Exhibit 99.1

IFRS USD Press Release

Quarterly revenue crosses $5 bn mark; Second consecutive quarter of strong performance

Revenue growth of 2.2% sequentially in Q2 and 3.3% in H1 in CC; Large deal TCV at $3.1 Bn and FCF at $1.1 Bn

FY26 revenue guidance at 2%-3% and margin guidance at 20%-22%

Bengaluru, India – October 16, 2025: Infosys (NSE, BSE, NYSE: INFY), a global leader in next-generation digital services and consulting, delivered $5,076 million in Q2 revenues, year on year growth of 2.9% and sequential growth of 2.2% in constant currency. Operating margin was at 21.0%. Free cash flow generation was strong at $1.1 billion, 131.1% of net profit. TCV of large deal wins was $3.1 billion, with net new of 67%. Employee headcount increased by 8,203.

H1 revenues grew at 3.3% year over year in constant currency. Operating margin for H1 was at 20.9%.

“We have now delivered two consecutive quarters of strong growth, demonstrating our unique market positioning and client relevance. Strong deal wins, with 67% net new in Q2, reflect our deep understanding of clients’ priorities to deliver value from AI in this environment”, said Salil Parekh, CEO and MD. “Our proactive investments, over the last three years, in embracing an AI-first culture within Infosys has ensured that our people are reskilled to thrive in a human+AI workplace. Infosys Topaz’s differentiated value proposition is unlocking value at scale in every transformation program” he added.

We had robust all-round performance in Q2 - strong growth, resilient margins, very high cash generation and 13.1% EPS growth year on year in rupee terms. We continue to make strategic investments to futureproof the business with a tight focus on execution, amidst high uncertainty”, said Jayesh Sanghrajka, CFO. “In line with our Capital Allocation Policy, we have announced a share buyback for 18,000 crores during the quarter and an interim dividend of 23 per share, an increase of 9.5% over last fiscal”, he added.

Client Wins & Testimonials

Recognitions & Awards

Brand & Corporate

AI and Cloud Services

Key Digital Services

Industry & Solutions

Read more about our Awards & Recognitions here.

About Infosys

Infosys is a global leader in next-generation digital services and consulting. Over 320,000 of our people work to amplify human potential and create the next opportunity for people, businesses and communities. We enable clients in 59 countries to navigate their digital transformation. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer clients, as they navigate their digital transformation powered by cloud and AI. We enable them with an AI-first core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace. Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your next.

Safe Harbor

Certain statements in this release concerning our future growth prospects, our future financial or operating performance, the McCamish cybersecurity incident, and the United States H-1B visa program are forward looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid working model, economic uncertainties and geo-political situations, technological disruptions and innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, the outcome of pending litigation, the amount of any additional costs resulting directly or indirectly from the McCamish cybersecurity incident, the outcome of the government investigation, the timing, implementation, duration and effect of the September 19, 2025 proclamation signed by the president of the United States related to the H-1B visa program, and the effect of current and any future tariffs. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2025. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

Infosys Limited and subsidiaries

Extracted from the Condensed Consolidated statement of Comprehensive Income under IFRS for:

(Dollars in millions except per equity share data)

NOTES:

Exhibit 99.2

IFRS INR Press Release

Quarterly revenue crosses $5 bn mark; Second consecutive quarter of strong performance

Revenue growth of 2.2% sequentially in Q2 and 3.3% in H1 in CC; Large deal TCV at $3.1 Bn and FCF at $1.1 Bn

FY26 revenue guidance revised to 2%-3% and margin guidance retained at 20%-22%

Bengaluru, India – October 16, 2025: Infosys (NSE, BSE, NYSE: INFY), a global leader in next-generation digital services and consulting, delivered $5,076 million in Q2 revenues, year on year growth of 2.9% and sequential growth of 2.2% in constant currency. Operating margin was at 21.0%. Free cash flow generation was strong at $1.1 billion, 131.1% of net profit. TCV of large deal wins was $3.1 billion, with net new of 67%. Employee headcount increased by 8,203.

H1 revenues grew at 3.3% year over year in constant currency. Operating margin for H1 was at 20.9%.

“We have now delivered two consecutive quarters of strong growth, demonstrating our unique market positioning and client relevance. Strong deal wins, with 67% net new in Q2, reflect our deep understanding of clients’ priorities to deliver value from AI in this environment”, said Salil Parekh, CEO and MD. “Our proactive investments, over the last three years, in embracing an AI-first culture within Infosys has ensured that our people are reskilled to thrive in a human+AI workplace. Infosys Topaz’s differentiated value proposition is unlocking value at scale in every transformation program” he added.

Guidance for FY26:

Key highlights:

We had robust all-round performance in Q2 - strong growth, resilient margins, very high cash generation and 13.1% EPS growth year on year in rupee terms. We continue to make strategic investments to futureproof the business with a tight focus on execution, amidst high uncertainty”, said Jayesh Sanghrajka, CFO. “In line with our Capital Allocation Policy, we have announced a share buyback for 18,000 crores during the quarter and an interim dividend of 23 per share, an increase of 9.5% over last fiscal”, he added.

Client Wins & Testimonials

Recognitions & Awards

Brand & Corporate

AI and Cloud Services

Key Digital Services

Industry & Solutions

Read more about our Awards & Recognitions here.

About Infosys

Infosys is a global leader in next-generation digital services and consulting. Over 320,000 of our people work to amplify human potential and create the next opportunity for people, businesses and communities. We enable clients in 59 countries to navigate their digital transformation. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer clients, as they navigate their digital transformation powered by cloud and AI. We enable them with an AI-first core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace. Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your next.

Safe Harbor

Certain statements in this release concerning our future growth prospects, our future financial or operating performance, the McCamish cybersecurity incident, and the United States H-1B visa program are forward looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results or outcomes to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid working model, economic uncertainties and geo-political situations, technological disruptions and innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, the outcome of pending litigation, the amount of any additional costs resulting directly or indirectly from the McCamish cybersecurity incident, the outcome of the government investigation, the timing, implementation, duration and effect of the September 19, 2025 proclamation signed by the president of the United States related to the H-1B visa program, and the effect of current and any future tariffs. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2025. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

Infosys Limited and subsidiaries

Extracted from the Condensed Consolidated Balance Sheet under IFRS as at:

(in crore)

Extracted from the Condensed Consolidated statement of Comprehensive Income under IFRS for:

(in crore except per equity share data)

	3 months ended September 30, 2025	3 months ended September 30, 2024	6 months ended September 30, 2025	6 months ended September 30, 2024
Revenues	44,490	40,986	86,769	80,300
Cost of sales	30,800	28,474	60,025	55,651
Gross profit	13,690	12,512	26,744	24,649
Operating expenses:
Selling and marketing expenses	2,224	1,855	4,431	3,792
Administrative expenses	2,113	2,008	4,156	3,920
Total operating expenses	4,337	3,863	8,587	7,712
Operating profit	9,353	8,649	18,157	16,937
Other income, net (3)	876	604	1,813	1,337
Profit before income taxes	10,229	9,253	19,970	18,274
Income tax expense	2,854	2,737	5,670	5,384
Net profit (before minority interest)	7,375	6,516	14,300	12,890
Net profit (after non-controlling interest)	7,364	6,506	14,285	12,874
Basic EPS ()	17.76	15.71	34.47	31.09
Diluted EPS ()	17.74	15.68	34.41	31.02

NOTES:

Exhibit 99.3
Press Conference

"Infosys Limited

Q2 FY25 Media Conference Call" 

October 16, 2025

CORPORATE PARTICIPANTS:

Salil Parekh

Chief Executive Officer and Managing Director

Jayesh Sanghrajka

Chief Financial Officer

Rishi Basu

Associate Vice President and Global Head - Corporate Communications

journalists

Ritu Singh

CNBC TV18

Jude Sannith

ET Now

Uma Kannan

Deccan Herald

Beena Parmar

The Economic Times

Jas Bardia

Mint

Veena Mani

The Times of India

Rukmini Rao

Fortune India

Sanjana B

The Hindu BusinessLine

Rishi Basu

A very good evening, everyone, and thank you for joining Infosys' second quarter financial results. My name is Rishi and on behalf of Infosys, I would like to welcome all of you. As always, we request one question. And with that, let me invite our Chief Executive Officer, Mr. Salil Parekh, for his opening remarks. Over to you, Salil.

Salil Parekh

Thanks, Rishi. Good afternoon. Welcome everyone to the campus here, and welcome to our press conference event. We had a strong performance in Q2. Our revenues for the quarter grew 2.2% sequentially and 2.9% year-on-year in constant currency terms. Our operating margin was 21%. Our large deals were at $3.1 bn, out of which 67% was net new work.

In addition, we announced a mega deal worth $1.6 bn after the close of the quarter, but before our results announcement. We have added 8,000 employees during the quarter. Our client interactions are showing a strong focus on deploying AI across the enterprise, both for growth and for cost efficiency programs.

In doing this, we are continuing to scale our team of forward deployed engineers. With a strong performance in Q2, we changed our revenue growth guidance for the financial year. The new guidance is growth between 2% and 3% in constant currency terms for the full year. And our operating margin guidance remains the same as in the past quarter at 20% to 22% for the full year. With that, let us open it up for questions.

Rishi Basu

Thank you, Salil. We will now open the floor for questions. Joining Salil is Mr. Jayesh Sanghrajka, Chief Financial Officer, Infosys. The first question is from Ritu Singh from CNBC TV18.

Ritu Singh

Thank you. Hi Salil. Hi Jayesh. Salil, firstly, on the guidance, the fact that you have tightened it, but not really increased it, from 1% to 3%, you have gone to 2% to 3%. And with a 2.2% growth this quarter as well, at the current run rate, you will at most have a flat growth for the rest of the year for Q3 and Q4 with the current guidance, you will easily get to the top end.

So I wanted to understand, are you not seeing a meaningful recovery, especially when it comes to your Manufacturing, Retail, these kind of verticals? What kind of headwinds do you continue to see? Because for Infosys, the contribution to revenues is slightly larger than that of peers. That was one.

Also on the H-1B visa issue, if you could give us some details on how many employees you deployed on this visa for this year and the previous maybe a couple of years? And whether you see now this as being something unviable, sending freshers on H-1B visas to work in the U.S.

If I may also ask, your peers like HCL Tech have also started to quantify their AI revenues. We have been asking you this for several quarters now, and we understand AI cuts across services and sectors. Could you give us a sense of what exactly you are seeing there? And finally, the Versent Group acquisition, what exactly was the contribution to revenues and whether you are looking at further M&A in the region or outside? Thank you.

Salil Parekh

So let me start, and Jayesh will add in a couple of things. First, on the guidance and the environment. So in the guidance, typically, second half of the year is slower than the first half. That is the normal pattern. So we have continued with that pattern. Having said that, we have seen good traction, and that is how we have actually increased the guidance.

The previous guidance was 1% to 3%, and now it is 2% to 3%. So, in a sense, we have much more confidence with the lower end being increased in what we see into the outlook for the year.

In terms of the specific industries you mentioned, we had a good performance in Manufacturing, in Financial Services. We still see constraints in Retail. We do see a good pipeline there, and we will see how that plays out in the coming quarters. Keeping all those things in mind and the global environment in terms of the macro, we decided to keep the guidance at 2% to 3% with all of those factors that I mentioned.

On the H-1B visa, what we have shared in the past, what we have shared recently, first, our U.S. workforce, the number of people that require Infosys sponsorship for immigration is a minority. So, the majority of the people do not require it from our perspective.

Second, we have built a large number of centers and hubs, which are focused on digital, on innovation, on technology and AI in the U.S. We have relationships with universities. We have a training facility there. With all of that in mind, we are clear today that we will work with our clients without any disruption to their services and into the future. We do not have any specific information to share on the numbers that you had suggested.

Ritu Singh

When you say a minority was dependent on the H-1B visa, could you give us in percentage terms, how many of your employees that you were sending abroad were on these visas? And when you say there will not be any disruption, how exactly would that play out?

Salil Parekh

So there, we do not share the specific numbers, but the majority of our employees in the U.S. are employees who do not require any Infosys immigration support. The way we are working with our clients, we reached out to each of them and made sure that we see and they see how their delivery continuity becomes on track and remains the way it is right now.

Then on Versent, so first, there is nothing in this quarter. They are going through regulatory approvals and so on which is a normal process. We anticipate it would come sometime in the coming months. Yes, we are very much looking at other acquisitions. We have a good pipeline. We do not know when those will materialize, but there are some opportunities there which we are looking at.

Ritu Singh

Sorry, the question on Versent was going forward, what kind of contribution to revenue do you expect? And in M&A, what are the areas? What are the geographies where you are looking to fill the gaps?

Salil Parekh

On the contribution, we do not have anything to share now. When it closes, we will be in a position to give that information. Is there anything more on Versent?

Jayesh Sanghrajka

I think we have given the last year's numbers of Versent already in the Stock Exchange filings that we did last time when we announced that. So you can make an estimate based on that. But just to add to what Salil was saying on the guidance as well, if you look at the commentary last time when we gave a guidance, we very clearly said that the upper end of the guidance is where we are expecting stability in the environment and the lower end of the guidance is where we are expecting worsening in the environment.

As we stand today, the environment still remains uncertain. And despite that, on the back of Q2 performance, we have tightened our guidance, where again, we are very clearly saying that at the lower end, we expect the worsening of the environment and the upper end, we are expecting stability in the environment.

Salil Parekh

On AI, I think we are scaling up massively on AI. We have a large team of FDEs. We are doing a lot of projects on enterprise AI with clients, on growth, which is focused, like in the sales function or marketing function, on cost, which is focused on many of their processes, optimizing them on customer service, on code development.

So, there is a broad set of AI work that we are doing with our clients. There is a large number of clients for which Infosys is today the AI partner of choice. So we are going quite well. We have strong partnerships with a lot of different large tech companies. We believe there is a huge amount of opportunity in the enterprise AI space. And with our experience on how to navigate within the enterprise landscape, we are quite well positioned to help with that.

Rishi Basu

Thank you. The next question is from Jude from ET Now.

Jude Sannith

Hi Salil, good to meet you here and congratulations on that performance. You spoke about scaling up on the AI front. Could I get you to throw some light on what those specific deals are like? What is the AI order book shaping up to be at this point in time?

And more importantly, what will your hiring trends be like for the rest of FY'26? And I know for a fact that you have the confidence, which is why you have raised the lower end of the guidance, but what is the overall demand environment shaping up to be like for the fiscal?

Salil Parekh

So on AI, I think what we see today is a lot of interest where there is deep work going on, whether it is on a specific knowledge process or it is in credit risk or there is work doing on software development or there is work going on, on customer service. So a broad area of AI projects that we are working on.

In some cases, we are working across an enterprise on transforming that enterprise from an AI perspective and making them the leading enterprise in their industry in AI. So good traction there. In fact, we have more and more of this that we want to start to share in the sense of what are the approach that we are taking, how it is working, and you will see that as we go through in the next few months.

On the environment, as Jayesh was sharing, the environment is still uncertain. And what we see today is some changes in where the global environment macro is looking. We still see in some of our large markets that there is growth, but there is also some inflation, there is job creation, which is constrained.

In some other markets, there are cost constraints, some industries are seeing that. So that is a mix. Equally, we are seeing a lot of strength, for example, in Financial Services our client base is doing very well. We see extremely good growth. We have seen good growth in Manufacturing in this quarter. We have a portfolio where we are across all of these different industries, which helps us to deliver the kind of performance that we have delivered for this quarter.

Jayesh Sanghrajka

So if you look at our hiring for this quarter, our net addition is already at 8,000. We had given a guidance in terms of the fresh hiring for the year, and we had said 20,000 is what we expect. We have hired in the first half, 12,000-plus freshers already. So we are well on our track to hire close to 20,000 this year.

Rishi Basu

Thank you. The next question is from Uma Kannan from Deccan Herald

Uma Kannan

Good evening. In the last couple of years, Europe has been constantly outperforming for you. So what are the factors driving that? And can you give us some update on Project Maximus and its impact on your performance? And one more on fresher hiring, have you on-boarded all freshers whom you have offered?

Salil Parekh

On the Maximus and the hiring, Jayesh will come back. On Europe, I think Europe has done extremely well for us. We made some good investments in different countries across Europe. We have seen also, especially in the time you mentioned the past 2 years, there has been a lot of opening up of companies in Europe in different countries to looking at the sort of services that we are offering to, looking at both transformation and cost efficiency. And there, we have played quite well in those markets.

Having said that, we still see the U.S. market is also a very good market, and we will continue to grow. We will continue to make acquisitions. We will continue to invest in both of those markets and other markets around the world.

Jayesh Sanghrajka

Yes. So on hiring, as I said earlier, we have hired net 8,000 employees, and we have hired 12,000 freshers this half already, and they are already being on-boarded as we speak. In terms of Project Maximus, I think Project Maximus is continuing to deliver. If you look at last year, we expanded margins by 50 basis points despite multiple headwinds, including compensation related. We had a higher variable pay. We had impact coming from the acquisition and multiple mega deals that we signed in the year before, they were ramping up.

So we absorbed all of those headwinds and we were able to expand margin by 50 basis points. Even this quarter, if you look at, we expanded margin by 20 basis points sequentially and the Project Maximus has delivered 30 basis points out of that, where pricing gave us a tailwind and that was offset by higher subcon and lower onsite utilization. So the project is in works.

Rishi Basu

Thank you. The next question is from Beena Parmar from The Economic Times.

Beena Parmar

Salil, you have seen some reduction in your contribution from your top 5 and 10 clients. Could you give us some sense why that is happening? And how do you see that in the next 2 quarters? And in terms of the hiring, what sort of outlook do you have overall for, say, campus and off-campus hiring, especially because of the way things are moving, while deal pipeline has been strong, market continues to remain uncertain.

And secondly, in terms of the pipeline, where is the growth -- where is the deal pipeline coming from? Which sectors is it coming from and which geographies? And lastly, in terms of the margins, what are the levers given that you have already done with your wage hikes and you also plan to onboard freshers?

Salil Parekh

So let me start with the pipeline view and some of the others, Jayesh will look at, so you can combine those. So our pipeline remains very strong right now on large deals. What we are seeing is a lot of our clients are quite focused on cost optimization, consolidation. We are benefiting from consolidation plays, on automation and on using AI for efficiency.

That is the big focus that we see from our clients across industries, and I will come to the specific industries. And then we see some attention to using AI for some of their growth activities and what we can do with an AI transformation.

Now, within all of that, we see some of our industry segments with the pipeline doing well. There are some places, for example, in Financial Services, where we see good traction with clients. We see good traction in Manufacturing. Our pipeline in Retail is looking good, and we are looking to see how that can be now converted. The overall sentiment though is a good large deal pipeline with a view to much more focus on cost efficiency and automation and those types of activities.

Jayesh Sanghrajka

Yes. So if you look at client contribution, I think that those changes are very marginal. There is not too much to read in that because there are always certain projects that ramp up, ramp down. So that is what it is. It is not anything to note there. In terms of margin tailwinds and headwinds, if you look at as we get into the second part of the year, which is seasonally softer part of the year, we have lower working days, furloughs, etc., which will come as a headwind.

We also have Project Maximus and multiple tracks of Project Maximus that will continue delivering. There is pricing, which is a track there. There is lean and automation, which continues to deliver value there. There are large portfolio, large programs that we are running. We continue optimizing them. So there are multiple tracks that we run there, which will become a tailwind in a way. The freshers that we have hired once they start getting on-boarded on the projects, the pyramid starts giving benefit as well. So I think all of those will become a tailwind.

Beena Parmar

In terms of the acquisitions, how much has it contributed? And how much will it contribute in terms of the guidance that you have given?

Jayesh Sanghrajka

So this quarter, it is only 20 bps out of the 2.2% because 2 months we already had last quarter, 2 months baked in already. So that is already baked in, in the guidance. There is nothing additional that is newly baking in the guidance. The project Versent that we talked about, the JV in Australia that will only get baked in as and when we close it.

Beena Parmar

In the guidance also, you expect it to be around 20 bps in the Q3 and Q4?

Jayesh Sanghrajka

No. That is already in the run rate. There is nothing additional that we are baking in from that perspective.

Beena Parmar

One last thing. In terms of the AI talk that is going on, your larger rival has kind of announced their AI -- sorry, your immediate smaller rival has announced AI contribution to the revenue. Could you tell us if you would be looking at anything of this sort this year in the next quarter or fourth quarter? And when do you see that happening, if at all?

Salil Parekh

So there, our focus has been to mainly share what we are doing on AI externally, and that is what we are doing. We, of course, track all of that internally and as the right time comes, we will start to share that externally.

Rishi Basu

The next question is from Jas Bardia from Mint.

Jas Bardia

Good evening. Just a couple of questions. As per your AI strategy, would you continue with the current asset-light model of embedding AI in your software services or are you looking at entering the AI infrastructure play and probably deploying huge amounts of capital? Second question, as part of the legacy modernization deals, are you seeing more business on a net-net basis because of AI tools being used to modernize those applications?

Salil Parekh

So on the modernization first, I think, in fact, modernization is a huge opportunity because of AI. So what is happening with modernization is, in the past, without the AI tools, you could do modernization, but clients needed a longer time horizon. With some of the AI tools, the time horizon becomes less and as a consequence, the ROI for the client on that program is much better.

So what we anticipate now is, as the AI tools mature, we will see more and more of them being deployed on the modernization programs. On the first part, I think we are comfortable with the strategy that we have today.

Rishi Basu

The next question is from Veena Mani from The Times of India.

Veena Mani

Good evening, gentlemen. I want to understand in the backdrop of the H-1B issue. So for the last few years itself, Infosys has been strengthening its nearshore centers. If you could give me a sense on how it has grown? And at this point in time, how many of your employees are based in nearshore locations? And what is your nearshore strategy going to be given that now the U.S. has made H-1B norms a lot more stricter now?

Also, you talked about the mega deal, if you could give us a sense of which sector it is and what is the AI element embedded in it? And on the fresher hiring, you mentioned 12,000. Out of them, what proportion of the freshers are premium talent in the sense that they are already skilled in something and not just vanilla talent?

Salil Parekh

So on the mega deal first, I think there, we have already announced it. It is with U.K. NHS. That is the one you are referring to. We made the announcement just after the close of the quarter. It is a complete transformation of what they are doing. We are supporting it with many new technologies, and AI is very much part of it. It is a huge program in the way that they have trusted us to deliver it.

And we work with many different partners to make sure that all of this is delivered effectively for them, but it is just the start. As we go through it, more of that will become public. On the nearshore, so nearshore has been a huge success for us. Many years ago, we started the approach within our strategy of localization in each of our geographies, in Europe, in Australia, in U.S. and that has really matured a lot.

So part of that is we are hiring local people in each of the geography. And part of that is we are building the nearshore centers, whether those are in the U.S. and around the U.S. like Canada or Mexico or other places in Latin America or in Europe and so on. So that part has really gone extremely well, and we feel quite confident that, that will scale even further with all the changes there.

Jayesh Sanghrajka

Yes. So on the freshers, we do not really split out how many of them are higher skills and how many of them are the regular skills, but every fresher will go through the certain trainings depending on the requirement and depending on the skill set. So we will execute on that.

Rishi Basu

Thank you, Veena. The next question is from Rukmini Rao from Fortune India.

Rukmini Rao

Salil, at the Board level, I wanted to understand, in extreme uncertain conditions where you do not know what is going to happen tomorrow, for leaders, what kind of drawing is happening at the boardroom table on how to deal with it? And also, is there some sort of additions to your contingency plans?

The other one was, you have also disclosed the DOJ investigation happening on H-1B and you are also internally investigating, some sense of clarity on what is happening, the kind of inquiry that you are doing within the company? And also on the AI piece, with the partnerships that all of you are all doing with hyperscalers, looking at what happened with Deloitte, in terms of these partnerships, right and given that these technologies are still so newer. Is what sort of indemnity comes in these contracts where if something goes wrong with, let us say, any of the hyperscaler platforms that you are working on? I mean, is the entire risk on you or do they also take up any risk, because if things go wrong, it can be huge monetary risk that can be posed to any of the players? Thank you.

Salil Parekh

So on the first one, I think we are fortunate with our Board to have people, of course, with Nandan there, who are really very experienced in looking at global situations and looking at things over the years. So the Board is quite well prepared. The type of environment is different. But equally, the Board is well prepared to understand and work with what those uncertainties are. The Board looks at different ways and scenarios of what could play out, not from a quarterly business perspective, but much more from how we should look at overall.

We, of course, have a risk committee that works extremely well. And in that, many of these different scenarios are looked at carefully and evaluated on a regular basis, but with a lot of attention, as I said with someone like Nandan being on the Board and many of the other Board members that we have.

On the partnerships, so there is a lot of new things happening in AI and the questions that you ask on liabilities and so on are still not fully clarified from a legal perspective. So we have been quite clear and careful in making sure that we can take on the responsibility for what we have control for. Beyond that, it is difficult to say. Whether it is in a discussion with the client or with the partner, that is the sort of guideline that we use. And on the investigation, we have no comments at this stage.

Rishi Basu

Thank you Rukmini. The next question is from Sanjana from the Hindu BusinessLine.

Sanjana B

Good evening, gentlemen. So just wanted to understand, you have made quite a few acquisitions in this calendar year alone. Some commentary on the kind of inorganic moves you are examining and contributions from such moves to the overall growth? And also, some of your peers as well as you who announced a mega deal in the public sector, some of your peers are also announcing a lot of deals.

Do you think that you will be examining this particular sector more closely across your geographies? And also pertaining to the recent buyback announcement, if you could elaborate on the contours of the announcement. How was the size and the pricing got determined and also some commentary on the outlook for H2 FY'26? Thank you.

Salil Parekh

Okay. Let me start with those. I think on the public sector first, we have always had a good attention to it. Now we are even more focused on it in different markets. We have done pretty well in the public sector in the Australian market. We have a pretty decent small business in the U.S. market. With this, we start to expand more in the U.K. market. So we absolutely have a focus on it. We also find public sector is opening up to this sort of change and the sort of capabilities that we bring that they have much more interest to.

Of course, in India itself, we do, I think, quite incredible work with the Income Tax, with the GSTN and so on. So we have pretty good experience in that, which we can leverage now globally.

The inorganic, I think our focus is very much on making sure that we have a business that is growing well organically and then we have a strategic view on what we should look at in terms of acquisitions.

So acquisitions are not the main driver in that sense of our growth, but where we see something that can add to our capability either in an industry or in a skill area like a service line or in a geography where we want to expand. Those are the ones that we have done, whether it was energy and consulting, whether it was cybersecurity, whether this one, which is focused on digital and AI and cloud. So those are the types of areas we are focused on and we will continue in that sort of a scale where the primary, of course, is we want to work in the organic sense with our clients.

Sanjana B

The buyback?

Salil Parekh

The buyback, yes, let me just start and you can add. So the primary approach, we have a capital return policy and that guides all of our decision-making on that. So in that, we have a policy where we return 85% of our free cash flow over a 5-year period. And then we have in that each year, our regular dividend and then we have other ways of returning. So that is the guideline. And then Jayesh, you can add more.

Jayesh Sanghrajka

Yes. So within that guideline, if you look at we are in the second year right now. Last year, we had a very strong cash flow on the back of tax refunds that we got. So we had a headroom in terms of returning additional capital back to the shareholders. And as part of that, we looked at various options and one of that was buyback, which is what we are executing. The amount is INR 18,000 crores at INR 1,800 which we will be executing. At this point in time, we are awaiting shareholder approval. The postal ballot is already out.

Ritu Singh

Salil, Ritu again from CNBC. Since we have not got a very clear response in terms of your outlook for what happens with these H-1B visas. I mean, very simply to just answer the question, do you think it is viable to continue sending your employees on these visas? Are you going to participate in the next cycle or is there going to be a significant pullback even in this minority number that you currently have?

Salil Parekh

So there, what I shared earlier, what we have today in the U.S., we have the majority of our people who are not requiring any Infosys immigration support. What we will do in the future will be guided by how we work with our clients, how we scale up, what we have been doing there in terms of the discussion we had on nearshore, in the local hiring, the localization that we have been working on. So that is the approach that we will take. And we have been working with our clients over the last few weeks to make sure that the service delivery continuity, business continuity remains current.

Ritu Singh

Are you as a company, is it viable to pay that large sum of money to send your employees to the U.S. anymore?

Salil Parekh

On the H-1B visa, the response that I have is what I have shared earlier and that is what we can share.

Rukmini Rao

You have incorporated a subsidiary in Egypt, is that anything got to do with North Africa market or just broadly wanted to understand why that? And also, Jayesh, the subcontracting cost has gone up. So is that very niche? Is that AI skill sort of guys that you have added to this, just to understand?

Jayesh Sanghrajka

So the Egypt subsidiary is a particular requirement for a particular project. That is where we had to set up an entity because the client is based in Egypt and we had to send some people and that is how we expand across the globe. So that is where it is. Subcontractor cost keeps going up and down depending on the requirement, how we see the demand environment and how we have the talent that we fulfill. Part of that could be new age skills like AI skills, etc. Part of that could be the regular demand that we need to meet depending on the project and the location requirements.

Veena Mani

Hi. Your fact sheet, yes, your voluntary attrition has marginally dropped from the previous quarter. But if you look at it from the previous year, it has increased. In this sort of a market, what is leading to this increase in the voluntary attrition? That is number one. The other thing is about your Hubli campus. You have been giving your employees SOPs to cash incentives to move to the Hubli campus. But have you directly recruited there? From what I hear is that Infosys is not directly hiring at the Hubli campus and is going to wait until the next year to get people locally into that campus. If you could tell me a little bit about that?

Jayesh Sanghrajka

Yes. So in terms of the campus movement, you always need to have certain senior people move to those campus so that you start meeting the demand requirement. And that is how you incentivize people to move to certain campuses and then you start building the team below that. So that is where we have made incentives to certain employees to move to those campuses. There is nothing beyond that. And we have and we will continue hiring locally in the Hubli as well.

Veena Mani

Not yet hiring locally?

Jayesh Sanghrajka

We have. We have hired few people in Hubli.

Veena Mani

At what seniority?

Jayesh Sanghrajka

We do not give out numbers by campus.

Ritu Singh

And also January and April?

Jayesh Sanghrajka

So yes, we just did it in January and April. We will decide soon. It is generally an annual cycle. So we will look at it in future. We have not decided anything for this year at this point.

Rishi Basu

Thank you. With that, we come to the end of this Q&A session and the press conference. We thank our friends from media. Thank you, Salil, and thank you, Jayesh.

Before we conclude, please note that the archived webcast of this press conference will be available on the Infosys website and on our YouTube channel later today. Thank you and please join us for some high tea outside.

Exhibit 99.4

Fact Sheet

Employee Metrics

(Nos.)

In crore

Consolidated statement of Comprehensive Income for three months ended,

(Extracted from IFRS Financial Statement)

Consolidated statement of Comprehensive Income for six months ended,

(Extracted from IFRS Financial Statement)

Consolidated statement of Comprehensive Income for three months ended,

(Extracted from IFRS Financial Statement)

In crore, except per equity share data

Particulars	Sep 30, 2025	Sep 30, 2024	Growth % YoY	Jun 30, 2025	Growth % QoQ
Revenues	44,490	40,986	8.6%	42,279	5.2%
Cost of sales	30,800	28,474	8.2%	29,224	5.4%
Gross Profit	13,690	12,512	9.4%	13,055	4.9%
Operating Expenses:
Selling and marketing expenses	2,224	1,855	19.9%	2,208	0.7%
Administrative expenses	2,113	2,008	5.2%	2,044	3.4%
Total Operating Expenses	4,337	3,863	12.3%	4,252	2.0%
Operating Profit	9,353	8,649	8.1%	8,803	6.2%
Operating Margin %	21.0	21.1	-0.1%	20.8	0.2%
Other Income, net(1)	876	604	45.0%	937	-6.5%
Profit before income taxes	10,229	9,253	10.5%	9,740	5.0%
Income tax expense	2,854	2,737	4.3%	2,816	1.3%
Net Profit (before non-controlling interests)	7,375	6,516	13.2%	6,924	6.5%
Net Profit (after non-controlling interests)	7,364	6,506	13.2%	6,921	6.4%
Basic EPS ()	17.76	15.71	13.1%	16.70	6.4%
Diluted EPS ()	17.74	15.68	13.2%	16.68	6.4%
Dividend Per Share ()	23.00	21.00	9.5%	–	–

Consolidated statement of Comprehensive Income for six months ended,

(Extracted from IFRS Financial Statement)

In crore, except per equity share data

Particulars	Sep 30, 2025	Sep 30, 2024	Growth %
Revenues	86,769	80,300	8.1%
Cost of sales	60,025	55,651	7.9%
Gross Profit	26,744	24,649	8.5%
Operating Expenses:
Selling and marketing expenses	4,431	3,792	16.9%
Administrative expenses	4,156	3,920	6.0%
Total Operating Expenses	8,587	7,712	11.3%
Operating Profit	18,157	16,937	7.2%
Operating Margin %	20.9	21.1	-0.2%
Other Income, net(1)	1,813	1,337	35.6%
Profit before income taxes	19,970	18,274	9.3%
Income tax expense	5,670	5,384	5.3%
Net Profit (before non-controlling interests)	14,300	12,890	10.9%
Net Profit (after non-controlling interests)	14,285	12,874	11.0%
Basic EPS ()	34.47	31.09	10.9%
Diluted EPS ()	34.41	31.02	10.9%
Dividend Per Share ()	23.00	21.00	9.5%

As the quarter and six months ended figures are taken from the source and rounded to the nearest digits, the quarter figures in this statement added up to the figures reported for the previous quarter might not always add up to the six month ended figures reported in this statement.

Exhibit 99.5
Earnings Conference Call

Infosys Limited
Q2 FY26 Earnings Conference Call

October 16, 2025

CORPORATE PARTICIPANTS

Salil Parekh

Chief Executive Officer and Managing Director

Jayesh Sanghrajka

Chief Financial Officer

Mr. Satish H.C.

Chief Delivery Officer

Sandeep Mahindroo

Financial Controller & Head of Investor Relations

analystS

Kumar Rakesh

BNP Paribas

Bryan Bergin

TD Cowen

Jonathan Lee

Guggenheim Partners

Vibhor Singhal

Nuvama Institutional Equities

James Friedman

Susquehanna International

Sumeet Jain

CLSA India

Nitin Padmanabhan

Investec India

Abhishek Kumar

JM Financial

Sandeep Shah

Equirus Securities

Ladies and gentlemen, good day, and welcome to Infosys Limited Q2 FY '26 Earnings Conference Call.

As a reminder, all participants’ lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing ‘*’ then ‘0’ on your touchtone phone. Please note that this conference is being recorded.

I now hand the conference over to Mr. Sandeep Mahindroo. Thank you, and over to you, Mr. Mahindroo.

Sandeep Mahindroo

Hello, everyone, and welcome to Infosys Earnings Call for Q2 FY '26. Joining us on this call is CEO and MD – Mr. Salil Parekh, CFO – Mr. Jayesh Sanghrajka, CDO – Mr. Satish H.C., along with other members of the leadership team.

We will start the call with some remarks on the performance of the company, subsequent to which we will open up the call for questions.

Kindly note that anything we say, which refers to our future outlook is a forward-looking statement that must be read in conjunction with the risk that the company faces. A full statement and explanation of these risks is available in our filings with the SEC, which can be found on www.sec.gov.

I would now like to pass on the call to Salil.

Salil Parekh

Thanks, Sandeep. Good evening and good morning to all of you on the call.

We had a strong performance in Q2 with increased market share gains. Our revenues for the quarter grew 2.2% sequentially and 2.9% year-on-year in constant currency terms. 4 of our large 5 industry verticals and 3 of our 4 geographies grew year-on-year in constant currency terms.

Operating margins expanded by 20 basis points sequentially. We had an excellent outcome in cash generation with free cash flow of $1.1 bn. Our large deals were at $3.1 bn with 67% net new. In addition, we announced a mega deal worth $1.6 bn after the close of the quarter but before today’s results announcement.

We added 8,000 employees during the quarter. Our client interactions show strong focus on deploying AI across the enterprise for growth and on cost efficiency programs. In doing this, we continue to scale our team of forward-deployed engineers. Our results and pipeline of deals reflect the trust our clients have in our ability to help them bring AI to their enterprises.

For example, we are partnering with an apparel company with generative AI and AI Ops technologies to help them modernize their core operations, simplify their IT, and unlock greater value from their data.

For a telecom client, we are infusing advanced intelligence across their operations to accelerate the pace of innovation and help them to deliver compelling digital experiences for their customers.

As a result of our investments, we have emerged as the leading enterprise AI services and solutions provider. We would like to take this opportunity and give you an update on how our investments in AI have positioned us as the preferred services partner for large-scale enterprise AI transformation program today.

Satish, our Chief Delivery Officer, will share this update later in the call with all of you.

We continue our strategic approach to acquisitions with the joint venture announcement of Versent in Australia.

With a strong performance in Q2, we changed our revenue growth guidance for the financial year. The new guidance is 2% to 3% growth in constant currency terms. Our operating margin guidance for the financial year remains the same at 20% to 22%.

With that, let me hand it over to Jayesh.

Jayesh Sanghrajka

Thank you, Salil. Good morning, good evening everyone, and thank you for joining the call today.

I am pleased to report that we had another quarter of robust all-around performance despite an uncertain environment. We continued our strong growth momentum for the second consecutive quarters, accompanied by higher margins, led by focus on client relevance and rigor on execution. We are making necessary investment in technology, people and in sales engine to future proof our business.

Let me cover key aspects of our results:

Operating margin for Q2 was at 21%, increase of 20 basis points sequentially. The major components of sequential margin change for the quarter were:

Tailwinds of

Offset by

Ø    70 basis points of impact from higher post-sale customer support on a sequential basis and other expenses.

Consolidated cash and investments were at $6.2 bn at the end of quarter. Yield on cash balance was at 6.98% and ROE stood at 29.1%.

We have taken several strategic steps in the past few years to reduce our dependence on work visa, especially H-1Bs in the U.S. This includes reduction in onsite mix, increased focus on near-shoring, increased local hiring, university partnerships, and creation of local hubs. We currently have several delivery centers across the U.S. to serve clients and leverage local talent. These hubs focus on emerging technologies, such as artificial intelligence, machine learning, cloud computing, big data, and user experience design.

In line with our capital allocation policy, during the quarter, we announced Rs. 18,000 crores buyback through tender route at Rs. 1,800 per share. Buyback is expected to be completed in Q3, subject to shareholder approval.

The Board approved Rs. 23 interim dividend, which is 9.5% higher than the FY '25 interim dividend.

We signed 23 large deals during the quarter, 6 in Financial Services, 4 each in Manufacturing, Communication and Retail, 3 in EURS and 1 each in Hi-tech and others. Region-wise, we signed 14 deals in America, 7 in Europe, 1 each in ROW and India.

Coming to verticals:

In Financial Services, clients are actively planning modernization and AI-driven initiatives with a clear focus on cost efficiency, enhanced customer experience, and strategic business transformation. We see strong momentum in mortgages, capital markets, commercial banking, and wealth management areas. While macro uncertainty and volatility is impacting spends, there is some acceleration in mortgage sector with recent reduction in interest rates. Overall pipeline and signing remains strong, which is visible in 6 large deals signing this quarter. Banks have spent significantly to build AI infrastructure. Many initiatives are progressing from proof of concepts to full-scale projects with notable traction in Agentic AI.

Manufacturing segment continues to face trade and macro uncertainties, which is creating pressure on discretionary spend, specifically in automotive sector. We continue to help our clients in digital initiatives and rationalizing their applications and infrastructure footprints. We are at the forefront of leveraging AI and automation to increase productivity and offset pricing deflation. In Aero, we have seen opportunities to help clients navigate headwinds by helping them resolve bottlenecks in their supply chain, using technologies and products. Over 90% of large deal TCV for Q2 was net new, which should help drive growth going forward.

Clients in EURS have strong focus on cost reduction, operational efficiency, and cash preservation, which helps open doors for vendor consolidation. In resources while large-scale Gen AI deployment are limited, agentic AI adoption is growing in tech operations to reduce cost. With rapid construction of data centers, utility companies are looking for partners to meet the accelerating electricity demand, creating opportunities in areas like renewable integration, grid modernization, AI-driven optimization, etc. Year-on-year growth was impacted due to significantly higher third-party revenues in Q2 '25.

Retail clients continue to remain cautious on account of ongoing tariff-related uncertainties. Across geos, there is an increased focus on AI, cloud, estate modernization, derisking and cost takeout. There is a growing sense of urgency to improve the productivity of operating models to offset inflationary pressures. Deal pipelines remain strong, but decision cycle remains elongated. We continue to leverage our Topaz and AI Next platform capabilities, showcasing our enhanced customer and employee experience through digital marketing, predictive analytics and real-time insights.

Communications continued to face growth headwinds coupled with high opex pressures. Discretionary spending remains subdued with investment prioritization in AI, automation, and consumer experience. GCCs are becoming key buying centers and opportunities are emerging for IT companies to support their transition. While lower interest rates offer cautious optimism, geopolitical tensions and tariff risk add to uncertainty.

In Hi-Tech, there has been significant focus on cost reduction leading to budget cuts and program closures. However, there are opportunities emerging in areas like semiconductors with a strong focus on leveraging Gen AI.

Our H1 performance reflects resilience of our business model and agility of our execution capabilities. As we enter H2, we expect seasonal factors to impact growth - lower working days, furloughs, onset of new calendar year.

Hence, we have revised our revenue guidance to 2% to 3%. This does not include any revenues from the joint venture with Telstra, which we expect to close later this year. Our margin guidance remains at 20% to 22%.

With that, let me hand over to Satish to talk about our AI capabilities.

Satish H. C.

Thanks, Jayesh. Good day, ladies, and gentlemen.

I am pleased to share that we have emerged as the industry-leading enterprise AI services and solutions provider. 8 industry analyst firms have ranked Infosys as a global leader in 20 separate AI rankings over the last 12 months. We are delivering more than 2,500 Generative AI and AI projects and 200-plus agentic AI projects for our clients.

Let me outline the key pillars of our strategic focus:

The first one is making Infosys AI-first:

We embarked on our AI-first journey in 2023. On the people front, we are committed to making our employees AI amplified. About 90% of our employees are AI aware, equipped to collaborate with and leverage AI tools responsibly in their daily work.

The next tier is the AI builders

10% of our top technology talent pool are engaged in highly innovative projects and solution building with AI. The top tier, the AI masters and amongst them, the forward-deployed engineers are driving the AI momentum for our clients by solving the tough industry challenges.

On the process front

We are reimagining the way we work with AI. For example, AI code assistants accelerate our development life cycle. Our developers have produced more than 25 mn lines of code using generative AI.

We have deployed AI agents across our internal operations. Our multi-agent invoice automation solution alone unlocked $50 mn in incremental cash flow, directly improving our free cash flow conversion.

We have deployed AI to accelerate our compliance processes. In some of the use cases, we have seen over 20x gains for specific activities and an overall end-to-end process productivity in the range of 40% to 50%.

Now coming to our industry-leading AI offerings

We have built capabilities in AI, applied them across our own operations and now we deliver these innovations to clients through Infosys Topaz, a holistic suite of generative and agentic AI-powered services and solutions.

We deliver value through 2 strategic frameworks, services.ai and client.ai. In services.ai, we build a foundation for better business services for our clients by accelerating IT capabilities and operations, both our own and our clients.

Our integrated services stack, a composable set of AI services and agents contextualized for every client and industry integrates human and AI agents to reimagine IT services and operations with greater velocity, productivity, and quality.

On client.ai, We focus on business transformation to deliver sustained enterprise-wide impact for our clients like revenue growth, efficiency, and productivity improvements. We have 22 industry blueprints and more than 400 agents tailored to specific verticals to accelerate value from AI-led transformation. We also use power vibing to rapidly build proofs of value and iterate business solution prototypes to client problems.

In terms of delivering enterprise value to surmount pilot paralysis

The challenge of extracting value from enterprise AI investments and pilots continues to be the biggest priority for global enterprises. We have expertise in delivering that through 5 key levers.

With Infosys forward-deployed engineers, we have the specialized engineering talent, which is deeply embedded within client businesses, delivering enterprise scale value from AI. For a global logistics leader, our forward deployed engineers co-created a solution that uses real-time data streams and AI to accurately predict shipment life cycles across regions and operating companies. This platform delivers 400 mn messages daily with sub-minute latency and operates uninterrupted 24/7, resulting in $1.5 mn in immediate benefits, $8 mn in annual savings and 12% reduction in customer service call volumes.

With our Infosys Topaz data workbench, we have an expansive portfolio of solutions for data preparation, engineering, and governance. For a leading industrial manufacturer, we built a unified data fabric powered by 100-plus domain-driven multimodal data products centered on equipment operations covering more than 10 petabytes of structured and unstructured data to power 30-plus AI companions across business functions driving more than 90% boost in precision, performance and productivity.

With our Infosys SLM, we are able to deliver small language models, which are key for context engineering of agentic AI solutions, which are adapted for enterprise’s specific need. We have built 4 small language models for banking, IT operations, cyber and enterprises broadly for rapid value delivery. We also offer these models as services to keep businesses securely build their own custom AI models. A good example is how our SLM is used by clients to run their banks on Infosys Finacle to launch new contextual banking experiences and innovations.

With our Infosys Responsible AI Office, we have now become an industry pioneer in setting up a Responsible AI Office. We are amongst the first companies to be certified on ISO 42001:2023 for management systems implementing Responsible AI projects. Our Responsible AI toolkit ensures that clients have the defense and the technical guardrails to address AI-related risks.

With our Infosys Polydelivery AI model, the high dependence on AI key providers is a key concern that we address. Our hybrid or flexible poly AI helps them avoid vendor lock-in as they scale their AI transformation. Using this model, we helped a bank in Europe establish their AI innovation lab to create a pipeline of AI-first business initiatives. They have now deployed 13 AI and agentic AI solutions, and there are several more in development. This has delivered substantial financial gains and earned our client the honor of being #1 in their region of an AI-first bank.

Building an AI ecosystem for our clients, we have established strategic alliances with Nvidia, Microsoft, AWS, Intel, Meta, Google Cloud, and others to enhance their capabilities.

Infosys is among the first and largest enterprises to deploy GitHub Copilot at scale. We have over 22,000 developers on board. In collaboration with Google Cloud, we have developed more than 200 enterprise-grade AI agents. These partnerships, combined with open source solutions enable Infosys to deliver flexible vendor-agnostic AI ecosystems.

Through our Infosys Innovation Network, we engage with AI start-ups across AI, cybersecurity, data management, and other emerging domains to accelerate client adoption of cutting-edge solutions. Our academic collaborations with institutions like Cambridge, Columbia, Cornell, Stanford HAI, and MIT fuel our advanced AI research and give our innovations practical enterprise application.

We also contribute to shaping global AI standards like partnering with OWASP on LLM security. We are also advising policymakers, and we are also collaborating with regulators in shaping emerging standards.

To summarize, our clients value our differentiated capabilities that we have built on the success of our own AI-first journey. They trust us to navigate them with a clear practical road map to transform their business and deliver sustained enterprise scale value. This proven capability has translated into robust growth and notable gains in market share over the past several quarters, underscoring the impact of our strategic approach.

This includes amplifying people, implementing advanced AI solutions, co-creating AI projects from the ground up for success and fostering an effective ecosystem of partners. We are focused on empowering our clients to conquer the pilot paralysis and achieve enterprise scale advantage.

Sandeep Mahindroo

We can now open up the call for questions.

Thank you very much. We will now begin with the question and answer session. The first question is from the line of Kumar Rakesh from BNP Paribas. Please go ahead.

Kumar Rakesh

Salil, my first question was a little of medium to long term. So, there is a lot of companies who have announced their capex plans for setting up the AI data centers. And many of these companies are our ecosystem partners. We do go to market along with them. We partner with them in many of the projects.

In all these conversations of these capacity expansion and potential modernization in the future, are we having any conversation with them how Infosys can partner with them in the future for implementation and inference work potentially in the future? Any of your conversation which is happening with them that you can share?

Salil Parekh

If I understood that, the question was there are partners of Infosys who are building large AI capability and are we partnering with them?

So, yes, we are partnering with them.

So, you look at any of the large players who are building out AI capability today. And it is at different levels - we are looking from the chip to the infrastructure to the models to basically deployment. So, there are different layers of that. And in each of those, we have, as Satish was just pointing out, several partnerships, which are going pretty well. Is that what you are asking?

Kumar Rakesh

So, my question was that at some stage, they will start looking at modernization, enterprise implementation of inferences on those large capacities. Will we be participating in any of those, any of the conversation happening on the modernization side in the future and Infosys participation in that?

Salil Parekh

So, on the enterprise side, we will participate, but the modernization is a big part of our play. So, what is happening there, in fact, is the enterprise modernization business will get a huge benefit from AI. So, before the AI, the enterprise modernization, legacy modernization had a certain time duration and a certain ROI. With many of the AI tools, that is improving quite dramatically. So, once those AI tools are in good shape and stable and so on, we see modernization as a big growth opportunity.

Kumar Rakesh

Just to be clear that I have got it right, that once enterprises start using these capacities for their own modernization, there is a play for Infosys to participate with them and help them in that modernization.

Salil Parekh

Absolutely. So, there are some AI companies which are very good with enterprise AI. Most people are focused on consumer AI. So, if you look at an enterprise AI company, they are building solutions which are focused in sales or marketing for growth or revenue of the end client or cost reduction through process or customer service in those areas. And one of those areas is this modernization. There are some others. And to make it happen, Infosys is a partner that those AI companies will use where we have the knowledge, because of the knowledge we have in the landscape of the client, which is a large complex landscape. So, how to deploy AI into it and make it successful, those are some of the skills that we will bring to it.

Kumar Rakesh

My second question was more of a near term. So, over the last 2 quarters, we have seen the large deal TCV has picked up and you have been reporting above $3 bn of large deal TCV. And you have also spoken about vendor consolidation being one of the trends which is driving the deal signings. Looking at these large deals which you have won, how comfortable you are of their margin as they ramp up and start contributing into your revenue?

Salil Parekh

Large deals, we don't disclose the margins separately, as you know. But what we are clear on, is that we have a fairly disciplined approach as we take them on. And there, in many ways, what Satish was sharing with you, we have our Chief Delivery Officer, Dinesh, they are both involved actively at the very start of many of all of the large deals to make sure that before we go into it, we understand what the issues are as best as possible and maintain that margin profile at the start and through the program itself. So, we are comfortable. We don't disclose the margin separately, but we don't see some unusual margin impact because of that also.

Next question is from the line of Bryan Bergin from TD Cowen. Please go ahead.

Bryan Bergin

I wanted to ask on deal activity and kind of average sizes. Can you comment on what you are seeing in some of the smaller deal activity? Any changes there versus the prior quarter? And then just on the signings, so the TCV has been healthy now for 2 quarters. Can you comment on just how ACV levels in new work that you are booking may be trending?

Salil Parekh

So, on the smaller deals, no real change, it is similar to what we have been seeing so far. On the large deals, the vast majority of them is focused on cost reduction, vendor consolidation, using AI for productivity, lean automation, those sort of areas.

On ACV, again, no real comment. We don't see a change that this quarter's large deal had a different type of ACV than last quarter, essentially a similar type of structure. But again, we don't share the ACV numbers separately.

Bryan Bergin

And then my follow-up on the delivery and the operating model. So, I am curious how you may see the delivery mix changing beyond Fiscal '26 when you consider navigating the visa changes next year. Just understanding you have a majority of your employee base in the U.S. that are not on visas. But as we look at the numbers, subcon mix, picked up here in the quarter, while your offshore mix also rose. So, I am curious if you think those two trends will continue? And where do you think the potential ceilings of those are as it relates to offshore mix and subcon usage?

Salil Parekh

So, on the subcon, I don't think that is a long-term lever in terms of how we will change the mix. There will be ups and downs as we go through the next few phases of this. The approach we are taking is, we built over the years what we call localization in all of our geographies outside India and especially in the U.S., and that comprises of building local technology up, so local recruiting, near-shore centers, which are ones around, for example, Canada, Mexico, other places in South America and then offshore.

Now, it will be a combination of these that we are using or we will use further in the future to make sure that essentially our overall delivery approach remains consistent for the clients. We don't have a view on where the offshore ratio will end, but we do see from some early client discussions that there will be an increase over time in what they want to offshore.

Next question is from the line of Jonathan Lee from Guggenheim Partners. Please go ahead.

Jonathan Lee

Can you help us unpack the step down in utilization despite the step-up of subcontractor usage? Where are the potential skill gaps or pyramid gaps that you are looking to fill by using your subcontractors?

Jayesh Sanghrajka

So, if you look at our subcon a couple of quarters back (editor comment – few years back), it was in the range of 11%. It has come down now to 8.5%. So, there has been a consistent effort to bring it down on a long-term basis.

Having said that, on a quarter-to-quarter basis, there could be ups and downs depending on the demand that we have, the skills that we have, at which location the skills are and you would dip into subcon or you would wind down subcon accordingly. So, that is how the subcons typically are there. Typically, the subcons are used to bridge the skill gaps across the projects that we deliver for the clients. We don't expect at this point in time the subcons to increase significantly from the current levels.

Jonathan Lee

Appreciate that color. And secondly, this may be the first time we have heard you mention forward-deployed engineers. Can you unpack how they compare relative to the teams of forward-deployed engineers that software companies are scaling? Potentially how those pools of talent are competing and whether there are higher costs associated with your forward-deployed engineers versus your traditional engineer?

Salil Parekh

So, there, Satish should also add a little bit. Let me start off. We have been using the capability of the forward-deployed engineers across our AI landscape for some time. We want to make sure that that is something we share externally.

We are not commenting on the cost or nature of those, but they are different groups within the company in the past as well, for example, we have other groups called power programmers and so on, which have different costs within our delivery structure. And so, we will use the appropriate level of cost depending on which market those engineers are operating in to fulfill that work for our clients.

Satish H. C.

Thanks, Salil. So, I guess the opportunity with AI is that we are developing a new breed of services stack or software stack for our clients, which is never done before. So, this is reimagining of either how we run business or how we even deliver services.

So, given that this is a different paradigm, the onus is on co-creation with our clients, which is why I think there is a sharper pivot to the leverage of forward-deployed engineers to work very closely with our clients. And as we move from POCs to enterprise scale adoption, we see that there will be a lot more need for forward-deployed engineers to work with our clients to drive this co-creation of the new breed of software stack.

Next question is from the line of Vibhor Singhal from Nuvama. Please go ahead.

Vibhor Singhal

Salil, just a question on the overall uncertainty that we are facing in the environment, especially in the light of the recent H-1B visa hike. So, just wanted to pick your brain as to, first of all, I mean, in the near term, let's say, in the last couple of weeks or few weeks that that event has passed by, did we see a heightened level of uncertainty, which maybe might have led to some of the deals being pushed off and some of the concerns cropping up from the clients?

And from a longer-term point of view, I know we and many, most of the industry experts have basically explained that this should not be a big deterrent in terms of our business model. But how do you see this change changing the business model? I mean, do we believe that there is a possibility of higher offshoring that can be done now with this when companies try to avoid the higher H-1B visa fee and clients would also be amenable to that? Could that be, let's say, an unintended benefit that could actually trickle by because of this event that took place?

Salil Parekh

So, on the short term, I am not sure I followed everything, but basically, we have not seen any change if that was the question in the short term.

On the medium, long term, the model will change as we were discussing earlier, which is essentially, we have been working on localization for quite some years in most of our markets outside India, so U.S. also. So, there will be more work in our technology hubs and centers there with local employees. There will be more nearshore work. There will be more offshore work. And that is the approach that we will put in place, essentially ensuring that the client delivery remains in a good place. So, that is what we see.

If you are looking at like, let's say, some percentages and so on, we don't have that sort of a view, but that is the general approach and the model change that we see coming.

Vibhor Singhal

A bit farfetched maybe, but let's say, if we try to do more of nearshoring and offshoring, do you think clients would be okay with this? Because let's be honest. I mean, I am assuming that at this point of time before, let's say, the announcement, we were operating at a specific onsite to offshore ratio, which we would have tried to optimize by ourselves. So, if there was a specific onsite presence, it would have been maybe requirement of the client, maybe requirement of regulator or our own requirements. So, would it be easy to get this through to move that business? There will be some part, as you rightly said, that you will have local hires. But the part that we are planning to move to nearshore and offshore, how easy or difficult will it be for clients to accept that?

Salil Parekh

So, this is a broad approach. We will work jointly with each client to define specifically how it will work for the client. It is a little bit if you go back to the time when there was the COVID, everyone was working remotely for so much time, and we just figured it out. We were quite adept at it at that time.

So, now there is a model that we have built. We are working with clients. What we do feel is quite comfortable that we will not have any constraints in client delivery through different levers in the model. It is not that one lever. Some clients may have a different lever and some may have another type of lever, but we feel comfortable with that.

Jayesh Sanghrajka

Vibhor, if I could just add, if you look at pre-COVID, we were at close to 30% onsite, 70% offshore. And every year, the needle used to move by 20 to 30 bps. Post-COVID, it changed significantly by 3% to 4% or more in a year's time. And that is what I think Salil is referring to. When a constraint comes in, both we and client work together, and we have been able to reach a model that works, and I am sure we will be able to do that this time as well.

Vibhor Singhal

And just last question on that part since you have come in, I know it might sound too optimistic. Could it actually lead to an unintended benefit that we do more of nearshoring and offshoring and that could possibly be a margin lever for us or for the industry?

Jayesh Sanghrajka

Difficult to say at this point in time. But I mean, mathematically, if you do more nearshoring and more offshoring, it should mean more margin, but it depends on to what extent you are able to do offshoring, nearshoring and to what extent we will end up doing more local hiring.

So, I think it is going to be a balanced act there.

Next question is from the line of James Friedman from Susquehanna International. Please go ahead.

James Friedman

Jayesh, in your prepared remarks, you called out a 70-basis point impact from higher post-sale customer support, I am just reading from the transcript. Is that a normal thing? Or is that something different? What is that about?

Jayesh Sanghrajka

So, James, if you recollect last quarter, we had a benefit on this. So, on a quarter-on-quarter basis, it is an impact from a margin walk perspective. This quarter, it is at a normalized level. So, last quarter is where we had a benefit.

James Friedman

Now I remember. I apologize. I got it. And then in terms of your offshore/onsite, what you are contemplating longer term, I was just wondering, how do you think about AI delivery impacting the regionalization of your headcount, AI delivery? And does AI impact where your people need to be?

Salil Parekh

Hi, this is Salil addressing that point. I think we already see projects where we have agents, which is with AI working alongside the people on the project. So, that will also be part of this new delivery model. There is one change which is based on the visa discussion we were having. And everything with or without the visa will be changed with the agents and how that will work over time. So, those are two different sorts of trends, but they will both come together and sort of the ratios and so on will develop as we build out the business.

Next question is from the line of Sumeet Jain from CLSA India. Please go ahead.

Sumeet Jain

Firstly, I want to understand the impact of AI on your and IT services industry’s revenue growth profile. Do you think the deflationary impact is higher than the volume growth opportunity? And maybe if you can give us a sense on your renewed deals, how much is compression due to AI versus incremental scope expansion?

Salil Parekh

This is Salil. So, there, we see 2 types of things for AI. One, growth opportunities, where we see clients are starting to look at leveraging AI, whether it is in their sales function, their marketing function, how they can drive growth from it. And the second, as you point out, is more productivity or efficiency for different processes and activities within their company.

Today, with the economic environment where it is, there is a lot of interest and focus on cost reduction, and that is where we see a lot of the initial work coming in. Some of the things that we are seeing, for example, the discussion we had a little while ago on modernization. Those discussions are much more about growth because it is not something that the company, a client is doing at all. It is a question of how they will do it, how it will be leveraged. So, at this stage, I don't have a view on which of these two factors will be larger or smaller, but we certainly see a lot of growth opportunities from what we can deliver with AI.

Sumeet Jain

So, maybe, Salil, prodding it further, do you think the IT service budgets of your clients are expanding due to AI?

Salil Parekh

So, there, what we see now is, a lot of companies are in mode of a lot of cost control with the changes in the economic environment. So, it is difficult to ascertain what they will use it for in different economic environments.

So, today, if I look at it, whether it is AI or non-AI, meaning we do a lot of work on, let's say, consolidation. We do a lot of work on automation, non-AI automation. So, there is a real interest from clients that, look, can you help us through these other techniques, also reduce cost. And that is the predominant way that we are looking, we are seeing some of the large deals come about.

My sense is as there are AI approaches, which are showing clients where they can impact the business on the growth side and where the economic environment supports it, we will see more and more of those opportunities.

Sumeet Jain

That is helpful. And maybe my second question is around, of course, this year, macro is pretty weak because of tariff-related uncertainty. But if the macro improves next year due to tariff uncertainty going away, do you think the IT services industry growth would be higher next year compared to this year, ignoring how AI will play around?

Salil Parekh

That is a very good question, if I could answer that. It is difficult to say from our side, meaning we think basically that when the macro improves, the tech improves. But now, we will see how that plays out. That’s typically been our experience from the past, but I don't have a view like for next year, how it will look.

Next question is from the line of Nitin Padmanabhan from Investec India. Please go ahead.

Nitin Padmanabhan

So, a couple of questions. So, one is you spoke about volumes being sort of flattish where realizations being a bigger driver of growth. If you could help contextualize what is driving that? So, that is the first one.

The second is any color you can give on the Versent JV, both in terms of when it could sort of accrue the kind of revenue or margins there?

And finally, your thoughts on how do you see furloughs this time versus last year? And in terms of smaller deals, do you see any pickup?

Jayesh Sanghrajka

So, Nitin, this is Jayesh here. Let me take that. We did say that volumes were softer and the large part of the growth came from the RPP expansion. Part of that was because we had a higher working day and calendar day this quarter, which reflects in pricing in a way. The part of that is also Project Maximus, where we have been trying to drive or getting the effective pricing increases through various levers within that, and that is where it has helped in terms of revenue.

Your second question was on Versent. We haven't been able to close that yet because it is pending for few of the regulatory approvals. So, as, and when we get the approvals, we will announce the closure. At this point in time, we do not know. We expect it to be closed in this year, but we do not know the exact timelines, and therefore, it is not baked in the guidance at this point in time.

The last year revenue was around Australian $210 mn. So, that is all I can give you as a reference to put in an estimate once it is closed. You have one more question.

Nitin Padmanabhan

Any color on margins for Versent? And the other one was, other questions were on furloughs versus last year and any pickup in small deals?

Jayesh Sanghrajka

So, furloughs at this point in time, we do not expect to be significantly different than the last year. And we do not disclose margins of the acquisitions.

Nitin Padmanabhan

Perfect. Any pickup in small deals that you have seen?

Jayesh Sanghrajka

I think small deals have remained similar as compared to last year. The overall pipeline continues to remain strong. There is nothing unusual to call out there.

Next question is from the line of Abhishek Kumar from JM Financial. Please go ahead.

Abhishek Kumar

I have a question on your second half outlook. Now we understand the seasonal factors and probably that is what is driving decline at the midpoint of the implied guidance. But I just wanted to get a sense that this year, deal wins has been strong, then you have closed $1.6 bn deal, which if my calculation is right, is a $100 mn-plus ACV deal. So, is it just your conservatism at this stage, given Q4 generally is weaker? Or is there anything else that is restricting you from raising the upper end of the guidance?

Jayesh Sanghrajka

So, Abhishek, like we have always said, the way we look at guidance is to reduce the asymmetry of information between us and the investor community. At this point in time, based on the various models that we run, that leads us to various levels of guidance, and that is how we have arrived at the guidance.

Like what we have been saying for the last couple of quarters, at the lower end of the guidance, we have baked in elevated level of uncertainty and at the upper end of the guidance, we have baked in a stable environment.

Having said that, as you know, H2 is softer from a seasonality perspective. We have lower working days, lower calendar days, higher impact from furloughs, etc. So, all of that impacts our H2 versus H1. And we also need to remember that we have delivered a stronger H1 versus many of our peers. So, from that perspective, the H2 automatically gets impacted.

Abhishek Kumar

So, maybe a quick follow-up on the mega deal you just announced. Is it expected to start ramping up this fiscal year? And what would be net new contribution, if you can call that out?

Jayesh Sanghrajka

Abhishek, the deal that we have announced is completely 100% net new, and it will start ramping up this year.

Next question is from the line of Sandeep Shah from Equirus Securities. Please go ahead.

Sandeep Shah

Jayesh, just wanted to understand, in your guidance assumption for the second half, are you also expecting further lower pass-through, the third-party item sales? Because in the first half, it has been 7.4% versus 8.2% for the whole year last year. And generally, Q3 sees seasonal strength on the third-party items. So this time, you believe it could not show the strength, and it could be further down from 7.4% in the 1H versus what you expect in 2H?

Jayesh Sanghrajka

Yes. So, Sandeep, like we said at the beginning of the year, this year, we expect the third party to be lower than what we had last year, and we expect the similar trend to continue. So, we do not expect unusual growth or unusual elevation in third party in Q3.

Sandeep Shah

And second, just the follow-up. In terms of seasonal softness, which is reflecting in your 2H implied guidance, what was the urgency to deploy 8,000 net additions in the employee side? Can you explain the high recruitment versus seasonal softness in the 2H?

Jayesh Sanghrajka

So, Sandeep, it is a factor of the demand and supply environment. We are already at 85% utilization. And we also onboarded 12,000 freshers. So, that just talks about the visibility that we have in our business.

Thank you very much. That will be the last question for today. I now hand the conference over to the management for closing comments.

Salil Parekh

Thank you. Thanks, everyone, for joining in. Just wanted to summarize, we had a strong Q2, very good large deals, one mega deal after the quarter, so even better. We spent a lot of time sharing with you our leadership in enterprise AI and forward-deployed engineering capability and the growth of that. We feel we have a really strong position in this area, and we continue to lead in many places here.

We have an increase in our guidance for revenue growth, the new guidance being 2% to 3% for the full financial year. With all of this, we look forward to a strong Q3 and Q4 and look forward to interacting with you at the end of next quarter. Thank you. Take care.

Thank you very much, members of the management. Ladies and gentlemen, on behalf of Infosys Limited, that concludes this conference. Thank you for joining us and you may now disconnect your lines. Thank you.

Exhibit 99.6
Form of Release to Stock Exchanges

INDEPENDENT Auditor’s Report ON AUDIT OF QUARTERLY AND HALF YEARLY CONSOLIDATED FINANCIAL RESULTS

To The Board of Directors of INFOSYS Limited

Opinion

We have audited the accompanying statement of Consolidated Financial Results of INFOSYS LIMITED (the “Company”) and its subsidiaries (the Company and its subsidiaries together referred to as the “Group”) for the quarter and half year ended September 30, 2025 (the “Statement”), being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “LODR Regulations”).

In our opinion and to the best of our information and according to the explanations given to us, the Statement:

Basis for Opinion

We conducted our audit 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 Auditor’s Responsibilities for audit of the consolidated financial results section of our report. We are independent of the Group 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 consolidated financial results for the quarter and half year ended September 30, 2025 under the provisions of the Act and the Rules 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.

Management’s and Board of Directors’ Responsibilities for the Statement

The Statement, which includes the Consolidated Financial Results is the responsibility of the Company’s Board of Directors and has been approved by them for the issuance. The Statement has been compiled from the related audited interim condensed consolidated financial statements for the three months and six months ended September 30, 2025. This responsibility includes the preparation and presentation of the Statement that give a true and fair view of the consolidated net profit and consolidated other comprehensive income and other financial information of the Group in accordance with the recognition and measurement principles laid down in the Ind AS 34, prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations.

The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group 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 the 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 respective financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of this Statement by the Directors of the Company, as aforesaid.

In preparing the Consolidated Financial Results, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the respective entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate their respective entities or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group are responsible for overseeing the financial reporting process of the Group.

Auditor’s Responsibilities for audit of the Consolidated Financial Results for the quarter and half year ended September 30, 2025

Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Results for the quarter and half year ended September 30, 2025, 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 Consolidated Financial Results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Materiality is the magnitude of misstatements in the Statement that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Statement 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 Statement.

We communicate with those charged with governance of the Company and such other entities included in the Statement of which we are the independent auditors 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.

List of Entities:

INDEPENDENT Auditor’s Report ON THE AUDIT OF QUARTERLY AND HALF YEARLY STANDALONE FINANCIAL RESULTS

To The Board of Directors of INFOSYS Limited

Opinion

We have audited the accompanying statement of Standalone Financial Results of INFOSYS LIMITED (the “Company”) for the quarter and half year ended September 30, 2025 (the “Statement”) being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “LODR Regulations”).

In our opinion and to the best of our information and according to the explanations given to us, the statement:

Basis for Opinion

We conducted our audit of the Statement 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 Auditor’s Responsibilities for the Audit of the Standalone Financial Results 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 Results for the quarter and half year ended September 30, 2025 under the provisions of the Act and the Rules 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.

Management’s and Board of Directors’ Responsibilities for the Statement

The Statement, which includes the Standalone Financial Results is the responsibility of the Company’s Board of Directors and has been approved by them for the issuance. The Statement has been compiled from the related audited interim condensed standalone financial statements for the three months and six months ended September 30, 2025. This responsibility includes the preparation and presentation of the Standalone Financial Results for the quarter and half year ended September 30, 2025 that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in the Ind AS 34, prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the LODR Regulations. 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 the 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 Statements that give a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the Statement, the 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 the 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 are also responsible for overseeing the financial reporting process of the Company.

Auditor’s Responsibilities for audit of the Standalone Financial Results for the quarter and half year ended September 30, 2025

Our objectives are to obtain reasonable assurance about whether the Statement 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 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 Results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Materiality is the magnitude of misstatements in the Statement that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Statement 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 Statement.

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. 

Infosys Limited Regd. office: Electronics City, Hosur Road, Bengaluru – 560 100, India

CIN : L85110KA1981PLC013115 Website: www.infosys.com email: investors@infosys.com T: 91 80 2852 0261, F: 91 80 2852 0362

Statement of Consolidated Audited Results of Infosys Limited and its subsidiaries for the quarter and half-year ended September 30, 2025 prepared in compliance with the Indian Accounting Standards (Ind-AS)

(in crore, except per equity share data)

Particulars	Quarter ended September 30,	Quarter ended June 30,	Quarter ended September 30,	Half-year ended September 30,		Year ended March 31,
	2025	2025	2024	2025	2024	2025
	Audited	Audited	Audited	Audited	Audited	Audited
Revenue from operations	44,490	42,279	40,986	86,769	80,300	162,990
Other income, net	982	1,042	712	2,024	1,551	3,600
Total Income	45,472	43,321	41,698	88,793	81,851	166,590
Expenses
Employee benefit expenses	23,438	22,847	21,564	46,284	42,498	85,950
Cost of technical sub-contractors	3,879	3,497	3,190	7,376	6,359	12,937
Travel expenses	539	516	458	1,055	936	1,894
Cost of software packages and others	4,025	3,746	3,949	7,771	7,404	15,911
Communication expenses	160	144	169	303	316	620
Consultancy and professional charges	480	464	451	943	895	1,655
Depreciation and amortisation expenses	1,182	1,140	1,160	2,323	2,310	4,812
Finance cost	106	105	108	211	214	416
Other expenses	1,434	1,122	1,396	2,557	2,645	4,787
Total expenses	35,243	33,581	32,445	68,823	63,577	128,982
Profit before tax	10,229	9,740	9,253	19,970	18,274	37,608
Tax expense:
Current tax	3,178	3,053	3,146	6,232	6,144	12,130
Deferred tax	(324)	(237)	(409)	(562)	(760)	(1,272)
Profit for the period	7,375	6,924	6,516	14,300	12,890	26,750
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability/asset, net	(38)	(70)	78	(108)	98	(92)
Equity instruments through other comprehensive income, net	(8)	35	(9)	27	5	19
Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedges, net	-	6	(21)	6	(24)	(24)
Exchange differences on translation of foreign operations	862	1,019	560	1,881	456	357
Fair value changes on investments, net	(34)	123	86	89	126	199
Total other comprehensive income/(loss), net of tax	782	1,113	694	1,895	661	459
Total comprehensive income for the period	8,157	8,037	7,210	16,195	13,551	27,209
Profit attributable to:
Owners of the company	7,364	6,921	6,506	14,285	12,874	26,713
Non-controlling interests	11	3	10	15	16	37
	7,375	6,924	6,516	14,300	12,890	26,750
Total comprehensive income attributable to:
Owners of the company	8,140	8,024	7,190	16,165	13,527	27,167
Non-controlling interests	17	13	20	30	24	42
	8,157	8,037	7,210	16,195	13,551	27,209
Paid up share capital (par value 5/- each, fully paid)	2,074	2,074	2,072	2,074	2,072	2,073
Other equity *#	93,745	93,745	86,045	93,745	86,045	93,745
Earnings per equity share (par value 5/- each)**
Basic (in per share)	17.76	16.70	15.71	34.47	31.09	64.50
Diluted (in per share)	17.74	16.68	15.68	34.41	31.02	64.34

1. Notes pertaining to the current quarter

a) The audited interim condensed consolidated financial statements for the quarter and half year ended September 30, 2025 have been taken on record by the Board of Directors at its meeting held on October 16, 2025. The statutory auditors, Deloitte Haskins & Sells LLP have expressed an unmodified audit opinion. The information presented above is extracted from the audited interim condensed consolidated financial statements. Those interim condensed consolidated financial statements are prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules thereafter.

b) Update on employee stock grants

The Board, on October 16, 2025, based on the recommendations of the Nomination and Remuneration Committee, approved:

-

Grant of Performance Based Stock incentives (PSUs) to eligible employees under the Expanded Stock Ownership Program 2019 (2019 Plan) covering the Company’s Equity Shares having a market value of 44.20 lakh as on the date of the grant. The number of PSUs will be calculated based on the market price at the close of trading on November 1, 2025

The grants made under the 2015 Plan would vest equally over a period of three to four years and the grants made under the 2019 Plan would vest over a period of three years subject to the Company’s achievement of performance parameters as defined in the 2019 Plan. The RSUs and PSUs will be granted w.e.f November 1, 2025 and the exercise price will be equal to the par value of the share.

c) Proposed acquisition

On August 13, 2025, Infosys Singapore Pte. Ltd., a wholly owned subsidiary of Infosys Limited, entered into a definitive agreement to acquire 75% of the equity share capital in Telstra Purple Pty Ltd, including some of its subsidiaries (together known as Versent Group), Australia’s leading Digital Transformation Solutions provider for a consideration including earn-outs and deferred consideration amounting up to AUD 233 million (approximately 1,335 crore), excluding retention bonus and management incentives, subject to regulatory approvals and customary closing adjustments.

d) Proposed Buyback

The Board, at its meeting on September 11, 2025, approved a proposal for the Company to buyback its fully paid-up equity shares of face value of 5/- each from the eligible equity shareholders of the Company for an amount of 18,000 crore, subject to shareholders' approval by way of Postal Ballot. The Buyback offer if approved by shareholders would comprise a purchase of 10,00,00,000 Equity Shares comprising approximately 2.41% of the total paid-up equity share capital of the Company as of June 30, 2025 (on standalone basis) at a price of 1,800/- per Equity Share. The buyback is proposed to be made from all eligible equity shareholders (including those who become equity shareholders as on the Record date by cancelling American Depository Shares and withdrawing underlying Equity Shares) of the Company as on the Record Date (to be determined by the Board/ Buyback Committee) on a proportionate basis through the "Tender offer" route. The Company has sent out a notice to its shareholders as of September 26, 2025 seeking the approval of the shareholders through Postal Ballot. The voting for this Postal Ballot is expected to end on November 4, 2025.

2. Information on dividends for the quarter and half year ended September 30, 2025

The Board of Directors declared an interim dividend of 23/- per equity share. The record date for the payment is October 27, 2025.The interim dividend will be paid on November 7, 2025. The interim dividend declared in the previous year was 21/- per equity share.

(in )

Particulars	Quarter ended September 30,	Quarter ended June 30,	Quarter ended September 30,	Half-year ended September 30,		Year ended March 31,
	2025	2025	2024	2025	2024	2025
Dividend per share (par value 5/- each)
Interim dividend	23.00	–	21.00	23.00	21.00	21.00
Final dividend	–	–	–	–	–	22.00

3. Audited Consolidated Balance Sheet

(in crore)

The disclosure is an extract of the audited Consolidated Balance Sheet as at September 30, 2025 and March 31, 2025 prepared in compliance with the Indian Accounting Standards (Ind-AS).

4. Audited Consolidated Statement of Cash Flows

(in crore)

The disclosure is an extract of the audited Consolidated Statement of Cash flows for the half year ended September 30, 2025 and September 30, 2024 prepared in compliance with Indian Accounting Standard (Ind AS) 34 Interim Financial Reporting.

5. Segment reporting (Consolidated - Audited)

(in crore)