Infosys (NYSE: INFY) Announces Results for the Quarter and Year Ended March 31, 2018 (3)

March 31, 2018 March 31, 2017 ASSETS Current assets Cash and cash equivalents 3.041 3,489 Current investments 982 1,538 Trade receivables 2,016 1,900 Unbilled revenue 654 562 Prepayments and other current assets 662 749 Derivative financial instruments 2 44 7,357 8,282 Assets held for sale (4) 316 - Total current assets 7,673 8,282 Non-current assets Property, plant and equipment 1,863 1,807 Goodwill 339 563 Intangible assets 38 120 Investment in associate - 11 Non-current investments 883 984 Deferred income tax assets 196 83 Income tax assets 931 881 Other non-current assets 332 123 Total non-current assets 4,582 4,572 Total assets 12,255 12,854 LIABILITIES AND EQUITY Current liabilities Trade payables 107 57 Derivative financial instruments 6 - Current income tax liabilities 314 599 Client deposits 6 5 Unearned revenue 352 274 Employee benefit obligations 218 209 Provisions 75 63 Other current liabilities 1,036 954 2,114 2,161 Liabilities directly associated with assets held for sale(4) 50 - Total current liabilities 2,164 2,161 Non-current liabilities Deferred income tax liabilities 82 32 Employee benefit obligations 7 - Other non-current liabilities 42 24 Total liabilities 2,295 2,217 Equity Share capital- INR 5 ($0.16) par value 2,400,000, 13 Abr. (2,400,000,000) - equity shares authorized, issued and outstanding 2,173,312,301 (2,285,655,150), net of 10,801,956 (11,289,514) treasury shares as at March 31, 2018 (March 31, 2017), respectively 190 199 Share premium 247 587 Retained earnings 11,587 12,190 Cash flow hedge reserve - 6 Other reserves 244 - Capital redemption reserve 9 - Other components of equity (2,317) (2,345) Total equity attributable to equity holders of the company 9.960 10,637 Non-controlling interests - - Total equity 9,960 10,637 Total liabilities and equity 12,255 12,854

Infosys Limited and subsidiaries  

Unaudited Condensed Consolidated Statements of Comprehensive Income                                 (Dollars in millions except share and per equity share data)  

Three months Three months Year ended Year ended ended March ended March March 31, March 31, 31, 2018 31, 2017 2018 2017 Revenues 2,805 2,569 10,939 10,208 Cost of sales 1,793 1,614 7,001 6,446 Gross profit 1,012 955 3,938 3,762 Operating expenses: Selling and marketing expenses 147 133 552 535 Administrative expenses 172 188 727 707 Total operating expenses 319 321 1,279 1,242 Operating profit 693 634 2,659 2,520 Other income, net[(4)(5)] 82 112 495 459 Share in net profit/(loss) of associate, including impairment[(6)] - (4) (11) (5) Profit before income taxes 775 742 3,143 2,974 Income tax expense[(3)] 204 199 657 834 Net profit[(3)] 571 543 2,486 2,140 Other comprehensive income Items that will not be reclassified subsequently to profit or loss: Re-measurements of the net defined benefit liability/asset, net 6 3 9 (7) Cumulative impact on reversal of unrealized gain on quoted debt securities on adoption of IFRS 9 - - - (5) Equity instruments through other comprehensive income, net 1 (1) 1 (1) Items that will be reclassified subsequently to profit or loss: Fair valuation of investments, net (2) (2) - (2) Fair value changes on derivatives designated as cash flow hedge, net - 2 (6) 6 Foreign currency translation (164) 441 18 198 Total other comprehensive income/(loss), net of tax (159) 443 22 189 Total comprehensive income 412 986 2,508 2,329 Profit attributable to: Owners of the Company 571 543 2,486 2,140 Non-controlling interests - - - - 571 543 2,486 2,140 Total comprehensive income attributable to: Owners of the Company 412 986 2,508 2,329 Non-controlling interests - - - - 412 986 2,508 2,329 Earnings per equity share[(3)] Basic ($) 0.26 0.24 1.10 0.94 Diluted ($) 0.26 0.24 1.10 0.94 Weighted average equity shares used in computing earnings per equity share Basic 217,32,77,060 228,56,54,881 225,53,32,322 228,56,39,447 Diluted 217,48,08,512 228,66,52,003 225,75,73,870 2,28,63,96,745

NOTES:  

1) The unaudited condensed consolidated Balance sheets and Statement of Comprehensive Income for the three months and year ended March 31, 2018 have been taken on record at the Board meeting held on April 13, 2018 2) A Fact Sheet providing the operating metrics of the Company can be downloaded from http://www.infosys.com. 3) During the quarter ended December 31, 2017, on account of the conclusion of an Advance Pricing Agreement ("APA") with the U.S. Internal Revenue Service ("IRS"), the Company has, in accordance with the APA, reversed income tax expense provision of $225 million which pertains to previous periods which are no longer required. Consequently, profit for the quarter ended December 31, 2017 and the year ended March 31, 2018 has increased and therefore has led to an increase in Basic earnings per equity share by $0.10 for quarter ended December 31, 2017 and $0.09 for the year ended March 31, 2018. 4) In the quarter ended March 2018, on conclusion of a strategic review of the portfolio businesses, the Company initiated identification and evaluation of potential buyers for its subsidiaries, Kallidus and Skava (together referred to as "Skava") and Panaya (collectively referred to as the "disposal group"). The Company anticipates completion of the sale by March 2019 and accordingly, assets amounting to $316 million and liabilities amounting to $50 million in respect of the disposal group have been reclassified as "held for sale". On reclassification, the disposal group has been measured at the lower of carrying amount and fair value less cost to sell and consequently, an impairment loss of $18 million in respect of Panaya has been recognized in the consolidated profit and loss for the quarter and year ended March 31, 2018. The disposal group does not constitute a separate major component of the company and therefore has not been classified as discontinued operations 5) Other income includes $41 million towards interest on income tax refund for the year ended March 31, 2018 6) During the year ended March 31, 2018, the Company has written down the entire carrying value of the investment in its associate DWA Nova LLC amounting to $11 million. The write-down in the carrying value of investment in associate DWA Nova LLC during the quarter and year ended March 31, 2017 was $3 million. 

IFRS-INR Press Release: https://www.infosys.com/investors/reports-filings/quarterly-...  

Fact Sheet: https://www.infosys.com/investors/reports-filings/quarterly-...

Contacts: Investor Relations Sandeep Mahindroo +91-80-3980-1018 Sandeep_Mahindroo@infosys.com Media Relations Sarah Vanita Gideon +91-80-4156-3998 Sarah_Gideon@infosys.com Chiku Somaiya +1-408-375-2722 Chiku.Somaiya@infosys.com

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