REPORT ON FINANCIAL STATEMENT ANALYSIS

OF
INFOSYS LIMITED
In Partial Fulfilment for the award of the Degree of Bachelor of
Commerce(Hons.)

TEERTHANKER MAHAVEER INSTITUTE OF MANANGEMENT

AND TECHNOLOGY (TMIMT)

SESSION: - 2020-2023

TEERTHANKER MAHAVEER UNIVERSITY,

MORADABAD, UTTAR PRADESH

Submitted By: Submitted To:

DISHA JAIN Miss. NAZIA HASAN

TMG200902 (ASSISTANT PROFESSOR)

B.COM (HONS) TMIMT, TMU

3rd. YEAR, VI SEMESTER

1
 TABLE OF CONTENT

Sr. No. Content Page No.

1. DECLARATION 3

2. ACNOWLEDGEMENT 4

3. COMPAN PROFILE 5-10

4. INTRODUCTION 11-12

5. RESEARCH OBJECTIVE 13

6. RESEARCH METODOLOGY 14

7. DATA ANALYSIS & INTERPRETATION 15-30

8. FINDINGS 31

9. RECOMMENDATIONS & SUGGESTIONS 32

10. LIMITATIONS 33

11. CONCLUSION 34

12. REFERENCES 35

13. ANNEXURE 36-38

DECLARATION

2
I DISHA JAIN hereby declare that the Internship Report presented entitled Title Financial
Statement Analysis for the fulfillment of the award of Bachelor of Commerce with specialization
(Accounting & Finance) from TMIMT, Teerthanker Mahaveer University; Moradabad is based on
my personal experience the company.

The report on “INFOSYS LIMITED” is prepared under the guidance of Miss. NAZIA HASAN.

Name: DISHA JAIN

Program: B.Com (Honors)

Enrollment No. : TMG2009027

ACKNOWLEDGEMENT
3
It gives me immense pleasure and privilege to acknowledge my deepest sense of gratitude
towards all those who helped me in the successful execution of this dissertation.

I would like to thanks Principal Prof. (Dr.) VIPIN JAIN for his able guidance. I also extend my
gratitude towards HOD DR. MANOJ AGARWAL and also my program coordinator DR.
NITIN KUMAR AGARWAL, who entrusted me for the completion of this REPORT.

I am highly indebted to my Internal Guide MISS NAZIA HASAN whose constructive

counseling and able guidance helped me immensely in bringing out this report in the present
form.

The acknowledgement would be incomplete without thanking my family and friend who were a
big support throughout.

Name: DISHA JAIN

Program: B.Com (Honors)

Enrollment No. : TMG2009027

INFOSYS

4
Infosys, a multinational consulting and IT services firm with more than 346k employees, was
founded in 1981. We started with US$250 in capital and have expanded to a US417.94 billion
(LTM FY23 revenues) firm with a market cap of roughly US475.39 billion.

In our journey of over 40 years, we have sparked some of the significant shifts that have made
India the go-to country for software services talent on a global scale. We created the first global
delivery model and became the first Indian IT company to list on NASDAQ. Some of India’s first
salaried millionaires were produced via our employee stock option programme.

FOUNDER

5
 N.R. Narayana Murthy
Co-founders

Ashok Arora N.S. Raghavan

S. Gopalakrishnan Nandan M. Nilekani

6
 K. Dinesh S.D. Shibulal

Headquarter Address:
No.44, Hosur Road,
Electronics City, Bengaluru,
Karnataka - 560100

7
 VISION
To be recognized as the leading global procurement and supply chain consulting and outsourced
services firm.

MISSION
Infosys mission is to work in remote regions of several states in India.

To achieve their objectives in an environment of fairness, honesty, and courtesy towards their
clients, employees, vendors and society at large.

VALUES
They are a strong value-based organization and they “live the values” in everything they do.
Their six corporate values are:

 Commitment
 Integrity
 Personal development
 Leadership
 Teamwork
 Work life balance

Infosys Moto: “Navigate Your Next”

8
Services Offered:
1. Business and Technology consulting
2. IT Infrastructure services
3. Application services
4. Systems integration services
5. Product engineering services
6. Custom software development services

Awards:
 Infosys ranked in the top 3 IT Services brands in the world by Brand Finance, the
world’s leading brand valuation firm, in its Global 500 2023 report.
 Infosys awarded Global Top Employer 2022 certification in 22 countries across
Asia Pacific, Europe, the Middle East, and North America in recognition of its
outstanding strategies and people practices.
 Infosys Recognized as one of the 2022 World’s Most Ethical Companies for the
Second Consecutive Year by Ethisphere.

Competitors

Tata Consultancy Services (TCS) is an

Indian multinational information technology (IT) services
and consulting company with its headquarters in Mumbai.
It is a part of the Tata Group and operates in 150 locations
across 46 countries.

Wipro Limited (formerly, Western India Palm

Refined Oils Limited) is an Indian multinational
corporation that provides information technology
consulting and business process services.

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 Tech Mahindra is an Indian
multinational information technology
services and consulting company. Part of the
Mahindra Group, the company is
headquartered in Pune and has its registered
office in Mumbai.

HCL Technologies Limited, HCLTech

(formely Hindustan Computers Limited), is an
Indian multinational information technology (IT)
services and consulting company headquartered in
Noida. It emerged as an independent company in
1991 when HCL entered into the software services
business. The company has offices in 52 countries
and over 210,966 employees.

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 FINANCIAL STATEMENT ANALYSIS

The process of examining a company’s financial statements in order to make decisions is known
as financial statement analysis. It is used by external stakeholders to analyze an organization’s
overall health as well as its financial position and business value. It operates as a monitoring tool
for managing finances for internal stakeholders. Important financial information on every aspect
of a business’s operation is recorded in the financial statements of a business. They can therefore
be evaluated based on their past, present and future performance.

Generally Accepted Accounting Standards (GAAP) are the basis of financial reporting in India.
These principles require a company to create and maintain three main financial statements:

 Balance Sheet - A balance sheet is a financial statement that contains details of a

company's assets or liabilities at a specific point in time. It is one of the three core
financial statements used for evaluating the performance of a business.

 Income Statement - An income statement is a financial statement that shows you the
company's income and expenditures. It also shows whether a company is making profit
or loss for a given period.

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There are various methods or techniques that are used in analyzing financial statements, such as:

 Comparative analysis - Comparative analysis is the process of comparing items to

one another and distinguishing their similarities and differences. When a business wants
to analyze an idea, problem, theory or question, conducting a comparative analysis allows
it to better understand the issue and form strategies in response.

 Common size analysis - A common size financial statement displays items on each
report as a percentage of a common base figure. Common size financial statements are
used to make it easier to compare a company to its competitors and to identify significant
changes in a company's financials.

 Ratio analysis - Ratio analysis is the process of examining and comparing financial
information by calculating meaningful financial statement figure percentages instead of
comparing line items from each financial statement.

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 RESEARCH OBJECTIVE

 To analyze the financial performance of the company.

 To study the liquidity position of the company.
 To determine the overall efficiency of Infosys Ltd by using profitability ratios.
 To identifying the financial strength and weakness of the company.
 To identify potential risks and uncertainties that may impact a company's financial
performance, such as changes in market conditions, regulatory requirements, or competitive
pressures.

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 RESEARCH METHODOLOGY

Data collection: The main source of data used for the study was secondary, drawn from the
annual profit and loss account and balance sheet. Figures found in annual reports of the selected
units. The other data sources and opinions expressed in commercial journals, magazines,
accounting literature etc. have been also used in this study.

Tools used: Collected data have been processed and tabulated by using ms-excel software.
Ratio analysis like liquidity ratio, profitability ratio and efficiency ratio, comparative statement,
common-size statement are used in this study in order to know the liquidity, solvency and
profitability position of INFOSYS LTD.

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 DATA ANALYSIS AND INTERPRETATION

COMPARATIVE BALANCE SHEET OF INFOSYS LTD.

AS AT 31st MARCH, 2022

Particulars 2021 2022 Absolute Percentage

change change
I.EQUITY & LIABILITIES
Equity
Equity share capital 2,124 2,098 -26 -1.22%
Other equity 74,227 73,252 -975 -1.31%
Non-controlling interests 431 386 -45 -10.44%
Total equity 76,782 75,736 -1,046 -1.36%
Liabilities
Non-current liabilities
Financial liabilities
Lease liabilities 4,587 4,602 15 0.32%
Other financial liabilities 1,514 2,337 823 54.35%
Deferred tax liabilities(net) 875 1,156 281 32.11%
Other non-current liabilities 763 451 -312 -40.89%
Total non-current liabilities 7,739 8,546 807 10.42%
Current liabilities
Financial liabilities
Lease liabilities 738 872 134 18.15%
Trade payables 2,645 4,134 1,489 56.29%
Other financial liabilities 11,390 15,837 4,447 39.04%
Other current liabilities 6,233 9,178 2,945 47.24%
Provisions 713 975 262 36.74%

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 Income tax liabilities (net) 2,146 2,607 461 21.48%
Total current liabilities 23,865 33,603 9,738 40.80%
Total equity & liabilities 1,08,386 1,17,885 9,499 8.76%
II. ASSETS
Non-current assets
Property, plant and equipment 12,560 13,075 515 4.10%
Right-of-use assets 4,794 4,823 29 0.60%
Capital work-in-progress 922 416 -506 -54.88%
Goodwill 6,079 6,195 116 1.90%
Other intangible assets 2,072 1,707 -365 -17.61%
Financial assets
Investment 11,863 13,651 1,788 15.07%
Loans 32 34 2 6.25%
Other financial assets 1,141 1,460 319 27.95%
Deferred tax assets(net) 1,098 1,212 114 10.38%
Income tax assets (net) 5,811 6,098 287 4.93%
Other non-current assets 1,281 2,029 748 58.39%
Total non-current assets 47,653 50,700 3,047 6.39%
Current assets
Financial assets
Investment 2,342 6,673 4,331 184.92%
Trade receivables 19,294 22,698 3,404 17.64%
Cash and cash 24,714 17,472 -7,242 -29.30%
Equivalents
Loans 159 248 89 55.97%
Other financial assets 6,410 8,727 2,317 36.14%
Income tax assets(net) - 54 54 100%
Other current assets 7,814 11,313 3,499 44.77%
Total current assets 60,733 67,185 6,452 10.62%
Total assets 1,08,386 1,17885 9,499 8.76%

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Interpretation of comparative balance sheet:
 Equity share capital decreases in FY22 by Rs.1046 i.e. 1.35 %, the company may not able
to borrow money.
 Increase percentage of non-current liabilities shows that increases its risk.
 Current liabilities witnesses a increase by 40.8 % due to significance increase in trade
payable which twice in FY22 in comparison of FY2.
 Non –current assets are increased 6.39 % in FY22, this means company work effectively.
 There are increase in current asset in FY22 by 10.62 % in comparison of FY21, which
shows no change in working capital.
 Overall, there are growth in both the sides in FY22 total assets and total liabilities by 8.76
%.

COMMON SIZE BALANCE SHEET OF INFOSYS LTD.

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 AS AT 31st MARCH, 2022

Particulars Absolute amount Percentage

2021 2022 2021 2022

I.EQUITY & LIABILITIES

Equity
Equity share capital 2,124 2,098 1.95% 1.77%
Other equity 74,227 73,252 68.48% 62.13%
Non-controlling interests 431 386 0.39% 0.32%
Total equity 76,782 75,736 70.84% 64.24%
Liabilities
Non-current liabilities
Financial liabilities
Lease liabilities 4,587 4,602 4.23% 3.90%
Other financial liabilities 1,514 2,337 1.39% 1.98%
Deferred tax liabilities(net) 875 1,156 0.80% 0.98%
Other non-current liabilities 763 451 0.70% 0.38%
Total non-current liabilities 7,739 8,546 7.14% 7.24%
Current liabilities
Financial liabilities
Lease liabilities 738 872 0.68% 0.73%
Trade payables 2,645 4,134 2.44% 3.50%
Other financial liabilities 11,390 15,837 10.50% 13.43%
Other current liabilities 6,233 9,178 5.75% 7.78%
Provisions 713 975 0.65% 0.82%
Income tax liabilities (net) 2,146 2,607 1.97% 2.21%
Total current liabilities 23,865 33,603 22.01% 28.50%
Total equity & liabilities 1,08,386 1,17,885 100% 100%

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II. ASSETS
Non-current assets
Property, plant and equipment 12,560 13,075 11.58% 11.09%
Right-of-use assets 4,794 4,823 4.42% 4.06%
Capital work-in-progress 922 416 0.85% 0.78%
Goodwill 6,079 6,195 5.60% 5.25%
Other intangible assets 2,072 1,707 1.91% 1.44%
Financial assets
Investment 11,863 13,651 10.94% 11.57%
Loans 32 34 0.02% 0.02%
Other financial assets 1,141 1,460 1.05% 1.23%
Deferred tax assets(net) 1,098 1,212 1.01% 1.02%
Income tax assets (net) 5,811 6,098 5.36% 5.17%
Other non-current assets 1,281 2,029 1.18% 1.72%
Total non-current assets 47,653 50,700 43.96% 43.00%
Current assets
Financial assets
Investment 2,342 6,673 2.16% 5.66%
Trade receivables 19,294 22,698 17.80% 19.25%
Cash and cash 24,714 17,472 22.80% 14.82%
equivalents
Loans 159 248 0.14% 0.21%
Other financial assets 6,410 8,727 5.91% 7.40%
Income tax assets(net) - 54 - 0.04%
Other current assets 7,814 11,313 7.20% 9.59%
Total current assets 60,733 67,185 56.03% 56.99%
Total assets 1,08,386 1,17885 100% 100%

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Interpretation of common size balance sheet:
 Equity share capital in FY21 is 70.84% of total liabilities which is decreased in FY22
64.24%.
 In non–current liabilities there are little difference in FY21 and FY22 0.10%, this means
company take more risks.
 Current liabilities in FY21 22.01% of total liabilities which is increased in FY22 28.50 %,
by this cash flow from operations will also increase.
 Non-current assets of the company has been decreased from 43.96 % to 46% in FY22.
 Current assets of the company has been increased from 56.03% in FY21 to 56.99% because
of increase in trade receivables.

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 COMPARATIVE STATEMENT OF PROFIT & LOSS
AS AT 31st MARCH, 2022
Particulars 2021 2022 Absolute Percentage
change change
Revenue from operations 1,00,472 1,21,641 21,169 21.06%
Other income, net 2,201 2,295 94 4.27%
Total income 1,02,673 1,23,936 21,263 20.70%
Expenses
Employee benefit expenses 55,541 63,986 8,445 15.20%
Cost of technical sub-contractors 7,084 12,606 5,522 77.95%
Travel expenses 554 827 273 49.27%
Cost of software packages an others 4,223 6,811 2,588 61.28%
Communication expenses 634 611 -23 -3.57%
Consultancy and professional 1,261 1,885 624 49.48%
charges
Depreciation and amortization 3,267 3,476 209 6.39%
expenses
Finance cost 195 200 5 2.56%
Other expenses 3,286 3,424 138 4.19%
Total expenses 76,045 93,826 17,781 23.38%
Profit before tax 26,628 30,110 3,482 13.07%
Tax expense
Current tax 6,672 7,811 1,139 17.07%
Deferred tax 533 153 -380 -71.29%
Profit for the period 19,423 22,146 2,723 14.01%

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Interpretation of comparative profit & loss account:
 Revenue from operation increased by 21.06% in FY22 in comparison of FY21, that mean
net sales of the company as increased.
 The total expenses of the company has been increased from Rs.76,045 in FY21 to Rs.
93,826 in FY22 i.e. by 23.38%.
 The tax expense for the company has increased from INR 7,205 in 2021 to INR 7,964 in
2022, which is an increase of INR 759 or 10.53%. The deferred tax has decreased by INR
380, which indicates that the company has made some changes in its tax planning.
 The profit for the period has increased from INR 19,423 in 2021 to INR 22,146 in 2022,
which is an increase of INR 2,723 or 14.01%.

COMMON SIZE PROFIT & LOSS ACCOUNT

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 AS AT 31st MARCH, 2022
Particulars Absolute amount Percentage
2021 2022 2021 2022
Revenue from operations 1,00,472 1,21,641 100% 100%
Other income, net 2,201 2,295 2.19% 1.88%
Total income 1,02,673 1,23,936 102.19% 101.88%
Expenses
Employee benefit expenses 55,541 63,986 55.28% 52.60%
Cost of technical sub-contractors 7,084 12,606 7.05% 10.36%
Travel expenses 554 827 0.55% 0.67%
Cost of software packages and 4,223 6,811 4.20% 5.59%
Others
Communication expenses 634 611 0.63% 0.50%
Consultancy and professional 1,261 1,885 1.25% 1.54%
Charges
Depreciation and amortization 3,267 3,476 3.25% 2.85%
Expenses
Finance cost 195 200 0.19% 0.16%
Other expenses 3,286 3,424 3.27% 2.81%
Total expenses 76,045 93,826 75.68% 77.13%
Profit before tax 26,628 30,110 26.50% 24.75%
Tax expense
Current tax 6,672 7,811 6.64% 6.42%
Deferred tax 533 153 0.53% 0.12%
Profit for the period 19,423 22,146 19.33% 18.20%

Interpretation of common size profit & loss account:

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 Total expenses of the company has been increased from 75.68% in FY21 to 77.13% in
FY22 i.e. 1.45%.
 Profit before tax of the company has been decreased from 26.50 % to 24.75%.
 Total tax expenses has increased by 0.87% in FY22.
 Net profit after tax of the company has been decreased from 19.33% in FY21 to 18.20%
in FY22.

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 RATIO ANALYSIS

1. Current Ratio: The current ratio is a liquidity ratio that measures a company’s ability
to pay short-term obligations or those due within one year.
Current ratio = Current Assets
Current liabilities

2021 = 60,733
23,865
= 2.54
2022 = 67,185
33,603
= 1.99

Current Ratio March 2021 March 2022

2.54 1.99

Interpretation:
 Ideal ratio of current ratio is 2:1.
 In FY21 current ratio indicates that it will be able to meet its short term financial
obligations.
 In FY22 shows slightly decrease which is not good for company.

2. Quick ratio: The quick ratio measures a company’s capacity to pay its current
liabilities without needing to sell its inventory or obtain additional financing.
Quick ratio = Quick assets
Current liabilities
2021 = 60,574
23,865
= 2.54
2022 = 66,937
33,603
= 1.99
Quick Ratio March 2021 March 2022

25
 2.54 1.99

Interpretation:
 In FY21 quick ratio indicate that company can be liquid and generate cash quickly in
case of emergency.
 As compared to previous year there is a slightly decrease in quick ratio in FY22 which
means it reduced ability to generate cash.

3. Working capital turnover ratio: Working capital turnover is a ratio that measures
how efficiency a company is using its working capital to support sales and growth.
Working capital turnover ratio = Revenue from operations
Working capital
Working capital = Current asset – current liabilities
2021 = 60,733 – 23,865
= 36,868
2022 = 67,185 – 33,603
= 33,582
WCT ratio 2021 = 1, 00,472
36,868
= 2.72
2022 = 1, 21,641
33,582
= 3.62

Working capital turnover March 2021 March 2022

Ratio
2.72 3.62

Interpretation:
 There is increase in working capital turnover ratio as compare to previous year which
indicates that a company is able to generate a larger amount of sales.

4. Return on asset ratio: The term return on asset refers to a financial ratio that
indicates how profitable a company is in relation to its total assets.

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 Return on asset ratio = Net Income × 100
Total assets
2021 = 19,423 × 100
1, 08,386
= 17.92 %

2022 = 22,146 × 100

1, 17,885
= 18.78 %

Return on asset Ratio March 2021 March 2022

17.92 % 18.78 %

Interpretation:
 In FY21 17.92% it is increase in Fy22 18.78% due to increment of both assets and the
profit of the company.
 Return on asset ratio measures how effectively a company can earn a return on its
investment in assets.
 Higher return on asset shows that the company is able to earned more money with a small
investment.

5. Proprietary ratio: Proprietary ratio is a type of solvency ratio that is useful for
determining the amount or contribution of shareholder’s or proprietors towards the total
assets of the business.
Proprietary ratio = Shareholder’s fund
Total assets
2021 = 76,351
1, 08,386
= 0.70
2022 = 75,350
1,17.885
= 0.63

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 Proprietary Ratio March 2021 March 2022
0.70 0.63

Interpretation:
 As compare to previous year there is decrease in proprietary ratio in current year.
 Which shows the dependence of company on the debt financing in order to run its
business and its also indicates that creditors will lose their interest.

6. Net profit ratio : The net profit ratio, or simply net ratio, measures how much net
income or profits is generated as a percentage of revenue.
Net profit ratio = Net profit after tax × 100
Revenue from operation
2021 = 19,423 × 100
1,00,472
= 19.33 %
2022 = 22,146 × 100
1,21,641
= 18.20 %

Net profit Ratio March 2021 March 2022

19.33 % 18.20 %

Interpretation:
 In FY21 19.33% has declined in FY22 18.20%.
 It could be due to the reason of ineffective cost structure or poor pricing strategies or it
could be also insufficient management.

7. Return on capital employed ratio: Return on capital employed is a financial ratio

that measures a company’s profitability in terms of all of its capital. Return on capital
employed is similar to return on invested capital.
Return on capital employed = EBIT × 100

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 Capital employed

Capital employed = total asset – current liabilities

2021= 1,08,386 – 23,865
= 84,521
2022 = 1,17,885 – 33,603
= 84,282
ROCE 2021 = 26,628 × 100
84,521
= 31.50 %
2022 = 30,110 × 100
84,282
= 35. 72 %

Return on capital March 2021 March 2022

employed Ratio
31.50 % 35.72 %

Interpretation:
 The return on capital employed for the company improved and stood at 35.72 % during
FY22, from 31.50 % during FY21.
 The return on capital employed measures the ability of a firm to generate profits from its
total capital employed in the company and stronger profitability of the company.

8. Return on equity ratio: Return on equity is a financial ratio shows how well a
company is managing the capital that shareholders have invested in it. Return on equity
measures the profitability of a corporation in relation to stockholder’s equity.
Return on equity ratio = Profit after tax × 100
Equity shareholder’s fund
2021 = 19,423 × 100
76,351
= 25.43 %
2022 = 22,146 × 100
75,350
= 29.39 %
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 Return on equity Ratio March 2021 March 2022
25.43 % 29.39 %

Interpretation:
 The Return on equity for the company improved and stood at 29.39 % during FY22, from
25.43 % during FY21.
 Here Return on equity indicates that the company is good at converting equity financing
into profits.

9. Current asset turnover ratio: The asset turnover ratio measures the efficiency of a
company’s assets in generating revenue or sales.
Current asset turnover ratio = Revenue from operation
Current assets
2021 =1,00,472
60,733
= 1.65
2022 =1,21,641
67,185
= 1.81

Current asset turnover Ratio March 2021 March 2022

1.65 1.81

Interpretation:

 In FY21 the ratio is 1.65 and increase in FY22 1.81.

 Company increase current asset and revenue from operation both.
 Higher the current asset turnover ratio indicates the more efficient a company is at
generating revenue from its assets.

FINDINGS

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 Overall, the company has experienced growth in its business activities and profitability
over the period.
 Although the increase in expenses, particularly in the cost of technical sub-contractors and
software packages and others, has impacted the profit margin to some extent. The company
needs to analyze these expenses and make necessary adjustments to maintain its
profitability in the long run.
 It can also be observed that Quick ratio of Infosys ltd has decreased from 2021 to 2022.
This shows vulnerable of company towards the payment of short-term debts from short-
term assets.
 In nut shell, financial position of company looks favorable. The profit of the company is
adequate. But one thing where Infosys needs to explore where it is doing excess of
expenditure.

RECOMMENDATIONS & SUGGESTIONS

31
1. The company can retain their profitability position stable by making efficient
employment of their available resources.
2. The liquidity position could be strengthened by reducing the current liabilities.
3. The management may take proper decisions to maintain their absolute liquid ratio, so
that they can maintain their liquidity position in the long run.
4. The company must also aim at an effective utilization of owner’s fund.
5. The company must aim to keep a standard level of liquid assets and try to maintain the
profits which the company is earning now.
6. Customer satisfaction as well as development of the customers should be given priority.

LIMITATIONS

32
1. The secondary data was collected through audited financial reports, websites,
etc. So the inherent limitations of the secondary data apply to the study.
2. The study is based on secondary data so it may not be accurate.
3. The study is based on the data obtained from the annual reports of the concern
i.e., balance sheet, profit and loss account.
4. The data are in historical nature, it does not reflect the current position of the
company.

CONCLUSION

33
The study entitled “An Analysis of Financial Performance of INFOSYS Limited” highlighted
that the financial position of the INFOSYS Limited is good. The analysis of the company was
undertaken with the help of ratios, which are important tools of financial analysis. After the
study of financial performance of Infosys Ltd from various financial aspects like liquidity,
profitability, solvency and activity ratios it can be clear that profitability position of the company
is more or less depends upon the better utilization of resources. This study reveals the findings
and recommendation which would be useful for the development and improvement to the
company.

REFRENCES

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https://garph.co.uk/IJARMSS/July2015/20.pdf
https://www.jetir.org/papers/JETIRDE06013.pdf
https://www.studiestoday.com/ts-grewal-solutions
https://www.infosys.com/investors/reports-filings/annual-report/annual/documents/infosys-ar-
22.pdf
https://www.infosys.com/about/history.html
https://en.wikipedia.org/wiki/Infosys

ANNEXURE

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