20,000
Diluted 20,000 20,000
for Shenoy & Kamath

Place: Bengaluru
Date: May 20, 2023
(In EUR)

Equity Share Share application attributable to
Particulars Reserves and
Capital money pending equity holders of
surplus the Company
allotment
Balance as of April 1, 2021 2,000,000 (1,509,026) – 490,974
Changes in equity for the period April 1, 2021 to March 31, 2022 –
Loss for the period 289,212 289,212
Balance as of March 31, 2022 2,000,000 (1,219,814) – 780,186
Changes in equity for the year ended March 31, 2023 – – –
Profit for the period – 778,535 – 778,535
Balance as of March 31, 2023 2,000,000 (441,279) – 1,558,721
for Shenoy & Kamath

Place: Bengaluru
Date: May 20, 2023
(In EUR)

Particulars
2023 2022
Profit/ (loss) for the period 778,535 289,212
Provision 59,650 42,772
Income tax expense 10,045 –
Finance cost 10,335 2
Trade receivables and unbilled revenue (990,454) (3,437,074)
Loans, other financial assets and other assets 18,603 (10,135)
Trade payables 1,908,143 577,430
Other financial liabilities, other liabilities and provisions 89,094 2,682,877
Cash used in operations 1,979,560 169,676
Income taxes paid (6,287) 4,013
Net cash used in operating activities 1,973,273 173,689
Net cash used in investing activities – –
Issue of equity shares – –
Lease payouts (113,409) (24,745)
Net decrease in cash and cash equivalents 1,859,864 148,944
for Shenoy & Kamath

Place: Bengaluru
Date: May 20, 2023
Company overview Post-sales client-support
The Company provides its clients with a fixed-period post-sales
Infosys Luxembourg s.a r.l is a wholly-ownned support on its fixed-price, fixed-timeframe contracts. Costs
subsidiary of Infosys Limited. associated with such support services are accrued at the time
related revenues are recorded in the Statement of Profit and
1 Significant accounting policies Loss. The Company estimates such costs based on historical
experience and estimates are reviewed on a periodic basis for any
1.1 Accounting year material changes in assumptions and likelihood of occurrence.
The accounting year of the Company is from April 1 to March 31.
1.2 Basis of preparation of financial statements 1.6.1 Initial recognition
These special purpose financial statements are prepared The Company recognizes financial assets and financial liabilities
for inclusion in the Annual Report of the holding company when it becomes a party to the contractual provisions of the
Infosys Limited under the requirements of Section 129 (3) of instrument. All financial assets and liabilities are recognized
the Companies Act 2013. at fair value on initial recognition, except for trade receivables
These financial statements are prepared in accordance with which are initially measured at transaction price. Transaction
Indian Accounting Standards (Ind AS) under the historical cost costs that are directly attributable to the acquisition or issue
convention on the accrual basis. The Ind-AS are prescribed under of financial assets and financial liabilities, that are not at fair
Section 133 of the Act read with Rule 3 of the Companies (Indian value through profit or loss, are added to the fair value on initial
Accounting Standards) Rules, 2015 and relevant amendments recognition. Regular way purchase and sale of financial assets are
rules issued thereafter. accounted for at trade date.
Accounting policies have been consistently applied except where 1.6.2 Subsequent measurement
a newly issued accounting standard is initially adopted or a
Non-derivative financial instruments
revision to an existing accounting standard requires a change in
the accounting policy hitherto in use. (i) Financial assets carried at amortized cost
1.3 Presentation currency if it is held within a business model whose objective is to hold
The Company’s presentation currency is EURO (€). the asset in order to collect contractual cash flows and the
1.4 Use of estimates dates to cash flows that are solely payments of principal and
with Ind-AS requires management to make estimates and (ii) Financial assets at fair value through other
assumptions that affect the reported balances of assets and comprehensive income
liabilities and disclosures relating to contingent liabilities as at the
date of the financial statements and reported amounts of income
other comprehensive income if it is held within a business model
and expenses during the period.
Accounting estimates could change from period to period. Actual flows and selling financial assets and the contractual terms of
results could differ from those estimates. Appropriate changes the financial asset give rise on specified dates to cash flows that
in estimates are made as the Management becomes aware of are solely payments of principal and interest on the principal
changes in circumstances surrounding the estimates. Changes in amount outstanding.
disclosed in the notes to the financial statements. A financial asset which is not classified in any of the above
categories are subsequently fair-valued through profit or loss.
1.5 Provisions (iv) Financial liabilities
Company has a present legal or constructive obligation that Financial liabilities are subsequently carried at amortized cost
is reasonably estimable, and it is probable that an outflow of using the effective interest method, except for contingent
economic benefits will be required to settle the obligation. consideration recognized in a business combination which is
Provisions are determined by discounting the expected subsequently measured at fair value through profit and loss.
future cash flows at a pre-tax rate that reflects current For trade and other payables maturing within one year from the
market assessments of the time value of money and the risks Balance Sheet date, the carrying amounts approximate fair value
specific to the liability. due to the short maturity of these instruments.
1.7 Fair value of financial instruments financial statements. Deferred tax assets are reviewed at each
In determining the fair value of its financial instruments, the reporting date and are reduced to the extent that it is no longer
Company uses a variety of methods and assumptions that are probable that the related tax benefit will be realized.
based on market conditions and risks existing at each reporting Deferred income tax assets and liabilities are measured using
date. The methods used to determine fair value include tax rates and tax laws that have been enacted or substantively
discounted cash flow analysis, available quoted market prices enacted by the reporting date and are expected to apply to
and dealer quotes. All methods of assessing fair value result taxable income in the years in which those temporary differences
in general approximation of value, and such value may never are expected to be recovered or settled. The effect of changes
actually be realized. in tax rates on deferred income tax assets and liabilities is
1.8 Impairment the enactment or the substantive enactment date. A deferred
Financial assets income tax asset is recognized to the extent that it is probable
The Company recognizes loss allowances using the expected
credit loss (ECL) model for the financial assets which are not
the 12-month ECL, unless there has been a significant increase In assessing the realizability of deferred income tax assets,
in credit risk from initial recognition in which case those are management considers whether some portion or all the deferred
measured at lifetime ECL. The amount of expected credit losses income tax assets will not be realized. The ultimate realization of
(or reversal) that is required to adjust the loss allowance at the deferred income tax assets is dependent upon the generation of
reporting date to the amount that is required to be recognized is future taxable income during the periods in which the temporary
recognized as an impairment gain or loss in profit or loss. differences become deductible. Management considers the
scheduled reversals of deferred income tax liabilities, projected
1.9 Foreign currency future taxable income and tax planning strategies in making this
Functional currency assessment. Based on the level of historical taxable income and
projections for future taxable income over the periods in which
The functional currency of the Company is the EURO (€). These the deferred income tax assets are deductible, management
financial statements are presented in EURO (€) believes that the company will realize the benefits of those
deductible differences. The amount of the deferred income tax
Transactions and translations assets considered realizable, however, could be reduced in the
Foreign-currency denominated monetary assets and liabilities near term if estimates of future taxable income during the carry
are translated into the relevant functional currency at exchange forward period are reduced.
rates in effect at the balance sheet date. The gains or losses
resulting from such translations are included in net profit in 1.11 Cash flow statement
the Statement of Profit and Loss. Non-monetary assets and
profit for the period is adjusted for the effects of transactions
operating cash receipts or payments and item of income or
foreign currency and measured at historical cost are translated at
the exchange rate prevalent at the date of the transaction.
currency transactions are included in determining net profit 1.12 Earnings per share
for the period in which the transaction is settled. Revenue, Basic earnings per share is computed by dividing the net profit
expense and cash-flow items denominated in foreign currencies after tax by the weighted average number of equity shares
are translated into the relevant functional currencies using the outstanding during the period.
1.13 Leases
1.10 Income taxes
Income tax expense comprises current and deferred income tax.
Income tax expense is recognized in net profit in the statement The Company’s lease asset classes consist of leases for buildings.
of profit and loss except to the extent that it relates to items The Company assesses whether a contract contains a lease, at
recognized directly in equity, in which case it is recognized in inception of a contract. A contract is, or contains, a lease if the
other comprehensive income. Current income tax for current and contract conveys the right to control the use of an identified
prior periods is recognized at the amount expected to be paid asset for a period of time in exchange for consideration. To
to or recovered from the tax authorities, using the tax rates and assess whether a contract conveys the right to control the use
tax laws that have been enacted or substantively enacted by the of an identified asset, the Company assesses whether: (1) the
balance sheet date. Deferred income tax assets and liabilities are contact involves the use of an identified asset (2) the Company
recognized for all temporary differences arising between the tax has substantially all the economic benefits from use of the asset
bases of assets and liabilities and their carrying amounts in the
through the period of the lease and (3) the Company has the The following is the break-up of current and non-current lease
right to direct the use of the asset. liability are as follows:
At the date of commencement of the lease, the Company (In EUR)
recognizes a right-of-use asset (ROU assets) and a corresponding
lease liability for all lease arrangements in which it is a lessee, Year ended March 31,
Particulars
except for leases with a term of twelve months or less (short- 2023 2022
term leases) and low value leases. For these short-term
Non-current lease liability 424,709 25,400
and low value leases, the Company recognizes the lease
payments as an operating expense on a straight-line basis over Current lease liability 24,600 24,600
the term of the lease. Total 449,309 50,000
The movement in lease liability are as follows:
certain that they will be exercised. (In EUR)
The ROU assets are initially recognized at cost, which comprises Year ended March 31,
the initial amount of the lease liability adjusted for any lease Particulars
payments made at or prior to the commencement date of 2023 2022
the lease plus any initial direct costs less any lease incentives. Balance at the beginning 50,000 70,627
They are subsequently measured at cost less accumulated Additions 502,383 4,116
Interest accrued during the period 10,335 2
Lease payments (113,409) (24,745)
and useful life of the underlying asset. Balance at the end 449,309 50,000
The lease liability is initially measured at amortized cost using the 2.2 Cash and cash equivalents
effective interest rate method at the present value of the future (In EUR)
lease payments. The lease payments are discounted using the
interest rate implicit in the lease or, if not readily determinable, As at March 31,
Particulars
incremental borrowing rates in the countries of domicile of the 2023 2022
Balances with banks
adjustment to the related right of use asset if the Company
changes its assessment if whether it will exercise an extension or In current accounts 3,649,900 1,790,036
a termination option. 3,649,900 1,790,036
financing cash flows. (In EUR)
As at March 31,
2.1 Leases Particulars
2023 2022
The changes in the carrying value of right of use Current
assets are as follows:
Financial Assets
(In EUR) Unbilled Revenue(1) 27,182 30,480
Year ended March 31, Intercompany receivable – 904,945 –
Particulars non-revenue(1)
2023 2022
Others(1) (2) (272) 323
Balance at the beginning 49,689 70,165
Additions 502,383 4,116 931,855 30,803
Depreciation (95,609) (24,592) Financial assets carried at

(1)
931,855 30,803
amortized cost
Balance at the end 456,463 49,689 (2)
Includes dues from related 904,945 323
2.4 Other assets
(In EUR)
As at March 31,
Particulars
2023 2022
Non-current
Others
Deferred contract cost – 421
– 421
Current
Payment to vendors for supply of goods/ services – 2,439
Others
Unbilled revenue – –
Prepaid expenses (1)
343,595 434,321
Deferred contract cost 353 561
Reimbursable VAT 144,967 69,776
488,915 507,097
(1)
Includes dues from related parties (Refer to Note No. 2.16) 343,595 434,321

(In EUR)
As at March 31,
Particulars
2023 2022
Current
Unsecured
Considered good 5,060,522 4,971,120
Considered doubtful 30,246 27,197
5,090,768 4,998,317
Less: Allowances for credit losses 30,246 27,197
5,060,522 4,971,120
Year ended March 31, 2023, and March 31, 2022
(In EUR)

Particulars Not Due Less than 6 6 months - 1 More than 3
1-2 years 2-3 years Total
months year years
Undisputed trade receivables 1,155,818 4,242,283 130,543 (406,554) (31,322) – 5,090,768
– considered good
1,525,614 3,681,587 (206,376) (2,508) – – 4,998,317
Undisputed trade receivables – – – – – – –
– credit impaired
– – – – – – –
27,197
4,971,120
2.6 Equity
(In EUR, except as otherwise stated)
As at March 31,
Particulars
2023 2022
Authorized
Equity shares
20000 equity shares of EUR 100 par value 2,000,000 2,000,000
Equity shares
20000 equity shares of EUR 100 par value 2,000,000 2,000,000
2,000,000 2,000,000
The details of shareholder holding more than 5% shares as at March 31, 2023 and March 31, 2022 are as follows:
As at March 31, 2023 As at March 31, 2022

% held % held
shares shares
Infosys Limited 20,000 100% 20,000 100%
2.7 Trade payables

(In EUR)

2023 2022
Trade payables (1) 5,311,173 3,403,030
5,311,173 3,403,030
(1)
Includes dues to related parties (Refer to note 2.16) 5,273,735 3,314,301
Trade payables’ ageing schedule

Details for the year ended March 31, 2023, and March 31, 2022:
(In EUR)

Particulars Not due Less than 1 More than 3
year years
Others – 5,311,173 – – – 5,311,173
1,244,927 2,158,103 – – – 3,403,030
Total trade payables – 5,311,173 – – – 5,311,173
2.8 Other financial liablities

(In EUR)
As at March 31
Particulars
2023 2022
Current
Others
Compensated absences 24,382 34,184
Payable to employee 5,584 –
Other payables (2)(1) 535,720 225,553
611,024 332,127
(1)
Financial liability carried at amortized cost 611,024 332,127
(2)
Includes dues to related parties (Refer to note 2.16) 245,163 93,961
2.9 Other liabilities 2.11 Income taxes
(In EUR) Income tax expense in the statement of profit and loss comprises:
As at March 31,
Particulars (In EUR)
2023 2022
Current Particulars
2023 2022
Current taxes 10,045 –
Others
Withholding taxes and others 487,942 502,081
2,553,789 2,743,592
The details of income tax assets and income tax liabilities as of
2.10 Financial instruments March 31, 2023, and March 31, 2022 are as follows:
(In EUR)
categories were as follows: Year ended March 31,
Particulars
2023 2022
(In EUR)
As at March 31, Current income tax liabilities (14,860) (4,815)
Particulars
2023 2022 Net current income tax assets/ (1,217) 2,541
Assets: (liability) at the end
Cash and cash equivalents (Refer 3,649,900 1,790,036
to Note No. 2.2)
The gross movement in the current income tax asset/
Trade receivable 5,060,522 4,971,120 (liability) is as follows:
Others financial assets 931,855 30,803
(In EUR)
Total 9,642,277 6,791,959
Liabilities: Year ended March 31,
Particulars
Other financial liabilities (Refer to 611,024 332,127 2023 2022
Note No. 2.9) Net current income tax asset/ 2,541 6,554
(liability) at the beginning
Trade payable 5,311,173 3,403,030
449,309 50,000 Income tax paid/ (refund) 6,287 (4,013)
Lease liabilities
Current income tax expense (10,045) –
Total 6,371,506 3,785,157
Net current income tax asset/ (1,217) 2,541
All the above financial instruments are carried at amortized cost
and the carrying value approximates the fair value. 2.12 Revenue from operations
(In EUR)
Financial risk factors Particulars
2023 2022
The Company’s activities expose it to a variety of financial risks:
credit risk and liquidity risk. Income from software services 19,618,238 12,589,943
Overseas inter-company transfer 904,622 –
Liquidity risk Total revenue from operation 20,522,860 12,589,943
The Company’s principal sources of liquidity are cash and cash
equivalents. The Company has no outstanding borrowings. 2.13 Other income
As of March 31, 2023 and March 31, 2022, the Company (In EUR)
had cash and cash equivalents of EUR 3,649,900 and EUR Year ended March 31,
1,790,036, respectively. Particulars
2023 2022
Interest received on bank deposits 22,004 –
Exchange gains/ (losses) on (2,364) (16,305)
liabilities
Total other income 19,640 (16,305)
2.14 Expenses Year ended March 31,
(In EUR) Particulars
2023 2022
Year ended March 31, Travel expenses 109,329 18,627
Particulars
2023 2022 Bank charges 10,526 20,628
Employee benefit expenses Marketing expenses 1,882 634
Salaries including bonus 1,191,901 832,084 Office maintenance 1,503 408
Staff welfare 4,063 520
Printing and stationery 106 95
1,195,964 832,604 3,013 –
Other expenses
Cost of software packages and 62,422 2,506 Total other expenses 295,058 170,498
others
For own use 62,422 2,506 2.15 Provisions
Other expenses (In EUR)
Rates and taxes 59,863 35,695 As at March 31,
Particulars
Postage and courier charges 80 147 2023 2022
Communication expenses 7,939 4,212 Current
Audit fees 41,167 38,000 Others
Provision for post-sales client 59,650 42,772 Post-sales client-support and 102,422 42,772
support and others others
Impairment loss recognized/ – 9,280 102,422 42,772
(reversed) under expected
credit loss model

Name of Holding Companies Country
2023 2022

Mexico
Sweden
U.S.
Austria
India
Saudi Arabia
Infosys Americas Inc. (Infosys Americas) (1) (26)
U.S.
Canada
India
Poland
Australia
U.S.
Switzerland
Australia
Germany
France
Czech Republic
U.K.
Argentina
U.S.
Panaya Ltd. (6)
Israel
U.K.
Brilliant Basics Limited(7) (26) U.K.
Singapore
Dubai
Sweden
Denmark
Slovakia
South Africa
U.S.
U.S.
Stater N.V. (9)
The Netherlands
The Netherlands
HypoCasso B.V. (12)
The Netherlands
Belgium
U.S.
Canada
Australia
Philippines
Simplus Europe, Ltd.(16) (29) U.K.
U.K.
Ireland
Bulgaria
U.S.
Czech Republic
Finland
Hungary
GuideVision UK Ltd (21) (26)
U.K.
U.S.
Mediotype LLC(23) (41) U.S.
Beringer Commerce Holdings LLC (23) (41)
U.S.
U.S.
U.S.
iCiDIGITAL LLC(25) (40) U.S.
U.K.
Turkey
Infosys Germany Holding Gmbh(1) Germany
Germany
(33)
Malaysia
Qatar
oddity GmbH (46)
Germany
Taiwan
Germany
Germany
Germany
Germany
Infosys Public Services Canada Inc. (19) (5) Canda
Switzerland
Denmark
France
Itlay
U.S.
Germany
Infosys Norway (8) (53) Norway
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
(25)
(26)
Under liquidation
(27)
(28)
(29)
(30)
(31)
(32)
(33)
(34)
(35)
(36)
(37)
(38)
(39)
(40)
(41)
(42)
(43)
(44)
interests in Infosys Germany GmbH (formerly Kristall 247. GmbH (‘Kristall’)).
(45)
Infosys Consulting S.R.L. (Argentina) (formerly a wholly-owned subsidiary of Infosys Consulting Holding AG) became the majority-owned and controlled
(46)
On April 20, 2022, Infosys Germany GmbH (formerly Kristall 247. GmbH (‘Kristall’)) (a wholly owned subsidiary of Infosys Singapore Pte. Ltd (formerly Infosys
(47)
(48)
Wholly-owned subsidiary of oddity code GmbH
(49)
On September 1, 2022, Infosys Singapore Pte. Ltd. (formerly Infosys Consulting Pte. Ltd.) (a wholly-owned subsidiary of Infosys Limited) acquired 100% of
(50)
(51)
(52)
(53)
(54)
Infosys Financial Services GmbH. (formerly, Panaya GmbH) became a wholly-owned subsidiary of Infosys Singapore Pte. Ltd (formerly Infosys Consulting Pte.
The details of amounts due to or due from related parties as at March 31, 2023 and March 31, 2022 are as follows:
(In EUR)
As at March 31,
Particulars
2023 2022
Trade payables
Infosys Poland sp Z.o.o. 29,571 22,121
Infosys Consulting S.R.L – –
Infosys China 19 –
5,273,735 3,314,301
Prepaid expense and other assets
Panaya Ltd 343,595 434,321
343,595 434,321
904,945 323
Accrued expense
2,380 –
Infosys Automotive and Mobility GmbH & Co. KG 20,109 –
242,783 93,961
The details of the related-parties transactions entered into by the Company for the year ended March 31, 2023 and March 31,
Revenue Transactions
(In EUR)
As at March 31,
Particulars
2023 2022
Infosys Limited 16,659,785 10,790,484
Infosys Consulting S.R.L – 123
Infosys Czech Republic 493 31
Infosys Poland sp Z.o.o. 229,522 99,496
Infosys China 90 –
Panaya Ltd 218,526 122,365
17,228,768 11,142,532
As at March 31,
Particulars
2023 2022
445,443 –
Sale of services –
904,622 –

2.18 Ratios
The ratios for the years ended March 31, 2023, and March 31, 2022 are as follows:
March 31, March 31,

2023 2022
Current ratio Current assets Current liabilities 1.2 1.1 6%
Debt – Equity ratio Total debt (represents lease Shareholder’s equity 0.3 0.1 22%
liabilities)(1)
Debt service coverage ratio Earnings available for debt Debt service(3) 7.8 12.7 (39%)
service(2)
Return on equity (ROE) Net profits after taxes Average 66.6% 45.5% 21%
shareholder’s equity
Trade receivables turnover ratio Revenue Average trade 4.1 3.9 5%
receivable
Trade payables turnover ratio Purchases of services and other Average trade 4.2 6.4 (34%)
expenses payables
Net capital turnover ratio Revenue Working capital 13.6 16.8 33%
Net profit ratio Net profit Revenue 3.8% 2.3% 2%
Return on capital employed (ROCE) Earning before interest and Capital employed (4)
39.8% 34.8% 5%
taxes
# Debt service coverage ratio has decreased due to increase in net income.
# Trade payable turnover ratio has decreased due to increase in trade payable.
# Net capital turnover ratio has increased due to increase in revenue.
(1)
Debt represents only lease liabilities.
(2)
Net profit after taxes + Non-cash operating expenses + Interest + other adjustments like loss on sale of fixed assets, etc.
(3)
Lease payments for the current year.
(4)
Tangible net worth + deferred tax liabilities + Lease liabilities.
* Revenue growth along with higher efficiency on working capital improvement has resulted in an improvement in the ratio.
Infosys BPO Americas LLC
Infosys Subsidiary Financials Report 2022-23 Infosys BPO Americas LLC | 627
The Board of Directors Infosys BPO Americas LLC
Opinion
We have audited the accompanying financial statements of Infosys BPO Americas LLC (the Company), which comprise the balance sheets
as of March 31, 2023, the related statements of comprehensive income, changes in stockholders’ equity, and cash flows for the year then
ended, and the related notes to the financial statements.
In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as
of March 31, 2023 and the results of its operations and its cash flows for the year then ended in accordance with accounting principles
generally accepted in the United States of America.
Basis of Opinion
We conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our
Other Matter
The financial statements of the Company for the year ended March 31, 2022 were audited by another auditor, whose report dated April
30, 2022, expressed an unmodified opinion.

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the
aggregate, that raise substantial doubt about Company’s ability to continue as a going concern for within one year after the date that the
financial statements are issued or available to be issued.
Auditor’s responsibility for the Audit of the Financial Statements

circumstances, but not for the purpose of expressing an opinion on the effectiveness of Company’s internal control. Accordingly, no
such opinion is expressed.
628 | Infosys BPO Americas LLC Infosys Subsidiary Financials Report 2022-23
Company’s ability to continue as a going concern for a reasonable period of time.
the audit, significant audit findings, and certain internal control–related matters that we identified during the audit.
Rakesh Jain, CPA PC

Certified Public Accountants
Houston, TX
Date: May 16, 2023
Balance Sheet (In US$)
As at March 31,
Particulars
2023 2022
ASSETS
Current assets
Accounts receivables, net of doubtful balances 1,981,365 2,226,324
Unbilled revenue 734,132 1,912,785
Income tax assets 15,914 -
Prepayments and other assets 58,562 83,816
Non-current assets
Deferred tax assets 21,288 4,640
Plant and equipment 118,785 15,350
Prepayments and other assets – 10,677
Total assets 6,442,098 8,870,400
LIABILITIES AND EQUITY
Current liabilities
Unearned revenue – 66,391
Provisions 20,408 57,133
Income tax liabilities – 9,502
Other liabilities 1,790,839 4,060,628
MEMBER’S EQUITY
Member’s equity 17,750,000 17,750,000
Accumulated deficit (13,229,350) (16,217,565)
Total member’s equity 4,520,650 1,532,435
Total liabilities and member’s equity 6,442,098 8,870,400
Vasudeva Maipady
Authorized Signatory
Date: May 16, 2023
Statements of Comprehensive Income (In US$)

Particulars
2023 2022
Revenue 14,864,999 22,143,204
Cost of revenue 11,212,005 31,120,642
Gross Profit/ (loss) 3,652,994 (8,977,438)
Other expenses:
Selling and marketing expenses – 5,035
Administrative expenses 340,087 312,206
Total other expenses 340,087 317,241
Operating Profit/ (loss) 3,312,907 (9,294,679)
Miscellaneous income (51,780) 628
Profit/ (loss) before income taxes 3,364,687 (9,295,307)
Net profit/ (loss) 2,989,223 (9,300,169)
Other comprehensive income (1,008) (124)
Total comprehensive income/ (loss) 2,988,215 (9,300,293)
Vasudeva Maipady
Date: May 16, 2023
Statements of Changes in Member’s Equity (In US$)
Member’s Additional Accumulated Total

Particulars Equity paid in deficit Member’s
capital equity
Balance as at April 1, 2021 1,000,000 7,000,000 (6,917,272) 1,082,728
Changes in members equity for the period ended March 31, 2022
Shares issued to member – 9,750,000 – 9,750,000
Net loss for the year – – (9,300,293) (9,300,293)
Balance as at March 31, 2022 1,000,000 16,750,000 (16,217,565) 1,532,435
Balance as at April 1, 2022 1,000,000 16,750,000 (16,217,565) 1,532,435
Changes in members equity for the period ended March 31, 2023
Shares issued to member – – – –
Net Profit for the year – – 2,988,215 2,988,215
Balance as at March 31, 2023 1,000,000 16,750,000 (13,229,350) 4,520,650
Vasudeva Maipady
Date: May 16, 2023
Statement of Cash Flows (In US$)

Particulars
2023 2022
Net profit/ (loss) for the year 2,989,223 (9,300,169)
Provision for service level risk on revenue contracts (36,724) 4,525
Allowance for doubtful accounts 6,095 32,568
Exchange difference (13,676) 506
Cash operating income/ (loss) 3,373,448 (9,246,492)
Accounts receivable 255,745 1,169,605
Prepayments and other assets (3,228) (2,002)
Unbilled revenues 1,214,609 786,529
Trade payables (3,034,110) 1,780,915
Unearned revenue (66,391) 66,391
Other liabilities and provisions (2,275,221) (96,343)
Income taxes paid (413,107) –
Net cash used in operating activities (948,255) (5,541,397)
Expenditure on property, plant and equipment (156,501) –
Net cash used in investing activities (156,501) -
Capital infusion – 9,750,000
Net cash generated in financing activities – 9,750,000
Net changes in cash and cash equivalents (1,104,756) 4,208,603
Cash and cash equivalents at the beginning of the period 4,616,808 408,205
Interest paid during the period – –
Vasudeva Maipady
Date: May 16, 2023
Notes to the Financial Statements for the year ended March 31, 2023
1. Company overview and significant Computer equipment 3-5 years
accounting policies Plant and machinery 5 years
1.1 Company overview Furniture and fixtures 5 years

Infosys BPO Americas, LLC, (the Company) is a mortgage- office equipments 5 years
fulfillment services-based business that provides end-to-end Leasehold improvements Over lease term or 5 years
mortgage fulfillment services. which ever is lower
The Company was formed in November 2015 as a limited Leasehold improvements are amortized on a straight-line basis
liability company under the provisions of the Delaware Limited over the lesser of the remaining lease term or the estimated
Liability Company Act (the Act). The Company was formed by useful life of the asset.
Infosys BPM Limited (formerly, Infosys BPO Limited), a subsidiary
For computer equipment, based on internal assessment and
of Infosys Limited.
independent technical evaluation carried out by external valuers
the management believes that the useful lives as given above
1.2 Basis of preparation of financial statements best represent the period over which management expects
The accompanying financial statements have been prepared in to use these assets.
conformity with U.S. Generally Accepted Accounting Principles
to reflect the financial position and results of operations of the The cost of software purchased for internal use is accounted
Company. The financial statements have been presented in under FASB ASC Topic 350-40 (SOP 98-1), Accounting for
United States Dollars. the Costs of Computer Software Developed or Obtained for
Internal Use. Deposits paid towards the acquisition of these
long-lived assets outstanding at each Balance Sheet date, and
1.3 Use of estimates
the cost of assets not put to use before such date are disclosed
The preparation of financial statements is in conformity with under ‘Capital work-in-progress’. Costs of improvements that
U.S. Generally Accepted Accounting Principles (U.S. GAAP) substantially extend the useful life of particular assets are
requires the Management to make estimates and assumptions capitalized. Repairs and maintenance cost are charged to
that affect the reported amounts of assets and liabilities, earnings when incurred. The cost and related accumulated
revenues and expenses and disclosure of contingent assets depreciation are removed from the financial statements upon
and liabilities. Appropriate changes in estimates are made as sale or disposition of the asset.
management becomes aware of changes in circumstances
surrounding the estimates. Changes in estimates are reflected in The Company evaluates the recoverability of these assets
the financial statements in the period in which changes are made whenever events or changes in circumstances indicate that
and, if material, their effects are disclosed in the notes to the their carrying amounts may not be recoverable. Recoverability
financial statements. of assets to be held and used is measured by a comparison
of the carrying amount of an asset to future undiscounted
1.4 Revenue recognition net cash flows expected to be generated by the asset. If such
assets are considered to be impaired, the impairment to be
Revenue from mortgage fulfillment services, which principally recognized is measured by the amount by which the carrying
relates to implementation, enhancement, training and support value of the assets exceeds the fair value. Assets to be disposed
services associated with the Company’s products, is derived are reported at the lower of the carrying value or the fair value
under both time-and-material and fixed-price agreements. less the cost to sell.
Revenue on time-and-material contracts is recognized as the
related services are rendered. Revenue related to fixed-price
agreements is recognized on a percentage of completion basis
over the term of the agreement. In measuring progress towards Cash and cash equivalents comprise cash and cash
completion, the input (efforts expended) method has been used. on deposit with banks.
Provision for estimated losses, if any, on uncompleted contracts
are recorded in the period in which such losses become probable 1.7 Accounts receivable
based on the current estimates. Costs and earnings in excess of Accounts receivable are recorded at the invoiced amount. The
billings are classified as unbilled revenue while billings in excess Company’s accounts receivable relate principally to revenue
of costs and earnings are classified as unearned revenue. earned from customers located in the United States.
The Company maintains an allowance for doubtful accounts
1.5 Plant and equipment
to provide coverage for losses from client receivables. In
Property and equipment are stated at cost, less accumulated establishing the required allowance, management considers
depreciation. The Company depreciates property and equipment historical losses adjusted to take into account current market
over their estimated useful lives using the straight-line method. conditions and customers’ financial condition, the amount of
The estimated useful lives of assets are as follows: receivables in dispute, the current receivables aging and current
payment patterns. Account balances are charged off against the
allowance after all means of collection have been exhausted and
the potential for recovery is considered remote.
1.8 Employee benefit obligations 5. Other Expenses
The employees of the Company are entitled to compensated
(In US$)
absences which is non-accumulating in nature. Expense on non-
accumulating compensated absences is recognized in the period For years ended March 31,
Particulars
in which the absences occur. 2023 2022
Legal and professional charges 56,688 61,504
1.9 Income taxes
Others(Salaries, insurance, rates 283,399 255,737
Income taxes are accounted using the asset and liability method. and taxes)
Deferred tax assets and liabilities are recognized for the future
tax consequences attributable to differences between the Total 340,087 317,241
financial statement carrying amounts of existing assets and
liabilities, and their respective tax bases. Deferred tax assets 6. Related party transactions
and liabilities are measured using enacted tax rates expected to
Name of the related party and their relationships:
apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. The effect Holding Company- Infosys BPM Limited (formerly, IBPO Limited)
of changes in tax rates on deferred tax assets and liabilities is
The details of the related party transactions entered into by the
Company during the years ended March 31, 2023 and March 31,
the enactment date. The measurement of deferred tax assets
is reduced, if necessary, by a valuation allowance if it is more
likely than not that some portion or all of the assets will not be
(In US$)
realized. Changes in valuation allowance from period to period
are reflected in the income statement of the period of change. As at March 31,
Particulars
2023 2022
2. Member’s equity Unbilled revenues
At March 31, 2023, the Company had one member, Infosys Infosys BPM Limited 44,875 –
BPM Limited (the ’Member’). The Member owns 100% of the 44,875 –
interests of the Company.
Other receivables
Infosys BPM Limited 751 7,030
3. Cash and cash equivalents
751 7,030
(In US$)
Trade payables
As at March 31,
Particulars Infosys BPM Limited 1,857 1,515,510
2023 2022
-Current account 3,512,052 4,616,808
16,055 3,025,441
4. Cost of revenue Other payables

(In US$)
Infosys McCamish 8,992 869
For years ended March 31,
Particulars 132,263 5,017
2023 2022
Salaries 10,430,187 24,689,416
Subcontractor charges 205,440 5,896,609
– 57,014
Others 576,378 534,617
Total 11,212,005 31,120,642
The details of related party transactions as at March 31, 2023 and
March 31, 2022 are as follows:
(In US$)
As at March 31,
Particulars
2023 2022
Capital Infusion
Infosys BPM Limited – 9,750,000
– 9,750,000
Infosys BPM Limited 403,939 2,030,096
409,466 4,398,786
Infosys McCamish 42,918 115,876
119,349 172,949
The Company has evaluated all events or transactions that
occurred after the balance sheet date through the date that the
financial statements were available for issue. The Company is not
aware of any additional subsequent events that would require
recognition or disclosure in the financial statements.
For Infosys BPO Americas, LLC
Vasudeva Maipady
Date: May 16, 2023
Infy Consulting B.V.
(Formerly Lodestone Management Consultants B.V.)
Infosys Subsidiary Financials Report 2022-23 Infy Consulting B.V. (formerly Lodestone Management Consultants B.V.) | 637
To the Members of INFY CONSULTING B.V.

Opinion
We have audited the accompanying special purpose financial statements of INFY CONSULTING B.V. (“the Company”), which comprise
Basis for Opinion


The Company’s Management is Board of Directors are responsible for the preparation of these special purpose financial statements that
In preparing the special purpose financial statements, the Company’s Management is Board of Directors are responsible for assessing
The Management is Board of Directors are responsible for overseeing the Company’s financial reporting process.
the audit. We also:
638 | Infy Consulting B.V. (formerly Lodestone Management Consultants B.V.) Infosys Subsidiary Financials Report 2022-23
presentation.
UDIN : 23202841BGWLUU8870
For Shenoy & Kamath

Partner
Place: Bengaluru.
Date: May 20, 2023
Balance Sheet
(In₹)
As at December 31,
Particulars Note
2022 2021
ASSETS
Non-current assets
Right to Use of Asset 2.14 3,31,58,350 2,97,39,681
Financial assets
Loans 2.2 14,22,78,078 13,52,73,933
Other financial assets 2.4 3,86,569 –
Income tax assets, net 2.13 11,15,333 –
Total non-current assets 17,91,27,755 16,55,78,228
Current assets
Financial assets
Trade receivables 2.4 10,80,88,458 35,06,58,096
Cash and cash equivalents 2.5 35,73,32,231 14,73,87,264
Other financial assets 2.3 1,67,00,906 40,89,188
Other current assets 2.6 6,67,47,158 11,22,35,383
Total assets 72,79,96,508 77,99,48,159
Equity
Other equity 43,71,80,743 34,50,68,358
Total equity 44,25,07,752 35,03,95,367
Liabilities
Lease liability 2.14 50,73,128 47,58,406
Income tax liabilities (net) 2.13 – 34
Current liabilities
Trade payables 2.9 4,91,92,180 9,77,43,940
Lease liability 2.14 2,62,52,272 2,34,44,007
Other financial liabilities 2.10 11,24,74,281 14,53,48,823
Other current liabilities 2.11 7,57,54,657 13,75,47,936
Provisions 2.12 4,02,572 34,95,095
Income tax liabilities (net) 2.13 1,63,39,666 1,72,14,551
Total current liabilities 28,04,15,628 42,47,94,352
Total equity and liabilities 72,79,96,508 77,99,48,159
As per our report of even date attached for and on behalf of the Board of Directors of Infy Consulting B.V.
For Shenoy & Kamath

M. Rathnakar Kamath Walter Johan Schulze

Partner Director
Place: Bengaluru
Date: May 20, 2023
(In ₹ except equity share and per equity share data)

Particulars Note
2022 2021
Revenue from operations 2.15 96,08,41,311 96,31,22,695
Other income, net 2.16 (1,06,83,487) 64,89,837
Total income 95,01,57,824 96,96,12,532
Expenses
Employee benefit expenses 2.17 37,52,62,678 42,34,21,932
Cost of technical sub-contractors 22,69,69,163 26,28,41,225
Travel expenses 1,73,34,649 41,06,144
Cost of software packages and others 2.17 18,52,13,239 5,11,79,316
Consultancy and professional charges 2,20,96,293 1,89,58,503
Depreciation and amortization expense 2.1 1,54,71,859 1,22,03,090
Finance cost 2.14 5,83,210 5,07,654
Other expenses 2.17 1,15,75,581 1,97,37,637
Total expenses 85,77,00,372 79,54,88,510
Profit before tax 9,24,57,452 17,41,24,022
Tax expense
Current tax 2.13 2,17,52,695 4,48,08,522
Profit for the Year 7,07,04,757 12,93,15,500
Exchange differences on translation 2,14,07,628 (1,83,76,762)
Total other comprehensive income/(loss), net of tax 2,14,07,628 (1,83,76,762)
Total comprehensive income for the year 9,21,12,385 11,09,38,738
Equity shares of par value EUR 5/- each
Basic and Diluted (₹) 3,928.04 7,184.19
For Shenoy & Kamath


Partner Director
Place: Bengaluru
Date: May 20, 2023
(In ₹)
Other equity
Other
Reserves and Total equity
Comprehensive
Equity share Surplus attributable to
Particulars income
Exchange the Company
Retained earnings difference on
translation
Balance as of January 1, 2021 53,27,009 19,50,83,012 3,90,46,608 23,94,56,629
Currency translation – – (1,83,76,762) (1,83,76,762)
Profit for the year – 12,93,15,500 – 12,93,15,500
Balance as of December 31, 2021 53,27,009 32,43,98,512 2,06,69,846 35,03,95,367
Currency translation – – 2,14,07,628 2,14,07,628
Profit for the year – 7,07,04,757 – 7,07,04,757
Balance as of December 31, 2022 53,27,009 39,51,03,269 4,20,77,474 44,25,07,752
For Shenoy & Kamath


Partner Director
Place: Bengaluru
Date: May 20, 2023
Statements of Cash Flows (In ₹)

Particulars
2022 2021
Profit for the year 7,07,04,757 12,93,15,500
Depreciation and Amortization expense 1,54,71,859 1,22,03,090
Income tax expense 2,17,52,695 4,48,08,522
(Reversal)/Allowance for credit losses on financial assets (13,64,083) 6,90,552
Finance Cost 5,83,210 5,07,654
Interest and dividend income (6,64,314) (3,48,992)
Other adjustments (30,59,518) 27,48,409
Exchange differences on translation of assets and liabilities 1,51,10,265 (96,95,548)
Trade receivables and unbilled revenue 24,39,33,721 (16,43,01,227)
Other financial assets and other assets 3,24,89,938 (7,75,14,804)
Trade payables (4,85,51,760) 5,43,34,721
Other financial liabilities, other liabilities and provisions (9,46,67,821) 9,92,22,874
Cash generated from operations 25,17,38,949 9,19,70,751
Income taxes paid (2,37,42,947) (2,46,78,227)
Net cash generated by operating activities 22,79,96,002 6,72,92,524
Expenditure on property, plant and equipment net of sale proceeds (22,36,905) –
Loan to Parent Company – –
Loans to employees – 31,17,388
Interest and dividend received on investments 6,64,314 3,48,992
Net cash used in investing activities (15,72,591) 34,66,380
Interest paid (5,83,210) (4,61,013)
Payment of lease liabilities (1,58,95,234) (1,18,15,856)
Net cash used in financing activities (1,64,78,444) (1,22,76,869)
Net (decrease)/increase in cash and cash equivalents 20,99,44,967 5,84,82,035
Cash and cash equivalents at the beginning of the year 14,73,87,264 8,89,05,229
Cash and cash equivalents at the end of the year 35,73,32,231 14,73,87,264
For Shenoy & Kamath


Partner Director
Place: Bengaluru
Date: May 20, 2023
Infy Consulting B.V. (formerly Lodestone Management
Consultants B.V.) is a wholly-owned subsidiary of Infosys
Consulting Holding AG (Infosys Lodestone) (formerly Lodestone Revenue is recognized upon transfer of control of promised
Holding AG). The Company renders professional management products or services to customers in an amount that reflects
consulting services, thereby enabling its clients to enhance the consideration we expect to receive in exchange for those
business performance. products or services.
Arrangements with customers for software related services are
1 Significant accounting policies either on a fixed-timeframe or on a time-and-material basis.
1.1 Accounting year 1.5.1 T and materials
The accounting year of the Company is from Revenue on time-and-material contracts are recognized as
January 1 to December 31. the related services are performed and revenue from the
1.2 Basis of preparation of financial statements as unbilled revenue.
These special purpose financial statements are prepared for
inclusion in the annual report of the Ultimate Holding Company, 1.5.2 Fixed price
Infosys Limited, under the requirements of section 129 (3) of the Revenue from fixed-price, fixed-timeframe contracts, where
Companies Act 2013. These financial statements are prepared the performance obligations are satisfied over time and where
in accordance with Indian Accounting Standards (Ind-AS) under there is no uncertainty as to measurement or collectability
the historical cost convention on the accrual basis. The Ind-AS of consideration, is recognized as per the percentage-
are prescribed under Section 133 of the Act read with Rule 3 of of-completion method.
the Companies (Indian Accounting Standards) Rules, 2015 and
relevant amendment rules issued thereafter. 1.5.3 Unbilled/ Unearned
Accounting policies have been consistently applied except where Revenues in excess of invoicing are classified as contract assets
a newly issued accounting standard is initially adopted or a (which we refer as unbilled revenue) while invoicing in excess of
revision to an existing accounting standard requires a change in revenues are classified as contract liabilities (which we refer to as
the accounting policy hitherto in use. unearned revenues).
1.3 Presentation currency 1.5.4 Licenses

The Company’s presentation currency is Indian Rupees. Revenue from licenses where the customer obtains a ’right to
use’ the licenses is recognized at the time the license is made
1.4 Use of estimates available to the customer. Revenue from licenses where the
customer obtains a ’right to access’ is recognized over the
with Ind-AS requires the Management to make estimates and
assumptions that affect the reported balances of assets and
liabilities and disclosures relating to contingent liabilities as at the
and expenses during the period.
Accounting estimates could change from period to period. Actual license and implementation have been identified as two separate
results could differ from those estimates. Appropriate changes performance obligations, the transaction price for such contracts
in estimates are made as the Management becomes aware of are allocated to each performance obligation of the contract
changes in circumstances surrounding the estimates. Changes in based on their relative standalone selling prices. In the absence
estimates are reflected in the financial statements in the period of standalone selling price for implementation, the performance
in which changes are made and, if material, their effects are obligation is estimated using the expected cost-plus margin
disclosed in the notes to the financial statements. approach. Where the license is required to be substantially
customized as part of the implementation service the entire
Examples of such estimates include computation of percentage
arrangement fee for license and implementation is a single
of completion which requires the Company to estimate the
performance obligation and the revenue is recognized using
efforts or costs expended to date as a proportion of the total
the percentage-of-completion method as the implementation
efforts to be expended, impairment losses on financial assets,
is performed. Revenue from client training, support and
future obligations under employee benefit plans, income taxes,
other services arising due to the sale of software products is
post-sales customer support and the useful lives of property,
recognized as the performance obligations are satisfied. ATS
revenue is recognized ratably over the period in which the
services are rendered.
1.5.6 Contract modification (1)
For these class of assets, based on technical evaluation, the
Contract modifications are accounted for when additions, management believes that the useful lives as given above best
deletions or changes are approved either to the contract scope represent the period over which management expects to use
or contract price. The accounting for modifications of contracts these assets. Hence the useful lives for these assets is different
involves assessing whether the services added to an existing from the useful lives as prescribed under Part C of Schedule II of
contract are distinct and whether the pricing is at the standalone the Companies Act 2013.
selling price. Services added that are not distinct are accounted Advances paid towards the acquisition of property, plant and
for on a cumulative catch-up basis, while those that are distinct equipment outstanding at each balance sheet date is classified
are accounted for prospectively, either as a separate contract, if as capital advances under other non-current assets and the cost
the additional services are priced at the standalone selling price, of assets not put to use before such date are disclosed under
or as a termination of the existing contract and creation of a new ‘Capital work-in-progress’. Subsequent expenditures relating
contract if not priced at the standalone selling price. to property, plant and equipment is capitalized only when
1.5.7 Tax these will flow to the company and the cost of the item can be
The Company presents revenues net of indirect taxes in its measured reliably. Repairs and maintenance costs are recognized
Statement of Profit and loss. in net profit in the Statement of Profit and Loss when incurred.
1.6 Provisions from the financial statements upon sale or retirement of the asset
A provision is recognized if, as a result of a past event, the and the resultant gains or losses are recognized in the Statement
Company has a present legal or constructive obligation that of Profit and Loss. Assets to be disposed off are reported at the
is reasonably estimable, and it is probable that an outflow of lower of the carrying value or the fair value less cost to sell.
Provisions are determined by discounting the expected 1.10 Financial instruments
future cash flows at a pre-tax rate that reflects current 1.10.1 Initial recognition
market assessments of the time value of money and the risks The Company recognizes financial assets and financial liabilities
specific to the liability. when it becomes a party to the contractual provisions of the
1.7 Post-sales client-support and warranties at fair value on initial recognition, except for trade receivables
The Company provides its clients with a fixed-period warranty for which are initially measured at transaction price. Transaction
corrections of errors and telephone support on all its fixed-price, costs that are directly attributable to the acquisition or issue
fixed-timeframe contracts. Costs associated with such support of financial assets and financial liabilities, that are not at fair
services are accrued at the time when related revenues are value through profit or loss, are added to the fair value on initial
recorded and included in cost of sales. The Company estimates recognition. Regular way purchase and sale of financial assets are
such costs based on historical experience and the estimates are accounted for at trade date.
reviewed annually for any material changes in assumptions.
1.8 Onerous contracts a. Non-derivative financial instruments
expected benefits to be derived by the Company from a contract (i) Financial assets carried at amortized cost
are lower than the unavoidable costs of meeting the future A financial asset is subsequently measured at amortized cost
obligations under the contract. The provision is measured at the if it is held within a business model whose objective is to hold
present value of the lower of the expected cost of terminating the asset in order to collect contractual cash flows and the
the contract and the expected net cost of continuing with contractual terms of the financial asset give rise on specified
the contract. Before a provision is established the company dates to cash flows that are solely payments of principal and
recognizes any impairment loss on the assets associated interest on the principal amount outstanding.
with that contract.
1.9 Property, plant and equipment comprehensive income
Property, plant and equipment are stated at cost, less A financial asset is subsequently measured at fair value through
accumulated depreciation and impairment, if any. Costs directly other comprehensive income if it is held within a business model
attributable to acquisition are capitalized until the property, whose objective is achieved by both collecting contractual
plant and equipment are ready for use, as intended by the cash flows and selling financial assets and the contractual
Management. The Company depreciates property, plant and terms of the financial asset give rise on specified dates to cash
equipment over their estimated useful lives using the straight- flows that are solely payments of principal and interest on the
line method. The estimated useful lives of assets are as follows: principal amount outstanding.
Computer equipment (1) 3-5 years
Furniture and fixtures (1) 5 years
A financial asset which is not classified in any of the above
Office equipment (1) 5 years
reviewed periodically, including at each financial year end
(iv) Financial liabilities 1.13 Employee benefits
Financial liabilities are subsequently carried at amortized cost Compensated absences
using the effective interest method, except for contingent The Company has a policy on compensated absences which
consideration recognized in a business combination which is are both accumulating and non-accumulating in nature. The
subsequently measured at fair value through profit and loss. expected cost of accumulating compensated absences is
For trade and other payables maturing within one year from the determined by actuarial valuation performed by an independent
Balance Sheet date, the carrying amounts approximate fair value actuary at each balance sheet date using projected unit credit
due to the short maturity of these instruments. method on the additional amount expected to be paid/ availed
as a result of the unused entitlement that has accumulated at the
1.11 Fair value of financial instruments balance sheet date. Expense on non-accumulating compensated
In determining the fair value of its financial instruments, the absences is recognized in the period in which the absences occur.
based on market conditions and risks existing at each reporting 1.14 Foreign currency
date. The methods used to determine fair value include Functional currency
The functional currency of the Company is the EUR. These
financial statements are presented in Indian Rupees.
Transactions and translations
1.12 Impairment Foreign currency-denominated monetary assets and liabilities
a. Financial assets
rates in effect at the balance sheet date. The gains or losses
The Company recognizes loss allowances using the expected resulting from such translations are included in net profit in
credit loss (ECL) model for the financial assets which are not the Statement of Profit and Loss. Non-monetary assets and
fair valued through profit or loss. Loss allowance for trade non-monetary liabilities denominated in a foreign currency
receivables with no significant financing component is measured and measured at fair value are translated at the exchange rate
at an amount equal to lifetime ECL. For all other financial assets, prevalent at the date when the fair value was determined. Non-
expected credit losses are measured at an amount equal to monetary assets and non-monetary liabilities denominated in a
the 12-month ECL, unless there has been a significant increase foreign currency and measured at historical cost are translated at
in credit risk from initial recognition in which case those are the exchange rate prevalent at the date of the transaction.
(or reversal) that is required to adjust the loss allowance at the Transaction gains or losses realized upon settlement of foreign
reporting date to the amount that is required to be recognized is currency transactions are included in determining net profit
recognized as an impairment gain or loss in profit or loss. for the period in which the transaction is settled. Revenue,
b. Non-financial assets are translated into the relevant functional currencies using the
(i) Property, plant and equipment
Property, plant and equipment are evaluated for recoverability 1.15 Income taxes
whenever events or changes in circumstances indicate that their
carrying amounts may not be recoverable. For the purpose of
Income tax expense is recognized in net profit in the statement
impairment testing, the recoverable amount (i.e., the higher of
of profit and loss except to the extent that it relates to items
the fair value less cost to sell and the value-in-use) is determined
on an individual asset basis unless the asset does not generate
other comprehensive income. Current income tax for current and
cash flows that are largely independent of those from other
assets. In such cases, the recoverable amount is determined for
the Cash Generating Unit (CGU) to which the asset belongs.
If such assets are considered to be impaired, the impairment to balance sheet date. Deferred income tax assets and liabilities are
be recognized in the Statement of Profit and Loss is measured by recognized for all temporary differences arising between the tax
the amount by which the carrying value of the assets exceeds the bases of assets and liabilities and their carrying amounts in the
estimated recoverable amount of the asset. An impairment loss financial statements. Deferred tax assets are reviewed at each
is reversed in the statement of profit and loss if there has been reporting date and are reduced to the extent that it is no longer
a change in the estimates used to determine the recoverable probable that the related tax benefit will be realized.
enacted by the balance sheet date and are expected to apply to
(net of any accumulated amortization or depreciation) had no
that future taxable profit will be available against which the for leases with a term of twelve months or less (short-term leases)
deductible temporary differences and tax losses can be utilized. and low value leases. For these short-term and low value leases,
The company offsets current tax assets and current tax liabilities, the Company recognizes the lease payments as an operating
where it has a legally enforceable right to set off the recognized expense on a straight-line basis over the term of the lease.
1.16 Cash flow statement certain that they will be exercised.
profit for the period is adjusted for the effects of transactions The right-of-use assets are initially recognized at cost, which
of a non-cash nature, any deferrals or accruals of past or future comprises the initial amount of the lease liability adjusted for
operating cash receipts or payments and item of income or any lease payments made at or prior to the commencement date
expenses associated with investing or financing cash flows. The of the lease plus any initial direct costs less any lease incentives.
cash flows from operating, investing and financing activities of They are subsequently measured at cost less accumulated
the Company are segregated. depreciation and impairment losses.
1.17 Other income date on a straight-line basis over the shorter of the lease term
Other income primarily comprises interest income, dividend and useful life of the underlying asset. Right of use assets are
income and exchange gain/loss on forward and options evaluated for recoverability whenever events or changes in
contracts and on translation of other assets and liabilities. Interest circumstances indicate that their carrying amounts may not
income is recognized using the effective interest method. be recoverable. For the purpose of impairment testing, the
recoverable amount (i.e., the higher of the fair value less cost to
1.18 Earnings per share sell and the value-in-use) is determined on an individual asset
Basic earnings per share is computed by dividing the net profit largely independent of those from other assets. In such cases, the
after tax by the weighted average number of equity shares recoverable amount is determined for the Cash Generating Unit
outstanding during the period. (CGU) to which the asset belongs.
1.19 Leases The lease liability is initially measured at amortized cost at the
The Company’s lease asset classes primarily consist of leases not readily determinable, using the incremental borrowing rates
for buildings. The Company assesses whether a contract in the country of domicile of these leases. Lease liabilities are
contains a lease, at inception of a contract. A contract is, or remeasured with a corresponding adjustment to the related right
contains, a lease if the contract conveys the right to control the of use asset if the Company changes its assessment if whether it
use of an identified asset for a period of time in exchange for will exercise an extension or a termination option.
to control the use of an identified asset, the Company assesses Lease liability and ROU asset have been separately presented in
whether: (i) the contract involves the use of an identified asset the Balance Sheet and lease payments have been classified as
(ii) the Company has substantially all the economic benefits financing cash flows.
from use of the asset through the period of the lease and (iii) the Lease liabilities are remeasured with a corresponding adjustment
Company has the right to direct the use of the asset. to the related right of use asset if the Company changes its
At the date of commencement of the lease, the Company assessment whether it will exercise an extension or a termination
recognizes a right-of-use asset (’ROU’) and a corresponding lease option. Lease liability and ROU asset have been separately
liability for all lease arrangements in which it is a lessee, except presented in the Balance Sheet and lease payments have been
classified as financing cash flows.

(In ₹)
Computer Furniture and

equipment fixtures
Gross carrying value as of January 1, 2022 62,230 1,10,77,667 6,45,706 1,17,85,603
Additions/Adjustments – 22,36,905 – 22,36,905
Deletions/Adjustments – (4,02,712) – (4,02,712)
Translation difference 2,897 5,15,644 30,055 5,48,596
Gross carrying value as of December 31, 2022 65,127 1,34,27,504 6,75,761 1,41,68,392
Accumulated depreciation as of January 1, 2022 (62,230) (1,05,13,053) (6,45,706) (1,12,20,989)
equipment fixtures
Depreciation – (6,02,897) – (6,02,897)
Accumulated depreciation on deletions – 4,02,712 – 4,02,712
Translation difference (2,897) (5,24,841) (30,055) (5,57,793)
Accumulated depreciation as of December 31, 2022 (65,127) (1,12,38,079) (6,75,761) (1,19,78,967)
Carrying value as of December 31, 2022 – 21,89,425 – 21,89,425
Carrying value as of January 1, 2022 – – – 5,64,614
(In ₹)

equipment fixtures
Gross carrying value as of January 1, 2021 66,309 1,18,03,726 6,88,027 1,25,58,062
Additions/Adjustments – – – –
Translation difference (4,079) (7,26,059) (42,321) (7,72,459)
Gross carrying value as of December 31, 2021 62,230 1,10,77,667 6,45,706 1,17,85,603
Accumulated depreciation as of January 1, 2021 (66,309) (1,07,07,039) (6,88,027) (1,14,61,375)
Depreciation – (4,81,769.00) – (4,81,769)
Translation difference 4,079.00 6,75,755.00 42,321.00 7,22,155
Accumulated depreciation as of December 31, 2021 (62,230) (1,05,13,053) (6,45,706) (1,12,20,989)
Carrying value as of December 31, 2021 – 5,64,614 – 5,64,614
Carrying value as of January 1, 2021 – 10,96,687 – 10,96,687
2.2 Loans
(In ₹)
As at December 31
Particular
2022 2021
Non-current
Unsecured, considered good – –
Other loans – –
Loans to employees – –
– –
Loan to parent company (1) 14,22,78,078 13,52,73,933
14,22,78,078 13,52,73,933
14,22,78,078 13,52,73,933
Current
Loan receivables considered good - Unsecured
Other loans
Loans and advances to employees – –
– –
Total loans 14,22,78,078 13,52,73,933
(1)
Includes dues from related party (Refer to Note No. 2.18) 14,22,78,078 13,52,73,933
(In ₹)
As at December 31
Particulars
2022 2021
Non-current
Investment in lease (1) 3,86,569 –
3,86,569 –
Current
Unbilled revenue 1,62,84,621 25,59,557
Others (2)
4,16,285 15,29,631
Total 1,67,00,906 40,89,188
(1)
Financial assets carried at amortized cost 1,70,87,475 40,89,188
(2)
Includes dues from related party (Refer to Note No. 2.18) – 15,29,631

(In ₹)
As at December 31
Particulars
2022 2021
Current
Unsecured
Considered good 10,80,88,458 35,06,58,096
Considered doubtful – 14,07,967
10,80,88,458 35,20,66,063
Less: Allowances for credit loss – (14,07,967)
10,80,88,458 35,06,58,096
Trade receivables ageing schedule for the year ended as on December 31, 2022 and December 31,2021
(In ₹)

Not Due Less than 6 6 months to 1 More than 3 Total
1-2 years 2-3 years
months year years
Undisputed Trade 10,80,88,458 – – – –
receivables – considered good 10,80,88,458
35,06,58,096 – – – – 35,06,58,096
35,06,58,096
Trade payables ageing schedule for the year ended as on December 31, 2022 and December 31,2021
(In ₹)

1-2 years 2-3 years
year years
Outstanding trade payables - 49,192,180 - - - 49,192,180
97,743,940 97,743,940
2.5 Cash and cash equivalents Financial risk management
(In ₹)
As at December 31
Particulars The Company’s activities expose it to a variety of financial risks:
2022 2021 market risk, credit risk and liquidity risk. The Company’s focus is
Balances with banks to foresee the unpredictability of financial markets and seek to
In current accounts 35,73,32,231 14,73,87,264 minimize potential adverse effects on its financial performance.
The primary market risk to the Company is foreign exchange
Total Cash and cash equivalents 35,73,32,231 14,73,87,264 risk. The Company uses derivative financial instruments to
mitigate foreign exchange related risk exposures. The Company’s
2.6 Other assets exposure to credit risk is influenced mainly by the individual
(In ₹) characteristic of each customer and the concentration of risk
As at December 31 from the top few customers.
Particulars
2022 2021
Credit risk
Current
Credit risk refers to the risk of default on its obligation by the
Advances other counterparty resulting in a financial loss. The maximum exposure
than capital advance to the credit risk at the reporting date is primarily from trade
Payment to vendors for supply 29,72,891 1,81,520 receivables amounting to ₹108,088,458 and ₹350,658,096 as of
of goods December 31, 2022 and December 31, 2021, respectively and
unbilled revenue amounting to ₹16,284,621 and ₹ 2,559,557 as of
Others
December 31, 2022 and December 31, 2021, respectively. Trade
Unbilled Revenues – 6,04,719 receivables and unbilled revenue are typically unsecured. Credit
Prepaid expenses 4,26,05,124 6,20,67,089 risk has always been managed by the Company through credit
Withholding taxes and others 2,11,69,143 4,93,82,055
the creditworthiness of customers to which the Company grants
Total Current other assets 6,67,47,158 11,22,35,383 credit terms in the normal course of business. As per Ind-AS
109, the Company uses ECL model to assess the impairment
2.7 Financial instruments loss or gain. The Company uses a provision matrix to compute
Financial instruments by category the ECL allowance for trade receivables and unbilled revenues.
The carrying value and fair value of financial instruments by The provision matrix takes into account available external and
categories were as follows: internal credit risk factors such as credit default swap quotes,
credit ratings from credit rating agencies and the Company’s
(In ₹) historical experience for customers.
As at December 31 Credit risk exposure

Particulars
2022 2021 The provision for lifetime ECL on customer balances for the year
Assets ended December 31, 2022 was (₹1,364,083) and ₹6,90,552 for the
Cash and cash equivalents 35,73,32,231 14,73,87,264 year ending December 31, 2021 respectively.
(In ₹)
Trade receivables 35,06,58,096
(Refer to Note No. 2.4) 10,80,88,458 Year ended December 31,
Particulars
14,22,78,078 2022 2021
Loans (Refer to Note No. 2.2) 13,52,73,933
Other financial assets 1,70,87,475 40,89,188
(Refer to Note No. 2.3) Impairment loss (13,64,083) 6,90,552
62,47,86,242 63,74,08,481 recognized / reversed
Total
Translation differences (43,884) (27,383)
Liabilities
Balance at the end – 14,07,967
Trade payables 4,91,92,180 9,77,43,940
8,76,31,565 12,19,34,967 invest in deposits with banks with high credit ratings assigned by
Total 13,68,23,745 21,96,78,907
Liquidity risk
All the above financial assets and liabilities are The Company’s principal sources of liquidity are cash and cash
carried at amortized cost and the carrying values equivalents and the cash flow that is generated from operations.
approximates their fair value. The Company believes that the working capital is sufficient to
meet its current requirements.
As of December 31, 2022, the Company had a working capital
of ₹26,84,53,125 including cash and cash equivalents of
₹35,73,32,231. As of December 31, 2021, the Company had The details of shareholders holding more than 5%
a working capital of ₹18,95,75,579 including cash and cash shares are as follows:
equivalents of ₹14,73,87,264
As at December As at December
2.8 Equity 31, 2022 31, 2021
Equity share capital Number Number
% held % held
of shares of shares
(in ₹ except as otherwise stated)
Infosys
As at December 31, Consulting Holding AG
Particulars
2022 2021 (formerly 18,000 100.00 18,000 100.00
Authorized Lodestone Holding AG)
18,000 (18,000) equity shares 53,27,009 53,27,009
of EUR 5/- par value
There is no movement in the number of shares during the
Issued, subscribed and paid-up reporting period ended December 31,2022.
18,000 (18,000) equity shares 53,27,009 53,27,009
of EUR 5/- par value
53,27,009 53,27,009
2.9 Trade payables

(In₹)
As at December 31,
Particulars
2022 2021
Trade payables * 4,91,92,180 9,77,43,940
Total trade payables 4,91,92,180 9,77,43,940
*Includes dues to related parties (Refer to Note No. 2.18) 70,39,819 8,15,48,983
Trade payables ageing schedule for the year ended as on December 31, 2022 and December 31,2021
(In ₹)

Particulars Total
Outstanding trade – 4,91,92,180 – – – 4,91,92,180
payables
– 9,77,43,940 – – – 9,77,43,940
2.10 Other financial liabilities As at December 31,

(In₹) Particulars
2022 2021
As at December 31, Includes dues to related parties
(2) 24,16,463 2,59,56,984
Particulars
2022 2021 (Refer to Note No. 2.18)
Current
Others
(In₹)
Accrued compensation to 1,87,71,252 3,29,05,562
employees As at December 31,
Particulars
Accrued expenses (1) 6,79,79,601 6,30,47,156 2022 2021
Compensated absences 2,48,42,716 2,34,13,856 Current

Other payables (2)
8,80,712 2,59,82,249 Unearned revenue 3,62,34,822 7,40,36,031
11,24,74,281 14,53,48,823 Withholding taxes and others 3,95,19,835 6,35,11,905
Total financial liabilities
Total other liabilities 7,57,54,657 13,75,47,936
Financial liability 8,76,31,565 12,19,34,967
(1)
Includes dues to related party 1,36,40,869 2,87,63,711
2.12 Provisions Year ended December 31,
(In₹) Particulars
2022 2021
As at December 31, Tax provisions / (reversals) (32,09,502) 4,20,769
Particulars
2022 2021 8,43,894
Effect of 8,42,662
Current non-deductible expenses
Others Others 2,64,280 14,085
Post-sales client support and 4,02,572 34,95,095 Income tax expense 2,17,52,695 4,48,08,522
warranties
The applicable Netherlands statutory tax rate for year ended
Total provisions 4,02,572 34,95,095 December 31, 2022 was 25.8% and December 31, 2021 was 25 %.
Provision for post-sales client support and warranties The details of income tax assets and income tax
The movement in the provision for post-sales client support and (In₹)
warranties and others is as follows:
(In₹) Year ended December 31,
Particulars Income tax assets/ (liabilities) 11,15,333 34
2022 2021
Opening 34,95,095 8,69,053 Current income tax liabilities 1,63,39,666 1,72,14,551
balance at the beginning Net current income tax assets / (1,52,24,333) (1,72,14,517)
Provision recognized / (reversed) (30,59,518) 27,48,409 (liability) at the end
Exchange difference (33,005) (1,22,367) The gross movement in the current income tax asset /
(In₹)
2.13 Income taxes Year ended December 31,

Particulars
Income tax expense in the Statement of 2022 2021
Profit and Loss comprises: Net current income tax asset / (1,72,14,585) 29,15,710
(In₹) (liability) at the beginning
Year ended December 31, Income tax paid 2,37,42,947 2,46,78,227
Particulars
2022 2021 Current income tax expense (2,17,52,695) (4,48,08,522)
Current taxes 2,17,52,695 4,48,08,522 Net current income tax asset / (1,52,24,333) (1,72,14,585)
Income tax expense 2,17,52,695 4,48,08,522 (liability) at the end
income before income taxes is summarized as follows:
(In₹)

Particulars
2022 2021
Profit before income tax 9,24,57,452 17,41,24,022
Enacted tax 25.80% 25.00%
rates in Netherlands (%)
Computed expected tax expense 2,38,54,023 4,35,31,006
2.14 Leases
(In₹)

Vehicles
Equipment
Balance as of January 1, 2022 2,97,39,681 – 2,97,39,681
Additions 1,92,81,822 3,18,589 1,96,00,411
Deletion (17,06,563) – (17,06,563)
Translation difference 3,89,063 4,720 3,93,783
Depreciation (1,48,06,338) (62,624) (1,48,68,962)
Balance as of December 31, 2022 3,28,97,665 2,60,685 3,31,58,350
The changes in the carrying value of right of use assets for the to meet the obligations related to lease liabilities as and
year ended December 31, 2021 are as follows: when they fall due.
(In₹) 2.15 Revenue from operations

Category of (In ₹)
Particulars ROU asset Total Year ended December 31,
Vehicles Particulars
2022 2021
Balance as of January 1, 2021 2,51,83,194 2,51,83,194 96,08,41,311 96,31,22,695
Income from
Additions 2,21,44,617 2,21,44,617 consultancy services
Deletion (37,42,865) (37,42,865) 96,08,41,311 96,31,22,695
Translation difference (21,23,944) (21,23,944)
Depreciation (1,17,21,321) (1,17,21,321)
Balance as of December 31, 2021 2,97,39,681 2,97,39,681 with customers by offerings for the year ended December
The aggregate depreciation expense on ROU assets is 31, 2022. The Company believes that this disaggregation best
included under depreciation and amortization expense in the depicts how the nature, amount, timing and uncertainty of our
statement of Profit and Loss. revenues and cash flows are affected by industry, market and
The breakup of current and non-current lease
liabilities are as follows: (In₹)
(In₹) Year ended December 31,

Particulars
As at 2022 2021
Particulars December 31, December 31, Revenue by offerings
2022 2021 Core 39,73,32,619 69,17,57,360
Current lease liabilities 2,62,52,272 2,34,44,007 Digital 56,35,08,692 27,13,65,335
Non-current lease liabilities 50,73,128 47,58,406 Total 96,08,41,311 96,31,22,695
Total 3,13,25,400 2,82,02,413
Digital Services
The movement in lease liabilities during the year
Digital Services comprise of service and solution offerings
ended are as follows:
of the company that enable our clients to transform their
(In₹) businesses. These include offerings that enhance customer
experience, leverage AI-based analytics and big data, engineer
For the year ended December 31, digital products and IoT, modernize legacy technology systems,
Particulars
2022 2021 migrate to cloud applications and implement advanced
2,82,02,413
Balance at the beginning 2,34,47,300
Additions 1,96,00,411 2,21,44,617 Core Services
Deletions (17,06,563) (37,42,865) Core Services comprise traditional offerings of the company that
Finance cost accrued during 54,221 46,641 have scaled and industrialized over a number of years. These
the period primarily include application management services, proprietary
Payment of lease liabilities 1,58,95,234 1,18,15,856
Translation Difference 10,70,152 (18,77,424) management services, traditional enterprise application
Balance at the end 3,13,25,400 2,82,02,413 implementation, support and integration services.
The details regarding the contractual maturities of lease liabilities Performance obligations and remaining performance obligations
on an undiscounted basis are as follows:
(In₹) aggregate amount of the transaction price yet to be recognized
As at December 31, to when the Company expects to recognize these amounts
Particulars
31, 2022 2021 in revenue. Applying the practical expedient as given in
Less than one year 1,66,15,467 1,20,57,437 Ind-AS 115, the Company has not disclosed the remaining
performance obligation related disclosures for contracts where
One to five years 1,95,76,106 1,77,15,427 the revenue recognized corresponds directly with the value
More than five years – – to the customer of the entity’s performance completed to
3,61,91,573 date, typically those contracts where invoicing is on time and
Total 2,97,72,864
material basis. Remaining performance obligation estimates are
The Company does not face a significant liquidity risk with subject to change and are affected by several factors, including
regard to its lease liabilities as the current assets are sufficient terminations, changes in the scope of contracts, periodic
revalidations, adjustment for revenue that has not materialized 2.17 Expenses
and adjustments for currency. (In₹)
The aggregate value of performance obligations that are Year ended December 31,
completely or partially unsatisfied as at December 31, 2022, other Particulars
2022 2021
is ₹3.6 crores. Out of this, the company expects to recognize Employee benefit expenses
revenue of around 84% within the next one year and the Salaries including bonus 37,39,15,838 42,31,79,400
remaining thereafter. The contracts can generally be terminated 13,46,840 2,42,532
Staff welfare
by the customers and typically includes an enforceable
termination penalty payable by them. 37,52,62,678 42,34,21,932
Cost of
2.16 Other Income software packages and others
(In₹) Third-party items bought for 18,52,13,239 5,11,79,316
Year ended December 31, service delivery to clients
Particulars 18,52,13,239 5,11,79,316
2022 2021
Interest received on financial (In₹)
assets carried at amortized cost
Deposits with banks and others 6,64,314 3,48,992 Particulars
2022 2021
Exchange gains / (losses) (1,14,57,761) 16,67,935
Other expenses
on translation of other
assets and liabilities Power and fuel 1,42,949 1,50,918
Miscellaneous income, net 4,233 44,72,910 Brand and marketing 9,46,751 2,95,427
Finance Income 1,05,727 – Rates and taxes (1,185) 98,572
under revenue deals. Repairs and maintenance 1,35,80,136 1,44,89,807
(1,06,83,487) 64,89,837 Insurance 8,10,381 7,45,670
Provision/ (Reversals) for post- (30,59,518) 27,48,409
sales client support
(Reversal)/ Allowances for (13,64,083) 6,90,552
credit losses on financial assets
Others 5,20,150 5,18,282
1,15,75,581 1,97,37,637


2022 2021
Infosys Consulting Holding AG (Infosys Lodestone) (formerly Switzerland 100% 100%
Lodestone Holding AG)

List of related par ties

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Austria
Kallidus Inc, (Kallidus)
(28)
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Chile
Saudi Arabia
Russia
U.S.
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India
Poland
Australia
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Australia
Germany
Romania
Czech Republic
U.K.
The Netherlands
Belgium
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Finland
Norway
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The Netherlands
The Netherlands
The Netherlands
HypoCasso B.V. (12)
The Netherlands
Belgium
U.S.
Canada
Australia
Philippines
U.K.
Ireland
U.S.
Czech Republic
Germany
Hungary
U.K.
U.S.
U.S.
U.S.
U.S.
U.S.
Turkey
Germany
India
Qatar
Germany
China
Germany
Germany
Serbia
Germany
Germany
Switzerland
Denmark
France
Itlay
U.S.
Germany
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
(25)
(26)
(27)
Under liquidation
(28)
(29)
(30)
(31)
(32)
(33)
(34)
(35)
(36)
(37)
(38)
(39)
(40)
(41)
(42)
(43)
(44)
(45)
(46)
(47)
(48)
(49)
(50)
(51)
(52)
(53)
(54)
(55)
(56)
(In₹)
As at December 31
Particulars
2022 2021
Trade receivables
Infosys Consulting S R O – 74,425
Infy Consulting Company Ltd. 11,40,67,558 21,36,30,253
Infosys Consulting Belgium – 3,98,228
Infosys Consulting SAS – 2,27,144
S.C. Infosys Consulting S.R.L. – 22,90,654
Infosys Consulting S.R.L. 23,97,272 75,070
11,64,64,830 21,66,95,774
Loans
Infosys Consulting AG (formerly Lodestone Management Consultants AG) 14,22,78,078 13,52,73,933
14,22,78,078 13,52,73,933
Infosys Consulting Belgium – 7,05,847
– 15,29,631
Trade payables
Infosys Middle East FZ-LLC – 47,27,678
Infosys Limited –
Infy Consulting Company Ltd. 60,01,039 7,45,31,488
Infosys Consulting Belgium (formerly Lodestone Management Consultants (Belgium) S.A.) 10,38,780 18,99,307
70,39,819 8,15,48,983
Infosys Consulting GmbH – 64,98,095
Infy Consulting Company Ltd. – 91,59,709
Infosys Consulting Holding AG – 5,68,401
As at December 31
Particulars
2022 2021
Infosys Consulting S.R.L. (formerly Lodestone Management Consultants S.R.L.) – 9,00,844
Infosys Consulting Belgium (formerly Lodestone Management Consultants (Belgium) S.A.) – 5,46,019
Infosys Management Consulting Pty Ltd – 11,12,844
S.C. Infosys Consulting S.R.L. 8,80,712 8,41,542
Infosys Consulting Pte Ltd (formerly Lodestone Management Consultants Pte Ltd.) – 4,92,633
24,16,463 2,59,56,984
Accrued expenses
Infosys Limited 1,36,40,869 2,87,63,711
1,36,40,869 2,87,63,711
Infosys Consulting Belgium S.A. 37,02,126 53,92,793
Infosys Limited 1,44,27,345 1,27,08,484
Infosys Middle East FZ-LLC – 49,64,327
4,11,40,678 17,04,79,081
Interest income
Infosys Consulting Holding AG 6,64,314 3,48,992
6,64,314 3,48,992
Sale of services
71,98,17,937 64,60,07,066

Infosys (Malaysia) SDN. BHD.
(Formerly Global Enterprise International Malaysia SDN. BHD.)
Infosys Subsidiary Financials Report 2022-23 Infosys (Malaysia) SDN. BHD. | 661
To the Members of INFOSYS (MALAYSIA) SDN. BHD. (formerly GLOBAL ENTERPRISE INTERNATIONAL MALAYSIA SDN. BHD.)

Opinion
We have audited the accompanying special purpose financial statements of INFOSYS (MALAYSIA) SDN. BHD. (formerly GLOBAL
ENTERPRISE INTERNATIONAL MALAYSIA SDN. BHD.) (“the Company”), which comprise the Balance Sheet as at March 31, 2023, the
Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash
Flows for the year ended on that date, and a summary of significant accounting policies and other explanatory information (hereinafter
referred to as “the special purpose financial statements”). The special purpose financial statements are prepared for inclusion in the
annual report of the Holding Company Infosys Limited under the requirements of section 129 (3) of the Companies Act 2013.
Basis for Opinion


the audit. We also:
662 | Infosys (Malaysia) SDN. BHD. Infosys Subsidiary Financials Report 2022-23
presentation.
UDIN : 23202841BGWLUN9002
For Shenoy & Kamath

Firm’s Registration Number. 006673S
Partner
Place: Bengaluru.
Date: May 20, 2023
Balance Sheet (In RM)
As at March 31,
2023 2022
Assets
Non-current assets
Right of use asset 2.2 9,172,529 4,854,102
Other non-current assets 2.3 8,394 -
Current assets
Financial assets
Other current assets 2.3 3,750,223 300,225
Total assets 36,202,657 29,669,366
Equity
Other equity (14,773,878) 2,129,550
Total equity 1,398,222 18,301,650
Liabilities
Lease liability 2.2 7,548,170 2,004,123
Total –non-current liabilities 7,548,170 2,004,123
Current liabilities
Trade payables 2.8 761,653 678,473
Borrowings 2.9 3,392,181 -
Lease liability 2.2 1,645,286 2,690,923
Income tax liabilities (net) 2.13 197,970 -
Other current liability 2.11 4,461,117 -
Provisions 2.12 669,441 -
Infosys (Malaysia) SDN. BHD
Shenoy & Kamath
M. Rathnakar Kamath Narsimha Rao Mannepalli Raja Madhusudan Shah

Bengaluru
Date: May 20, 2023
Statement of Profit and Loss (In RM)

2023 2022
Other income 2.15 (473,293) 123,518
Total income 49,784,461 53,543,716
Expenses
Depreciation and amortization expense 2.1 & 2.2 2,075,850 2,367,342
Finance costs 474,573 71,863
Office maintenance 979,357 1,051,249
Professional & consultancy charges 1,790,780 400,450
Telephone charges 614,322 570,404
Cost of software package for own use 458,646 108,527
Power charges 686,090 538,343
Other expenses 600,888 1,461,088
Total expenses 66,489,920 51,777,024
Profit before tax (16,705,459) 1,766,691
Tax expense :
Current tax 197,970 8,024
Profit for the year (16,903,429) 1,758,667
Items that will not be reclassified subsequently to profit or loss - -
Items that will be reclassified subsequently to profit or loss - -
Total other comprehensive income, net of tax - -
Total comprehensive income / (loss) for the period (16,903,429) 1,758,667
Equity shares of par value RM 1 each
Basic (RM) (1.05) 0.11
Diluted (RM) (1.05) 0.11
Basic 16,172,100 16,172,100
Diluted 16,172,100 16,172,100
Shenoy & Kamath

Bengaluru
Date: May 20, 2023
Statement of changes in equity (In RM)

Particulars capital Reserves & equity holders of
surplus the Company
Balance as of April 1, 2021 16,172,100 44,529,073 60,701,173

Changes in equity for the period April 1, 2021 to March 31, 2022
Dividends to shareholders (44,000,000) (44,000,000)
Prior year adjustment (1,340,860) (1,340,860)
ROU adjustment 1,182,670 -
Changes in equity for the period April 1, 2022 to March 31, 2023
Profit for the period (16,903,429) (16,903,429)
Balance as of March 31, 2023 16,172,100 (14,773,878) 215,552
Shenoy & Kamath

Bengaluru
Date: May 20, 2023
(In RM)

Particulars
2023 2022
Profit for the period (16,903,429) 1,766,691
Adjustments to reconcile net profit to net cash provided by operating activities :
Depreciation and amortization expense 2,075,850 2,367,342
Plant and equipment written off – 108,066
Other adjustment –- (158,190)
Interest and dividend income (2,532) –-
Trade receivables and unbilled revenue (1,170,101) 48,539,226
Other assets (3,458,392) (42,916)
Trade payables 83,180 (646,705)
Other financial liabilities, other liabilities and provisions 18,584,188 (153,993)
Cash generated from operations (1,122,127) 49,627,667
Income taxes paid (7,788) 17,680
Net cash (used in) / generated in operating activities (1,129,915) 49,645,346
Cash flow from investing activities :
Interest and dividend received on investments 2,532 –
Cash flow from financing activities :
Payment of dividends – (44,000,000)
Net (decrease) / increase in cash and cash equivalents (3,667,734) 3,811,706
Shenoy & Kamath

Bengaluru
Date: May 20, 2023
Company overview
Infosys (Malaysia) SDN. BHD. (formerly Global Enterprise International (Malaysia) SDN. BHD.) (‘the Company’) is a wholly-owned subsidiary
of Infosys Consulting Pte Ltd.
The Company was incorporated on July 17, 2013 and it became a wholly-owned subsidiary of Infosys Consulting Pte Ltd with effect
from December 14, 2021.

1.1 Accounting year
The accounting year of the Company is from April 1 to March 31.

These special purpose financial statements are prepared for inclusion in the Annual Report of the holding company Infosys Limited
under the requirements of Section 129 (3) of the Companies Act 2013.
These financial statements are prepared in accordance with Indian Accounting Standards (Ind-AS) under the historical cost convention
on the accrual basis. The Ind-AS are prescribed under Section 133 of the Act read with Rule 3 of the Companies (Indian Accounting
Standards) Rules, 2015 and relevant amendments rules issued thereafter.
Accounting policies have been applied consistently, except where a newly issued accounting standard has been initially adopted or a
revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

The Company’s presentation currency is Malaysian Ringgit (RM)

The preparation of the financial statements in conformity with Ind-AS requires Management to make estimates and assumptions that
affect the reported balances of assets and liabilities, and disclosures relating to contingent liabilities as at the date of the financial
statements and reported amounts of income and expenses during the period.
Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in
estimates are made as the Management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates
are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes

Revenue is recognized upon transfer of control of promised products or services to the customers for an amount that reflects the
consideration we expect to receive in exchange for those products or services.
Arrangements with customers for software related services are either on a fixed-timeframe or on a time-and-material basis.
1.5.1 Time and material

Revenue on time-and-material contracts are recognized when the related services are performed. Revenue from the end of the last
invoicing to the reporting date is recognized as unbilled revenue.
1.5.2 Fixed price

Revenue from fixed-price, fixed-timeframe contracts, where the performance obligations are satisfied over time and where there is no
uncertainty as to measurement or collectability of consideration, is recognized as per the percentage-of-completion method.
1.5.3 Unbilled / unearned

Revenues in excess of invoicing are classified as contract assets (which we refer to as unbilled revenue), while invoicing in excess of
revenues are classified as contract liabilities (which we refer to as unearned revenues).
1.5.4 Volume discounts 1.7.2 Subsequent measurement
The Company accounts for volume discounts and pricing Non-derivative financial instruments
incentives to customers as a reduction of revenue based on (i) Financial assets carried at amortized cost
the ratable allocation of the discounts / incentives to each of
the progress by the customer towards earning the discount /
contractual terms of the financial asset give rise, on specified
in levels of revenue transactions, the Company recognizes the
dates, to cash flows that are solely payments of principal and
income
changes in the estimated amount of obligations for discounts in A financial asset is subsequently measured at fair value, through
the period in which the change occurs. other comprehensive income, if it is held within a business model
1.5.5 Contract modification flows and selling financial assets, and the contractual terms of
the financial asset give rise, on specified dates, to cash flows that
Contract modifications are accounted for when additions,
deletions or changes are approved either to the contract scope
amount outstanding.
or to the contract price. The accounting for modifications of
contracts involves assessing whether the services added to
an existing contract are distinct and whether the pricing is
at the standalone selling price. Services added that are not A financial asset which is not classified in any of the above
distinct are accounted for on a cumulative catch-up basis. categories are subsequently fair valued through profit or loss.
Those that are distinct are accounted for prospectively, either
as a separate contract, if the additional services are priced at (iv) Financial liabilities
the standalone selling price, or as a termination of the existing Financial liabilities are subsequently carried at amortized cost
contract and creation of a new contract if not priced at the using the effective interest method, except for contingent
standalone selling price. consideration recognized in a business combination which is
subsequently measured at fair value through profit and loss.
1.5.6 Tax For trade and other payables maturing within one year from the
The Company presents revenues net of indirect taxes in its Balance Sheet date, the carrying amounts approximate fair value
Statement of Profit and loss. due to the short maturity of these instruments.
1.6 Provisions 1.8 Fair value of financial instruments

A provision is recognized if, because of a past event, the In determining the fair value of its financial instruments, the
Company has a present legal or constructive obligation that Company uses a variety of methods and assumptions that are
is reasonably estimable, and it is probable that an outflow of based on market conditions and risks existing at each reporting
economic benefits will be required to settle the obligation. date. The methods used to determine fair value include
Provisions are determined by discounting the expected discounted cash flow analysis, available quoted market prices
future cash flows at a pre-tax rate that reflects current and dealer quotes. All methods of assessing fair value result
market assessments of the time value of money and the risks in general approximation of value, and such value may never
specific to the liability. actually be realized.
1.7 Financial instruments 1.9 Impairment

1.7.1 Initial recognition a. Financial assets
The Company recognizes financial assets and financial liabilities The Company recognizes loss allowances using the expected
when it becomes a party to the contractual provisions of the credit loss (ECL) model for the financial assets which are not
instrument. All financial assets and liabilities are recognized fair valued through profit or loss. Loss allowance for trade
at fair value on initial recognition, except for trade receivables receivables, with no significant financing component, is
which are initially measured at transaction price. Transaction measured at an amount equal to lifetime ECL. For all other
costs, which are directly attributable to the acquisition or issue financial assets, expected credit losses are measured at an
of financial assets and financial liabilities, that are not at fair amount equal to the 12-month ECL, unless there has been a
value through profit or loss, are added to the fair value on initial significant increase in credit risk from initial recognition, in
recognition. Regular way purchase and sale of financial assets are which case those are measured at lifetime ECL. The amount of
accounted for at trade date. expected credit losses (or reversal), that is required to adjust
the loss allowance at the reporting date to the amount that is
required to be recognized, is recognized as an impairment gain
or loss in profit or loss.
b. Non-financials assets financial statements. Deferred tax assets are reviewed at each
(i) Property, plant and equipment reporting date and are reduced to the extent that it is no longer
Property, plant and equipment are evaluated for recoverability
whenever events or changes in circumstances indicate that Deferred income tax assets and liabilities are measured using
their carrying amounts may not be recoverable. For impairment tax rates and tax laws that have been enacted or substantively
testing purposes, the recoverable amount (i.e. the higher of the enacted by the reporting date and are expected to apply to
fair value less cost to sell and the value-in use) is determined on taxable income in the years in which those temporary differences
an individual asset basis, unless the asset does not generate cash are expected to be recovered or settled. The effect of changes
flows that are largely independent of those from other assets. In in tax rates on deferred income tax assets and liabilities is
such cases, the recoverable amount is determined for the CGU to recognized as income or expense in the period that includes
which the asset belongs. the enactment or the substantive enactment date. A deferred
If such assets are to be impaired, the impairment to be
recognized in the Statement of Profit and Loss is measured by
the amount by which the carrying value of the assets exceeds the
estimated recoverable amount of the asset. An impairment loss
is reversed in the Statement of Profit and Loss, if there has been
a change in the estimates used to determine the recoverable
revised recoverable amount, provided this amount does not In assessing the realizability of deferred income tax assets, the
exceed the carrying amount that would have been determined Management considers whether some portion or all of the
(net of any accumulated amortization or depreciation), had no deferred income tax assets will not be realized. The ultimate
impairment loss been recognized for the asset in prior years. realization of deferred income tax assets depends on the
generation of future taxable income during the periods in which
1.10 Foreign currency the temporary differences become deductible. Management
Functional currency considers the scheduled reversals of deferred income tax
The functional currency of the Company is the RM. These strategies in making this assessment. Based on the level of
financial statements are presented in RM. historical taxable income and projections for future taxable
Transactions and translations are deductible, Management believes that the Company will
Foreign-currency denominated monetary assets and liabilities realize the benefits of those deductible differences. The amount
are translated into the relevant functional currency at exchange of the deferred income tax assets considered realizable, however,
rates in effect at the Balance Sheet date. The gains or losses could be reduced in the near term if estimates of future taxable
resulting from such translations are included in net profit in income during the carry forward period are reduced.
non-monetary liabilities denominated in a foreign currency 1.12 Cash flow statement
Transaction gains or losses realized upon settlement of foreign cash flows from operating, investing and financing activities of
currency transactions are included in determining the net profit the Company are segregated.
expense and cash-flow items denominated in foreign currencies 1.13 Other income
are translated into the relevant functional currencies using the Other income primarily comprises interest income and exchange
exchange rate in effect on the date of the transaction. gain on translation of other assets and liabilities.
1.11 Income taxes 1.14 Earnings per share

Income tax expense comprise current and deferred income tax. Basic earnings per share is computed by dividing the net profit
Income tax expense is recognized in net profit in the Statement after tax by the weighted average number of equity shares
of Profit and Loss, except to the extent that it relates to items outstanding during the period.
bases of assets and liabilities, and their carrying amounts in the
1.15 Employee benefits At the date of commencement of the lease, the Company
Compensated absences recognizes a right-of-use asset (“ROU assets”) and a
corresponding lease liability for all lease arrangements in which
The Company has a policy on compensated absences which
it is a lessee, except for leases with a term of 12 months or
less (short-term leases) and low value leases. For these short-
expected cost of accumulating compensated absences is
term and low value leases, the Company recognizes the lease
payments as an operating expense on a straight-line basis over
actuary at each Balance Sheet date using projected unit credit
the term of the lease.
method on the additional amount expected to be paid / availed
as a result of the unused entitlement that has accumulated at the Certain lease arrangements include the options to extend or
Balance Sheet date. Expense on non-accumulating compensated terminate the lease before the end of the lease term. ROU assets
absences is recognized in the period in which the absences occur. and lease liabilities include these options when it is reasonably
1.16 Property, plant and equipment The ROU assets are initially recognized at cost, which comprises
Property, plant and equipment are stated at cost, less the initial amount of the lease liability adjusted for any lease
accumulated depreciation and impairment, if any. Costs directly payments made at or prior to the commencement date of
attributable to acquisition are capitalized until the property, the lease plus any initial direct costs less any lease incentives.
plant and equipment are ready for use, as intended by the They are subsequently measured at cost less accumulated
Management. The Company depreciates property, plant and depreciation and impairment losses.
ROU assets are depreciated from the commencement date on a
line method. The estimated useful lives of assets are as follows :
straight-line basis over the shorter of the lease term and useful
Computer equipment 3-5 years life of the underlying asset.
Furniture and fixtures 5 years The lease liability is initially measured at amortized cost using the
Office equipment 5 years effective interest rate method at the present value of the future
lease payments. The lease payments are discounted using the
1.17 Leases interest rate implicit in the lease or, if not readily determinable,
The Company as a lessee incremental borrowing rates in the countries of domicile of the
The Company’s lease asset classes consist of leases for buildings. adjustment to the related ROU asset, if the Company changes
The Company assesses whether a contract contains a lease, at its assessment whether it will exercise an extension or a
inception of a contract. A contract is, or contains, a lease if the termination option.
contract conveys the right to control the use of an identified
asset for a period of time in exchange for consideration. To assess
whether a contract conveys the right to control the use of an
identified asset, the Company assesses whether: (1) the contact The changes in the carrying value of property, plant and
involves the use of an identified asset (2) the Company has equipment for the year ended March 31, 2023 are as follows :
through the period of the lease and (3) the Company has the
right to direct the use of the asset.
(In RM)
Furniture, fittings
Computer and
Particulars and office Total
hardware
equipment
Gross carrying value as of April 1, 2022 7,684,516 14,729,199 22,413,715
Additions 492,250 13,090 505,340
Deletions (3,561,055) – (3,561,055)
Gross carrying value as of March 31, 2023 4,615,710 14,742,289 19,357,999
Accumulated depreciation as of April 1, 2022 (7,119,927) (14,729,199) (21,849,126)
Depreciation (260,673) (1,783) (262,456)
Accumulated depreciation on deletions 3,561,055 – 3,561,055
Accumulated depreciation as of March 31, 2023 (3,819,545) (14,730,982) (18,550,526)
Carrying value as of March 31, 2023 796,165 11,307 807,473
Carrying value as of April 1, 2022 564,589 – 564,589
The changes in the carrying value of property, plant and equipment for the year ended March 31, 2022 are as follows :
(In RM)

Particulars Total
equipment fixtures
Gross carrying value as of April 1, 2021 6,022,393 16,591,401 22,613,794
Additions / adjustments 39,222 – 39,222
Deletions (236,534) (2,767) (239,301)
Translation difference 1,859,435 (1,859,435) –
Gross carrying value as of March 31, 2022 7,684,516 14,729,199 22,413,715
Accumulated depreciation as of April 1, 2021 (4,931,918) (16,066,773) (20,998,691)
Depreciation (2,363,983) 1,335,038 (1,028,945)
Accumulated depreciation on deletions 175,974 2,536 178,510
Accumulated depreciation as of March 31, 2022 (7,119,927) (14,729,199) (21,849,126)
Carrying value as of March 31, 2022 564,589 – 564,589
Carrying value as of April 1, 2021 1,090,475 524,628 1,615,103
2.2 Leases The movement in lease liability is as follows

Following are the changes in the carrying value of
(In RM)
right of use assets :
As at March 31,
Category of ROU asset – Buildings Particulars
2023 2022
(In RM)
Year ended March 31, Additions 6,131,821 5,459,008
Particulars
2023 2022
Deletions – (1,159,575)
Interest 401,600 48,469
Additions 6,131,821 5,459,008 accrued during the period
Deletions – (1,159,575) Lease payments (2,035,012) (1,747,147)
Depreciation (1,813,394) (1,338,397) Balance as of March 31, 2023 9,193,456 4,695,046
Balance as of March 31, 2023 9,172,529 4,854,102

The aggregate depreciation expense on ROU assets is as at March 31, 2023 and March 31, 2022 on an undiscounted
included under depreciation and amortization expense in the basis are as follows
(In RM)
The break-up of current and non-current lease
liability is as follows : As at March 31,
Particulars
2023 2022
(In RM) Less than one year 2,026,080 2,133,258
As at March 31, One to five years 7,895,239 2,812,005
Particulars
2023 2022 More than five years – –
Non-current lease liability 7,548,170 2,004,123 Total 9,921,319 4,945,263
Current lease liability 1,645,286 2,690,923
Total 9,193,456 4,695,046 with regard to its lease liabilities as the current assets are
2.3 Other assets 2.4 Trade receivables
(In RM) (In RM)

2023 2022 2023 2022
Non-current Current
Others Unsecured
Prepaid expenses 8,394 – Considered good (1) 11,284,628 9,133,492
Total other non-current assets 8,394 – Less : Allowances for credit (1,276,980) (295,945)
losses
Current
10,007,648 8,837,547
Advances other 798,472 –
than capital advance (1)
Includes inter-company receivables (Refer to Note 2.17)
Others
Prepaid expenses 2,951,751 300,225
3,750,223 300,225
Trade receivable ageing schedule for the year ended March 31, 2023 and March 31, 2022 is as follows :
(In RM)

1-2 years 2-3 years
months year years
Undisputed trade 4,932,441 6,352,187 – – – – 11,284,628
receivables – Considered
good
3,632,174 5,501,318 – – – – 9,133,492
receivables – Credit
impaired
4,932,441 6,352,187 11,284,628
3,632,174 5,501,318 9,133,492
Less: Allowance for – – – – – – 1,276,980
credit loss
295,945
8,837,547
2.5 Cash and cash equivalents 2.6 Other financial assets

(In RM) (In RM)
As at March 31, Particulars As at March 31,

Particulars
2023 2022 2023 2022
Balances with banks Current
In current accounts 2,855,143 6,998,702 Security deposits 831,281 911,281
2,855,143 6,998,702 Unbilled revenues 4,718,264 3,159,006
5,549,545 4,070,286
2.7 Equity Financial liabilities
2.8 Trade payables
(In RM, except as otherwise stated)
(In RM)
As at March 31,
2023 2022
Authorized
Equity shares
Outstanding dues of micro – –
16,172,100 equity 16,172,100 16,172,100
enterprises and small enterprises
shares of RM 1 par value
Outstanding dues of creditors 761,653 678,473
Issued, subscribed and paid-up other than micro enterprises and
Equity shares 16,172,100 16,172,100 small enterprises (1)
16,172,100 equity 761,653 678,473
shares of RM 1 par value (1)
Includes inter-company payable (Refer to Note 2.17)
16,172,100 16,172,100
The details of shareholder holding more than 5% shares as at
(In RM)
As at March 31,
Name of the shareholder Number of
2023 2022
shares
Infosys Consulting Pte Ltd 16,172,100 16,172,100 16,172,100
Trade payables ageing schedule for the year ended March 31, 2023 and March 31, 2022 is as follows̵ :
(In RM)

Particulars Less than 1 More than 3 Total
Not due 1-2 years 2-3 years
year years
Others 437,098 324,555 – – – 761,653
571,051 107,422 – – – 678,473
Disputed dues – Others – – – – – –
– – – – – –
Total trade payables 437,098 324,555 – – – 761,653
571,051 107,422 – – – 678,473
2.9 Borrowings 2.13 Income taxes
(In RM) Income tax expense in the Statement of Profit and Loss
As at March 31, comprises the following :
Particulars
2023 2022 (In RM)
Current
Loan repayable on demand Particulars
2023 2022
- From other parties 3,392,181 – 197,970 8,024
Current taxes
3,392,181 – Income tax expense 197,970 8,024
2.10 Other financial liabilities A reconciliation of the income tax provision to the amount
(In RM)
income before income taxes is summarized below :
As at March 31,
Particulars (In RM)
2023 2022
Current Year ended March 31,
Particulars
Accrued compensation to 11,541,732 5,203,712 2023 2022
employees Profit before income taxes (16,903,429) 1,758,667
Compensated absences 2,697,404 – Enacted tax rates in Malaysia 24% 24%
Accrued expenses 1,889,482 790,484 Computed expected tax expense – 422,080
16,128,618 5,994,197 –
Exempt income (422,080)
Financial liability 16,128,618 5,994,197 197,970 8,024
Overseas taxes
197,970 8,024
The applicable Indian statutory tax rate for fiscal 2023
2.11 Other current liability and fiscal 2022 is 24%.
(In RM) The foreign tax expense is due to income taxes payable in
Australia. In Malaysia, the Company was granted Pioneer Status
As at March 31,
Particulars incentive under Multimedia Super Corridor (“MSC”) Malaysia
2023 2022 status on 23 October 2013, and enjoyed full exemption from
Current income tax on its statutory income from pioneer activities for
Unearned revenue 3,299,921 – five years from 17 March 2014 to 16 March 2019. Subsequently,
the full exemption from income tax on its statutory income from
Social security payable 874,204 – pioneer activities has been extended by Malaysian Investment
Withholding taxes and others 286,993 – Development Authority (MIDA) on 5 January 2022, with two
4,461,117 – exemption periods from 17 March 2019 to 30 June 2022 and 1
July 2022 to 16 March 2024. .
2.12 Provisions
(In RM)
As at March 31,
2023 2022
Current
Others
Post-sales client support and 669,441 –
others
669,441 –
The details of income tax assets and income tax liabilities as of March 31, 2023, March 31, 2022 are as follows :
(In RM)

Particulars
2023 2022
Current income tax liabilities 197,970 –
Income tax assets 4,051,702 4,043,914
Net current income tax assets / (liability) at the end 3,853,732 4,043,914
The gross movement in the current income tax asset / (liability) for the year ended March 31, 2023 and March 31, 2022 is as follows :
(In RM)

Particulars
2023 2022
Net current income tax asset / (liability) at the beginning 4,043,914 4,069,618
Income tax paid 7,788 (17,680)
Current income tax expense (197,970) (8,024)
Net current income tax asset / (liability) at the end 3,853,732 4,043,914
As at March 31,
Particulars Numerator Denominator
2023 2022 Variance
Current ratio Current assets Current liabilities 0.81 2.16 (0.62)
Debt – Equity ratio Total debt (represents lease Shareholder’s equity 6.58 0.26 6.32
liabilities) (1)
Debt service coverage ratio Earnings available for debt Debt service (3) (7.05) 2.40 (3.94)
service (2)
Return on equity (ROE) Net profits after taxes Average shareholder’s equity (1.72) 0.05 (1.77)
Trade Revenue Average trade receivable 1.33 1.35 (0.01)
Trade Purchases of services and Average trade payables 13.53 11.04 0.23
payables turnover ratio other expenses
Net capital turnover ratio Revenue Working capital (9.87) 4.93 (3.00)
Net profit ratio Net profit Revenue (0.34) 0.03 (0.37)
Return on Earning before interest and Capital employed (4) (1.53) 0.08 (1.61)
(1)
(2)
Net profit after taxes + non-cash operating expenses + interest + other adjustments like loss on sale of Fixed assets etc.
(3)
(4)
2.14 Revenue from operations 2.17 Financial instruments
(In RM) Financial instruments by category
Year ended March 31, The carrying value and fair value of financial instruments by
Particulars categories were as follows :
2023 2022
Income from software services 50,257,753 53,420,198 (In RM)
Total revenue from operation 50,257,753 53,420,198
As at March 31,
Particulars
2023 2022
Assets:
2.15 Other income
(In RM) Trade 10,007,648 8,837,547
receivables (Refer to Note 2.4)
Particulars Cash and cash 2,855,143 6,998,702
2023 2022 equivalents (Refer to Note 2.5)
Interest 2,532 –
Other financial 5,549,545 4,070,286
income of financial assets assets (Refer to Note 2.6)
Scrap sales – 60,804 18,412,336 19,906,536
Total
Sales of assets – (60,791)
Liabilities :
Exchange gains / (losses) (475,824) 123,504
on translation of other (Refer to Note 2.8)
Borrowings (Refer to Note 2.9) 3,392,181 –
Total other income (473,293) 123,518
Other financial liabilities 16,128,618 5,994,197
2.16 Expenses (Refer to Note 2.10)
(In RM) Lease liability (Refer to Note 2.2) 1,645,286 2,690,923
Year ended March 31, Total 21,927,737 9,363,593
Particulars
2023 2022 All the above financial instruments are carried at amortized cost
Employee benefit expenses and the carrying value approximates the fair value.
Salaries including bonus 52,982,227 36,653,562 Credit risk
Staff welfare 1,213,759 1,628,219 Credit risk refers to the risk of default on its obligation by the
54,195,985 38,281,781 counterparty resulting in a financial loss. The maximum exposure
to the credit risk at the reporting date is primarily from trade
(In RM) receivables amounting to RM 10,007,648 and RM 8,837,547
Year ended March 31, as of March 31, 2023, and March 31, 2022, respectively, and
Particulars unbilled revenue amounting to RM 4,718,264 and RM 3,159,006
2023 2022 as of March 31, 2023, and March 31, 2022, respectively. Trade
Other expenses receivables and unbilled revenue are typically unsecured. Credit
Audit fees 100,000 37,713 risk has always been managed by the Company through credit
Rental expenses 94,217 953,991 the creditworthiness of customers to which the Company grants
Others 406,671 469,384 credit terms in the normal course of business. As per Ind-AS
Total other expenses 600,888 1,461,088 109, the Company uses ECL model to assess the impairment
loss or gain. The Company uses a provision matrix to compute
the ECL allowance for trade receivables and unbilled revenues.
The provision matrix takes into account available external and
internal credit risk factors, such as credit default swap quotes,
credit ratings from credit rating agencies and the Company’s
historical experience for customers.
The Company’s activities expose it to a variety of financial risks: credit risk and liquidity risk.
Liquidity risk
The Company’s principal sources of liquidity are cash and cash equivalents. The Company has outstanding borrowings of RM 3,392,181
as on March 31, 2023.
As of March 31, 2023, the Company had a negative working capital of RM 5,093,706 including cash and cash equivalents of RM 2,855,143.
As of March 31, 2022, the Company had a working capital of RM 14,887,082, including cash and cash equivalents of RM 6,998,702.
(In RM)
Trade payables 761,653 – – – 761,653
Borrowings 3,435,558 – – – 3,435,558
(In RM)
Trade payables 678,473 – – – 678,473
2.17 Related-party transactions

Name of holding companies Country
2023 2022
Infosys Consulting Pte Ltd Singapore 100% 100%


Infosys Technologies (China) Co. Limited (Infosys China) (1) China
Mexico
Infosys Technologies (Sweden) AB (Infosys Sweden) (1) Sweden
China
U.S.
EdgeVerve Systems Limited (EdgeVerve) (1) India
Austria
Skava Systems Private Limited (Skava Systems) (1)(26) India
Chile
Saudi Arabia
Luxembourg
Infosys Americas Inc. (Infosys Americas) (1)(26) U.S.
U.S.
Canada
Infosys BPM Limited (1)(43) India
Czech Republic
Infosys Poland Sp z.o.o (3) Poland
U.S.
Australia
Switzerland
Infosys Management Consulting Pty Limited (4) Australia
Switzerland
Infosys Consulting GmbH (4) Germany
Romania
France
Infosys Consulting s.r.o. v likvidaci (formerly Infosys Consulting s.r.o.) (4)(34) Czech Republic
China
Infy Consulting Company Ltd (4) U.K.
The Netherlands
Argentina
Infosys Consulting (Belgium) NV (4) Belgium
U.S.
Germany
U.K.
Brilliant Basics Limited (7)(26) U.K.
Dubai
Fluido Oy (8) Finland
Sweden
Norway
Fluido Denmark A/S (11) Denmark
Slovakia
South Africa
U.S.
WDW Communications, Inc (10)(37) U.S.
U.S.
HIPUS Co., Ltd (9) Japan
Stater N.V .(9)
The Netherlands
The Netherlands
Stater XXL B.V .(12) The Netherlands
HypoCasso B.V. (12)
The Netherlands
Stater Participations B.V. (12) The Netherlands
Belgium
U.S.
Canada
Australia
Simplus Australia Pty Ltd (17) Australia
Australia
Simplus Philippines, Inc. (16) Philippines
U.K.
U.K.
Infosys Fluido Ireland, Ltd.(formerly Simplus Ireland, Ltd) (20) Ireland
Bulgaria
Kaleidoscope Animations, Inc. (15) U.S.
U.S.
GuideVision s.r.o. (14) Czech Republic
Germany
Finland
GuideVision Magyarország Kft (21) Hungary
Poland
GuideVision UK Ltd (21)(26) U.K.
U.S.
U.S.
U.S.
SureSource LLC (24)(39) U.S.
U.S.
U.S.
iCiDIGITAL LLC (25)(40) U.S.
U.K.
Infosys Turkey Bilgi Teknolojileri Limited Sirketi (1) Turkey
Germany
Germany
Infosys Green Forum (1)(32) India
Qatar
oddity GmbH (46)
Germany
China
Germany
Germany
Serbia
Germany
Switzerland
Denmark
France
U.K.
Itlay
U.S.
Germany
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
(25)
(26)
Under liquidation
(27)
(28)
(29)
(30)
(31)
(32)
(34)
(35)
(36)
(37)
Wholly-owned subsidiary of WongDoody Holding Company Inc. (WongDoody), merged with WongDoody Inc, effective December 31, 2021.
(38)
(39)
(40)
(41)
(42)
(43)
(44)
On March 22, 2022, Infosys Singapore Pte. Ltd. (formerly Infosys Consulting Pte. Ltd.), a wholly-owned subsidiary of Infosys Limited, acquired 100% of voting
interests in Infosys Germany GmbH (formerly Kristall 247. GmbH (‘Kristall’)).
(45)
subsidiary of Infosys Limited with effect from April 1, 2022.
(46)
On April 20, 2022, Infosys Germany GmbH (formerly Kristall 247. GmbH (‘Kristall’)) (a wholly-owned subsidiary of Infosys Singapore Pte. Ltd (formerly Infosys
Consulting Pte. Ltd.)), acquired 100% of voting interests in oddity space GmbH, oddity jungle GmbH, oddity waves GmbH, oddity group services GmbH, oddity
(47)
(48)
(49)
(50)
(51)
(52)
(53)
(54)
The details of amounts due to or due from related parties as at March 31, 2023 and March 31, 2022 are as follows :
(In RM)
As at March 31,
Particulars
2023 2022
Trade receivables
2,856,571 –
Trade payables
Infosys Limited (7,500) –
(7,500) –
Borrowings
Infosys Consulting Pte Ltd 3,392,181 –
3,392,181 –
Sale of services
Infosys Limited 10,255,898
10,255,898 –
Infosys Limited 59,832
59,832 –
Interest expense
Infosys Consulting Pte Ltd 72,972 –
72,972
Infosys Middle East FZ-LLC
Infosys Subsidiary Financials Report 2022-23 Infosys Middle East FZ LLC | 685
Report on Audit of the Financial Statements
To the shareholders of Infosys Middle East FZ-LLC
Audit of the Financial Statements

Opinion
We have audited the financial statements of Infosys Middle East FZ-LLC (“the Company”), which comprise the s Statement of Financial
Position as at December 31, 2022, the Statements of Profit or Loss and Other Comprehensive Income, Changes in Equity and Cash Flows
for the year then ended, and notes, comprising significant accounting policies and other explanatory information.
December 31, 2022, and its financial performance and its cash flows for the year then ended in accordance with International Financial
Reporting Standards (IFRS).
Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are
further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are independent
of the Company, in accordance with International Ethics Standards Board for Accountants International Code of Ethics for Professional
Accountants (including International Independence Standards) (IESBA Code) together with the ethical requirements that are relevant to
our audit of the financial statements in the United Arab Emirates, and we have fulfilled our other ethical responsibilities in accordance
with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRS, and their
preparation in accordance with the applicable provisions of the Dubai Creative Cluster Private Companies Regulations 2016 issued
pursuant to Law No. (15) of 2014, and for such internal control as Management determines is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, Management is responsible for assessing the Company’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting, unless Management either
Those charged with governance, are responsible for overseeing the Company’s financial reporting process.
Auditors’ responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements, as a whole, are free from material
level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement
when it exists. Misstatements can arise from fraud or error, and are considered material if, individually or in the aggregate, they could
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout
the audit. We also :
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates, and related disclosures
made by Management.
• Conclude on the appropriateness of Management’s use of the going concern basis of accounting and, based on the audit evidence
conclusions are based on the audit evidence obtained up to the date of our auditors’ report. However, future events or conditions
686 | Infosys Middle East FZ LLC Infosys Subsidiary Financials Report 2022-23
Report on other Legal and Regulatory Requirements

We further report that the financial statements have been prepared in all material respects, in accordance with the Dubai Creative Cluster
Private Companies Regulations 2016 issued pursuant to Law No. (15) of 2014.
for KPMG Lower Gulf Limited
Fawzi AbuRass
Registration No.: 968
Place: Dubai, United Arab Emirates

Date: May 26, 2023
Statement of Profit or Loss and other Comprehensive Income
(In AED)

Particulars Note
2022 2021
Revenue 5 41,203,088 41,572,151
Cost of services 6 (38,762,001) (39,044,128)
Gross profit 2,441,087 2,528,023
Administrative and general expenses 7 (2,788,280) (2,601,207)
Operating loss (347,193) (73,184)
Finance cost 8 (15,319) (48,702)
Loss for the year (362,512) (121,886)
Re-measurement of the net defined benefit liability 3,242,514 (129,500)
Total other comprehensive profit / (loss) 3,242,514 (129,500)
Total comprehensive profit / (loss) for the year 2,880,002 (251,386)
The Notes to Financial statement form an integral part of these financial statements
(In AED)
As at December 31,
Particulars Note
2022 2021
ASSETS
Non-current assets
Property and equipment 9 36,058 67,886
Right of use assets 10 622,471 1,577,017
Total non-current assets 658,529 1,644,903
Current assets
Due from a related party 12 2,128,632 4,484,346
Cash and cash equivalent 13 8,830,337 3,893,420
Total assets 18,542,616 15,166,018
Equity
Share capital 14 300,000 300,000
Accumulated losses (7,340,183) (10,220,185)
Net equity (7,040,183) (9,920,185)
Liabilities
Provision for employees’ end of service benefits 15 13,727,506 17,290,455
Lease liabilities 10 - 850,242
Current liabilities
Trade and other payables 16 3,904,918 3,133,876
Due to related party 12 7,377,298 3,051,061
To the best of our knowledge, the financial statements fairly presents, in all material respects, the financial position, results of operation
and cash flows of the Company as of, and for, the year ended December 31 2022.
These financial statements were approved for issuance by the Managing Director on May 24, 2023
Sriranga Neelathali Sampathkumar

Managing Director
Place: Dubai, United Arab Emirates
Statement of Cash Flows (In AED)

Particulars Notes
2022 2021
Operating activities
Loss for the year (362,512) (121,886)
Adjustments for :
Depreciation on property and equipment 9 31,828 68,958
Depreciation on right-of-use assets 10 677,786 968,529
Provision for employees’ end-of-service benefits 15 1,902,954 2,043,167
Interest expense 8 15,319 48,702
Provision for incentives and leave accruals 16 1,674,297 1,986,499
3,939,672 4,993,969
Changes in :
Trade and other receivables 11 (1,781,769) 1,129,509
Due from a related party 12 2,355,714 440,996
Due to a related party 12 4,326,237 (5,876,793)
Trade and other payables 16 1,052,208 55,711
Payment for employees’ end-of-service benefits 15 (2,223,389) (2,211,496)
Payment of incentives and leave accruals 16 (1,955,463) (2,363,932)
Net cash from operating activities 5,713,210 (3,832,036)
Financing activity
Payment of lease liabilities 10 (776,293) (1,029,282)
Net cash used in financing activity (776,293) (1,029,282)
Net (decrease) / increase in cash and cash equivalents 4,936,917 (4,861,318)
Cash and cash equivalents at the end of the year 13 8,830,337 3,893,420
Statement of Changes in Equity (In AED)
Accumulated
Particulars Share capital Total
losses
As at January 1, 2021 300,000 (9,968,799) (9,668,799)
Loss for the year – (121,886) (121,886)
Other comprehensive loss for the year – (129,500) (129,500)
As at December 31, 2021 300,000 (10,220,185) (9,920,185)
Balance as at January 1, 2022 300,000 (10,220,185) (9,920,185)
Loss for the year – (362,512) (362,512)
Other comprehensive loss for the year – 3,242,514 3,242,514
As at December 31, 2022 300,000 (7,340,183) (7,040,183)
Notes to the financial statements for the year ended December 31, 2022
1 Legal status and principal activities 3 Significant accounting policies
Infosys Middle East FZ-LLC (“the Company”), was incorporated The following accounting policies, which comply with IFRS,
on September 27, 2007 as a Free Zone Company with limited have been applied consistently to all periods presented in these
liability under the provisions of the Dubai Technology & Media financial statements. The Company has consistently applied the
Free Zone Private Companies Regulations 2003 (currently known accounting policies to all year presented unless otherwise stated.
as Dubai Creative Clusters Authority), issued under Law No. 1 of
2000 of the Emirate of Dubai establishing the Dubai Technology, Revenue recognition
Electronic Commerce & Media Free Zone (TECOM). The registered Revenue is measured based on the consideration specified in a
address of the Company is Office 2201-2208, 21st Floor, Aurora contract with the customer. The Company recognizes revenue
Tower, Dubai Media City, Dubai, P.O. Box 502292, United when it transfers control over goods or services to a customer.
Arab Emirates (“UAE”).
In view of the risks associated with the delivery of its services to
The principal activity of the Company is to provide IT and the collection of the amounts, the Company considers that
solutions and services. it is acting as a principal in these arrangements and, therefore,
has recognized the costs and associated revenue on a gross, as
2 Basis of preparation opposed to a net basis.
Statement of compliance The following table provides information about the nature and
timing of the satisfaction of performance obligations in contracts
These financial statements have been prepared in accordance
with customers and the related revenue recognition policies.
with the International Financial Reporting Standards (“IFRSs”)
and the applicable provisions of Dubai Creative Cluster Private Type of Nature and timing Revenue recognition under
Companies Regulations 2016. service of satisfaction IFRS 15
of performance
2.1 Going concern obligations,
These financial statements have been prepared on the going including significant
concern basis, notwithstanding the fact that the Company has payment terms
accumulated losses and deficiency of net assets as at December Providing The control transfer Revenue is recognized
31, 2022 of AED 7,340,183 (December 31, 2021: AED 10,220,185) IT solutions, on monthly basis overtime. The stage of
and AED 7,040,183 (December 31, 2021: 9,920,185) respectively. and services when the IT services completion for determining
The continuation of the Company’s operation depends upon to the are used by the the amount of revenue to
the continued support from Infosys Limited (Ultimate Holding customer customers. Invoices recognize is assessed based
Company) and the ability of the Company to generate sufficient are issued on a on work performed on a
cash flows to meet its future obligations. The Ultimate Holding monthly basis. monthly basis.
Company has provided an undertaking to provide necessary
financial support to enable the Company to meet its obligations, Financial instruments
as they fall due in the foreseeable future. Recognition and initial measurement
Trade receivables are initially recognized when they are
2.2 Basis of measurement originated. All other financial assets and financial liabilities are
These financial statements have been prepared under the initially recognized when the Company becomes a party to the
historical-cost basis. contractual provisions of the instrument.
A financial asset (unless it is a trade receivable without a
2.3 Functional and presentation currency significant financing component) or financial liability, is initially
These financial statements are presented in UAE Dirham (“AED”) measured at fair value plus, for an item not at FVTPL, transaction
which is the Company’s functional currency. costs that are directly attributable to its acquisition or issue. A
trade receivable without a significant financing component is
2.4 Use of estimates and judgments initially measured at the transaction price.
The preparation of the financial statements in conformity with
IFRSs requires Management to make judgments, estimates and Classification and subsequent measurement
assumptions that affect the application of accounting policies, Financial assets
and the reported amounts of assets and liabilities, income and On initial recognition, a financial asset is classified as measured
expenses. Actual results may differ from these estimates. at amortized cost. Financial assets are not reclassified
Estimates and underlying assumptions are reviewed on an subsequent to their initial recognition, unless the Company
ongoing basis. Revisions to accounting estimates are recognized changes its business model for managing financial assets. In
in the period in which the estimates are revised, and in any such a case, all affected financial assets are reclassified on the
future periods affected. Information about critical judgments first day of the first reporting period following the change in
in applying accounting policies, that have the most significant the business model.
effect on the amounts recognized in the financial statements, are
described in Note 19.
A financial asset is measured at amortized cost, if it meets both of Tterms that limit the Company’s claim to cash flows from
the following conditions and is not designated as at FVTPL : specified assets (e.g. non-recourse features).
A prepayment feature is consistent with the solely payments
• It is held within a business model whose objective is to hold
of principal and interest criterion if the prepayment amount
assets to collect contractual cash flows.
substantially represents unpaid amounts of principal and
• Its contractual terms give rise on specified dates to cash flows interest on the principal amount outstanding, which may include
that are solely payments of principal and interest on the reasonable additional compensation for early termination of
principal amount outstanding. the contract. Additionally, for a financial asset acquired at a
discount or premium to its contractual par-amount, a feature that
Financial assets – Business model assessment : permits or requires prepayment at an amount that substantially
The Company assesses the objective of the business model, in represents the contractual par-amount plus accrued (but
which a financial asset is held at a portfolio level, because this unpaid) contractual interest (which may also include reasonable
best reflects the way the business is managed, and information is additional compensation for early termination) is treated as
provided to Management. The information considered includes : consistent with this criterion if the fair value of the prepayment
feature is insignificant at initial recognition.
• The stated policies and objectives for the portfolio and the
operation of those policies in practice. These include whether Financial assets – Subsequent measurement and gains and
Management’s strategy focuses on earning contractual losses :
interest income, maintaining a particular interest rate profile, Financial assets at amortized cost
matching the duration of the financial assets to the duration
of any related liabilities, or expected cash outflows or A financial instrument is any contract that gives rise to both
realizing cash flows through the sale of the assets. a financial asset of the Company and a financial liability or
• How the performance of the portfolio is evaluated and equity instrument for another party. The Company principally
reported to the Company’s Management. classifies its financial assets at initial recognition in the
following categories :
• The risks that affect the performance of the business model
(and the financial assets held within that business model) and Financial assets at fair value through profit or loss : These
how those risks are managed. assets are subsequently measured at fair value. Net gains
• How managers of the business are compensated – e.g. and losses, including any interest or dividend income, are
whether compensation is based on the fair value of the assets recognized in profit or loss.
managed or the contractual cash flows collected. Debt investments at FVOCI : These assets are subsequently
• The frequency, volume and timing of sales of financial assets measured at fair value. Interest income calculated using the
in prior periods, the reasons for such sales and expectations effective interest method, foreign exchange gains and losses and
about future sales activity. impairment are recognized in profit or loss. Other net gains and
losses are recognized in OCI. On derecognition, gains and losses
Transfers of financial assets to third parties in transactions accumulated in OCI are reclassified to profit or loss.
that do not qualify for derecognition are not considered sales
Equity investments at FVOCI : These assets are subsequently
for this purpose, consistent with the Company’s continuing
measured at fair value. Dividends are recognized as income in
recognition of the assets.
profit or loss unless the dividend clearly represents a recovery of
part of the cost of the investment. Other net gains and losses are
Financial assets – Assessment whether contractual cash flows
recognized in OCI and are never reclassified to profit or loss.
are solely payments of principal and interest :
For the purposes of this assessment, ‘principal’ is defined as the Financial assets at amortized cost : These assets are subsequently
fair value of the financial asset on initial recognition. ‘Interest’ measured at amortized cost using the effective interest method.
is defined as consideration for the time value of money and for The amortized cost is reduced by impairment losses. Interest
the credit risk associated with the principal amount outstanding income, foreign exchange gains and losses and impairment are
during a particular period of time and for other basic lending recognized in profit or loss. Any gain or loss on derecognition is
risks and costs (e.g. liquidity risk and administrative costs), as well recognized in profit or loss.
as a profit margin.
Financial liabilities – Classification, subsequent measurement
In assessing whether the contractual cash flows are solely and gains and losses
payments of principal and interest, the Company considers the
Financial liabilities are classified as measured at amortized cost or
contractual terms of the instrument. This includes assessing
FVTPL. A financial liability is classified as at FVTPL if it is classified
whether the financial asset contains a contractual term that could
as held-for-trading, it is a derivative or it is designated as such
change the timing or amount of contractual cash flows such that
on initial recognition. Financial liabilities at FVTPL are measured
it would not meet this condition. In making this assessment, the
at fair value and net gains and losses, including any interest
Company considers :
expense, are recognized in profit or loss. Other financial liabilities
are subsequently measured at amortized cost using the effective
• Contingent events that would change the amount or timing
interest method. Interest expense and foreign exchange gains
of cash flows.
and losses are recognized in profit or loss. Any gain or loss on
• Terms that may adjust the contractual coupon rate, including derecognition is also recognized in profit or loss.
variable-rate features.
• Prepayment and extension features.
De-recognition Depreciation
The Company derecognizes a financial asset when the Depreciation is calculated to write off the cost of items of
contractual rights to the cash flows from the financial asset property and equipment, less their estimated residual values
expire, or it transfers the rights to receive the contractual cash using the straight-line method over their estimated useful lives
flows in a transaction in which substantially all of the risks and and is generally recognized in the profit or loss. Leased assets are
rewards of ownership of the financial asset are transferred, or in depreciated over the shorter of the lease term, and their useful
which the Company neither transfers nor retains substantially life unless it is reasonably certain that the Company will obtain
all of the risks and rewards of ownership, and it does not retain ownership by the end of lease term.
control of the financial asset. The estimated useful lives of property and equipment for current
The Company enters into transactions, whereby it transfers and comparative periods are as follows :
assets recognized in its statement of financial position but
retains either all or substantially all of the risks and rewards of Particulars Years
the transferred assets. In these cases, the transferred assets Office equipment and fixtures 2–5
are not derecognized.
Financial liabilities The depreciation method, useful lives and residual values are
The Company derecognizes a financial liability when its reviewed at each reporting date and adjusted if appropriate.
The Company also derecognizes a financial liability when its Impairment
terms are modified and the cash flows of the modified liability Non-derivative financial assets
are substantially different, in which case a new financial liability
The Company recognizes loss allowances for expected credit
based on the modified terms is recognized at fair value.
losses on financial assets measured at amortized cost.
On derecognition of a financial liability, the difference between
When determining whether the credit risk of a financial asset
the carrying amount extinguished and the consideration paid
has increased significantly since initial recognition and when
(including any non‑cash assets transferred, or liabilities assumed)
estimating expected credit losses, the Company considers
is recognized in profit or loss.
reasonable and supportable information that is relevant and
Offsetting available without undue cost or effort. This includes both
quantitative and qualitative information and analysis, based
Financial assets and financial liabilities are offset and the
on the Company’s historical experience and informed credit
net amount presented in the statement of financial position
assessment and including forward-looking information.
when, and only when, the Company currently has a legally
enforceable right to set off the amounts, and it intends either to The Company assumes that the credit risk on a financial asset has
settle them on a net basis or to realize the asset and settle the increased significantly if it is more than 180 days past due.
liability simultaneously.
The Company considers a financial asset to be in default when :
Share capital • the borrower is unlikely to pay its credit obligations to the
Incremental costs directly attributable to the issuance of ordinary Company in full, without recourse by the Company to actions
shares are recognized as a deduction from equity. such as realising security (if any is held); or
• the financial asset is more than 365 days past due.
Property and equipment
Recognition and measurement Lifetime expected credit lossesare the expected credit lossesthat
Items of property and equipment are measured at cost less result from all possible default events over the expected life of a
accumulated depreciation and any accumulated impairment financial instrument.
losses. Cost includes expenditure that is directly attributable to 12-month expected credit losses are the portion of expected
the acquisition of the asset. The cost of self-constructed assets credit losses that result from default events that are possible
includes the cost of materials and direct labor, any other costs within the12 months after the reporting date (or a shorter period
directly attributable to bringing the assets to a working condition if the expected life of the instrument is less than 12 months).
for their intended use, the estimated costs of dismantling and
removing the items and restoring the site on which they are The maximum period considered when estimating expected
located, and capitalized borrowing cost. If significant parts of an credit losses is the maximum contractual period over which the
item of property and equipment have different useful lives, then Company is exposed to credit risk.
they are accounted for as separate items (major components) of
property and equipment. Measurement of expected credit losses
Expected credit losses are a probability-weighted estimate of
Any gain or loss on disposal of an item of property and
credit losses. Credit losses are measured as the present value of
equipment is recognized in the profit or loss.
all cash shortfalls (i.e. the difference between the cash flows due
to the entity in accordance with the contract and the cash flows
Subsequent expenditure
that the Company expects to receive). Expected credit losses are
Subsequent expenditure is capitalized only if it is probable that discounted at the effective interest rate of the financial asset.
the future economic benefits associated with the expenditure
will flow to the Company.
Credit-impaired financial assets individually significant were collectively assessed for impairment.
At each reporting date, the Company assesses whether financial Collective assessment was carried out by grouping together
assets carried at amortized cost are credit impaired. A financial assets with similar risk characteristics. In assessing collective
asset is ‘credit-impaired’ when one or more events that have a impairment, the Company used historical information on the
detrimental impact on the estimated future cash flows of the timing of recoveries and the amount of loss incurred, and made
financial asset have occurred. Evidence that a financial asset is an adjustment if current economic and credit conditions were
credit-impaired includes the following observable data : such that the actual losses were likely to be greater or lesser than
suggested by historical trends.
• Significant financial difficulty of the borrower or issuer. An impairment loss was calculated as the difference between
• A breach of contract such as a default or being more than 90 an asset’s carrying amount and the present value of the
days past due. estimated future cash flows discounted at the asset’s original
• The restructuring of a loan or advance by the Company on effective interest rate. Losses were recognized in profit or loss
terms that the Company would not consider otherwise. and reflected in an allowance account. When the Company
• It is probable that the borrower will enter bankruptcy or considered that there were no realistic prospects of recovery of
other financial re-organization. the asset, the relevant amounts were written off. If the amount of
impairment loss subsequently decreased and the decrease was
• The disappearance of an active market for a security because
related objectively to an event occurring after the impairment
of financial difficulties.
was recognized, then the previously recognized impairment loss
was reversed through profit or loss.
Presentation of allowance for ECL in the statement of
financial position
Non-financial assets
Loss allowances for financial assets measured at amortized cost
At each reporting date, the Company reviews the carrying
are deducted from the gross carrying amount of the assets.
amounts of its non-financial assets, investment property and
inventories to determine whether there is any indication of
Write-off
impairment. If any such indication exists, then the asset’s
The gross carrying amount of a financial asset is written off when recoverable amount is estimated.
the Company has no reasonable expectations of recovering a
financial asset in its entirety or a portion thereof. For corporate For impairment testing, assets are grouped together into the
customers, the Company individually makes an assessment with smallest group of assets that generates cash inflows from
respect to the timing and amount of write-off based on whether continuing use that are largely independent of the cash inflows
there is a reasonable expectation of recovery. The Company of other assets or CGUs.
expects no significant recovery from the amount written off. The recoverable amount of an asset or CGU is the greater of
However, financial assets that are written off, could still be its value in use and its fair value less costs to sell. Value in use
subject to enforcement activities in order to comply with the is based on the estimated future cash flows, discounted to
Company’s procedures for recovery of amounts due. their present value using a pre-tax discount rate that reflects
current market assessments of the time value of money and
Non-derivative financial assets the risks specific to the asset or CGU. An impairment loss is
Financial assets not classified as at FVTPL were assessed at recognized if the carrying amount of an asset or CGU exceeds its
each reporting date to determine whether there was objective recoverable amount.
evidence of impairment. Objective evidence that financial assets
An impairment loss is reversed only to the extent that the
were impaired included the following :
asset’s carrying amount does not exceed the carrying amount
that would have been determined, net of depreciation or
• Default or delinquency by a debtor.
amortization, if no impairment loss had been recognized.
• Restructuring of an amount due to the Company on terms
that the Company would not consider otherwise. Provisions
• Indications that a debtor or issuer would enter bankruptcy.
A provision is recognized in the statement of financial position
• Adverse changes in the payment status of borrowers or when the Company has a present legal or constructive obligation
issuers. as a result of a past event, it is probable that an outflow of
• The disappearance of an active market for a security because economic benefits will be required to settle the obligation and a
of financial difficulties. reliable estimate can be made of the amount of the obligation.
• Observable data, indicating that there was a measurable
decrease in the expected cash flows from a group of financial Foreign currency transactions
assets. Transactions in foreign currencies are translated to the functional
currency at the exchange rates at the dates of the transactions.
Financial assets measured at amortized cost Monetary assets and liabilities denominated in foreign currencies
The Company considered evidence of impairment for these at the reporting date are retranslated to the functional currency
assets at both an individual asset and a collective level. All at the exchange rate at that date. The foreign currency gain or
individually significant assets were individually assessed loss on monetary items is the difference between amortized
for impairment. Those found not to be impaired were then cost in the functional currency at the beginning of the period,
collectively assessed for any impairment that had been incurred adjusted for effective interest and payments during the period
but not yet individually identified. Assets that were not and the amortized cost in foreign currency translated at the
exchange rate at the end of the period. Realized and unrealized Lease payments in the measurement of the lease liability
foreign exchange differences arising on translation are comprise the following :
recognized in the profit or loss.
a. Fixed payments, including in-substance fixed payments.
b. Variable lease payments that depend on an index or
Leases
a rate, initially measured using the index or rate as at
At inception of a contract, the Company assesses whether a the commencement date.
contract is or contains a lease. A contract is, or contains, a lease
c. Amounts expected to be payable under a residual value
if contract conveys the right to control the use of an identified
guarantee; and the exercise price under a purchase option
that the Company is reasonably certain to exercise, lease
payments in an optional renewal period if the Company
identified asset, the Company assesses whether :
is reasonably certain to exercise an extension option,
a. The contract involves the use of an identified asset – This and penalties for early termination of a lease unless the
may be specified explicitly or implicitly, and should be Company is reasonably certain not to terminate early.
physically distinct asset or represent substantially all of the
The lease liability is measured at amortized cost using the
capacity of a physically distinct asset. If the supplier has a
effective interest method. It is remeasured when there is a
substantive substitution right, then the asset is not identified.
change in future lease payments arising from a change in an
b. The Company has the right to obtain substantially
index or rate, if there is a change in the Company’s estimate
all the economic benefits from use of the asset
of the amount expected to be payable under a residual value
throughout the period of use.
guarantee, or if the Company changes its assessment of whether
c. The Company has the right to direct the use of the asset. it will exercise a purchase, extension, or termination option.
The Company has this right when it has the decision-
making rights that are most relevant to changing how and When the lease liability is remeasured in this way, a
for what purpose the asset is used. In rare cases, where the corresponding adjustment is made to the carrying amount of the
decision about how and for what purpose the asset is used is right-of-use asset or is recorded in profit or loss if the carrying
predetermined, the Company has the right to direct the use amount of the right-of-use asset has been reduced to zero.
of the asset if either : Short-term leases and leases of low-value assets
i) The Company has the right to operate the asset; or
The Company has elected not to recognize right-of-use assets
ii) The Company designed the asset in a way that
and lease liabilities for short-term leases of equipment that
predetermines how and for what purpose it will be used.
have a lease term of 12 months or less, and leases of low-value
At inception or on assessment of a contract that contains a lease assets, including IT equipment. The Company recognizes the
component, the Company identifies the non-lease component in lease payments associated with these leases as an expense on a
the contract and breaks the lease and non-lease component, and straight-line basis over the lease term.
presents the same separately, i.e. lease component is capitalized
as part of right-of-use asset and non-lease component is Provision for end of service benefits
presented separately. The Company’s net obligation in respect of long-term employee
The Company as lessee earned in return for their service in the current and prior periods.
Right-of-use asset That benefit is discounted to determine its present value. Re-
The Company recognizes a right-of-use asset and a lease liability measurements are recognized in profit or loss in the period
at the lease commencement date. The right-of-use asset is in which they arise.
initially measured at cost, which comprises the initial amount Employees are not required to contribute to the plan. The
of the lease liability adjusted for any lease payments made at employees’ end of service benefits is an unfunded obligation.
or before the commencement date, plus any initial direct costs
incurred and an estimate of costs to dismantle and remove the
underlying asset, or to restore the underlying asset or the site on
4 Financial risk management
which it is located, less any lease incentives received. Overview
The right-of-use asset is subsequently depreciated using the The Company has exposure to the following risks from its use of
straight-line method from the commencement date to the earlier financial instruments :
of the end of the useful life of the right of use asset or the end of
the lease term. The estimated useful lives of right of use assets • Credit risk;
are determined on the same basis as those of property, plant • Liquidity risk; and
and equipment. In addition, the right-of-use asset is periodically
• Market risk.
reduced by impairment losses, if any, and adjusted for certain
remeasurements of the lease liability.
This note presents information about the Company’s exposure to
each of the above risks, the Company’s objectives, policies, and
Lease liability
processes for measuring and managing risk, and the Company’s
The lease liability is initially measured at the present value of management of capital.
the lease payments that are not paid at the commencement
date, discounted using the interest rate implicit in the lease The Board of Directors has an overall responsibility
or if that rate cannot be readily determined, the Company’s for the Company and oversight of the Company’s risk
incremental borrowing rate. management framework.
Credit risk 6 Cost of services
(In AED)
customer or counterparty to a financial instrument fails to meet
its contractual obligations. Credit risk is attributable to trade and Years ended December 31,
Particulars
other receivables, cash at bank and due from a related party. 2022 2021
Cash is held with reputable bank. Balance due from a related
Salaries and other benefits 23,339,347 24,672,098
party is considered fully recoverable by Management.
Provision for employees’ end-of- 1,902,954 2,043,167
Liquidity risk services benefits (Refer to Note 15)
Liquidity risk is the risk that the Company will encounter difficulty Subcontracted cost 13,519,700 12,328,863
in meeting the obligations associated with its financial liabilities (Refer to Note 12)
that are settled by delivering cash or another financial asset. 38,762,001 39,044,128
Liquidity risk mainly relates to trade and other payables and
due to a related party. The Company’s approach to managing 7 Administrative and general expenses
liquidity is to ensure, as far as possible, to maintain sufficient
liquidity to meet its liabilities when due, under both normal and (In AED)
stressed conditions, without incurring unacceptable losses or Years ended December 31,
risking damage to the Company’s reputation. Particulars
2022 2021
Market risk Communication expenses 738,050 257,666
Market risk is the risk that changes in market prices, such Utilities 17,430 17,978
as foreign exchange rates and interest rates, will affect the Office maintenance 211,076 397,705
Company’s income or the value of its holdings of financial Travel and entertainment 403,423 345,015
instruments. The objective of market risk management is to expenses
manage and control market risk exposures within acceptable
parameters, while optimizing the return on risk. Depreciation on property and 31,828 68,958
equipment (Refer to Note 9)
Currency risk Depreciation on right-of-use asset 677,786 968,529
(Refer to Note 10)
Currency risk is the risk that the value of a financial instrument
will fluctuate because of changes in foreign exchange rates. The Professional fees 495,653 227,785
majority of the Company’s transactions are conducted in AED Impairment loss charged 17,471 28,080
and USD. AED is currently pegged to USD; hence, the Company 195,563 289,491
Others
has no significant exposure to currency risk.
2,788,280 2,601,207
Interest rate risk
Interest rate risk is the risk that the value of a financial instrument 8 Finance cost
will fluctuate because of changes in market interest rates. The (In AED)
Company is not exposed to interest rate risk.
Particulars
Capital management 2022 2021
The Board of Directors’ policy is to maintain a strong capital Interest expense on lease liability 15,319 48,702
base as to maintain shareholders, creditors, and market (Refer to Note 10)
confidence, and to sustain future development of the business. 15,319 48,702
There were no changes in the Company’s approach to capital
management during the year.
5 Revenue
(In AED)

Particulars
2022 2021
Revenue from services (i) 41,203,088 41,572,151
(i) Revenue from services includes AED 25,072,009 (2021 : AED 25,613,544)
from contract with shareholder at cost plus margin of 6% (Refer to Note
12).
Revenue is geographically distributed in UAE and is
recognized at point in time.
9 Property and equipment Lease liabilities
(In AED)
(In AED)
As at December 31,
Office equipmen & Particulars
fixtures
Cost Opening balance 1,610,811 3,367,523
As at January 1, 2021 3,202,735 Interest on leases 15,319 48,702
As at December 31, 2021 3,202,735 Derecognition of lease liability (276,760) (776,132)
As at January 1, 2022 3,202,735 Payments during the year (776,293) (1,029,282)
Additions - Closing balance 573,077 1,610,811
Deletions (57,780) Non-current portion – 850,242

As at December 31, 2022 3,144,955 Current portion 573,077 760,569
Depreciation 573,077 1,610,811
As at January 1, 2021 3,065,891 Maturity analysis of undiscounted lease payments that will be
68,958
paid after the reporting date is as follow :
Charge for the year
As at December 31, 2021 3,134,849 (In AED)
As at January 1, 2022 3,134,849 As at December 31,
Particulars
Charge for the year 31,828 2022 2021
Depreciation on deletions (57,780) Less than one year 575,892 776,294
As at December 31, 2022 3,108,897 One to five years – 856,455
Net book value 575,892 1,632,749
As at December 31, 2022 36,058
(In AED)
As at December 31, 2021 67,886
As at December 31,
Particulars
10 Right-of-use assets and lease liabilities 2022 2021
Balances recognized in Statement
The Company has taken office premises on lease. The lease of Profit and Loss
period is one year, with an option to extend the lease for further
period. The Company estimates to occupy the premises till Interest on lease liabilities 15,319 48,702
November 2023 based on its economic incentive. Depreciation of right of use asset 677,786 968,529
693,105 1,017,231
Right-of-use asset
(In AED) 11 Trade and other receivables
As at December 31, (In AED)
Particulars
2022 2021
As at December 31,
Opening balance 1,577,017 3,321,678 Particulars
2022 2021
Derecognition of right-of-use asset (276,760) (776,132)
Depreciation (677,786) (968,529)
Unbilled revenue 3,048,777 1,747,013
Closing balance 622,471 1,577,017
Impairment loss on trade (95,301) (44,827)
receivables and unbilled revenue
6,299,331 3,730,093
Prepayments 479,852 1,014,417
Deposits 125,000 125,000
Advance to employees 67,567 63,072
VAT receivable 23,368 210,767
6,925,118 5,143,349
As at December 31, the ageing of trade receivables was as follows :
(In AED)
As at December 31,
Particulars
2022 2021
Gross Impairment Gross Impairment
Current 1,177,260 – 1,113,692 –
0–90 days 2,098,595 (66,472) 914,215 (30,743)
3,275,855 (66,472) 2,027,907 (30,743)
12 Related party transactions and balances Balances with related party

Due from a related party
The Company in the normal course of business carries out
(In AED)
transactions with other business enterprises that fall within
the definition of related parties contained in International Years ended December 31,
Accounting Standard No. 24. The transactions among related Particulars
2022 2021
parties are carried out at terms mutually agreed amongst them.
Infosys Limited (the Shareholder”) 2,094,312 4,484,346
Transactions with related party Infosys Turkey Bilgi 34,320 –
(In AED) Teknoloijleri(“sister Concern”)
2,128,632 4,484,346
Particulars
2022 2021 Due to a related party
Services rendered to Shareholder 25,072,009 25,613,544 (In AED)
Subcontracted cost 13,519,700 12,328,863 Years ended December 31,
Particulars
2022 2021
The Company entered into a subcontracting agreement with Infosys Limited (“the 7,330,389 3,051,061
Infosys Limited (“the Shareholder”). Where Infosys Limited bills Shareholder”)
the Company at total cost-plus markup of 18% on total cost for Infosys Technologies (China) Co 1,405 –
the services given to the company. Ltd (“sister Concern”)
The Company entered into a subcontracting agreement with Infosys BPM Ltd(“sister Concern”) 3,329 –
the Infosys Automotive and Mobility GmbH & Co.KG (“Sister Infosys Automotive And Mobility 29,695 –
Concern”).Where the Company reimburse all the cost incurred Gmb(“sister Concern”)
by the Infosys Automotive and Mobility GmbH & Co.KG on the
Infosys Turkey Bilgi 8,914 –
behalf of the Company within 30 days of the written notice of the
Teknoloijleri(“sister Concern”)
successful consummation of the transaction.
Infosys Czech Republic(“sister 3,566 –
The Company enter into a subcontracting agreement with Concern”)
Infosys limited (“the shareholder”) for daimler deal only. As
7,377,298 3,051,061
per the agreement, if the Company generates any revenue
from the services provided to its end-client, it will be retained
by the Company. Whereas for the revenue of services which 13 Cash and cash equivalent
Infsoys Limited has provided will be transferred back to Infosys (In AED)
Limited after retaining 1% of the revenue by the Company for
administrative services and billing purposes. Such mark-up Years ended December 31,
Particulars
may be revised periodically based on benchmarking analysis to 2022 2021
demonstrate the arm’s length price. Cash at bank 8,830,337 3,893,420
14 Share capital
(In AED)

Particulars
2022 2021
Authorized, issued and paid-up :
300 shares of AED 1,000 each 300,000 300,000
15 Provision for employees’ end-of-service 17 Financial instruments
benefits Financial assets of the Company comprise trade and other
(In AED) receivables (excluding prepayments and advances), due from a
related party and cash and cash equivalent. Financial liabilities
Years ended December 31, include trade and other payables, lease liabilities and due
Particulars
2022 2021 to a related party.
As at January 1 17,290,455 17,329,284
(a) Credit risk
Provision made during the year 1,902,954 2,043,167
Unrecognized actuarial loss / (3,242,514) 129,500
customer or counterparty to a financial instrument fails to
(profit)
meet its contractual obligations and arises principally from the,
Payments made during the year (2,223,389) (2,211,496) Company’s trade debts from customers.
As at December 31, 13,727,506 17,290,455
The carrying amount of financial assets represent the
The principle actuarial assumptions at the reporting date maximum credit exposure.
(expressed as weighted averages) are as follows :
Expected credit losses on financial assets are recognized in
Statement of Profit or Loss are as follows :
(In AED)
Years ended December 31, (In AED)

Particulars
Particulars
Discount rate 5.1% 3.2% 2022 2021
Future salary growth 4% 4% Impairment loss on trade 17,471 28,080
receivables and unbilled revenue
Reasonable possible changes at reporting to one of the Exposure to credit risk

relevant actuarial assumptions, holding other assumptions The carrying amounts of financial assets represent the maximum
constant, would have affected the defined benefit obligation. credit exposure. The maximum exposure to credit risk at the
1% change in discount rate and weighted average rate of reporting date was :
compensation levels will result in increase / decrease of liabilities
by AED 1,209,989 (2021 : AED 1,778,706) and AED 1,061,875 (2021 : (In AED)
AED 1,537,819) respectively.
As at December 31,
Particulars
16 Trade and other payables 2022 2021
Cash and cash equivalent 8,830,337 3,893,420
(In AED)
Due from a related party 2,218,632 4,484,346
As at December 31,
Particulars Trade and other receivables 6,377,699 4,065,860
2022 2021 (excluding prepayments and
Trade payables 138,063 45,642 advances)
Accruals 1,371,483 642,083 17,426,668 12,443,626
Other payables 580,835 350,448 Due from related party and other receivables are considered fully
Provision for incentives (i) 1,036,936 1,205,092 recoverable by the Management.
Provision for leave accrual (ii) 777,601 890,611

Bank balances
3,904,918 3,133,876 The Company seeks to limit its credit risk with respect to banks
(i) Movement of the provision for by dealing with reputable banks only.
incentives was :
As at January 1 1,205,092 1,306,000 Due from a related party
Due from related party arises from transactions in the normal
Provision made during the year 1,036,936 1,205,092
course of business and is stated net of amounts estimated to be
Payments made during the year (1,205,092) (1,306,000) uncollectable. These balances are subject to market credit risks
As at December 31 1,036,936 1,205,092 which are closely monitored by Management.
(ii) Movement of the provision for

leave accrual was :
As at January 1 890,611 1,167,136
Provision made during the year 637,361 781,407
Reversal made during the year (750,371) (1,057,932)
As at December 31 777,601 890,611
Trade receivable (b) Liquidity risk
The Company’s exposure to credit risk is influenced mainly Liquidity risk is the risk that the Company will encounter difficulty
by the individual characteristics of each customer. However, in meeting the obligations associated with its financial liabilities
Management also considers the factors that may influence the that are settled by delivering cash or another financial asset.
credit risk of customer base, including the default risk associated The Company’s approach to managing liquidity is to ensure,
with the industry and the region in which the customers operate. as far as possible, that it will always have sufficient liquidity to
meet its liabilities when due, under both normal and stressed
The Company has established a credit policy under which each
conditions, without incurring unacceptable losses or risking
new customer is analyzed individually for creditworthiness
damage to the Company’s reputation. The Company maintains
before the Company’s standard payment and delivery terms
adequate reserves, by continuous monitoring, forecast and
and conditions are offered. The Company’s review includes
actual cash flows. The Company does not have any bank loan.
external ratings, if they are available, financial statements,
Liability comprises trade and other payables, due to related party
credit agency information, industry information and in some
and lease liability.
cases bank references.
Credit risk is limited to the carrying values of financial assets in
the statement of financial position.
The contractual maturities of the Company’s financial liabilities are as follows :
(In AED)
Contractual cash
2022 Carrying amount 1 year or less 1 to 5 years
flows
Due to a related party 7,377,298 (7,377,298) (7,377,298) –
Lease liabilities 573,077 (573,077) (573,077) –
11,855,293 (11,855,293) (11,855,293) –
(In AED)
Contractual cash
2021 Carrying amount 1 year or less 1 to 5 years
flows
Due to a related party 3,051,061 (3,051,061) (3,051,061) –
Lease liabilities 1,610,811 (1,632,749) (776,294) (856,455)
7,795,748 (7,817,686) (6,961,231) (856,455)
(c) Market rate risk

Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect the Company’s income
or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk
exposures within acceptable parameters, while optimizing the return.
Currency risk
Currency risk is the risk that the value of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company
has no significant exposure to currency risk as most of the Company’s transactions are in AED.
Interest rate risk

Interest rate risk is the risk that the value of a financial instrument will fluctuate because of changes in market interest rates. At the
reporting date, the Company is not exposed to interest rate risk as there is no loan outstanding at year end.
Equity price risk

Equity price risk is the possibility that equity prices will fluctuate affecting the fair value of equity investments and other instruments that
derive their value from a particular equity investment or index of equity prices. The Company has no exposure to equity price risk.
Fair value Defined benefit plans (pension benefits)
The fair value of the Company’s financial assets and liabilities The cost of the defined benefit pension plan and other post-
are not materially different from their carrying amounts as at employment medical benefits and the present value of the
the reporting date. pension obligation are determined using actuarial valuations.
An actuarial valuation involves making various assumptions
18 Capital commitments and contingent that may differ from actual developments in the future. These
include the determination of the discount rate, future salary
liabilities increases, mortality rates and future pension increases. Due
(In AED) to the complexities involved in the valuation and its long-
term nature, a defined benefit obligation is highly sensitive to
As at December 31, changes in these assumptions. All assumptions are reviewed at
Particulars
2022 2021 each reporting date.
Bank guarantees 2,725,730 2,725,730
There are no capital commitments as at December 31, 2022 20 Subsequent events
(December 31, 2021 : Nil).
Subsequent to the year-end, there have been no events noted
that would require adjustments or further disclosure to the
19 Accounting estimates and judgment financial statements.
The following are the key assumptions concerning the future,
and other key sources of estimation uncertainty at the reporting 21 UAE Corporate Tax
date, that have a significant risk of causing a material adjustment
On 9 December 2022, the UAE Ministry of Finance released
to the carrying amounts of assets and liabilities within the
the Federal Decree-Law No. 47 of 2022 on the Taxation of
Corporations and Businesses (the Law) to enact a Federal
corporate tax (CT) regime in the UAE. The CT regime will
Determination of the lease term of contracts become effective for accounting periods beginning on
In determining the lease term, Management considers facts and or after 1 June 2023.
circumstances that create an economic incentive to exercise
A rate of 9% will apply to taxable income exceeding a particular
an extension option, or not to exercise a termination option.
threshold to be prescribed by way of a Cabinet Decision
Extension options are only included in the lease term, if lease is
(expected to be AED 375,000 based on information released by
reasonably certain to be extended.
the Ministry of Finance), a rate of 0% will apply to taxable income
not exceeding this threshold and a rate of 0% on qualifying
Residual values and useful lives of property and income of free zone entities. In addition, there are several other
equipment decisions that are yet to be finalized by way of a Cabinet Decision
The Company’s Management has reviewed the residual values that are significant in order for entities to determine their tax
and useful lives of property and equipment. Management status and taxable income. Therefore, pending such important
has not highlighted any requirement for an adjustment to the decisions, the Company has considered that the Law, as it
residual lives and remaining useful lives of the assets for the currently stands, is not substantively enacted as at 31 December
current or future periods. 2022 from the perspective of IAS 12 – Income Taxes.
The Company shall continue to monitor the timing of the
Impairment losses on financial assets issuance of these critical Cabinet Decisions to determine their tax
The Company reviews its receivables to assess impairment status and the application of IAS 12 – Income Taxes.
losses. In determining whether impairment losses should be
recognized in the profit or loss, the Company makes judgments
as to whether there is any observable data indicating that
there is a measurable decrease in the estimated future cash
flows. Accordingly, an allowance for impairment is made
where there is an identified loss event or condition which,
based on previous experience, is evidence of a reduction in the
recoverability of the cash flows.
The measurement of the expected credit loss allowance for
financial assets measured at amortized cost is an area that
requires the use of complex models and significant assumptions
about future economic conditions and credit behavior (e.g. the
likelihood of customers defaulting and the resulting losses).
Panaya Inc.
Infosys Subsidiary Financials Report 2022-23 Panaya Inc. | 703

To the Members of Panaya Inc. (Panaya)

Opinion
We have audited the accompanying special purpose financial statements of Panaya Inc. (Panaya) (“the Company”), which comprise the
Balance Sheet as at December 31, 2022, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of
Basis for Opinion


the audit. We also:
704 | Panaya Inc. Infosys Subsidiary Financials Report 2022-23

presentation.
For Shenoy & Kamath

Partner
UDIN : 23202841BGWLUX5753
Place: Bengaluru
Date: May 20, 2023

Balance Sheet (In US$)
As at December 31,
2022 2021
Assets
Non-current assets
Financial assets
Investments 2.2 39,135,182 39,108,441
Deferred tax assets 2.12 250,079 420,777
Income tax assets 2.12 18,302 15,843
Total non–current assets 39,478,486 39,574,780
Current assets
Financial assets
Total Assets 105,831,228 105,820,484
Equity
Equity share capital 2.7 – –
Other equity 63,877,096 64,035,144
Total equity 63,877,096 64,035,144
Liabilities
Borrowings 2.9 7,535,799 7,507,005
Deferred tax liabilities 2.12 17,963 7,683
Total non–current liabilities 7,553,761 7,514,688
Current liabilities
Trade payables 2.8 29,453,188 29,037,699
Income tax liabilities 2.12 270,896 –

As per our report of even date attached for and on behalf of Board of Directors of Panaya Inc
for Shenoy & Kamath

M. Rathnakar Kamath David Binny Vibhuti Kumar Dubey

Jasmeet Singh Dinesh R

Director Director
Bengaluru
Date: May 20, 2023

(In US$, except share and per share data)

2022 2021
Other income, net 2.14 – 2,679
Total income 9,578,960 8,314,779
Expenses
Cost of technical subcontractors 2.15 2,173,473 2,316,590
Cost of software packages and others 2.15 – 166
Communication expenses 2.15 28,187 32,262
Finance cost 271,210 101,606
Depreciation 2.1 27,238 35,258
Other expenses 2.15 343,333 377,765
Total expenses 9,320,329 8,090,352
Profit / (loss) before tax 258,631 224,427
Tax expense:
Current tax 2.12 263,729 51,295
Deferred tax 2.12 152,950 27,909
Profit / (loss) for the year (158,048) 145,223
Total comprehensive income for the year (158,048) 145,223
Equity shares of par value $0.01 each
Basic & diluted (79,024) 72,612
Number of shares used in computing earning per share
Basic & diluted 2 2
As per our report of even date attached for for and on behalf of Board of Directors of Panaya Inc
Shenoy & Kamath



Director Director
Bengaluru
Date: May 20, 2023

(In US$)

Particulars
2022 2021
Profit / (loss) for the year (158,048) 145,223
Interest expense on loan 271,210 101,606
Other adjustments 396 1,536
Changes in assets and liabilities :
Trade receivables 653,067 369,067
Other assets and other financial assets (747,229) (432,130)
Other financial liabilities and other liabilities (556,667) 628,619
Cash generated from operations : 322,135 3,283,222
Income taxes refunded / (paid) 32,735 216,944
Net cash from operating activities 354,871 3,500,166
Investment in subsidiaries (26,741) –
Borrowings (242,416) (3,002,881)
Net cash used in financing activities : (242,416) (3,002,881)
Effect of exchange differences on translation of foreign currency cash and cash equivalents – –
Net increase in cash and cash equivalents : 12,875 469,172
Shenoy & Kamath



Director Director
Bengaluru
Date: May 20, 2023

Statement of Changes in Equity (In US$)

Equity share Reserves & surplus attributable to
Particulars
capital Securities Retained equity holders of
premium earnings the Company
Balance as of January 1, 2021 – 59,509,414 4,380,507 63,889,920

Changes during the year – – – –
Profit for the year – – 145,223 145,223
Balance as of December 31, 2021 – 59,509,414 4,525,730 64,035,144
Balance as of January 1, 2022 –- 59,509,414 4,525,730 64,035,144
Profit for the year – – (158,048) (158,048)
Balance as of December 31, 2022 – 59,509,414 4,367,682 63,877,096
Shenoy & Kamath



Director Director
Bengaluru
Date: May 20, 2023

Company overview Effective Jan 1, 2019, the Company adopted Ind-AS 115 “Revenue
from Contracts with Customers” using the cumulative catch-
Panaya Inc (‘the Company‘) was incorporated in the US. The up transition method, applied to contracts that were not
Company is a wholly-owned subsidiary of Infosys Ltd. completed as at Jan 1, 2019. In accordance with the cumulative
Panaya Inc, USA develops and markets solutions for ERP catch-up transition method, the comparatives have not been
systems, by identifying the changes on the ERP system through retrospectively adjusted. The following is a summary of new
automated analysis.” and / or revised significant accounting policies related to
revenue recognition.
1 Significant accounting policies Revenue is recognized upon transfer of control of promised

1.1 Accounting year the consideration we expect to receive in exchange for those
The accounting year of the Company is from products or services.
January 1 to December 31 Revenue from fixed-price, fixed-timeframe contracts, where
1.2 Basis of preparation of financial statements there is no uncertainty as to measurement or collectability
These financial statements are prepared in accordance with of consideration, is recognized as per the percentage-
Indian Accounting Standards (Ind AS) under the historical cost of-completion method.
convention on the accrual basis. The Ind-AS are prescribed When there is uncertainty as to the measurement or ultimate
under Section 133 of the Act read with Rule 3 of the Companies collectability, revenue recognition is postponed until such
(Indian Accounting Standards) Rules, 2015 and Companies (Indian uncertainty is resolved. Efforts or costs expended have been
Accounting Standards) Amendment Rules, 2016. The Ind-AS used to measure progress towards completion as there is a direct
are prescribed under Section 133 of the Act read with Rule 3 of relationship between input and productivity.
relevant amendment rules issued thereafter.
Unbilled / Unearned
Accounting policies have been consistently applied, except Revenues, in excess of invoicing, are classified as contract assets
where a newly issued accounting standard is initially adopted or (which we refer to as unbilled revenue), while invoicing in excess
a revision to an existing accounting standard requires a change in of revenues are classified as contract liabilities (which we refer to
the accounting policy hitherto in use. as unearned revenues).
Revenue from licenses, where the customer obtains a “right to
use” the licenses, is recognized at the time the license is made
The preparation of the financial statements in conformity available to the customer. Revenue from licenses, where the
with Ind-AS requires the Management to make estimates and customer obtains a “right to access”, is recognized over the
assumptions that affect the reported balances of assets and access period. Arrangements to deliver software products
liabilities, and disclosures relating to contingent liabilities as generally have three elements – license, implementation and
at the date of the financial statements and reported amounts Annual Technical Services (ATS). The Company has applied the
of income and expenses during the period. Examples of such principles under Ind-AS 115 to account for revenues from these
estimates include allowances for credit losses, future obligations performance obligations. When implementation services are
under employee benefit plans, income taxes and the useful lives provided in conjunction with the licensing arrangement and the
of property, plant, and equipment. license and implementation have been identified as two separate
Accounting estimates could change from period to period. Actual performance obligations, the transaction price for such contracts
results could differ from those estimates. Appropriate changes are allocated to each performance obligation of the contract
in estimates are made as the Management becomes aware based on their relative standalone selling prices. In the absence
of changes in the circumstances surrounding the estimates. of standalone selling price for implementation, the performance
Changes in estimates are reflected in the financial statements obligation is estimated using the expected cost-plus-margin
in the period in which changes are made and, if material, their approach. Where the license is required to be substantially
effects are disclosed in the notes to the financial statements. customized as part of the implementation service, the entire
1.4 Revenue recognition to be a single performance obligation, and the revenue is
recognized using the percentage-of-completion method as the
The Company derives its revenue principally from the sale implementation is performed. Revenue from client training,
of its ERP systems analysis services, including activation and support and other services arising due to the sale of software
monthly service fees. Revenues from services are recognized products is recognized as the performance obligations are
either as services are performed or on a straight-line basis if the satisfied. ATS revenue is recognized ratably over the period in
services are ongoing. Revenue is recognized, provided that the which the services are rendered. “
arrangement (usually in the form of a purchase order) exists,
the fee is fixed and determinable, and collection is reasonably
assured. If uncertainties exist, revenue is recognized when the
uncertainties are resolved.

Deferred contract cost it is probable that future economic benefits associated with
Deferred contract costs are incremental costs of obtaining a these will flow to the Company and the cost of the item can be
contract which are recognized as assets and amortized over the measured reliably. Repairs and maintenance costs are recognized
term of the contract. in net profit in the Statement of Profit and Loss when incurred.
Contract modification from the financial statements upon sale or retirement of the
asset, and the resultant gains or losses are recognized in the
involves assessing whether the services added to an existing 1.7 Financial instruments
contract are distinct, and whether the pricing is at the standalone 1.7.1 Initial recognition
selling price. Services added that are not distinct are accounted The Company recognizes financial assets and financial liabilities
for on a cumulative catch-up basis, while those that are distinct when it becomes a party to the contractual provisions of the
are accounted for prospectively, either as a separate contract, if instrument. All financial assets and liabilities are recognized
the additional services are priced at the standalone selling price, at fair value on initial recognition, except for trade receivables
or as a termination of the existing contract and creation of a new which are initially measured at transaction price. Transaction
contract if not priced at the standalone selling price. costs that are directly attributable to the acquisition or issue
of financial assets and financial liabilities, which are not at fair
Tax value through profit or loss, are added to the fair value on initial
The Company presents revenues net of indirect taxes in its recognition. Regular way purchase and sale of financial assets are
statement of Profit and loss. accounted for at trade date.
1.5 Provisions 1.7.2 Subsequent measurement

A provision is recognized if, because of a past event, the a. Non-derivative financial instruments
Company has a present legal or constructive obligation that (i) Financial assets carried at amortized cost
is reasonably estimable, and it is probable that an outflow of A financial asset is subsequently measured at amortized cost
economic benefits will be required to settle the obligation. if it is held within a business model whose objective is to hold
Provisions are determined by discounting the expected the asset to collect contractual cash flows. The contractual
future cash flows at a pre-tax rate that reflects current terms of the financial asset give rise, on specified dates, to cash
market assessments of the time value of money and the risks flows that are solely payments of principal and interest on the
specific to the liability. principal amount outstanding.
1.6 Property, plant and equipment (ii) Financial assets at fair value through other comprehensive
Property, plant and equipment are stated at cost less income
accumulated depreciation and impairment, if any. Costs A financial asset is subsequently measured at fair value through
directly attributable to acquisition are capitalized until the other comprehensive income, if it is held within a business model
property, plant and equipment are ready for use, as intended whose objective is achieved by both collecting contractual
by Management. The Company depreciates property, plant and cash flows and selling financial assets. The contractual terms
equipment over their estimated useful lives using the straight- of the financial asset give rise, on specified dates, to cash
line method. The estimated useful lives of assets are as follows: flows that are solely payments of principal and interest on the
Leasehold improvements Over lease term
Office equipment (1)
5 years (iii) Financial assets at fair value through profit or loss
Computer equipment (1)
3-5 years A financial asset, which is not classified in any of the above
categories, is subsequently fair-valued through profit or loss.
5 years
Depreciation methods, useful lives and residual values are (iv) Financial liabilities
reviewed periodically, including at each financial year-end. Financial liabilities are subsequently carried at amortized
(1)
lives, as given above, best represent the period over which Management
expects to use these assets. Hence, the useful lives for these assets is the carrying amounts approximate fair value due to the short
different from the useful lives as prescribed under Part C of Schedule II of maturity of these instruments.
Advances paid towards the acquisition of property, plant and (v) Investment in subsidiaries
equipment outstanding at each Balance Sheet date are classified Investment in subsidiaries is carried at cost in the separate
as capital advances under other non-current assets, and the cost financial statements.
‘capital work-in-progress’. Subsequent expenditures relating
to property, plant, and equipment are capitalized only when

1.8 Fair value of financial instruments 1.11 Foreign currency
In determining the fair value of its financial instruments, the Functional currency
Company uses a variety of methods and assumptions that are The functional currency of the Company is the US Dollar. These
based on market conditions and risks existing at each reporting financial statements are presented in US Dollars.
discounted cash flow analysis, available quoted market prices Transactions and translations
1.9 Impairment the Statement of Profit and Loss. Non-monetary assets and
a. Financial assets non-monetary liabilities, denominated in a foreign currency
The Company recognizes loss allowances using the expected and measured at fair value, are translated at the exchange rate
credit loss (ECL) model for the financial assets, which are not prevalent at the date when the fair value was determined. Non-
fair-valued through profit or loss. Loss allowance for trade monetary assets and non-monetary liabilities, denominated in a
receivables with no significant financing component is measured foreign currency and measured at historical cost, are translated at
at an amount equal to lifetime ECL. For all other financial assets, the exchange rate prevalent at the date of the transaction.
expected credit losses are measured at an amount equal to Transaction gains or losses realized upon settlement of foreign
the 12-month ECL, unless there has been a significant increase currency transactions are included in determining net profit
in credit risk from initial recognition, in which case those are for the period in which the transaction is settled. Revenue,
measured at lifetime ECL. The amount of expected credit losses expense, and cash-flow items denominated in foreign currencies
(or reversal) that is required to adjust the loss allowance at the are translated into the relevant functional currencies using the
reporting date to the amount that is required to be recognized, is exchange rate in effect on the date of the transaction.
1.12 Income taxes
(i) Property, plant and equipment
Income tax expense is recognized in net profit in the Statement
Property, plant, and equipment are evaluated for recoverability of Profit and Loss, except to the extent that it relates to items
whenever events or changes in circumstances indicate that recognized directly in equity, in which case it is recognized in
their carrying amounts may not be recoverable. For impairment other comprehensive income. Current income tax for current and
testing, the recoverable amount (i.e., the higher of the fair prior periods is recognized at the amount expected to be paid
value less cost to sell and the value-in-use) is determined on an to or recovered from the tax authorities, using the tax rates and
individual asset basis, unless the asset does not generate cash tax laws that have been enacted or substantively enacted by the
flows that are largely independent of those from other assets. In Balance Sheet date. Deferred income tax assets and liabilities are
such cases, the recoverable amount is determined for the CGU to recognized for all temporary differences arising between the tax
which the asset belongs. bases of assets and liabilities, and their carrying amounts in the
If such assets are considered impaired, the impairment to be financial statements. Deferred tax assets are reviewed at each
recognized in the Statement of Profit and Loss is measured reporting date and are reduced to the extent the related tax
by the amount by which the carrying value of the assets benefit has no probability of being realized.
exceeds the estimated recoverable amount of the asset. An In assessing the realizability of deferred income tax assets,
impairment loss is reversed in the Statement of Profit and Loss Management considers whether some portion or all of the
if there has been a change in the estimates used to determine deferred income tax assets will not be realized. The ultimate
the recoverable amount. The carrying amount of the asset is realization of deferred income tax assets depends on the
increased to its revised recoverable amount, provided that this generation of future taxable income during the periods in which
amount does not exceed the carrying amount that would have the temporary differences become deductible. Management
been determined (net of any accumulated amortization or considers the scheduled reversals of deferred income tax
depreciation) had no impairment loss been recognized for the liabilities, projected future taxable income and tax planning
asset in the previous years. strategies in making this assessment. Based on the level of
1.10 Employee benefits income over the periods in which the deferred income tax assets
Compensated absences are deductible, Management believes that the Company will
The Company has a policy on compensated absences which realize the benefits of those deductible differences. The amount
are both accumulating and non-accumulating in nature. The of the deferred income tax assets considered realizable, however,
expected cost of accumulating compensated absences is could be reduced in the near term if estimates of future taxable
determined by actuarial valuation performed by an independent income during the carry forward period are reduced.
actuary at each Balance Sheet date using the projected-
unit-credit method on the additional amount expected to
be paid or availed as a result of the unused entitlement that
has accumulated at the Balance Sheet date. Expense on non-
accumulating compensated absences is recognized in the period
in which the absences occur.

1.13 Cash flow statement 1.15 Earnings per share
Cash flows are reported using the indirect method, whereby Basic earnings per share is computed by dividing the net profit
profit for the period is adjusted for the effects of transactions after tax by the weighted average number of equity shares
of a non-cash nature, any deferrals or accruals of past or future outstanding during the period.
expenses associated with investing or financing cash flows. The 1.16 Borrowing cost
cash flows from operating, investing and financing activities of Borrowing cost are charged to the Statement of Profit and Loss in
the Company are segregated. the period in which they incurred.
1.14 Other income

The Company has adopted Appendix B to Ind-AS 21, Foreign
Currency Transactions and Advance Consideration which clarifies
the date of transaction for the purpose of determining the
exchange rate to use on initial recognition of the related asset,
expense or income when an entity has received or paid advance
consideration in a foreign currency. The effect on account of
adoption of this amendment was insignificant.

The changes in the carrying value of property, plant and equipment for the year ended December 31, 2022 are as follows :
(In US$)
Leasehold Computer Furniture and

Particulars Office equipment Total
improvements equipment fixtures
Gross carrying value 120,950 29,811 271,514 99,231 521,506
Additions 20,839 936 50,389 674 72,838
Deletions (120,950) (23,975) (221,084) (62,081) (428,090)
Gross carrying value as 20,840 6,771 100,819 37,824 166,254
Accumulated depreciation (117,659) (28,382) (250,058) (95,688) (491,787)
Depreciation (5,642) (1,062) (17,369) (3,165) (27,238)
Accumulated depreciation on deletions 120,950 23,937 221,152 61,655 427,694
Accumulated depreciation as (2,350) (5,507) (46,275) (37,198) (91,330)
Carrying value as of December 31, 2022 18,489 1,264 54,544 626 74,923
Carrying value as of January 1, 2022 3,291 1,429 21,456 3,543 29,719
The changes in the carrying value of property, plant and equipment for the year ended December 31, 2021 are as follows :
(In US$)

Gross carrying value 120,950 29,811 244,938 99,231 494,930
Additions – –- 26,576 – 26,576
Deletions – –- – – –
Gross carrying value as 120,950 29,811 271,514 99,231 521,506
Accumulated depreciation (105,489) (24,640) (244,790) (81,609) (456,528)
Depreciation (12,170) (3,741) (5,268) (14,079) (35,258)
Accumulated depreciation on deletions – – – – –

Accumulated depreciation as (117,659) (28,382) (250,058) (95,688) (491,787)
Carrying value as of December 31, 2021 3,291 1,429 21,456 3,543 29,719
Carrying value as of January 1, 2021 15,461 5,170 148 17,622 38,402
2.2 Investments
(In US$)
As at December 31,
Particulars
2022 2021
Equity instruments of subsidiaries 39,135,182 39,108,441
Total carrying value 39,135,182 39,108,441
(In US$)
As at December 31,
Particulars
2022 2021
Unquoted
Investment carried at cost
Investments in equity instruments of subsidiaries
Panaya Ltd, Israel 39,069,600 39,069,600
Infosys Financial Services GmbH, Germany 38,841 38,841
Panaya Germany GmbH, Germany 26,741 –
Aggregate amount of unquoted investments 39,135,182 39,108,441
Investments carried at cost 39,135,182 39,108,441

(In US$)
As at December 31,
Particulars
2022 2021
Current
Unsecured
Considered good (1) 40,214,730 40,875,169
Considered doubtful – –
40,214,730 40,875,169
Less: Allowances for credit loss – 7,372
(1)
Includes dues from related parties (Refer to Note 2.17) 39,468,909 39,468,909

Trade receivables ageing schedule
Year ended December 31, 2022
(In US$)

Particulars Not due Less than 6 6 months-1 More than 3 Total
1-2 years 2-3 years
months year years
Undisputed trade receivables – 373,385 372,436 39,468,909 – – – 40,214,730
considered good
Total trade receivables(1) 40,214,730
(In US$)

Particulars Not due Less than 6 6 months-1 More than 3 Total
1-2 years 2-3 years
months year years
Undisputed trade receivables – – 1,406,260 39,468,909 – – – 40,875,169
considered good
Total trade receivables (1) 40,867,797
2.4 Cash and cash equivalents 2.7 Equity

(In US$) Equity share capital
Particulars As at December 31, (In US$)

Particulars
Balances with banks 2022 2021
In current and deposit 1,542,428 1,529,552 Authorized

accounts Equity share capital (1000 – –
Total cash and cash equivalents 1,542,428 1,529,552 Equity shares of par
value US$ 0.01 each)
2.5 Other financial assets Issued, subscribed and paid-up
(In US$) Equity share capital (2 – –
As at December 31, Equity shares of par
Particulars value US$ 0.01 each)
2022 2021
Total equity share capital – –
Current
Rental deposits (1) 20,536 24,673 The details of shareholder holding more than 5%
shares are as follows :
Others (1)(2) 24,567,692 23,805,167
Total current 24,588,227 23,829,839 As at December 31,
other financial assets 2022 2021
Financial assets
(1) 24,588,227 23,829,839 Infosys Ltd. 100% 100%
(2)
Includes dues from related 24,542,683 23,805,167
parties (Refer to Note 2.17) 2.8 Trade payables
(In US$)
2.6 Other assets
As at December 31,
2022 2021
As at December 31,
Particulars Trade payables (1) 29,453,188 29,037,699
2022 2021
Current
Includes dues to related parties 29,437,369 28,987,989
Prepaid expenses 7,357 18,516
(Refer to Note 2.17) (1)

(In US$)

Others – 29,453,188 – – – 29,453,188
(In US$)

Others – 29,037,699 – – – 29,037,699
2.9 Borrowings 2.11 Other liabilities

(In US$) (In US$)

2022 2021 2022 2021
Non-current Current
Unsecured loan (1)(2) 7,535,799 7,507,005 Unearned revenue 3,694,427 4,702,044
Total non-current borrowings 7,535,799 7,507,005 Others – Withholding taxes 13,196 16,203
and others
Includes dues to related parties 7,535,799 7,507,005
(Refer to Note 2.17) (1) Total current other liabilities 3,707,623 4,718,246
The above loan carries an
interest of 5.62% p.a. (2) 2.12 Income taxes
Income tax expense in the Statement of Profit and Loss
comprises the following :
2.10 Other financial liabilities (In US$)

(In US$)
As at December 31, Particulars
2022 2021 Current taxes 263,729 51,295
Current 152,950 27,909
Deferred taxes
Accrued compensation to 886,716 451,444 Income tax expense 416,679 79,204
employees (1)
Accrued expenses (1) 62,242 30,719
Compensated absences 19,706 26,173 income before income taxes is summarized is as follows :
Other payables (1) – 6,372
(In US$)
Total current other 968,664 514,708
financial liabilities Year ended December 31,
Particulars
Financial liability carried 948,958 488,535 2022 2021
at amortized cost (1) Profit before income taxes 258,631 224,427
Enacted tax rates in USA 27.00% 27.00%
Computed expected tax expense 69,830 60,595
Effect of unrecognized – (38,428)
deferred tax assets
Tax provision / reversals – 51,295

(In US$)
Particulars Carrying Changes Carrying
2022 2021
Prior period tax expense 224,885 – Particulars
on Jan 1, profit and on Dec
GILTI tax provision 111,562 – 2022 loss 31, 2022
Effect of 10,402 5,742 Property, plant and equipment (7,683) (10,280) (17,963)
non-deductible expenses Total deferred tax liabilities (7,683) (10,280) (17,963)
The applicable statutory tax rate for year ended December 31, The gross movement in the deferred tax asset / (liability) for the
2022 and December 31, 2021 is 27%. year ended is as follows :
The details of income tax assets and income tax
liabilities are as follows : (In US$)
Carrying Changes Carrying

(In US$) value as through value as
Particulars
Year ended December 31, on Jan 1, profit and on Dec 31,
Particulars 2021 loss 2021
2022 2021
Accrued compensation 133,880 (11,990) 121,890
Compensated absences 9,451 (2,382) 7,069
Current income tax liabilities (270,896) –
Deferred revenue 14,560 81,139 95,699
Net current income tax assets/ (252,594) 15,843
(liability) at the end Others 292,954 (96,835) 196,119
Total deferred tax assets 450,845 (30,068) 420,777
The gross movement in the current income tax asset / (liability) (In US$)
for the year ended is as follows :
on Jan 1, profit and on Dec
Year ended December 31, 2021 loss 31, 2021
Particulars
2022 2021
Net current income tax asset / 15,843 284,082 Property, plant and equipment (9,842) 2,159 (7,683)
(liability) at the beginning Total deferred tax liabilities (9,842) 2,159 (7,683)
Income tax paid (4,707) (216,944)
Current income tax expense (263,729) (51,295) 2.13 Revenue from operations
(In US$)
Net current income tax asset / (252,594) 15,843
(liability) at the end Year ended December 31,
Particulars
2022 2021
Revenue from 9,578,960 8,312,100
The gross movement in the deferred tax asset / (liability) for the
products and platforms
year ended is as follows :
Total revenue from operations 9,578,960 8,312,100
(In US$)
Trade receivables and contract balances
value as through value as The Company classifies the right to consideration in exchange for
Particulars deliverables as either a receivable or as unbilled revenue.
on Jan 1, profit and on Dec 31,
2022 loss 2022
Revenue recognition for fixed-price development contracts is
Accrued compensation 121,890 68,457 190,347 based on the percentage of completion method. Invoicing to
Compensated absences 7,069 (1,748) 5,321 the clients is based on milestones as defined in the contract. This
would result in the timing of revenue recognition being different
Deferred revenue 95,699 (95,700) (1)
from the timing of billing the customers.
Others 196,119 (113,679) 54,412
Trade receivable and unbilled revenues are presented net of
Total deferred tax assets 420,777 (142,670) 250,079 impairment in the Balance Sheet.
recognized revenue of US$ 4,363,315 arising from opening

Performance obligations and remaining performance Year ended December 31,
obligations Particulars
2022 2021
Cost of technical subcontractors
as at the end of the reporting period, and an explanation as to Technical subcontractors – 2,173,473 2,316,590
when the Group expects to recognize these amounts in revenue. subsidiaries
Applying the practical expedient as given in Ind-AS 115, the Total cost of technical 2,173,473 2,316,590
Group has not disclosed the remaining performance obligation subcontractors
Travel expenses
corresponds directly with the value to the customer of the
entity’s performance completed to date, typically those contracts Overseas travel expenses 86,584 8,130
where invoicing is on time and material basis. Remaining Overseas boarding and 84,909 11,365
performance obligation estimates are subject to change and lodging
Perdiem 13,639 2,205
revenue that has not materialized and adjustments for currency. Total travel expenses 185,132 21,700
The aggregate value of performance obligations that are Cost of

completely or partially unsatisfied as at December 31, 2022, other software packages and others
than those meeting the exclusion criteria mentioned above, For own use – 166
is US$ 3,694,427 Out of this, the Group expects to recognize Total cost of software package – 166
revenue of approximately 96% within the next one year and the and others
remaining thereafter. The contracts can generally be terminated
by the customers and typically includes an enforceable Communication expenses
termination penalty payable by them. Telephone charges 28,187 32,262
Total communication expenses 28,187 32,262
(In US$)
The disaggregated revenues from contracts with customers for
the year ended December 31, 2022 and December 31, 2021 by Year ended December 31,
geography are as follows : Particulars
2022 2021
(In US$) Other expenses
Year ended December 31, Repair and maintenance 24,171 24,674

Particulars Printing and stationery (7,609) 1,600
2022 2021
Revenues by geography (1) Marketing expenses 84,874 107,851
North America 9,521,248 8,041,209 Rent 131,567 162,888
Rest of the World 57,711 270,892 Rates and taxes, excluding 11,845 4,908
taxes on income
Total revenue 9,578,960 8,312,100
Postage and courier 7,322 3,182
(1)
Geographical revenue is based on the domicile of customer Insurance charges 4,748 4,244
2.14 Other income, net Consumables 33,906 31,751
(In US$) Bank charges 10,062 8,033
Year ended December 31, Commission charges 37,700 24,300
Particulars
2022 2021 Loss on sale ofasset 396 1,536
Miscellaneous income – 2,679 Miscellaneous expenses 4,350 2,798
Total other income, net – 2,679 Total other expenses 343,333 377,765
Current tax expense for the years ended December 31, 2022
2.15 Expenses and December 31, 2021 includes provisions (net of reversals)
(In US$) amounting to reversal of -US$ 65,458 and provision of US$ 18,149
Year ended December 31, respectively, pertaining to prior periods.
Particulars
2022 2021
Total employee benefit 6,013,963 5,137,727
expenses

2.16 Financial instruments of December 31, 2022 and December 31, 2021, respectively. Trade
Financial instruments by category receivables are typically unsecured and are derived from revenue
earned from customers primarily located in the United States.
Credit risk has always been managed by the Company through
categories were as follows :
credit approvals, establishing credit limits and continuously
monitoring the credit worthiness of customers to which the
(In US$)
Company grants credit terms in the normal course of business.
Carrying value as on On account of the adoption of Ind-AS 109, the Company uses
Particulars December 31, expected credit loss model to assess the impairment loss or
2022 2021 gain. The Company uses a provision matrix to compute the
expected credit loss allowance for trade receivables and unbilled
Assets:
revenues. The provision matrix considers available external and
Cash and cash 1,542,428 1,529,552 internal credit risk factors such as credit default swap quotes,
equivalents (Refer to Note 2.4) credit ratings from international credit rating agencies and the
Trade 40,214,730 40,867,797 Company’s historical experience for customers.
receivables (Refer to Note 2.3) The details in respect of percentage of revenues generated from
Other financial assets 24,588,227 23,829,839 top customer and top five customers are as follows :
(In %)
Total 66,345,385 66,227,189
Liabilities : Particulars
2022 2021
Trade 29,453,188 29,037,699
payables (Refer to Note 2.8) Revenue from top customer 4.3% 5.8%
Borrowings (Refer to Note 2.9) 7,535,799 7,507,005 Revenue from top five customers 18.8% 19.8%
Other financial liabilities 948,958 488,535

Total 37,937,945 37,033,238 Credit risk exposure
The allowance for lifetime expected credit loss on customer
balances for the year ended December 31, 2022 and December
and the carrying values approximates their fair value.
31, 2021 was NIL and 7,372, respectively.
Financial risk management Credit risk on cash and cash equivalents is limited as we generally
invest in deposits with banks and financial institutions with
high credit ratings assigned by international and domestic
The Group’s activities expose it to a variety of financial risks – credit rating agencies.
market risk, credit risk and liquidity risk. The Group’s primary
focus is to foresee the unpredictability of financial markets Liquidity risk
and seek to minimize potential adverse effects on its financial
performance. The primary market risk to the Group is foreign The Company’s principal sources of liquidity are cash and cash
exchange risk. The Group uses derivative financial instruments equivalents. The Company has taken loan from its related party
to mitigate foreign exchange related risk exposures. The Group’s to meet its working capital requirements.
exposure to credit risk is influenced mainly by the individual As of December 31, 2022, the Company had a working capital
characteristic of each customer and the concentration of risk of US$ 31,952,371 including cash and cash equivalents of
from the top few customers . US$ 1,542,428. As of December 31, 2021, the Company had
a working capital of US$ 31,975,051 including cash and cash
Credit risk equivalents of US$ 1,529,552.
Credit risk refers to the risk of default on its obligation by the As of December 31, 2022 and December 31, 2021, the
counterparty resulting in a financial loss. The maximum exposure outstanding compensated absences were US$ 19,706 and
to the credit risk at the reporting date is primarily from trade US$ 26,173 respectively
receivables amounting to US$ 40,214,730 and US$ 40,867,797 as
The details regarding the contractual maturities of significant financial liabilities as of December 31, 2022 are as follows :
(In US$)
Trade payables 29,453,188 – – – 29,453,188
Other financial liabilities 948,958 – – – 948,958
Borrowings 35,799 7,921,500 – – 7,957,299

(In US$)
Trade payables 29,037,699 – – – 29,037,699
Other financial liabilities 488,535 – – – 488,535
Borrowings 7,005 7,578,750 – – 7,585,755


Name of holding companies Country
2022 2021
Infosys Ltd. India 100% 100%

China
Sweden
China
India
India
U.S.
Saudi Arabia
Russia
Luxembourg
U.S.
India
Poland
U.S.
U.S.
Australia
Switzerland
Romania
Czech Republic
China
The Netherlands

Argentina
Belgium
Germany
U.K.
Infosys Consulting Pte. Ltd. (Infosys Singapore) (1)
Singapore
Fluido Oy (8)
Finland
Norway
Slovakia
Singapore
U.S.
U.S.
HIPUS Co., Ltd (9)
Japan
The Netherlands
HypoCasso B.V. (12)
The Netherlands
The Netherlands
Stater Gmbh (12)(32
) Germany
Australia
Australia
Simplus Philippines, Inc.(17) Philippines
U.K.
U.K.
Bulgaria
U.S.
Czech Republic
Finland
GuideVision Magyarország Kft(22) Hungary
Poland
U.S.
U.S.

U.S.
U.S.
U.S.
U.S.
U.K.
Germany
India
Qatar
Germany
China
Germany
Germany
Serbia
Germany
Canda
Germany
France
U.K.
Innovisor Inc. (54)
U.S.
Spain
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)

(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
(25)
(26)
(27)
Under liquidation
(28)
(29)
(30)
On March 28, 2021,Infosys Limited and Infosys Germany Holding Gmbh registered Infosys Automotive and Mobility GmbH & Co. KG, a partnership firm.
(31)
(32)
(33)
(34)
(35)
(36)
(37)
On December 14, 2021, Infosys Consulting Pte. Ltd., a wholly-owned subsidiary of Infosys Limited, acquired 100% of voting interests in Infosys (Malaysia) SDN.
BHD. (formerly Global Enterprise International (Malaysia) Sdn. Bhd.).
(38)
(39)
(40)
(41)
(42)
(43)
(44)
(45)
(46)
(47)
(48)
On March 22, 2022, Infosys Consulting Pte. Ltd., a wholly-owned subsidiary of Infosys Limited, acquired 100% of voting interests in Infosys Germany GmbH
(formerly Kristall 247. GmbH (“Kristall”) ).
(49)
On April 20, 2022, Infosys Germany GmbH (formerly Kristall 247. GmbH (“Kristall”) (a wholly-owned subsidiary of Infosys Consulting Pte. Ltd) acquired 100% of
(50)
Wholly-owned subsidiary of oddity GmbH.
(51)
(52)
(53)
On September 1, 2022, Infosys Consulting Pte. Ltd. (a wholly-owned subsidiary of Infosys Limited) acquired 100% of voting interests in BASE life science A/S.
(54)
(55)
Incorporated on September 6, 2022.
(56)
Incorporated effective December 15, 2022.
(In US$)

Particulars
2022 2021
Trade receivables
Panaya Ltd. 39,468,909 39,468,909
39,468,909 39,468,909
Panaya Ltd. 24,542,683 23,805,167
Infosys Ltd. 24,476 –
Panaya Germany GmbH 532 –
24,567,692 23,805,167

Particulars
2022 2021
Trade payables
Panaya Ltd. 29,421,464 28,979,113
Infosys Ltd. 15,904 8,877
29,437,369 28,987,989
Borrowings
Infosys Public Services Inc 7,535,799 7,507,005
7,535,799 7,507,005
The details of the related parties transactions entered into by the Company, for the year ended December 31, 2022 and December 31,
2021, are as follows :
(In US$)

Particulars
2022 2021
Panaya Ltd. 2,173,473 2,316,590
2,173,473 2,316,590
Finance cost
Infosys Public Services Inc 271,210 101,606
271,210 101,606

The Company is engaged in developing and marketing solutions in a single geography. Based on the “management approach “as
defined in Ind-AS 108, the Segment Reporting the Chief Operating Decision Maker (CODM) evaluates the performance and allocates
resources based on analysis of performance of the Company as a whole. Its operations are, therefore, considered to constitute a single
segment in the context of Ind-AS 108, Segment Reporting.
2.19 Ratios
The ratios for the years ended December 31, 2022 and December 31, 2021 are as follows :
Particulars Numerator Denominator December, 2022 December, 2021 Variance

Current ratio Current assets Current liabilities 1.9 1.9 (0.2%)
Return on Equity (ROE) Net profits after Average (0.2%) 0.2% (0.5%)
taxes shareholder’s
equity
Trade receivables turnover ratio Revenue Average trade 0.2 0.2 16.7%
receivable
Trade payables turnover ratio Purchases of Average trade 0.1 0.1 1.5%
services and payables
other expenses
Net capital turnover ratio Revenue Working capital 0.3 0.3 15.3%
Net profit ratio Net profit Revenue (1.6%) 1.7% (3.4%)
Return on capital employed (ROCE) Earning before Capital 0.8% 0.5% 0.3%
(1)
Tangible net worth + deferred tax liabilities + Lease liabilities


Infosys Consulting (Belgium) N.V.
Infosys Subsidiary Financials Report 2022-23 Infosys Consulting (Belgium) N.V. | 727
To the Members of Infosys Consulting (Belgium) N.V.

Opinion
We have audited the accompanying special purpose financial statements of Infosys Consulting (Belgium) N.V. (“the Company”), which
Basis for Opinion


the audit. We also:
728 | Infosys Consulting (Belgium) N.V. Infosys Subsidiary Financials Report 2022-23
presentation.
i) we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the
purpose of our audit;
ii) in our opinion proper books of account as required by law have been kept by the Company so far as it appears from our examination of
those books;
For Shenoy & Kamath

Partner
UDIN : 23202841BGWLUP3541
Place: Bengaluru
Date: May 20, 2023
Balance Sheet
In ₹
As at December 31,
2022 2021
ASSETS
Non-current assets
Right to use of asset 2.19 1,42,20,783 2,52,24,450
Financial assets
Loans 2.3 2,11,912 10,67,461
Other financial assets 2.4 3,40,90,586 –
Current assets
Financial assets
Loans 2.3 63,93,940 –
Other financial assets 2.4 11,70,21,129 5,79,78,540
Total assets 43,68,73,811 60,67,38,447
Equity
Equity share capital 2.9 3,44,75,106 3,44,75,106
Other equity (12,09,52,021) (11,96,63,888)
Total equity (8,64,76,915) (8,51,88,782)
Liabilities
Borrowings 2.10 – 16,48,96,856
Lease Liability 2.19 2,03,76,960 1,63,02,654
Other non-current liabilities 2.13 9,54,050 17,14,685
Total non-current liabilities 3,50,43,823 19,88,85,326
Current liabilities
Trade payables 2.12 3,29,27,158 3,15,40,072
Lease Liability 2.19 1,48,33,440 92,77,651
Other current liabilities 2.13 1,78,30,358 8,52,00,844
Provisions 2.14 62,73,371 49,69,891
(Belgium) N.V.
Shenoy & Kamath
M. Rathnakar Kamath Andrew Duncan Gopal Rao

Bengaluru
Date: May 20, 2023
In ₹ except equity share and per equity share data

2022 2021
Other income, net 2.17 61,17,691 78,89,034
Total income 72,88,62,008 67,38,44,794
Expenses
Travel expenses 1,64,46,620 1,15,34,917
Cost of software packages and others 2.18 26,65,75,413 31,43,03,864
Finance Cost 15,50,789 5,97,540
Other expenses 2.18 2,82,67,759 2,56,63,736
Total expenses 72,57,39,650 61,59,72,273
Profit/(Loss) before tax 31,22,358 5,78,72,521
Tax expense
Current tax 2.15 4,38,700 1,58,271
Profit/(Loss) for the Year 26,83,658 5,77,14,250
Exchange differences on translation (39,71,791) 1,02,98,167
Total other comprehensive income / (loss), net of tax (39,71,791) 1,02,98,167
Total comprehensive income / (loss) for the Year (12,88,133) 6,80,12,417
Profit/(Loss) per equity share
Equity shares of par value EUR 489.32/- each
Basic and Diluted(₹) 2,683.66 57,714.25
Weighted average equity shares used in computing income/
(loss) per equity share
(Belgium) N.V.
Shenoy & Kamath

Bengaluru
Date: May 20, 2023
Statement of Changes in Equity In ₹
Other equity
Other
Total equity
Reserves and Surplus comprehensive
Particulars income
Retained earnings Other Reserves difference on
translation
Balance as of January 1, 2021 3,44,75,106 (24,81,11,990) 1,72,355 6,02,63,330 (15,32,01,199)
ended December 31, 2021
Currency Translation – – – 1,02,98,167 1,02,98,167
Profit for the Year – 5,77,14,250 – – 5,77,14,250
Balance as of December 31, 2021 3,44,75,106 (19,03,97,740) 1,72,355 7,05,61,497 (8,51,88,782)
Currency Translation – – – (39,71,791) (39,71,791)
Profit for the Year – 26,83,658 – – 26,83,658
Balance as of December 31, 2022 3,44,75,106 (18,77,14,082) 1,72,355 6,65,89,706 (8,64,76,915)
(Belgium) N.V.
Shenoy & Kamath

Bengaluru
Date: May 20, 2023

Particulars
2022 2021
Profit for the Year 26,83,658 5,77,14,250
Depreciation and amortization expense 92,19,236 69,50,333
Allowance for credit losses on financial assets (15,20,536) (17,51,552)
Interest expense 15,50,789 5,97,540
Exchange differences on translation of assets and liabilities (71,96,877) 1,02,65,551
Trade receivables 21,22,37,850 (26,10,08,104)
Other financial assets and other assets (4,43,31,187) 3,47,43,651
Trade payables 13,87,086 1,65,41,810
Other financial liabilities and other liabilities and provisions (60,44,570) 24,79,18,715
Cash generated from operations 16,84,24,149 11,21,30,465
Income taxes paid (4,38,700) –
Expenditure on property, plant and equipment net of sale proceeds (20,67,627) –
Loans to employees (55,38,391) 71,34,450
Net cash (used in) / generated by investing activities (76,06,018) 71,34,450
Loan taken / (repaid) from parent company (16,48,96,856) (1,03,69,607)
Receipts/ (Payments) under revenue deals (1,53,76,295) 1,59,71,131
Interest expense (15,50,789) (5,97,540)
Payment of Lease Liability (1,25,48,305) (67,80,713)
Net cash used in financing activities (19,43,72,245) (17,76,729)
Net increase/ (decrease) in cash and cash equivalents (3,39,92,814) 11,74,88,186
Cash and cash equivalents at the beginning of the Year 13,62,16,159 1,87,27,973
Cash and cash equivalents at the end of the Year 10,22,23,345 13,62,16,159
(Belgium) N.V.
Shenoy & Kamath

Bengaluru
Date: May 20, 2023
Infosys Consulting (Belgium) N.V. is a wholly-owned subsidiary Revenue is recognized upon transfer of control of promised
of Infosys Consulting Holding AG (formerly Lodestone Holding products or services to customers in an amount that reflects
AG), Kloten (Switzerland). The Company renders professional the consideration we expect to receive in exchange for those
management consulting services, thereby enabling its clients to products or services.
enhance business performance.
Arrangements with customers for software related services are
1.5.1 T&M
1.1 Accounting year
The accounting year of the Company is from the related services are performed and revenue from the
January 1 to December 31. end of the last invoicing to the reporting date is recognized
These special purpose financial statements are prepared for 1.5.2 Unbilled/ Unearned
inclusion in the Annual Report of the Ultimate Holding Company, Revenues in excess of invoicing are classified as contract assets
Infosys Limited under the requirements of Section 129 (3) of the (which we refer as unbilled revenue) while invoicing in excess of
Companies Act 2013.These financial statements are prepared in revenues are classified as contract liabilities (which we refer to as
accordance with Indian Accounting Standards (Ind-AS) under unearned revenues).
are prescribed under Section 133 of the Act read with Rule 3 of 1.5.3 Contract Modification
relevant amendments and rules issued there-after.
Accounting policies have been consistently applied except where or contract price. The accounting for modifications of contracts
a newly issued accounting standard is initially adopted or a involves assessing whether the services added to an existing
revision to an existing accounting standard requires a change in contract are distinct and whether the pricing is at the standalone
the accounting policy hitherto in use. selling price. Services added that are not distinct are accounted
1.3 Presentation currency are accounted for prospectively, either as a separate contract, if
These financial statements are presented in Indian Rupees. the additional services are priced at the standalone selling price,
or as a termination of the existing contract and creation of a new
The preparation of the financial statements in conformity 1.5.4 Tax
with Ind-AS requires the Management to make estimates and
assumptions that affect the reported balances of assets and
liabilities, and disclosures relating to contingent liabilities as at
the date of the financial statements and reported amounts of
income and expenses during the period. 1.6 Provisions
is reasonably estimable, and it is probable that an outflow of
Examples of such estimates include computation of percentage
of completion which requires the Company to estimate the 1.7 Post-sales client support and others
efforts or costs expended to date as a proportion of the total The Company provides its clients with a fixed-period post-sales
efforts to be expended, impairment losses on financial assets, support for corrections of errors and support on all its fixed-price,
future obligations under employee benefit plans, income fixed-timeframe contracts. Costs associated with such support
taxes and the useful lives of property, plant and equipment services are accrued at the time when related revenues are
and intangible assets. recorded and included in cost of sales. The Company estimates
such costs based on historical experience and the estimates are
1.5 Revenue recognition reviewed annually for any material changes in assumptions.
1.8 Onerous contracts 1.11 Financial instruments
Provisions for onerous contracts are recognized when the 1.11.1 Initial recognition
expected benefits to be derived by the Company from a The Company recognizes financial assets and financial liabilities
contract are lower than the unavoidable costs of meeting when it becomes a party to the contractual provisions of the
the future obligations under the contract. The provision is instrument. All financial assets and liabilities are recognized at
measured at the present value of the lower of the expected fair value on initial recognition, except for trade receivables,
cost of terminating the contract and the expected net cost of which are initially measured at transaction price. Transaction
continuing with the contract. Before a provision is established costs that are directly attributable to the acquisition or issue
the Company recognizes any impairment loss on the assets of financial assets and financial liabilities, which are not at fair
associated with that contract. value through profit or loss, are added to the fair value on initial
1.9 Property, plant, and equipment accounted for at trade date.
accumulated depreciation and impairment, if any. Costs 1.11.2 Subsequent measurement
directly attributable to acquisition are capitalized until the Non-derivative financial instruments
property, plant and equipment are ready for use, as intended (i) Financial assets carried at amortized cost
equipment over their estimated useful lives using the straight- A financial asset is subsequently measured at amortized cost
line method. The estimated useful lives of assets are as follows : if it is held within a business model whose objective is to hold
Computer equipment(1) 3-5 years contractual terms of the financial asset give rise on specified
5 years
Office Equipment(1) 5 years
Leasehold Improvement Over lease term (ii) Financial assets at fair value through Other Comprehensive
Income
reviewed periodically, including at each financial year end. A financial asset is subsequently measured at fair value through
(1)
Based on technical evaluation, the management believes that the useful whose objective is achieved by both collecting contractual
lives as given above best represent the period over which management cash flows and selling financial assets. The contractual terms
expects to use these assets. Hence the useful lives for these assets is of the financial asset give rise on specified dates to cash flows
different from the useful lives as prescribed under Part C of Schedule II of
the Companies Act, 2013.
equipment outstanding at each Balance Sheet date is classified (iii) Financial assets at fair value through profit or loss
as capital advances under other non-current assets and the cost A financial asset, which is not classified in any of the above
of assets not put to use before such date are disclosed under categories, is subsequently fair valued through profit or loss.
to property, plant and equipment is capitalized only when (iv) Financial liabilities
from the financial statements upon sale or retirement of the
asset and the resultant gains or losses are recognized in the
Statement of Profit and Loss 1.12 Fair value of financial instruments
1.10 Intangible assets Company uses a variety of methods and assumptions that are
Intangible assets are recorded at the consideration paid for
acquisition of such assets and are carried at cost less accumulated
amortization and impairment. Research costs are expensed as
incurred. Software product development costs are expensed
as incurred, unless technical and commercial feasibility of the
project is demonstrated, future economic benefits are probable,
the Company has an intention and ability to complete and use
or sell the software and the costs can be measured reliably. The
costs, which can be capitalized include the cost of material, direct
labor, overhead costs that are directly attributable to preparing
the asset for its intended use.
1.13 Impairment liabilities denominated in a foreign currency and measured at fair
a. Financial assets value are translated at the exchange rate prevalent at the date
fair-valued through profit or loss. Loss allowance for trade
prevalent at the date of the transaction.
at an amount equal to lifetime ECL. For all other financial assets, Transaction gains or losses realized upon settlement of foreign
expected credit losses are measured at an amount equal to currency transactions are included in determining net profit
the 12-month ECL, unless there has been a significant increase for the period in which the transaction is settled. Revenue,
in credit risk from initial recognition in which case those are expense and cash-flow items denominated in foreign currencies
measured at lifetime ECL. The amount of expected credit losses are translated into the relevant functional currencies using the
(or reversal) that is required to adjust the loss allowance at the exchange rate in effect on the date of the transaction.
The translation of financial statements from functional currency
to the presentation currency is performed for assets and
liabilities using the exchange rate in effect at the Balance Sheet
date and for revenue, expense and cash-flow items using the
(i) Property, plant, and equipment average exchange rate for the respective periods. The gains or
Property, plant, and equipment are evaluated for recoverability losses resulting from such translation are included in exchange
whenever events or changes in circumstances indicate that their differences on translation under other components of equity.
impairment testing, the recoverable amount (i.e., the higher of 1.16 Income taxes
the fair value less cost to sell and the value-in-use) is determined Income tax expense comprises current and deferred income tax.
on an individual asset basis unless the asset does not generate Income tax expense is recognized in net profit in the Statement
cash flows that are largely independent of those from other of Profit and Loss except to the extent that it relates to items
assets. In such cases, the recoverable amount is determined for recognized directly in equity, in which case it is recognized in
the CGU to which the asset belongs. Other Comprehensive Income. Current income tax for current
If such assets are considered to be impaired, the impairment to and prior periods is recognized at the amount expected to be
be recognized in the Statement of Profit and Loss is measured by paid to or recovered from the tax authorities, using the tax rates
the amount by which the carrying value of the assets exceeds the and tax laws that have been enacted or substantively enacted by
estimated recoverable amount of the asset. An impairment loss the Balance Sheet date. Deferred income tax assets and liabilities
is reversed in the Statement of Profit and Loss if there has been are recognized for all temporary differences arising between the
a change in the estimates used to determine the recoverable tax bases of assets and liabilities and their carrying amounts in
amount. The carrying amount of the asset is increased to its the financial statements. Deferred tax assets are reviewed at each
revised recoverable amount, provided that this amount does not reporting date and are reduced to the extent that it is no longer
exceed the carrying amount that would have been determined probable that the related tax benefit will be realized.
(net of any accumulated amortization or depreciation) had no Deferred income tax assets and liabilities are measured using
impairment loss been recognized for the asset in previous years. tax rates and tax laws that have been enacted or substantively
1.14 Employee Benefits taxable income in the years in which those temporary differences
Compensated absences are expected to be recovered or settled. The effect of changes
The Company has a policy on compensated absences which in tax rates on deferred income tax assets and liabilities is
are both accumulating and non-accumulating in nature. The recognized as income or expense in the period that includes
expected cost of accumulating compensated absences is the enactment or the substantive enactment date. A deferred
determined by actuarial valuation performed by an independent income tax asset is recognized to the extent that it is probable
actuary at each Balance Sheet date using projected unit credit that future taxable profit will be available against which the
method on the additional amount expected to be paid or availed deductible temporary differences and tax losses can be utilized.
as a result of the unused entitlement that has accumulated at the The Company offsets current tax assets and current tax liabilities,
Balance Sheet date. Expense on non-accumulating compensated where it has a legally enforceable right to set off the recognized
absences is recognized in the period in which the absences occur. amounts and where it intends either to settle on a net basis, or to
1.17 Cash Flow Statement
Functional currency
The functional currency of the Company is the Euro. These profit for the period is adjusted for the effects of transactions
financial statements are presented in Indian Rupees. of a non-cash nature, any deferrals or accruals of past or future
Transactions and translations expenses associated with investing or financing cash flows. The
Foreign currency denominated monetary assets and liabilities are cash flows from operating, investing and financing activities of
translated into the relevant functional currency at exchange rates the Company are segregated.
in effect at the Balance Sheet date. The gains or losses resulting
from such translations are included in net profit in the Statement
of Profit and Loss. Non-monetary assets and non-monetary
related forecasted transaction. If the forecasted transaction is
1.18 Other income
no longer expected to occur, then the amount accumulated
Other income is comprised primarily of interest income and in cash flow hedging reserve is reclassified to net profit in the
exchange gain / loss on translation of other assets and liabilities. Statement of Profit and Loss.
Interest Income is recognized using effective interest method.
1.21 Recent accounting pronouncements
Ministry of Corporate Affairs (“MCA”) notifies new standards or
Basic earnings per share is computed by dividing the net profit amendments to the existing standards under Companies (Indian
after tax by the weighted average number of equity shares Accounting Standards) Rules as issued from time to time.
On March 31, 2023, MCA amended the Companies (Indian
1.20 Borrowing cost Accounting Standards) Amendment Rules, 2023, as below:
Borrowing cost are charged to the Statement of Profit and Loss in Ind AS 1 - Presentation of Financial Statements - This
the period in which they are incurred. amendment requires the entities to disclose their material
accounting policies rather than their significant accounting
The Company designates certain foreign exchange forward policies. The effective date for adoption of this amendment is
and options contracts as cash flow hedges to mitigate annual periods beginning on or after April 1, 2023. The Company
the risk of foreign exchange exposure on highly probable has evaluated the amendment and the impact of the amendment
forecast cash transactions. is insignificant in the standalone financial statements.
When a derivative is designated as a cash flow hedging Ind AS 8 - Accounting Policies, Changes in Accounting Estimates
instrument, the effective portion of changes in the fair value and Errors - This amendment has introduced a definition of
of the derivative is recognized in other comprehensive income ‘accounting estimates’ and included amendments to Ind AS 8
and accumulated in the cash flow hedging reserve. Any to help entities distinguish changes in accounting policies from
ineffective portion of changes in the fair value of the derivative changes in accounting estimates. The effective date for adoption
is recognized immediately in the net profit in the Statement of this amendment is annual periods beginning on or after April
of Profit and Loss. If the hedging instrument no longer meets 1, 2023. The Company has evaluated the amendment and there is
the criteria for hedge accounting, then hedge accounting is no impact on its standalone financial statements.
discontinued prospectively. If the hedging instrument expires
or is sold, terminated or exercised, the cumulative gain or loss Ind AS 12 - Income Taxes - This amendment has narrowed the
on the hedging instrument recognized in cash flow hedging scope of the initial recognition exemption so that it does not
reserve till the period the hedge was effective remains in apply to transactions that give rise to equal and offsetting
cash flow hedging reserve until the forecasted transaction temporary differences. The effective date for adoption of this
occurs. The cumulative gain or loss previously recognized in amendment is annual periods beginning on or after April 1, 2023.
the cash flow hedging reserve is transferred to the net profit The Company has evaluated the amendment and there is no
in the Statement of Profit and Loss upon the occurrence of the
impact on its standalone financial statement

(In ₹)

Particulars Total
Improvements Equipment equipment fixtures
Gross carrying value as of January 1, 2022 – 8,20,823 76,89,594 19,45,461 1,04,55,878
Additions – – 20,67,627 – 20,67,627
Deletions – (1,48,453) (13,67,866) – (15,16,319)
Translation difference – 28,095 5,20,979 90,551 6,39,625
Gross carrying value as of December 31, 2022 – 7,00,465 89,10,334 20,36,012 1,16,46,811
Accumulated depreciation – (8,20,823) (73,84,368) (19,45,461) (1,01,50,652)
Depreciation – – (3,51,347) – (3,51,347)
Accumulated depreciation on deletions – 1,48,453 13,67,866 – 15,16,319
Translation difference – (28,095) (3,56,047) (90,551) (4,74,693)
Accumulated depreciation as – (7,00,465) (67,23,896) (20,36,012) (94,60,373)
Carrying value as of December 31, 2022 – – 21,86,438 – 21,86,438
Carrying value as of January 1, 2022 – – 3,05,226 – 3,05,226
(In ₹)

Particulars Total
Improvements Equipment equipment fixtures
Gross carrying value as of January 1, 2021 1,60,84,071 8,74,622 81,93,591 20,72,972 2,72,25,256
Additions – – – – –
Deletions (1,53,68,944) – – – (1,53,68,944 )
Translation difference (7,15,127) (53,799) (5,03,997) (1,27,511) (14,00,434 )
Gross carrying value as of December 31, 2021 – 8,20,823 76,89,594 19,45,461 1,04,55,878
Accumulated depreciation (1,60,84,071) (8,74,622) (76,45,634) (20,72,972) (2,66,77,299)
Depreciation – – (2,16,744) – (2,16,744)
Accumulated depreciation on deletions 1,53,68,944 – – – 1,53,68,944
Translation difference 7,15,127 53,799 4,78,010 1,27,511 13,74,447
Accumulated depreciation as – (8,20,823) (73,84,368) (19,45,461) (1,01,50,652)
Carrying value as of December 31, 2021 – – 3,05,226 – 3,05,226
Carrying value as of January 1, 2021 – – 5,47,957 – 5,47,957
2.3 Loans
(In ₹)
As at December 31,
Particulars
2022 2021
Non-current
Loans to employees 2,11,912 10,67,461
2,11,912 10,67,461
2,11,912 10,67,461
Current
Loans to employees 63,93,940 –
63,93,940 –
Total loans 66,05,852 10,67,461
(In ₹)
As at December 31
Particulars
2022 2021
Non-current
Investment in Lease 3,40,90,586 –
3,40,90,586 –
Current
Rental deposits 14,93,973 14,27,529
9,30,69,391 2,33,09,514
Others (1) 2,24,57,765 3,32,41,497
11,70,21,129 5,79,78,540
Total Current Other Financial Assets 15,11,11,715 5,79,78,540
Financial assets carried at amortized cost 15,11,11,715 5,79,78,540
(1)
Includes dues from Related Parties (Refer to Note 2.20) 2,30,44,782 3,32,41,497

(In ₹)
As at December 31,
Particulars
2022 2021
Current
Unsecured
Considered good(1) 14,09,39,794 35,42,91,642
Considered doubtful – –
14,09,39,794 35,42,91,642
Less: Allowances for credit losses 5,87,588 32,22,122
Total Trade Receivables 14,03,52,206 35,10,69,520
(1) Includes dues from Related Parties (Refer to Note 2.20) 6,43,06,385 1,95,63,592
Trade receivables ageing schedule for the year ended as on December 31, 2022 and December 31, 2021
(In INR)

Less than 6 6 months to 1 More than 3 Total
months year years
Undisputed Trade – 13,14,25,886 94,67,053 46,855 – – 14,09,39,794
– 35,26,70,771 16,20,871 – – –- 35,42,91,642
32,22,122
35,10,69,520
2.6 Cash and cash equivalents All the above financial assets are carried at amortized cost and
(In ₹) the carrying values approximates their fair value.
As at December 31,
Particulars Financial risk management
2022 2021
Balances with banks The Company’s activities expose it to a variety of financial risks:
In current accounts 10,22,23,345 13,62,16,159 market risk, credit risk and liquidity risk. The Company’s focus is
Total Cash and Cash Equivalents 10,22,23,345 13,62,16,159 to foresee the unpredictability of financial markets and seek to
minimize potential adverse effects on its financial performance.
2.7 Other assets The primary market risk to the Company is foreign exchange risk.
The Company’s exposure to credit risk is influenced mainly by the
(In ₹)
individual characteristic of each customer and the concentration
As at December 31, of risk from the top few customers.
Particulars
2022 2021
Credit risk
Current
Prepaid expenses(1) 7,53,263 42,86,680
Deferred contract cost 33,32,091 1,59,71,131 to the credit risk at the reporting date is primarily from trade
Dealer Type Lease 22,94,494 – receivables amounting to ₹ 140,352,206 and ₹ 351,069,520 as of
December 31, 2022 and December 31, 2021, respectively. Trade
Advance for supply of goods 68,148 87,832
receivables are typically unsecured. Credit risk has always been
and rendering of services
managed by the Company through credit approvals, establishing
Withholding taxes and others 1,35,50,486 1,43,64,241 credit limits and continuously monitoring the creditworthiness
1,99,98,482 3,47,09,884 of customers to which the Company grants credit terms in the
normal course of business. On account of adoption of Ind-AS
Total Current Other Assets 1,99,98,482 3,47,09,884
109, the Company uses ECL model to assess the impairment
Includes transactions with
(1)
6,78,818 12,85,629 loss or gain. The Company uses a provision matrix to compute
subsidiaries (Refer to Note 2.20) the ECL allowance for trade receivables and unbilled revenues.
2.8 Financial instruments internal credit risk factors such as credit default swap quotes,
Financial instruments by category credit ratings from international credit rating agencies and the
The carrying value and fair value of financial instruments by Company’s historical experience for customers.
categories were as follows:
(In ₹) The reversal for lifetime ECL on customer balances for the
years ended December 31, 2022 and December 31, 2021 was ₹
As at December 31,
Particulars 587,588 and ₹ 3,222,122.
2022 2021
Assets (In ₹)
Cash and cash 13,62,16,159 For the years ended

equivalents (Refer to Note 2.6) 10,22,23,345 Particulars December 31,
Trade 14,03,52,206 35,10,69,520 2022 2021
receivables (Refer to Note 2.5) Balance at the beginning 32,22,122 17,82,048
Loans (Refer to Note 2.3) 66,05,852 10,67,461 Impairment loss (15,20,536) (17,51,552)
Other financial assets 11,70,21,129 5,79,78,540 recognized / reversed
(Refer to Note 2.4) Translation differences (11,13,998) 31,91,626
Total 54,63,31,680 Balance at the end 5,87,588 32,22,122
36,62,02,532
Credit risk on cash and cash equivalents is limited as we generally
Liabilities invest in banks with high credit ratings assigned by international
Trade payables 3,29,27,158 3,15,40,072 and domestic credit rating agencies.
Borrowings (Refer to Note 2.10) – 16,48,96,856
Lease Liabilities 3,52,10,400 2,55,80,305
(Refer note no. 2.19)
Other financial liabilities 39,51,19,735 35,62,61,109
Total 46,32,57,293 57,82,78,342
Liquidity risk As at December 31,
The Company’s principal sources of liquidity are cash Particulars
2022 2021
and cash equivalents.
1000(1000) equity shares 3,44,75,106 3,44,75,106
As of December 31, 2022 and December 31, 2021, the Company
had cash and cash equivalents of ₹ 102,223,345 and ₹ Issued, subscribed and paid up
136,216,159 respectively. Equity shares, 3,44,75,106 3,44,75,106
EUR 489.32/- par value
2.9 Equity 1000(1000) equity
Equity share capital shares fully paid up
in ₹ except as stated otherwise 3,44,75,106 3,44,75,106
As at December 31,
Particulars
2022 2021
Authorized
Equity shares, 3,44,75,106 3,44,75,106
EUR 489.32/- par value
The details of shareholders holding more than 5% shares are as follows :
in ₹ except as otherwise stated

Infosys Consulting Holding AG
(formerly Lodestone Holding AG) 999 99.90 999 99.90
2.10 Borrowings
in ₹ except as otherwise stated As at December 31,
Particulars
Particulars
2022 2021 Accrued expenses (1)
29,29,29,120 30,23,15,937
Non-current Compensated absences 1,57,39,569 57,92,336
Unsecured loan from parent – 16,48,96,856 Other payables including 8,30,28,187 3,47,87,126
(Refer to Note 2.20) intercompany payables (2)
Total Borrowings – 16,48,96,856 41,64,42,576 36,20,53,445
Total financial liabilities 43,01,55,389 37,80,24,576
* The loans were given in accordance with the terms and conditions of the
loan agreement and carries an interest rate of 0.50% per annum each and Financial liability 39,51,19,735 35,62,61,109
are repayable at the discretion of the lender. carried at amortized cost
2.11 Other financial liabilities (1) Includes dues to related 4,39,76,716 11,50,484
(In ₹) parties (Refer to Note 2.20)
(2) Includes dues to related 3,85,90,110 3,44,32,724
As at December 31,
Particulars parties (Refer to Note 2.20)
2022 2021
Non-current 2.12 Trade payables
Financial liability – under 73,18,873 1,59,71,131 (In ₹)
revenue deals As at December 31,
Other Advances 63,93,940 – Particulars
2022 2021
1,37,12,813 1,59,71,131 Trade payables (1) 3,29,27,158 3,15,40,072
Current Total Trade Payables 3,29,27,158 3,15,40,072
Others
Accrued compensation to 1,91,62,428 1,91,58,046 (1)
Includes dues to related 56,06,648 21,54,590
employees parties (Refer to Note 2.20)
Financial liability – under 55,83,272 – Trade payables ageing schedule for the year ended as on
revenue deals December 31, 2022 and December 31, 2021
(In INR)

Particulars Less than 1 More than 3 Total
year years
– 31,540,072 – – – 31,540,072

2.15 Income taxes
(In ₹)
As at December 31, Profit and Loss comprises:
Particulars
2022 2021 (In ₹)
Non-current Years ended December 31,

Particulars
Accrued expenses 9,54,050 17,14,685 2022 2021
9,54,050 17,14,685 Current taxes 4,38,700 1,58,271
Current Income tax expense 4,38,700 1,58,271
Unearned revenue – 1,45,94,052 Current tax expense for the years ended December 31, 2022
and December 31, 2021 includes provisions (net of reversals)
Others
amounting to ₹ 0 and reversals (net of provisions) amounting to ₹
Withholding taxes and others 1,78,30,358 7,06,06,792 0 respectively, pertaining to prior periods.
Total Current Other Liabilities 1,78,30,358 8,52,00,844 A reconciliation of the income tax provision to the amount
1,87,84,408 8,69,15,529 computed by applying the statutory income tax rate to the
2.14 Provisions
(In ₹) (In ₹)

2022 2021 2022 2021
Current Profit before income tax 31,22,358 5,78,72,521
Others Enacted tax rates (%) 25.00% 25.00%
Post-sales client support and 62,73,371 49,69,891 Computed expected tax expense 7,80,589 1,44,68,130
warranties and others Minimum tax – 2,68,794
62,73,371 49,69,891 Effect of unrecognized – (34,03,707)
Provision for post-sales client support and warranties deferred tax assets
Effect of unrecognized (7,80,589) (1,36,56,190)
The movement in the provision for post-sales client support and
warranties and others is as follows : deferred tax assets on loss
Others 4,38,700 24,81,244
(In ₹) Income tax expense 4,38,700 1,58,271
Years ended December 31, The applicable Belgium statutory tax rates for the year
Particulars
2022 2021 ended December 31, 2022 is 25% and for the year ended
Balance at the beginning 49,69,891 19,37,891 December 31, 2021 is 25% .
Provision recognized / (reversed) 10,38,110 32,04,120
Exchange difference 2,65,370 (1,72,120)
Provision for post-sales client support and warranties and
other provisions are expected to be utilized over a period of six
months to one year.
The details of income tax assets and income tax Digital Services
liabilities are as follows : Digital Services comprise of service and solution offerings
of the Company that enable our clients to transform their
(In ₹) businesses. These include offerings that enhance customer
Years ended December 31, experience, leverage AI-based analytics and big data, engineer
Particulars digital products and IoT, modernize legacy technology systems,
2022 2021
Income tax assets 1,74,990 1,67,207 cyber security systems.
Current income tax liabilities – –
Net current income tax assets / 1,74,990 1,67,207 Core Services
(liability) at the end Core Services comprise traditional offerings of the Company that
have scaled and industrialized over a number of years. These
The gross movement in the current income tax asset /
(In ₹)
Years ended December 31, implementation, support and integration services.
Particulars
2022 2021
Net current income tax asset / 1,67,207 (2,15,929)
(liability) at the beginning The company classifies the right to consideration in exchange for
Income tax paid 4,38,700 –
Current income tax expense (4,38,700) (1,58,271)
recognized as related service are performed. Revenue for fixed
Translation difference 7,783 5,41,407 price maintenance contracts is recognized on a straight-line basis
1,74,990
Net current income tax asset / 1,67,207
asset for these cases as right to consideration is unconditional
(In ₹) Revenue recognition for fixed price development contracts is
based on percentage of completion method. Invoicing to the
Years ended December 31, clients is based on milestones as defined in the contract. This
Particulars
2022 2021 would result in the timing of revenue recognition being different
Income from 72,27,44,317 66,59,55,760 from the timing of billing the customers. Unbilled revenue for
consultancy services fixed price development contracts (contract asset) is classified
as non-financial asset as the contractual right to consideration is
Total Revenue from Operations 72,27,44,317 66,59,55,760
Disaggregate revenue information Invoicing in excess of earnings are classified as unearned revenue.
The disaggregated revenues from contracts with customers Trade receivable and unbilled revenues are presented net of
by offerings for the year ended December 31, 2022 is as impairment in the Balance Sheet.
depicts how the nature, amount, timing and uncertainty of our During the year ended December 31, 2022, the Company
revenues and cash flows are affected by industry, market and recognized revenue of ₹ 1,45,94,052 arising from opening
other economic factors. unearned revenue as of January 1, 2022.
During the year ended December 31, 2022 , Nil of unbilled
(In ₹)
revenue as of January 1, 2022 has been reclassified
Years ended December 31, to Trade receivables upon billing to customers on
Particulars completion of milestones.
2022 2021
Core 41,67,57,401 22,44,27,091
Digital 30,59,86,916 44,15,28,669
Total 72,27,44,317 66,59,55,760
Performance obligations and remaining performance (In ₹)
obligations
The remaining performance obligation disclosure provides the Particulars
2022 2021
as at the end of the reporting period and an explanation as Other expenses
to when the company expects to recognize these amounts Brand and marketing 29,969 6,200
in revenue. Applying the practical expedient as given in Rates and taxes – 5,35,594
Ind-AS 115, the company has not disclosed the remaining
performance obligation related disclosures for contracts where Rental Charges 1,88,01,333 2,00,02,885
the revenue recognized corresponds directly with the value Repairs and maintenance – 15,39,307
to the customer of the entity’s performance completed to Insurance 2,75,909 2,66,057
date, typically those contracts where invoicing is on time and
material basis. Remaining performance obligation estimates are Provision for post-sales client 10,38,110 32,04,120
subject to change and are affected by several factors, including support and warranties
terminations, changes in the scope of contracts, periodic Allowances for credit losses on (15,20,536) (17,51,552)
revalidations, adjustment for revenue that has not materialized financial assets
and adjustments for currency. Auditor’s remuneration 7,13,310 7,93,472
The aggregate value of performance obligations that are Printing and stationery 34,86,130 24,696
completely or partially unsatisfied as at December 31, 2022, other 54,43,534 10,42,957
Others
than those meeting the exclusion criteria mentioned above, is
₹4.02 crore. Out of this, the Group expects to recognize revenue Total other expenses 2,82,67,759 2,56,63,736
of around 90% within the next one year and the remaining
thereafter. The contracts can generally be terminated by the 2.19 Leases
customers and typically includes an enforceable termination Accounting Policy
penalty payable by them. The Company as a lessee
2.17 Other income for buildings. The Company assesses whether a contract
(In ₹) contains a lease, at inception of a contract. A contract is, or
Years ended December 31, contains, a lease if the contract conveys the right to control the
Particulars use of an identified asset for a period of time in exchange for
2022 2021
Rental Income 18,80,133 16,12,118 to control the use of an identified asset, the Company assesses
Finance 71,095 – whether: (i) the contract involves the use of an identified asset
Income under revenue deals (ii) the Company has substantially all of the economic benefits
Interest Income on 4,31,512 –
prepaid contract cost
Miscellaneous income, net 37,34,951 62,76,916 At the date of commencement of the lease, the Company
Total Other Income 61,17,691 78,89,034 liability for all lease arrangements in which it is a lessee, except
2.18 Expenses and low value leases. For these short-term and low value leases,
(In ₹) the Company recognizes the lease payments as an operating
Particulars Certain lease arrangements includes the options to extend or
2022 2021
Employee benefit expenses and lease liabilities includes these options when it is reasonably
Salaries including bonus 19,88,18,085 16,54,56,170 certain that they will be exercised.
Share based payments to (2,04,707) 40,600 The right-of-use assets are initially recognized at cost, which
employees comprises the initial amount of the lease liability adjusted for
Staff welfare 18,35,318 15,11,659 any lease payments made at or prior to the commencement date
Total Employee benefit expenses 20,04,48,696 16,70,08,429
Cost of depreciation and impairment losses.
software packages and others
Third-party items bought for 26,65,75,413 31,43,03,864
26,65,75,413 31,43,03,864
Right-of-use assets are depreciated from the commencement The break-up of current and non-current lease
date on a straight-line basis over the shorter of the lease term liabilities is as follows:
and useful life of the underlying asset. Right-of-use assets are
evaluated for recoverability whenever events or changes in (In ₹ )
circumstances indicate that their carrying amounts may not As at December 31,
be recoverable. For the purpose of impairment testing, the Particulars
recoverable amount (i.e. the higher of the fair value less cost to 2022 2021
sell and the value-in-use) is determined on an individual asset Current lease liabilities 1,48,33,440 92,77,651
basis unless the asset does not generate cash flows that are Non-current lease liabilities 2,03,76,960 1,63,02,654
Total 3,52,10,400 2,55,80,305
(CGU) to which the asset belongs. The movement in lease liabilities during the year
ended is as follows:
(In ₹)
not readily determinable, using the incremental borrowing rates As at December 31,
in the country of domicile of these leases. Lease liabilities are Particulars
2022 2021
Balance at the beginning 2,55,80,305 26,44,730
will exercise an extension or a termination option. Additions 2,13,30,493 2,98,80,092
Lease liability and ROU asset have been separately presented in Finance cost accrued during 1,01,201 8,159
the Balance Sheet and lease payments have been classified as the period
financing cash flows.” Payment of lease liabilities 1,25,48,305 67,72,554
Following are the changes in the carrying value of right of use Translation Difference 9,49,108 (1,63,804)
assets for the year ended: Balance at the end 3,52,10,400 2,55,80,305
(In ₹) The details regarding the contractual maturities of lease liabilities

on an undiscounted basis are as follows:
Particulars Total
(In ₹)
Computers Vehicles
Balance – 27,24,555 27,24,555 As at December 31,
as of January 1, 2021 Particulars
2022 2021
Additions 2,98,80,092 – 2,98,80,092 Less than one year 1,69,19,082 89,32,736
Deletion – – – One to five years 2,99,29,430 1,63,02,654
Translation difference (5,64,996) (81,612) (6,46,608) More than five years – –
Depreciation (44,92,585) (22,41,004) (67,33,589) Total 4,68,48,512 2,52,35,390
Balance as 2,48,22,511 4,01,939 2,52,24,450 The Company does not face a significant liquidity risk with
of December 31, 2021 regard to its lease liabilities as the current assets are sufficient
Balance 2,48,22,511 4,01,939 2,52,24,450 to meet the obligations related to lease liabilities as and
as of January 1, 2022 when they fall due.
Additions 2,13,30,493 – 2,13,30,493
Deletion (2,40,62,339) – (2,40,62,339)
Translation difference 5,96,068 – 5,96,068
Depreciation (84,65,950) (4,01,939) (88,67,889)
Balance as 1,42,20,783 – 1,42,20,783
The aggregate depreciation expense on ROU assets is

Name of the holding company Country
2022 2021

List of Fellow Subsidiaries -

China
Sweden
China
India
India
U.S.
Saudi Arabia
Russia
Luxembourg
U.S.
India
Poland
U.S.
U.S.
Australia
Switzerland
Romania
Czech Republic
China
The Netherlands
U.S.
Panaya Ltd. (6)
Israel
Germany
U.K.
Brilliant Basics Limited(7)(27) U.K.
Singapore
Fluido Oy (8)
Finland
Sweden
Denmark
Singapore
U.S.
U.S.
HIPUS Co., Ltd (9)
Japan
The Netherlands
The Netherlands
The Netherlands
Germany
U.S.
Australia
Australia
Philippines
U.K.
Bulgaria
U.S.
Czech Republic
Finland
Hungary
U.K.
U.S.
U.S.
U.S.
Blue Acorn LLC )
(25)(43
U.S.
U.S.
U.K.
Germany
Germany
(37)
Malaysia
Germany
China
Taiwan
Germany
Serbia
Germany
Canda
Germany
Denmark
U.K.
Innovisor Inc. (54)
U.S.
U.S.
Germany
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
(25)
(26)
(27)
Under liquidation
(28)
(29)
(30)
(31)
(32)
(33)
(34)
(35)
(36)
(37)
(38)
(39)
(40)
(41)
(42)
(43)
(44)
(45)
(46)
(47)
(48)
(49)
(50)
(51)
(52)
(53)
(54)
(55)
(56)
(In ₹)
As at December 31,
Particulars
2022 2021
Trade receivables
Infy Consulting B.V. 10,38,780 18,99,307
Infosys Consulting AG 89,62,615 –
6,43,06,385 1,95,63,592
Loans (1)
Infosys Consulting Holding AG – 16,48,96,856

– 16,48,96,856
Prepaid and other financial assets
GuideVision, s.r.o. 6,78,818 12,85,629
6,78,818 12,85,629
Trade payables
Infy Consulting Company Ltd. 28,62,156 17,56,362
Infosys Technologies (China) Co. Limited 4,09,175 –
Infosys (Czech Republic) Limited s.r.o 22,46,461 –
Infy Consulting B.V. – 3,98,228
56,06,648 21,54,590
Other Payables
Infosys Consulting GmbH – 3,75,803
GuideVision, s.r.o. – 17,11,729
Infy Consulting Company Ltd. 58,04,099 –
Infosys Automotive and Mobility GmbH & Co.KG 1,60,71,507 –
Infosys Limited 1,67,14,504 3,16,39,345
3,85,90,110 3,44,32,724
Other Receivables
Infosys Limited 2,04,01,957 3,23,37,647
2,30,44,782 3,32,41,497
Accrued expenses
Infy Consulting Company Ltd. 4,39,25,059 –
Infosys Technologies (China) Co. Limited – 2,15,511
Infosys (Czech Republic) Limited s.r.o – 6,96,435
4,39,76,716 11,50,484
(1)
The above loans were given in accordance with the terms and conditions of the loan agreement and carries an interest rate of 0.75% per annum.
(In ₹)
For the years ended December 31,

Particulars
2022 2021
Loans (net of repayment)
Infosys Consulting Holding AG (16,50,68,575) (1,07,95,023)
(16,50,68,575) (1,07,95,023)
Purchase of shared services, facilities & personnel
GuideVision, s.r.o. 14,51,207 4,33,173
Infosys Technologies (China) Co. Limited 16,59,216 2,18,063
Infosys (Czech Republic) Limited s.r.o 87,75,790 7,04,679
Infy Consulting Company Ltd. 5,70,11,122 94,67,136
Stater Belgium 1,88,01,333 2,19,25,917
Infosys Automotive and Mobility GmbH & Co.KG 1,53,69,389 –
10,36,63,731 3,46,49,787
Interest expenses
Infosys Consulting Holding AG 1,71,719 4,25,416
1,71,719 4,25,416
Sale of services
Infosys Consulting AG 2,50,75,723 –
42,33,19,919 31,74,56,344
Other services provided to subsidiaries
63,12,066 70,04,911

2.22 Ratios
Particulars Numerator Denominator December 31, 2022 December 31, 2021 Variance
Current Ratio Current assets Current liabilities 0.8 1.2 (33%)
Debt – Equity Ratio Total Debt Shareholder’s Equity (0.4) (0.3) 36%
(represents lease
liabilities) (1)
Debt Service Coverage Ratio Earnings available for Debt Service(3) 1.1 9.6 (89%)
debt service(2)
Return on Equity (ROE) Net Profits after taxes Average (3.1%) (48.4%) (94%)
Shareholder’s Equity
Trade Revenue Average Trade 2.9 3.0 (3%)
receivables turnover ratio Receivable
Trade payables turnover ratio Purchases of services Average Trade 15.4 18.0 (15%)
and other expenses Payables
Net capital turnover ratio Revenue Working Capital (7.1) 7.7 (192%)
Net profit ratio Net Profit Revenue 0.4% 8.7% (96%)
Return on Earning before Capital Employed (6.1%) (97.1%) (94%)
capital employed (ROCE) interest and taxes
(1)
(2)
(3)
Explanantion where variance in ratios is more than 25%

Current Ratio
Decrease on account of better realisation of trade receivables.
Debt – Equity Ratio
Increase in Lease Liability as a result of new leases entered into.
Debt Service Coverage Ratio
Decrease on account of significant decrease in profit.
Return on Equity (ROE)
Net capital turnover ratio
Decrease on account of better realisation of trade receivables.
Net profit ratio
Return on capital employed (ROCE)
Infosys Chile SpA
Infosys Subsidiary Financials Report 2022-23 Infosys Chile SpA | 755

To the Shareholders and Board of Directors of Infosys Chile SpA
Report on the Financial Statements

We have audited the accompanying financial statements of Infosys Chile SpA, which comprise the Balance Sheet as of December 31, 2022
and 2021, and the related Statements of Income, Changes in Equity and Cash Flows for the years ended as well as the related notes to the
Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with International
Financial Reporting Standards. Such responsibility includes the design, implementation and maintenance of a relevant internal
control to enable the preparation and fair presentation of financial statements that are free from material misstatement, whether
due to fraud of error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance
with generally accepted auditing standards in Chile. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.
The procedures selected depend on our judgement, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the
entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Consequently, we do
not express such an opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness
of accounting estimates made by Management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements present fairly, in all material respects, the financial position of Infosys Chile SpA, as of December
31, 2022 and 2021, and the results of its operations, changes in equity and its cash flows for the years then ended in accordance with
International Financial Reporting Standards.
Jonathan Ortiz G.
Partner
Place: Santiago
Date: April 3, 2023
756 | Infosys Chile SpA Infosys Subsidiary Financials Report 2022-23

Statement of Financial Position in Th$
As at December 31,
Particulars Note
2022 2021
ASSETS
CURRENT ASSETS
Cash and cash equivalents 4 1.265.002 995.936
Trade and other receivables 5 1.539.884 360.897
Trade receivables of related parties 6 319.848 619.988
Other non-financial assets 7 228.004 120.555
Current tax assets 9 357.563 46.487
TOTAL CURRENT ASSETS 3.710.301 2.143.863
NON-CURRENT ASSETS
Property, plant and equipment 41.777 61.690
Deferred tax assets 11 80.680 77.179
TOTAL NON-CURRENT ASSETS 122.457 138.869
TOTAL ASSETS 3.832.758 2.282.732
Attached notes from 1 to 17 are an integral part of these financial statements.

in Th$
As at December 31,
Particulars Note
2022 2021
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 8 217.851 260.540
Trade payables of related parties 6 183.157 2.641
Current tax liabilities 9 381.787 255.480
Employee benefit liabilities 10 262.844 245.802
Other current liabilities 286.693 52.969
TOTAL CURRENT LIABILITIES 1.332.332 817.433
TOTAL LIABILITIES 1.332.332 817.433
EQUITY
Share capital 12 604.310 604.310
Retained earnings 1.896.116 860.988
TOTAL EQUITY 2.500.426 1.465.298
TOTAL EQUITY AND LIABILITIES 3.832.758 2.282.732

Statement of Comprehensive Income
in Th$

Particulars Note
2022 2021
CONTINUING OPERATIONS
Revenues 13 6.705.467 3.144.563
Cost of sales 14 (3.462.461) (1.927.769)
GROSS PROFIT 3.243.006 1.216.794
Administrative expenses 15 (1.732.612) (407.164)
Other expenses (1.139) (4.082)
Financial expenses (5.029) (1.175)
Exchange difference (112.964) 12.739
Depreciation (19.914) (17.368)
PROFIT / (LOSS) BEFORE TAXES 1.371.348 799.744
Income tax expense (336.220) (203.938)
PROFIT / (LOSS) FOR THE YEAR 1.035.128 595.806
Attached notes from 1 to 17 are an integral part of these financial statement

Chart of equity movements
in Th$
2022 Share capital Retained earnings Total Equity

Balance at January 01, 2022 604.310 860.988 1.465.298
Profit of period – 1.035.128 1.035.128
Balance at December 31, 2022 604.310 1.896.116 2.500.426
in Th$
2021 Share capital Retained earnings Total Equity

Balance at January 01, 2021 604.310 265.182 869.492
Profit of period – 595.806 595.806
Balance at December 31, 2021 604.310 860.988 1.465.298

Statement of Cash Flows in Th$
Years ended Decembe 31,
Particulars
2022 2021
Profit / (Loss) of period 1.035.128 595.806
Charges (credits) to results that do not represent cash flow:
Exchange difference 112.964 (12.739)
Income tax expense 336.220 203.938
Depreciation 19.914 17.368
Operating activities:
Decreases (increases) in other-non financial assets (107.449) (114.370)
Decreases (increases) in Trade and other receivables (1.178.987) (104.515)
Decreases (increases) in Trade receivables of related parties 300.039 (373.340)
Increases (decreases) in Trade and other payables 202.791 196.879
Increases (decreases) in Trade payables of related parties 180.516 1.307
Increases (decreases) in provisions 17.042 108.611
Current tax assets and liabilities adjustments (250.938) 122.351
Decreases (increases) in other assets (398.174) (175.827)
Net cash used in operating activities 269.066 465.469
Investment activities:
Acquisition of Property, Plant and Equipment - (79.058)
Net cash (used in)/from Investment activities - (79.058)
Net increase in cash and cash equivalents 269.066 386.411
Cash and cash equivalents at beginning of year 995.936 609.525
Cash and cash equivalents at end of year 1.265.002 995.936

Note 1- Corporate Information These estimates basically refers to:
The company INFOSYS CHILE SPA is a Company by Shares, Tax The fiscal results, which will be submitted before the respective
ID 76.813.065-5, whose domicile is located in Rosario Norte tax authorities in the future, which have served as the basis for
# 407 Dept. # 1601, Santiago City, Commune Las Condes, the recording of the different balances related to the income
Metropolitan Region. taxes in these classified financial statements.
Its incorporation took place on November 20th, 2017, d) Accounting policies

through Public Deed at the 27th Notary Public of Santiago
The following describes the main accounting policies adopted
“Eduardo Avello Concha”.
in the preparation of these classified financial statements.
Its main objective is the design, development and As required by IFRS 1, these policies have been defined in
commercialization of software. accordance with IFRS, and have been applied consistently to all
the years presented in these classified financial statements.
The shareholders and their respective participation are:
Name shareholder Rut % Capital % Utilities

2.3 Presentation of financial statements
Infosys Limited 59243420-2 100 100
e) Statements of financial position
The Company has determined the current and non-current
classification as presentation format for its statement
Note 2- Basis of Presentation of the Financial
of financial position.
Statements and Applied Accounting Criteria
f) Statements of cash flow
2.1 Covered periods
The Company has chosen to present its statement of cash flow in
The present financial statements of the Company, include
accordance with the indirect method.
the following periods:
As at December 31,
g) Functional currency and conversion of foreign currency
Particulars The functional currency of the Company is the Chilean peso.
2022 2021
Accumulated The financial statements are presented in Chilean pesos. The
functional currency has been determined considering the
Statement of financial position Yes Yes
economic environment in which the Company carries out its
Statement of comprehensive Yes Yes operations and the currency in which its main cash flows are
income generated, as indicated in IAS 21.
Statement of cash flows Yes Yes Transactions other than those made in the functional currency of
Statement of changes in equity Yes Yes the entity will be converted at the exchange rate in the effective
rate on the date of the transaction. Monetary assets and liabilities
2.2 Basis of Preparation expressed in currencies other than the functional currency
a) Financial Statements will be converted back to the closing exchange rates of the
The information contained in the financial statements as of
December 31st, 2022 is under the responsibility of the Company’s Gains and losses from the conversion are included in the net
Management, which expressly states that the principles and profit or loss for the year, within other financial ítems.
criteria included in the International Financial Reporting
Standards have been applied in full. h) Conversion Basis
The closing exchange rates used as of December 31st, 2022 and
b) Responsibility for Information and Financial 2021 are the following:
Statements
The information contained in these consolidated financial As at December 31,
Particulars
statements is under responsibility of the Company’s 2022 2021
Management, which expressly states that the principles and
US Dollar 855,86 844,69
criteria included in the IFRS have been applied in full.
Euros 915,95 955,64
c) Administration estimations UF 35.144,81 30.991,74
In the preparation of the classified financial statements, certain
estimates made by the Company’s Management have been used i) Compensation of balances and transactions
to quantify some of the assets, liabilities, income, expenses and As a general rule in the financial statements, neither the assets
commitments recorded in them. and liabilities, nor the income and expenses are compensated,
except in those cases in which the compensation is required or
permitted by a disposition and this presentation is a reflection of
the merits of the transaction.

j) Cash and cash equivalents m) Income and Deferred Tax
The cash and equivalent to cash corresponds to that The Company accounts for Income Tax on the basis of the taxable
available in bank accounts. net income determined according to the rules established in the
Chilean Income Tax Law and IAS 12.
k) Accruals
The accruals are recognized when the Company has a present n) Cost of sales and administrative expenses
legal or constructive obligation as a result of a past event, and Administrative expenses are mainly composed of disbursements
it is probable that an outflow of resources including economic associated with salaries or expenses of personnel directly
benefits will be required to settle the obligation and a reliable related to services.
estimation of the amount of the obligation.
The administrative expenses are mainly composed of
disbursements associated with legal and advisory services,
l) Revenue recognition
patents, fines, notary fees, parking, telephone, etc.
The Company recognizes its income corresponding to each one
of the payment statements approved by the principal.
Income is recognized to the extent that it is probable that
the economic benefits will flow to the Company and can be
reliably measured. Revenue is measured at the fair value of
the payment received, excluding discounts, rebates and other
sale taxes or duties.
Note 3- New standards, interpretations and amendments of IFRS

Standards, interpretations and amendments issued with mandatory application for periods beginning on or after January 1, 2022, for
which the Company has not made early adoption:
Mandatory by the
Standards, Amendments and Improvements
application date Company
IFRS 3 Reference to the Conceptual Framework January 1, 2022
IAS 16 Property, plant and equipment; products obtained before intended use January 1, 2022
IAS 37 Onerous contracts – Cost of fulfilling a contract January 1, 2022
The application of these standards has not had a significant impact on the amounts reported in these financial statements.
The following new standards and interpretations have been issued, but their application date is not yet in force:
Standards Mandatory by the Company

IFRS 17 Insurance Contracts January 1, 2023
Amendments
IAS 1 Classification of liabilities as current or non-current and disclosure of January 1, 2023
accounting policies
IAS 8 Definition of accounting estimate January 1, 2023
IAS 12 Deferred taxes related to assets and liabilities arising from a single January 1, 2023
transaction
IFRS 10 and IAS 28 Consolidated Financial Statements – sale or contribution of assets between To be determined
investment and associate
IFRS 17 and IFRS 19 Comparative Information To be determined
IFRS 16 Lease Liabilities in a Sale with Leaseback To be determined
The Company’s Management will evaluate the impact of the new Standards, Interpretations and Amendments issued by the IASB, once
these come into force and their application is mandatory.

Note 4- Cash and cash equivalents Note 7– Other non-financial assets
The composition of the item as of December 31st, 2022 The composition of the item as of December 31st, 2022
and 2021 are as follow: and 2021 are as follow:
in Th$ in Th$

Banks Concept
2022 2021 2022 2021
Santander Bank 1.265.002 995.936 Down Payment 14.939 -
Total 1.265.002 995.936 Guarantee of rental Wework 3.185 3.185
The balance of the bank consists of funds kept in national Guarantee of project tender 194.260 112.500
currency, in bank account and whose value is equal Staff Recovery 15.620 4.870
to their fair value.
Total 228.004 120.555
Note 5- Trade and other receivables Note 8- Trade and other payables
The composition of the item as of December 31st, 2022
and 2021 are as follow:
in Th$
in Th$
As at December 31,
2022 2021 Concept
2022 2021
Trade receivables 1.436.135 392.442
Professional services and fees 17.724 28.215
Unbilled revenues 628.211 49.538 accrual
Debtor provisions (2.861) - Social security, salaries and taxes 115.255 57.688
Customer on Account (521.601) (81.083) payables
Total 1.539.884 360.897 Subcontractor charges 13.341 143.843
Travel expenses 12 4.934
Note 6 – Trade receivables and payables of related Communication Expenses 12.933 9.094
parties Withholding Taxes 36.069 -
The composition of the item as of December 31 , 2022 st IT services accrual 5.302 2.500
and 2021 are as follow: Provision for post sales client 11.681 4.904
support
a) Trade receivables, current
Capital Vendors - 9.041
in Th$
Others 5.534 321
As at December 31, Total 217.851 260.540
Particulars
2022 2021
Tax ID Related party Nature Note 9 – Current tax assets and liabilities
O-E Infosys Limited Provision of 313.906 614.910
services
O-E Infosys Mexico Provision of 5.942 5.078
services a) Current tax assets
Total 319.848 619.988 in Th$
b) Trade payables, current As at December 31

Concept
in Th$ 2022 2021
As at December 31, Income tax advances 357.563 46.487

Particulars Total 357.563 46.487
2022 2021
Tax ID Related party Nature
b) Current tax liabilities
O-E Infosys Limited Debts 183.157 2.641 in Th$
payments
As at December 31,
Total 183.157 2.641 Concept
2022 2021
Income tax payable 381.787 255.480
Total 381.787 255.480

Note 10- Employee benefit liabilities Note 14- Cost of sales
The composition of the item as of December 31st, 2022 The cost of sales generated during the period ended December
and 2021 is as follow: 31st, 2022 and 2021 are detailed below:
in Th$ in Th$

Concept Concept
2022 2021 2022 2021
Perfomance bonus accrual 78.363 112.718 Salaries 3.309.301 1.854.649
CFG Variable Pay accrual 17.282 21.677 Others 153.160 73.120
Unavailed Leave accrual 167.199 111.407 Total 3.462.461 1.927.769
Total 262.844 245.802
Note 15- Administrative expenses
Note 11- Income tax and deferred tax assets and The administrative expenses generated during the period ended
liabilities December 31st, 2022 and 2021 are detailed below:
a) Income tax provision in Th$

The company registered an income tax provision of Th$ As at December 31,
381.787 as of December 31st, 2022 and Th$ 255.480 as of Concept
December 31st in 2021. 2022 2021
Subcontract Charges - 1.009.219 -
b) Deferred tax assets Intercompany
The composition of the item as of December 31st, 2022 Legal and accountant professional 214.001 163.038
and 2021 is as follow: services
Subcontract charges – Third Party 212.403 152.674
in Th$
Software Cost 132.538 -
As at December 31, Medical insurance 53.291 29.767
Deferred tax item
2022 2021
Datacom 25.744 25.892
Provision of Unavailed Leave 45.144 30.080
Rental office and related expenses 15.710 20.273
Accrued bonus 25.824 36.287
Rates & Taxes 11.790 2.277
Provision of expenses 9.712 10.812
Travel and related expenses 8.818 911
Total 80.680 77.179
Others 49.098 12.332
Total 1.732.612 407.164
Note 12- Equity
As of December 31st, 2022 the paid capital of the Note 16- Contingencies and Commitments
company is Th$ 604.310.
As of December 31, 2022, there are no
contingencies and commitments.
Note 13- Revenues
The composition of the item as of December 31st, 2022 Note 17- Events after the Reporting Period
Between January 1, 2023 and the date of issuance of these
in Th$ financial statements, no subsequent events have occurred that
could have a significant effect on the figures presented therein or
As at December 31, on the economic and financial situation of the Company.
Concept
2022 2021
Intercompany 2.845.267 1.721.653
services to Infosys Limited
Services to local customers 3.794.779 1.356.973
Intercompany 65.421 65.937
services to Infosys Mexico
Total 6.705.467 3.144.563


Infosys Turkey Bilgi Teknolojileri Limited Şirketi
Infosys Subsidiary Financials Report 2022-23 Infosys Turkey Bilgi Teknolojileri Limited Sirketi | 767
To the Members of Infosys Turkey Bilgi Teknolojileri Limited Şirketi

Opinion
We have audited the accompanying special purpose financial statements of Infosys Turkey Bilgi Teknolojileri Limited Şirketi
(“the Company”), which comprise the Balance Sheet as at December 31, 2022, the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on that date, and a
summary of significant accounting policies and other explanatory information (hereinafter referred to as “the special purpose financial
statements”). The special purpose financial statements are prepared for inclusion in the annual report of the Holding Company Infosys
Limited under the requirements of section 129 (3) of the Companies Act 2013
Basis for Opinion


the audit. We also:
768 | Infosys Turkey Bilgi Teknolojileri Limited Sirketi Infosys Subsidiary Financials Report 2022-23
presentation.
For Shenoy & Kamath

K. S Ranganath Shenoy
Partner
UDIN : 23200152BGPKQQ6400
Place: Bengaluru.
Date: May 26, 2023
Balance Sheet (In TRY)
As at December 31,
2022 2021
Assets
Non-current assets
Right-of-use asset 2.1 457,997 669,380
Current assets
Financial assets
Investments
Trade receivables 2.4 – –
Other current assets 2.2 91,488,069 33,504
Total assets 127,550,390 5,493,497
Equity
Equity share capital 2.6 14,364,100 –
Other equity (120,673,483) 1,509,827
Total equity (106,309,383) 1,509,827
Liabilities
Borrowings 2.8 98,524,601 829,504
Lease liabilities 2.1 – 651,341
Total –non-current liabilities 98,524,601 1,480,845
Current liabilities
Trade payables 2.9 17,082,749 110,930
Lease Liabilities 2.1 131,443 –
Other current liabilities 2.11 11,261,904 42,928
Income tax liabilities (net) 2.17 503,276 503,276
Chartered Accountants Infosys Turkey Bilgi Teknolojileri Limited Şirketi
M. Rathnakar Kamath A.G.S. Manikantha

Partner Authorised Signatory
Place: Bengaluru
Date: May 26, 2023
Statement of Profit and Loss (In TRY)

2022 2021
Other income, net 2.13 – 988,485
Total income 93,608,551 3,381,167
Expenses
Cost of technical subcontractors 2.14 42,339,286 829,200
Finance costs 2.15 3,878,762 56,756
Cost of software packages and others 2.14 59,849,275 –
Consultancy and professional charges 2.14 50,284 26,257
Other expenses 2.14 108,418,790 13,217
Total expenses 215,791,939 1,368,064
Profit / (loss) before tax (122,183,387) 2,013,103
Tax expense
Current tax 2.16 – 503,276
Profit / (loss) for the year (122,183,387) 1,509,827
Total other comprehensive income / (loss), net of tax – –
Total comprehensive income / (loss) for the year (122,183,387) 1,509,827

Place: Bengaluru
Date: May 26, 2023
(In TRY)

Equity share Reserves & surplus attributable to
Particulars
Retained earnings the Company
premium reserve
Balance as of January 1,2021 – – – –
Increase in equity share capital on account of fresh issue – – – –
Profit / (loss) for the year – – 1,509,827 1,509,827
Balance as of December 31, 2021 – – 1,509,827 1,509,827
Increase in equity share capital on account of fresh issue 14,364,100 77 14,364,177
Profit / (loss) for the year 2022 – – (122,183,387) (122,183,387)
Balance as at December 31, 2022 14,364,100 77 (120,673,560) (106,309,383)

Place: Bengaluru
Date: May 26, 2023
(In TRY)

2022 2021
(Loss) / profit for the year (122,183,387) 1,509,827
Income tax expense 2.11 – 503,276
Depreciation & amortization 2.1 211,383 177,156
Finance cost 2.15 3,878,762 56,756
Changes in assets & liabilities
Trade receivables – –
Trade payables 16,971,819 110,930
Other financial liabilities and other liabilities 115,729,086 1,888,619
Cash used in operations (102,185,035) (301,377)
Income tax paid - –
Net cash used in operating activities (102,185,035) (301,377)
Expenditure on property, plant and equipment – –
Net cash generated from / (used in) investing activities – –
Proceeds from issue of share capital 14,364,177 –
Proceeds from borrowings 97,695,096 829,504
Payment of lease liabilities (570,883) (251,355)
Other payments (3,827,777) (597)
Net cash generated from financing activities 107,660,613 577,553
Net increase in cash and cash equivalents 5,475,578 276,176
Cash and cash equivalents at the beginning of the year 276,176 –
Cash and cash equivalents at the end of the year 2.3 5,751,755 276,176


Place: Bengaluru
Date: May 26, 2023
Infosys Turkey Bilgi Teknolojileri Limited Şirketi (The ‘Company’) (1)
is a wholly-owned subsidiary of Infosys Limited. The Company lives as given above best represent the period over which Management
renders professional management consulting services, thereby expects to use these assets.
enabling its clients to enhance business performance.
The accounting year of the Company is from as capital advances under other non-current assets, and the cost
‘capital work-in-progress’. Subsequent expenditures relating
1.2 Basis of preparation of financial statements to property, plant and equipment are capitalized only when
These special purpose consolidated financial statements are these will flow to the company and the cost of the item can be
company, Infosys Limited, under the requirements of Section 129 in the Statement of Profit and Loss when incurred. The cost
Accounting policies have been consistently applied, except The Company recognizes financial assets and financial liabilities
where a newly issued accounting standard is initially adopted or when it becomes a party to the contractual provisions of the
a revision to an existing accounting standard requires a change in instrument. All financial assets and liabilities are recognized
the accounting policy hitherto in use. at fair value on initial recognition, except for trade receivables
The Company’s presentation currency is Euro. of financial assets and financial liabilities, which are not at fair
with Ind-AS requires the Management to make estimates and 1.6.2 Subsequent measurement
Accounting estimates could change from period to period. Actual the asset to collect contractual cash flows and the contractual
results could differ from those estimates. Appropriate changes terms of the financial asset give rise, on specified dates, to cash
in estimates are made as the Management becomes aware of flows that are solely payments of principal and interest on the
changes in circumstances surrounding the estimates. Changes in principal amount outstanding.
estimates are reflected in the financial statements in the period (ii) Financial assets at fair value through other
in which changes are made and, if material, their effects are comprehensive income (FVOCI)
1.5 Property, plant and equipment other comprehensive income if it is held within a business model
Property, plant and equipment are stated at cost, less flows and selling financial assets, and the contractual terms of
accumulated depreciation and impairment, if any. Costs the financial asset give rise, on specified dates, to cash flows that
by Management. The Company depreciates property, plant and
line method. The estimated useful lives of asset is as follows :
(iii) Financial assets at fair value through profit or loss is reversed in the Statement of Profit and Loss if there has been
a change in the estimates used to determine the recoverable
(iv) Financial liabilities exceed the carrying amount that would have been determined
using the effective interest method, except for contingent
consideration recognized in a business combination which is
subsequently measured at fair value through profit and loss. 1.9 Foreign currency
For trade and other payables maturing within one year from the Functional currency
Balance Sheet date, the carrying amounts approximate fair value The functional currency of the Company is the TRY.
due to the short maturity of these instruments.
1.7 Fair value of financial instruments Foreign-currency denominated monetary assets and liabilities
In determining the fair value of its financial instruments, the are translated into the relevant functional currency at exchange
Company uses a variety of methods and assumptions that are rates in effect at the Balance Sheet date. The gains or losses
based on market conditions and risks existing at each reporting resulting from such translations are included in the Statement
date. The methods used to determine fair value include of Profit and Loss, and reported within exchange gains / (losses)
discounted cash flow analysis, available quoted market prices on translation of assets and liabilities. Non-monetary assets and
and dealer quotes. All methods of assessing fair value result non-monetary liabilities denominated in a foreign currency
in general approximation of value, and such value may never and measured at fair value are translated at the exchange rate
actually be realized. prevalent at the date when the fair value was determined. Non-
1.8 Impairment foreign currency and measured at historical cost are translated
a. Financial assets at the exchange rate prevalent at the date of the transaction.
The related revenue and expense are recognized using
The Company recognizes loss allowances using the expected the same exchange rate.
credit loss (ECL) model for the financial assets and unbilled
revenues which are not fair valued through profit or loss. Loss Transaction gains or losses realized upon settlement of foreign
allowance for trade receivables and unbilled revenues with no currency transactions are included in determining net profit
significant financing component is measured at an amount equal for the period in which the transaction is settled. Revenue,
to lifetime ECL. For all other financial assets, expected credit expense, and cash-flow items denominated in foreign currencies
losses are measured at an amount equal to the 12-month ECL, are translated into the relevant functional currencies using the
unless there has been a significant increase in credit risk from exchange rate in effect on the date of the transaction.
initial recognition in which case those are measured at lifetime
ECL. The amount of expected credit losses (or reversal) that is 1.10 Income taxes
required to adjust the loss allowance at the reporting date to Income tax expense comprises current and deferred income tax.
the amount that is required to be recognized is recognized as an Income tax expense is recognized in net profit in the Statement
impairment gain or loss in the Statement of Profit and Loss. of Profit and Loss, except to the extent that it relates to items
b. Non-financial assets other comprehensive income. Current income tax for current and
(i) Property, plant and equipment prior periods is recognized at the amount expected to be paid
Property, plant and equipment are evaluated for recoverability to or recovered from the tax authorities, using the tax rates and
whenever events or changes in circumstances indicate that their tax laws that have been enacted or substantively enacted by the
carrying amounts may not be recoverable. For the purpose of Balance Sheet date. Deferred income tax assets and liabilities are
impairment testing, the recoverable amount (i.e. the higher of recognized for all temporary differences arising between the tax
the fair value less cost to sell and the value-in-use) is determined bases of assets and liabilities and their carrying amounts in the
on an individual asset basis, unless the asset does not generate financial statements. Deferred tax assets are reviewed at each
cash flows that are largely independent of those from other reporting date and are reduced to the extent that it is no longer
assets. In such cases, the recoverable amount is determined for probable that the related tax benefit will be realized.
the cash generating unit (CGU) to which the asset belongs. Deferred income tax assets and liabilities are measured using
If such assets are considered impaired, the impairment to be tax rates and tax laws that have been enacted or substantively
recognized in the Statement of Profit and Loss is measured by enacted by the balance sheet date and are expected to apply to
the amount by which the carrying value of the assets exceeds the taxable income in the years in which those temporary differences
estimated recoverable amount of the asset. An impairment loss are expected to be recovered or settled. The effect of changes
The Company offsets current tax assets and current tax liabilities, Right-of-use assets are depreciated from the commencement
where it has a legally enforceable right to set off the recognized date on a straight-line basis over the shorter of the lease term
amounts and where it intends either to settle on a net basis, or to and useful life of the underlying asset. Right of use assets are
realize the asset and settle the liability simultaneously.” evaluated for recoverability whenever events or changes in
1.11 Statement of cash flows be recoverable. For the purpose of impairment testing, the
Cash flows are reported using the indirect method, whereby recoverable amount (i.e. the higher of the fair value less cost to
profit for the period is adjusted for the effects of transactions sell and the value-in-use) is determined on an individual asset
of a non-cash nature, any deferrals or accruals of past or future basis, unless the asset does not generate cash flows that are
operating cash receipts or payments and item of income or largely independent of those from other assets. In such cases, the
expenses associated with investing or financing cash flows. The recoverable amount is determined for the cash generating unit
cash flows from operating, investing and financing activities of (CGU) to which the asset belongs.
the Company are segregated. The lease liability is initially measured at amortized cost at the
1.12 Other income are discounted using the interest rate implicit in the lease or,
Other income is comprised primarily of interest income and if not readily determinable, using the incremental borrowing
exchange gain / loss on translation of other assets and liabilities. rates in the country of domicile of these leases. Lease liabilities
Interest Income is recognized using effective interest method. are remeasured with a corresponding adjustment to the related
right-of-use asset if the Company changes its assessment if
1.13 Borrowing cost whether it will exercise an extension or a termination option.
Borrowing cost are charged to the Statement of Profit and Loss in Lease liability and ROU asset have been separately presented in
the period in which they are incurred. the Balance Sheet and lease payments have been classified as
2.1 Leases The changes in carrying value of right of use assets for the year
Accounting policy ended December 31, 2022 and December 31, 2021 are as follows :
(In TRY)
for buildings. The Company assesses whether a contract Category of
contains a lease, at inception of a contract. A contract is, or Particulars ROU asset Total
contains, a lease if the contract conveys the right to control the Buildings
use of an identified asset for a period of time in exchange for Balance as of January 1, 2021 – –
to control the use of an identified asset, the Company assesses Additions 846,536 846,536
whether : (i) the contract involves the use of an identified asset Deletion – –
(ii) the Company has substantially all of the economic benefits Depreciation (1) (177,156) (177,156)
Company has the right to direct the use of the asset. Balance as of December 31, 2021 669,380 669,380
Additions – –
At the date of commencement of the lease, the Company
recognizes a right-of-use asset (ROU) and a corresponding lease Deletion – –
liability for all lease arrangements in which it is a lessee, except Depreciation (1) (211,383) (211,383)
for leases with a term of 12 months or less (short-term leases)
Balance as of December 31, 2022 457,997 457,997
and low value leases. For these short-term and low-value leases,
expense on a straight-line basis over the term of the lease. The aggregate depreciation expense on ROU assets is
Certain lease arrangements include the options to extend or included under depreciation and amortization expense in the
terminate the lease before the end of the lease term. ROU assets Statement of Profit and Loss.
comprises the initial amount of the lease liability adjusted for any
lease payments made at or prior to the commencement date of
the lease, plus any initial direct costs less any lease incentives.
The break-up of current and non-current lease liabilities as at 2.2 Other assets
December 31, 2022 and December 31, 2021 is as follows : (In TRY)
(In TRY) As at December 31,

Particulars
2022 2021
Non-current
2022 2021
Current lease liabilities 131,443 – Deferred contract cost (1) – 31,754
– 651,341 Investments in lease 4,317 –

Non-current lease liabilities
Total 131,443 651,341 4,317 31,754
Current –
VAT receivable 15,285,397 33,485
The movement in lease liabilities during the year ended
December 31, 2022 and December 31, 2021 is as follows : Deferred contract cost (1) 76,202,672 19
Total current other assets 91,488,069 33,504
(In TRY)
Total other assets 91,492,386 65,258
(1)
2022 2021 as a part of transformation project which is not considered as distinct
Balance at the beginning 651,341 – goods or services and the control related to the assets is not transferred to
the Company in accordance with Ind-AS 115 – Revenue from contract with
Additions – 846,537 customers. Accordingly, the same has been considered as a reduction to
Finance cost accrued during 50,984 56,159 the total contract value and accounted as deferred contract cost.
the period 2.3 Cash and Cash equivalents
Deletions – – (In TRY)
Payment of lease liabilities (570,883) (251,355) As at December 31,
Translation difference – – Particulars
2022 2021
Balance at the end 131,443 651,341 Balances with banks
In current accounts 5,751,755 276,176
The details regarding the contractual maturities of lease Total cash and cash equivalents 5,751,755 276,176
liabilities as at December 31, 2022 and December 31, 2021 on an Total cash and cash equivalents 5,751,755 276,176
undiscounted basis are as follows :
(In TRY) 2.4 Trade receivables
(In TRY)
Particulars
Less than one year 295,750 – 2022 2021
One to five years – 798,382 Current
Total 295,750 798,382 Unsecured
The Company does not face a significant liquidity risk Considered good – –
with regard to its lease liabilities as the current assets are Considered doubtful 70,563,945 –
sufficient to meet the obligations related to lease liabilities as 70,563,945 –
Less: Allowances for credit 70,563,945 –
losses
Total Trade Receivables – –
(In TRY)

1-2 years 2-3 years
months year years
Undisputed trade receivables 52,394,902 14,356,505 3,812,539 – – – 70,563,945
– considered good
Total trade receivables –

(In TRY)
As at December 31,
Particulars
2022 2021
Current
Unbilled revenue (1) 28,577,245 3,525,498
Other deposits (1)
130,052 84,052
Other receivables (2) 1,140,955 873,133
Total 0ther financial assets 29,848,252 4,482,683
(1) Financial assets carried at amortized cost
(2) Includes dues from holding company and other fellow subsidiaries (Refer to Note 2.18) 1,140,955 873,133
2.6 Equity 2.7 Financial instruments

Equity share capital Financial instruments by category
(In TRY) The carrying value and fair value of financial instruments by
As at December 31, categories were as follows :
Particulars
2022 2021 (In TRY)
Authorized
As at December 31,
1 equity share of TRY 10,000 par 14,364,177 10,000 Particulars
2022 2021
value
Assets:
Cash and cash equivalents (Refer 5,751,755 276,176
1 equity share of TRY 10,000 par 14,364,177 –
to Note 2.3)
value
Other financial assets (Refer to 29,848,252 4,482,683
Note 2.4)(1)
The details of shareholder holding more than 5% shares as at Total 35,600,008 4,758,859
December 31, 2022 is as follows :
Liabilities:
As at December 31, Trade payables 17,082,749 110,930
Name of the shareholder (Refer to Note 2.8)
2022 2021
Infosys Limited 100% 100% Borrowings 98,524,601 829,504
(Refer to Note 2.7)
Lease liabilities 131,443 651,341
(Refer to Note 2.1)
Other financial liabilities 106,355,801 1,845,691
(Refer to Note 2.9)
Total 222,094,593 3,437,467
(1)
Excludes unbilled revenue on contracts where the right to consideration
is dependent on completion of contractual milestones.

The Company’s activities expose it to liquidity risk.
Liquidity risk
The Company’s principal sources of liquidity are cash and cash equivalents. The company has taken loan from its related party to meet its
working capital requirements.
As of December 31, 2022, the Company had cash and cash equivalents of TRY 5,751,755
(In TRY)
Particulars Less than 1 year 1-2 years 2-4 years 4-7 years
Trade payables 17,082,749 – – –
Other financial liabilities 106,355,801 – – –
Borrowings 102,352,378 – – –
(In TRY)
Particulars Less than 1 year 1-2 years 2-4 years 4-7 years
Trade payables 110,930 – – –
Other financial liabilities 1,845,691 – – –
Borrowings 4,657,282
2.8 Borrowings
(In TRY)
As at December 31,
Particulars
2022 2021
Non-current
Unsecured loan (1) 98,524,601 829,504
Total borrowings 98,524,601 829,504
(1)
Includes dues from Holding Company and other fellow subsidiaries (Refer to Note 2.18) 98,524,601 829,504
2.9 Trade payables

(In TRY)
As at December 31,
Particulars
2022 2021
Trade payables 17,082,749 110,930
Total trade payables 17,082,749 110,930
(In TRY)
Outstanding for following periods from due date of

Particulars Not due payment Total
Less than 1 year 1-2 years More than 3 years
Others 549,478 16,533,271 – – 17,082,749
110,930 – 110,930
Total trade payables 549,478 16,533,271 – – 17,082,749
– 110,930 – – 110,930

(In TRY)

2022 2021
Current
Others
Provision for expenses(1) 92,683,974 –
Interco advance received (1)
797,647 –
Other payables (1) 12,802,619 1,830,318
106,355,801 1,845,691
Total financial liabilities 106,355,801 1,845,691
(1)
Includes dues from holding company and other fellow subsidiaries (Refer to Note 2.18) 47,930,265 1,830,318

(In TRY)
As at December 31,
Particulars
2022 2021
Current
Provision for expenses 74,157 25,447
Withholding taxes and other 11,187,747 17,480
Total current other liabilities 11,261,904 42,928
2.12 Revenue from operations 2.16 tax expenses
(In TRY) (In TRY)
Years ended December 31, Years ended December 31,

2022 2021 2022 2021
Income from software services 93,608,551 2,392,683 Provision for taxation – 503,276
Total revenue from operation 93,608,551 2,392,683 Total finance costs – 503,276
2.13 Other income 2.17 Income taxes

(In TRY) Income tax expense in the Statement of Profit
Years ended December 31, and Loss comprises :
Particulars
2022 2021 (In TRY)
Exchange gains / (losses) on – 988,485
translation of other assets and Particulars
liabilities 2022 2021
Total other income – 988,485 Current taxes – 503,276
Income tax expense – 503,276
2.14 Expenses
Income tax expense for the year ended December 31, 2021
(In TRY) includes provisions (net of reversal) of TRY 503,276
Years ended December 31, A reconciliation of the income tax provision to the amount
Particulars
2022 2021 computed by applying the statutory income tax rate to the
Employee benefit expenses income before income taxes is summarized below :
Salaries including bonus 1,044,158 265,479
(In TRY)
1,044,158 265,479
Other expenses Particulars
2022 2021
Cost of technical – 829,200
Profit before income taxes (122,183,387) 2,013,103
subcontractors
Enacted tax rates in Turkey 25.00% 25.00%
Cost of technical 42,339,286 –
subcontractors – Computed expected tax expense – 503,276
Intercompany Tax provision / reversals – 503,276
Legal & professional charges 50,284 26,257 Effect of unrecognized deferred – (503,276)
Cost of software packages for 59,849,275 – tax assets
own use Income tax expense – 503,276
Rates and taxes 2,021,886 – The applicable Turkey statutory tax rate for year ended
Others 108,418,790 13,217 December 31, 2022 is 25%
212,679,522 868,673 The gross movement in the current income tax asset/ (liability)
for the year ended are as follows :
2.15 Finance costs
(In TRY) (In TRY)

2022 2021 2022 2021
Interest expense on loan 3,827,778 597 Net current income tax asset / (503,276) –
50,984 56,159 (liability) at the beginning
Interest expense on lease liabilities
3,878,762 56,756 Income tax paid – –
Total finance costs
(1)
Includes interest expense on 3,827,778 597 Income tax assets – –
loan from fellow subsidiaries Current income tax liabilities – 503,276
(Refer to Note 2.18) Net current income tax asset / (503,276) (503,276)
2.18 Related-partyb transactions
Name of Holding Companies
2022 2021

Infosys Technologies (China) Co. Limited (Infosys China) China
Infosys Technologies S. de R. L. de C. V. (Infosys Mexico) Mexico
Infosys Technologies (Sweden) AB (Infosys Sweden) Sweden
Infosys Technologies (Shanghai) Company Limited (Infosys Shanghai) China
Infosys Nova Holdings LLC. (Infosys Nova) U.S.
EdgeVerve Systems Limited (EdgeVerve) India
Skava Systems Pvt. Ltd. (Skava Systems)(42) India
U.S.
Infosys Chile SpA Chile
Infosys Arabia Limited(2) Saudi Arabia
Infosys CIS LLC (1) (15)
Russia
Infosys Luxembourg S.a.r.l Luxembourg
Infosys Americas Inc., (Infosys Americas) U.S.
Infosys Public Services, Inc. USA (Infosys Public Services) U.S.
Infosys Canada Public Services Inc(20) (54) Canada
Infosys BPM Limited India
Czech Republic
U.S.
U.S.
Infosys Consulting Holding AG (Infosys Lodestone) Switzerland
Switzerland
Infosys Consulting S.R.L. Romania
France
Infosys Consulting s.r.o. v likvidaci (formerly Infosys Consulting s.r.o.)(4) (53) Czech Republic
China
The Netherlands
Infosys Consulting Sp. z.o.o (21) (30)
Poland
Lodestone Management Consultants Portugal, Unipessoal, Lda.(4) (35) Portugal
Argentina
Panaya Inc. (Panaya) U.S.
Panaya Ltd. (6)
Israel
Panaya GmbH(6) Germany
Brilliant Basics Holdings Limited (Brilliant Basics) U.K.
Brilliant Basics Limited(7) U.K.
Brilliant Basics (MENA) DMCC (7) (22)
Dubai
Infosys Consulting Pte Limited (Infosys Singapore) Singapore
Fluido Oy (8)
Finland
Norway
Denmark
Fluido Newco AB (11) (37)
Sweden
South Africa
U.S.
U.S.
HIPUS Co., Ltd (formerly Hitachi procurement Service Co. Ltd)(9) Japan
Stater N.V. (9)
The Netherlands
Stater Duitsland B.V. (12) (39)
The Netherlands
The Netherlands
The Netherlands
Stater Deutschland Verwaltungs-GmbH(13) (38) Germany
Stater Deutschland GmbH & Co. KG (13) (38)
Germany
Stater Belgium N.V./S.A. (14) (40)
Belgium
U.S.
Simplus North America Inc.(17) (46) Canada
Australia
Australia
Philippines
U.K.
Ireland
Infosys Limited Bulgaria EOOD(1) (25) Bulgaria
U.S.
Czech Republic
Germany
Hungary
U.K.
Beringer Capital Digital Group Inc (31)
U.S.
Mediotype LLC (32)
U.S.
Beringer Commerce Holdings LLC (32)
U.S.
SureSource LLC (33)
U.S.
Blue Acorn LLC(33) U.S.
Simply Commerce LLC (33)
U.S.
iCiDIGITAL LLC(34) U.S.
Infosys BPM UK Limited (3) (36)
U.K.
Infosys Automotive and Mobility GmBH and CokG Germany
Infosys Germany Holding Gmbh(1) (44) Germany
India
Global Enterprise International (Malaysia) Sdn. Bhd.(8) (52) Malaysia
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
(25)
(26)
(27)
Under liquidation
(28)
(29)
(31)
(32)
(33)
(34)
(35)
(36)
(37)
(38)
(39)
(40)
(41)
(42)
(43)
(44)
(45)
(46)
(47)
(48)
(49)
On April 20, 2022, Infosys Germany GmbH (formerly Kristall 247. GmbH (“Kristall”)) (a wholly-owned subsidiary of Infosys Consulting Pte. Ltd) acquired 100% of
(50)
(51)
(52)
(53)
On September 1, 2022, Infosys Consulting Pte. Ltd. (a wholly-owned subsidiary of Infosys Limited) acquired 100% of voting interests in BASE life science A/S.
(54)
(55)
(56)
The details of amounts due to or due from related parties as at December 31, 2021 is as follows :
(In TRY)
As at December 31,
Particulars
2022 2021
Infosys Middle East FZ- LLC 45,426.9 45,427
1,140,955 873,133
Trade payables
Infosys (Czech Republic) Ltd 4,376,965 –
Infosys BPO Ltd. 3,807,983 –
8,995,175 –
Infosys Consulting Romanaia 797,647 –
Infosys Middle East FZ- LLC 174,906 174,906
4,605,092 1,830,318
Accrued expense
34,329,998 –
Borrowings (1)
Infosys Consulting Holding AG (Infosys Lodestone) 1,103,398 829,504

98,524,601 829,504
(1)
The above loan was given in accordance with the terms and conditions of the loan agreement.
The details of the related parties transactions entered into by the Company for the year ended December 31, 2021 are as follows :
In TRY
As at December 31,
Particulars
2022 2021
Revenue transactions :
Infosys China 798,321 –
Infosys BPM limited 3,739,188 –
Infosys (Czech Republic) Ltd 4,295,637 –
42,339,286 829,200
Interest expense
Infosys Consulting Holding AG (Infosys Lodestone) 5,527.28 597
3,827,778 597

Ind-AS 108, Segment reporting, the Chief Operating Decision Maker (CODM) evaluates the performance and allocates resources based
the context of Ind-AS 108.
2.19 Ratios
The ratios for the years ended December 31, 2022 and December 31, 2021 are as follows :
As at December 31, Variance

2022 2021
Current ratio Current assets Current liabilities 0.9 1.9 (51.0%)*
Debt-Equity ratio Total debt (represents lease Shareholder’s equity (0.0) 0.4 (43.3%)**
liabilities) (1)
Debt service coverage ratio Earnings available for debt Debt service(3) (206.9) 6.9 (3081.8%)***
service(2)
Return on equity (ROE) Net profits after taxes Average shareholder’s 233.2% 200.0% 33.2%****
equity
Trade payables turnover Purchases of services and other Average trade payables 11.9 16.4 (27.7%)#
ratio expenses
Net capital turnover ratio Revenue Working capital (11.4) 1.0 (1186.1%)##
Net profit ratio Net profit Revenue (130.5%) 63.1% (194%)###
Return on capital employed Earning before interest and taxes Capital employed (4)
111.4% 95.8% 16%
(ROCE)
(1)
(2)
Net Profit after taxes + non-cash operating expenses + Interest + other adjustments like loss on sale of fixed assets etc.
(3)
(4)
* Increase in other financial liabilities significantly has resulted in deterioration in the ratio.
** Negative shareholder’s equity has resulted in deterioration in the ratio.
*** Negative earnings available for debt service has resulted in deterioration in the ratio.
**** Improvement in ration is due to increase in net profits after taxes in absolute value.
# Increase in trade payables resulted in deterioration in the ratio.
## Negative working capital has resulted in deterioration in the ratio.
### Entity loss has resulted in deterioration in the ratio.
Infosys Green Forum
To the members of Infosys Green Forum

Opinion
We have audited the accompanying financial statements of INFOSYS GREEN FORUM (“the Company”), which comprise the Balance Sheet
as at March 31, 2023, the Statement of Income and expenditure, the Statement of Changes in Equity and the Statement of Cash Flows for
the year ended on that date, and a summary of significant accounting policies and other explanatory information (hereinafter referred to
as “the financial statements”).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give
the information required by the Companies Act, 2013 (“the Act”) in the manner so required and give a true and fair view in conformity
with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards)
Rules, 2015, as amended, (“Ind AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as
at March 31, 2023 and its excess of income over expenditure, changes in equity and its cash flows for the year ended on that date.
Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing (SAs) specified under section 143(10)
of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Financial
Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the
Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the financial
statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and
appropriate to provide a basis for our audit opinion on the financial statements.
The Company’s Board of Directors is responsible for the other information. The other information comprises the information
included in the Board’s Report including Annexures to the Board’s Report, but does not include the financial statements and our
auditor’s report thereon.
whether the other information is materially inconsistent with the financial statements, or our knowledge obtained during the course of
our audit or otherwise appears to be materially misstated.
The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of
these financial statements that give a true and fair view of the financial position, financial performance, changes in equity and cash
flows of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. This responsibility
also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of
the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of
adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material
disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Board of Directors
either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Company’s Board of Directors are responsible for overseeing the Company’s financial reporting process.

788 | Infosys Green Forum Infosys Subsidiary Financials Report 2022-23

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional scepticism
the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has
adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
Materiality is the magnitude of misstatements in the financial statements that, individually or in aggregate, makes it probable that
the economic decisions of a reasonably knowledgeable user of the financial statements may be influenced. We consider quantitative
materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate
the effect of any identified misstatements in the financial statements.

1. As required by Section 143(3) of the Act, based on our audit we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief
were necessary for the purposes of our audit.
b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from
our examination of those books.
c) The Balance Sheet, the Statement of Income and expenditure, Statement of Changes in Equity and the Statement of
Cash Flows dealt with by this Report are in agreement with the books of account.
d) In our opinion, the aforesaid financial statements comply with the Ind AS specified under Section 133 of the Act.
e) On the basis of the written representations received from the directors as on March 31, 2023 taken on record by the
Board of Directors, none of the directors is disqualified as on March 31, 2023 from being appointed as a director in
terms of Section 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company
and the operating effectiveness of such controls, refer to our separate Report in “Annexure A”. Our report expresses
an unmodified opinion on the adequacy and operating effectiveness of the Company’s internal financial controls with
reference to financial statements.
g) With respect to the other matters to be included in the Auditor’s Report in accordance with the requirements of
section 197(16) of the Act, as amended:
In our opinion and to the best of our information and according to the explanations given to us, the remuneration
paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.
Infosys Subsidiary Financials Report 2022-23 Infosys Green Forum | 789

h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the
explanations given to us:
i. The Company does not have any pending litigations which would impact its financial position.
ii. The Company has made provision, as required under the applicable law or accounting standards for material
foreseeable losses, if any, on long-term contracts including derivative contracts.
iii. There were no amounts which were required to be transferred to the Investor Education and Protection
Fund by the Company.
iv. (a) The Management has represented that, to the best of its knowledge and belief, no funds have been
advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of
funds) by the Company to or in any other person(s) or entity(ies), including foreign entities (“Intermediaries”),
with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether,
directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on
behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the
(b) The Management has represented, that, to the best of its knowledge and belief, no funds have been
received by the Company from any person(s) or entity(ies), including foreign entities (“Funding Parties”), with
the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or
indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of
the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of the
(c) Based on the audit procedures that has been considered reasonable and appropriate in the circumstances,
nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and
(ii) of Rule 11(e), as provided under (a) and (b) above, contain any material misstatement.
v. The Company has not declared or paid any dividend during the year and has not proposed final dividend for the year.
vi. Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for maintaining books of accounts using accounting
software which has a feature of recording audit trail (edit log) facility is applicable to the Company w.e.f April 1, 2023,
and accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors) rules, 2014 is not applicable for the
financial year ended March 31, 2023.
2. The Companies (Auditor’s Report) Order, 2020 (“the Order”) issued by the Central Government in terms of Section 143(11) of the Act
is not applicable to the Company in terms of paragraph 2 (iii) of the Order.
For Deloitte Haskins & Sells Llp

Gurvinder Singh
Partner
UDIN: 23110128BGRDFG7567
Place: Bengaluru
Date: May 31, 2023

Annexure “A” to the Independent Auditor’s Report
(Referred to in paragraph 1 (f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)
Report on the Internal Financial Controls with reference to financial statements under Clause (i) of Sub-section 3 of Section 143 of the
Companies Act, 2013 (“the Act”)
We have audited the internal financial controls with reference to financial statements of INFOSYS GREEN FORUM (“the Company”) as of
March 31, 2023 in conjunction with our audit of the Ind AS financial statements of the Company for the year ended on that date.
Management’s Responsibility for Internal Financial Controls

The Company’s Management is responsible for establishing and maintaining internal financial controls with reference to financial
statements based on the internal control with reference to financial statement criteria established by the Company considering the
essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting
issued by the Institute of Chartered Accountants of India (“ICAI”). These responsibilities include the design, implementation and
maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct
of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds
and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as
required under the Act.
Auditor’s Responsibility
Our responsibility is to express an opinion on the Company’s internal financial controls with reference to financial statements of the
Company based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls
Over Financial Reporting (the “Guidance Note”) issued by the ICAI and the Standards on Auditing prescribed under Section 143(10) of
the Companies Act, 2013, to the extent applicable to an audit of internal financial controls with reference to financial statements. Those
Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable
assurance about whether adequate internal financial controls with reference to financial statements was established and maintained and
if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference
to financial statements and their operating effectiveness. Our audit of internal financial controls with reference to financial statements
included obtaining an understanding of internal financial controls with reference to financial statements, assessing the risk that a
material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed
risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error.
Company’s internal financial controls with reference to financial statements.
Meaning of Internal Financial Controls with reference to financial statements

A company’s internal financial control with reference to financial statements is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles. A company’s internal financial control with reference to financial statements includes
those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary
to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorisations of management and directors of the company;
and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the
company’s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls with reference to financial statements, including the possibility of
collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected.
Also, projections of any evaluation of the internal financial controls with reference to financial statements to future periods are subject
to the risk that the internal financial control with reference to financial statements may become inadequate because of changes in
conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion
adequate internal financial controls system with reference to financial statements and such internal financial controls with reference to
financial statements were operating effectively as at March 31, 2023, based on the criteria for internal financial control with reference to
financial statements established by the Company considering the essential components of internal control stated in the Guidance Note
on Audit of Internal Financial Controls Over Financial Reporting issued by the ICAI.
For Deloitte Haskins & Sells Llp

Gurvinder Singh
Partner
UDIN: 23110128BGRDFG7567
Place: Bengaluru
Date: May 31, 2023

Balance Sheet (In ₹ lakh)
As at March 31,
2023 2022
Assets
Non-current assets
Right-of-use assets 2.2 2,949 3,224
Capital work-in-progress 2.3 5 –
Financial assets
Income tax assets (net) 5 –
Current assets
Financial assets
Investments 2.4 3,085 2,293
Cash and cash equivalents 2.5 101 29
Other assets 2.7 1,789 –
Equity
Equity share capital 2.9 100 100
Liabilities
Lease liabilities 2.2 2,939 3,118
Total non-current liabilities 2,939 3,118
Current liabilities
Trade payables 2.11
Total outstanding dues of micro enterprises and small enterprises – –
Total outstanding dues of creditors other than micro enterprises and small 7 –
enterprises
Other liabilities 2.12 378 –
Total current liabilities 580 297

As per our report of even date attached for for and on behalf of the Board of Directors of Infosys Green Forum

Firm’s Registration Number: 117366W/W-100018
Gurvinder Singh Niladri Prasad Mishra Nanjappa B S Yogesh Goel

Partner Director Director Director
Place: Bengaluru
Date: May 31, 2023

Statement of Income and Expenditure (In ₹ lakh)
From August 31,

Year Ended
Particulars Note No. 2021 to March 31,
March 31, 2023
2022
Revenue from operations 2.13 3,413 502
Other income, net 2.14 167 638
Total income 3,580 1,140
Expenses
Cost of technical subcontractors 73 –
Depreciation and amortization expenses 2.1 & 2.2 2,025 427
Other expenses 2.15 854 108
Total expenses 3,205 582
Excess of income over expenditure 375 558
Equity shares of par value ₹10 each
Basic (₹) 2.16 37.50 55.79
Diluted (₹) 2.16 37.50 55.79


Place: Bengaluru
Date: May 31, 2023

Statement of Changes in Equity (In ₹ lakh)
Equity share Retained Corpus Total equity attributable to

Particulars
capital earnings donation* equity holders of the Company
Capital infused on August 31, 2021 100 – – 100
Changes in equity for the period ended March 31, 2022
Excess of income over expenditure – 558 – 558
Corpus asset donation for CSR capital assets – – 28,298 28,298
Balance as at March 31, 2022 100 558 28,298 28,956
Excess of income over expenditure – 375 – 375
Balance as at March 31, 2023 100 933 28,298 29,331
* Reserve created on receipts of CSR assets as donation from the parent company


Place: Bengaluru
Date: May 31, 2023

Accounting Policy
Cash flows are reported using the indirect method, whereby excess of income over expenditure for the year / period is adjusted for the
effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments, and item of
income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities
of the Company are segregated. The Company considers all highly liquid investments, that are readily convertible to known amounts of
cash, to be cash equivalents.
(In ₹ lakh)
Year Ended From August 31, 2021

March 31, 2023 to March 31, 2022
Excess of income over expenditure after tax for the year / period 375 558
Adjustments to reconcile excess of income to net cash provided by
operating activities :
Depreciation and amortization 2.1 & 2.2 2,025 427
Interest and dividend income 2.14 (19) (2)
Profit on sale of property, plant and equipment 2.14 – (618)
Gain on sale of investments 2.14 (148) (18)
Loans, other financial assets and other assets 105 (692)
Other financial liabilities, other liabilities and provisions 338 108
Cash generated from operations 2,929 (190)
Income taxes paid (5) –
Net cash generated by operating activities 2,924 (190)
Expenditure on property, plant and equipment (1,785) (71)
Proceeds from sale of property, plant and equipment – 2,470
Payments to acquire investments
Liquid mutual fund units (4,710) (2,475)
Proceeds on sale of investments
Liquid mutual fund units 4,066 200
Interest received on bank deposits 2.14 19 2
Net cash (used in) / from investing activities (2,410) 126
Equity capital 2.9 – 100
Net cash used in financing activities (442) 93
Net increase / (decrease) in cash and cash equivalents 72 29
Cash and cash equivalents at the beginning of the year / period 29 –
Cash and cash equivalents at the end of the year / period 101 29
Supplementary information :
Restricted cash balance – –-



Place: Bengaluru
Date: May 31, 2023

1. Overview Appropriate changes in estimates are made as Management
becomes aware of changes in circumstances surrounding the
1.1 Company overview estimates. Changes in estimates are reflected in the financial
Infosys Green Forum (‘the Company’) was incorporated on statements in the period in which changes are made and,
August 31, 2021 as a company registered under section 8 of the if material, their effects are disclosed in the notes to the
Companies Act, 2013, and has its registered office at Electronic financial statements.
city, Hosur Road, Bengaluru 560100, Karnataka, India.
1.4 Critical accounting estimates and judgments
The Company’s object is to promote commerce, art, science,
sports, education, research, social welfare, religion, charity, Property, plant and equipment
protection of environment or any such other object, and to Property, plant and equipment represent a significant proportion
promote establish, develop, own, operate manage any institution of the asset base of the Company. The charge in respect of
or undertaking and to undertake, carry out, promote, sponsor periodic depreciation is derived after estimating an asset’s
and assist any activity in the fields of education, medical expected useful life and the expected residual value at the end
relief, housing, clean energy, environmental sustainability, of its life. The useful lives and residual values of Company’s assets
ecological balance, societal wellbeing, vocational training, digital are determined by the Management at the time the asset is
literacy, skill development, sports, fine arts, research, artistic acquired and reviewed periodically, including at each financial
pursuits, charity, science, and similar or related areas for the year end. (Refer to Note 2.1)
welfare of the society.
Donations
The financial statements are approved for issue by the
Company’s Board of Directors on May 31, 2023. Donations specifically received towards the “Corpus” are
presented as “Corpus Donations” in the statement of changes
The Company is incorporated under section 8 of Companies in equity (SOCE). Donations (other than Corpus) are recognized
Act, 2013 and was granted an order for provisional registration as income in the statement of income and expenditure in
u/s 12A and order for provisional approval u/s 80G of the the year of receipt.
Income Tax Act,1961 vide Unique Registration Number (URN)-
AAGCI2826KE20215 and URN- AAGCI2826KF20213 respectively Donations specifically received towards the “Corpus” are
till Assessment year 2024-25. Thus, the income of the Company presented as “Corpus Donations” in the SOCE. Donations (other
registered under section 12A (subject to section 11 and 12) is than Corpus) are recognized as income in the statement of
not chargeable to tax and accordingly no provision for tax has income and expenditure.
been made for the income received by the Company. Further, the
Company is in the process of obtaining the registration. 1.5 Recent accounting pronouncements
Ministry of Corporate Affairs (“MCA”) notifies new standards
1.2 Basis of preparation of financial statements or amendments to the existing standards under Companies
These financial statements are prepared in accordance with (Indian Accounting Standards) Rules as issued from time to
Indian Accounting Standards (Ind-AS), under the historical cost time. On March 31, 2023, MCA amended the Companies (Indian
convention on the accrual basis except for certain financial Accounting Standards) Amendment Rules, 2023, as below :
instruments which are measured at fair values with the provisions Ind-AS 1 – Presentation of financial statements – This
of the Companies Act, 2013 “the Act”). The Ind-AS are prescribed amendment requires the entities to disclose their material
under Section 133 of the Act read with Rule 3 of the Companies accounting policies rather than their significant accounting
(Indian Accounting Standards) Rules, 2015 and Companies (Indian policies. The effective date for adoption of this amendment
Accounting Standards) Amendment Rules, 2016. is annual periods beginning on or after April 1, 2023. The
These financial statements have been prepared in Indian rupee Company has evaluated the amendment and the impact of the
(₹) which is the functional currency of the Company. amendment is insignificant in the financial statements.
The cash flow statement has been prepared using the indirect Ind-AS 8 – Accounting policies, changes in accounting estimates
method as per Ind-AS 7. and errors – This amendment has introduced a definition of
‘accounting estimates’ and included amendments to Ind-AS 8
to help entities distinguish changes in accounting policies from
1.3 Use of estimates and judgments
changes in accounting estimates. The effective date for adoption
The preparation of the financial statements in conformity with of this amendment is annual periods beginning on or after April
Ind-AS requires the management to make estimates, judgments 1, 2023. The Company has evaluated the amendment and there is
and assumptions. These estimates, judgments and assumptions no impact on its financial statements.
affect the application of accounting policies and the reported
amounts of assets and liabilities and reported amounts of Ind-AS 12 – Income taxes – This amendment has narrowed
revenues and expenses during the period. The application of the scope of the initial recognition exemption so that it does
accounting policies that require critical accounting estimates not apply to transactions that give rise to equal and offsetting
involving complex and subjective judgments and the use of temporary differences. The effective date for adoption of this
assumptions in these financial statements have been disclosed amendment is annual periods beginning on or after April 1, 2023.
in Note no. 1.4. Accounting estimates could change from period The Company has evaluated the amendment and there is no
to period. Actual results could differ from those estimates. impact on its financial statement.

2.1 Property, plant and equipment Solar Computer
Particulars Total
Accounting policy plant equipment
Property, plant and equipment are stated at cost, less Accumulated depreciation (2,177) (2) (2,179)
accumulated depreciation and impairment, if any. Costs directly as at March 31, 2023
attributable to acquisition are capitalized until the property, 26,128 5 26,133
Carrying value
as at March 31, 2022
equipment over their estimated useful lives using the straight- Carrying value 24,335 3 24,338
line method. The estimated useful lives of assets are as follows : as at March 31, 2023
The changes in the carrying value of property, plant and
Solar Plant (1)(2) 25 years equipment for period ended March 31, 2022 were as follows :
(In ₹ lakh)
(1) Based on technical evaluation, the Management believes Solar Computer
that the useful lives, as given above, best represent the Particulars Total
plant equipment
period over which Management expects to use these
Additions* 28,364 5 28,369
assets. Hence, the useful lives for these assets is different
from the useful lives as prescribed under Part C of Deletions (Refer to note 2.19) (1,852) – (1,852)
Schedule II of the Companies Act 2013. Gross carrying value 26,512 5 26,517
(2) Based on assessments, the Management believes that as at March 31, 2022
useful life of the solar plant is 25 years, which best Depreciation (384) – (384)
represent the period over which Management expects
Accumulated depreciation (384) – (384)
to use these assets. During the current year, based on
the technical assessments, the Management has revised as at March 31, 2022
useful life of solar plant from 20 years to 25 years. Due Carrying value 26,128 5 26,133
to this revision, depreciation is lower by ₹ 329 lakhs and as at March 31, 2022
the corresponding impact on net income and EPS has
increased from ₹4.60 to ₹ 37.50 per share. * Primarly consist of the assets received as donation from Infosys Limited.
Depreciation methods, useful lives and residual values are The aggregate depreciation has been included under
reviewed periodically, including at each financial year end. depreciation and amortization expense in the statement of
income and expenditure.
equipment outstanding at each Balance Sheet date is classified Repairs and maintenance costs are recognized in the Statement
as capital advances under other non-current assets and the of Profit and Loss when incurred.
cost of assets not ready to use before such date are disclosed
under ‘capital work-in-progress’. Subsequent expenditures Significant estimates and assumptions in assessing
relating to property, plant and equipment are capitalized only impairment :
when it is probable that future economic benefits associated Property, plant and equipment are evaluated for recoverability,
with these will flow to the Company and the cost of the item whenever events or changes in circumstances indicate that
can be measured reliably. The cost and related accumulated their carrying amounts may not be recoverable. For impairment
depreciation are eliminated from the financial statements upon testing purposes, the recoverable amount (i.e. the higher of the
sale or retirement of the asset. fair value less cost to sell and the value-in-use) is determined on
an individual asset basis unless the asset does not generate cash
flows that are largely independent of those from other assets. In
equipment for the year ended March 31, 2023 are as follows :
such cases, the recoverable amount is determined for the Cash
Generating Unit (CGU) to which the asset belongs.
(In ₹ lakh)
Solar Computer
If such assets are considered impaired, the impairment to be
Particulars Total recognized in the statement of income and expense is measured
plant equipment
by the amount by which the carrying value of the assets exceeds
Gross carrying 26,512 5 26,517 the estimated recoverable amount of the asset. An impairment
value as at April 1, 2022 loss is reversed in the statement of income and expense if
Additions – – – there has been a change in the estimates used to determine
Deletions – – – the recoverable amount. The carrying amount of the asset is
increased to its revised recoverable amount, provided that this
Gross carrying value 26,512 5 26,517 amount does not exceed the carrying amount that would have
as at March 31, 2023 been determined (net of any accumulated depreciation) had no
Accumulated (384) (0) (384) impairment loss been recognized for the asset in prior years.
depreciation as at April 1, 2022
Depreciation (1,793) (2) (1,795)

While computing value in use of the solar plant, the Management whether a contract conveys the right to control the use of an
has used certain estimates. Significant estimates have identified asset, the Company assesses whether : (i) the contract
been mentioned below : involves the use of an identified asset, (ii) the Company has
a. Estimated yield of the solar plant : The estimated through the period of the lease and (iii) the Company has the
power generation of the commissioned plant is based right to direct the use of the asset.
on insolation estimates of the geography where the
plant is situated, the efficiency and the degradation At the date of commencement of the lease, the Company
of the solar modules. recognizes a right-of-use asset (“ROU”) and a corresponding lease
liability for all lease arrangements in which it is a lessee.
b. Discount rate : The expected cash flows are discounted
using discount rate commensurate to the risk The right-of-use assets are initially recognized at cost, which
associated with the asset. comprises the initial amount of the lease liability adjusted for any
lease payments made at or prior to the commencement date of
Key estimates are as follows : the lease, plus any initial direct costs less any lease incentives.
For the year For the period depreciation and impairment losses.
Particulars ended March ended March
31, 2023 31, 2022 Right-of-use assets are depreciated from the commencement
Plant load factor 20.5% 20.5% date on a straight-line basis over the shorter of the lease term
Degradation of solar modules 0.5% 0.5% evaluated for recoverability whenever events or changes in
Discount rate 9.5% 11.5% circumstances indicate that their carrying amounts may not be
recoverable. For impairment testing purposes, the recoverable
Impairment amount (i.e. the higher of the fair value less cost to sell and
As per the impairment analysis performed by Company, the the value-in-use) is determined on an individual asset basis
value in use exceeds the carrying value of property, plant and unless the asset does not generate cash flows that are largely
equipment and, accordingly, the Management has concluded independent of those from other assets. In such cases, the
that there is no impairment as of March 31, 2023. If the significant recoverable amount is determined for the Cash Generating Unit
estimates mentioned above becomes adverse in future period, (CGU) to which the asset belongs.
the Management will reassess its value in use computation. The lease liability is initially measured at amortized cost at the
2.2 Leases are discounted using the interest rate implicit in the lease or, if
Accounting policy not readily determinable, using the incremental borrowing rates
The Company as a lessee in the country of domicile of these leases. Lease liabilities are
The Company’s lease asset classes primarily consists of leases of use asset if the Company changes its assessment if whether it
for land, buildings, plant & machinery, furniture and computers. will exercise an extension or a termination option.
The Company assesses whether a contract contains a lease, at
inception of a contract. A contract is, or contains, a lease if the Lease liability and ROU asset have been separately presented in
contract conveys the right to control the use of an identified the Balance Sheet and lease payments have been classified as
asset for a period of time in exchange for consideration. To assess financing cash flows.
The changes in the carrying value of right of use assets for the year ended March 31, 2023 are as follows :
(In ₹ lakh)

Particulars Total
Land Buildings Computers Plant & machinery Furniture
Balance as at April 1, 2022 640 2,538 3 34 9 3,224
Modification (45) – – – – (45)
Depreciation (43) (171) (1) (12) (3) (230)
Balance as at March 31, 2023 552 2,367 2 22 6 2,949

The changes in the carrying value of right of use assets for the period ended March 31, 2022 are as follows :
(In ₹ lakh)

Particulars Plant & Total
Land Buildings Computers Furniture
machinery
Additions 648 2,570 3 36 10 3,267
Depreciation (8) (32) – (2) (1) (43)
Balance as at March 31, 2022 640 2,538 3 34 9 3,224
The aggregate depreciation expense on ROU assets is included under depreciation and amortization expense in the statement
of income and expense.

The capital work-in-progress ageing schedule for the year ended
March 31, 2023 is as follows :
(In ₹ lakh)
(In ₹ lakh)
As at March 31,
Particulars Amount in CWIP for a period of
2023 2022
Particulars More Total
Current lease liabilities 134 189 less than 1-2 2-3
than 3
1 year years years
Non-current lease liabilities 2,939 3,118 years
Total 3,073 3,307
The movement in lease liabilities during the year ended March 31,
2023 and period ended March 31, 2022 is as follows : (In ₹ lakh) Total Capital work-in- 5 – – – 5
progress
As at March 31, There are no projects whose completion is overdue or has
Particulars
2023 2022 exceeded its cost compared to its original plan.
Opening balance 3,307 – There is no capital-work-in progress as at March 31, 2022, hence
Additions – 3,267 no disclosure is required.
Modification (45) –
2.4 Investments
Finance cost 253 47
(In ₹ lakh)
accrued during the period
(442) (7) As at March 31,
Payment of lease liabilities Particulars
3,073 2023 2022
Balance at the end 3,307
Unquoted current investments
on an undiscounted basis are as follows : Investments carried at fair
(In ₹ lakh) Liquid mutual fund units 3,085 2,293
As at March 31, Total current investments 3,085 2,293
Particulars
2023 2022
Less than one year 376 449
(In ₹ lakh)
One to five years 1,833 1,490
As at March 31,
More than five years 2,963 3,738 Particulars
2023 2022
Total 5,172 5,677
Balances with banks
2.3 Captal work-in-progress In current and deposit 101 29
(In ₹ lakh) accounts
Total cash and cash equivalents 101 29
As at March 31,
Particulars
2023 2022
Capital work-in-progress 5 –
Total capital work-in-progress 5 –

The deposits maintained by the Company with banks comprises 2.8.2 Subsequent measurement
of time deposits, which can be withdrawn by the Company at any Non-derivative financial instruments
point without prior notice or penalty on the same.
2.6 Other financial assets A financial asset is subsequently measured at amortized cost
(In ₹ lakh) if it is held within a business model whose objective is to hold
As at March 31, the asset to collect contractual cash flows, and the contractual
Particulars terms of the financial asset give rise, on specified dates, to cash
2023 2022
Non-current principal amount outstanding.
Rental deposits (1)(2) 190 190
Security deposits (1)
38 –
comprehensive income (FVOCI)
Total non-current 228 190
other financial assets
Current whose objective is achieved by both collecting contractual
Unbilled revenue (1)(2)(#) 350 502 cash flows and selling financial assets, and the contractual
Total current 350 502
other financial assets principal amount outstanding.
Total other financial assets 578 692
Financial liability
(1) 578 692 (iii) Financial assets at fair value through profit or loss
carried at amortized cost A financial asset which is not classified in any of the above
540 502 categories are subsequently fair valued through profit or loss.
Includes
(2)
dues to parent company

(#)
Classified as financial asset as right to consideration is unconditional and
is due only after a passage of time. Financial liabilities are subsequently carried at amortized
2.7 Other assets payables maturing within one year from the Balance Sheet date,
(In ₹ lakh)
As at March 31,
Particulars
2023 2022 2.8.3 Derecognition of financial instruments
Current The Company derecognizes a financial asset when the
contractual rights to the cash flows from the financial asset
Capital advances 1,780 –
Others for derecognition under Ind-AS 109. A financial liability (or a
Prepaid expenses 9 – part of a financial liability) is derecognized from the Company’s
Balance Sheet when the obligation specified in the contract is
Total Other Assets 1,789 –
Accounting policy

The carrying value and fair value of financial instruments by categories as at March 31, 2023 are as follows :
(In ₹ lakh)
Financial assets /liabilities at Financial assets / liabilities at fair

fair value through profit or loss value through OCI Total
Amortized Total fair
Particulars Designated Equity instruments carrying
cost value
upon initial Mandatory designated upon Mandatory value
recognition initial recognition
Assets :
Cash and cash 101 – – – – 101 101
Other financial 578 – – – – 578 578
Investments (Refer to note 2.4)
Liquid mutual fund units – – 3,085 – – 3,085 3,085
Total 679 – 3,085 – – 3,764 3,764
Liabilities :
Trade payables 7 – – – – 7 7
Lease 3,073 – – – – 3,073 3,073
Other financial liabilities 61 – – – – 61 61
Total 3,141 – – – – 3,134 3,134
The carrying value and fair value of financial instruments by categories as at March 31, 2022 are as follows :
(In ₹ lakh)
Financial assets /liabilities at Financial assets / liabilities at fair

Amortized fair value through profit or loss value through OCI Total
Total fair
Particulars cost Designated Equity instruments carrying
value
upon initial Mandatory designated upon Mandatory value
recognition initial recognition
Assets :
Cash and cash 29 – – – – 29 29
Other financial 692 – – – – 692 692
Investments (Refer to note 2.4)
Liquid mutual fund units – – 2,293 – – 2,293 2,293
Total 721 – 2,293 – – 3,014 3,014
Liabilities :
Lease 3,307 – – – – 3,307 3,307
Other financial liabilities 108 – – – – 108 108
Total 3,415 – – – – 3,415 3,415
Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 3 – Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).

The liquid mutual fund units are valued using quoted The Company can be amalgamated only with another company
prices and accordingly, will be classified under level 1 in the registered under section 8 of the Companies Act, 2013 and
fair value hierarchy. having similar objects.
For trade receivables and trade payables and other assets and The details of shareholder holding more than 5% shares as at
payables maturing within one year from the Balance Sheet date, March 31, 2023 and March 31, 2022 are as follows :
the carrying amounts approximate the fair value due to the short
maturity of these instruments. As at March 31,
2023 2022
Particulars
2.9 Equity Number % Number
% Held
Accounting policy of shares Held of shares
Ordinary shares Name of Shareholder
Ordinary shares are classified as equity share capital. Infosys 10,00,000 100% 10,00,000 100%
Limited, holding company
The details of shareholder holding of Promoter as at March 31,
Retained earnings 2023 and March 31, 2022 are as follows :
Retained earnings represent the amount of accumulated
earnings of the Company. As at March 31,
2023 2022
Corpus donation Particulars
Number % Number
Corpus donation represents the CSR capital assets received as % Held
of shares Held of shares
donation by Infosys Green Forum from its parent company in
Promoter Name
accordance with Companies (Corporate Social Responsibility
Policy) Amendment Rules,2021. Infosys 10,00,000 100% 10,00,000 100%
Limited, holding company
2.9.1 Equity share capital
(In ₹ lakh, except as otherwise stated) 2.10 Other financial liabilities
(In ₹ lakh)
As at March 31,
2023 2022
Authorized
Current
Equity shares, ₹10 par value
Accrued expenses (1) 51 8
10,00,000(10,00,000) equity shares 100 100
Other payables (1)(2)
10 100
Total current other 61 108
Equity shares, ₹10 par value(1) financial liabilities
10,00,000 (10,00,000) equity 100 100
Total other financial liabilities 61 108
shares fully paid up
Financial liability
(1) 61 108
100 100
(1)
Refer to Note 2.16 for details of basic and diluted shares
(2)
Includes 10 100
dues to parent company
The Company has one class of equity shares having a par value
of ₹10 each. The shareholders of the Company do not have
any right to dividend. 2.11 Trade payables
As per clause 10 of Memorandum of Association (MoA) of the (In ₹ lakh)
Company, if upon winding up or dissolution of the Company, the As at March 31,
remains, after the satisfaction of all the debts and liabilities, any Particulars
2023 2022
property whatsoever, the same shall not be distributed amongst
the members of the Company but shall be given or transferred to Outstanding dues of micro – –
such other company having objects similar to the objects of this enterprises and small enterprises
Company, subject to such conditions as the National Company Outstanding dues of creditors 7 –
Law Tribunal may impose, or may be sold and proceeds thereof other than micro enterprises
credited to the Rehabilitation and Insolvency Fund formed under and small enterprises
section 269 of the Companies Act, 2013. 7
Total trade payables –
The information as required to be disclosed pursuant under
the Micro, Small and Medium Enterprises Development

Act, 2006 (MSMED Act, 2006) has been determined to the extent such parties have been identified on the basis of information
available with the Company :
As at March 31,
Particulars
2023 2022
Amount remaining unpaid
Principal – –
Interest – –
Interest paid by the Company under MSMED Act, 2006 along with the amounts of the payment 4 –
made to the supplier beyond the appointed day
Interest due and payable for the period of delay in making payment (which has been paid but – –
beyond the appointed day during the year) but without adding the interest specified under
the MSMED Act, 2006)
Interest accrued and remaining unpaid at the end of the year – –
Interest remaining due and payable (pertaining to prior years), until such date when the interest – –
dues as above are actually paid to the small enterprise, for the purpose of disallowance as a
deductible expenditure under section 23 of MSMED Act 2006.
Trade payables ageing schedule for the year ended as on March 31, 2023 is as follows :
(In ₹ lakh)
Particulars Not Due Less than 1 year 1-2 years 2-3 years More than 3 years Total
Outstanding dues to MSME – – – – – –

Others – 7 – – – 7
Total trade payables – 7 – – – 7
There are no trade payables as at March 31, 2022, hence no disclosure is required.
Relationship with struck-off companies Revenue from operations for the year ended March 31, 2023 and
There are no transactions with struck-off companies for period ended March 31, 2022 is as follows :
the year ended March 31, 2023 and during the period
(In ₹ lakh)
Particulars
2.12 Other liabilities March 31, 2023 to March 31, 2022
(In ₹ lakh) Revenue 3,413 502
As at March 31,
from supply of power
Particulars Total 3,413 502
2023 2022
revenue from operations
Current
Advance from customer(1) 342 – 2.14 Other income, net
Others Accounting policy
Withholding and other 36 – Other income is comprised primarily of interest income, gain
taxes payable / loss on investments and gain / loss on sale of property, plant
Total other liabilities 378 – and equipment assets. Interest income is recognized using the
effective interest method.
(1)
Advance received from parent company

Accounting policy
The Company derives revenue primarily from supply of solar
power to its parent company. In accordance with the power
supply agreement, the Company records revenue as and
when it provides power.

Other income for the year ended March 31, 2023 and period been issued upon conversion of all dilutive potential equity
ended March 31, 2022 is as follows : shares. The dilutive potential equity shares are adjusted for the
proceeds receivable had the equity shares been actually issued at
(In ₹ lakh) fair value (i.e. the average market value of the outstanding equity
shares). Dilutive potential equity shares are deemed converted
Particulars as at the beginning of the period, unless issued at a later date.
March 31, 2023 to March 31, 2022
Dilutive potential equity shares are determined independently
Interest income for each period presented.
on financial assets
carried at amortized cost The number of equity shares and potentially dilutive equity
shares are adjusted retrospectively for all periods presented for
Deposit with bank 19 2
any share splits and bonus shares issues including for changes
Income on investments effected prior to the approval of the financial statements by
carried at fair value the Board of Directors.
through profit or loss
Gain / (loss) on liquid 148 18 2.17 Contingent liabilities and commitments
mutual funds Accounting policy
Profit on sale of – 618 Contingent liability is a possible obligation arising from past
property, plant events, and whose existence will be confirmed only by the
and equipment occurrence or non-occurrence of one or more uncertain future
(Refer to Note 2.16) events not wholly within the control of the entity, or a present
Total other income 167 638 obligation that arises from past events but is not recognized
because it is not probable that an outflow of resources
2.15 Expenses embodying economic benefits will be required to settle the
(In ₹ lakh) obligation or the amount of the obligation cannot be measured
with sufficient reliability.
Particulars
March 31, 2023 to March 31, 2022 Year ended From August 31, 2021
Particulars
Other expenses March 31, 2023 to March 31, 2022
Repairs and 662 87 Contingent liabilities :

maintenance Claims against – –
Power and fuel 20 2 the Company, not
acknowledged as debts(1)
Insurance 28 8
Commitments :
Rates and taxes 103 3
Estimated amount of 4,033 –
Auditor’s
contracts remaining
remuneration
to be executed on
Statutory audit fees 8 8 capital contracts
Tax matters – – and not provided for
Other services 1 – (net of
advances and deposits)(2)
Others 32 –
854 108 The Company is currently not involved in any significant lawsuits, claims,
(1)
investigations and proceedings, including patent and commercial

matters, which arise in the ordinary course of business. There are no
2.16 Earnings per equity share such pending matters that are expected to have material effect on these
Accounting policy financial statements.
Basic earnings per equity share is computed by dividing the net (2)
Capital contracts primarily comprises of commitments for infrastructure
profit attributable to the equity holders of the Company by the facilities
weighted average number of equity shares outstanding during
the period. Diluted earnings per equity share is computed by
dividing the net profit attributable to the equity holders of the
Company by the weighted average number of equity shares
considered for deriving basic earnings per equity share and also
the weighted average number of equity shares that could have

Country Holding as at March 31,
2023 2022
List of related parties

Mexico
Sweden
India
Austria
Chile
Saudi Arabia
Luxembourg
U.S.
Canada
India
Poland
U.S.
Switzerland
Australia
Germany
Romania
Czech Republic
China
The Netherlands
Argentina
U.S.
Panaya Ltd. (6)
Israel
U.K.
Singapore

Sweden
Slovakia
U.S.
U.S.
HIPUS Co., Ltd (9)
Japan
Stater N.V.(9)
The Netherlands
The Netherlands
HypoCasso B.V. (12)
The Netherlands
Belgium
Germany
Australia
Philippines
U.K.
Ireland
Bulgaria
U.S.
Czech Republic
Finland
Hungary
U.S.
U.S.
U.S.
U.S.
U.S.
Turkey

Germany
Germany
Taiwan
Germany
Germany
Serbia
Germany
Canda
Germany
Denmark
Itlay
Spain
Germany
(1)
(2)
(3)
(4)
(5)
(6)
(7)
Wholly-owned subsidiary of Brilliant Basics Holding Limited
(8)
(9)
Majority owned and controlled subsidiary of Infosys Singapore Pte. Ltd. (formerly Infosys Consulting Pte. Ltd.)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
(25)

(26)
Under liquidation
(27)
(28)
(29)
(30)
(31)
(32)
(33)
On December 14, 2021, Infosys Singapore Pte. Ltd (formerly Infosys Consulting Pte. Ltd.), a wholly-owned subsidiary of Infosys Limited, acquired 100% of voting
(34)
(35)
(36)
(37)
(38)
(39)
(40)
(41)
(42)
(43)
(44)
(45)
(46)
(47)
(48)
(49)
(50)
(51)
(52)
(53)
Infosys Financial Services GmbH. (formerly, Panaya GmbH) became a wholly-owned subsidiary of Infosys Singapore Pte. Ltd (formerly Infosys Consulting Pte.
List of other related parties

Name of Trust Country Nature of relationship
Infosys Foundation (1) India Trust jointly controlled by KMPs of Infosys Ltd
(1)
Effective January 1, 2022, Infosys Foundation a trust jointly controlled by the KMPs of Infosys Ltd.
Non-whole-time directors
Niladri Prasad Mishra
Nanjappa B S
Yogesh Goel
The details of amounts due to or due from related parties are as follows :
(In ₹ lakh)
As at March 31,
Particulars
2023 2022
Rental deposit 190 190
Unbilled revenue 350 502
540 692

As at March 31,
Particulars
2023 2022
Lease installments payable – 63
Other financial liabilities – Other payables 10 100
Other liabilities – Advance from customer 342 –
Infosys Limited 342 –
352 163
The details of the related-parties transactions entered into by the Company are as follows :
(In ₹ lakh)
Year ended March From August 31, 2021

Particulars
31, 2023 to March 31, 2022
Capital infusion
– 100
Receipt of donated CSR assets as corpus
– 28,298
Sale of property, plant and equipment
– 2,470
Sale of power
3,413 502
Lease installment
378 70
Cross charge / reimbursement of expenses
80 100

The Company is engaged in generating solar power and selling to its parent company. Accordingly, disclosures as required under IND-AS
108, ‘Segment Reporting’, has not been separately presented in the financial statements since the information is available directly from
the statement of income and expenditure.

2.20 Ratios
The ratios for the year ended March 31, 2023 and Period ended March 31, 2022 are as follows :
March 31, March 31,

2023 2022
Current ratio Current assets Current liabilities 9.2 9.5 -3%
Debt- equity ratio Total debt (1)
Shareholder’s equity 0.1 0.1 -7%
Debt service coverage Ratio Earnings available for Debt service (3)
7.0 14.7 -52%(5)
debt service(2)
Return on equity (ROE) Net profits after taxes Average shareholder’s 1.3% 1.9% -1%
equity
Trade receivables turnover ratio Revenue Average trade receivable NA NA NA
Trade payables turnover ratio Purchases of services and Average trade payables 262.6 NA NA
other expenses
Net capital turnover ratio Revenue Working capital 0.7 0.2 263%(6)
Net profit ratio Net profit revenue 11.0% 111.2% -100%(7)
Return on capital employed (ROCE) Earning before interest Capital employed (4)
1.9% 1.9% 0%
and taxes
Return on investment(ROI) Income generated from Time weighted average 5.7% 3.6% 2%
investments investments
(1)
(2)
Net Profit after taxes + non-cash operating expenses + interest + other adjustments like loss on sale of property, plant and equipment etc.
(3)
(4)
(5)
Earnings have declined, and lease liability has increased, which has resulted in the deterioration of the ratio.
(6)
Revenue growth along with higher efficiency on working capital improvement has resulted in an improvement in the ratio.
(7)
Revenue growth offset by decline in net profit has resulted in the deterioration of the ratio
for and on behalf of the Board of Directors of Infosys Green Forum.
Niladri Prasad Mishra Nanjappa B S Yogesh Goel

Director Director Director
Bengaluru
May 31, 2023


Infosys Consulting S.R.L (Argentina)
Infosys Subsidiary Financials Report 2022-23 Infosys Consulting S.R.L (Argentina) | 815
To the Members of Infosys Consulting S.R.L. Argentina

Opinion
We have audited the accompanying special purpose financial statements of Infosys Consulting S.R.L. Argentina (“the Company”),
which comprise the Balance Sheet as at December 31, 2022, the Statement of Profit and Loss (including Other Comprehensive Income),
Basis for Opinion


The Company’s Board of Directors aremanagement is responsible for the preparation of these special purpose financial statements that
In preparing the special purpose financial statements, the Company’s Board of Directorsmanagement is are responsible for assessing
The Board of Directors aremanagement is responsible for overseeing the Company’s financial reporting process.
Our objectives are is to obtain reasonable assurance about whether the special purpose financial statements as a whole are free
the audit. We also:
816 | Infosys Consulting S.R.L (Argentina) Infosys Subsidiary Financials Report 2022-23
presentation.
i) we have sought and obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purpose of our audit;
For Shenoy & Kamath

Partner
UDIN : 23202841BGWLUR3513
Place: Bengaluru
Date: May 20, 2023
Balance Sheet
(In₹)
As at December 31
2022 2021
ASSETS
Non-current assets
Right to use of asset 2.18 1,75,33,015 66,57,925
Deferred tax assets (net) 2.14 9,36,82,638 3,13,51,744
Income tax assets, net 2.14 56,44,418 1,22,37,506
Other non-current assets 2.6 9,51,331 9,40,06,027
Current assets
Financial assets
Loans 2.2 19,740 30,240
Total assets 52,65,62,320 55,06,93,671
Equity
Equity share capital 2.8 10,51,81,200 10,51,81,200
Other equity (32,20,12,588) (11,76,41,929)
Total equity (21,68,31,388) (1,24,60,729)
Liabilities
Borrowings 2.9 14,42,97,108 27,46,42,746
Lease liability 2.18 1,81,64,884 -
Total non-current liabilities 21,02,23,125 38,87,56,692
Current liabilities
Borrowings 2.9 25,44,78,670 -
Trade payables 2.11 9,30,29,325 8,19,20,921
Lease liabilities 2.18 3,74,17,564 62,35,184
Other current liabilities 2.12 1,00,71,853 88,35,131
Provisions 2.13 35,407 -
As per our report of even date attached for for and on behalf of the Board of Directors of Infosys Consulting S.R.L
Shenoy & Kamath

M. Rathnakar Kamath Martin De Pablo

Partner Director
Place: Bengaluru
Date: May 20, 2023
Statement of Profit and Loss (In ₹, except equity share and per equity share data)

2022 2021
Other income, net 2.16 (25,85,55,500) (2,51,14,217)
Total income 3,37,92,878 12,97,38,852
Expenses
Travel expenses 43,66,188 25,05,799
Depreciation expense 2.1 & 2.18 1,28,89,666 67,80,316
Finance cost 1,82,51,154 42,77,666
Other expenses 2.17 13,09,76,067 2,55,33,774
Total expenses 39,44,16,648 18,42,79,051
Profit/ (loss) before tax (36,06,23,770) (5,45,40,199)
Tax expense
Current tax 2.14 29,01,414 99,52,896
Deferred tax 2.14 (8,98,48,657) (90,04,576)
Profit/ (loss) for the year (27,36,76,527) (5,54,88,519)
Other comprehensive income/ (loss)
Exchange differences on translation 6,93,05,868 (59,08,624)
Total other comprehensive income/ (loss), net of tax 6,93,05,868 (59,08,624)
Total comprehensive income/ (loss) for the year (20,43,70,659) (6,13,97,143)
Equity shares of par value ARS 100/- each
Basic and diluted (₹) (1,087.81) (220.55)
Basic and diluted 2,51,586 2,51,586
Shenoy & Kamath


Partner Director
Place: Bengaluru
Date: May 20, 2023
Statement of Changes in Equity (In ₹)
Other equity
Other
Total equity
Reserves and surplus comprehensive
Particulars income
Securities
Retained earnings difference on
premium reserve
translation
Balance as of January 1, 2021 10,51,81,200 1,46,59,703 (8,56,02,726) 1,46,98,237 4,89,36,414
Exchange differences on translation – – – (59,08,624) (59,08,624)
Loss for the year – – (5,54,88,519) – (5,54,88,519)
Balance as of December 31, 2021 10,51,81,200 1,46,59,703 (14,10,91,245) 87,89,613 –1,24,60,729
Exchange differences on translation – – – 6,93,05,868 6,93,05,868
Loss for the year – – (27,36,76,527) – (27,36,76,527)
Balance as of December 31, 2022 10,51,81,200 1,46,59,703 (41,47,67,772) 7,80,95,481 (21,68,31,388)
Shenoy & Kamath


Partner Director
Place: Bengaluru
Date: May 20, 2023

Particulars Note
2022 2021
Profit/ (loss) for the year (27,36,76,527) (5,54,88,519)
Depreciation and amortization expense 2.1, 2.18 1,28,89,666 67,80,316
Income tax expense 2.14 (8,69,47,243) 9,48,320
Impairment loss recognized/ (reversed) under expected credit loss model 25,78,784 (10,807)
Finance cost 1,82,51,154 42,77,666
Provision for post-sales client support and warranties 34 (2,79,106)
Exchange differences on translation of assets and liabilities 14,33,15,991 19,04,387
Trade receivables and unbilled revenue (12,58,73,104) 5,54,428
Other financial assets and other assets 5,17,10,367 (18,11,16,188)
Trade payables 1,11,08,404 29,58,722
Other financial liabilities, other liabilities and provisions 5,18,01,943 (1,58,54,202)
Cash generated from operations (19,48,40,531) (23,53,24,983)
Income taxes (paid)/ refunded 2.14 – (53,33,599)
Net cash used in operating activities (19,48,40,531) (24,06,58,582)
Expenditure on property, plant and equipment (23,99,585) –
Loans recovered from employees 10,500 6,300
Net cash (used in)/generated from investing activities (23,89,085) 6,300
Receipts/ (payments) under revenue deals (5,61,86,708) 16,58,79,932
Payment of lease liabilities (1,65,96,426) (1,00,35,718)
Proceeds from loans 12,41,33,032 27,46,42,746
Interest and finance expenses paid (1,81,82,391) (41,40,046)
Net cash generated from financing activities 3,31,67,507 42,63,46,914
Net increase/ (decrease) in cash and cash equivalents (16,40,62,109) 18,56,94,632
Cash and cash equivalents at the beginning of the year 2.5 21,38,75,121 2,81,80,489
Cash and cash equivalents at the end of the year 2.5 4,98,13,012 21,38,75,121
Shenoy & Kamath


Partner Director
Place: Bengaluru
Date: May 20, 2023
Infosys Consulting S.R.L. (registered in Argentina) is a wholly-
owned subsidiary of Infosys Consulting Holding AG (Infosys
Lodestone) (formerly Lodestone Holding AG). The Company Effective Jan 1, 2019, the Company adopted Ind-AS 115 ’Revenue
renders professional management consulting services, thereby from Contracts with Customers’ using the cumulative catch-
enabling its clients to enhance business performance. up transition method, applied to contracts that were not
completed as at Jan 1, 2019. In accordance with the cumulative
1 Significant accounting policies catch-up transition method, the comparatives have not been
retrospectively adjusted. The following is a summary of new
1.1 Accounting year and/ or revised significant accounting policies related to
The accounting year of the Company is from revenue recognition.
January 1 to December 31. Revenue is recognized upon transfer of control of promised
1.2 Basis of preparation of financial statements the consideration we expect to receive in exchange for those
These special purpose financial statements are prepared for products or services.
inclusion in the annual report of the Ultimate Holding Company Arrangements with customers for software related services are
Infosys Limited under the requirements of section 129 (3) of the either on a fixed-timeframe or on a time-and-material basis.
Companies Act 2013.These financial statements are prepared in
accordance with Indian Accounting Standards (Ind-AS) under 1.5.1 Time and material
the Companies (Indian Accounting Standards) Rules, 2015, and
Accounting policies have been consistently applied except where
a newly issued accounting standard is initially adopted or a 1.5.2 Fixed price
revision to an existing accounting standard requires a change in Revenue from fixed-price, fixed-timeframe contracts, where
the accounting policy hitherto in use. the performance obligations are satisfied over time and where
1.3 Presentation currency of consideration, is recognized as per the percentage-
The Company’s presentation currency is the Indian Rupee. of-completion method.
1.4 Use of estimates 1.5.3 Unbilled/ unearned

The preparation of the financial statements in conformity Revenues in excess of invoicing are classified as contract assets
with Ind-AS requires the Management to make estimates and (which we refer as unbilled revenue) while invoicing in excess of
assumptions that affect the reported balances of assets and revenues are classified as contract liabilities (which we refer to as
liabilities and disclosures relating to contingent liabilities as at the unearned revenues).
and expenses during the period. 1.5.5 Volume discounts
Examples of such estimates include computation of percentage If it is probable that the criteria for the discount will not be met,
of completion which requires the Company to estimate the or if the amount thereof cannot be estimated reliably, then
efforts or costs expended to date as a proportion of the total discount is not recognized until the payment is probable and
efforts to be expended, impairment losses on financial assets, the amount can be estimated reliably. The Company recognizes
future obligations under employee benefit plans, income taxes, changes in the estimated amount of obligations for discounts in
post-sales customer support and the useful lives of property, the period in which the change occurs.
1.5.6 Contract modification
or contract price. The accounting for modifications of contracts represent the period over which the Management expects to use
involves assessing whether the services added to an existing these assets. Hence, the useful life for these assets is different
contract are distinct and whether the pricing is at the standalone from the useful lives as prescribed under Part C of Schedule II of
selling price. Services added that are not distinct are accounted the Companies Act 2013.
are accounted for prospectively, either as a separate contract, if
of assets not use before such date are disclosed under ‘Capital
work-in-progress’. Subsequent expenditures relating to property,
plant and equipment is capitalized only when it is probable that
1.5.7 Tax
future economic benefits associated with these will flow to the
The Company presents revenues net of indirect taxes in its Company and the cost of the item can be measured reliably.
statement of profit and loss. Repairs and maintenance costs are recognized in net profit in the
Statement of Profit and Loss when incurred. The cost and related
1.6 Provisions accumulated depreciation are eliminated from the financial
A provision is recognized if, as a result of a past event, the statements upon sale or retirement of the asset and the resultant
Company has a present legal or constructive obligation that gains or losses are recognized in the Statement of Profit and
is reasonably estimable, and it is probable that an outflow of Loss. Assets to be disposed off are reported at the lower of the
economic benefits will be required to settle the obligation. carrying value or the fair value less cost to sell.
future cash flows at a pre-tax rate that reflects current 1.10 Financial instruments
market assessments of the time value of money and the risks 1.10.1 Initial recognition
1.7 Post sales client-support instrument. All financial assets and liabilities are recognized
The Company provides its clients with a fixed-period warranty for at fair value on initial recognition, except for trade receivables
corrections of errors and telephone support on all its fixed-price, which are initially measured at transaction price. Transaction
fixed-timeframe contracts. Costs associated with such support costs that are directly attributable to the acquisition or issue
services are accrued at the time when related revenues are of financial assets and financial liabilities, that are not at fair
recorded and included in cost of sales. The Company estimates value through profit or loss, are added to the fair value on initial
such costs based on historical experience and the estimates are recognition. Regular way purchase and sale of financial assets are
reviewed annually for any material changes in assumptions. accounted for at trade date.
1.8 Onerous contracts 1.10.2 Subsequent measurement

Provisions for onerous contracts are recognized when the Non-derivative financial instruments
expected benefits to be derived by the Company from a
contract are lower than the unavoidable costs of meeting (i) Financial assets carried at amortized cost
the future obligations under the contract. The provision is A financial asset is subsequently measured at amortized cost
measured at the present value of the lower of the expected if it is held within a business model whose objective is to hold
cost of terminating the contract and the expected net cost of the asset in order to collect contractual cash flows and the
continuing with the contract. Before a provision is established contractual terms of the financial asset give rise on specified
the Company recognizes any impairment loss on the assets dates to cash flows that are solely payments of principal and
associated with that contract. interest on the principal amount outstanding.
1.9 Property, plant and equipment (ii) Financial assets at fair value through other
Property, plant and equipment are stated at cost, less comprehensive income
accumulated depreciation and impairment, if any. Costs directly A financial asset is subsequently measured at fair value through
attributable to acquisition are capitalized until the property, other comprehensive income if it is held within a business model
plant and equipment are ready for use, as intended by the whose objective is achieved by both collecting contractual
Management. The Company depreciates property, plant and cash flows and selling financial assets and the contractual
equipment over their estimated useful lives using the straight- terms of the financial asset give rise on specified dates to cash
line method. The estimated useful lives of assets are as follows: flows that are solely payments of principal and interest on the
5 years (iii) Financial assets at fair value through profit or loss
Office Equipment(1) 5 years A financial asset which is not classified in any of the above
(1) For these classes of assets, based on technical evaluation, the Financial liabilities are subsequently carried at amortized
Management believes that the useful lives as given above best cost using the effective interest method. For trade and other
payables maturing within one year from the Balance Sheet date, Balance Sheet date. Expense on non-accumulating compensated
the carrying amounts approximate fair value due to the short absences is recognized in the period in which the absences occur.
1.10.3 Fair value of financial instruments Functional currency
In determining the fair value of its financial instruments, the The functional currency of the company is the Argentinian Peso.
Company uses a variety of methods and assumptions that are These financial statements are presented in Indian rupees.
date. The methods used to determine fair value include Transactions and translations
and dealer quotes. All methods of assessing fair value result Foreign currency-denominated monetary assets and liabilities
in general approximation of value, and such value may never are translated into the relevant functional currency at exchange
actually be realized. rates in effect at the Balance Sheet date. The gains or losses
1.11 Impairment
a. Financial assets and measured at fair value are translated at the exchange rate
The Company recognizes loss allowances using the expected prevalent at the date when the fair value was determined. Non-
credit loss (ECL) model for the financial assets which are not monetary assets and non-monetary liabilities denominated in a
fair valued through profit or loss. Loss allowance for trade foreign currency and measured at historical cost are translated at
receivables with no significant financing component is measured the exchange rate prevalent at the date of the transaction.
the 12-month ECL, unless there has been a significant increase
(or reversal) that is required to adjust the loss allowance at the
recognized as an impairment gain or loss in profit or loss. The translation of financial statements from functional currency
b. Non-financial assets liabilities using the exchange rate in effect at the Balance Sheet
(i) Property, plant and equipment date and for revenue, expense and cash-flow items using the
average exchange rate for the respective periods. The gains or
Property, plant and equipment are evaluated for recoverability
losses resulting from such translation are included in exchange
whenever events or changes in circumstances indicate that their
differences on translation under other components of equity.
impairment testing, the recoverable amount (i.e. the higher of
the fair value less cost to sell and the value-in- use) is determined 1.14 Income taxes
on an individual asset basis unless the asset does not generate Income tax expense comprises current and deferred income tax.
cash flows that are largely independent of those from other Income tax expense is recognized in net profit in the statement
assets. In such cases, the recoverable amount is determined for of profit and loss except to the extent that it relates to items
the CGU to which the asset belongs. recognized directly in equity, in which case it is recognized in
If such assets are considered to be impaired, the impairment to prior periods is recognized at the amount expected to be paid
be recognized in the Statement of Profit and Loss is measured by to or recovered from the tax authorities, using the tax rates and
the amount by which the carrying value of the assets exceeds the tax laws that have been enacted or substantively enacted by the
estimated recoverable amount of the asset. An impairment loss Balance Sheet date. Deferred income tax assets and liabilities are
is reversed in the statement of profit and loss if there has been recognized for all temporary differences arising between the tax
a change in the estimates used to determine the recoverable bases of assets and liabilities and their carrying amounts in the
amount. The carrying amount of the asset is increased to its financial statements. Deferred tax assets are reviewed at each
(net of any accumulated amortization or depreciation) had no
impairment loss been recognized for the asset in prior years. Deferred income tax assets and liabilities are measured using
1.12 Employee benefits enacted by the Balance Sheet date and are expected to apply to
The Company has a policy on compensated absences which in tax rates on deferred income tax assets and liabilities is
method on the additional amount expected to be paid/availed deductible temporary differences and tax losses can be utilized.
where it has a legally enforceable right to set off the recognized 1.19 Recent accounting pronouncements
amounts and where it intends either to settle on a net basis, or to Ministry of Corporate Affairs (’MCA’) notifies new standards or
realize the asset and settle the liability, simultaneously. amendments to the existing standards under Companies (Indian
Accounting Standards) Rules as issued from time to time.
1.15 Cash flow statement
On March 31, 2023, MCA amended the Companies (Indian
Accounting Standards) Amendment Rules, 2023, are as follows:
of a non-cash nature, any deferrals or accruals of past or future Ind-AS 1 - Presentation of Financial Statements - This amendment
operating cash receipts or payments and item of income or requires the entities to disclose their material accounting policies
expenses associated with investing or financing cash flows. The rather than their significant accounting policies. The effective
cash flows from operating, investing and financing activities of date for adoption of this amendment is annual periods beginning
the Company are segregated. on or after April 1, 2023. The Company has evaluated the
amendment and the impact of the amendment is insignificant in
1.16 Other income the standalone financial statements.
Other income is comprised primarily of interest income and Ind-AS 8 - Accounting Policies, Changes in Accounting Estimates
exchange gain on translation of other assets and liabilities. and Errors - This amendment has introduced a definition of
‘accounting estimates’ and included amendments to Ind-AS 8
1.17 Earnings per share to help entities distinguish changes in accounting policies from
Basic earnings per share is computed by dividing the net profit changes in accounting estimates. The effective date for adoption
after tax by the weighted average number of equity shares of this amendment is annual periods beginning on or after April
outstanding during the period. 1, 2023. The Company has evaluated the amendment and there is
no impact on its standalone financial statements.
1.18 Borrowing cost Ind-AS 12 - Income Taxes - This amendment has narrowed the
Borrowing cost are charged to the Statement of Profit and Loss in scope of the initial recognition exemption so that it does not
the period in which they occurred. apply to transactions that give rise to equal and offsetting
temporary differences. The effective date for adoption of this
amendment is annual periods beginning on or after April 1, 2023.
The Company has evaluated the amendment and there is no
impact on its standalone financial statement.

The changes in the carrying value of property, plant and equipment for the year ended December 31, 2022, are as follows:
(In ₹)

Particulars Total
machinery equipment equipment fixtures improvement
Gross carrying value as of January 1, 2022 13,003 88,074 13,76,868 10,31,122 45,49,691 70,58,758
Additions – – 23,99,585 – – 23,99,585
Deletions – – – – – –
Translation difference (4,515) (30,582) (4,78,079) (3,58,028) (15,79,754) (24,50,958)
Gross carrying value as 8,488 57,492 32,98,374 6,73,094 29,69,937 70,07,385
Accumulated depreciation (7,021) (58,988) (11,24,362) (6,84,589) (45,49,691) (64,24,651)
Depreciation (2,215) (12,637) (3,73,898) (1,50,561) – (5,39,311)
Accumulated depreciation on deletions – – – – – –
Translation difference 2,954 23,427 4,56,170 2,72,788 15,79,754 23,35,093
Accumulated depreciation as (6,282) (48,198) (10,42,090) (5,62,362) (29,69,937) (46,28,869)
Carrying value as of December 31, 2022 2,206 9,294 22,56,284 1,10,732 – 23,78,516
Carrying value as of January 1, 2022 5,982 29,086 2,52,506 3,46,533 – 6,34,107
The changes in the carrying value of property, plant and equipment for the year ended December 31, 2021, are as follows:
(In ₹)

Particulars Total
machinery equipment equipment fixtures improvement
Gross carrying value as of January 1, 2021 15,712 1,06,422 16,63,716 12,45,939 54,97,543 85,29,332
Additions/ adjustments – – – – – –
Deletions – – – – – 0
Translation difference (2,709) (18,348) (2,86,848) (2,14,817) (9,47,852) (14,70,574)
Gross carrying value as 13,003 88,074 13,76,868 10,31,122 45,49,691 70,58,758
Accumulated depreciation (5,340) (51,485) (10,24,382) (6,13,456) (40,79,352) (57,74,015)
Depreciation (2,791) (17,617) (2,97,558) (1,89,745) (12,90,978) (17,98,689)
Accumulated depreciation on deletions – – – – – –
Translation difference 1,110 10,114 1,97,578 1,18,612 8,20,639 11,48,053
Accumulated depreciation as (7,021) (58,988) (11,24,362) (6,84,589) (45,49,691) (64,24,651)
Carrying value as of December 31, 2021 5,982 29,086 2,52,506 3,46,533 – 6,34,107
Carrying value as of January 1, 2021 10,372 54,937 6,39,334 6,32,483 14,18,191 27,55,317
2.2 Loans 2.4 Trade receivables

(In ₹) (In ₹)
As at December 31 Particulars As at December 31

Particulars
2022 2021 2022 2021
Current Current
Loans to employees 19,740 30,240 Unsecured
Total current loans 19,740 30,240 Considered good (1) 19,90,08,122 7,57,13,802
Considered doubtful – 2,10,563
(In ₹) 19,90,08,122 7,59,24,365
As at December 31 Less: Allowances for credit – (2,10,563)

Particulars losses
2022 2021
Total trade receivables 19,90,08,122 7,57,13,802
Current
(1) 8,88,30,761 5,82,96,560
Security deposits (1) – 9,11,218 parties (Refer to Note No. 2.19)
Unbilled revenues(1) 4,92,75,448 2,65,70,749
Others (2)
(1)
13,12,587 16,30,366
Total current 5,05,88,035 2,91,12,333
other financial assets
Financial assets
(1) 5,05,88,035 2,91,12,333
(2) 24,71,287 8,97,292
Trade receivables ageing schedule for the year ended as on December 31, 2022 and December 31, 2021
(In INR)

Particulars Not Due Less than 6 6 months to 1 More than 3 Total
1-2 years 2-3 years
months year years
Undisputed Trade – 158,037,413 16,166,004 16,824,047 6,566,052 1,414,606 199,008,122
– 49,939,604 13,548,508 10,058,634 (94,557) 2,261,613 75,713,802
Undisputed Trade – –
210,563 – 210,563
Disputed Trade – –
– –
Disputed Trade – –
– –
– 199,008,122
– – – – – – 75,924,365
Less: Allowance for credit loss -
210,563
Total Trade Receivables 199,008,122
75,713,802
2.5 Cash and cash equivalents As at December 31

(In ₹) Particulars
2022 2021
As at December 31 Non-current
Particulars
2022 2021 9,51,331
Net investment in lease –
Balances with banks
Others
In current and deposit 4,98,05,789 21,38,33,537 – 9,40,06,027
Deferred contract cost
accounts
Total non-current other assets 9,51,331 9,40,06,027
Cash on hand 7,223 41,584
Total cash and cash equivalents 4,98,13,012 21,38,75,121
2.6 Other assets The carrying value and fair value of financial instruments
(In ₹) by categories as of December 31, 2022, and December 31,
2021 were as follows:
As at December 31
Particulars
2022 2021 (In ₹)
Current As at December 31
Others Particulars
2022 2021
Prepaid expenses 25,886 25,352 Assets
Deferred contract cost 9,34,45,890 5,63,69,679 Cash and cash equivalents 4,98,13,012 21,38,75,121
Advance for supply of goods – 1,07,095 (Refer to Note No. 2.5)
and rendering of services Trade receivables 19,90,08,122 7,57,13,802
Unbilled revenues 417 638 (Refer to Note No. 2.4)
Withholding taxes and others 1,34,71,300 3,05,72,102 Loans (Refer to Note No. 2.2) 19,740 30,240
Total current other assets 10,69,43,493 8,70,74,866
As at December 31
Particulars internal credit risk factors such as credit default swap quotes,
2022 2021 credit ratings from credit rating agencies and the Company’s
Other financial assets 5,05,88,035 2,91,12,333 historical experience for customers.
Total 29,94,28,909 31,87,31,496 Credit risk exposure
The recognition/ (reversal) for lifetime ECL on customer
Liabilities
balances for the year ended December 31, 2022, was ₹ 2,578,784
Trade payables 9,30,29,325 8,19,20,921 and allowance for year ended December 31, 2021 was (₹
(Refer to Note No. 2.11) 10,807) respectively.
Borrowings 39,87,75,778 27,46,42,746
(Refer to Note No. 2.9) (In ₹)
Lease Liability 5,55,82,448 62,35,184 Year ended December 31,

Particulars
(Refer to Note No. 2.18) 2022 2021
Other financial liabilities 18,58,98,897 19,15,20,418 Balance at the beginning (2,10,563) (3,26,877)
(Refer to Note No. 2.10) Impairment loss 25,78,784 (10,807)
Total 73,32,86,448 55,43,19,269 recognized/ (reversed)
Translation differences (39,78,852) 1,27,121
All the above financial assets and liabilities are Balance at the end (16,10,631) (2,10,563)
carried at amortized cost and the carrying values
Credit risk on cash and cash equivalents is limited as we generally
Credit risk invest in deposits with banks and financial institutions with high
credit ratings assigned by credit rating agencies.
Liquidity risk
receivables amounting to ₹ 199,008,122 and ₹ 75,713,802 as of The Company’s principal sources of liquidity are cash and
December 31, 2022 and December 31, 2021, respectively and cash equivalents. The Company has taken loan from its parent
unbilled revenue amounting to ₹ 49,275,865 and ₹ 26,571,387 as company to meet its working capital requirements.
of December 31, 2022 and December 31, 2021, respectively. Trade As of December 31, 2022, the Company had a negative working
receivables and unbilled revenue are typically unsecured. Credit capital of ₹126,798,181 including cash and cash equivalents of ₹
risk has always been managed by the Company through credit 49,813,012. As of December 31, 2021, the Company had a negative
approvals, establishing credit limits and continuously monitoring working capital of ₹ 231,408,654 including cash and cash
the creditworthiness of customers to which the Company grants equivalents of ₹ 213,875,121.
credit terms in the normal course of business. As per Ind-AS
109, the Company uses ECL model to assess the impairment As of December 31, 2022, and December 31, 2021, the
loss or gain. The Company uses a provision matrix to compute outstanding compensated absences were ₹ 12,397,737 and ₹
the ECL allowance for trade receivables and unbilled revenues. 9,790,183 respectively.
The details of the contractual maturities of significant financial liabilities as at December 31, 2022, were as follows:
(In ₹)
Less than 1
Particulars 1-2 years 2-4 years 4-7 years Total
year
Trade Payables (Refer to Note No. 2.11) 9,30,29,325 – – – 9,30,29,325
Other financial liabilities (Refer to Note Nos. 2.10 and 2.12) 6,19,32,091 4,77,61,133 – – 10,96,93,224
Accrued expenses (Refer to Note No. 2.12) 4,56,22,752 – – – 4,56,22,752
Other payables (Refer to Note No. 2.12) 99,54,523 - - - 99,54,523
The details of the contractual maturities of significant financial liabilities as at December 31, 2021:
(In ₹)
Less than 1
Particulars 1-2 years 2-4 years 4-7 years Total
year
Trade Payables (Refer to Note No. 2.11) 8,19,20,921 – – – 8,19,20,921
Other financial liabilities (Refer to Note Nos. 2.10 and 2.12) 6,18,75,299 6,18,75,299 4,64,06,474 – 17,01,57,073
Accrued expenses (Refer to Note No. 2.12) 45,82,228 – – – 45,82,228
Other payables (Refer to Note No. 2.12) 22,73,759 – – – 22,73,759
2.8 Equity
(In ₹, except as otherwise stated)
As at December 31,
Particulars
2022 2021
Authorized
300,000 (3,00,000) equity shares of ARS 100/- par value 10,51,81,200 10,51,81,200
300,000 (3,00,000) equity shares of ARS 100/- par value 10,51,81,200 10,51,81,200
(Of the above, 294,500 (2,94,500) equity shares are held by the holding company, Infosys
Consulting Holding AG (Formerly Lodestone Holding AG))
(Of the above, 5,500 (5,500) equity shares are held by the fellow subsidiary,
Infosys Consulting AG.)
10,51,81,200 10,51,81,200
The details of shareholders holding more than 5% shares as at December 31, 2022 and December 31, 2021 are as follows:

(formerly Lodestone Holding AG) 2,94,500 98.17% 2,94,500 98.17%

Particulars
Number of shares at the beginning of the period 3,00,000 10,51,81,200 3,00,000 10,51,81,200
Issue of Shares during the year (1) – – – –
Number of shares at the end of the period 3,00,000 10,51,81,200 3,00,000 10,51,81,200
2.9 Borrowings
(In ₹)
As at December 31,
Particulars
2022 2021
Non-current
Unsecured loan from parent company (Refer to Note No. 2.19)* 14,42,97,108 27,46,42,746
Current
Unsecured loan from parent company (Refer to Note No. 2.19)* 25,44,78,670 –
Total borrowings 39,87,75,778 27,46,42,746
*Unsecured loan of US$ 1,000,000 (December 31, 2022: equivalent to ₹82,730,000) from Infosys Consulting Holding AG in 2022 for the purpose of business
operation, bearing an interest rate according to the table of interest ESTV (Based on ESTV Table published by Swiss Authorities Current Rate is 2% Per annum).
2.10 Other Financial Liabilities

As at December 31,
Particulars
2022 2021
Non Current
Financial liability – under revenue deals 47,761,133 114,113,946
47,761,133 114,113,946
Current
Others
Accrued compensation to employees 8,230,661 8,994,316
Accrued expenses (1)
45,622,752 4,582,228
Financial liability – under revenue deals 61,932,091 51,765,986
Other payables (2) 9,954,523 2,273,759
138,137,764 77,406,472
Total other financial liabilities 185,898,897 191,520,418
Financial liability carried at amortized cost 185,898,897 191,520,418
(2)
Includes dues to related parties (Refer to Note No.2.19) 12,338,455 2,273,759
2.11 Trade payables

(In ₹)
As at December 31,
Particulars
2022 2021
Trade payables* 9,30,29,325 8,19,20,921
*Includes dues to related parties (Refer to Note No. 2.19) 9,25,30,664 8,16,07,780
Trade payables ageing schedule for the year ended as on December 31, 2022, and December 31, 2021 were as follows:
(In ₹)

Particulars Less than 1 More than 3
Not due 1-2 years 2-3 years Total
year years
Outstanding trade payables – 7,86,22,888 32,23,391 (1,56,87,390) 2,68,70,436 9,30,29,325
– 6,47,89,446 (2,40,31,746) 1,36,54,464 2,75,08,757 8,19,20,921
2.12 Other liabilities 2.13 Provisions

(In ₹) (In ₹)

2022 2021 2022 2021
Current Current
Unearned revenue – 16,23,569 Others
Others Post-sales client support 35,407 –
Withholding taxes and others 1,00,71,853 72,11,562 Total current provisions 35,407 –
Total current other liabilities 1,00,71,853 88,35,131
Total current other liabilities 1,00,71,853 88,35,131
Provision for post-sales client support The details of income tax assets and income tax
The movement in the provision for post-sales client liabilities are as follows:
support is as follows:
(In ₹)
(In ₹) Year ended December 31,
Particulars
Year ended Year ended 2022 2021
Particulars December 31, December 31, Income tax assets 68,65,684 1,22,37,506
2022 2021
Current income tax liabilities 12,21,266 -
Balance at the beginning – 2,96,276
Net current income tax assets/ 56,44,418 1,22,37,506
Provision recognized/ (reversed) 34 (2,79,106) (liability) at the end
Provision utilized – –
The gross movement in the current income tax asset/
Exchange difference 35,373 (17,170) (liability) is as follows:
Balance at the end 35,407 –
(In ₹)
expected to be utilized over a period of six months to one year. Year ended December 31,
Particulars
2022 2021
2.14 Income taxes Net current income tax asset/ 1,22,37,506 1,68,56,803
Income tax expense in the statement of profit and loss comprises: (liability) at the beginning
Income tax paid - 53,33,599
(In ₹)
Current income tax expense (29,01,414) (99,52,896)
Year ended December 31 (Refer to Note No. 2.14)
Particulars
2022 2021 Translation difference (36,91,674) -
Current taxes 29,01,414 99,52,896 Net current income tax asset/ 56,44,418 1,22,37,506
Deferred taxes (8,98,48,657) (90,04,576) (liability) at the end
Income tax expense (8,69,47,243) 9,48,320 The tax effects of significant temporary differences that resulted
Current tax expense for the years ended December 31, 2022, in deferred income tax assets and liabilities are as follows:
and December 31, 2021, includes provisions (net of reversals)
(In ₹)
amounting to provision of ₹1,221,266 and reversal of ₹ 6,815,580
respectively, pertaining to prior periods. As at December 31,
Particulars
A reconciliation of the income tax provision to the amount 2022 2021
computed by applying the statutory income tax rate to the Deferred income tax assets
Accrued 20,57,665 22,48,579
(In ₹)
compensation to employees
Trade receivables 3,38,335 52,641
Particulars Others 9,12,86,638 2,90,50,524
2022 2021
Total deferred income tax assets 9,36,82,638 3,13,51,744
Profit/ (loss) before income tax (5,45,40,199)
(36,06,23,770) Deferred income tax liabilities
Enacted tax 25.00% 25.00% Others – –
rates in Argentina (%) – –
Total deferred
Computed expected tax expense (9,01,55,943) (1,36,35,050) income tax liabilities
Overseas taxes 9,45,074 26,79,607 Deferred income tax 9,36,82,638 3,13,51,744
Prior period tax expense 12,21,266 68,15,580 assets after set off
Effect of unrecognized – 67,76,400 The gross movement in the deferred income tax account for
deferred tax assets the year(s) ended December 31, 2022 and December 31, 2021,
are (is) as follows:
Permanent difference (8,06,839) –
Effect of – (14,10,738) (In ₹)
non-deductible expenses As at December 31,
Deferred Tax Entry, 1,849,199 (277,479) Particulars
2022 2021
Translation difference & others
Net deferred income tax 3,13,51,744 2,80,82,811
Income tax expense (8,69,47,243) 9,48,320 asset at the beginning
The applicable Argentina statutory tax rate for year ended Translation differences (2,75,17,763) (57,35,643)
December 31, 2022, is 25% and tax rate for the year ended
Credits/ (charge) relating to 8,98,48,657 90,04,576
December 31, 2021, is 25%.
temporary differences
As at December 31,
Trade receivables and contract balances
Particulars The company classifies the right to consideration in exchange for
2022 2021
Net deferred income 9,36,82,638 3,13,51,744
tax asset at the end A receivable is a right to consideration that is unconditional upon
recognized as related service are performed. Revenue for fixed
The charge relating to temporary differences during the year price maintenance contracts is recognized on a straight-line basis
ended December 31, 2022, are primarily on account of property, over the period of the contract. Revenues in excess of billings
plant and equipment, accrued compensation and compensated is recorded as unbilled revenue and is classified as a financial
absences partially offset by trade receivables. The credits relating asset for these cases as right to consideration is unconditional
to temporary differences during the year ended December upon passage of time.
31, 2021, are primarily on account of accrued compensation Revenue recognition for fixed price development contracts is
to employees and compensated absences partially offset by based on percentage of completion method. Invoicing to the
reversal of credits pertaining to property plant and equipment clients is based on milestones as defined in the contract. This
and trade receivables. would result in the timing of revenue recognition being different
from the timing of billing the customers. Unbilled revenue for
2.15 Revenue from operations fixed price development contracts (contract asset) is classified
(In ₹) as non-financial asset as the contractual right to consideration is
As at December 31, dependent on completion of contractual milestones.
Particulars
2022 2021 Invoicing in excess of earnings are classified as unearned revenue.
Income from 29,23,48,378 15,48,53,069 Trade receivable and unbilled revenues are presented net of
consultancy services impairment in the Balance Sheet.
Total revenue from operations 29,23,48,378 15,48,53,069 During the year ended December 31, 2022, the company
recognized revenue of ₹1,718,674 arising from opening unearned
Disaggregate revenue information revenue as of January 1, 2022.
During the year ended December 31, 2021, the company
with customers by offerings for the year ended December
recognized revenue of ₹11,018,055 arising from opening
31, 2022. The Company believes that this disaggregation best
revenues and cash flows are affected by industry, market and During the year ended December 31, 2022, ₹675 of unbilled
other economic factors. revenue pertaining to fixed price development contracts as of
January 1, 2022, has been reclassified to trade receivables upon
(In ₹ ) billing to customers on completion of milestones.
As at December 31,
Particulars Performance obligations and remaining performance
2022 2021 obligations
Revenue by offerings The remaining performance obligation disclosure provides the
Core 16,44,08,113 14,33,93,942 aggregate amount of the transaction price yet to be recognized
Digital 12,79,40,265 1,14,59,127
to when the company expects to recognize these amounts
Total 29,23,48,378 15,48,53,069 in revenue. Applying the practical expedient as given in
Ind-AS 115, the company has not disclosed the remaining
Digital services performance obligation related disclosures for contracts where
Digital Services comprise of service and solution offerings the revenue recognized corresponds directly with the value
of the company that enable our clients to transform their to the customer of the entity’s performance completed to
businesses. These include offerings that enhance customer date, typically those contracts where invoicing is on time and
experience, leverage AI-based analytics and big data, engineer material basis. Remaining performance obligation estimates are
digital products and IoT, modernize legacy technology systems, subject to change and are affected by several factors, including
migrate to cloud applications and implement advanced terminations, changes in the scope of contracts, periodic
cyber security systems. revalidations, adjustment for revenue that has not materialized
Core services
Core Services comprise traditional offerings of the company that completely or partially unsatisfied as at December 31, 2022,
have scaled and industrialized over a number of years. These other than those meeting the exclusion criteria mentioned
primarily include application management services, proprietary above, is ₹NIL. The contracts can generally be terminated by the
application development services, independent validation customers and typically includes an enforceable termination
solutions, product engineering and management, infrastructure penalty payable by them.
2.16 Other income contains, a lease if the contract conveys the right to control the
(In ₹) use of an identified asset for a period of time in exchange for
As at December 31, to control the use of an identified asset, the Company assesses
Particulars
2022 2021 whether: (i) the contract involves the use of an identified asset
Interest received on financial (ii) the Company has substantially all of the economic benefits
assets carried at amortized cost from use of the asset through the period of the lease and (iii) the
Interest income on prepaid 1,09,26,937 30,97,291
contract cost At the date of commencement of the lease, the Company
2,00,626
recognizes a right-of-use asset (‘ROU’) and a corresponding lease
Finance Income –
under revenue deals.
Interest received on (540) – and low value leases. For these short-term and low value leases,
employee loans and others the Company recognizes the lease payments as an operating
Exchange gains/ (losses) (26,96,82,523) (2,82,11,508) expense on a straight-line basis over the term of the lease.
on translation of Certain lease arrangements include the options to extend or
assets and liabilities terminate the lease before the end of the lease term. ROU assets
(25,85,55,500) (2,51,14,217) and lease liabilities includes these options when it is reasonably
2.17 Expenses
(In ₹) comprises the initial amount of the lease liability adjusted for
As at December 31, any lease payments made at or prior to the commencement date
Particulars of the lease plus any initial direct costs less any lease incentives.
2022 2021
Employee benefit expenses depreciation and impairment losses.
Salaries including bonus 16,22,64,520 11,06,17,182
Staff welfare 44,570 10,372 date on a straight-line basis over the shorter of the lease term
Total employee benefit expenses 16,23,09,090 11,06,27,554 and useful life of the underlying asset. Right of use assets are
(In ₹) circumstances indicate that their carrying amounts may not
As at December 31,
Particulars recoverable amount (i.e., the higher of the fair value less cost to
2022 2021 sell and the value-in-use) is determined on an individual asset
Other expenses basis unless the asset does not generate cash flows that are
Operating lease payments 7,37,541 6,08,149 (CGU) to which the asset belongs.
Rates and taxes 1,84,18,589 1,37,17,834
The changes in the carrying value of right of use assets for the
Repairs and maintenance 7,55,217 6,79,971 year ended December 31, 2022, are as follows:
Insurance 30,24,857 12,46,177
(In ₹)
Provision/ (reversal) for 34 (2,79,106)
post-sales client support and Category of ROU asset
warranties Particulars Computer Total
Buildings
Cost of software packages and 9,81,68,188 22,56,667 Equipment
others Balance - 66,57,925 66,57,925
Allowances for credit losses on 25,78,784 (10,807) as of January 1, 2022
financial assets (reversals) Additions 3,36,87,463 - 3,36,87,463
Statutory audit fees - - Deletion (1,97,417) - (1,97,417)
Bank charges 28,30,825 38,80,557 Translation difference (91,30,150) (11,34,451)
Others 44,38,186 34,24,973 (1,02,64,601)
Total other expenses 13,09,76,067 2,55,33,774 Depreciation (80,79,796) (42,70,559) (1,23,50,355)
Balance as 1,62,80,100 12,52,915 1,75,33,015
2.18 Leases of December 31, 2022
Accounting Policy
for buildings. The Company assesses whether a contract
The changes in the carrying value of right of use assets for the The movement in lease liabilities during the year
year ended December 31, 2021, are as follows: ended are as follows:
(In ₹) (In ₹)
Category of For the year ended December

Total Particulars
Particulars ROU asset 31,
Buildings 2022 2021
Balance as of January 1, 2021 37,78,019 37,78,019 Balance at the beginning 62,35,184 64,99,732
Additions 85,00,061 85,00,061 Additions 3,36,87,463 85,00,061
Deletion - - Finance cost 68,763 1,37,620
Translation difference (6,38,528) (6,38,528) accrued during the period
Depreciation (49,81,627) (49,81,627) Payment of lease liabilities (1,65,96,426) (1,00,35,718)
Balance as of December 31, 2021 66,57,925 66,57,925 Translation Difference 3,21,87,464 11,33,489
The aggregate depreciation expense on ROU assets is Balance at the end 5,55,82,448 62,35,184
included under depreciation and amortization expense in the The details of the contractual maturities of lease liabilities as at
Statement of Profit and Loss. December 31, 2022 December 31, 2021 and on an undiscounted
The break-up of current and non-current lease basis are as follows:
(In ₹)
(In ₹) As at December 31,
Particulars
Particulars
2022 2021 Less than one year 93,88,988 64,76,501
Current lease liabilities 3,74,17,564 62,35,184 One to five years 5,06,37,733 -
Non-current lease liabilities 1,81,64,884 - More than five years - -
Total 5,55,82,448 62,35,184 Total 6,00,26,721 64,76,501
Rental expense recorded for short-term leases was ₹737,541 and ₹608,149 for the year ended December 31,2022 and December 31,2021.
2.19 Related Party Transactions

List of holding companies

2022 2021
Name of the utimate holding company Country


Mexico
China
U.S.
Austria
U.S.
Chile
Brazil
Luxembourg
U.S.
Canada
Czech Republic
U.S.
Australia
Switzerland
Switzerland
Germany
France
China
U.K.
Argentina
U.S.
Panaya Ltd. (6)
Israel
U.K.
Singapore
Dubai
Sweden
Denmark
Slovakia
South Africa
U.S.
HIPUS Co., Ltd (9)
Japan
Stater N.V. (9)
The Netherlands
The Netherlands
The Netherlands
The Netherlands
Stater Gmbh (32)
(12)
Germany
U.S.
Australia
Australia
U.K.
U.K.
Bulgaria
U.S.
Czech Republic
Finland
Poland
U.K.
U.S.
U.S.
U.S.
U.S.
U.K.
Turkey
Germany
Malaysia
Qatar
oddity GmbH (49)
Germany
Taiwan
Germany
Germany
Germany
Germany
Switzerland
Denmark
France
Itlay
U.S.
Germany
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
(25)
(26)
(27)
Under liquidation
(28)
Liquidated effective March 9, 2021
(29)
(30)
(31)
Liquidated effective April 27, 2021
(32)
(33)
(34)
(35)
(36)
(37)
(38)
(39)
(40)
(41)
(42)
(43)
(44)
(45)
(46)
(47)
(48)
(formerly Kristall 247. GmbH (‘Kristall’) )
(49)
On April 20, 2022, Infosys Germany GmbH (formerly Kristall 247. GmbH (‘Kristall’)) (a wholly owned subsidiary of Infosys Consulting Pte. Ltd) acquired 100% of
(50)
(51)
(52)
(53)
(54)
(55)
(56)
(In ₹)
As at December 31
Particulars
2022 2021
Trade receivables
Infosys Technologies S. de R. L. de C. V. (Infosys Mexico) 23,86,841 36,56,438
Infy Consulting Company Limited 7,77,05,608 5,36,18,486
Infosys Consulting Ltda 23,96,143 10,21,636
8,88,30,761 5,82,96,560
Borrowings
Infosys Consulting Holding AG 39,87,75,778 27,46,42,746
39,87,75,778 27,46,42,746
Trade payables
Infosys Consulting Ltda. 19,26,116 1,995
Infosys Consulting AG 2,52,37,703 2,00,15,883
Infosys Technologies S. de R. L. de C. V. 80,11,709 67,54,396
Infy Consulting B.V 24,27,742 22,78,890
Infosys (Czech Republic) Limited s.r.o. 10,51,686 –
Infosys Technologies (China) Co. Limited (Infosys China) 2,27,646 –
Infosys BPM Limited 4,95,352 –
9,25,30,664 8,16,07,780
Infosys Automotive and Mobility GmbH & Co.KG 79,80,892 –
Infosys Consulting Holding AG 51,096 45,782
Infy Consulting Company Limited 4,25,484 –
1,23,38,455 22,73,759
Other Financial assets
As at December 31
Particulars
2022 2021
24,71,287 8,97,292
Accrued expenses
Infy Consulting Company Ltd. 1,14,75,850 –
Infosys Limited 1,56,79,290 –
2,71,55,140 -
The details of related party transactions, entered into by the Company, are as follows:
(In ₹)
For the year ended December 31

Particulars
2022 2021
Borrowings (net of repayment)
Infosys Consulting Holding AG(1) 8,27,30,000 27,31,34,000
8,27,30,000 27,31,34,000
Purchase of services, shared facilities and personnel
Infosys Limited 1,70,43,673 1,09,953
Infy Consulting Company Limited 1,43,48,934 1,35,850
Infosys (Czech Republic) Limited s.r.o. 10,21,261 -
Infosys Technologies (China) Co. Limited (Infosys China) 2,27,312 -
Infosys BPM Limited 5,56,325 -
Infosys Automotive and Mobility GmbH & Co.KG 77,32,048 -
Infosys Consulting Ltda. 19,24,626 -
4,40,09,658 30,48,944
Interest expense
Infosys Consulting Holding AG (Infosys Lodestone) (formerly Lodestone Holding AG) 77,95,963 10,42,755
77,95,963 10,42,755
Sale of services
Infosys Consulting Ltda. 99,97,334 1,88,14,743
Infosys Technologies S. de R. L. de C. V. - 30,06,411
Infosys Limited 51,43,919 -
3,83,10,167 5,17,05,672

2.21 Ratios
The ratios for the years ended December 31, 2022, and December 31, 2021, are as follows:
December 31,
2022 2021
Current ratio Current assets Current liabilities 0.8 2.3 (67%)
Debt – Equity ratio Total debt (represents Shareholder’s equity (0.3) (0.5) (49%)
Debt service coverage ratio Earnings Debt service(3) (19.9) (4.3) 358%
available for debt service(2)
Return on equity (ROE) Net profits after taxes Average 238.7% 180.8% 32%
shareholder’s equity
Trade receivables turnover ratio Revenue Average trade receivable 2.1 2.0 4%
Trade payables turnover ratio Purchases of Average trade payables 2.0 0.6 263%
services and other expenses
Net capital turnover ratio Revenue Working capital (2.3) 0.7 (445%)
Net profit ratio Net profit Revenue (93.6%) (35.8%) 161%
Return on Earning Capital employed 223.6% 876.1% (74%)
capital employed (ROCE) before interest and taxes
(1)
(2)
Net profit after taxes + Non-cash operating expenses + Interest + other adjustments like loss on sale of fixed assets, etc.
(3)
Explanation where variance in ratios are more than 25%:

Current ratio
Decrease on account of increase in short term borrowings.
Debt – Equity ratio

Decrease as a result of significant increase in losses.
Debt service coverage ratio

Increase as a result of significant increase in losses.
Return on equity (ROE)

Increase on account of significant increase in losses.
Trade payables turnover ratio

Increase as a result of increased purchases of cost of software packages.
Net capital turnover ratio

Decrease on account of increase in short term borrowings and increase in revenue.
Net profit ratio

Return on capital employed (ROCE)

Infosys Limited Bulgaria EOOD
Infosys Subsidiary Financials Report 2022-23 Infosys Limited Bulgaria EOOD | 843
To the Members Infosys Limited Bulgaria EOOD

Opinion
We have audited the accompanying special purpose financial statements of Infosys Limited Bulgaria EOOD (“the Company”), which
Basis for Opinion


The Company’s management is responsible for the preparation of these special purpose financial statements that give a true and fair
In preparing the special purpose financial statements, the Company’s management is responsible for assessing the Company’s ability to
The management is responsible for overseeing the Company’s financial reporting process.
Our objective is to obtain reasonable assurance about whether the special purpose financial statements as a whole are free from material
level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement
reasonably be expected to influence the economic decisions of users taken on the basis of these special purpose financial statements.
the audit. We also:
844 | Infosys Limited Bulgaria EOOD Infosys Subsidiary Financials Report 2022-23
presentation.
For Shenoy & Kamath

Partner
UDIN : 23202841BGWLUM2757
Place: Bengaluru
Date: May 10, 2023
Balance Sheet (In BGN)
As at December 31,
2022 2021
ASSETS
Non-current assets
Right-of-use Asset 2.8 235,091 –
Deferred tax assets (net) 2.10 63,308 –
Total non - current Assets 298,399 –
Current assets
Financial assets
Total current assets 1,356,033 471,862
Total assets 1,654,432 471,862
Equity
Other equity 66,665 (115,057)
Total equity 524,665 342,943
LIABILITIES
Current liabilities
Trade payables 2.5 26,048 2,062
Income tax liabilities (net) 2.10 74,900 –
Lease Liability 2.8 260,256 –
Total current liabilities 1,129,767 128,919
Total equity and liabilities 1,654,432 471,862
As per our report of even date attached for for and on behalf of the Board of Directors of Infosys
Limited Bulgaria EOOD
Shenoy & Kamath

Partner Director
Place: Bengaluru
Date: May 10, 2023
(In BGN)

2022 2021
Revenue from operations 6,246,546 628,929
Total income 6,246,546 628,929
Expenses
Travel expenses 35,124 –

Depreciation and amortization expense 2.8 232,944 –
Other expenses 2.12 105,941 7,564

Total expenses 6,053,232 743,103
Profit/(loss) before tax 193,314 (114,174)
Current tax 74,900 –
Deferred Tax (63,308) –
Profit/(loss) for the year 181,722 (114,174)
Shenoy & Kamath

Partner Director
Place: Bengaluru
Date: May 10, 2023
(In BGN)

Equity Share Reserves & Surplus attributable to
Particulars
Capital Securities equity holders of
premium reserve
Balance as at January 1, 2021 458,000 – – 458,000
Profit/ (loss) for the year (114,174) (114,174)
Balance as at December 31, 2021 458,000 – (115,057) 342,943
Balance as at January 01, 2022 458,000 – (115,057) 342,943
Changes in equity for the year ended December 31, 2022 –
Profit/ (loss) for the year – 181,722 181,722
Balance as at December 31, 2022 458,000 – 66,665 524,665
Shenoy & Kamath

Partner Director
Place: Bengaluru
Date: May 10, 2023
Statements of Cash Flows (In BGN)

Particulars
2022 2021
Depreciation and amortization 232,944 –
Provision for deferred taxes - Overseas (63,308) –
Change in asset and liabilities
Trade receivables (865,041) (57,413)
Other financial assets and other assets (640) (62,456)
Other financial liabilities, other liabilities and provisions 641,706 126,858
Cash generated from/ (used in) operations 226,269 (105,123)
Net cash generated from /(used in) operating activities 226,269 (105,123)
Lease Payments (207,779) –
Net cash used in financing activities (207,779) –
Net increase/decrease in cash and cash equivalents 18,490 (105,123)
Shenoy & Kamath

Partner Director
Place: Bengaluru
Date: May 10, 2023
Company overview 1.6 Foreign currency
Infosys Limited Bulgaria EOOD is a wholly-owned subsidiary of Functional currency
Infosys Limited incorporated on September 11, 2020.The purpose
The functional currency of the Company is the BGN. These
of the Company is to expand locally, as the same exists or as may
financial statements are presented In BGN.
hereafter be amended from time to time.
1 Significant accounting policies Foreign-currency denominated monetary assets and liabilities
1.1 Accounting year rates in effect at the Balance Sheet date. The gains or losses
The accounting year of the Company is from January to resulting from such translations are included in net profit in
December. For the previous year, the financial statements the Statement of Profit and Loss. Non-monetary assets and
prepared from incorporation date (September 11, 2020) non-monetary liabilities denominated in a foreign currency
to December 31, 2020 and measured at fair value are translated at the exchange rate
1.2 Basis of preparation of financial statements monetary assets and non-monetary liabilities denominated in a
These special purpose consolidated financial statements are foreign currency and measured at historical cost are translated at
prepared for inclusion in the Annual Report of the holding the exchange rate prevalent at the date of the transaction.
Company Infosys Limited under the requirements of Section 129 Transaction gains or losses realized upon settlement of foreign
(3) of the Companies Act 2013. currency transactions are included in determining net profit
These financial statements are prepared in accordance with for the period in which the transaction is settled. Revenue,
Indian Accounting Standards (Ind-AS) under the historical cost expense, and cash-flow items denominated in foreign currencies
convention on the accrual basis. The Ind-AS are prescribed under are translated into the relevant functional currencies using the
Section 133 of the Act read with Rule 3 of the Companies (Indian exchange rate in effect on the date of the transaction.
Accounting Standards) Rules, 2015 and relevant amendment
rules issued thereafter. 1.7 Statement of Cash Flows
Accounting policies have been consistently applied except where Cash flows are reported using the indirect method, whereby
a newly issued accounting standard is initially adopted or a profit for the period is adjusted for the effects of transactions
revision to an existing accounting standard requires a change in of a non-cash nature, any deferrals or accruals of past or future
the accounting policy hitherto in use. operating cash receipts or payments and item of income or
1.3 Reporting currency
The Company’s reporting currency is BGN
1.8 Investments
Associates are entities over which the Company has significant
The preparation of the financial statements in conformity influence but not control. Investments in associates are
with Ind-AS requires the Management to make estimates and accounted for using the equity method of accounting. The
assumptions that affect the reported balances of assets and investment is initially recognized at cost, and the carrying
liabilities, and disclosures relating to contingent liabilities as at amount is increased or decreased to recognize the investor’s
the date of the financial statements and reported amounts of share of the profit or loss of the investee after the acquisition
income and expenses during the period. date. The Company’s investment in associates includes goodwill
Accounting estimates could change from period to period. Actual identified on acquisition.
in estimates are made as the Management becomes aware of 1.9 Financial instruments
changes in circumstances surrounding the estimates. Changes in 1.6.1 Initial recognition
estimates are reflected in the financial statements in the period The Company recognizes financial assets and financial liabilities
in which changes are made and, if material, their effects are when it becomes a party to the contractual provisions of the
disclosed in the notes to the financial statements. instrument. All financial assets and liabilities are recognized
1.5 Provisions which are initially measured at transaction price. Transaction
“A provision is recognized if, as a result of a past event, the costs that are directly attributable to the acquisition or issue
Company has a present legal or constructive obligation that of financial assets and financial liabilities, which are not at fair
is reasonably estimable, and it is probable that an outflow of value through profit or loss, are added to the fair value on initial
economic benefits will be required to settle the obligation. recognition. Regular way purchase and sale of financial assets are
Provisions are determined by discounting the expected accounted for at trade date.
specific to the liability.”
1.6.2 Subsequent measurement b. Non-financial assets
a. Non-derivative financial instruments (i) Property, plant and equipment
(i) Financial assets carried at amortized cost Property, plant and equipment are evaluated for recoverability
A financial asset is subsequently measured at amortized cost whenever events or changes in circumstances indicate that their
if it is held within a business model whose objective is to hold carrying amounts may not be recoverable. For the purpose of
the asset in order to collect contractual cash flows and the impairment testing, the recoverable amount (i.e. the higher of
contractual terms of the financial asset give rise on specified the fair value less cost to sell and the value-in-use) is determined
dates to cash flows that are solely payments of principal and on an individual asset basis unless the asset does not generate
interest on the principal amount outstanding. cash flows that are largely independent of those from other
assets. In such cases, the recoverable amount is determined for
(ii) Financial assets at fair value through other the Cash Generating Unit (CGU) to which the asset belongs.
comprehensive income (FVOCI) If such assets are considered to be impaired, the impairment to
A financial asset is subsequently measured at fair value through be recognized in the Statement of Profit and Loss is measured by
other comprehensive income if it is held within a business model the amount by which the carrying value of the assets exceeds the
whose objective is achieved by both collecting contractual cash estimated recoverable amount of the asset. An impairment loss
flows and selling financial assets and the contractual terms of is reversed in the Statement of profit and loss if there has been
the financial asset give rise on specified dates to cash flows that a change in the estimates used to determine the recoverable
are solely payments of principal and interest on the principal amount. The carrying amount of the asset is increased to its
amount outstanding. revised recoverable amount, provided that this amount does not
(iii) Financial assets at fair value through profit or loss (net of any accumulated depreciation) had no impairment loss
A financial asset, which is not classified in any of the above been recognized for the asset in prior years.
1.12 Employee Benefits
Financial liabilities are subsequently carried at amortized cost The Company has a policy on compensated absences, which
using the effective interest method, except for contingent are both accumulating and non-accumulating in nature. The
consideration recognized in a business combination which is expected cost of accumulating compensated absences is
subsequently measured at fair value through profit and loss. determined by actuarial valuation performed by an independent
For trade and other payables maturing within one year from the actuary at each Balance Sheet date using projected unit credit
Balance Sheet date, the carrying amounts approximate fair value method on the additional amount expected to be paid/availed
due to the short maturity of these instruments. as a result of the unused entitlement that has accumulated at the
Balance Sheet date. Expense on non-accumulating compensated
(v) Investment in subsidiaries absences is recognized in the period in which the absences occur.
Investment in subsidiaries is carried at cost in the separate
financial statements. 1.13 Foreign currency
Functional currency
The functional currency of the Company is the BGN.
Company uses a variety of methods and assumptions that are Transactions and translations
based on market conditions and risks existing at each reporting Foreign-currency denominated monetary assets and liabilities
date. The methods used to determine fair value include are translated into the relevant functional currency at exchange
discounted cash flow analysis, available quoted market prices rates in effect at the Balance Sheet date. The gains or losses
and dealer quotes. All methods of assessing fair value result resulting from such translations are included in the Statement
in general approximation of value, and such value may never of Profit and Loss and reported within exchange gains/(losses)
actually be realized. on translation of assets and liabilities. Non-monetary assets and
1.11 Impairment and measured at fair value are translated at the exchange rate
a. Financial assets prevalent at the date when the fair value was determined. Non-
The Company recognizes loss allowances using the Expected monetary assets and non-monetary liabilities denominated in a
Credit Loss (ECL) model for the financial assets and unbilled foreign currency and measured at historical cost are translated
revenues which are not fair valued through profit or loss. Loss at the exchange rate prevalent at the date of the transaction.
allowance for trade receivables and unbilled revenues with no The related revenue and expense are recognized using
significant financing component is measured at an amount equal the same exchange rate.
to lifetime ECL. For all other financial assets, expected credit Transaction gains or losses realized upon settlement of foreign
losses are measured at an amount equal to the 12-month ECL, currency transactions are included in determining net profit
unless there has been a significant increase in credit risk from for the period in which the transaction is settled. Revenue,
initial recognition in which case those are measured at lifetime expense, and cash-flow items denominated in foreign currencies
ECL. The amount of expected credit losses (or reversal) that is are translated into the relevant functional currencies using the
required to adjust the loss allowance at the reporting date to exchange rate in effect on the date of the transaction.
the amount that is required to be recognized is recognized as an
impairment gain or loss in the Statement of profit and Loss.
1.14 Income taxes 2.2 Cash and cash equivalents
Income tax expense comprises current and deferred income tax. (In BGN)
Income tax expense is recognized in net profit in the Statement As at December 31,
of Profit and Loss except to the extent that it relates to items Particulars
recognized directly in equity, in which case it is recognized in 2022 2021
other comprehensive income. Current income tax for current and Balances with banks
prior periods is recognized at the amount expected to be paid In current and deposit 370,483 351,993
to or recovered from the tax authorities, using the tax rates and accounts
370,483 351,993
bases of assets and liabilities and their carrying amounts in the 2.3 Other financial assets
financial statements. Deferred tax assets are reviewed at each (In BGN)
reporting date and are reduced to the extent that it is no longer Particulars As at December 31,
2022 2021
Deferred income tax assets and liabilities are measured using Current
enacted by the Balance Sheet date and are expected to apply to Other Advances 706
taxable income in the years in which those temporary differences Rental Deposits 62,390 62,456
are expected to be recovered or settled. The effect of changes 63,096 62,456
recognized as income or expense in the period that includes 2.4 Equity
income tax asset is recognized to the extent that it is probable Equity Share Capital
(In BGN)
As at December 31,
The Company offsets current tax assets and current tax liabilities, Particulars
where it has a legally enforceable right to set off the recognized 2022 2021
amounts and where it intends either to settle on a net basis, or to Authorized share capital 458,000 458,000
458000 (458000) equity
shares of BGN 1 par value
1.15 Statement of Cash Flows
Issued, Subscribed and Paid-Up 458,000 458,000
profit for the period is adjusted for the effects of transactions 458000 (458000) equity
of a non-cash nature, any deferrals or accruals of past or future shares of BGN 1 par value
expenses associated with investing or financing cash flows. The The details of shareholder holding more than 5% shares as at
cash flows from operating, investing and financing activities of December 31, 2022 and 2021 are as follows:
As at December 31,
1.16 Other Income Name of the shareholder
2022 2021
Other income is comprised primarily of interest income and Infosys Limited 100% 100%
exchange gain / loss on translation of other assets and liabilities.
Interest Income is recognized using effective interest method. 2.5 Trade payables
(In BGN)
1.17 Borrowing Cost
As at December 31,
Borrowing cost are charged to the Statement of Profit and Loss in Particulars
the period in which they are incurred. 2022 2021
Current
2.1 Trade receivables Trade payable 26,048 2,062
(In BGN)
26,048 2,062
As at December 31,
Particulars 2.6 Other financial liabilities
2022 2021
(In BGN)
Current
Unsecured As at December 31,
Particulars
Considered good 922,454 57,413 2022 2021
Total Trade Receivables 922,454 57,413 Current
Others
As at December 31,
Particulars sell and the value-in-use) is determined on an individual asset
2022 2021 basis unless the asset does not generate cash flows that are
Accrued compensation to 633,082 101,418 largely independent of those from other assets. In such cases, the
employees recoverable amount is determined for the Cash Generating Unit
Provision for expenses 57,147 12,250 (CGU) to which the asset belongs.
690,229 113,668 The lease liability is initially measured at amortized cost at the
2.7 Other liabilities are discounted using the interest rate implicit in the lease or, if
(In BGN) not readily determinable, using the incremental borrowing rates
As at December 31, remeasured with a corresponding adjustment to the related right
Particulars
2022 2021 of use asset if the Company changes its assessment if whether it
Current will exercise an extension or a termination option.
Others Lease liability and ROU asset have been separately presented in
Social security 69,442 6,866
contribution payable
With holding taxes and 8,892 6,324 The changes in the carrying value of right of use assets for the
others year ended December 31, 2022 are as follows:
78,334 13,190
(In BGN)
2.8 Leases Category of

Particulars ROU asset Total
Accounting Policy
Buildings
Balance as of January 1, 2022 – –
for buildings. The Company assesses whether a contract Additions 468,035 468,035
contains a lease, at inception of a contract. A contract is, or Depreciation (232,944) (232,944)
contains, a lease if the contract conveys the right to control the Balance as of December 31, 2022 235,091 235,091
use of an identified asset for a period of time in exchange for
to control the use of an identified asset, the Company assesses The aggregate depreciation expense on ROU assets is
whether: (i) the contract involves the use of an identified asset included under depreciation and amortization expense in the
(ii) the Company has substantially all of the economic benefits Statement of Profit and Loss
Company has the right to direct the use of the asset. The break-up of current and non-current lease liabilities as at
December 31, 2022 and December 31, 2021 is as follows:
At the date of commencement of the lease, the Company
recognizes a right-of-use asset (“ROU”) and a corresponding lease (In BGN)
As at December 31,
for leases with a term of twelve months or less (short-term leases) Particulars
and low value leases. For these short-term and low value leases, 2022 2021
the Company recognizes the lease payments as an operating Current lease liabilities 260,256 –
Total 260,256 –
Certain lease arrangements includes the options to extend or The movement in lease liabilities during the years ended
terminate the lease before the end of the lease term. ROU assets December 31, 2022 and December 31, 2021 is as follows:
certain that they will be exercised. (In BGN)
The right-of-use assets are initially recognized at cost, which For the years ended
comprises the initial amount of the lease liability adjusted for Particulars
December 31,
2022 2021
They are subsequently measured at cost less accumulated Balance at the beginning – –
depreciation and impairment losses. Additions 468,035
Right-of-use assets are depreciated from the commencement Payment of lease liabilities (207,779) –
date on a straight-line basis over the shorter of the lease term Balance at the end 260,256 –
The details regarding the contractual maturities of lease credit terms in the normal course of business. The Company uses
liabilities as at December 31, 2022 and December 31, 2021 on an the expected credit loss model to assess any required allowances;
undiscounted basis are as follows: and uses a provision matrix to compute the expected credit
loss allowance for trade receivables and unbilled revenues. This
(In BGN) matrix takes into account credit reports and other related credit
As at December 31,
information to the extent available.
Particulars
2022 2021 Credit risk on cash and cash equivalents is limited as we
260,256 – generally invest in banks with high credit ratings assigned by
Less than one year
Total 260,256 –
The Company does not face a significant liquidity risk Liquidity risk
with regard to its lease liabilities as the current assets are Liquidity risk is defined as the risk that the Company will not be
sufficient to meet the obligations related to lease liabilities as able to settle or meet its obligations on time.
equivalents. The Company has taken loan from its related party
2.9 Financial Instruments to meet its working capital requirements.
had cash and cash equivalents of BGN 370,483 and BGN 351,993.
(In BGN) 2.10 Income taxes

As at December 31,
Particulars Profit and Loss comprises:
2022 2021
Assets: (In BGN)
Cash and cash 370,483 351,993 Years ended December 31,

Particulars
equivalents (Refer to Note 2.5) 2022 2021
Trade 922,454 57,413 Current taxes 74,900 –
receivables (Refer to Note 2.4) (63,308) –
Deferred taxes
Other financial assets 63,096 62,456 11,592
Income tax expense –
1,356,033 471,862
Total
Liabilities: income before income taxes is as follows:
(Refer to Note 2.12) (In BGN)
Other financial liabilities (Refer to Years ended December 31,

Particulars
Note 2.11) 78,334 13,190 2022 2021
Total 104,382 15,252 Profit / 193,314 (114,174)

(Loss) before income taxes
(1)
Excludes unbilled revenue on contracts where the right to consideration Enacted tax rates in India 4.64% 4.64%
is dependent on completion of contractual milestones
Computed expected tax expense 8,970 –
Permanent Difference 2,622 –
Financial risk management The applicable Indian statutory tax rate for fiscal 2022 and
Financial risk factors fiscal 2021 is 4.64%.
The Company’s activities expose it to a variety of financial risks: In India, the Company has benefited from certain tax incentives
credit risk and liquidity risk. that the Government of India has provided to the export of
software for the units registered under the Special Economic
Credit risk Zones Act, 2005 (SEZ). SEZ units, which began the provision
Credit risk refers to the risk of default on its obligation by the of services on or after April 1, 2005 are eligible for a deduction
counterparty resulting in a financial loss. The maximum exposure of 100 percent of profits or gains derived from the export of
to the credit risk at the reporting date is primarily from trade services for the first five years from the financial year in which the
receivables amounting to BGN 922,454 and BGN 57,413 as at unit commenced the provision of services and 50 percent of such
December 31, 2022 and December 31, 2021. Credit risk has always profits or gains for further five years. Up to 50% of such profits or
been managed by the Company through credit approvals, gains is also available for a further five years subject to creation of
establishing credit limits and continuously monitoring the a Special Economic Zone re-Investment Reserve out of the profit
creditworthiness of the customers to which the Company grants of the eligible SEZ units and utilization of such reserve by the
Company for acquiring new plant and machinery for the purpose (In BGN)
of its business as per the provisions of the Income Tax Act, 1961.
As at December 31,
Particulars
The details of income tax assets and income tax liabilities as of 2022 2021
Deferred income tax assets –
(In BGN) Accrued – - 27,399 –
compensation to employees
As at December 31,
Compensated absences – - 35,909 –
2022 2021
Total – - 63,308 –
Income tax assets – –
deferred income tax assets
Current income tax liabilities 74,900 –
Deferred tax assets and deferred tax liabilities have been offset
Net current income tax assets/ (74,900) – wherever the Company has a legally enforceable right to set off
(liability) at the end current tax assets against current tax liabilities and where the
deferred tax assets and deferred tax liabilities relate to income
taxes levied by the same taxation authority.
The gross movement in the current income tax asset/ (liability)
for the years ended December 31, 2022 and December In assessing the realizability of deferred income tax assets,
31, 2021 is as follows: management considers whether some portion or all of the
deferred income tax assets will not be realized. The ultimate
(In BGN) realization of deferred income tax assets is dependent upon the
2022 2021 considers the scheduled reversals of deferred income tax
Net current income tax asset/ – – liabilities, projected future taxable income, and tax planning
(liability) at the beginning strategies in making this assessment. Based on the level of
Current income tax expense (74,900) – are deductible, management believes that the Group will realize
(Refer to Note 2.17) the benefits of those deductible differences. The amount of the
Net current income tax asset/ (74,900) – deferred income tax assets considered realizable, however, could
(liability) at the end be reduced in the near term if estimates of future taxable income
during the carry forward period are reduced.
2.11 Employee benefit expenses

(In BGN)

Particulars
2022 2021
Overseas Salary 5,107,882 677,093
Staff Welfare, Overseas group and medical insurance 35,395 5,300
Total employee benefit expenses 5,143,277 682,393
2.12 Expenses
(In BGN)

Particulars
2022 2021
Other expenses
Bank charges 4,147 3,225
Rates and taxes 276 –
Repairs and maintenance 6,777 –
Insurance charges 50,949 3,970
Reimbursement of expenses 22,632 –
Particulars
2022 2021
Exchange gains and losses 21,159 364
Others 2 4

Holding As on December 31
Name of Holding Company Country
2022 2021

China
Sweden
China
India
India
U.S.
Saudi Arabia
Russia
Luxembourg
U.S.
India
Poland
U.S.
U.S.
Australia
Switzerland
Romania
Czech Republic
China
The Netherlands
Belgium
U.S.
Panaya Ltd. (6)
Israel
U.K.
Singapore
Dubai
Sweden
Denmark
Singapore
South Africa
U.S.
HIPUS Co., Ltd (9)
Japan
Stater N.V. (9)
The Netherlands
The Netherlands
The Netherlands
Belgium
U.S.
Australia
Australia
Philippines
U.K.
Ireland
U.S.
Germany
Finland
Poland
U.S.
U.S.
U.S.
U.S.
U.S.
U.S.
Turkey
Germany
India
Qatar
oddity GmbH (49)
Germany
China
Germany
Germany
Serbia
Germany
Switzerland
Germany
France
Itlay
Innovisor Inc. (54)
U.S.
Spain
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
(25)
(26)
(27)
Under liquidation
(28)
(29)
(30)
(31)
(32)
(33)
(34)
(35)
(36)
(37)
(38)
(39)
(40)
(41)
(42)
(43)
(44)
(45)
(46)
(47)
(48)
(49)
(50)
(51)
(52)
(53)
(54)
(55)
(56)
(In BGN)
As at December 31
Particulars
2022 2021
Trade Receivable
922,454 –
(In BGN)
As at December 31
Particulars
2022 2021
Sale of services
6,249,757 –

(In BGN)
As at December 31
Particulars
2022 2021
Current
Less: Allowance for expected credit loss – –
Trace Receivable considered good - Unsecured 922,454 57,413
Total trade receivables 922,454 57,413
(In BGN)

Particulars Not Due Total
Less than 6 months 6 months - 1 year 1-2 years 2-3 years More than 3 years
Undisputed Trade 922,024 430 – – – – 922,454
receivables – considered
good
57,413 – – – – – 57,413
Undisputed Trade – – – – – – –
receivables – credit
impaired
57,413
2.5 Trade payables

(In BGN)
As at December 31
Particulars
2022 2021
Trade payables(1) 26,048 2,062
(1)
(In BGN)

Particulars Not Due Total
Others 806.00 25,242 – – – 26,048
– 2,062 – – – 2,062
Total trade payables 806.00 25,242 – – – 26,048
Total trade payables – 2,062 – – – 2,062
2.14 Ratios
2022 2021
Current Ratio Current assets Current liabilities 1.20 3.66 (67.2%) *
Debt – Equity Ratio Total Debt (represents Shareholder’s Equity 0.50 - 49.6% **
Debt Service Coverage Ratio Earnings available for Debt Service(3) 2.00 - 0.0%
debt service(2)
Return on Equity (ROE) Net Profits after taxes Average Shareholder’s 42% -29% 70.4% ***
Equity
Trade receivables turnover ratio Revenue Average Trade 12.75 21.91 (41.8%) #
Receivable
Trade payables turnover ratio Purchases of services Average Trade 46.37 55.76 (16.8%)
Net capital turnover ratio Revenue Working Capital 27.61 1.83 1405.4% ##
Net profit ratio Net Profit Revenue 0.03 (0.18) 21.1%
Return on capital employed (ROCE) Earning before interest Capital Employed(4) 27% -33% 60.1% ###
and taxes
(1)
(2)
(3)
(4)
*Current ratio has decreased due to increase in Current Liability.
**Debt Equity ratio has increased due to increase in lease liability.
***ROE ratio has increased due to increase in profits.
#Trade Receivable turnover ratio has decreased due to increase in revenue.
##Net capital turnover ratio ratio has increased due to increase in revenue.
####Return on capital employed has increased due to increase in profits..
Infosys Austria GmbH
Infosys Subsidiary Financials Report 2022-23 Infosys Austria GMBH | 863

To the Members of Infosys Austria GMBH

Opinion
We have audited the accompanying special purpose financial statements of Infosys Austria GMBH (“the Company”), which comprise
Basis for Opinion


the audit. We also:
864 | Infosys Austria GMBH Infosys Subsidiary Financials Report 2022-23

presentation.
For Shenoy & Kamath

Partner
UDIN : 23202841BGWLUO7876
Place: Bengaluru
Date: May 20, 2023

Balance Sheet
(In EUR)
As at December 31,
2022 2021
ASSETS
Non-current assets
Right-of-Use Asset 2.2 194,528 6,449
Deferred Tax Assets (net) 2.14 56,741 -
Total non - current assets 351,840 146,852
Current assets
Financial assets
Loans 2.6 – 838
Total assets 2,994,302 1,510,735
Equity
Total equity 177,191 356,161
LIABILITIES
Borrowings 2.10 62,810 18,172
Total non - current liabilities 343,655 141,108
Current liabilities
Borrowings 2.10 434,760 434,760
Trade payables 2.12 137,843 25,244
Other financial liabilities 2.11 1,626,158 387,635
Income tax liabilities (net) 2.14 1 2,099

As per our report of even date attached for and on behalf of the Board of Directors of Infosys Austria GmbH
for Shenoy & Kamath

M. Rathnakar Kamath Lilly Vasanthini Roberto Busin

Place: Bengaluru
Date: May 20, 2023

(In EUR)

2022 2021
Revenue from operations 2.15 1,806,115 479,674
Other income, net 2.16 5,277 1,224
Total income 1,811,392 480,899
Expenses
Cost of technical sub-contractors 2.17 801,156 236,825
Finance Costs 2.18 22,868 4,906
Cost of software packages and others 2.17 1,062,271 –
Communication expenses 2.17 7,974 7,065
Depreciation and amortization expense 2.2 & 2.1 30,102 3,817
Other expenses 2.17 51,786 36,916
Profit/(loss) before tax (235,711) 75,736
Tax expense
Deferred Tax 2.14 (56,741) 1,856
Profit/(loss) for the year (178,970) 73,880
Total comprehensive income/(loss) for the year (178,970) 73,880
for Shenoy & Kamath


Place: Bengaluru
Date: May 20, 2023

(In EUR)
Other Equity
Other
Reserves &
comprehensive Total equity
Surplus
Equity Share income attributable to
Particulars
Capital Other items equity holders of
of other the Company
Retained earnings
comprehensive
income
Balance as of January 1, 2021 80,000 202,281 – 282,281
Changes in equity for the year ended December 31, 2021 –
Profit/(Loss) for the year – 73,880 _ 73,880
Balance as of December 31, 2021 80,000 276,161 – 356,161
Changes in equity for the year ended December 31, 2022 – –
Profit/(Loss) for the year – (178,970) _ (178,970)
Balance as of December 31, 2022 80,000 97,191 – 177,191
for Shenoy & Kamath


Place: Bengaluru
Date: May 20, 2023

(In EUR)

2022 2021
Profit/ (loss) for the year (178,970) 73,880
Depreciation 2.1 & 2.2 30,102 3,817
Income tax expense 2.14 (56,741) 1,856
Finance cost 2.18 22,868 4,906
Interest income (5,277) –
Provision on net Investment in lease 502 –
Exchange differences on translation of assets and liabilities, net 28,005 –
Trade receivables (722,734) (158,049)
Loans, other financial assets and other assets (281,391) (662,944)
Other financial and other liabilities 1,351,588 614,030
Cash generated from / (used in) operations 300,551 (109,407)
Income tax paid 8,179 47,550
Net cash generated from /(used in) operating activities 292,371 (156,957)
Expenditure on property, plant and equipment – (6,644)
Net cash generated from/ (used in) investing activities – (6,644)
Lease payments (17,917) (3,824)
Net cash generated used in financing activities (17,917) (3,824)
Net increase/(decrease) in cash and cash equivalents 274,454 (167,425)
for Shenoy & Kamath


Place: Bengaluru
Date: May 20, 2023

Infosys Austria GmbH (“Infosys Austria” or “the Company”) is (1)
a wholly-owned subsidiary of Infosys Limited. The Company lives as given above best represent the period over which management
renders professional management consulting services, thereby expects to use these assets.
enabling its clients to enhance business performance.
The accounting year of the Company is from as capital advances under other non-current assets and the cost
to property, plant and equipment is capitalized only when
These special purpose consolidated financial statements are these will flow to the Company and the cost of the item can be
Company, Infosys Limited, under the requirements of Section 129 in the Statement of Profit and Loss when incurred. The cost
Accounting policies have been consistently applied except where The Company recognizes financial assets and financial liabilities
a newly issued accounting standard is initially adopted or a when it becomes a party to the contractual provisions of the
revision to an existing accounting standard requires a change in instrument. All financial assets and liabilities are recognized at
the accounting policy hitherto in use. fair value on initial recognition, except for trade receivables,
The Company’s presentation currency is Euro.
with Ind-AS requires the management to make estimates and 1.6.2 Subsequent measurement
(ii) Financial assets at Fair Value through Other Comprehensive
Income (FVOCI)
Property, plant and equipment are stated at cost, less flows and selling financial assets and the contractual terms of
accumulated depreciation and impairment, if any. Costs the financial asset give rise on specified dates to cash flows that
line method. The estimated useful lives of asset is as follows:

(iii) Financial assets at fair value through profit or loss 1.9 Foreign currency
A financial asset, which is not classified in any of the above Functional currency
categories are subsequently fair valued through profit or loss. The functional currency of the Company is the EUR.
(iv) Financial liabilities Transactions and translations

Financial liabilities are subsequently carried at amortized cost Foreign-currency denominated monetary assets and liabilities
using the effective interest method, except for contingent are translated into the relevant functional currency at exchange
consideration recognized in a business combination, which is rates in effect at the Balance Sheet date. The gains or losses
subsequently measured at fair value through profit and loss. resulting from such translations are included in the Statement
For trade and other payables maturing within one year from the of Profit and Loss and reported within exchange gains/(losses)
Balance Sheet date, the carrying amounts approximate fair value on translation of assets and liabilities. Non-monetary assets and
due to the short maturity of these instruments. non-monetary liabilities denominated in a foreign currency
1.7 Fair value of financial instruments prevalent at the date when the fair value was determined. Non-
In determining the fair value of its financial instruments, the monetary assets and non-monetary liabilities denominated in a
Company uses a variety of methods and assumptions that are foreign currency and measured at historical cost are translated
based on market conditions and risks existing at each reporting at the exchange rate prevalent at the date of the transaction.
date. The methods used to determine fair value include The related revenue and expense are recognized using
discounted cash flow analysis, available quoted market prices the same exchange rate.
expense, and cash-flow items denominated in foreign currencies
1.8 Impairment are translated into the relevant functional currencies using the
a. Financial assets exchange rate in effect on the date of the transaction.
Credit Loss (ECL) model for the financial assets and unbilled 1.10 Income taxes
revenues, which are not fair valued through profit or loss. Loss Income tax expense comprises current and deferred income tax.
allowance for trade receivables and unbilled revenues with no Income tax expense is recognized in net profit in the Statement
significant financing component is measured at an amount equal of Profit and Loss except to the extent that it relates to items
to lifetime ECL. For all other financial assets, expected credit recognized directly in equity, in which case it is recognized in
losses are measured at an amount equal to the 12-month ECL, Other Comprehensive Income. Current income tax for current
unless there has been a significant increase in credit risk from and prior periods is recognized at the amount expected to be
initial recognition in which case those are measured at lifetime paid to or recovered from the tax authorities, using the tax rates
ECL. The amount of expected credit losses (or reversal) that is and tax laws that have been enacted or substantively enacted by
required to adjust the loss allowance at the reporting date to the Balance Sheet date. Deferred income tax assets and liabilities
the amount that is required to be recognized is recognized as an are recognized for all temporary differences arising between the
impairment gain or loss in the Statement of Profit and Loss. tax bases of assets and liabilities and their carrying amounts in
the financial statements. Deferred tax assets are reviewed at each
b. Non-financial assets reporting date and are reduced to the extent that it is no longer
(i) Property, plant and equipment probable that the related tax benefit will be realized.
Property, plant and equipment are evaluated for recoverability Deferred income tax assets and liabilities are measured using
whenever events or changes in circumstances indicate that their tax rates and tax laws that have been enacted or substantively
carrying amounts may not be recoverable. For the purpose of enacted by the Balance Sheet date and are expected to apply to
impairment testing, the recoverable amount (i.e. the higher of taxable income in the years in which those temporary differences
the fair value less cost to sell and the value-in-use) is determined are expected to be recovered or settled. The effect of changes
on an individual asset basis unless the asset does not generate in tax rates on deferred income tax assets and liabilities is
cash flows that are largely independent of those from other recognized as income or expense in the period that includes
assets. In such cases, the recoverable amount is determined for the enactment or the substantive enactment date. A deferred
the Cash Generating Unit (CGU) to which the asset belongs. income tax asset is recognized to the extent that it is probable
If such assets are considered to be impaired, the impairment to that future taxable profit will be available against which the
be recognized in the Statement of Profit and Loss is measured by deductible temporary differences and tax losses can be utilized.
the amount by which the carrying value of the assets exceeds the The Company offsets current tax assets and current tax liabilities,
estimated recoverable amount of the asset. An impairment loss where it has a legally enforceable right to set off the recognized
is reversed in the Statement of Profit and Loss if there has been amounts and where it intends either to settle on a net basis, or to
a change in the estimates used to determine the recoverable realize the asset and settle the liability simultaneously.
revised recoverable amount, provided that this amount does not 1.11 Statement of Cash Flows

of a non-cash nature, any deferrals or accruals of past or future Computer
operating cash receipts or payments and item of income or Particulars Total
equipment
Accumulated depreciation on – –
deletions
Accumulated depreciation as of 1,842 1,842
1.12 Other income December 31, 2021
Other income is primarily the interest income and exchange gain Carrying value as of December 31, 5,694 5,694
/ loss on translation of other assets and liabilities. Interest Income 2021
is recognized using effective interest method. Carrying value as of January 1, 2021 – –
1.13 Borrowing cost 2.3 Other assets .

Borrowing cost are charged to the Statement of Profit and Loss in (In EUR)
the period in which they are incurred. As at December 31,
Particulars
2022 2021
Non-current
equipment for the year ended December 31, 2022 are as follows: Deferred contract cost (1) – 95,244
Investment in lease 50,661 –
(In EUR)
50,661 95,244
Computer
Particulars Total Current
equipment
Others
Gross carrying value as of January 7,536 7,536
1, 2022 Withholding taxes and 206,246 96,488
others
Additions – –
Deferred Contract cost (1) – 57,146
Deletions – –
Gross carrying value as of 7,536 7,536
December 31, 2022 Total Other Assets 256,907 248,878
Accumulated depreciation as of 1,842 1,842 (1)
January 1, 2022 as a part of transformation project which is not considered as distinct
Depreciation 1,329 1,329 goods or services and the control related to the assets is not transferred to
the Company in accordance with Ind-AS 115 - Revenue from contract with
Accumulated depreciation on – – customers. Accordingly, the same has been considered as a reduction
deletions to the total contract value and accounted as Deferred contract cost. The
Company has entered into a financing arrangement with a third party
Accumulated depreciation as of 3,171 3,171 for these assets which has been considered as financial liability. (Refer to
December 31, 2022 Note 2.11)
Carrying value as of December 31, 4,365 4,365
2022
(In EUR)
Carrying value as of January 1, 2022 5,694 5,694
As at December 31,
Particulars
2022 2021
Current
equipment for the year ended December 31, 2020 are as follows:
Unsecured
(In EUR) Considered good (1) 885,416 162,683
Computer Considered doubtful 7,282 25
Particulars Total
equipment
892,698 162,708
Gross carrying value as of January 892 892
Less: Allowances for credit 7,282 25
1, 2021
losses
Additions 6,644 6,644
Total Trade Receivables 885,416 162,683
Deletions – –
(1)
Gross carrying value as of 7,536 7,536 Company and other fellow

December 31, 2021 subsidiaries (refer note 2.19) -
Accumulated depreciation as of 892 892
January 1, 2021
Depreciation 950 950

2.5 Cash and Cash Equivalents to control the use of an identified asset, the Company assesses
(In EUR) whether: (i) the contract involves the use of an identified asset
Particulars As at December 31, from use of the asset through the period of the lease and (iii) the
2022 2021 Company has the right to direct the use of the asset.
Balances with banks At the date of commencement of the lease, the Company
In current accounts 811,689 537,235 recognizes a right-of-use asset (“ROU”) and a corresponding lease
Total cash and cash equivalents 811,689 537,235 liability for all lease arrangements in which it is a lessee, except
2.6 Loans and low value leases. For these short-term and low value leases,
(In EUR)
As at December 31,
Particulars Certain lease arrangements include the options to extend or
2022 2021 terminate the lease before the end of the lease term. ROU assets
Current and lease liabilities includes these options when it is reasonably
Other Loans
Loans to Employees – 838 The right-of-use assets are initially recognized at cost, which
Total Current Loans – 838
Total Loans – 838 of the lease plus any initial direct costs less any lease incentives.
2.7 Other financial assets depreciation and impairment losses.
(In EUR)
As at December 31, date on a straight-line basis over the shorter of the lease term
Particulars and useful life of the underlying asset. Right of use assets are
2022 2021
Current
Unbilled Revenue (1) 739,058 297,174 be recoverable. For the purpose of impairment testing, the
Others(1)(2) 53 212,320 recoverable amount (i.e. the higher of the fair value less cost to
Total Other Financial Assets 739,110 509,493
Financial assets carried at
(1)
739,110 509,493 largely independent of those from other assets. In such cases, the
amortized cost recoverable amount is determined for the Cash Generating Unit
(2)
Includes dues from Holding 53 – (CGU) to which the asset belongs.
subsidiaries (Refer to Note 2.19)
2.2 Leases not readily determinable, using the incremental borrowing rates
Accounting Policy in the country of domicile of these leases. Lease liabilities are
The Company as a lessee remeasured with a corresponding adjustment to the related right
The Company’s lease asset classes primarily consist of leases of use asset if the Company changes its assessment if whether it
for buildings. The Company assesses whether a contract will exercise an extension or a termination option.
contains a lease, at inception of a contract. A contract is, or Lease liability and ROU asset have been separately presented in
contains, a lease if the contract conveys the right to control the the Balance Sheet and lease payments have been classified as
use of an identified asset for a period of time in exchange for financing cash flows.
Following are the changes in the carrying value of right of use assets for the year ended December 31, 2022:
(In EUR)
Category of ROU asset Total

Particulars
Computer Buildings
Balance as of January 1, 2022 – 6,449 6,449
Additions 216,852 7,214 224,066
Deletion – – –
Depreciation (25,906) (10,081) (35,987)
Balance as of December 31, 2022 190,946 3,582 194,528

Following are the changes in the carrying value of right of use assets for the year ended December 31, 2021:
(In EUR)
Category of ROU asset Total

Particulars
Computer Buildings
Balance as of January 1, 2022 – 9,316 9,316
Depreciation – (2,867) (2,867)
Balance as of December 31, 2022 – 6,449 6,449
The break-up of current and non-current lease liabilities as at 2.8 Financial instruments
December 31, 2022 and December 31, 2021 is as follows: Financial instruments by category
(In EUR) The carrying value and fair value of financial instruments by
As at December 31,
Particulars
2022 2021 (In EUR)
Current lease liabilities 2,868 2,868 As at December 31,

Particulars
Non-current lease liabilities 211,515 3,356 2022 2021
Total 214,383 6,224 Assets:
Cash and cash equivalents (Refer 811,689 537,235
to Note 2.5)
The movement in lease liabilities during the years ended
December 31, 2022 and December 31, 2021 is as follows: Trade receivables (Refer to Note 885,416 162,683
2.4)
(In EUR) Loans (Refer to Note 2.6) – 838
For the year ended Other financial assets (Refer to 739,110 509,493
Particulars December 31, Note 2.7)(1)
2022 2021 Total 2,436,216 1,210,249
Balance at the beginning 6,224 10,048 Liabilities:
Additions 224,066 – Trade payables (Refer to Note 2.12) 137,843 25,244
Finance cost accrued during the 2,010 – Borrowings (Refer to Note 2.10) 497,571 452,932
period Other financial liabilities (Refer to 1,695,488 497,306
Payment of lease liabilities (17,917) (3,824) Note 2.11)
Balance at the end 214,383 6,224 Total 2,330,902 975,482
(1)
Excludes unbilled revenue on contracts where the right to consideration
is dependent on completion of contractual milestones
The details regarding the contractual maturities of lease
liabilities as at December 31, 2022 and December 31, 2021 on an All the above financial instruments are carried at amortized cost
undiscounted basis are as follows: and the carrying values approximates their fair value.
(In EUR) Financial risk management

As at December 31, Financial risk factors
Particulars
2022 2021 The Company’s activities expose it to a variety of financial risks:
Less than one year 124,905 2,868 credit risk and liquidity risk.
One to five years 99,525 3,356
Credit risk
Total 224,430 6,224 Credit risk refers to the risk of default on its obligation by the
receivables amounting to EUR 885,416 and EUR 162.683 as at
December 31, 2022 and December 31, 2021. Credit risk has always
been managed by the Company through credit approvals,
establishing credit limits and continuously monitoring the

creditworthiness of the customers to which the Company grants As at December 31,
credit terms in the normal course of business. The Company uses Particulars
the expected credit loss model to assess any required allowances; 2022 2021
and uses a provision matrix to compute the expected credit 434,760 434,760
loss allowance for trade receivables and unbilled revenues. This Total Borrowings 497,571 452,932
matrix takes into account credit reports and other related credit
information to the extent available. 2.11 Other financial liablities
Credit risk on cash and cash equivalents is limited as we (In EUR)
generally invest in banks with high credit ratings assigned by As at December 31,
credit rating agencies. Particulars
2022 2021
Liquidity risk Non-current
Liquidity risk is defined as the risk that the Company will not be Other payables (1)(3) 69,331 119,580
able to settle or meet its obligations on time. 69,331 119,580
The Company’s principal sources of liquidity are cash and cash Current
equivalents. The Company has taken loan from its related party
Others
to meet its working capital requirements.
Compensated absences – 9,909
Other payables (1)(2)(3) 1,626,158 377,726
had cash and cash equivalents of EUR 811,689 and EUR 537,235.
1,626,158 387,635
2.9 Equity Total financial liabilities 1,695,488 507,215
Equity share capital Financial liability carried at
(1) 1,695,488 497,306
amortized cost
(In EUR) (2)
As at December 31, Company and other fellow
Particulars subsidiaries (Refer note 2.19)
2022 2021
Authorized (3)
Deferred contract cost in note 2.3 includes technology assets taken over
Equity share capital, EUR 1 par 80,000 80,000 by the Company from a customer as a part of transformation project
which is not considered as distinct goods or services and the control
value
related to the assets is not transferred to the Company in accordance
80,000 (80,000) equity shares with Ind-AS 115 - Revenue from contract with customers. Accordingly,
the same has been considered as a reduction to the total contract value
Issued, Subscribed and Paid-Up – – and accounted as deferred contract cost. The Company has entered into a
Equity share capital, EUR 1 par financing arrangement with a third-party for these assets, which has been
considered as financial liability.
value
80,000 (80,000) equity shares 80,000 80,000
80,000 80,000 2.12 Trade payables
(In EUR)
As at December 31,
The details of shareholder holding more than 5% shares as at Particulars
2022 2021
Trade payables (1) 137,843 25,244
As at December 31, 137,843 25,244
2022 2021 Includes dues from Holding
(1)
– –
Infosys Limited 100% 100% Company and other fellow
subsidiaries
2.10 Borrowings
(In EUR) 2.13 Other liabilities
(In EUR)
As at December 31,
Non-current 2022 2021
Unsecured Loan from Fellow 62,810 18,172 Current

subsidiary (refer note 2.19) Unearned revenue - 61,229
62,810 18,172 Others
Current Withholding taxes and others 271,826 99,631
Unsecured Loan from Fellow 434,760 434,760 271,826 160,860
subsidiary (refer note 2.19)

2.14 Income taxes The gross movement in the current income tax asset/ (liability)
Income tax expense in the Statement of for the year ended are as follows:
Profit and Loss comprises:
(In EUR)
(In EUR) Years ended December 31,
Particulars
Years ended December 31, 2022 2021
Particulars
2022 2021 Net current income tax asset/ 37,366 (8,328)
Current taxes – 1,856 (liability) at the beginning
Deferred taxes (56,741) – Income tax paid 8,179 47,550
Income tax expense (56,741) 1,856 Current income tax expense – (1,856)
Net current income tax asset/ 45,545 37,366
computed by applying the statutory income tax rate to the 2.15 Revenue from operations
income before income taxes is as follows: (In EUR)
(In EUR) Years ended December 31,

Particulars
2022 2021
Particulars Income from software services 1,806,115 479,674
2022 2021
Total revenue from operation 1,806,115 479,674
Profit before income taxes (235,711) 75,736
Enacted tax rates in Austria 25.00% 25.00% 2.16 Other income
Computed expected tax expense (58,928) 18,934 (In EUR)
Effect of unrecognized deferred – (18,934) Years ended December 31,
tax assets Particulars
2022 2021
Tax Provision / Reversals – 1,856
Miscellaneous income, net 5277 1,224
Effective non-deductible expenses 2,364 –
Total other income 5,277 1,224
Others (177) –
Income tax expense (56,741) 1,856 2.17 Expenses
(In EUR)

The applicable Austria statutory tax rate for years ended Particulars
December 31, 2022 and December 31, 2021 is 25% each. 2022 2021
The details of income tax assets and income tax Employee benefit expenses
liabilities are as follows: Salaries including bonus 50,221 97,869
Contribution to provident and 397 145
(In EUR) other funds
As at December 31, Staff welfare 375 460
Particulars
2022 2021 50,992 98,473
Income tax assets 45,546 39,465 Other expenses
Current income tax liabilities 1 2,099 Cost of technical 801,156 236,825
Net current income tax assets/ 45,545 37,366 subcontractors
(liability) at the end Legal & Professional Charges 16,311 15,317
Communication Expenses 7,974 7,065
Cost of software packages and 1,062,271 –
others
Provision for post-sales client – 587
support and warranties
Exchange losses/ (gains) on 28,611 33,960
liabilities
Others 21,234 571
1,943,141 297,967

2.18 Finance costs
(In EUR)

Particulars
2022 2021
Interest expense on loan from fellow subsidiary 16,614 3,681
Others 6,254 1,224
Total finance costs 22,868 4,906


Name of Holding Companies
2021 2020

Mexico
Sweden
U.S.
India
U.S.
Saudi Arabia
Russia
Luxembourg
U.S.
India
Czech Republic
U.S.
U.S.
Switzerland
Switzerland
Romania
Infosys Consulting s.r.o. v likvidaci (formerly Infosys Consulting s.r.o.)(4 ) (38)
Czech Republic
U.K.
Argentina

U.S.
Panaya Ltd. (6)
Israel
U.K.
Brilliant Basics Limited(7) (27) U.K.
Singapore
Dubai
Sweden
Denmark
Singapore
South Africa
U.S.
WongDoody, Inc(10) (42) U.S.
HIPUS Co., Ltd (9)
Japan
Stater N.V. (9)
The Netherlands
The Netherlands
The Netherlands
Belgium
U.S.
Australia
Australia
Philippines
U.K.
Ireland
U.S.
Czech Republic
Germany
Hungary
U.K.
U.S.
U.S.

U.S.
U.S.
U.S.
iCiDIGITAL LLC(26) (44) U.S.
U.K.
Turkey
Infosys Germany Holding Gmbh(1) (29) Germany
Infosys Automotive and Mobility GmbH & Co. KG (1) (30)
Germany
(37)
Malaysia
Germany
oddity GmbH (49)
Germany
Taiwan
Germany
Germany
Germany
Canda
Switzerland
Denmark
U.K.
Itlay
U.S.
Germany
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)

(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
(25)
(26)
(27)
Under liquidation
(28)
(29)
(30)
(31)
(32)
(33)
(34)
(35)
(36)
(37)
(38)
(39)
(40)
(41)
(42)
(43)
(44)
(45)
(46)
(47)
(48)
(49)
(50)
(51)
(52)
(53)
(54)
(55)
(56)

(In EUR)
As at December 31,
Particulars
2022 2021
Trade receivable
159,520 98,169.93
Infosys Limited 53 212,320
53 212,320.00
Infosys Consulting Pte Ltd. 434,760
Infosys Automotive and Mobilit 160,981
Trade Payable 635,111 310,177
Infosys BPO Ltd. 20,104 –
56,492 –
Borrowings (1)
Infosys Consulting Pte Ltd. 62,810 452,932
62,810 452,932
(1)
The above loan was given in accordance with the terms and conditions of the loan agreement and carries an interest rate of 1.2% per annum.
(In EUR)
As at December 31,
Particulars
2022 2021
Infosys China 12,210 2,671
Infosys BPM limited 55,882 2,108
Infosys (Czech Republic) Ltd 61,885 8,634
679,784 97,634
Sale of services
Infosys Limited 61,350 98,169.93
61,350 98,169.93
Interest expense
Infosys Consulting Pte Ltd. 16,614 4,906
16,614 4,906

Ind-AS 108, Segment reporting the Chief Operating Decision Maker (CODM) evaluates the performance and allocates resources based on
the analysis of the performance of the Company as a whole. Its operations are, therefore, considered to constitute a single segment in the
context of Ind-AS 108.

(In EUR)
As at December 31,
Particulars
2022 2021
Current
Less: Allowance for expected credit loss 7,282 25
Trace Receivable considered good - Unsecured 885,416 162,683
Total trade receivables 885,416 162,683
(In EUR)

Particulars Not Due Less than 6 6 months - 1 More than 3
months year years
Undisputed Trade receivables (282,150) 983,709 156,248 48,693 (13,802) – 892,698
– considered good
32,373 152,630 (9,398) (12,897) – – 162,708
– credit impaired
25
162,683
2.22Trade payables
(In EUR)
As at December 31,
Particulars
2022 2021
Trade payables (1) 137,843 25,244
(1)

(In EUR)

Particulars Not Due Less than 1 More than 3
year years
Others 49,426.55 80,212 8,205 – – 137,843
– – 25,244 – – 25,244
Total trade payables 49,426.55 80,212 8,205 – – 137,843
Total trade payables – – 25,244 – – 25,244
2.23 Ratios
March 31, March 31,

2023 2022
Debt – Equity Ratio Total Debt (represents lease Shareholder’s Equity 1.21 0.02 6823.5%*
liabilities) (1)
Debt Service Coverage Ratio Earnings available for debt Debt Service(3) (7.03) 21.60 (132.6%)**
service(2)
Return on Equity (ROE) Net Profits after taxes Average Shareholder’s (0.67) 0.23 (390.0%)***
Equity
Trade receivables turnover Revenue Average Trade Receivable 3.45 5.73 (39.9%)****
ratio
Trade payables turnover ratio Purchases of services and other Average Trade Payables 23.83 15.91 49.8%#
expenses
Net capital turnover ratio Revenue Working Capital 10.69 1.37 680.7%##
Net profit ratio Net Profit Revenue (0.13) 0.16 (182.7%)###
Return on capital employed Earning before interest and taxes Capital Employed(4) (0.64) 0.22 (385.7%)####
(ROCE)
(1)
(2)
(3)
(4)
*
Debt Equity ratio has increased due to increase in lease liability.
**
Debt service coverage ratio has decreased due to increase in losses.
***
Return on Equity ratio has decreased due to increase in losses.
****
Trade receivables turnover ratio ratio has decreased due to increase in revenue.
#
Trade payable turnover ratio ratio has increased due to increase in purchase of services.
##
Net capital turnover ratio ratio has increased due to increase in revenue.
###
Net profit ratio has decreased due to increase in losses.
####
Return on capital employed has decreased due to increase in losses.

Infosys Financial Services GmbH
To the Members of Infosys Financial Services GmbH

Opinion
We have audited the accompanying special purpose financial statements of Infosys Financial Services GmbH (“the Company”), which
Basis for Opinion


the audit. We also:
886 | Infosys Financial Services GmbH Infosys Subsidiary Financials Report 2022-23
presentation.
For Shenoy & Kamath

Partner
UDIN : 23202841BGWLUS7026
Place: Bengaluru
Date : May 20, 2023
Infosys Subsidiary Financials Report 2022-23 Infosys Financial Services GmbH | 887
Balance Sheet
In ₹
Particulars Note No. As at December 31

2022 2021
ASSETS
Non-current assets
Property, plant and equipment 2.1 2,41,410 921
Total non - current Assets 2,41,410 921
Current assets
Financial assets
Total Assets 77,18,80,225 73,44,27,216
Equity
Other equity (1,12,03,204) (1,38,29,362)
Total equity (93,90,454) (1,20,16,612)
LIABILITIES
Current liabilities
Trade payables 2.7 67,50,14,137 64,71,69,705
Other liabilities 2.9 8,79,32,562 8,75,69,707
As per our report of even date attached for for and on behalf of Board of Directors of Infosys Financial Services
GmbH
Shenoy & Kamath
M. Rathnakar Kamath David Binny Atul Mayadeo

Place: Bengaluru
Date: May 20, 2023
In ₹

2022 2021
Other income, net 2.12 27,58,603 –
Total income 11,32,91,942 8,71,34,971
Expenses
Cost of technical sub-contractors – 1,18,55,946
Depreciation expense 2.1 1,09,046 –
Other expenses 2.13 9,43,667 10,81,273
Total expenses 11,04,23,330 8,46,24,382
Tax expense:
Current tax 2.10 – –
Exchange differences on translation (2,42,453) 6,93,779
Total other comprehensive income / (loss), net of tax (2,42,453) 6,93,779
Equity shares of par value € 25,000/- each
Basic & Diluted 2,626,158 3,204,368
Number of shares used in computing earning per share
Basic & Diluted 1 1
GmbH
Shenoy & Kamath

Place: Bengaluru
Date: May 20, 2023
In ₹
Other Equity
Other Total equity
Reserves & Surplus Comprehensive attributable to
Equity Share
Particulars Income equity holders
Capital
Exchange of the Company
Securities Retained
Difference on
premium earnings
Translation
Balance as of January 1, 2021 18,12,750 5,21,612 (1,04,58,476) (70,96,866) (1,52,20,980)
Profit for the year – – 25,10,589 – 25,10,589
Exchange differences on translation – – – 6,93,779 6,93,779
Balance as of December 31, 2021 18,12,750 5,21,612 (79,47,887) (64,03,087) (1,20,16,612)
Profit for the year – – 28,68,611 – 28,68,611
Exchange differences on translation – – – (2,42,453) (2,42,453)
Balance as of December 31, 2022 18,12,750 5,21,612 (50,79,276) (66,45,540) (93,90,454)
GmbH
Shenoy & Kamath

Place: Bengaluru
Date: May 20, 2023
Statements of Cash Flows In ₹
Particulars Years ended December 31

2022 2021
Depreciation 1,09,046 –
Other adjustments (2,04,889) 60
Exchange differences on translation of assets and liabilities (2,42,453) 6,93,779
Trade receivables (2,65,11,782) 5,07,98,404
Other financial assets and other assets 24,89,219 1,17,49,220
Trade payables 2,78,44,433 (3,03,47,460)
Other financial liabilities and other liabilities 69,82,418 2,37,26,486
Expenditure on property, plant and equipment (1,44,646) –
Net cash from investing activities (1,44,646) –
Net cash from financing activities – –
Effect of exchange differences on translation of foreign currency cash and cash equivalents
Net increase in cash and cash equivalents 1,31,89,958 5,91,31,078
Cash and cash equivalents at the beginning of the year 9,04,59,945 3,13,28,867
Cash and cash equivalents at the end of the year 10,36,49,902 9,04,59,945
GmbH
Shenoy & Kamath

Place: Bengaluru
Date: May 20, 2023
Company overview and collection is reasonably assured. If uncertainties exist,
revenue is recognized when the uncertainties are resolved.
Infosys Financial Services GmbH (“the Company”) (formerly
known as Panaya GmbH) is a wholly-owned subsidiary of Panaya Effective January 1, 2019, the Company adopted Ind-AS 115
Inc., USA. The Company develops and markets solutions for “Revenue from Contracts with Customers” using the cumulative
ERP systems, by identifying the changes on the ERP system catch-up transition method, applied to contracts that were
through automated analysis. not completed as at January 1, 2019. In accordance with the
cumulative catch-up transition method, the comparatives have
not been retrospectively adjusted. The following is a summary
of new and/or revised significant accounting policies related to
1.1 Accounting year revenue recognition.
The accounting year of the Company is from January 1 to December
31. Revenue is recognized upon transfer of control of promised
1.2 Basis of preparation of financial statements products or services to customers in an amount that reflects
These special purpose financial statements are prepared products or services.
for inclusion in the Annual Report of the holding Company
Infosys Limited under the requirements of Section 129 (3) of Revenue from fixed-price, fixed-timeframe contracts, where
the Companies Act 2013. the performance obligations are satisfied over time and where
These financial statements are prepared in accordance with of consideration, is recognized as per the percentage-
Indian Accounting Standards (Ind-AS) under the historical cost of-completion method.
Section 133 of the Act read with Rule 3 of the Companies (Indian When there is uncertainty as to measurement or ultimate
Accounting Standards) Rules, 2015 and relevant amendment collectability, revenue recognition is postponed until such
rules issued thereafter. uncertainty is resolved. Efforts or costs expended have been
used to measure progress towards completion as there is a direct
Accounting policies have been consistently applied except where relationship between input and productivity.
a newly issued accounting standard is initially adopted or a
revision to an existing accounting standard requires a change in Revenue from licenses where the customer obtains a “right to
the accounting policy hitherto in use. use” the licenses is recognized at the time the license is made
1.3 Presentation currency customer obtains a “right to access” is recognized over the
The Company’s presentation currency is the Indian Rupee. access period. Arrangements to deliver software products
1.4 Use of estimates generally have three elements: license, implementation, and
The preparation of the financial statements in conformity principles under Ind-AS 115 to account for revenues from these
with Ind-AS requires the Management to make estimates performance obligations. When implementation services are
and assumptions that affect the accounting policies and provided in conjunction with the licensing arrangement and the
reported balances of assets and liabilities and disclosures license and implementation have been identified as two separate
relating to contingent liabilities as at the date of the performance obligations, the transaction price for such contracts
financial statements and reported amounts of revenues and are allocated to each performance obligation of the contract
expenses during the period. based on their relative standalone selling prices. In the absence
Accounting estimates could change from period to period. Actual of standalone selling price for implementation, the performance
results could differ from those estimates. Appropriate changes obligation is estimated using the expected cost-plus margin
in estimates are made as the Management becomes aware of approach. Where the license is required to be substantially
changes in circumstances surrounding the estimates. Changes in customized as part of the implementation service the entire
estimates are reflected in the financial statements in the period arrangement fee for license and implementation is considered
in which changes are made and, if material, their effects are to be a single performance obligation and the revenue is
disclosed in the notes to the financial statements. recognized using the percentage-of-completion method as the
implementation is performed. Revenue from client training,
Examples of such estimates allowance for credit losses, future support and other services arising due to the sale of software
obligations under employee benefit plans, income taxes, and the products is recognized as the performance obligations are
useful lives of property, plant and equipment. satisfied. ATS revenue is recognized ratably over the period in
which the services are rendered.
The Company derives its revenue principally from the sale of its Deferred Contract Cost
ERP systems analysis services including activation and monthly Deferred contract costs are incremental costs of obtaining a
service fees. Revenues from services are recognized as services contract, which are recognized as assets and amortized over the
are performed or on a straight-line basis if service is ongoing. term of the contract.
Revenue is recognized provided that arrangement (usually in the
form of a purchase order) exists, the fee is fixed and determinable
Contract Modification 1.8 Financial instruments
Contract modifications are accounted for when additions, 1.8.1 Initial recognition
deletions or changes are approved either to the contract scope The Company recognizes financial assets and financial liabilities
or contract price. The accounting for modifications of contracts when it becomes a party to the contractual provisions of the
involves assessing whether the services added to an existing instrument. All financial assets and liabilities are recognized at
contract are distinct and whether the pricing is at the standalone fair value on initial recognition, except for trade receivables,
selling price. Services added that are not distinct are accounted which are initially measured at transaction price. Transaction
for on a cumulative catch-up basis, while those that are distinct costs that are directly attributable to the acquisition or issue
are accounted for prospectively, either as a separate contract, if of financial assets and financial liabilities, which are not at fair
the additional services are priced at the standalone selling price, value through profit or loss, are added to the fair value on initial
or as a termination of the existing contract and creation of a new recognition. Regular way purchase and sale of financial assets are
contract if not priced at the standalone selling price. accounted at trade date.
Tax 1.8.2 Subsequent measurement

The Company presents revenues net of indirect taxes in its Non-derivative financial instruments
1.6 Provisions A financial asset is subsequently measured at amortized cost if
it is held within a business model whose objective is to hold the
asset in order to collect contractual cash flows. The contractual
is reasonably estimable, and it is probable that an outflow of
income
1.7 Property, plant and equipment other comprehensive income, if it is held within a business model
cash flows and selling financial assets. The contractual terms
of the financial asset give rise on specified dates to cash flows
attributable to acquisition are capitalized until the property,
A financial asset, which is not classified in any of the above
categories, is subsequently fair valued through profit or loss.
Computer equipment 3-5 years
Furniture and fixtures 5 years (iv) Financial liabilities
Depreciation methods, useful lives and residual values are reviewed cost using the effective interest method. For trade and other
periodically, including at each financial year end.
Based on technical evaluation, the Management believes
that the useful lives as given above best represent the period
over which the Management expects to use these assets.
Hence, the useful lives for these assets is different from the
useful lives as prescribed under Part C of Schedule II of the
Companies Act, 2013. In determining the fair value of its financial instruments, the
Advances paid towards the acquisition of property, plant and based on market conditions and risks existing at each reporting
equipment outstanding at each Balance Sheet date is classified date. The methods used to determine fair value include
as capital advances under other non-current assets and the cost discounted cash flow analysis, available quoted market prices
of assets not put to use before such date are disclosed under and dealer quotes. All methods of assessing fair value result
‘Capital work-in-progress’. Subsequent expenditures relating in general approximation of value, and such value may never
to property, plant and equipment is capitalized only when actually be realized.
these will flow to the Company and the cost of the item can be 1.10 Impairment
a. Financial assets
The cost and related accumulated depreciation are eliminated The Company recognizes loss allowances using the expected
from the financial statements upon sale or retirement of the credit loss (ECL) model for the financial assets, which are not
asset and the resultant gains or losses are recognized in the fair-valued through profit or loss. Loss allowance for trade
Statement of Profit and Loss. receivables with no significant financing component is measured
at an amount equal to lifetime ECL. For all other financial assets, Transaction gains or losses realized upon settlement of foreign
expected credit losses are measured at an amount equal to currency transactions are included in determining net profit
the 12-month ECL, unless there has been a significant increase for the period in which the transaction is settled. Revenue,
in credit risk from initial recognition in which case those are expense and cash-flow items denominated in foreign currencies
measured at lifetime ECL. The amount of expected credit losses are translated into the relevant functional currencies using the
(or reversal) that is required to adjust the loss allowance at the exchange rate in effect on the date of the transaction.
The translation of financial statements from functional currency
date and for revenue, expense and cash-flow items using the
(i) Property, plant and equipment average exchange rate for the respective periods. The gains or
Property, plant and equipment are evaluated for recoverability losses resulting from such translation are included in exchange
whenever events or changes in circumstances indicate that their differences on translation under other components of equity.
impairment testing, the recoverable amount (i.e. the higher of 1.13 Income taxes
the fair value less cost to sell and the value-in- use) is determined Income tax expense comprises current and deferred income tax.
on an individual asset basis unless the asset does not generate Income tax expense is recognized in net profit in the Statement
cash flows that are largely independent of those from other of Profit and Loss, except to the extent that it relates to items
assets. In such cases, the recoverable amount is determined for recognized directly in equity, in which case it is recognized in
the CGU to which the asset belongs. Other Comprehensive Income. Current income tax for current
If such assets are considered to be impaired, the impairment to and previous periods is recognized at the amount expected to be
be recognized in the Statement of Profit and Loss is measured by paid to or recovered from the tax authorities, using the tax rates
the amount by which the carrying value of the assets exceeds the and tax laws that have been enacted or substantively enacted by
estimated recoverable amount of the asset. An impairment loss the Balance Sheet date. Deferred income tax assets and liabilities
is reversed in the Statement of Profit and Loss if there has been are recognized for all temporary differences arising between the
a change in the estimates used to determine the recoverable tax bases of assets and liabilities, and their carrying amounts in
amount. The carrying amount of the asset is increased to its the financial statements. Deferred tax assets are reviewed at each
(net of any accumulated amortization or depreciation) had no Deferred income tax assets and liabilities are measured using
impairment loss been recognized for the asset in prior years. tax rates and tax laws that have been enacted, or substantively
enacted by the Balance Sheet date, and are expected to apply to
1.11 Employee Benefits taxable income in the years in which those temporary differences
Compensated absences are expected to be recovered or settled. The effect of changes
The Company has a policy on compensated absences, which in tax rates on deferred income tax assets and liabilities is
method on the additional amount expected to be paid or availed deductible temporary differences and tax losses can be utilized.
Balance Sheet date. Expense on non-accumulating compensated where it has a legally enforceable right to set off the recognized
absences is recognized in the period in which the absences occur. amounts and where it intends either to settle on a net basis, or to
1.12 Foreign currency In assessing the realizability of deferred income tax assets,
Functional currency management considers whether some portion or all of the
The functional currency of the Company is the EURO. deferred income tax assets will not be realized. The ultimate
realization of deferred income tax assets is dependent upon the
Foreign-currency denominated monetary assets and liabilities the temporary differences become deductible. Management
are translated into the relevant functional currency at exchange considers the scheduled reversals of deferred income tax
rates in effect at the Balance Sheet date. The gains or losses liabilities, projected future taxable income and tax planning
resulting from such translations are included in net profit in strategies in making this assessment. Based on the level of
the Statement of Profit and Loss. Non-monetary assets and historical taxable income and projections for future taxable
non-monetary liabilities denominated in a foreign currency income over the periods in which the deferred income tax assets
and measured at fair value are translated at the exchange rate are deductible, management believes that the Company will
prevalent at the date when the fair value was determined. Non- realize the benefits of those deductible differences. The amount
monetary assets and non-monetary liabilities denominated in a of the deferred income tax assets considered realizable, however,
foreign currency and measured at historical cost are translated at could be reduced in the near term if estimates of future taxable
the exchange rate prevalent at the date of the transaction. income during the carry forward period are reduced.
investing or financing cash flows. The cash flows from operating, investing, and financing activities of the Company are segregated.
1.15 Other income

The Company has adopted Appendix B to Ind-AS 21, Foreign Currency Transactions and Advance Consideration, which clarifies the
date of transaction for the purpose of determining the exchange rate to use on initial recognition of the related asset, expense or
income when an entity has received or paid advance consideration in a foreign currency. The effect on account of adoption of this
amendment was insignificant.

Basic earnings per share is computed by dividing the net profit after tax by the weighted average number of equity shares

In ₹

Particulars Total
equipment fixtures
Gross carrying value as of January 1, 2022 22,24,341 1,07,002 23,31,343
Additions 1,39,665 4,980 1,44,646
Translation Differences – – –
Gross carrying value as of December 31, 2022 23,64,006 1,11,982 24,75,988
Accumulated depreciation as of January 1, 2022 (22,23,672) (1,06,749) (23,30,421)
Depreciation (1,00,812) (8,234) (1,09,046)
Accumulated depreciation on deletions – – –
Translation Differences 2,01,623 3,265 2,04,889
Accumulated depreciation as of December 31, 2022 (21,22,861) (1,11,717) (22,34,578)
Carrying value as of December 31, 2022 2,41,146 264 2,41,410
Carrying value as of January 1, 2022 669 253 921
In ₹

Particulars Total
equipment fixtures
Gross carrying value as of January 1, 2021 23,70,130 1,14,015 24,84,145
Additions – – –
Translation Differences (1,45,789) (7,013) (1,52,802)
Gross carrying value as of December 31, 2021 22,24,341 1,07,002 23,31,343
Accumulated depreciation as of January 1, 2021 (23,69,418) (1,13,745) (24,83,163)
Depreciation – – –
Accumulated depreciation on deletions – – –
Translation Differences 1,45,745 6,997 1,52,742
Accumulated depreciation as of December 31, 2021 (22,23,672) (1,06,749) (23,30,421)
Carrying value as of December 31, 2021 669 253 921
Carrying value as of January 1, 2021 713 269 982
In ₹
As at December 31,
Particulars
2022 2021
Current
Unsecured
Considered good (1) 59,61,09,294 56,95,97,513
Total trade receivables 59,61,09,294 56,95,97,513
(1)
Includes dues from related parties (Refer to Note2.15) 59,61,09,294 56,95,97,513

In ₹

Particulars Not Due Less than 6 months - 1 More than Total
1-2 years 2-3 years
6 months year 3 years
Undisputed Trade receivables – considered – – 596,109,294 – – – 596,109,294
good
Undisputed Trade receivables – credit – – – – – – –
impaired
– – 596,109,294 – – – 596,109,294
Total trade receivables(1) 596,109,294
In ₹

Particulars Not Due Less than 6 months - 1 More than 3 Total
1-2 years 2-3 years
6 months year years
Undisputed Trade receivables – considered – – 569,597,513 – – – 569,597,513
good
Undisputed Trade receivables – credit – – – – – – –
impaired
– – 569,597,513 – – – 569,597,513
Total trade receivables (1) 569,597,513

In ₹
As at December 31
Particulars
2022 2021
Balances with banks
In current accounts 10,36,49,902 9,04,59,945
Total Cash and Cash equivalents 10,36,49,902 9,04,59,945

In ₹
As at December 31,
Particulars
2022 2021
Current
Others (1) 7,06,20,141 7,38,49,297
Total current other financial assets 7,06,20,141 7,38,49,297
Financial assets carried at amortized cost 7,06,20,141 7,38,49,297
(1)
Includes dues from related parties (Refer to Note no. 2.15) 7,06,20,141 7,38,49,297
2.5 Other assets
In ₹
As at December 31,
Particulars
2022 2021
Current
2.6 Equity
In ₹
As at December 31,
Particulars
2022 2021
Authorized
Equity share capital (1 Equity share of par value € 25,000 each) 18,12,750 18,12,750
Issued, Subscribed and Paid-Up (wholly owned by Panaya Inc.)
Equity share capital (1 Equity share of par value € 25,000 each) 18,12,750 18,12,750
Total Equity share capital 18,12,750 18,12,750
The details of shareholder holding more than 5% shares are follows:

As at December 31
2022 2021
Panaya Inc 100% 100%
2.7 Trade Payables

In ₹
As at December 31,
Particulars
2022 2021
Trade payables (1) 67,50,14,137 64,71,69,705
(1)
Includes dues to related parties (Refer to Note no. 2.15) 67,46,02,529 64,71,69,705

In ₹

Particulars Not Due Less than 1 More than 3
year years
Others – 675,014,137 – – – 675,014,137
In ₹

1-2 years 2-3 years
year years
Others – 647,169,705 – – – 647,169,705
2.8 Other financial liabilities 2.11 Revenue from operations
In ₹ In ₹
As at December 31, Years ended December 31

2022 2021 2022 2021
Current Revenue from 11,05,33,338 8,71,34,971
Accrued compensation to 1,22,97,143 67,11,686 products and platforms
employees(1) Total revenue from operations 11,05,33,338 8,71,34,971
Accrued expenses(1) 14,75,992 14,10,348
The company classifies the right to consideration in exchange for
Other Payables(1) – – deliverables as either a receivable or as unbilled revenue.
Total current other 1,83,23,980 1,17,04,416 Revenue recognition for fixed price development contracts is
financial liabilities based on percentage of completion method. Invoicing to the
(1)
Financial liability 1,37,73,135 81,22,034 clients is based on milestones as defined in the contract. This
carried at amortized cost would result in the timing of revenue recognition being different
from the timing of billing the customers.
2.9 Other liabilities Trade receivables are presented net of impairment
In ₹ in the Balance Sheet.
As at December 31, During the year ended December 31, 2022, the Company
Particulars recognized revenue of ₹ 4,19,34,654 arising from opening
2022 2021
Current
Withholding and other taxes 9,51,645 5,50,029 Performance obligations and remaining performance
payable obligations
Unearned revenue 8,69,80,917 8,70,19,678 The remaining performance obligation disclosure provides the
Total current other liabilities 8,79,32,562 8,75,69,707 aggregate amount of the transaction price yet to be recognized
as at the end of the reporting period and an explanation as to
2.10 Income taxes when the Group expects to recognize these amounts in revenue.
Income tax expense in the statement of profit and loss comprises: Applying the practical expedient as given in Ind-AS 115, the
In ₹ Group has not disclosed the remaining performance obligation
As at December 31, corresponds directly with the value to the customer of the
Particulars
2022 2021 entity’s performance completed to date, typically those contracts
Current taxes – – where invoicing is on time and material basis. Remaining
Deferred taxes – –
Income tax expense – – in the scope of contracts, periodic revalidations, adjustment for
revenue that has not materialized and adjustments for currency.
computed by applying the statutory income tax rate to the income The aggregate value of performance obligations that are
before income taxes is as follows: completely or partially unsatisfied as at December 31, 2022, other
In ₹ than those meeting the exclusion criteria mentioned above, is
₹86,980,917. Out of this, the Group expects to recognize revenue
As at December 31,
Particulars of around 66% within the next one year and the remaining
2022 2021 thereafter. The contracts can generally be terminated by the
Profit before income taxes 28,68,611 25,10,589 customers and typically includes an enforceable termination
penalty payable by them.
Enacted tax rates in Germany 32.50% 32.50%
Computed expected tax expense 9,32,299 8,15,941 Disaggregate revenue information
Effect of unrecognized (9,32,299) (8,15,941) The disaggregated revenues from contracts with customers for
deferred tax assets the years ended December 31, 2022 and December 31, 2021 by
Income tax expense – – geography are as follows.
The applicable statutory tax rate in Germany for years ending In ₹
December 31, 2022 and December 31, 2021 is 32.50%.
Particulars
2022 2021
Revenues by geography (1)
EMEA 11,05,33,338 8,71,34,971

Total Revenue 11,05,33,338 8,71,34,971
(1)
Geographical revenue is based on the domicile of customer
2.12 Other income All the above financial instruments are carried at amortized cost
In ₹ and the carrying values approximates their fair value.

Particulars Financial risk management
2022 2021
Exchange gain/(loss) of – –
The Group’s activities expose it to a variety of financial risks:
market risk, credit risk and liquidity risk. The Group’s primary
Others 27,58,603 – focus is to foresee the unpredictability of financial markets
Total other income 27,58,603 – and seek to minimize potential adverse effects on its financial
performance. The primary market risk to the Group is foreign
2.13 Expenses exchange risk. The Group uses derivative financial instruments
In ₹
to mitigate foreign exchange related risk exposures. The Group’s
exposure to credit risk is influenced mainly by the individual
Years ended December 31 characteristic of each customer and the concentration of risk
Particulars
2022 2021 from the top few customers.
Credit risk
Salaries, including bonus 10,02,22,664 6,82,10,433
Staff welfare 3,58,085 1,13,190 counterparty resulting in a financial loss. The maximum exposure
Total employee benefit expenses 10,05,80,749 6,83,23,622 to the credit risk at the reporting date is primarily from trade
receivables amounting to ₹ 596,109,294 and ₹ 569,597,513 as of
In ₹ December 31, 2022 and December 31, 2021, respectively. Trade
Years ended December 31 receivables are typically unsecured and are derived from revenue
Particulars earned from customers primarily located in the EMEA region.
2022 2021 Credit risk has always been managed by the Company through
Other expenses credit approvals, establishing credit limits and continuously
Repairs and Maintenance – 39,508 monitoring the creditworthiness of customers to which the
Company grants credit terms in the normal course of business.
Brand and Marketing 1,45,876 2,61,660 On account of adoption of Ind-AS 109, the Company uses
Operating lease payments – 35,702 expected credit loss model to assess the impairment loss or gain.
Rates and taxes 3,103 6,976 The Company uses a provision matrix to compute the expected
credit loss allowance for trade receivables and unbilled revenues.
Insurance 1,48,728 2,06,596 The provision matrix takes into account available external and
Others 6,45,960 5,30,832 internal credit risk factors such as credit default swap quotes,
Total other expenses 9,43,667 10,81,273 credit ratings from international credit rating agencies and the
Company’s historical experience for customers.
The following table gives details in respect of percentage of
2.14 Financial instruments revenues generated from top customer and top five customers:
in %
The carrying value of financial instruments as of December 31, 2022
and December 31, 2021 were as follows: Years ended December 31,
In ₹ Particulars
2022 2021
Carrying value as on Revenue from top customer 13.5% 15.5%
Particulars December 31
Revenue from top five customers 52.7% 53.7%
2022 2021
Assets: Credit risk exposure
Cash and cash equivalents 10,36,49,902 9,04,59,945 The allowance for lifetime expected credit loss on customer
(Refer to Note No. 2.3) balances for the years ended December 31, 2022 and December
59,61,09,294
31, 2021 was nil and nil, respectively.
Trade receivables 56,95,97,513
Other financial assets 7,06,20,141 7,38,49,297 invest in deposits with banks and financial institutions with
(Refer to Note No. 2.4) high credit ratings assigned by international and domestic
Total 77,03,79,337 73,39,06,755
Liabilities:
Trade payables 67,50,14,137 64,71,69,705
Other financial liabilities 1,37,73,135 81,22,034
Total 68,87,87,273 65,52,91,739
Liquidity risk
The Company’s principal sources of liquidity are cash and cash equivalents.
As of December 31, 2021, the Company had a working capital of ₹ - 96,31,864 including cash and cash equivalents of ₹ 10,36,49,902. As of
December 31, 2021, the Company had a working capital of ₹ -1,20,17,534 including cash and cash equivalents of ₹ 9,04,59,947.
As of December 31, 2022 and December 31, 2021, the outstanding compensated absences were ₹ 45,50,844 and ₹ 35,82,382 respectively.
The details regarding the contractual maturities of significant financial liabilities as of December 31, 2022 are as follows:
In ₹
Trade payables 67,50,14,137 – – – 67,50,14,137
Other financial liabilities 1,37,73,135 – – – 1,37,73,135
The details regarding the contractual maturities of significant financial liabilities as of December 31, 2021 are as follows:
In ₹
Trade payables 64,71,69,705 – – – 64,71,69,705


Sweden
China
India
Austria
U.S.
Chile
Brazil
Russia
U.S.
U.S.
Czech Republic
Poland
Australia
U.S.
Australia
Switzerland
Romania
Czech Republic
The Netherlands
U.S.
Panaya Ltd. (6)
Israel
U.K.
Singapore
Fluido Oy (8)
Finland
Sweden
Denmark
Slovakia
U.S.
HIPUS Co., Ltd (9)
Japan
Stater N.V. (9)
The Netherlands
The Netherlands
HypoCasso B.V. (12)
The Netherlands
Belgium
Germany
Canada
Australia
Philippines
Ireland
Bulgaria
U.S.
Czech Republic
Finland
Poland
U.S.
U.S.
U.S.
U.S.
U.K.
Germany
Germany
(37)
Malaysia
Qatar
China
Germany
Germany
Germany
Germany
Switzerland
Germany
France
U.K.
U.S.
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
(25)
(26)
(27)
Under liquidation
(28)
(29)
(30)
(31)
(32)
(33)
(34)
(35)
(36)
(37)
(38)
(39)
(40)
(41)
(42)
(43)
(44)
(45)
(46)
(47)
(48)
(49)
(50)
(51)
(52)
(53)
(54)
(55)
(56)
In ₹
As at December 31
Particulars
2022 2021
Trade receivables
Panaya Ltd 59,61,09,294 56,95,97,513
59,61,09,294 56,95,97,513
Panaya Ltd 7,06,20,141 7,38,49,297
7,06,20,141 7,38,49,297
Trade payables
Panaya Ltd. 67,46,02,529 64,71,69,705
67,46,02,529 64,71,69,705
The details of the related parties transactions entered into by the Company, for the years ended December 31, 2022 and December 31, 2021 are
as follows:
In ₹
As at December 31
Particulars
2022 2021
Panaya Ltd. – 1,18,55,946
– 1,18,55,946
Sale of services
Panaya Ltd 27,58,603 –
27,58,603 –

The Company is engaged in developing and marketing solutions in a single geography. Based on the management approach as defined in Ind-
AS 108, Segment Reporting, the Chief Operating Decision Maker (CODM) evaluates the performance and allocates resources based on analysis
of performance of the Company as a whole. Its operations are, therefore, considered to constitute a single segment in the context of Ind-AS 108,
Segment Reporting.
2.17 Ratios
Particulars Numerator Denominator December, 2022 December, 2021 Variance

Return on Equity (ROE) Net Profits after taxes Average -26.8% -18.4% -8.4%
Shareholder’s Equity
Trade receivables turnover ratio Revenue Average Trade 0.2 0.1 29.5% *
Receivable
Trade payables turnover ratio Purchases of services Average Trade 0.0 0.0 -40.2% **
Net capital turnover ratio Revenue Working Capital -11.5 -7.3 58.3% ***
Net profit ratio Net Profit Revenue 2.6% 2.9% -0.3%
Return on capital employed (ROCE) Earning before Capital Employed(1) -30.5% -21.0% -9.6%
interest and taxes
(1)
* Revenue growth has resulted in an improvement in the ratio.
** Reduction in the expenses has resulted in an improvement in the ratio.
*** Revenue growth along with higher efficiency on working capital improvement has resulted in an improvement in the ratio
Infosys South Africa (Pty) Ltd
Infosys Subsidiary Financials Report 2022-23 Infosys South Africa (Pty) Ltd | 905
To the Members of Infosys South Africa (Pty) Ltd

Opinion
We have audited the accompanying special purpose financial statements of Infosys South Africa (Pty) Ltd (“the Company”), which
statements gives a true and fair view in conformity with the basis of preparation referred to in Section 1.2 of the special purpose financial
Basis for Opinion


the audit. We also:
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide
a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from
906 | Infosys South Africa (Pty) Ltd Infosys Subsidiary Financials Report 2022-23
For Shenoy & Kamath

M Rathnakar Kamath
Partner
UDIN : 23202841BGWLUK3578
Place: Bengaluru
Date: May 20, 2023
Balance Sheet (In ZAR)
Particulars Note No. As at December 31,

2022 2021
ASSETS
Non-current assets
Deferred tax assets (net) 2.13 85,636 –
Total non - current Assets 85,636 –
Current assets
Financial assets
Trade receivables 2.1 595,530 –
Other current assets 2.3 712,540 –
Total current assets 18,224,040 76,045
Total Assets 18,309,676 76,045
Equity
Equity share capital 2.4 7,835,760 154,860
Other equity 835,244 (85,999)
Total equity 8,671,004 68,861
LIABILITIES
Total non - current liabilities – –
Current liabilities
Trade payables 2.5 8,413,764 –
Other current liabilities 2.7 600,644 –
Income Tax Liabilities (Net) 2.13 425,116 –
Total current liabilities 9,638,671 7,184
Total equity and liabilities 18,309,676 76,045

for Shenoy & Kamath for and on behalf of the Board of Directors of Infosys
Chartered Accountants South Africa (Pty) Ltd
M. Rathnakar Kamath Arul S Arunabha Das

Partner Authorized Signatory Authorized Signatory
Place: Bengaluru
Date: May 20, 2023
Statement of Profit and Loss (In ZAR)
Particulars Note No. Years ended December 31,

2022 2021
Revenue from operations 2.8 11,453,830 –
Other income, net 2.9 8,373 –
Total income 11,462,203 –
Expenses
Employee benefit expenses 2.10 1,344,792 –
Cost of technical sub-contractors 8,289,368 –
Other expenses 2.12 132,372 6,738
Profit/(loss) before tax 1,294,672 (16,797)
Tax expense
Current tax 2.13 459,064 –
Deferred tax 2.13 (85,636) –
Total comprehensive income/(loss) for the year 921,243 (16,797)


Place: Bengaluru
Date: May 20, 2023
Statement of Changes in Equity (In ZAR)

Equity Share
Particulars Reserves & Surplus attributable to
Capital
equity holders of
Balance as at January 1, 2021 154,860 (69,202) 85,658
Profit/ (loss) for the year (16,797) (16,797)
Balance as at December 31, 2021 154,860 (85,999) 68,861
Increase in equity share capital on account of fresh issue 7,680,900 – 7,680,900
Profit/ (loss) for the year 921,243 921,243
Balance as at December 31, 2022 7,835,760 835,244 8,671,004


Place: Bengaluru
Date: May 20, 2023
Statements of Cash Flows (In ZAR)

2022 2021
Profit/(loss) for the year 1,294,672 (16,797)
Change in asset and liabilities 7,898,302 –
Trade receivable (595,530) –
Other current Assets (712,540) –
Trade payables 8,413,764 –
Other current liabilities 792,608 –
Cash generated from operations 9,192,973 (16,797)
Income tax paid (33,949) –
Net cash generated by operating activities 9,159,025 (16,797)
Proceed from issue of share capital 7,680,900 –
Net cash generated from/ (used in) financing activities 7,680,900 –
Net increase/ (decrease) in cash and cash equivalents 16,839,925 (16,797)
Cash and cash equivalents at the end of the year 16,915,970 76,045


Place: Bengaluru
Date: May 20, 2023
Company overview Transactions and translations
Infosys South Africa (Pty) Ltd is a wholly-owned subsidiary of are translated into the relevant functional currency at exchange
Infosys Consulting PTE Limited. The purpose of the Company rates in effect at the Balance Sheet date. The gains or losses
is to expand locally, as the same exists or as may hereafter be resulting from such translations are included in net profit in
amended from time to time. the Statement of Profit and Loss. Non-monetary assets and
1 Significant accounting policies and measured at fair value are translated at the exchange rate
1.1 Accounting year monetary assets and non-monetary liabilities denominated in a
The accounting year of the Company is from foreign currency and measured at historical cost are translated at
January to December. the exchange rate prevalent at the date of the transaction.
1.2 Basis of preparation of financial statements currency transactions are included in determining net profit
These special purpose financial statements are prepared for the period in which the transaction is settled. Revenue,
for inclusion in the Annual Report of the holding Company, expense, and cash-flow items denominated in foreign currencies
Infosys Limited, under the requirements of Section 129 (3) of are translated into the relevant functional currencies using the
the Companies Act 2013 exchange rate in effect on the date of the transaction.
Indian Accounting Standards (Ind-AS) under the historical cost 1.6 Income taxes
convention on the accrual basis. The Ind-AS are prescribed The tax expense for the period comprises current and deferred
under Section 133 of the Act read with Rule 3 of the Companies tax. Tax is recognized in the Statement of Profit and Loss, except
(Indian Accounting Standards) Rules, 2015 and Companies (Indian to the extent that it relates to items recognized in the other
Accounting Standards) Amendment Rules, 2016. The Ind-AS comprehensive income or directly in equity, respectively.
Deferred income tax is recognized, using the liability method, on
temporary differences arising between the tax basis of assets and
liabilities and their carrying amounts in the financial statements.
Accounting policies have been consistently applied except where Deferred income tax assets are recognized only to the existent
a newly issued accounting standard is initially adopted or a that it is probable that future taxable profit will be available
revision to an existing accounting standard requires a change in against which the temporary differences can be utilized.”
the accounting policy hitherto in use.
1.3 Reporting currency Cash flows are reported using the indirect method, whereby
The Company’s reporting currency is ZAR profit for the period is adjusted for the effects of transactions
1.4 Use of estimates operating cash receipts or payments and item of income or
The preparation of the financial statements in conformity expenses associated with investing or financing cash flows. The
with Ind-AS requires the Management to make estimates and cash flows from operating, investing and financing activities of
assumptions that affect the reported balances of assets and the Company are segregated.
the date of the financial statements and reported amounts of 1.8 Investments
income and expenses during the period. Associates are entities over which the Company has significant
influence but not control. Investments in associates are
accounted for using the equity method of accounting. The
investment is initially recognized at cost, and the carrying
amount is increased or decreased to recognize the investor’s
share of the profit or loss of the investee after the acquisition
date. The Company’s investment in associates includes goodwill
identified on acquisition.

Functional currency
The functional currency of the Company is the ZAR. These
financial statements are presented In ZAR.
(In ZAR)
As at December 31,
Particulars
2022 2021
Current
Trade Receivable considered good - Unsecured 600,588 –
Less: Allowance for expected credit loss 5,058 –
Total trade receivables(1) 595,530 –
(1)
Includes dues from related party (refer note no. 2.14) 38,575 –
Trade Receivables Ageing schedule

(In ZAR)

Particulars Total
Not Due Less than 6 months 6 months - 1 year 1-2 years 2-3 years More than 3 years
Undisputed Trade receivables – – 600,588 – – – – 600,588
considered good
Less: Allowance for credit loss 5,058 5,058
–
Total trade receivables (1)
– 595,530 – – – – 595,530
2.2 Cash and Cash Equivalents

(In ZAR)
As at December 31,
Particulars
2022 2021
Balances with banks
In current and deposit accounts 16,915,969 76,045
16,915,969 76,045
As at December 31,
Particulars
2022 2021
In current accounts
Citi Bank Account 16,915,969 76,045
Total cash and cash equivalents as per Balance Sheet 16,915,969 76,045
2.3 Other assets

(In ZAR)
As at December 31,
Particulars
2022 2021
Current
Others
Employee Advance 4,177 –
Unbilled revenue 684,187 –
VAT receivable 24,177 –
712,540 –
2.4 Equity
(In ZAR)
As at December 31,
Particulars
2022 2021
Authorized Equity shares, ZAR 10 par value 100,000 (100,000) equity shares 1,000,000 1,000,000
Issued, Subscribed and Paid-Up Equity shares, ZAR 10 par value 7,835,760 (783,576) equity shares 7,835,760 154,860
(2021: 154,860 (15,486) equity shares)
The details of shareholder holding more than 5% shares as at December 31, 2022 and December 31, 2021 are as follows:
As at December 31,
2022 2021
Infosys Consulting Pte. Ltd 100% 100%
Reconciliation of Number of Shares


Particulars
Number of shares Amount
Number of shares at the beginning of the period 15,486 154,860
Add: Shares issued during the year 768,090 7,680,900
Number of shares at the end of the period 783,576 7,835,760
2.5 Trade payables

(In ZAR)
As at December 31,
Particulars
2022 2021
Trade payables (1) 8,413,764 –
Total trade payables 8,413,764 –
(1)
Includes dues from related party (refer note no. 2.14) 8,380,265 –

(In ZAR)

Particulars Total
Others – 8,413,764 – – – 8,413,764

(In ZAR)
As at December 31,
Particulars
2022 2021
Current
Total financial liabilities 199,149 7,184
2.7 Other liabilities 2.12 Other Expenses
(In ZAR) (In ZAR)

2022 2021 2022 2021
Current Bank charges 10,744 6,738
Others Brand and marketing 260 –
VAT and withholding taxes 293,441 – Travelling costs 45,557 –
Social security liabilities Exchange losses/ (gains) 64,588 –
and others 708 – on translation of other
Provident Fund liabilities 652 –
Allowances for credit 11,223 –
Provision for performance 233,593 –
losses on financial assets
bonus
Compensated absences 72,249 –
600,643 – 2.13 Income taxes
Income tax expense in the statement of profit and loss comprises:
(In ZAR) (In ZAR)
2022 2021 2022 2021
Income from software services 11,453,830 – Current taxes 459,064 –
Total revenue from operation 11,453,830 – (85,636) –
Deferred taxes
2.9 Other income
(In ZAR) A reconciliation of the income tax provision to the amount
Particulars income before income taxes is summarized below:
2022 2021
Interest income on deposits with 8,373 – (In ZAR)
bank Years ended December 31,
Total other income 8,373 – Particulars
2022 2021
Profit before income taxes 1,294,672 –
Expenses
Enacted tax rates in South Africa 28.00% –
2.10 Employee Benefit Expenses Computed expected tax expense 362,508 –
(In ZAR)
DTA not created on loss (24,080) –
Years ended December 31, Income tax expense 338,428 –
Particulars
2022 2021
The details of income tax assets and income tax liabilities as of
Employee benefit expenses December 31, 2022 and December 31, 2021 are as follows:
Salaries, including bonus 1,344,292 –
(In ZAR)
Staff welfare 500 –
1,344,792 – As at December 31
Particulars
2022 2021
2.11 Consultancy and professional charges Current income tax liabilities (459,064) –
(In ZAR) 33,949 –
Income tax assets
Years ended December 31, Net current income tax assets/ (425,116) –
Particulars
2022 2021 (liability) at the end
Consultancy and professional
charges
Registration and filling fees – 10,059
Consultancy and professional 237,668 –
charges
Auditor’s remuneration 150,000 –
Total consultancy and professional 387,668 10,059
charges
The gross movement in the current income tax asset/ (liability) The tax effects of significant temporary differences that resulted
for the years ended December 31, 2022 and December in deferred income tax assets and liabilities are as follows:
(In ZAR)
(In ZAR)
As at December 31,
Years ended December 31, Particulars
2022 2021 Deferred income tax assets/
Net current income tax asset/ – – (liabilities):
(liability) at the beginning Provision For performance bonus 65,406 –
Income tax paid 33,949 – Compensated absences 20,230 –
Current income tax expense (459,064) – Total deferred income tax assets/ 85,636 –
Net current income tax asset/ (425,116) – (liabilities)

Name of holding company Country Holding as at December 31,
2022 2021
Infosys Consulting Pte. Ltd. (Infosys Singapore) Singapore 100% 100%

Name of Ultimate holding company Country
2022 2021

China
Sweden
China
India
Austria
U.S.
Chile
Brazil
Russia
U.S.
Canada
Czech Republic
Poland
Australia
U.S.
Australia
Romania
China
U.K.
Argentina
Belgium
Panaya Ltd. (6)
Israel
Germany
U.K.
Singapore
Sweden
Slovakia
Singapore
U.S.
U.S.
Stater N.V.(9)
The Netherlands
The Netherlands
HypoCasso B.V. (12)
The Netherlands
The Netherlands
U.S.
Australia
Australia
U.K.
U.K.
U.S.
U.S.
Czech Republic
Germany
Hungary
Poland
U.S.
U.S.
U.S.
U.S.
U.S.
Germany
Germany
Infosys Green Forum(1)(ZZ India
(37)
Malaysia
Qatar
oddity GmbH (49)
Germany
China
Germany
Germany
Germany
Switzerland
Germany
France
U.K.
Innovisor Inc. (54)
U.S.
U.S.
Germany
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
(25)
(26)
(27)
Under liquidation
(28)
(29)
(30)
(31)
(32)
(33)
(34)
(35)
(36)
(37)
(38)
(39)
(40)
(41)
(42)
(43)
(44)
(45)
(46)
(47)
(48)
(49)
(50)
(51)
(52)
(53)
(54)
(55)
(56)
(In ZAR)
As at December 31
Particulars
2022 2021
Trade receivables
38,575 –
Trade payable
8,380,265 –
(In ZAR)

Particulars
2022 2021
8,289,368 –

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

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

A financial asset is subsequently measured at fair value through other comprehensive income if it is held within a business model whose
objective is achieved by both collecting contractual cash flows and selling financial assets and the contractual terms of the financial asset
give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A financial asset, which is not classified in any of the above categories are subsequently fair valued through profit or loss.

Financial liabilities are subsequently carried at amortized cost using the effective interest method, except for contingent consideration
recognized in a business combination which is subsequently measured at fair value through profit and loss. For trade and other
payables maturing within one year from the Balance Sheet date, the carrying amounts approximate fair value due to the short maturity
In determining the fair value of its financial instruments, the Company uses a variety of methods and assumptions that are based on
market conditions and risks existing at each reporting date. The methods used to determine fair value include discounted cash flow
analysis, available quoted market prices and dealer quotes. All methods of assessing fair value result in general approximation of value,
and such value may never actually be realized.

(In ZAR)
As at December 31,
Particulars
2022 2021
Assets:
Cash and cash equivalents (Refer to Note 2.2) 16,915,970 76,045
Trade receivables (Refer to Note 2.1) 595,530 –
Other financial assets (Refer to Note 2.3) 712,540 –
Total 18,224,040 76,045
Liabilities:
Trade payables (Refer to Note 2.5) 8,413,764 –
Other financial liabilities (Refer to Note 2.6) 199,149 –
Total 8,612,912 –

The Company’s activities expose it to a variety of financial risks: credit risk and liquidity risk.
Credit risk
Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The maximum exposure to
the credit risk at the reporting date is primarily from trade receivables amounting to ZAR 595,530 as at December 31, 2022. Credit
risk has always been managed by the Company through credit approvals, establishing credit limits and continuously monitoring the
creditworthiness of the customers to which the Company grants credit terms in the normal course of business. The Company uses the
expected credit loss model to assess any required allowances; and uses a provision matrix to compute the expected credit loss allowance
for trade receivables and unbilled revenues. This matrix takes into account credit reports and other related credit information to
Credit risk on cash and cash equivalents is limited as we generally invest in banks with high credit ratings assigned by
Liquidity risk
The Company’s principal sources of liquidity are cash and cash equivalents. The Company has taken loan from its related party to meet
its working capital requirements.
As of December 31, 2022 and December 31, 2021, the Company had cash and cash equivalents of ZAR 16,915,970 and ZAR 76,045.
2.16 Ratios
December 31,
2022 2021
Current Ratio Current assets Current liabilities 1.9 10.6 (82%)*
Return on Equity (ROE) Net Profits after taxes Average Shareholder’s 21% (22%) 43%#
Equity
Trade Revenue Average Trade Receivable 38.5 – 0.0%
Trade Purchases of services and other Average Trade Payables 2.4 – 0.0%
payables turnover ratio expenses
Net capital turnover ratio Revenue Working Capital 1.3 – 0.0%
Net profit ratio Net Profit Revenue 8.0% – 8.0%
Return on Earning before interest and taxes Capital Employed(1) 15% (24%) 39%
capital employed (ROCE)
(1)
* As the operational activities of the entity started in the CY 2022 due to which there is variation of 82% in the current ratio.
# In CY 2021 entity was not fully operational and revenue started growing from CY 2022
Infosys Nova Holdings LLC
To the Members Infosys Nova Holding LLC

Opinion
We have audited the accompanying special purpose financial statements of Infosys Nova Holding LLC (“the Company”), which comprise
Basis for Opinion


the audit. We also:
924 | Infosys Nova Holdings LLC Infosys Subsidiary Financials Report 2022-23
presentation.
Report on other Legal and Regulatory Requirements

As required by Section 143(3) of the Act, we report that:
UDIN: 23202841BGWLWO1397
For Shenoy & Kamath

Partner
Place: Bengaluru
Date: May 22, 2023
Infosys Subsidiary Financials Report 2022-23 Infosys Nova Holdings LLC | 925
Balance Sheet
(In US$)
Particulars Note No. As at December 31,

2022 2021
ASSETS
Non-current assets
Financial assets
Investments 2.1 361,759,929 361,759,929
Current assets
Financial assets
Other current assets 2.3 915,609 1,390,445
Total Assets 371,276,775 374,795,639
Equity
Other equity (2,762,803) (5,621,260)
Total equity 369,237,207 366,378,750
LIABILITIES
Borrowings 2.4 1,596,388 1,535,696
Other financial liabilities 2.5 – 2,803,829
Current liabilities
Other financial liabilities 2.5 441,648 4,077,364
Income tax liabilities (net) 2.6 1,532 –
Total current liabilities 443,180 4,077,364
As per our report of even date attached for for and on behalf of the Board of Directors of Infosys Nova Holdings
LLC
Shenoy & Kamath
M. Rathnakar Kamath Inderpreet Sawhney

Partner Authorized Signatory
Place: Bengaluru
Date: May 22, 2023
(In US$)

2022 2021
Other income, net 2.8 3,809,263 264,468
Total income 3,809,263 264,468
Expenses
Finance cost 2.9 461,896 946,282
Insurance expenses 474,836 474,836
Fair Value changes to contingent consideration 2.10 – 396,886
Other expenses 2.11 797 34,285
Total expenses 949,274 1,899,673
Profit/(loss) before tax 2,859,989 (1,635,205)
Tax expense
Current tax - Prior year 2.6 1,532 –
Profit/(loss) for the year 2,858,457 (1,635,205)
Total comprehensive income for the period 2,858,457 (1,635,205)
LLC
Shenoy & Kamath

Place: Bengaluru
Date: May 22, 2023
(In US$)

Particulars Equity Share Reserves & attributable to
Capital Surplus equity holders of
the Company
Retained earnings
Balance as of January 1, 2021 356,000,010 (3,986,055) 352,013,955
Increase in Share Capital 16,000,000 16,000,000
Profit for the year – (1,635,205) (1,635,205 )
Balance as of December 31, 2021 372,000,010 (5,621,260) 366,378,750
Increase in Share Capital – – –
Balance as of December 31, 2022 372,000,010 (2,762,803) 369,237,207
LLC
Shenoy & Kamath

Place: Bengaluru
Date: May 22, 2023
Statements of Cash Flows (In US$)

Particulars
2022 2021
Profit/(loss) for the year 2,858,457 (1,635,205)
Prepaid expense 474,836 472,835
Interest income on loan – (7,984)
Interest expense on Loan 60,692 19,633
Changes in FV of Contingent consideration – 396,886
Interest on contingent consideration 401,204 926,649
Reversal of contingent consideration (3,040,749) –
Advance tax set-off (871) –
Cash flow before working capital changes 753,569 172,814
Net cash flow from operating activities 753,569 172,814
Investment in equity instruments of Subsidiaries
Outbox Systems Inc. dba Simplus – (9,000,000)
Kaleidocope Animations INC – (4,712,713)
Beringer Capital Digital Group Inc – (127,884)
Payment of contingent consideration pertaining to acquisition of business (3,800,000) –
Equity Infusion – 16,000,000
Loan Given to Outbox Systems LLC – 5,043,895
Net cash used in financing activities – 21,043,895
Net decrease in cash and cash equivalents (3,046,431) 7,376,112
Restricted cash balance – –
LLC
Shenoy & Kamath

Place: Bengaluru
Date: May 22, 2023
Company overview non-monetary liabilities denominated in a foreign currency and
Infosys Nova Holdings LLC (Infosys Nova or the Company) is a prevalent at the date of the transaction.
wholly-owned subsidiary of Infosys Limited. The purpose of
the Company is to engage in any lawful act or activity for which Transaction gains or losses realized upon settlement of foreign
corporation may be organized under the Delaware General currency transactions are included in determining net profit
Corporation Law, as the same exists or as may hereafter be for the period in which the transaction is settled. Revenue,
amended from time-to-time. expense, and cash flow items denominated in foreign currencies
1.1 Accounting year 1.6 Cash flow statement
The accounting year of the Company is from Cash flows are reported using the indirect method, whereby
January 1 to December 31. profit for the period is adjusted for the effects of transactions
1.2 Basis of preparation of financial statements operating cash receipts or payments, and item of income or
These special purpose financial statements are prepared for expenses associated with investing or financing cash flows. The
inclusion in the Annual Report of the holding company of cash flows from operating, investing, and financing activities of
Infosys Limited under the requirements of Section 129 (3) of the Company are segregated.
1.7 Investments
Indian Accounting Standards (Ind-AS) under the historical cost Associates are entities over which the Company has significant
convention on the accrual basis. The Ind-AS are prescribed under influence but no control. Investments in associates are accounted
Section 133 of the Act read with Rule 3 of the Companies (Indian for using the equity method of accounting. The investment
Accounting Standards) Rules, 2015 and relevant amendment is initially recognized at cost, and the carrying amount is
rules issued thereafter. increased or decreased to recognize the investor’s share of
the profit or loss of the investee after the acquisition date.
Accounting policies have been consistently applied except where The Company’s investment in associates includes goodwill
a newly issued accounting standard is initially adopted or a identified on acquisition.
revision to an existing accounting standard requires a change in
the accounting policy hitherto in use. 2.1 Investments
(In US$)
The Company’s reporting currency is US$. Particulars As at December 31,
2022 2021
1.4 Use of estimates and judgements
results could differ from those estimates. Appropriate changes Unquoted
in estimates are made as the Management becomes aware of Long-term investments - at
changes in circumstances surrounding the estimates. Changes in cost
estimates are reflected in the financial statements in the period Investments in equity
in which changes are made and, if material, their effects are instruments of Subsidiaries
disclosed in the Notes to the financial statements.
Outbox Systems Inc. dba 199,509,943 199,509,943
Simplus (100 shares of
common stock at a par
1.5.1 Functional currency value of $0.01 per share)
The functional currency of the Company is US$. These financial Kaleidocope Animations 40,368,762 40,368,762
statements are presented in US$. INC (429150 shares of
voting common capital
1.5.2 Transactions and translations stock)
Foreign currency denominated monetary assets and liabilities are Blue Acorn iCi Inc (100 121,881,224 73,315,000
translated into the relevant functional currency at exchange rates equity shares fully paid up,
in effect at the Balance Sheet date. The gains or losses resulting par value $ 1 each)
from such translations are included in net profit in the Statement Beringer Capital Digital – 48,566,224
of Profit and Loss. Non-monetary assets and non-monetary Group Inc (100 equity
liabilities denominated in a foreign currency and measured at fair shares fully paid up, par
value are translated at the exchange rate prevalent at the date value $ 1 each)
when the fair value was determined. Non-monetary assets and Total non-current investments 361,759,929 361,759,929
2.2 Cash and cash equivalents 2.6 Income taxes
(In US$) Income tax expense in the statement of profit
and loss comprises:
2022 2021 (In USD)
Balances with banks Year ended December 31,
Particulars
In current and deposit 8,596,833 11,643,264 2022 2021
accounts
Current taxes – –
8,596,833 11,643,264
Current taxes - prior year 1,532 –
Deposit with more – –
Deferred taxes – –
than 12 months maturity
Balances with banks – –
held as margin money A reconciliation of the income tax provision to the amount
deposits against guarantees computed by applying the statutory income tax rate to the
The deposits maintained by the Company with banks and
financial institution comprise of time deposits, which can be
(In USD)
withdrawn by the Company at any point without prior notice or
penalty on the principal. Year ended December 31,
Particulars
2022 2021
2.3 Other assets 2,859,989
Profit before income taxes (1,635,205)
(In US$)
Tax rate 21.00% 21.00%
Computed expected tax expense 600,598 -
2022 2021
DTA not created on loss (5,047) -
Current (595,551)
Effect of -
Prepaid expenses 915,609 1,390,445 non-deductible expenses
915,609 1,390,445 Prior Period Tax expense 1,532 -
Income tax expense 1,532 -
2.4 Borrowings
(In US$) The following table provides the details of income tax
assets and income tax liabilities as of December 31,
Particulars As at December 31, 2022, December 31, 2021.
2022 2021
(In USD)
Loan from IPS 1,596,388 1,535,696
As at December 31
1,596,388 1,535,696 Particulars
2022 2021
2.5 Other financial liabilities Current income tax liabilities 1,532 -
(In US$) Income tax assets 4,404 2,001
Particulars As at December 31, Net current income tax assets/ 2,872 2,001
2022 2021
Non Current The gross movement in the current income tax asset/ (liability)
for the year ended December 31, 2022 and December
Contingent consideration – 2,803,829 31, 2021 is as follows:
Total Non-Current Other – 2,803,829
Financial Liabilities (In USD)
Current As at December 31
Particulars
Contingent consideration – 3,635,716 2022 2021
Others 441,648 441,648 Net current income tax asset/ 2,001 -
Total Current Other 441,648 4,077,364 (liability) at the beginning
Financial Liabilities Income tax paid/Set Off 871 2,001
Net current income tax asset/ 2,872 2,001
2.7 Equity 2.9 Finance cost
Equity share capital (In US$)
(In US$) Particulars Years ended December 31,
Particulars As at December 31, 2022 2021
2022 2021 Interest on 401,204 926,649
Equity shares contingent consideration
Authorized share capital 372,000,010 372,000,010 Interest expense on Loan 60,692 19,633
Issued, Subscribed and Paid-Up 372,000,010 372,000,010 Total Finance Cost 461,896 946,282
The details of shareholder holding more than 5% shares as at 2.10 Fair value changes in contingent consideration
(In US$)
Name of the shareholder As at December 31, Particulars Years ended December 31,
2022 2021 2022 2021
Infosys Limited 100% 100% Fair Value Changes in – 396,886
Contingent Consideration
2.8 Other income Total – 396,886
(In US$)
Particulars Years ended December 31, 2.11 Expenses

(In US$)
2022 2021
Interest on loan to Simplus – 7,984 Particulars Years ended December 31,
Miscellaneous income 731,938 256,484 2022 2021
Contingent 3,040,749 – Bank charges – 50

consideration reversal Rates and taxes 797 678
Interest from bank 36,576 – Other expenses – 33,557
Total other income 3,809,263 264,468 Total Expenses 797 34,285
The carrying value and fair value of financial instruments by categories as of December 31, 2022 are as follows:
(In US$)
Financial assets/ Financial assets/

liabilities at fair value liabilities at fair value
Particulars Amortized through profit or loss through OCI
Total carrying value Total fair value
cost Equity instruments
Designated upon initial
Mandatory designated upon initial Mandatory
recognition
recognition
Assets:
Infosys Subsidiary Financials Report 2022-23

Cash and cash 8,596,833 – – – – 8,596,833 8,596,833
Total 8,596,833 – – – – 8,596,833 8,596,833
Liabilities:
Borrowings (Refer to Note 2.4) 1,596,388 – – – – 1,596,388 1,596,388
Other financial liabilities – – 441,648 – – 441,648 441,648
(Refer to Note 2.5)
Total 1,596,388 – 441,648 – – 2,038,036 2,038,036
The carrying value and fair value of financial instruments by categories as of December 31, 2021 are as follows:
(In US$)
Financial assets/ Financial assets/

liabilities at fair value liabilities at fair value
Particulars Amortized through profit or loss through OCI
Total carrying value Total fair value
cost Equity instruments
Designated upon initial
Mandatory designated upon initial Mandatory
recognition
recognition
Assets:
Cash and cash 11,643,264 – – – – 11,643,264 11,643,264
Total 11,643,264 – – – – 11,643,264 11,643,264
Liabilities:
Borrowings (Refer to Note 2.4) 1,535,696 – – – – 1,535,696 1,535,696
Other financial liabilities – – 6,881,193 – – 6,881,193 6,881,193
(Refer to Note 2.5)
Total 1,535,696 – 6,881,193 – – 8,416,889 8,416,889
Infosys Nova Holdings LLC | 933

Name of holding company Country Holding as at December 31,

2022 2021

Infosys Technologies (China) Co. Limited (Infosys China) (1) China
Infosys Technologies S. de R. L. de C. V. (Infosys Mexico) (1) Mexico
Infosys Technologies (Sweden) AB (Infosys Sweden) (1) Sweden
Infosys Technologies (Shanghai) Company Limited (Infosys Shanghai) (1) China
Infosys Austria GmbH (1) Austria
Skava Systems Private Limited (Skava Systems) (1)(27) India
Infosys Chile SpA (1) Chile
Infosys Consulting Ltda. (1) Brazil
Infosys Luxembourg S.a.r.l (1) Luxembourg
Infosys Americas Inc. (Infosys Americas) (1) U.S.
Infosys Canada Public Services Inc (20)(39) Canada
Infosys BPM Limited (1)(47) India
Infosys (Czech Republic) Limited s.r.o. (3) Czech Republic
Infosys Poland Sp z.o.o (3) Poland
Infosys McCamish Systems LLC (3) U.S.
Portland Group Pty Ltd (3) Australia
Infosys Consulting Holding AG (Infosys Lodestone) (1) Switzerland
Infosys Management Consulting Pty Limited (4) Australia
Infosys Consulting GmbH (4) Germany
Infosys Consulting S.R.L. (1) Romania
Infosys Consulting (Shanghai) Co., Ltd. (4)(34) China
Infy Consulting B.V. (4) The Netherlands
Infosys Consulting S.R.L. (2) Argentina
Infosys Consulting (Belgium) NV (5) Belgium
Panaya Inc. (Panaya) (1) U.S.
Panaya Ltd. (6) Israel
Infosys Financial Services GmbH. (formerly Panaya GmbH) (6) Germany
Brilliant Basics Limited (7)(27) U.K.
Infosys Consulting Pte. Ltd. (Infosys Singapore) (1) Singapore
Fluido Oy (8) Finland
Fluido Sweden AB (Extero) (11) Sweden
Fluido Norway A/S (11) Norway
Fluido Denmark A/S (11) Denmark
Fluido Slovakia s.r.o (11) Slovakia
Infosys South Africa (Pty) Ltd (8) South Africa
WongDoody Holding Company Inc. (WongDoody) (1)(40) U.S.
WongDoody, Inc (10)(42) U.S.
HIPUS Co., Ltd (9) Japan
Stater Nederland B.V. (12) The Netherlands
Stater XXL B.V. (12) The Netherlands
Stater Participations B.V. (12) The Netherlands
Stater Belgium N.V./S.A. (13) Belgium
Stater Gmbh (12)(32) Germany
Simplus North America Inc. (17)(31) Canada
Simplus ANZ Pty Ltd. (17) Australia
Sqware Peg Digital Pty Ltd (19)(35) Australia
Simplus Philippines, Inc. (17) Philippines
Infosys Fluido UK, Ltd. (formerly Simplus U.K., Ltd) (11) U.K.
Infosys Fluido Ireland, Ltd.(formerly Simplus Ireland, Ltd) (21) Ireland
Kaleidoscope Animations, Inc. (16) U.S.
Kaleidoscope Prototyping LLC (23) U.S.
GuideVision Deutschland GmbH (22) Germany
GuideVision Magyarország Kft (22) Hungary
GuideVision Polska SP.Z.O.O (22) Poland
GuideVision UK Ltd (22) U.K.
Blue Acorn iCi Inc (formerly Beringer Commerce Inc) (16) U.S.
Mediotype LLC (24)(45) U.S.
Beringer Commerce Holdings LLC (24)(45) U.S.
Blue Acorn LLC (25)(43) U.S.
Simply Commerce LLC (25)(43) U.S.
Infosys Turkey Bilgi Teknolojileri Limited Sirketi (1) Turkey
Infosys Germany Holding Gmbh (1)(29) Germany
Infosys Automotive and Mobility GmbH & Co. KG (1)(30) Germany
Infosys Green Forum (1)(36) India
Infosys (Malaysia) SDN. BHD. (formerly Global Enterprise International (Malaysia) Sdn. Bhd.) (37) Malaysia
Infosys Germany GmbH (formerly Kristall 247. GmbH (“Kristall”) (48) Germany
Innovisor Inc. (54) U.S.
BASE life science S.L. (54)(55) Spain
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
(25)
(26)
(27)
Under liquidation
(28)
(29)
(30)
(31)
(32)
(33)
(34)
(35)
(36)
(37)
(38)
(39)
(40)
(41)
(42)
(43)
(44)
(45)
(46)
(47)
(48)
(49)
(50)
(51)
(52)
(53)
(54)
(55)
(56)
(In US$)

2022 2021
Loan taken
Infosys Public Services, Inc (Refer to Note 2.4) 1,596,388 1,535,696
1,596,388 1,535,696
The details of the related party transaction entered into by the company for the years ended December 31, 2022 and December 31,
(In US$)

2022 2021
Capital Transactions
Financing Transaction
Equity (1)
Outbox Systems Inc. dba Simplus – 9,000,000
Kaleidocope Animations INC – 12,713
Blue Acorn iCi Inc 48,566,224 480,332
Beringer Capital Digital Group Inc (48,566,224) 89,199
– 9,582,244
Loan (Net of repayment)
Outbox Systems Inc. dba Simplus – (5,035,911)
– (5,035,911)
Revenue transaction
Interest Income
Outbox Systems Inc. dba Simplus (Refer to Note 2.8) – 7,984
– 7,984
Interest Expense
Infosys Public Services, Inc (Refer to Note 2.9) 60,692 19,633
60,692 19,633
(1)
Refer to Note 2.1 on Investments for details
2.14 Ratios

2022 2021
Current Ratio Current assets Current liabilities 21.5 3.2 571.5%*
Return on Equity (ROE) Net Profits after taxes Average Shareholder’s Equity 0.8% -0.5% 1.2%
Net capital turnover ratio Revenue Working Capital 42.0% 3.0% 39.0%
Net profit ratio Net Profit Revenue 75.0% -618.3% 693.3%#
Return on capital employed Earning before interest and Capital Employed(1) 0.8% -0.4% 1.2%
(ROCE) taxes
(1)
* Current ratio has increased due to decrease in current liabilities on account of reversal of contingent considertion.
# Net Profit ratio has increased due to contingent consideration reversal of USD 3Mn in the year ended December 31, 2022.
Infosys Subsidiary Financials Report 2022-23 Infosys Consulting Holding AG | 939

To the General Meeting of Infosys Consulting Holding AG, Kloten

Opinion
We have audited the financial statements of Infosys Consulting Holding AG, Kloten (the Company), which comprise the Balance Sheet as
at 31 December 2022 and the income statement for the year then ended, and notes to the financial statements, including a summary of
significant accounting policies.
In our opinion, the accompanying financial statements comply with Swiss law and the Company’s articles of incorporation.
Basis for Opinion

We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). Our responsibilities under those
provisions and standards are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our
report. We are independent of the Company in accordance with the provisions of Swiss law, and the requirements of the Swiss audit
profession, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Board of Directors’ Responsibilities for the Financial Statements

The Board of Directors is responsible for the preparation of the financial statements in accordance with the provisions of Swiss law and
the Company’s articles of incorporation, and for such internal control as the Board of Directors determines is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors is responsible for assessing the Company’s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of accounting unless the Board of

level of assurance but is not a guarantee that an audit conducted in accordance with Swiss law and SA-CH will always detect a material
they could reasonably be expected to influence the economic decisions of users taken based on these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on EXPERT Suisse’s website at: https://
www.expertsuisse.ch/en/audit-report. This description forms an integral part of our report.

In accordance with Art. 728a para. 1 item 3 CO and PS-CH 890, we confirm that an internal control system exists, which has been
designed for the preparation of the financial statements according to the instructions of the Board of Directors.
Furthermore, we confirm that the proposed appropriation of available earnings complies with Swiss law and the Company’s articles of
incorporation. We recommend that the financial statements submitted to you be approved.
Deloitte AG
Jan Meyer Aude Salord

Licensed Audit Expert , Licensed Audit Expert
Auditor in Charge
Zürich, 28 April 2023

JM/ASA/cbr
940 | Infosys Consulting Holding AG Infosys Subsidiary Financials Report 2022-23

Balance Sheet In CHF
As at December 31,
2022 2021
Assets
Cash and cash equivalents 374,410.38 8,781,533.41
Other short-term receivables from third parties 269,478.19 222,796.28
Other short-term receivables from subsidiaries 565.73 182,022.10
Total current assets 644,454.30 9,186,351.79
Loans to subsidiaries 0.00 5,410,728.88
Loans to affiliates 46,576,182.35 20,158,167.06
Investments 2.1 27,808,211.35 28,264,508.80
TOTAL ASSETS 75,028,848.00 63,019,756.53
Liabilities and equity
Trade accounts payable to third parties 0.00 51.00
Other short-term liabilities to third parties 2.48 2.48
Other short-term liabilities to subsidiaries 6,680,980.12 5,559.78
Accrued expenses and deferred income 620,044.56 85,890.97
Total short-term liabilities 7,301,027.16 91,504.23
Loans from subsidiaries 4,721,755.43 6,224,254.64
Total long-term liabilities 4,721,755.43 6,224,254.64
Share capital 2.2 25,696,000.00 25,696,000.00
Statutory retained earnings 3,005,585.14 2,638,751.07
Voluntary retained earnings 28,002,412.52 21,032,565.22
Net result for the year 6,302,067.75 7,336,681.37
Total equity 63,006,065.41 56,703,997.66
TOTAL LIABILITIES AND EQUITY 75,028,848.00 63,019,756.53

Income Statement In CHF

2022 2021
Dividends 6,418,555.65 9,000,000.00
Gross profit 6,418,555.65 9,000,000.00
Office and administration expenses (25,699.20) (24,211.50)
Consulting expenses (22,928.44) (17,090.53)
Depreciation 2.3 0.00 (1,627,231.33)
Operating expenses (48,627.64) (1,668,533.36)
Earnings before interest and tax (EBIT) 6,369,928.01 7,331,466.64
Financial expenses (646,534.20) (657,608.75)
Financial income 808,522.45 249,688.47
Net financial result 161,988.25 (407,920.28)
Extraordinary expenses 2.4 (204,631.23) 0.00
Extraordinary income 2.5 12,290.16 459,689.02
Net extraordinary result (192,341.07) 459,689.02
Earnings before tax (EBT) 6,339,575.19 7,383,235.38
Tax expenses (37,507.44) (46,554.01)
Net result for the year 6,302,067.75 7,336,681.37

Summary of Significant Accounting Policies
1.1 Basis of preparation
The financial statements of Infosys Consulting Holding AG (“the Company”) have been prepared in accordance with the provisions
of the Swiss Law on Accounting and Financial Reporting (32nd title of the Swiss Code of Obligations). Where not prescribed by law,
the significant accounting and valuation principles applied are described below. Swiss law allows the company to create, and as a
consequence also release hidden reserves in its financial statements.
The Company’s ultimate parent, Infosys Ltd. incorporated in India, prepares consolidated financial statements in accordance with
International Financial Reporting Standards (IFRS IASB), which include the financial statements of the Company. In accordance with the
Swiss Code of Obligations, the Company is therefore exempt from preparing a management report, a Cash Flow Statement and certain
additional disclosures in the notes to the financial statements.

The Company’s functional currency is the Swiss Franc (CHF) as this is assessed to be the principal currency of the economic environment
in which it operates.
Transactions in foreign currency are translated into the functional currency at the exchange rate prevailing at the transaction date.
Monetary assets and liabilities in foreign currency outstanding at the balance sheet date are converted at the balance sheet date
exchange rate, whereby unrealized losses are recorded in the income statement and unrealized profits are deferred. Non-monetary
assets and liabilities in foreign currency are translated at the historical foreign exchange rate at the date of the transaction.”
1.3 Investments
Investments are initially recorded at acquisition cost. Investments are annually assessed for impairment and are adjusted to their
recoverable value, if required, on an individual basis as appropriate.

2. Information on Balance Sheet and income statement items
2.1 Investments
Particulars
2022 2021
Company: Infosys Consulting GmbH
Location: Garching b. München, Germany
Share capital: EUR 2,086,000.00 2,086,000.00
Directly held percentage of ownership and voting rights: 100.00% 100.00%
Company: Infosys Consulting AG
Location: Kloten, Switzerland
Share capital: CHF 120,000.00 120,000.00
Company: Infosys Management Consulting Pty Ltd
Location: Pyrmont, Australia
Share capital: AUD 3,500,300.00 3,500,300.00
Company: Infosys Consulting Company Ltd.
Location: London, UK
Share capital: GBP 14,050,000.00 14,050,000.00
Company: Infosys Consulting (Belgium) SA
Location: Brüssel, Belgium
Share capital: EUR 489,326.00 489,326.00
Company: Infy Consulting B.V.
Location: ‘s-Gravenhage, Netherlands
Company: Infosys Consulting SAS
Location: Paris, France
Company: Infosys Consulting S.R.L.
Location: Buenos Aires, Argentina
Share capital: ARS 0.00 30,000,000.00
Indirectly held percentage of ownership and voting rights: 1.83% 1.83%
Business purpose of the companies: Management Consulting

2.2 Share Capital
As at 31 December 2022, the share capital consists of 23,050 common shares of CHF 1,000 / par value and 26,460 preferred shares of
CHF 100 / par value.
2.3 Depreciation
In 2021, an impairment on investments has been booked under depreciation in the income statement. In 2022, no such impairment was
needed. As such, no depreciation expense has been recorded.
2.4 Extraordinary expenses

In CHF

Particulars
2022 2021
Loss on Sale of investment 204,631.23 0.00
2.5 Extraordinary income

In CHF

Particulars
2022 2021
Profit on Sales of investment 0.00 389,624.26
Refund of taxes for expatriates 12,290.16 70,064.76
2.6 Guarantees
In CHF

Particulars
2022 2021
Rental Guarantee on behalf of Infosys Consulting AG 503,200.00 503,200.00
Payment Guarantee on behalf of Infosys Consulting AG 50,000.00 50,000.00
2.7 Full-time equivalents

The Company does not have any employees (2022: no employees).
Proposal on the appropriation of voluntary retained earnings

The Board of Directors proposes to appropriate the voluntary retained earnings as follows:
In CHF
Years ended
Particulars
December 31, 2022
Voluntary retained earnings (brought forward) 28,002,412.52
Net profit for the year 6,302,067.75
Total voluntary retained earnings 34,304,480.27
Allocation to statutory retained earnings (5 %) 315,103.39
Dividend 0.00
To be carried forward 33,989,376.88


Infosys Arabia Limited
Infosys Subsidiary Financials Report 2022-23 Infosys Arabia Limited | 947

To the Members of Infosys Arabia Limited

Opinion
We have audited the accompanying special purpose financial statements of Infosys Arabia Limited (“the Company”), which comprise
Basis for Opinion

Emphasis of Matter:
As discussed in Note 1.2 to the financial statements, the stockholders of Infosys Arabia Limited approved a plan of liquidation on 25th
January 2022, and the Company determined liquidation is imminent. As a result, the Company changed its basis of accounting from the
going concern basis to a liquidation basis. Our opinion is not modified with respect to this matter.

the audit. We also:
948 | Infosys Arabia Limited Infosys Subsidiary Financials Report 2022-23

presentation.
UDIN : 23202841BGWLWW2476
For Shenoy & Kamath

Partner
Place: Bengaluru
Date: May 22, 2023

Balance Sheet
(In SAR)

Particulars
2022 2021
ASSETS
Current assets
Financial assets
Total assets 1,678,751 1,678,751
Equity
Other equity – –
Total equity 1,678,751 1,678,751
As per our report of even date attached for and on behalf of the Board of Directors of Infosys Arabia Limited
for Shenoy & Kamath

M. Rathnakar Kamath Balakrishna Doddaballapur

Place: Bengaluru
Date: May 22, 2023

(In SAR)
Note Year ended December 31,

Particulars
2022 2021
Other income, net – –
Total income – –
Expenses
Total expenses – –
Profit/ (loss) before tax – –
Tax expense – –
Profit/ (loss) for the year – –
Total comprehensive income/ (loss) for the year – –
for Shenoy & Kamath


Place: Bengaluru
Date: May 22, 2023

(In SAR)

Equity share Reserves and attributable to
Particulars
capital Surplus equity holders of
Balance as of January 1, 2021 – – –

Equity share capital 1,678,751 – 1,678,751
Balance as of December 31, 2021 1,678,751 – 1,678,751
Balance as of January 1, 2022 1,678,751 – 1,678,751
Equity share capital – – –
Balance as of December 31, 2022 1,678,751 – 1,678,751
for Shenoy & Kamath


Place: Bengaluru
Date: May 22, 2023

(In SAR)

Particulars
2022 2021
Profit/ (loss) for the year – –
Adjustments to reconcile net profit to net cash provided by operating activities: – –
Net cash generated by operating activities – –
Investment in associate – –

Increase in equity share capital – –
Net cash generated by financing activities – –
Net increase in cash and cash equivalents – –
for Shenoy & Kamath


Place: Bengaluru
Date: May 22, 2023

Company overview 1.5 Foreign currency
Functional currency
Infosys Arabia Limited is a subsidiary of Infosys Limited. The
purpose of the Company is to engage in any lawful act or activity The functional currency of the Company is the Saudi Riyal. These
for which corporation may be organized under the Law of financial statements are presented in Saudi Riyal.
Kingdom of Saudi Arabia, as the same exists or as may hereafter
be amended from time to time, incorporated on August 12, 2016. 1.6 Cash Flow Statement
1 Significant accounting policies profit for the period is adjusted for the effects of transactions
1.1 Accounting year operating cash receipts or payments and item of income or
The accounting year of the Company is from January 1, 2022 expenses associated with investing or financing cash flows. The
to December 31, 2022. cash flows from operating, investing and financing activities of
These special purpose financial statements are prepared
(In SAR)
for inclusion in the Annual Report of the holding company
Infosys Limited under the requirements of Section 129 (3) of As at December 31,
the Companies Act 2013. Particulars
2022 2021
These financial statements are prepared in accordance with Balances with banks
Indian Accounting Standards (Ind AS) under the historical cost
In current and deposit 1,678,751 1,678,751
accounts
Accounting Standards) Rules, 2015 and relevant amendment 1,678,751 1,678,751
rules issued thereafter. Deposit with more than 12 months – –
Accounting policies have been consistently applied except where maturity
a newly issued accounting standard is initially adopted or a Balances with banks held as margin – –
revision to an existing accounting standard requires a change in money deposits against guarantees
2.2 Equity
The company applied for liquidation on January 25, 2022,
accordingly, these financial statements have not been prepared Equity share capital
on a going concern basis. Instead, these financial statements
(In SAR)
have been prepared on liquidation basis. Assets and liabilities
are presented as current. Assets have been recorded at As at December 31,
their realizable value and liabilities recorded at their known Particulars
2022 2021
estimated settlement value.
Authorized share capital (SAR 1,678,751 1,678,751
16,787.51 par value, 100 equity
1.3 Reporting currency shares)
The Company’s reporting currency is the Saudi Riyal. Issued, subscribed and paid-up 1,678,751 1,678,751
(SAR 16,787.51 par value, 100 equity
1.4 Use of estimates shares)
with Ind AS requires the Management to make estimates and
assumptions that affect the reported balances of assets and The details of shareholder holding more than 5% shares as at
liabilities, and disclosures relating to contingent liabilities as at December 31, 2022 and December 31, 2021 are as follows:
the date of the financial statements and reported amounts of
income and expenses during the period. As at December 31,
Particulars
2022 2021
results could differ from those estimates. Appropriate changes Name of the shareholder
in estimates are made as the Management becomes aware of Infosys Limited 70% 70%
changes in circumstances surrounding the estimates. Changes in Saudi Prerogative Company 30% 30%

The carrying value and fair value of financial instruments by categories as of December 31, 2022 were as follows:
(In SAR)
Financial assets/ liabilities at

fair value through profit or
loss
Amortized Equity Total carrying Total fair
Particulars
cost Designated instruments value value
recognition
Assets:
Cash and cash equivalents 1,678,751 – – – – 1,678,751 1,678,751
Total 1,678,751 – – – – 1,678,751 1,678,751


Name of holding company Country
2022 2021

China
Sweden
U.S.
Austria
India
Chile
Russia
Luxembourg
U.S.
India
Czech Republic
U.S.
U.S.
Switzerland
Switzerland

Romania
France
Infosys Consulting s.r.o. v likvidaci (formerly Infosys Consulting s.r.o.)(4) (38) Czech Republic
China
The Netherlands
Argentina
U.S.
Germany
Brilliant Basics Holdings Limited (Brilliant Basics)(1) (27) U.K.
U.K.
Singapore
Fluido Oy (8)
Finland
Norway
Denmark
Singapore
U.S.
U.S.
WongDoody, Inc(10) (42) U.S.
HIPUS Co., Ltd (9)
Japan
The Netherlands
The Netherlands
The Netherlands
Germany
U.S.
Australia
Sqware Peg Digital Pty Ltd (19) (35)
Australia
Philippines
U.K.
Bulgaria
U.S.
Czech Republic

Germany
Finland
Poland
U.S.
U.S.
Mediotype LLC(24) (45) U.S.
U.S.
SureSource LLC(25) (43) U.S.
Blue Acorn LLC (25) (43)
U.S.
Simply Commerce LLC(25) (43) U.S.
U.S.
U.K.
Infosys Germany Holding Gmbh (1) (29)
Germany
Infosys Automotive and Mobility GmbH & Co. KG(1) (30) Germany
India
(37)
Malaysia
Germany
China
Taiwan
Germany
Serbia
Germany
Canda
Germany
Denmark
U.K.
Innovisor Inc. (54)
U.S.
U.S.
Panaya Germany GmbH (6) (56) Germany
(1)
(2)
(3)
(4)
(5)
(6)

(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
(25)
(26)
(27)
Under liquidation
(28)
(29)
(30)
(31)
(32)
(33)
(34)
(35)
(36)
(37)
(38)
(39)
(40)
(41)
(42)
(43)
(44)
(45)
(46)
(47)
(48)
(49)
(50)
(51)
(52)
(53)
(54)
(55)
(56)

Infosys Germany Holding GmBH
Infosys Subsidiary Financials Report 2022-23 Infosys Germany Holding GmBH | 959
To the Members of Infosys Germany Holding Gmbh

Opinion We have audited the accompanying special purpose financial statements of Infosys Germany Holding Gmbh (“the Company”),
which comprise the Balance Sheet as at December 31, 2022, the Statement of Profit and Loss (including Other Comprehensive Income),
Basis for Opinion


that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the reparation and
In preparing the special purpose financial statements, the Company’s Board of Directors aremanagement is responsible for assessing
The Board of Directors aremanagement is responsible for overseeing the Company’s financial reporting process.
Our objectives is to obtain reasonable assurance about whether the special purpose financial statements as a whole are free
the audit. We also:
960 | Infosys Germany Holding GmBH Infosys Subsidiary Financials Report 2022-23
presentation.
For Shenoy & Kamath

Chartered Accountant.
M. Rathnakar Kamath
Partner
UDIN : 23202841BGWLUL3825
Place: Bengaluru.
Date: May 20, 2023
Balance Sheet In EUR
As at December 31,
Particulars
2022 2021
ASSETS
Current assets
Financial Assets
Other current assets 2.2 803 –
Total Assets 193,073 199,051
Equity
Other equity (7,113) (949)
Total equity 192,887 199,051
Liabilities
Current liabilities
Trade Payables 2.5 185 –
Total Current liabilities 185 –
Germany Holding GmBH
Shenoy & Kamath

Partner Director
Place: Bengaluru
Date: May 20, 2023
In EUR
Particulars
2022 2021
Revenue – –
Expenses
Consultancy and professional charges 2.4 4,424 –
Other expense 2.4 1,740 949
Total expenses 6,164 949
Loss before tax (6,164) (949)
Loss for the year (6,164) (949)
Total other comprehensive loss, net of tax – –
Total comprehensive loss for the year (6,164) (949)
Shenoy & Kamath

Partner Director
Place: Bengaluru
Date: May 20, 2023
Statement of changes in Equity
In EUR

Equity Share Share application attributable to
Particulars Reserves &
Capital money pending equity holders of
Surplus the Company
allotment
Balance as at January 01, 2021 – – – –
Increase in equity share capital on account of fresh issue 200,000 – – 200,000
Loss for the year – (949) – (949)
Balance as at December 31, 2021 200,000 (949) – 199,051
Balance as at January 01, 2022 200,000 (949 ) – 199,051
Changes in equity for the year ended December 31, 2022 – –
Increase in equity share capital on account of fresh issue – – – –
Loss for the year – (6,164) – (6,164)
Balance as at December 31, 2022 200,000 (7,113 ) – 192,887
Shenoy & Kamath

Partner Director
Place: Bengaluru
Date: May 20, 2023
Statements of Cash Flows In EUR

Particular
2022 2021
Loss for the year (6,164) (949)
Adjustments to reconcile net profit to net cash provided by – –
Trade payables 2.5 185 –
Other assets 2.2 (803) –
Cash generated from operations (6,781) (949)
Net cash used in operating activities (6,781) (949)
Proceed from issue of share capital – 200,000
Net cash from financing activities – 200,000
Net increase in cash and cash equivalents (6,781) 199,051
Cash and cash equivalents at the beginning of the period 199,051 –
Cash and cash equivalents at the end of the period 192,270 199,051
Shenoy & Kamath

Partner Director
Place: Bengaluru
Date: May 20, 2023
Company overview non-monetary liabilities denominated in a foreign currency
Infosys Germany Holding GmBH is a wholly-owned subsidiary of and measured at fair value are translated at the exchange rate
Infosys Limited incorporated on March 31, 2021.The company was prevalent at the date when the fair value was determined. Non-
setup as a legal requirement for incorporation of the subsidiary monetary assets and non-monetary liabilities denominated in a
Infosys Automotive and Mobility GmBH and CoKG foreign currency and measured at historical cost are translated at
1 Significant accounting policies Transaction gains or losses realized upon settlement of foreign
1.1 Accounting year for the period in which the transaction is settled. Revenue,
The accounting year of the Company is from expense, and cash-flow items denominated in foreign currencies
January to December . are translated into the relevant functional currencies using the
These financial statements are prepared in accordance with 1.6 Statement of Cash Flows
Indian Accounting Standards (Ind AS) under the historical cost Cash flows are reported using the indirect method, whereby
convention on the accrual basis. The Ind AS are prescribed profit for the period is adjusted for the effects of transactions
under Section 133 of the Act read with Rule 3 of the Companies of a non-cash nature, any deferrals or accruals of past or future
(Indian Accounting Standards) Rules, 2015 and Companies (Indian operating cash receipts or payments and item of income or
Accounting Standards) Amendment Rules, 2016. The Ind AS expenses associated with investing or financing cash flows. The
are prescribed under Section 133 of the Act read with Rule 3 of cash flows from operating, investing and financing activities of
the Companies (Indian Accounting Standards) Rules, 2015 and the Company are segregated.
1.7 Income taxes
Accounting policies have been consistently applied except where
a newly issued accounting standard is initially adopted or a Income tax expense comprises current and deferred income tax.
revision to an existing accounting standard requires a change in Income tax expense is recognized in net profit in the statement
the accounting policy hitherto in use. of profit and loss except to the extent that it relates to items
1.3 Reporting currency other comprehensive income. Current income tax for current and
The Company’s reporting currency is EUR to or recovered from the tax authorities, using the tax rates and
1.4 Use of estimates and judgements Balance Sheet date. Deferred income tax assets and liabilities are
The preparation of the financial statements in conformity recognized for all temporary differences arising between the tax
with Ind AS requires the Management to make estimates and bases of assets and liabilities and their carrying amounts in the
assumptions that affect the reported balances of assets and financial statements. Deferred tax assets are reviewed at each
liabilities, and disclosures relating to contingent liabilities as at reporting date and are reduced to the extent that it is no longer
the date of the financial statements and reported amounts of probable that the related tax benefit will be realized.
income and expenses during the period.
Accounting estimates could change from period to period. Actual tax rates and tax laws that have been enacted or substantively
results could differ from those estimates. Appropriate changes enacted by the Balance Sheet date and are expected to apply to
in estimates are made as the Management becomes aware of taxable income in the years in which those temporary differences
changes in circumstances surrounding the estimates. Changes in are expected to be recovered or settled. The effect of changes
estimates are reflected in the financial statements in the period in tax rates on deferred income tax assets and liabilities is
in which changes are made and, if material, their effects are recognized as income or expense in the period that includes
disclosed in the notes to the financial statements. the enactment or the substantive enactment date. A deferred
1.5 Foreign currency that future taxable profit will be available against which the
Functional currency deductible temporary differences and tax losses can be utilized.
The functional currency of the Company is the EUR. These where it has a legally enforceable right to set off the recognized
financial statements are presented In EUR. amounts and where it intends either to settle on a net basis, or to
realize the asset and settle the liability, simultaneously.
1.8 Financial instruments 1.9 Cash and cash equivalents
1.9.1 Initial recognition In EUR
The Company recognizes financial assets and financial liabilities Particulars As at December 31,
2022 2021
at fair value on initial recognition, except for trade receivables Balance with banks
which are initially measured at transaction price. Transaction In current and deposit 192,270 199,051
costs that are directly attributable to the acquisition or issue accounts
Total Cash and cash equivalents 192,270 199,051
accounted for at trade date. 2.1 Other Assets
In EUR
1.9.2 Subsequent measurement Particulars As at December 31,
Non-derivative financial instruments 2022 2021
(I) Financial assets carried at amortized cost
Current
A financial asset is subsequently measured at amortized cost Reimbursable VAT 803 –
Total Other Assets 803 –
dates to cash flows that are solely payments of principal and 2.2 EQUITY
interest on the principal amount outstanding. Equity share capital
In EUR
comprehensive income As at December 31,
Particulars
A financial asset is subsequently measured at fair value through 2022 2021
other comprehensive income if it is held within a business model Authorized share capital 200,000 200,000
whose objective is achieved by both collecting contractual (200,000 Equity share
cash flows and selling financial assets and the contractual of par value €1 each)
terms of the financial asset give rise on specified dates to cash 200,000
Issued, Subscribed and Paid- 200,000
Up (200000 Equity share
of par value €1 each)
A financial asset which is not classified in any of the above The details of shareholder holding more than 5% shares as at
categories are subsequently fair valued through profit or loss. December 31, 2022 and December 31, 2021 are set out below :
As at December 31,
Financial liabilities are subsequently carried at amortized Name of the shareholder
2022 2021
payables maturing within one year from the Balance Sheet date, Infosys Limited 100% 100%
maturity of these instruments. 2.3 Other expenses
In EUR
Year ended Decemeber 31,
In determining the fair value of its financial instruments, the Particulars
2022 2021
based on market conditions and risks existing at each reporting Legal and professional charges 4,424 –
date. The methods used to determine fair value include Bank Charges 1,740 949
discounted cash flow analysis, available quoted market prices Total 6,164 949
2.5 TRADE PAYABLES
In EUR
As at December 31,
Particulars
2022 2021
Trade payables(1) 185 –
Total trade payables 185 –
(1)
Includes dues to subsidiaries – –
In EUR
Particulars Total
Others – 185.00 – – – 185.00
– – – – – –
Total trade payables – 185.00 – – – 185.00
Total trade payables – – – – – –
2.6 FINANCIAL INSTRUMENTS

In EUR
As at December 31,
Particulars
2022 2021
Assets
Cash and cash equivalents (Refer to Note 2.1) 192,270 199,051
Total 192,270 199,051
Liabilities
Trade Payables (Refer to Note 2.5) 185 –
Total 185 –
2.7 RELATED PARTY TRANSACTIONS
List of holding companies:

2022 2021
Infosys Limited India 100.00% 100.00%

China
Sweden
China
India
India
Kallidus Inc, (Kallidus)
(28)
U.S.
Saudi Arabia
Russia
Luxembourg
U.S.
India
Czech Republic
U.S.
U.S.
Switzerland
Switzerland
Romania
Czech Republic
China
The Netherlands
Belgium
U.S.
Germany
U.K.
Singapore
Fluido Oy (8)
Finland
Norway
Denmark
Singapore
U.S.
U.S.
HIPUS Co., Ltd (9)
Japan
The Netherlands
The Netherlands
The Netherlands
Germany
Canada
Australia
Australia
Australia
U.K.
Ireland
Bulgaria
U.S.
Germany
Hungary
Poland
U.S.
U.S.
U.S.
U.S.
U.S.
U.K.
Germany
Malaysia
Qatar
oddity GmbH (49)
Germany
Taiwan
Germany
Germany
Germany
Germany
Switzerland
Denmark
U.K.
Itlay
Innovisor Inc. (54)
U.S.
U.S.
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
(25)
(26)
(27)
Under liquidation
(28)
(30)
(31)
(32)
(33)
(34)
(35)
(36)
(37)
(38)
(39)
(40)
(41)
(42)
(43)
(44)
(45)
(46)
(47)
(48)
(49)
(50)
(51)
(52)
(53)
(54)
(55)
(56)
The details of the related parties transactions entered into

by the Company for the year ended December 31, 2022 and December 31, 2021 is as follows:
In EUR

Particulars
2022 2021
Equity
2.8 Ratios

2022 2021
Return on Equity (ROE) Net Profits after taxes Average Shareholder’s Equity -3.1% -0.2% -2.9%
Return on Earning before interest and Capital Employed(1) -3.2% -0.5% -2.7%
(1)
Infosys Americas Inc.
Infosys Subsidiary Financials Report 2022-23 Infosys Americas Inc. | 973

To the Members of Infosys Americas Inc.,

Opinion
We have audited the accompanying special purpose financial statements of Infosys Americas Inc., (“the Company”), which comprise the
Balance Sheet as at March 31, 2023, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes
in Equity and the Statement of Cash Flows for the year ended on that date, and a summary of significant accounting policies and other
explanatory information (hereinafter referred to as “the special purpose financial statements”). The special purpose financial statements
are prepared for inclusion in the annual report of the Holding Company Infosys Limited under the requirements of section 129 (3) of
Basis for Opinion

Emphasis of Matter:
As discussed in Note 1.2 to the financial statements, the stockholders of Infosys Americas Inc. approved a plan of liquidation on 11th
January 2023, and the Company determined liquidation is imminent. As a result, the Company changed its basis of accounting from the
going concern basis to a liquidation basis. Our opinion is not modified with respect to this matter.

the audit. We also:
974 | Infosys Americas Inc. Infosys Subsidiary Financials Report 2022-23

presentation.
UDIN : 23202841BGWLWP2455
For Shenoy & Kamath

Partner
Place: Bengaluru
Date: May 22, 2023

Balance Sheet
In USD
As at March 31
2023 2022
ASSETS
Current assets
Financial assets
Total Assets 71,064 73,334
Equity
Other equity (31,386) (29,116)
LIABILITIES
Current liabilities

for and on behalf of the Board of Directors of Infosys Americas Inc
for Shenoy & Kamath
hartered Accountants

Place: Bengaluru
Date: May 22, 2023

In USD, except equity share and per equity share data
Year ended March 31

2023 2022
Other Income 2.4 951 –
Total income 951 –
Expenses
Other expenses 2.5 672 1,230
Total expenses 3,221 3,897
Loss before tax (2,270) (3,897)
Tax expense – –
Loss for the year (2,270) (3,897)
Total comprehensive loss for the period (2,270) (3,897)
Equity shares of par value USD 10/- each
Basic (USD) (0.23) (0.39)
Diluted (USD) (0.23) (0.39)
Basic 10,000 10,000
Diluted 10,000 10,000

for Shenoy & Kamath

Place: Bengaluru
Date: May 22, 2023

In USD

Particulars Equity Share Reserves & Surplus attributable to
Capital equity holders of
Balance as of March 31, 2021 100,000 (25,219) 74,781


for Shenoy & Kamath

Place: Bengaluru
Date: May 22, 2023

Statements of Cash Flows In USD

Particulars
2023 2022
Interest from Bank (951) –
Cash used in operations (3,221) (3,897)
Income taxes paid/refunded – –
Net cash used in operating activities (3,221) (3,897)
Interest from Bank 951 –
Net cash generated from investing activities 951 –
Net cash generated from financing activities – –
Net decrease in cash and cash equivalents (2,270) (3,897)
Restricted cash balance – –

for Shenoy & Kamath

Place: Bengaluru
Date: May 22, 2023

Company overview 1.6 Financial instruments
Infosys Americas Inc (Infosys Americas) is a wholly-owned
subsidiary of Infosys Limited. The Company recognizes financial assets and financial liabilities
1 Significant accounting policies fair value on initial recognition, except for trade receivables,
1.1 Accounting year which are initially measured at transaction price. Transaction
The accounting year of the Company is from April 1 to March 31. of financial assets and financial liabilities, that are not at fair
1.2 Basis of preparation of financial statements recognition. Regular way purchase and sale of financial assets are
These special purpose financial statements are prepared for accounted for at trade date.
inclusion in the Annual Report of the holding Company Infosys
Limited under the requirements of Section 129 (3) of the 1.6.2 Subsequent measurement
Companies Act 2013. These financial statements are prepared Non-derivative financial instruments
in accordance with Indian Accounting Standards (Ind-AS) under
are prescribed under Section 133 of the Act read with Rule 3 A financial asset is subsequently measured at amortized cost
of the Companies (Indian Accounting Standards) Rules, 2015 if it is held within a business model whose objective is to hold
and relevant amendment rules issued thereafter. Accounting the asset in order to collect contractual cash flows and the
policies have been consistently applied except where a newly contractual terms of the financial asset give rise on specified
issued accounting standard is initially adopted or a revision to an dates to cash flows that are solely payments of principal and
existing accounting standard requires a change in the accounting interest on the principal amount outstanding.
(ii) Financial assets at fair value through Other Comprehensive
The Company applied for liquidation on 11th January 2023, Income
accordingly, these financial statements have not been prepared
on a going concern basis. Instead, these financial statements
Other Comprehensive Income if it is held within a business model
have been prepared on liquidation basis. Assets and liabilities
are presented as current. Assets have been recorded at
flows and selling financial assets and the contractual terms of
their realizable value and liabilities recorded at their known
estimated settlement value.
amount outstanding.
The Company’s presentation currency is USD. (iii) Financial assets at fair value through profit or loss
1.4 Use of estimates categories are subsequently fair valued through profit or loss.
results could differ from those estimates. Appropriate changes (iv) Financial liabilities
in estimates are made as the Management becomes aware of Financial liabilities are subsequently carried at amortized cost
changes in circumstances surrounding the estimates. Changes in using the effective interest method, except for contingent
estimates are reflected in the financial statements in the period consideration recognized in a business combination which is
in which changes are made and, if material, their effects are subsequently measured at fair value through profit and loss.
disclosed in the notes to the financial statements. For trade and other payables maturing within one year from the
Balance Sheet date, the carrying amounts approximate fair value
1.5 Provisions due to the short maturity of these instruments.
Company has a present legal or constructive obligation that 1.7 Fair value of financial instruments
is reasonably estimable, and it is probable that an outflow of In determining the fair value of its financial instruments, the
economic benefits will be required to settle the obligation. Company uses a variety of methods and assumptions that are
Provisions are determined by discounting the expected based on market conditions and risks existing at each reporting
future cash flows at a pre-tax rate that reflects current date. The methods used to determine fair value include
market assessments of the time value of money and the risks discounted cash flow analysis, available quoted market prices
specific to the liability. and dealer quotes. All methods of assessing fair value result

1.8 Impairment recognized as income or expense in the period that includes
Financial assets the enactment or the substantive enactment date. A deferred
the 12-month ECL, unless there has been a significant increase
in credit risk from initial recognition in which case those are In assessing the realizability of deferred income tax assets,
measured at lifetime ECL. The amount of expected credit losses management considers whether some portion or all of the
(or reversal) that is required to adjust the loss allowance at the deferred income tax assets will not be realized. The ultimate
reporting date to the amount that is required to be recognized as realization of deferred income tax assets is dependent upon the
an impairment gain or loss in profit or loss. generation of future taxable income during the periods in which
1.9 Foreign currency considers the scheduled reversals of deferred income tax
1.9.1 Functional currency
strategies in making this assessment. Based on the level of
The functional currency of the Company is the US Dollars. These historical taxable income and projections for future taxable
financial statements are presented in US Dollars. income over the periods in which the deferred income tax assets
1.9.2 Transactions and translations realize the benefits of those deductible differences. The amount
Foreign-currency denominated monetary assets and liabilities of the deferred income tax assets considered realizable, however,
are translated into the relevant functional currency at exchange could be reduced in the near term if estimates of future taxable
rates in effect at the Balance Sheet date. The gains or losses income during the carry forward period are reduced.
the Statement of Profit and Loss. Non-monetary assets and 1.11 Cash Flow Statement
non-monetary liabilities denominated in a foreign currency Cash flows are reported using the indirect method, whereby
and measured at fair value are translated at the exchange rate profit for the year is adjusted for the effects of transactions of
prevalent at the date when the fair value was determined. Non- a non-cash nature, any deferrals or accruals of past or future
monetary assets and non-monetary liabilities denominated in a operating cash receipts or payments and item of income or
foreign currency and measured at historical cost are translated at expenses associated with investing or financing cash flows. The
the exchange rate prevalent at the date of the transaction. cash flows from operating, investing and financing activities of
Transaction gains or losses realized upon settlement of foreign the Company are segregated.
currency transactions are included in determining net profit for
the year in which the transaction is settled. Revenue, expense 1.12 Earnings per share
and cash-flow items denominated in foreign currencies are Basic earnings per share is computed by dividing the net profit
translated into the relevant functional currencies using the after tax by the weighted average number of equity shares
exchange rate in effect on the date of the transaction. outstanding during the year.
1.10 Income taxes 1.13 Other Income

Income tax expense comprises current and deferred income tax. Other income is comprised primarily of interest income,
Income tax expense is recognized in net profit in the Statement recognized using the effective interest method.
recognized directly in equity, in which case it is recognized in 2.1 Financial Assets
Other Comprehensive Income. Current income tax for current
and prior periods is recognized at the amount expected to be Cash and cash equivalents
paid to or recovered from the tax authorities, using the tax rates
In USD
and tax laws that have been enacted or substantively enacted by
the Balance Sheet date. Deferred income tax assets and liabilities As at March 31
are recognized for all temporary differences arising between the Particulars
2023 2022
tax bases of assets and liabilities and their carrying amounts in
the financial statements. Deferred tax assets are reviewed at each Balances with banks
reporting date and are reduced to the extent that it is no longer In current accounts 71,064 73,334
probable that the related tax benefit will be realized. 71,064 73,334
enacted by the reporting date and are expected to apply to

2.2 Equity 2.5 Expenses
Equity share capital In USD
Years ended March 31

in USD, except as otherwise stated Particulars
2023 2022
As at March 31
Particulars Consultancy and
2023 2022 professional charges
Authorized Professional charges 2,549 2,667
Equity shares 2,549 2,667
10,000 (10,000) equity 100,000 100,000
Other expenses
shares of USD 10 par value
Rates and taxes – 808
Bank Charges 672 422
Equity shares 100,000 100,000
672 1,230
10,000 (10,000) equity
shares of USD 10 par value 2.6 Financial Instruments
100,000 100,000 Financial instruments by category
The details of shareholder holding more than 5% shares as at categories were as follows:
March 31, 2023 and March 31, 2022 are set out below :
In USD
in No., except as stated otherwise As at March 31,
Particulars
As at March 31, 2023 2022
2023 2022 Assets:
Number Number Cash and cash equivalents 71,064 73,334
% held % held
of shares of shares (Refer to Note 2.1)
Infosys Limited 10,000 100 10,000 100 Total 71,064 73,334
Liabilities:
2.3 Other Financial Liablities
Other financial liabilities (Refer 2,450 2,450
In USD
to Note 2.3)
Particulars As at March 31 Total 2,450 2,450
2023 2022 All the above financial instruments are carried at amortized cost
Current and the carrying value approximates the fair value.
Others
Liquidity risk
Total financial liabilities 2,450 2,450
equivalents. The Company has no outstanding borrowings.
2.4 Other Income
In USD The Company had a working capital of USD 68,614 and USD
70,884 as of March 31, 2023 and March 31, 2022 respectively,
Years ended March 31
Particulars which includes cash & cash equivalents of USD 71,064 and USD
2023 2022 73,334 as of March 31, 2023 and March 31, 2022 respectively.
Other Income
Interest from bank 951 –
951 –
2.7 Related Party Transactions

Holding as at March 31
Name of Holding Company Country
2023 2022

China
Sweden
U.S.
Austria
India
Saudi Arabia
Luxembourg
U.S.
India
Poland
U.S.
U.S.
Australia
Switzerland
Romania
Czech Republic
China
The Netherlands
Belgium
U.S.
Germany
U.K.
Dubai
Fluido Oy (8)
Finland
Norway
Slovakia
Singapore

South Africa
U.S.
U.S.
Stater N.V.(9)
The Netherlands
The Netherlands
HypoCasso B.V. (12)
The Netherlands
Belgium
U.S.
Canada
Australia
Philippines
U.K.
Ireland
U.S.
U.S.
Germany
Hungary
Poland
U.S.
U.S.
U.S.
U.S.
U.S.
U.K.
Germany
India
Qatar
Germany

oddity GmbH (46)
Germany
China
Germany
Germany
Serbia
Germany
Switzerland
Denmark
France
Itlay
U.S.
Spain
Norway
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
(25)
(26)
Under liquidation
(27)
(28)
(29)
(30)
(31)

(32)
(33)
(34)
(35)
(36)
(37)
(38)
(39)
(40)
(41)
(42)
(43)
(44)
(45)
(46)
(47)
(48)
(49)
(50)
(51)
(52)
(53)
(54)
2.8 Ratios
Particulars Numerator Denominator March 31, 2023 March 31, 2022 Variance
Return on Equity (ROE) Net Profits after Average (3.3%) (5.4%) 2.1%
taxes Shareholder’s
Equity
Return on capital employed (ROCE) Earning before Capital (3.3%) (5.5%) 2.2%
(1)
Tangible net worth

Infosys BPM UK Limited
Infosys Subsidiary Financials Report 2022-23 Infosys BPM UK Limited | 987

To the Members of Infosys BPM U K Limited

Opinion
We have audited the accompanying special purpose financial statements of Infosys BPM U K Limited (“the Company”), which comprise
Basis for Opinion


the audit. We also:
988 | Infosys BPM UK Limited Infosys Subsidiary Financials Report 2022-23

presentation.
UDIN: 23202841BGWLUJ3684
For Shenoy & Kamath

Chartered Accountants.
M. Rathnakar kamath
Partner
Place: Bengaluru
Date: May 20,2023

Balance Sheet as at
(In GBP )
As at March 31,
2023
Assets
Current assets
Financial assets :
Cash and cash equivalents 2.1 81,400
Other current assets 2.3 4,810
Total current assets 86,210
Total assets 86,210
Equity
Equity share capital 2.2 100,000
Other equity (18,290)
Total equity 81,710
Liabilities
Current liabilities
Other financial liabilities 2.4 4,500
Total current liabilities 4,500
Total equity and liabilities 86,210
As per our report of even date attached for and on behalf of the Board of Directors of
for Shenoy & Kamath
M Ratnakar Kamath Ritesh Gandhi

Partner Director
Place: Bengaluru
Date: May 20, 2023

Statement of Profit and Loss for the
(In GBP)
Year ended
March 31, 2023
Revenue from operations –
Other income, net –
Total income –
Expenses
Cost of technical sub-contractors and professional charges 2.5 6,000
Other expenses 2.5 12,290
Total expenses 18,290
Loss for the period (18,290)
Total other comprehensive income, net of tax –
Total comprehensive income / (loss) for the period (18,290)
for Shenoy & Kamath

Partner Director
Place: Bengaluru
Date: May 20, 2023

(In GBP)

Equity share Reserves & attributable to
Particulars
capital surplus equity holders of
Retained earnings the company
Balance as at April 01, 2022 – – –

Capital Infusion during the period 100,000 – 100,000
Loss for the period – (18,290) (18,290)
Balance as at March 31, 2023 100,000 (18,290) 81,710
for Shenoy & Kamath

Partner Director
Place: Bengaluru
Date: May 20, 2023

Accounting policy
nature, any deferrals or accruals of past or future operating cash receipts or payments, and item of income or expenses associated with
investing or financing cash flows. The cash flows from operating, investing and financing activities of the group are segregated. The
Group considers all highly liquid investments, that are readily convertible to known amounts of cash, to be cash equivalents.
(In GBP)
Year ended
Particulars
March 31, 2023
Cash flows from operating activities :
Loss for the period (18,290)
Loans, other financial assets and other assets (4,810)
Other financial liabilities, other liabilities and provisions 4,500
Net cash used in operating activities (18,600)
Cash flows from investing activities : –
Capital infusion 100,000
Net cash generated from financing activities 100,000
Net decrease in cash and cash equivalents 81,400
Cash and cash equivalents at the beginning –
Cash and cash equivalents at the end 81,400
Restricted cash balance –
for Shenoy & Kamath

Partner Director
Place: Bengaluru
Date: May 20, 2023

Notes to the financial statements for the year ended March 31, 2023
1. Company overview 1.5 Foreign currency
Functional currency
1.1 Company overview
The functional currency of the Company is the Great Britain
Infosys BPM UK Limited (the ‘Company’) is incorporated to Pound. These financial statements are presented in GBP
provide services that would involve in carrying UK-regulated
activities, and hence would require us to be authorized by the Transactions and translations
Financial Conduct Authority (FCA).
The Company was formed on December 09, 2020 as a private are translated into the relevant functional currency at exchange
limited company under the registrar of companies for rates in effect at the Balance Sheet date. The gains or losses
England and Wales. The Company was formed by Infosys BPM resulting from such translations are included in the net profit
Limited (formerly known as Infosys BPO Limited), a subsidiary in the Statement of Profit and Loss. Non-monetary assets and
of Infosys Limited. non-monetary liabilities, denominated in a foreign currency
and measured at fair value, are translated at the exchange rate
1.2 Basis of preparation of financial statements prevalent at the date when the fair value was determined. Non-
These special purpose financial statements are prepared monetary assets and non-monetary liabilities, denominated in a
for inclusion in the Annual Report of the holding company, foreign currency and measured at historical cost, are translated at
Infosys BPM Limited, and ultimate holding company Infosys the exchange rate prevalent at the date of the transaction.
Limited under the requirements of Section 129 (3) of Transaction gains or losses realized upon settlement of foreign
the Companies Act 2013. currency transactions are included in determining net profit
These financial statements are prepared in accordance with for the period in which the transaction is settled. Revenue,
Indian Accounting Standards (Ind-AS) under the historical cost expense, and cash-flow items denominated in foreign currencies
convention on the accrual basis, except for certain financial are translated into the relevant functional currencies using the
instruments which are measured at fair values, the provisions of exchange rate in effect on the date of the transaction.
the Companies Act, 2013 (‘the Act’) (to the extent notified). The
Ind-AS are prescribed under Section 133 of the Act and read with 1.6 Cash flow statement
Rule 3 of the Companies (Indian Accounting Standards) Rules, Cash flows are reported using the indirect method, whereby
2015 and relevant amendment rules issued thereafter. profit for the period is adjusted for the effects of transactions
Accounting policies have been consistently applied, except of a non-cash nature, any deferrals or accruals of past or future
where a newly issued accounting standard is initially adopted or operating cash receipts or payments and item of income or
a revision to an existing accounting standard requires a change in expenses associated with investing or financing cash flows. The
the accounting policy hitherto in use. cash flows from operating, investing and financing activities of
The Company’s reporting currency is the Great
2. Member’s equity
Britain Pound (GBP). As at March 31, 2023, the Company had one member, Infosys
BPM Limited (the “Member”). The Member owns 100% of the
1.4 Use of estimates and judgements interests of the Company.
with Ind-AS requires the Management to make estimates and 2.1 Cash and cash equivalents
assumptions that affect the reported balances of assets and (In GBP)
the date of the financial statements and reported amounts of As at March 31,
Particulars
2023
income and expenses during the period.
Current account 81,400
results could differ from those estimates. Appropriate changes 2.2 Equity share capital
(In GBP)
estimates are reflected in the financial statements in the period As at March 31,
Particulars
in which changes are made and, if material, their effects are 2023
disclosed in the notes to the financial statements. Authorized equity shares, GBP 1 par value 100,000
100,000 equity shares
Previous year figures : Issued, subscribed and paid-up equity shares, 100,000
On May 05, 2022, the Holding company has infused capital GBP 1 par value 100,000 equity shares
amounting to GBP 100,000 and there are no other transactions
preceding that. Hence, comparative data for previous year is not
presented in the financial statements.

2.3 Other current assets
(In GBP)
For the year ended

Particulars
March 31,2023
Prepaid expenses 4,510
VAT and others 300
Total 4,810

(In GBP)
For the year ended

Particulars
March 31,2023
Provision for expenses 4,500
Total 4,500
2.5 Expenses
(In GBP)
For the year ended

Particulars
March 31,2023
Legal and professional charges 6,000
Insurance charges 12,290
Total 18,290
2.6 List of related parties :

Holding as at
Name of related parties Country
March 31, 2023
Holding company
Infosys BPM Limited India 100%
Ultimate holding company
Infosys Limited India 100%

Czech Republic
U.S.
U.S.
Portland Group Pty Ltd. (1) Australia
China
Sweden
U.S.
India
India
Saudi Arabia
Brazil

Luxembourg
Infosys Americas Inc. (Infosys Americas) (2) (26)
U.S.
Canada
Australia
Switzerland
Romania
Czech Republic
U.K.
The Netherlands
Belgium
Panaya Ltd. (6)
Israel
Germany
Brilliant Basics Holdings Limited (Brilliant Basics)(2) (26) U.K.
U.K.
Dubai
Fluido Oy (8)
Finland
Norway
Slovakia
Singapore
U.S.
WDW Communications, Inc(10) (37) U.S.
U.S.
HIPUS Co., Ltd (9)
Japan
The Netherlands
HypoCasso B.V. (12)
The Netherlands
The Netherlands
Germany
Canada

Australia
Australia
U.K.
Ireland
Bulgaria
U.S.
Germany
Hungary
Poland
GuideVision UK Ltd(21) (26) U.K.
U.S.
Beringer Capital Digital Group Inc(15) (41) U.S.
U.S.
U.S.
SureSource LLC(24) (39) U.S.
Blue Acorn LLC (24) (39)
U.S.
Simply Commerce LLC(24) (39) U.S.
U.S.
Turkey
Germany
Malaysia
Qatar
oddity GmbH (45)
Germany
Taiwan
Germany
Germany
Germany
Germany
Infosys Public Services Canada Inc. (19) (5) Canda
Switzerland
Denmark

U.K.
Itlay
U.S.
Germany
Infosys Norway (8) (52) Norway
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Majority owned and controlled subsidiary of Infosys Singapore Pte. Ltd. (formerly Infosys Consulting Pte. Ltd.)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
(25)
(26)
Under liquidation
(27)
(28)
(29)
(30)
(31)
(32)
(33)
On December 14, 2021, Infosys Singapore Pte. Ltd (formerly Infosys Consulting Pte. Ltd.), a wholly-owned subsidiary of Infosys Limited, acquired 100% of voting
interests in Infosys (Malaysia) SDN. BHD. (formerly Global Enterprise International (Malaysia) Sdn. Bhd.).”
(34)
(35)
(36)
Wholly-owned subsidiary of Infosys Limited, merged with WongDoody Inc, effective December 31, 2021.
(37)
Wholly-owned subsidiary of WongDoody Holding Company Inc. (WongDoody), merged with WongDoody Inc, effective December 31, 2021.
(38)
(39)
(40)
(41)
(42)
(43)
On March 22, 2022, Infosys Singapore Pte. Ltd. (formerly Infosys Consulting Pte. Ltd.), a wholly-owned subsidiary of Infosys, Limited acquired 100% of voting
interests in Infosys Germany GmbH (formerly Kristall 247. GmbH (“Kristall”)).”
(44)
subsidiary of Infosys Limited with effect from April 1, 2022”

(45)
On April 20, 2022, Infosys Germany GmbH (formerly Kristall 247. GmbH (“Kristall”)) (a wholly-owned subsidiary of Infosys Singapore Pte. Ltd (formerly Infosys
(46)
(47)
(48)
(49)
(50)
(51)
(52)
(53)

The analytical ratios for the year ended March 31, 2023 are as follows :
Year ended March

31, 2023
Current ratio Current assets Current liability 19.2
Return on equity (ROE) Net profits after taxes Shareholder’s Equity (22.4%)
Return on capital employed (ROCE) Earning before interest and taxes Capital employed(1) (21.2%)
(1)
for and on behalf of the Board of Directors of Infosys BPM UK Limited
Ritesh Gandhi
Director
Place: Bengaluru
Date: May 20, 2023


Panaya Germany GmbH
Infosys Subsidiary Financials Report 2022-23 Panaya Germany GmbH | 1001

To the Members of Panaya Germany GmbH

Opinion
We have audited the accompanying special purpose financial statements of Panaya Germany GmbH (“the Company”), which comprise
Basis for Opinion


the audit. We also:
1002 | Panaya Germany GmbH Infosys Subsidiary Financials Report 2022-23

presentation.
UDIN : 23202841BGWLUW3523
For Shenoy & Kamath
Partner
Place: Bengaluru
Date: May 20, 2023

Balance Sheet
in €
As at December 31
Particulars Note
2022
ASSETS
Current Assets
Financial assets
Cash and Cash Equivalents 2.1 25,378
Total Current Assets 25,378
Total Assets 25,378
Equity
Equity Share Capital 2.2 25,000
Other Equity (122)
Total Equity 24,878
Liabilities
Current Liabilities
Trade Payables 2.3 500
Total Current Liabilities 500
Total Equity And Liabilities 25,378
As per our report of even date attached for and on behalf of Board of Directors of Panaya Germany GmbH
for Shenoy & Kamath
M. Rathnakar Kamath David Binny

Partner
Director
Place: Bengaluru
Date: May 20, 2023

in €
Year ended
Particulars Note December 31
2022
Total income –
Expenses
Other expenses 2.4 122
Total expenses 122
Profit before tax (122)
Tax expense:
Current tax –
Profit for the year (122)
Exchange differences on translation –
Total other comprehensive income/ (loss), net of tax –
Total comprehensive income for the year (122)

The numbers are from December 15, 2022 to December 31, 2022
for Shenoy & Kamath

Partner
Director
Place: Bengaluru
Date: May 20, 2023

in €

Equity share reserves & surplus attributable to
Particulars
premium
Increase in equity share capital on account of fresh issue 25,000 – – 25,000
Profit/ (loss) for the year – – (122) (122)
Balance as of December 31, 2022 25,000 – (122) 24,878

for Shenoy & Kamath

Partner
Director
Place: Bengaluru
Date: May 20, 2023

in €
Year ended
2022
Profit/ (loss) for the year (122)
Trade payables 500
Cash generated from/ (used in) operations 378
Income taxes paid –
Net cash generated by/ (used in) operating activities 378
Proceed from issue of share capital 25,000
Net cash from/ (used in) financing activities 25,000
Net increase/ (decrease) in cash and cash equivalents 25,378
Cash and cash equivalents at the beginning of the year –
Cash and cash equivalents at the end of the year 25,378

for Shenoy & Kamath

Partner
Director
Place: Bengaluru
Date: May 20, 2023

Company overview at fair value on initial recognition, except for trade receivables
Panaya Germany GmbH (“the Company”) is a wholly-owned costs that are directly attributable to the acquisition or issue
subsidiary of Panaya Inc., USA incorporated on December of financial assets and financial liabilities, which are not at fair
15, 2022. The Company develops and markets solutions for value through profit or loss, are added to the fair value on initial
ERP systems, by identifying the changes on the ERP system recognition. Regular way purchase and sale of financial assets are
through automated analysis. accounted at trade date.
1 Significant accounting policies 1.5.2 Subsequent measurement

Non-derivative financial instruments
1.1 Accounting year
January 1 to December 31. A financial asset is subsequently measured at amortized cost if
it is held within a business model whose objective is to hold the
1.2 Basis of preparation of financial statements asset in order to collect contractual cash flows. The contractual
Indian Accounting Standards (Ind-AS) under the historical cost
convention on the accrual basis. The Ind-AS are prescribed
under Section 133 of the Act read with Rule 3 of the Companies (ii) Financial assets at fair value through other
(Indian Accounting Standards) Rules, 2015 and Companies (Indian comprehensive income
Accounting Standards) Amendment Rules, 2016. The Ind-AS
other comprehensive income, if it is held within a business model
cash flows and selling financial assets. The contractual terms
Accounting policies have been consistently applied, except of the financial asset give rise on specified dates to cash flows
where a newly issued accounting standard is initially adopted or that are solely payments of principal and interest on the
a revision to an existing accounting standard requires a change in principal amount outstanding.
1.3 Presentation currency A financial asset, which is not classified in any of the above
categories, is subsequently fair-valued through profit or loss.
The Company’s presentation currency is the EURO (€).
The preparation of the financial statements in conformity cost using the effective interest method. For trade and other
with Ind-AS requires the Management to make estimates payables maturing within one year from the Balance Sheet date,
and assumptions that affect the accounting policies and the carrying amounts approximate fair value due to the short
reported balances of assets and liabilities, disclosures maturity of these instruments.
relating to contingent liabilities as at the date of the
financial statements, and reported amounts of revenues and 1.6 Fair value of financial instruments
expenses during the period.
Accounting estimates could change from period to period. Actual Company uses a variety of methods and assumptions that are
results could differ from those estimates. Appropriate changes based on market conditions and risks existing at each reporting
in estimates are made as the Management becomes aware of date. The methods used to determine fair value include
changes in circumstances surrounding the estimates. Changes in discounted cash flow analysis, available quoted market prices
estimates are reflected in the financial statements in the period and dealer quotes. All methods of assessing fair value result
in which changes are made and, if material, their effects are in general approximation of value, and such value may never
disclosed in the notes to the financial statements. actually be realized.
Examples of such estimates allowance for credit losses, future
obligations under employee benefit plans, income taxes, and the 1.7 Foreign currency
useful lives of property, plant and equipment. Functional currency
The functional currency of the Company is the EURO (€).
1.5.1 Initial recognition Transactions and translations
The Company recognizes financial assets and financial liabilities Foreign-currency denominated monetary assets and liabilities
when it becomes a party to the contractual provisions of the are translated into the relevant functional currency at exchange
instrument. All financial assets and liabilities are recognized rates in effect at the Balance Sheet date. The gains or losses

resulting from such translations are included in net profit in expenses associated with investing or financing cash flows. The
the Statement of Profit and Loss. Non-monetary assets and cash flows from operating, investing, and financing activities of
non-monetary liabilities denominated in a foreign currency the Company are segregated.
prevalent at the date when the fair value was determined. Non- 2.1 Cash and cash equivalents
monetary assets and non-monetary liabilities denominated in a in €
the exchange rate prevalent at the date of the transaction. As at December 31,
Particulars
2022
currency transactions are included in determining net profit Balances with banks
for the period in which the transaction is settled. Revenue, In current accounts 25,378
expense and cashflow items denominated in foreign currencies Total cash and cash equivalents 25,378
2.2 Equity
The translation of financial statements from functional currency Equity share capital
to the presentation currency is performed for assets and in €
date and for revenue, expense and cashflow items using the As at December 31,
Particulars
average exchange rate for the respective periods. The gains or 2022
losses resulting from such translation are included in exchange
Authorized
differences on translation under other components of equity.
1 Equity share of par value € 25,000 each 25,000
1.8 Cash flow statement Issued, subscribed and paid-up (wholly
Cash flows are reported using the indirect method, whereby owned by Panaya Inc.)
profit for the period is adjusted for the effects of transactions 1 Equity share of par value € 25,000 each 25,000
of a non-cash nature, any deferrals or accruals of past or future Total equity share capital 25,000
2.3 Trade payables

in €
As at December 31,
Particulars
2022
Trade payables (1) 500
Total trade payables 500
(1)
500
(Refer to Note 2.6)
(In EUR)

Particulars Not Due
Less than 1 year 1-2 years 2-3 years More than 3 years Total
Others 500.00 – – – – 500.00
Total trade payables 500.00 – – – – 500.00
2.4 Expenses
in €
Year ended
2022
Other expenses
Bank charges 122
Total other expenses 122

The carrying value of financial instruments as of December 31, 2022 were as follows:
in €
Carrying value as on
2022
Assets:
Cash and cash equivalents 25,378
(Refer to Note 2.1 )
Total 25,378
Liabilities:
Trade payables (Refer to Note 2.3) 500
Total 500

Credit risk
Credit risk refers to the risk of default on its obligation by the counterparty resulting in a financial loss. The Company has no trade
receivables as of December 31, 2022 and no credit risk is perceived.
Liquidity risk
The Company’s principal sources of liquidity are cash and cash equivalents.
As of December 31, 2022, the Company had cash and cash equivalents of € 25,378.
The Company has no outstanding borrowings and no liquidity risk is perceived.

Mexico
China
U.S.
Austria
U.S.
Chile
Luxembourg
U.S.
Canada

U.S.
Australia
Switzerland
Switzerland
Germany
France
China
Argentina
U.S.
Germany
U.K.
Fluido Oy (8)
Finland
Sweden
Denmark
Singapore
South Africa
Stater N.V. (9)
The Netherlands
The Netherlands
The Netherlands
Belgium
U.S.
Australia

Philippines
U.K.
Ireland
U.S.
U.S.
Germany
Hungary
U.K.
U.S.
Mediotype LLC (45)
(24)
U.S.
Blue Acorn LLC (43)
(25)
U.S.
Turkey
Infosys Germany Holding Gmbh (29) (1)
Germany
Qatar
Germany
China
Germany
Germany
Serbia
Germany
Infosys Public Services Canada Inc. (52)
(20)
Canda
Germany
France
Itlay

Innovisor Inc. (54)
U.S.
U.S.
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
(25)
(26)
(27)
Under liquidation
(28)
(29)
(30)
(31)
(32)
(33)
(34)
(35)
(36)
(37)
(38)
(39)
(40)
(41)
(42)
(43)
(44)
(45)
(46)
(47)
(48)
(49)
(50)

(51)
(52)
(53)
(54)
(55)
The details of amounts due to or due from related parties as at December 31, 2022 are as follows:
in €
Particulars As at December 31
2022
Trade Payables
Panaya Inc. 500
500

The Company is engaged in developing and marketing solutions in a single geography. Based on the management approach as defined
in Ind-AS 108, Segment Reporting, the Chief Operating Decision Maker (CODM) evaluates the performance and allocates resources based
on analysis of performance of the Company as a whole. Its operations are, therefore, considered to constitute a single segment in the
context of Ind-AS 108, Segment Reporting.
2.8 Ratios
The ratios for the year ended December 31, 2022 are as follows:
December
31,2022
Current Ratio Current assets Current liabilities 50.8

Infosys Business Solutions LLC
Infosys Subsidiary Financials Report 2022-23 Infosys Business Solutions LLC | 1015
To the shareholder of Infosys Business Solutions LLC
Opinion
We have audited the financial statements of Infosys Business Solutions LLC (“the Company”), which comprise the statement of financial
position as at 31 December 2022, the Statement of Profit and Loss and Other Comprehensive Income, Statement of Changes in
Shareholder’s Equity and Statement of Cash Flows for the period from 20 February 2022 to 31 December 2022, and notes to the financial
statements, including a summary of significant accounting policies.
In our opinion, the accompanying financial statements present fairly, in all material respects the financial position of the Company as
at 31 December 2022, and its financial performance and its cash flows for the period from 20 February 2022 to 31 December 2022 in
accordance with International Financial Reporting Standards (IFRSs).
Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are
further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent
of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in accordance
with the Code of Ethics for Professional Accountants (“IESBA Code”) issued by the International Ethics Standards Board for Accountants,
and we have fulfilled our other ethical responsibilities in accordance with its requirements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
Responsibilities of management and Those Charged with Governance (“TCWG”) for the financial
statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with International
Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error.
intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Those charged with governance are responsible for overseeing, the Company’s financial reporting process.
Auditor’s responsibilities for the audit of the financial statements

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout
the audit. We also:
•Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform
audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.
1016 | Infosys Business Solutions LLC Infosys Subsidiary Financials Report 2022-23
• Conclude on the appropriateness of management’s use of the going concern basis of accounting and based on the audit evidence
conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may
cause the Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure, and content of the financial statements, including the disclosures, and whether the
Reporting on other legal and regulatory requirements
Further, as required by Qatar Financial Centre Law, law number 7 of 2005 and general rule 9.5.1, we report that:
(1) We have obtained all the information and explanation considered necessary for the purpose of our audit;
(2) The Company has maintained proper books of account and the financial statements are in agreement therewith;
(3) The financial statements have been properly prepared in accordance with the QFC Rules and Regulations; and
(4) The financial statements have been prepared in accordance with International Financial Reporting Standards.
In addition, we report that nothing has come to our attention which causes us to believe that the Company has breached any of the
applicable provisions of the Qatar Financial Centre Law, law number 7 of 2005 or its articles of association, which would materially affect
its activities, or its financial position as at 31 December 2022.
Gavin Brown
BDO Jawad Habib Qatar
for Accounting, Auditing and Consulting
Doha, State of Qatar

30 April 2023
Statement of Financial Position (Expressed in Qatari Riyals)
As at
December 31, 2022
ASSETS
Current assets
Cash and cash equivalents 8.1 4,347,043
Trade and other receivables 8.2 1,804,005
Total current assets 6,151,048
Non-current asset
Deferred tax assets (net) 8.4 1,821
Total non-current asset 1,821
Total assets 6,152,869
LIABILITIES AND EQUITY
Current liabilities
Trade Payables 5 856,466
Current tax liabilities 8.3 155,272
Other current liabilities 8.5 143,971
Total current liabilities 1,155,709
Total liabilities 1,155,709
Equity
10,000 Common Stock @ USD 100 per Common Stock 8.6 3,616,100
Retained earnings 1,381,060
4,997,160
Total liabilities and equity 6,152,869
These financial statements, were approved by the shareholder on 30 April 2023 and signed on their behalf by the following:
Mr. Varun Rathore

Director
Statement of Profit or Loss and other Comprehensive Income
For the period from 20 February 2022 to 31 December 2022
(Expressed in Qatari Riyals)
Years ended
December 31, 2022
Revenue 8.7 4,112,317
Cost of sales 8.8 (1,925,805)
Gross profit 2,186,512
Operating expenses:
Administrative expenses 8.9 (651,561)
Total operating expenses (651,561)
Operating profit 1,534,951
Other loss Net 8.10 (440)
Profit before tax 1,534,511
Income tax expense: (153,451)
Current Tax 8.3 (155,272)
Deferred Tax 8.4 1,821
Net Profit for the period 1,381,060
Other comprehensive income -
Total comprehensive income for the year 1,381,060
Statement of Changes in Shareholder’s Equity
Particulars Share Capital Retained earnings Total

As at 20 February 2022 – – –
Share capital Introduced 3,616,100 – 3,616,100
Total comprehensive income for the period – 1,381,060 1,381,060
As at 31 December 2022 3,616,100 1,381,060 4,997,160

Years ended
Particulars Notes
December 31, 2022
Net profit before income tax for the period 1,534,511
Changes in working capital:
Increase in trade and other receivables 8.2 (1,804,005)
Increase in Other liabilities and provisions 5,8.5 1,000,437
Cash generated from operations 730,943
Net cash generated from operating activities (A) 730,943
Net cash used in investing activities (B) –
Share capital Introduced 3,616,100
Net cash generated from financing activities (C) 3,616,100
Net changes in Cash and cash equivalents (A+B+C) 4,347,043
Cash and cash equivalents, beginning of the period –
Cash and cash equivalents, end of the period 8.1 4,347,043
Notes to the Financial statements
1 Legal status and principal activities

Infosys Business Solutions-LLC (“the Company”), was incorporated on 20 February 2022, as a Company with limited liability under the
provisions of the Qatar Financial Centre Regulation No.2 of 2005.
The principal activity of the Company is to providing professional services in relation to:
1. Information technology consultancy activities;
2. Software Development; and
3. Advisory/consulting in relation to Strategic, operating model and organizational planning and other business performance services.
The registered address of the Company is Units 96-102, Piazza Level QQ05A, Regus AL Jaidah Business Centre, The Pearl, Doha, Qatar.
2 Basis of preparation
Statement of compliance
The financial statements have been prepared in accordance with the International Financial Reporting Standards (“IFRS”) as promulgated
by the International Accounting Standards Board (“IASB”), interpretations issued by the International Financial Reporting Interpretations
Committee (“IFRIC”) and the requirements Of the Qatar Financial Centre Companies Law.
Basis of Presentation
The financial statements have been prepared under the historical cost convention and going concern basis. The preparation of financial
statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise
judgment in the process of applying the Company’s accounting policies.
Functional and presentation currency

These financial statements are presented in Qatari Riyal (“QAR”) which is the Company’s functional currency.
Improvements/amendments to IFRS/IAS
Improvements/amendments to IFRS/IAS contained numerous amendments to IFRS/IAS that the IASB considers non-urgent but
necessary. ‘Improvements to IFRS’ comprise amendments that result in accounting changes to presentation, recognition or measurement
purposes, as well as terminology or editorial amendments related to a variety of individual IFRS standards. The amendments are effective
for the Company’s future accounting period with earlier adoption.
Standards, amendments and interpretations effective and adopted in the period 2022.
None of the amendments to standards or new standards that were made effective in the period 2022 had any significant effect on these
Standards, amendments and interpretations issued and effective in the period 2022 but not relevant.
The following new amendments to existing standard and interpretation to published standard is mandatory for accounting year
beginning on or after 1 January 2022 or subsequent years, but is not relevant to the Company’s operations:
Standard or i Effective for annual periods

Title
nterpretation beginning on or after
IAS 16 Property, Plant and Equipment — Proceeds before 1 January 2022
Intended Use
IAS 41 Agriculture – Taxation in fair value measurements 1 January 2022
IAS 37 Provisions, Contingent liabilities and Contingent assets - Onerous Contracts - Cost of 1 January 2022
Fulfilling a Contract
IFRS 1 First-time Adoption of International Reporting Standards – Subsidiary as a first-time 1 January 2022
adopter
IFRS 3 Business combinations - Reference to the Conceptual Framework 1 January 2022
IFRS 9 Financial Instruments – Fees in the ’10 per cent’ test for the derecognition of financial 1 January 2022
liabilities
Standards, amendments and interpretations issued but not yet effective in the period 2022.
The new/amended accounting standards and interpretations have been issued but are not mandatory for financial period ended 31
December 2022 is as follows. They have not been adopted in preparing the financial statements for the period ended 31 December 2022
and will or may have an effect on the entity’s future financial statements. In all cases, the entity intends to apply these standards from
application date as indicated in the following table:
Standard or Effective for annual periods

Title
interpretation beginning on or after
IAS 1 Presentation of financial statements – Disclosure of accounting policies / 1 January 2023/ 1 January 2024
Classification of Liabilities as Current or Non-Current/ Non-current liabilities with
covenants
IAS 8 Accounting policies, changes in accounting estimates and errors – Definition of 1 January 2023
accounting estimates
IAS 12 Income taxes – Deferred tax related to assets and liabilities arising from a single 1 January 2023
transaction
IFRS 16 Lease – Amendment – Liability in a sale and lease back 1 January 2024
IFRS 17 Insurance contracts 1 January 2023
Early adoption of amendments or standards in the period 2022

The Company did not early-adopt any new or amended standards in the year 2022. There would have been no change in the
operational results of the Company for the year ended 31 December 2022 had the Company early adopted any of the above standards
applicable to the Company.
Use of estimates and judgments

The preparation of the financial statements in conformity with IFRSs requires management to make judgments, estimates and
assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses.
Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period
in which the estimates are revised and in any future periods affected. Information about critical judgments in applying accounting
policies that have the most significant effect on the amounts recognized in the financial statements are described in note 7.

The following accounting policies, which comply with IFRS, have been applied consistently to all periods presented in these
Financial Instruments
Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, fair value through
Other Comprehensive Income (OCI), and fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset’s contractual cash flow characteristics and the
Company’s business model for managing them. Amount due from related parties that do not contain a significant financing component
or for which the Company has applied the practical expedient are measured at the transaction price determined under IFRS 15. Refer to
the accounting policies for Revenue from contracts with customers.
In order for a financial asset to be classified and measured at amortized cost or fair value through OCI, it needs to give rise to cash flows
that are ‘solely payments of principal and interest (SPPI)’ on the principal amount outstanding. This assessment is referred to as the SPPI
test and is performed at an instrument level.
The Company’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows.
The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both.
Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the
market-place (regular way trades) are recognized on the trade date, i.e., the date that the Company commits to purchase or sell the asset.
Subsequent measurement Company uses third-party prices. For similar deliverables, or
For purposes of subsequent measurement, financial assets are the Company uses the expected cost-plus margin approach
classified in four categories: in estimating the standalone selling price.
c. For performance obligations where control is transferred
• Financial assets at amortized cost (debt instruments) over time, revenues are recognized by measuring progress
• Financial assets at fair value through OCI with recycling of towards completion of the performance obligation. The
cumulative gains and losses (debt instruments) selection of the method to measure progress towards
• Financial assets designated at fair value through OCI with no completion requires judgment and is based on the nature of
recycling cumulative gains and losses upon derecognition the promised products or services to be provided.
(equity instruments) The Company accounts for variable considerations, such as
• Financial assets at fair value through profit or loss volume discounts, as a reduction of revenue on a systematic
and rational basis over the period of the contract. The Company
The Company’s financial assets include the amount due from estimates an amount of such variable consideration using
related parties and bank balances. expected value method or the single most likely amount in a
Financial assets at amortized cost (amount due range of possible consideration depending on which method
from related parties). better predicts the amount of consideration to which the
Company may be entitled.
This category is the most relevant to the Company. The Company
measures financial assets at amortized cost if both of the The timing of revenue recognition may differ from the timing
following conditions are met: of invoicing to customer. The Company classifies its rights to
consideration in exchange for deliverables as either an accounts
• The financial asset is held within a business model with receivable or an unbilled revenue. Unbilled revenue represents
the objective to hold financial assets in order to collect earnings in excess of billings, while unearned income represents
contractual cash flows; and billings in excess of earnings.
• The contractual terms of the financial asset give rise on Revenue is measured based on the consideration specified in a
specified dates to cash flows that are solely payments of contract with the customer. The Company recognizes revenue
principal and interest on the principal amount outstanding. when it transfers control over goods or services to a customer.
In view of the risks associated with the delivery of its services to
Financial assets at amortized cost are subsequently measured
and the collection of the amounts the Company considers that
using the effective interest rate (EIR) method and are subject
it is acting as a principal in these arrangements and, therefore,
to impairment. Gains and losses are recognized in profit or loss
has recognized the costs and associated revenue on a gross, as
when the asset is derecognized, modified or impaired. The
opposed to a net basis.
Company’s financial assets at amortized cost includes amounts
due from related parties and bank balances.
Provisions
Revenue recognition A provision is recognized in the statement of financial position
when the Company has a present legal or constructive obligation
a. To recognize revenues, the Company applies the as a result of a past event, it is probable that an outflow of
following five step approach: economic benefits will be required to settle the obligation and a
i. Identify the contract with a customer, reliable estimate can be made of the amount of the obligation.
ii. Identify the performance obligations in the contract, Employees’ Benefits

iii. Determine the transaction price, The cost of short-term employee benefits is recognized in the
period in which the service is rendered and are not discounted.
iv. Allocate the transaction price to the performance
obligations in the contract, and The expected cost of compensated absence is recognized as
an expense when the employee renders services that increase
v. Recognize revenues when a performance
their entitlement or in case of no accumulating absence,
obligation is satisfied.
when the absence occur.
b. At contract inception, the Company assesses its promise
to transfer products or services to a customer to identify Taxation
separate performance obligations. The Company applies
Income tax is calculated as per Qatar Financial Centre Tax Law
judgement to determine whether each product or service
effective from 01 January 2010. QFC imposed a flat tax rate of
promised to a customer is capable of being distinct, and are
10% on local source business profit.
distinct in the context of the contract, if not, the promised
product or services are combined and accounted as a The tax expense for the period comprises current and deferred
single performance obligation. The Company allocates tax. Tax is recognized in the Statement of Profit and Loss, except
the arrangement consideration to separately identifiable to the extent that it relates to items recognized in the Other
performance obligations based on their relative stand-alone Comprehensive Income or directly in equity, respectively.
selling price or residual method. Standalone selling prices are
Deferred income tax is recognized, using the liability method, on
determined based on sale prices for the components when
temporary differences arising between the tax basis of assets and
it is regularly sold separately. In cases where the Company
liabilities and their carrying amounts in the financial statements.
is unable to determine the stand-alone selling price, the
Deferred income tax assets are recognized only to the existent The right-of-use asset is subsequently depreciated using the
that it is probable that future taxable profit will be available straight-line method from the commencement date to the earlier
against which the temporary differences can be utilized. of the end of the useful life of the right of use asset or the end of
the lease term. The estimated useful lives of right of use assets
Foreign currency transactions are determined on the same basis as those of property, plant
Transactions in foreign currencies are translated to the functional and equipment. In addition, the right-of-use asset is periodically
currency at the exchange rates at the dates of the transactions. reduced by impairment losses, if any, and adjusted for certain
Monetary assets and liabilities denominated in foreign currencies remeasurements of the lease liability.
at the reporting date are retranslated to the functional currency
at the exchange rate at that date. The foreign currency gain or Lease liability
loss on monetary items is the difference between amortized The lease liability is initially measured at the present value of
cost in the functional currency at the beginning of the period, the lease payments that are not paid at the commencement
adjusted for effective interest and payments during the period date, discounted using the interest rate implicit in the lease
and the amortized cost in foreign currency translated at the or if that rate cannot be readily determined, the Company’s
exchange rate at the end of the period. Realized and unrealized incremental borrowing rate.
foreign exchange differences arising on translation are Lease payments in the measurement of the lease liability
recognized in the profit or loss. comprise the following:
Leases a. Fixed payments, including in-substance fixed payments;

At inception of a contract the Company assesses whether a b. Variable lease payments that depend on an index or
contract is or contains a lease. A contract is, or contains, a lease a rate, initially measured using the index or rate as at
if contract conveys the right to control the use of an identified the commencement date;
c. Amounts expected to be payable under a residual value
guarantee; and the exercise price under a purchase option
identified asset, the Company assesses whether:
that the Company is reasonably certain to exercise, lease
a. The contract involves the use of an identified asset – this may payments in an optional renewal period if the Company
be specified explicitly or implicitly and should be physically is reasonably certain to exercise an extension option, and
distinct asset or represent substantially all of the capacity of penalties for early termination of a lease unless the Company
a physically distinct asset. If the supplier has a substantive is reasonably certain not to terminate early.
substitution right, then the asset is not identified.
The lease liability is measured at amortized cost using the
b. The Company has the right to obtain substantially all effective interest method. It is remeasured when there is a
the economic benefits from use of the asset throughout change in future lease payments arising from a change in an
the period of use; and index or rate, if there is a change in the Company’s estimate
of the amount expected to be payable under a residual value
c. The Company has the right to direct the use of the asset.
guarantee, or if the Company changes its assessment of whether
d. The Company has this right when it has the decision- it will exercise a purchase, extension, or termination option.
making rights that are most relevant to changing how and
When the lease liability is remeasured in this way, a
for what purpose the asset is used. In rare cases where the
corresponding adjustment is made to the carrying amount of the
decision about how and for what purpose the asset is used is
right-of-use asset or is recorded in profit or loss if the carrying
predetermined, the Company has the right to direct the use
amount of the right-of-use asset has been reduced to zero.
of the asset if either:
i. The Company has the right to operate the asset; or Short-term leases and leases of low-value assets
ii. The Company designed the asset in a way that The Company has elected not to recognize right-of-use assets
predetermines how and for what purpose it will be used. and lease liabilities for short-term leases of equipment that
have a lease term of 12 months or less and leases of low-value
At inception or on assessment of a contract that contains a lease assets, including IT equipment. The Company recognizes the
component, the Company identifies the non-lease component in lease payments associated with these leases as an expense on a
the contract and break the lease and non-lease component and straight-line basis over the lease term.
present the same separately i.e., lease component is capitalized
as part of right-of-use asset and non-lease component is
presented separately.
Right-of-use asset
The Company recognizes a right-of-use asset and a lease liability
at the lease commencement date. The right-of-use asset is
initially measured at cost, which comprises the initial amount
of the lease liability adjusted for any lease payments made at
or before the commencement date, plus any initial direct costs
incurred and an estimate of costs to dismantle and remove the
underlying asset or to restore the underlying asset or the site on
which it is located, less any lease incentives received.
4 Financial risk management were no changes in the Company’s approach to capital
management during the years.
Overview
The Company has exposure to the following risks from its use of 5 Related party transactions and balances
financial instruments:
The Company in the normal course of business carries out
• Credit risk; transactions with other business enterprises that fall within
the definition of related parties contained in International
• Liquidity risk; and
Accounting Standard No. 24. The transactions among related
• Market risk. parties are carried out at terms mutually agreed amongst them.
This note presents information about the Company’s exposure to
Related party transactions and balances
each of the above risks, the Company’s objectives, policies, and
processes for measuring and managing risk, and the Company’s During the year the Company enter into a Subcontracting
management of capital. Agreement with Infosys Limited (“the Shareholder”). Where
Infosys Limited bills the Company at total cost-plus markup
The Director has an overall responsibility for the Company and of 18% on total cost for the services given to the Company.
oversight of the Company’s risk management framework. Other services which are in the nature of cost reimbursement
are invoiced at cost.
Credit risk
Credit risk is the risk of financial loss to the Company if a Trade payables
customer or counterparty to a financial instrument fails to meet Balance with related party
its contractual obligations. Credit risk is attributable to trade and (Expressed in Qatari Riyals)
other receivables, cash at bank and due from a related party.
Cash is held with reputable bank. Balance due from a related As at
Particulars
party is considered fully recoverable by management. December 31, 2022
Infosys Limited 856,466
Liquidity risk Total 856,466
Liquidity risk is the risk that the Company will encounter difficulty
in meeting the obligations associated with its financial liabilities Transactions with related party
that are settled by delivering cash or another financial asset. (Expressed in Qatari Riyals)
Liquidity risk mainly relates to trade and other payables and
As at
due to a related party. The Company’s approach to managing Particulars
December 31, 2022
liquidity is to ensure, as far as possible, to maintain sufficient
liquidity to meet its liabilities when due, under both normal and Rent 13,090
stressed conditions, without incurring unacceptable losses or Technical sub-contracted cost 74,092
risking damage to the Company’s reputation. Professional expenses incurred on behalf of 482,785
Company
Market risk Total 569,967
Market risk is the risk that changes in market prices, such
as foreign exchange rates and interest rates will affect the
6 Fair value of financial instruments
Company’s income or the value of its holdings of financial
instruments. The objective of market risk management is to Fair value measurement
manage and control market risk exposures within acceptable
A number of assets and liabilities included in the Company’s
parameters, while optimizing the return on risk.
financial statements require measurement at, and/or disclosure
Of, fair value. The most significant areas requiring the use of
Currency risk management estimates and assumptions relate to contingencies.
Currency risk is the risk that the value of a financial instrument The fair value measurement Of the Company’s financial and
will fluctuate because of changes in foreign exchange rates. The non-financial assets and liabilities utilizes market Observable
majority of the Company’s transactions are conducted in QAR inputs and data as far as possible. Inputs used in determining fair
and USD. QAR is currently pegged to USD; hence, the Company value measurements are categorized into different levels based
has no significant exposure to currency risk. on how Observable the inputs used in the valuation technique
utilized are (the ‘fair value hierarchy’):
Interest rate risk
Interest rate risk is the risk that the value of a financial instrument • Level 1: Quoted prices in active markets for identical items
will fluctuate because of changes in market interest rates. The (unadjusted);
Company is not exposed to interest rate risk. • Level 2: Observable direct or indirect inputs Other than Level
1 inputs; and
Capital management • Level 3: Unobservable inputs
The Directors’ policy is to maintain a strong capital base as
to maintain shareholders, creditors, and market confidence
and to sustain future development of the business. There
The classification of an item into the above levels is based on the The balance in Qatari Riyal, which are kept in current account
lowest level of the inputs used that has a significant effect on the with local scheduled banks bearing no interest is as follows.
fair value measurement of the item. Transfers Of items between
levels are recognized in the period they Occur. (Expressed in Qatari Riyals)
The financial assets and financial liabilities Of the Company either As at

Particulars
require fair value measurements or only fair value disclosures as December 31, 2022
at 31 December 2022. Current Accounts
Financial assets of the Company comprise trade and other Citi Bank 4,347,043
receivables (excluding prepayments and advances), and cash
and cash equivalent. Financial liabilities include trade and other 8.2 Trade receivables and other receivables
payables and due to a related party. (Expressed in Qatari Riyals)
The carrying amounts of the financial instruments stated above, As at
Particulars
approximate their fair value as at 31 December 2022. December 31, 2022
Trade Receivables
7 Accounting estimates and judgment Unsecured
The following are the key assumptions concerning the future, Considered good 1,821,455
and other key sources of estimation uncertainty at the reporting Considered doubtful –
date, that have a significant risk of causing a material adjustment
1,821,455
to the carrying amounts of assets and liabilities within the
next financial year. Less: Allowance for expected credit loss (18,215)
Trade Receivables net 1,803,240
Determination of the lease term of contracts
Other Receivables
In determining the lease term, management considers facts and
Receivables from Related Party 765
circumstances that create an economic incentive to exercise
an extension option, or not to exercise a termination option. Total Other receivables 765
Extension options are only included in the lease term if lease is Total 1,804,005
reasonably certain to be extended.
8.3 Income taxes
Impairment losses on financial assets (Expressed in Qatari Riyals)
The Company reviews its receivables to assess impairment
As at
losses. In determining whether impairment losses should be Particulars
December 31, 2022
recognized in the profit or loss, the Company makes judgments
as to whether there is any observable data indicating that Income tax expense in the Statement of
there is a measurable decrease in the estimated future cash Profit and Loss comprises:
flows. Accordingly, an allowance for impairment is made Current tax 155,272
where there is an identified loss event or condition which, Deferred tax (1,821)
based on previous experience, is evidence of a reduction in the
Income tax Expense 153,451
recoverability of the cash flows.
The measurement of the expected credit loss allowance for
financial assets measured at amortized cost is an area that
income before income taxes is as follows:
requires the use of complex models and significant assumptions
about future economic conditions and credit behavior (e.g., the (Expressed in Qatari Riyals)
likelihood of customers defaulting and the resulting losses).
Years ended
Particulars
December 31, 2022
8 Notes to the financial statements
Profit before income taxes 1,534,511
8.1 Cash and cash equivalents Enacted tax rates in State of Qatar 10.00%
Computed expected tax expense 153,451
As at Income Tax Expense 153,451
Particulars
December 31, 2022
Cash and cash equivalents consist of the
following:
Cash at bank- Current accounts 4,347,043
The following table provides the the details of income tax assets
and income tax liabilities as of 31 December 2022 are as follows.
As at
As at Particulars
Particulars December 31, 2022
December 31, 2022
Current income tax liabilities (155,272)
Provision for debtors 1,821
Income tax assets –
Net current income tax assets/ (liability) 1,821
Net current income tax assets/ (155,272)
at the end
The gross movement in the current income tax asset/ (liability)
for the year ended 31 December 2022 is as follows:
Years ended
Particulars
December 31, 2022
Net current income tax asset/ –
(liability) at the beginning
Income tax paid –
Current income tax expense (155,272)
Income Tax Expense (155,272)
8.4 Deferred tax

Details of the deferred tax liability, amounts recognized in profit or loss and amounts recognized in other comprehensive
income are as follows:
Carrying value as Changes through Changes Through Translation Carrying value as of

Particulars
on 20 February22 Profit and Loss OCI Difference 31 December 22
Deferred Income tax assets /(Liabilities)
Provision for debtors – 1,821 – – 1,821
Total deferred Income Tax assets/(liabilities) – 1,821 – – 1,821


Accruals for Professional and legal fees 89,541
Compensated absences 54,430
143,971
8.6 Equity share capital


Authorized Equity shares, USD 100 (364 QAR) par value 2,000,000 (20,000) equity shares 7,280,000
Issued, Subscribed and Paid-Up Equity shares, USD 100 (361.61 QAR) par value 1,000,000 (10,000) equity shares 3,616,100
The Company has only one class of shares referred to as equity shares having a par value of USD 100/-. Each holder of equity shares is
The details of shareholder holding more than 5% shares as at 31 8.9 General and administrative expenses
December 2022 are as follows: (Expressed in Qatari Riyals)
(Expressed in Qatari Riyals) Years ended

Particulars
December 31, 2022
As at December
Name of the Shareholder % of Share Consultancy and professional charges 532,325
31, 2022
Infosys Limited (India) 100% 3,616,100 Auditor’s remuneration 40,000
Travelling costs 29,604
8.7 Revenue Provision for expected credit loss 18,215
Bank charges and commission 15,576
Years ended Rent 13,090
December 31, 2022
Telephone expenses 2,030
Revenue from services 4,112,317
Postage and courier 723
8.8 Cost of sales
Total 651,561
Years ended 8.10 Other loss, net

Particulars
December 31,2022
Employee benefit costs 1,851,713
Years ended
Cost of technical sub-contractors(1) 74,092 Particulars
December 31, 2022
Total 1,925,805 Unrealized Foreign Exchange Loss 440
(1)
Infosys Limited (Holding Company) Total 440
9 Subsequent Events
Subsequent to the year end, there have been no events noted
that would require adjustments or further disclosure to the
10 Contingent Liabilities
There are no contingent liabilities as of 31 December 2022.
Infosys Singapore Pte Ltd.
Infosys Subsidiary Financials Report 2022-23 Infosys Singapore Pte Ltd | 1029
To the Members of Infosys Singapore Pte Ltd. (formerly known as Infosys Consulting Pte Ltd.)
Report on the special purpose financial statements

Opinion
We have audited the accompanying special purpose financial statements of Infosys Singapore Pte Ltd. (formerly known as Infosys
Consulting Pte Ltd.) (“the Company”), which comprise the Balance Sheet as at December 31, 2022, the Statement of Profit and Loss
(including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on
that date, and a summary of significant accounting policies and other explanatory information (hereinafter referred to as “the special
purpose financial statements”). The special purpose financial statements are prepared for inclusion in the annual report of the Holding
Company Infosys Limited under the requirements of Section 129 (3) of the Companies Act 2013.
Basis for Opinion

ethical requirements that are relevant to our audit of the special purpose financial statements, and we have fulfilled our other ethical
Management’s responsibilities for the special purpose financial statements

view of the financial position, financial performance, including Other Comprehensive Income, Changes in Equity and Cash Flows of the
Auditor’s responsibilities for the audit of the special purpose financial statements
assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a
the audit. We also:
the circumstances but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control.
1030 | nfosys Singapore Pte Ltd Infosys Subsidiary Financials Report 2022-23
i) we have sought and obtained all the information and explanations, which to the best of our knowledge and belief were necessary for
UDIN : 23202841BGWMDX5126
For Shenoy & Kamath

Partner
Place: Bengaluru
Date: June 1, 2023
Balance Sheet (In SGD)
As at December 31
2022 2021
ASSETS
Non-current assets
Right-of-use assets 2.18 24,224,797 416,506
Financial assets
Investments 2.3 508,539,163 380,720,629
Loans 2.2 – 524,883
Other non-current assets 2.6 1,870,874 3,620,672
Current assets
Financial assets
Loans 2.2 240,901,414 33,515,313
Total assets 813,874,166 453,863,159
Equity
Redeemable Preference share 510,200,000 249,200,000
Other equity (75,442,385) (95,613,533)
Total equity 445,747,615 164,576,467
Liabilities
Borrowings 2.10 (a) 21,641,535 38,067,494
Lease Liabilities 2.18 20,113,939 59,975
Other financial liabilities 2.10 (b) 2,160,861 133,672,384
Current liabilities
Borrowings 2.10 (a) 195,802,432 97,985,357
Trade payables 2.9 2,008,551 1,119,089
Lease Liabilities 2.18 6,073,489 392,295
Other financial liabilities 2.10 (b) 120,068,861 16,365,511
Provisions 2.12 1,211 61,549
Income tax liabilities, net 2.13 – 1,225,549
As per our report of even date attached for and on behalf of the Board of Directors of Infosys Singapore Pte Ltd. (formerly
known as Infosys Consulting Pte Ltd.)
for Shenoy & Kamath
Firm Registration Number : 006673S
M. Rathnakar Kamath Andal Alwan

Partner Director
Place : Bengaluru
Date: June 1, 2023
Statement of Profit and Loss (In SGD) except equity share and per equity share data
Note Years ended December 31

Particulars
2022 2021
Other income, net 2.15 20,796,029 30,235,558
Total income 60,335,322 44,959,762
Expenses
Travel expenses 107,181 433
Depreciation expense 2.1 5,456,602 384,181
Finance cost 6,269,569 1,894,169
Other expenses 2.17 616,751 5,186,793
Total expenses 41,267,360 21,888,270
Profit/(loss) before tax 19,067,962 23,071,492
Tax expense
Current tax 2.13 (1,103,186) 1,183,727
Deferred tax 2.13 – –
Total comprehensive income/(loss) for the period/year 20,171,148 21,887,765
for Shenoy & Kamath

Partner Director
Place : Bengaluru
Date: June 1, 2023
Statement of Changes in Equity (In SGD)

Equity share Redeemable Reserves and attributable to
Particulars capital Preference share Surplus equity holders of
the Company
Retained earnings
Balance as of January 1, 2021 10,990,000 249,200,000 (117,501,298) 142,688,702
Profit for the year – – 21,887,765 21,887,765
Balance as of December 31, 2021 10,990,000 249,200,000 (95,613,533) 164,576,467
Issuance of preference share – 261,000,000 – 261,000,000
Impact on adoption of amendment to Ind-AS 37# – – – –
Profit for the year – – 20,171,148 20,171,148
Balance as of December 31, 2022 10,990,000 510,200,000 (75,442,385) 445,747,615
for Shenoy & Kamath

Partner Director
Place : Bengaluru
Date: June 1, 2023
Statements of Cash Flows (In SGD)

2022 2021
Depreciation and amortization expense 2.1 & 2.18 5,456,602 384,181
Income tax expense 2.13 (1,103,186) 1,183,727
Dividend received from subsidiaries (12,018,224) (31,710,121)
Impairment loss recognized / (reversed) under expected credit loss model 34,299 58
Finance Cost 6,269,569 1,894,169
Interest Income (5,283,297) (894,066)
Fair value loss (gain) on derivative financial instruments 21,695,617 18,941,614
Fair value gain on contingent consideration (1,324,413) (50,582)
Fair value changes on redemption liability (6,381,310) 4,400,829
Fair value loss (gain) on call and put options (1,615,419) –
Provision for post-sales client support and warranties (60,338) 61,549
Other adjustments – –
Exchange differences on translation of assets and liabilities (15,507,039) (17,248,550)
Other financial assets and other assets 2,320,548 (10,036,571)
Other financial liabilities, other liabilities and provisions (10,176,635) 13,253,979
Cash generated from / (used in) operations (11,908,465) 1,430,553
Income taxes paid 2.13 (122,363) (86,613)
Net cash generated by / (used in) operating activities (12,030,828) 1,343,940
Purchase of property, plant and equipment (103,196) (80,699)
Investment in subsidiaries (121,237,280) (5,271,825)
Loans to related companies (207,931,017) (26,327,045)
Contingent consideration paid to sellers of Fluido (2,362,940) –
Refund received from Singtel sellers 228,437 –
Repayments received from loan to a related company – 2,364,141
Interest received 1,012,098 445,644
Dividend received 12,018,224 31,710,121
Net cash from/(used in) investing activities (318,375,674) 2,840,337
Loans from related companies 170,007,131 34,799,000
Repayments of loans from related companies (78,174,874) (11,900,657)
Proceed from issue of Redeemable Preference Shares 261,000,000 –
Cash settlement for derivative financial instruments (27,539,922) (10,727,999)
Repayment of lease liabilities (3,869,229) (343,287)
Interest paid (2,502,448) (716,834)
Net cash from / (used in) financing activities 318,920,658 11,110,223
2022 2021
Net increase/(decrease) in cash and cash equivalents (11,485,844) 15,294,500
Cash and cash equivalents at the beginning of the year 2.5 22,888,741 7,594,241
Cash and cash equivalents at the end of the year 2.5 11,402,897 22,888,741
for Shenoy & Kamath

Partner Director
Place : Bengaluru
Date: June 1, 2023
Significant accounting policies products or services to customers in an amount that reflects
Company overview Arrangements with customers for software related services are
Infosys Singapore Pte Ltd. (formerly known as Infosys Consulting
Pte Ltd.) is a wholly-owned subsidiary of Infosys Limited. The
1.5.1 Time and material
Company renders professional management consulting services,
thereby enabling its clients to enhance business performance. Revenue on time-and-material contracts are recognized as
1 Significant accounting policies as unbilled revenue.
1.1 Accounting year
1.5.2 Fixed price
January 1 to December 31. Revenue from fixed-price, fixed-timeframe contracts, where
of consideration, is recognized as per the percentage-
These special purpose financial statements are prepared for of-completion method.
inclusion in the Annual Report of the Ultimate Holding Company
Infosys Limited under the requirements of Section 129 (3) of the 1.5.3 Unbilled/ Unearned
Companies Act 2013. These financial statements are prepared in
Revenues in excess of invoicing are classified as contract assets
accordance with Indian Accounting Standards (Ind-AS), under
(which we refer as unbilled revenue) while invoicing in excess of
revenues are classified as contract liabilities (which we refer to as
unearned revenues).
1.5.4 Volume discounts
Items included in the financial statements of the Company
environment in which the entity operate (i.e. the “functional
currency”). The functional currency of the Company is SGD., and
the financial statements are also presented in SGD. All amounts
included in the financial statements are reported in SGD, unless
otherwise stated. Accounting policies have been applied
consistently to all periods presented in these financial statements
except where a newly-issued accounting standard is initially
adopted or a revision to an existing accounting standard requires
a change in the accounting policy hitherto in use.
1.3 Presentation currency changes in the estimated amount of obligations for discounts in
The Company’s presentation currency is SGD. the period in which the change occurs.
1.4 Use of estimates 1.5.5 Contract modification

The preparation of the financial statements in conformity Contract modifications are accounted for when additions,
with Ind-AS requires the Management to make estimates deletions or changes are approved either to the contract scope
and assumptions that affect the application of accounting or contract price. The accounting for modifications of contracts
policies and the reported balances of assets and liabilities and involves assessing whether the services added to an existing
disclosures relating to contingent liabilities as at the date of contract are distinct and whether the pricing is at the standalone
the financial statements and reported amounts of income and selling price. Services added that are not distinct are accounted
expenses during the period. for on a cumulative catch-up basis, while those that are distinct
are accounted for prospectively, either as a separate contract, if
1.5.6Tax
disclosed in the notes to the financial statements. The Company presents revenues net of indirect taxes in its
1.6 Provisions measured reliably. Repairs and maintenance costs are recognized
A provision is recognized if, as a result of a past event, the in the Statement of Profit and Loss when incurred. The cost
Company has a present legal or constructive obligation that and related accumulated depreciation are eliminated from the
is reasonably estimable, and it is probable that an outflow of financial statements upon sale or retirement of the asset and the
economic benefits will be required to settle the obligation. resultant gains or losses are recognized in the Statement of Profit
Provisions are determined by discounting the expected and Loss. Assets to be disposed off are reported at the lower of
future cash flows at a pre-tax rate that reflects current the carrying value or the fair value less cost to sell.
specific to the liability. 1.10 Financial instruments
1.7 Post-sales client support The Company recognizes financial assets and financial liabilities
The Company provides its clients with a fixed-period post-sales when it becomes a party to the contractual provisions of the
support on its fixed-price, fixed-timeframe contracts. Costs instrument. All financial assets and liabilities are recognized at
associated with such support services are accrued at the time fair value on initial recognition, except for trade receivables,
when related revenues are recorded in the Statement of Profit which are initially measured at transaction price. Transaction
and Loss. The Company estimates such costs based on historical costs that are directly attributable to the acquisition or issue
experience and the estimates are reviewed annually for any of financial assets and financial liabilities, which are not at fair
material changes in assumptions and likelihood of occurrence. value through profit or loss, are added to the fair value on initial
1.8 Onerous contracts accounted for at trade date.
are lower than the unavoidable costs of meeting the future Non-derivative financial instruments
obligations under the contract. Provisions for estimated losses,
if any, on incomplete contracts are recorded in the period in (i) Financial assets carried at amortized cost
which such losses become probable based on the estimated A financial asset is subsequently measured at amortized cost
efforts or costs to complete the contract. The provision is if it is held within a business model whose objective is to hold
measured at the present value of the lower of the expected the asset in order to collect contractual cash flows and the
cost of terminating the contract and the expected net cost of contractual terms of the financial asset give rise on specified
continuing with the contract. Before a provision is established dates to cash flows that are solely payments of principal and
the Company recognizes any impairment loss on the assets interest on the principal amount outstanding.
associated with that contract.
(ii) Financial assets at fair value through Other
1.9 Property, plant and equipment Comprehensive Income
Property, plant and equipment are stated at cost, less A financial asset is subsequently measured at fair value through
accumulated depreciation and impairment, if any. Costs directly other comprehensive income if it is held within a business model
attributable to acquisition are capitalized until the property, whose objective is achieved by both collecting contractual
plant and equipment are ready for use, as intended by the cash flows and selling financial assets and the contractual
Management. The Company depreciates property, plant and terms of the financial asset give rise on specified dates to cash
equipment over their estimated useful lives using the straight- flows that are solely payments of principal and interest on the
line method. The estimated useful lives of assets are as follows : principal amount outstanding.
Computer equipment(1) 3-5 years (iii) Financial assets at fair value through profit or loss
5 years A financial asset, which is not classified in any of the above
Office equipment 5 years categories are subsequently fair valued through profit or loss.
Depreciation methods, useful lives and residual values are (iv) Financial liabilities
(1)
For these class of assets, based on technical evaluation, the Management cost using the effective interest method. For trade and other
believes that the useful lives as given above best represent the period payables maturing within one year from the Balance Sheet date,
over which the Management expects to use these assets. Hence the useful the carrying amounts approximate fair value due to the short
lives for these assets is different from the useful lives as prescribed under maturity of these instruments.
Part C of Schedule II of the Companies Act 2013.
Advances paid towards the acquisition of property, plant and 1.10.3 Fair value of financial instruments
equipment outstanding at each Balance Sheet date is classified In determining the fair value of its financial instruments, the
as capital advances under other non-current assets and the cost Company uses a variety of methods and assumptions that are
of assets not put to use before such date are disclosed under based on market conditions and risks existing at each reporting
‘Capital work-in-progress’. Subsequent expenditures relating date. The methods used to determine fair value include
to property, plant and equipment is capitalized only when discounted cash flow analysis, available quoted market prices
it is probable that future economic benefits associated with and dealer quotes. All methods of assessing fair value result
in general approximation of value, and such value may never Transactions and translations
actually be realized. Foreign-currency denominated monetary assets and liabilities
1.11 Impairment rates in effect at the Balance Sheet date. The gains or losses
a. Financial assets resulting from such translations are included in the Statement
The Company recognizes loss allowances using the Expected of Profit and Loss. Non-monetary assets and non-monetary
Credit Loss (ECL) model for the financial assets, which are not liabilities denominated in a foreign currency and measured at fair
fair valued through profit or loss. Loss allowance for trade value are translated at the exchange rate prevalent at the date
receivables with no significant financing component is measured when the fair value was determined. Non-monetary assets and
at an amount equal to lifetime ECL. For all other financial assets, non-monetary liabilities denominated in a foreign currency and
expected credit losses are measured at an amount equal to measured at historical cost are translated at the exchange rate
the 12-month ECL, unless there has been a significant increase prevalent at the date of the transaction. The related revenue and
in credit risk from initial recognition in which case those are expense are recognized using the same exchange rate.
measured at lifetime ECL. The amount of expected credit Transaction gains or losses realized upon settlement of foreign
losses (or reversal) that is required to adjust the loss allowance currency transactions are included in determining net profit
at the reporting date to the amount that is required to be for the period in which the transaction is settled. Revenue,
recognized is recognized as an impairment gain or loss in the expense and

Subsidiaries Financial Statements 2022 23

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Report on the Audit of the Standalone Financial Statements

Basis for Opinion

6 | Infosys BPM Limited Infosys Subsidiary Financials Report 2022-23

Report on Other Legal and Regulatory Requirements

Infosys Subsidiary Financials Report 2022-23 Infosys BPM Limited | 7

For Deloitte Haskins & Sells LLP

8 | Infosys BPM Limited Infosys Subsidiary Financials Report 2022-23

Management’s responsibility for internal financial controls

Meaning of internal financial controls with reference to standalone financial statements

Infosys Subsidiary Financials Report 2022-23 Infosys BPM Limited | 9

For Deloitte Haskins & Sells LLP

10 | Infosys BPM Limited Infosys Subsidiary Financials Report 2022-23

Infosys Subsidiary Financials Report 2022-23 Infosys BPM Limited | 11

Amount Forum where dispute is

* Less than INR 1 crore

12 | Infosys BPM Limited Infosys Subsidiary Financials Report 2022-23

For Deloitte Haskins & Sells LLP

Infosys Subsidiary Financials Report 2022-23 Infosys BPM Limited | 13

Years ended March 31,

14 | Infosys BPM Limited Infosys Subsidiary Financials Report 2022-23

for Deloitte Haskins & Sells LLP

Gurvinder Singh Martha King Anantharaman Radhakrishnan

Bengaluru Vasudeva Maipady Sudhir Gaonkar

Infosys Subsidiary Financials Report 2022-23 Infosys BPM Limited | 15

Years ended March 31,

for Deloitte Haskins & Sells LLP

Gurvinder Singh Martha King Anantharaman Radhakrishnan

Bengaluru Vasudeva Maipady Sudhir Gaonkar

16 | Infosys BPM Limited Infosys Subsidiary Financials Report 2022-23

Balance as at April 1, 2021 34 1 – 25 1,000 241 3,758 (29) 5,030

Infosys Subsidiary Financials Report 2022-23 Infosys BPM Limited | 17

for Deloitte Haskins & Sells LLP

Gurvinder Singh Martha King Anantharaman Radhakrishnan

Bengaluru Vasudeva Maipady Sudhir Gaonkar

18 | Infosys BPM Limited Infosys Subsidiary Financials Report 2022-23

Year ended March 31,

Infosys Subsidiary Financials Report 2022-23 Infosys BPM Limited | 19

for Deloitte Haskins & Sells LLP

Gurvinder Singh Martha King Anantharaman Radhakrishnan

Bengaluru Vasudeva Maipady Sudhir Gaonkar

20 | Infosys BPM Limited Infosys Subsidiary Financials Report 2022-23

Statements The Company’s contracts with customers include promises to

Infosys Subsidiary Financials Report 2022-23 Infosys BPM Limited | 21

22 | Infosys BPM Limited Infosys Subsidiary Financials Report 2022-23

Leasehold Plant and Office Computer Furniture and

Leasehold Plant and Office Computer Furniture and

Infosys Subsidiary Financials Report 2022-23 Infosys BPM Limited | 23

24 | Infosys BPM Limited Infosys Subsidiary Financials Report 2022-23

Infosys Subsidiary Financials Report 2022-23 Infosys BPM Limited | 25

26 | Infosys BPM Limited Infosys Subsidiary Financials Report 2022-23

Method of fair valuation:

Fair Value as at March 31,

Particulars As at March 31,

Infosys Subsidiary Financials Report 2022-23 Infosys BPM Limited | 27

2.7 Trade receivables

28 | Infosys BPM Limited Infosys Subsidiary Financials Report 2022-23

Outstanding for following periods from due date of payment

Outstanding for following periods from due date of payment

2.8 Cash and cash equivalents

Infosys Subsidiary Financials Report 2022-23 Infosys BPM Limited | 29

2.10 Financial instruments