Integrated Annual Report 2022-23

Consolidated Statement of Profit and Loss

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

Particulars Note Year ended March 31,

2023 2022
Revenue from operations 2.18 1,46,767 1,21,641
Other income, net 2.19 2,701 2,295
Total income 1,49,468 1,23,936
Expenses
Employee benefit expenses 2.22 78,359 63,986
Cost of technical sub-contractors 14,062 12,606
Travel expenses 1,525 827
Cost of software packages and others 2.20 10,902 6,811
Communication expenses 713 611
Consultancy and professional charges 1,684 1,885
Depreciation and amortization expenses 2.2, 2.4.2 and 2.21 4,225 3,476
Finance cost 284 200
Other expenses 2.20 4,392 3,424
Total expenses 1,16,146 93,826
Profit before tax 33,322 30,110
Tax expense:
Current tax 2.17 9,287 7,811
Deferred tax 2.17 (73) 153
Profit for the period 24,108 22,146

Infosys Integrated Annual Report 2022-23

Consolidated Balance Sheet for the year ended 2022-2023
(In ₹ crore)

Particulars Note As at March 31,

2023 2022
Assets
Non-current assets
Property, plant and equipment 2.2 13,346 13,075
Right-of-use assets 2.21 6,882 4,823
Capital work-in-progress 2.3 288 416
Goodwill 2.4.1 and 2.1 7,248 6,195
Other intangible assets 2.4.2 1,749 1,707
Financial assets
Investments 2.5 12,569 13,651
Loans 2.6 39 34
Other financial assets 2.7 2,798 1,460
Deferred tax assets (net) 2.17 1,245 1,212
Income tax assets (net) 2.17 6,453 6,098
Other non-current assets 2.10 2,318 2,029
Total non-current assets 54,935 50,700
Current assets
Financial assets
Investments 2.5 6,909 6,673
Trade receivables 2.8 25,424 22,698
Cash and cash equivalents 2.9 12,173 17,472
Loans 2.6 289 248
Other financial assets 2.7 11,604 8,727
Income tax assets (net) 2.17 6 54
Other current assets 2.10 14,476 11,313
Total current assets 70,881 67,185
Total assets 1,25,816 1,17,885

Infosys Integrated Annual Report 2022-23

Infosys Integrated Annual Report 2022-23
Consolidated Financial Statements

Consolidated Balance Sheet (contd.)

Particulars Note As at March 31,
2023 2022
Equity and liabilities
Equity
Equity share capital 2.12 2,069 2,098
Other equity 73,338 73,252
Total equity attributable to equity holders of the Company 75,407 75,350
Non-controlling interests 388 386
Total equity 75,795 75,736
Liabilities
Non-current liabilities
Financial liabilities
Lease liabilities 2.21 7,057 4,602
Other financial liabilities 2.13 2,058 2,337
Deferred tax liabilities (net) 2.17 1,220 1,156
Other non-current liabilities 2.15 500 451
Total non-current liabilities 10,835 8,546
Current liabilities
Financial liabilities
Lease liabilities 2.21 1,242 872
Trade payables 2.14 3,865 4,134
Other financial liabilities 2.13 18,558 15,837
Other current liabilities 2.15 10,830 9,178
Provisions 2.16 1,307 975
Income tax liabilities (net) 2.17 3,384 2,607
Total current liabilities 39,186 33,603
Total equity and liabilities 1,25,816 1,17,885

The accompanying notes form an integral part of the Consolidated financial statements.
Consolidated Financial Statements

Consolidated 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 Group are segregated.
The Group considers all highly liquid investments that are readily convertible to known amounts of cash to be cash equivalents.

(In ₹ crore)

Particulars Note Year ended M arch 31,

2023 2022
Cash flow from operating activities
Profit for the year 24,108 22,146
Adjustments to reconcile net profit to net cash provided by operating activities:
Income tax expense 2.17 9,214 7,964
Depreciation and amortization 2.2, 2.4.2 and 2.21 4,225 3,476
Interest and dividend income 2.19 (1,817) (1,645)
Finance cost 284 200
Impairment loss recognized / (reversed) under expected credit loss model 283 170
Exchange differences on translation of assets and liabilities, net 161 119
Stock compensation expense 2.12 519 415
Other adjustments 628 76
Changes in assets and liabilities
Trade receivables and unbilled revenue (7,076) (7,937)
Loans, other financial assets and other assets (3,108) (1,914)
Trade payables (279) 1,489
Other financial liabilities, other liabilities and provisions 4,119 6,938
Cash generated from operations 31,261 31,497
Income taxes paid (8,794) (7,612)
Net cash generated by operating activities 22,467 23,885
Cash flows from investing activities
Expenditure on property, plant and equipment and intangibles (2,579) (2,161)
Deposits placed with corporation (996) (906)
Redemption of deposits placed with corporation 762 753
Interest and dividend received 1,525 1,898
Payment towards acquisition of business, net of cash acquired (910) –
Payment of contingent consideration pertaining to acquisition of business (60) (53)
Escrow and other deposits pertaining to buyback (483) (420)
Redemption of escrow and other deposits pertaining to buyback 483 420
Other receipts 71 67
Other payments – (22)
Payments to acquire investments
Tax-free bonds and government bonds (27) –
Liquid mutual fund units (70,631) (54,064)
Target maturity fund (400) –
Certificates of deposit (10,348) (4,184)

Infosys Integrated Annual Report 2022-

23
Consolidated Statement of Cash Flows (contd.)
Particulars Note Year ended M arch 31,
2023 2022
Commercial paper (3,003) –
Non-convertible debentures (249) (1,609)
Government securities (1,569) (4,254)
Others (20) (24)
Proceeds on sale of investments
Tax-free bonds and government bonds 221 20
Liquid mutual funds units 71,851 53,669
Certificates of deposit 10,404 787
Commercial paper 2,298 –
Non-convertible debentures 470 2,201
Government securities 1,882 1,457
Equity and preference securities 99 –
Others – 9
Net cash (used in) / generated from investing activities (1,209) (6,416)
Cash flows from financing activities
Payment of lease liabilities (1,231) (915)
Payment of dividends (13,631) (12,652)
Payment of dividend to non-controlling interest of subsidiary (22) (79)
Shares issued on exercise of employee stock options 35 21
Payment towards purchase of non-controlling interest – (2)
Other receipts 132 236
Other payments (479) (126)
Buyback of equity shares including transaction cost and tax on buyback (11,499) (11,125)
Net cash used in financing activities (26,695) (24,642)
Net increase / (decrease) in cash and cash equivalents (5,437) (7,173)
Effect of exchange rate changes on cash and cash equivalents 138 (69)
Cash and cash equivalents at the beginning of the period 2.9 17,472 24,714
Cash and cash equivalents at the end of the period 2.9 12,173 17,472
Supplementary information
Restricted cash balance 2.9 362 471

The accompanying notes form an integral part of the Consolidated financial statements.

for Deloitte Haskins & Sells LLP

Chartered Accountants

Infosys Integrated Annual Report 2022-23