March 2015 March 2016 March 2017 March 2018 March 2019

Net cash flow from operating activities 79,550 95,780 104,780 124,750 139,890
Profit after tax 121640 126930 138180 161550 147020
Gap between CFO and PAT -42,090 -31,150 -33,400 -36,800 -7,130
March 2020 March 2021 March 2022 March 2023
155,720 199,020 220,960 191,690
155430 180480 212350 232680
290 18,540 8,610 -40,990
 March 2015 March 2016 March 2017 March 2018 March 2019
Sales 473400 540340 593540 620080 731700
Interest income 25920 25060 25300 23200 19940
Dividends 1460 570 230 8490 20
Income from Treasury operations 5350 1670 6620 4920 5030
Other income 240 2250 1060 4250 2400
Prior period and extraordinary income 5730 3760 2180 2400 560
Total income 512100 573650 628930 663340 759650

Composition of Total Income (components of total income presented as % of total inco

March 2015 March 2016 March 2017 March 2018 March 2019
Sales 92.44% 94.19% 94.37% 93.48% 96.32%
Interest income 5.06% 4.37% 4.02% 3.50% 2.62%
Dividends 0.29% 0.10% 0.04% 1.28% 0.00%
Income from Treasury operations 1.04% 0.29% 1.05% 0.74% 0.66%
Other income 0.05% 0.39% 0.17% 0.64% 0.32%
Prior period and extraordinary income 1.12% 0.66% 0.35% 0.36% 0.07%
Total income 100.00% 100.00% 100.00% 100.00% 100.00%
 March 2020 March 2021 March 2022 March 2023
791050 859120 1039400 1240140
15000 14660 13990 15650
20 3290 12180 14630
12850 6280 4210 11030
1330 2430 1850 2590
2500 2980 2500 1160
822750 888760 1074130 1285200

sented as % of total income)

March 2020 March 2021 March 2022 March 2023
96.15% 96.67% 96.77% 96.49%
1.82% 1.65% 1.30% 1.22%
0.00% 0.37% 1.13% 1.14%
1.56% 0.71% 0.39% 0.86%
0.16% 0.27% 0.17% 0.20%
0.30% 0.34% 0.23% 0.09%
100.00% 100.00% 100.00% 100.00%
 March 2015 March 2016 March 2017
Sales 473400 540340 593540

Power, fuel, and water charges 1,850 1,790 1,800

Compensation to employees 251,150 282,070 309,440
Indirect taxes 1,080 990 1,180
Royalties, technical knowhow fees 2,290 2,760
Rent and lease 1,580 1,750 2,840
Repairs and maintenance 6,340 8,730 10,730
Insurance premium paid 420 480 450
Outsourced professional jobs 3,980 5,650 5,400
Non-executive director fees 80 80 90
Selling and distribution expenses 1,110 180 840
Travel expenses 13,600 16,550 16,380
Communications expenses 32,930 3,110 51,810
Miscellaneous expenditure 11,260 6,930 6,550
Other operational expenses of non-financial services 4,280 51,100 9,150
Previous period and extraordinary expenses 1,490
Total operating expenses 329,660 383,190 419,420
Profit before depreciation, interest, and tax 182,440 190,460 209,510
Depreciation 12,770 11,150 14,710
Profit before interest and tax 169,670 179,310 194,800
Interest 80 3,240
Profit before tax 169,590 179,310 191,560
Tax 47,950 52,380 53,380
Profit after tax 121,640 126,930 138,180

Present all the above items as a percentage of sales

March 2015 March 2016 March 2017
Sales 100.00% 100.00% 100.00%

Power, fuel, and water charges 0.39% 0.33% 0.30%

Compensation to employees 53.05% 52.20% 52.13%
Indirect taxes 0.23% 0.18% 0.20%
Royalties, technical knowhow fees 0.00% 0.42% 0.47%
Rent and lease 0.33% 0.32% 0.48%
Repairs and maintenance 1.34% 1.62% 1.81%
Insurance premium paid 0.09% 0.09% 0.08%
Outsourced professional jobs 0.84% 1.05% 0.91%
Non-executive director fees 0.02% 0.01% 0.02%
Selling and distribution expenses 0.23% 0.03% 0.14%
Travel expenses 2.87% 3.06% 2.76%
Communications expenses 6.96% 0.58% 8.73%
Miscellaneous expenditure 2.38% 1.28% 1.10%
Other operational expenses of non-financial services 0.90% 9.46% 1.54%
Previous period and extraordinary expenses 0.00% 0.28% 0.00%
Total operating expenses 69.64% 70.92% 70.66%
Profit before depreciation, interest, and tax 38.54% 35.25% 35.30%
Depreciation 2.70% 2.06% 2.48%
Profit before interest and tax 35.84% 33.18% 32.82%
Interest 0.02% 0.00% 0.55%
Profit before tax 35.82% 33.18% 32.27%
Tax 10.13% 9.69% 8.99%
Profit after tax 25.69% 23.49% 23.28%
 March 2018 March 2019 March 2020 March 2021 March 2022 March 2023
620080 731700 791050 859120 1039400 1240140

1,620 1,710 1,760 990 930 1,550

324,720 382,960 424,340 451,790 516,640 627,640
1,160 1,100 1,430 1,920 2,050 2,170
2,470 4,060 4,410 2,880 4,440 7,560
3,280 3,390 370 240 120 220
9,020 10,510 11,980 10,500 8,240 9,220
470 550 720 1,080 1,350 1,400
8,300 11,010 10,750 10,050 15,160 12,430
90 70 80 60 110 150
1,270 30 470 770 1,210
14,790 19,060 22,410 4,840 7,310 12,270
3,300 3,390 3,810 4,640 4,330 5,020
5,700 8,310 9,890 12,570 10,670 13,590
64,120 89,090 96,770 110,200 187,820 236,940
5,890 7,340
446,200 542,550 588,750 612,230 759,940 931,370
217,140 217,100 234,000 276,530 314,190 353,830
15,540 17,830 22,810 24,730 25,460 29,360
201,600 199,270 211,190 251,800 288,730 324,470
120 6,420 4,050 1,280 6,880
201,480 199,270 204,770 247,750 287,450 317,590
39,930 52,250 49,340 67,270 75,100 84,910
161,550 147,020 155,430 180,480 212,350 232,680

tems as a percentage of sales

March 2018 March 2019 March 2020 March 2021 March 2022 March 2023
100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

0.26% 0.23% 0.22% 0.12% 0.09% 0.12%

52.37% 52.34% 53.64% 52.59% 49.71% 50.61%
0.19% 0.15% 0.18% 0.22% 0.20% 0.17%
0.40% 0.55% 0.56% 0.34% 0.43% 0.61%
0.53% 0.46% 0.05% 0.03% 0.01% 0.02%
1.45% 1.44% 1.51% 1.22% 0.79% 0.74%
0.08% 0.08% 0.09% 0.13% 0.13% 0.11%
1.34% 1.50% 1.36% 1.17% 1.46% 1.00%
0.01% 0.01% 0.01% 0.01% 0.01% 0.01%
0.20% 0.00% 0.00% 0.05% 0.07% 0.10%
2.39% 2.60% 2.83% 0.56% 0.70% 0.99%
0.53% 0.46% 0.48% 0.54% 0.42% 0.40%
0.92% 1.14% 1.25% 1.46% 1.03% 1.10%
10.34% 12.18% 12.23% 12.83% 18.07% 19.11%
 0.95% 1.00% 0.00% 0.00% 0.00% 0.00%
71.96% 74.15% 74.43% 71.26% 73.11% 75.10%
35.02% 29.67% 29.58% 32.19% 30.23% 28.53%
2.51% 2.44% 2.88% 2.88% 2.45% 2.37%
32.51% 27.23% 26.70% 29.31% 27.78% 26.16%
0.02% 0.00% 0.81% 0.47% 0.12% 0.55%
32.49% 27.23% 25.89% 28.84% 27.66% 25.61%
6.44% 7.14% 6.24% 7.83% 7.23% 6.85%
26.05% 20.09% 19.65% 21.01% 20.43% 18.76%
 DuPont Analysis
March 2015 March 2016 March 2017 March 2018 March 2019 March 2020
Profit after tax 121640 126930 138180 161550 147020 155430
Sales 473400 540340 593540 620080 731700 791050
Total Assets 624510 733530 806110 762120 793790 815560
Paid-up equity capital 5740 11480 11480 10920 21780 21290
Reserves and funds 474940 599340 668690 624100 605330 601050

Return on equity 0.25 0.21 0.20 0.25 0.23 0.25

Net profit margin 0.26 0.23 0.23 0.26 0.20 0.20

Asset turnover ratio 0.76 0.74 0.74 0.81 0.92 0.97

leverage ratio 1.30 1.20 1.19 1.20 1.27 1.31

March 2021 March 2022 March 2023
180480 212350 232680
859120 1039400 1240140
951710 1008110 1032010
21300 21030 20740
694010 672030 656710

0.25 0.31 0.34 =B3/(B6+B7)

0.21 0.20 0.19 =B3/B4

0.90 1.03 1.20 =B4/B5

1.33 1.45 1.52 =B5/(B6+B7)

 EXHIBIT 6: INFOSYS LIMITED QUARTERLY PERFORMANCE (IN ₹ M

June 2022 September 2022

Net sales 295270 315670
Other income 6480 12670
Total Income 301750 328340

Salaries and wages 149140 158730

Travel expenses 3140 2930
Other expenses 73680 74580
Total operating expenses 225960 236240

Operating profit before depreciation, interest, and tax 69310 79430

Depreciation 6430 6820
Operating profit before interest and tax 62880 72610
Interest 340 400
Profit before tax 62540 72210
Profit before tax (including other income) 69020 84880
Taxes 20010 22350
Profit after tax 49010 62530

Growth Quarter on Quarter

June 2022 September 2022
Net sales - 6.91%
Other income - 95.52%
Total Income - 8.81%

Salaries and wages - 6.43%

Travel expenses - -6.69%
Other expenses - 1.22%
Total operating expenses - 4.55%

Operating profit before depreciation, interest, and tax - 14.60%

Depreciation - 6.07%
Operating profit before interest and tax - 15.47%
Interest - 17.65%
Profit before tax - 15.46%
Profit before tax (including other income) - 22.98%
Taxes - 11.69%
Profit after tax - 27.59%

key variables as % of sales

gross margin 0.23 0.25
operating expense ratio 0.77 0.75
profit before dep int and tax 0.23 0.25
PBT
PBIT
PAT
UARTERLY PERFORMANCE (IN ₹ MILLION)

December 2022 March 2023 June 2023 September 2023 December 2023
323890 305310 318110 326290 324910
11770 7660 10010 13500 15820
335660 312970 328120 339790 340730

163950 155810 163530 164350 163040

2840 3350 3590 3450 2960
78380 66670 71650 78550 77770
245170 225830 238770 246350 243770

78720 79480 79340 79940 81140

7130 7140 7460 7380 7380
71590 72340 71880 72560 73760
410 430 430 890 820
71180 71910 71450 71670 72940
82950 79570 81460 85170 88760
20850 20530 21900 22720 23240
62100 59040 59560 62450 65520

Quarter on Quarter
December 2022 March 2023 June 2023 September 2023 December 2023
2.60% -5.74% 4.19% 2.57% -0.42%
-7.10% -34.92% 30.68% 34.87% 17.19%
2.23% -6.76% 4.84% 3.56% 0.28%

3.29% -4.96% 4.95% 0.50% -0.80%

-3.07% 17.96% 7.16% -3.90% -14.20%
5.10% -14.94% 7.47% 9.63% -0.99%
3.78% -7.89% 5.73% 3.17% -1.05%

-0.89% 0.97% -0.18% 0.76% 1.50%

4.55% 0.14% 4.48% -1.07% 0.00%
-1.40% 1.05% -0.64% 0.95% 1.65%
2.50% 4.88% 0.00% 106.98% -7.87%
-1.43% 1.03% -0.64% 0.31% 1.77%
-2.27% -4.07% 2.38% 4.55% 4.22%
-6.71% -1.53% 6.67% 3.74% 2.29%
-0.69% -4.93% 0.88% 4.85% 4.92%

0.24 0.26 0.25 0.24 0.25

0.76 0.74 0.75 0.76 0.75
0.24 0.26 0.25 0.24 0.25
 March 2015 March 2016 March 2017 March 2018 March 2019
Net cash flow from operating activities 79,550 95,780 104,780 124,750 139,890
Profit after tax 121640 126930 138180 161550 147020
cash realisation ratio 65.40 75.46 75.83 77.22 95.15
March 2020 March 2021 March 2022 March 2023
155,720 199,020 220,960 191,690
155430 180480 212350 232680
100.19 110.27 104.05 82.38
Beneish M Score

Constant -4.84
DSRI 0.92
GMI 0.528
AQI 0.404
SGI 0.892
DEPI 0.115
SGAI -0.172
LVGI -0.327
TATA 4.679

Beneish M Score