1 Top Management and Board of Directors; 2 Top shareholders; 3 Peer Comparison & Ranking of INFY; 4 Patents; 5 Currency Synopsis: Indian Rupees (INR)

Top Management and Board of Directors

Top Management
Top Management [Two top executives with tenure > 6 yrs]

NameDesignationSince Appointment
Nandan NilekaniChairman6 Yrs, 1 Mo
Salil S. ParekhChief Executive Officer, Managing Director-


Board Of Directors
Board Of Directors [Eight directors with tenure < 3 yrs]

NameSince Appointment
Govind Iyer8 Mos
Chitra Nayak2 Yrs, 6 Mos
Kiran Mazumdar-Shaw-
Roopa Kudva-
Punita Kumar-Sinha-
D N Prahlad-
D Sundaram-
Ravi Venkatesan-



Top shareholders
Top 18 shareholders

Name of the Share HolderNumber Of Shares% of Capital
Custodian/DR HOLDER50579085112.2
DEUTSCHE BANK TRUST COMPANY AMERICAS50579085112.2
Life Insurance Corporation of India2982449777.2
SBI MUTUAL FUND1638200223.9
SUDHA GOPALAKRISHNAN953570002.3
GOVERNMENT OF SINGAPORE950494472.3
ICICI PRUDENTIAL MUTUAL FUND931078632.2
National Pension System Trust649222061.6
HDFC MUTUAL FUND622639841.5
UTI MUTUAL FUND609637561.5
ROHAN MURTY608128921.5
GOVERNMENT PENSION FUND GLOBAL525224801.3
VANGUARD EMERGING MARKETS STOCK INDEX FUND, A SERIES OF VANGUARD INTERNATIONAL EQUITY INDEX FUND491234461.2
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LTD471801651.1
VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND468524001.1
SBI LIFE INSURANCE CO. LTD431980081.0
ADITYA BIRLA SUN LIFE TRUSTEE424371681.0
S GOPALAKRISHNAN418538081.0
% held by Top 18 shareholders 56.1%


Peer Comparison & Ranking of INFY
PEER COMPARISON: INFY IN INDICES

Infosys is a constituent of the following indices.

Its market capitalisation is $72 billion and accounts for 22.5% of the combined MCap of the BSE Information Technology Index.

Index NameMCap of Index ($ b)INFY MCap as % of Index
BSE Information Technology Index319 22.5
BSE Teck Index435 16.5
BSE SENSEX Index1,591 4.5
Nifty Index1,897 3.8
BSE 100 Index2,299 3.1
BSE 200 Index2,787 2.6
BSE 500 Index3,148 2.3

GLOBAL PEER COMPARISON: INFY - SIZE (all figures in $)

In its Global Peer Group of 9 companies INFY is ranked INFY is ranked first (1) by Net Profit, third (3) by Revenue and fifth (5) by MCap, Total Assets.


Name (Code)MCapRevenueNet ProfitTotal Assets
Rank of INFY5315
Infosys (INFY)71.6B18B2.9B15.1B
Servicenow (NOW)113.1B7.2B325M13.3B
Uber (UBER)94.1B31.9B(9.1B)32.1B
Meituan Dianping (03690)91.4B30.1B(915.5M)33.5B
VMware Class A (VMW)71.9B13.3B1.3B31.2B
Synopsys (SNPS)70.2B5.1B984.6M9.4B
NetEase (09999)69.9B13.2B2.8B23.7B
MercadoLibre (MELI)64.1B10.5B482M13.7B
Cadence Design Systems (CDNS)63.6B3.6B849M5.1B

GLOBAL PEER COMPARISON: INFY - RELATIVE VALUE INDICATORS

In value terms, comparing relative value of its shares, INFY is ranked

+ 2 out of 9 by Price/Earnings per share [25.0]
+ 3 out of 9 by Price/Sales per share [4.0]
+ 3 out of 9 by Price/Book value per share [10.0]


Name (Code)Currency CodeLast PriceP/EP/SP/Book
Rank of INFY by value233
Infosys (INFY)INR1,434.325.04.010.0
Servicenow (NOW)USD553.515.634.3
Uber (UBER)USD46.13.0
Meituan Dianping (03690)HKD114.62.96.6
VMware Class A (VMW)USD16753.75.4
Synopsys (SNPS)USD460.771.513.8
NetEase (09999)HKD159.522.75.04.7
MercadoLibre (MELI)USD1,274.16.1
Cadence Design Systems (CDNS)USD23474.817.9

USD 1=
83.125593 Indian Rupees (INR); 7.829 Hong Kong Dollar (HKD)


BUYSELLSIGNALS FUNDAMENTALS VALUATION RANKING:
Infosys vs Indian Market

Out of 3,600 stocks in the Indian Market, Infosys is ranked thirteenth(13) by Net Profit $, Thirty-sixth(36) by P/Earnings, Thirty-seventh(37) by P/Sales and Sixty-fifth(65) by Price/Net Tangible Assets.

Indian AvgINFYINFY Rank
Net Profit $38.5 M2.9 B13
P/Earnings26.9x24.9x36
P/Sales1.8x3.98x37
Price/Net Tangible Assets2.5x9.9x65
Yield (%)1.32.4158
ROE (%)7.431.8176
ROA (%)0.9919.2188
Premium to 52-Wk Low (%)28.922.6562
P/Earnings/ Growth-2.6x670
EBITDA Margin%12.625.1701
EPS Growth YOY (%)-9.71046
Total Debt/Equity (the lower the better)0.6x0.3x1670
Discount to 52-Wk High (%)2.813.12301
Negative values are shown in brackets.
Stock in Index and Stock in Sector

DescriptionINFYBSE SENSEX Index% of BSE SENSEX IndexIT consulting & software sector% of IT consulting & software sector
Net Profit $2.9 B60.9 B4.813.9 B20.9
Revenue $18 B531.3 B3.495.7 B18.8
Total Assets $15.1 B2,248.6 B0.780.4 B18.8
MCap $71.6 B1,591.1 B4.5373.4 B19.2

Relative Valuation Indicators: Stock vs Index and Stock vs Sector

DescriptionINFYBSE SENSEX Index Avg.IT consulting & software sector Avg.
Price/Earnings24.926.127.6
P/Earnings/Growth2.56-0.34.27
Yield (%)2.371.422.64
Price/Net Tangible Assets9.934.2411.0
Total Debt/Equity (the lower the better)0.26x0.61x0.18x

MARKET SHARE
Infosys vs It Consulting & Software sector [It Consulting & Software sector Total in Brackets]
Revenue of Rs1,494.7 billion ($18 billion)[18.8% of aggregate sector revenue of Rs7,954.4 billion; up from 18.5% in the previous year.]
Net Profit of Rs240.9 billion ($2.9 billion) [20.9% of aggregate sector net profit of Rs1,152.8 billion; up from 20.4% in the previous year.]

GLOBAL RANK [out of 46,828 stocks] AND RANK OF INFOSYS IN THE ASIA REGION [out of 25,363 stocks]

DescriptionValueGlobal RankIn Asia Region
MCap ($)71.6B20132
Total Assets ($)15.1B2,347905
Revenue ($)18B911320
Net Profit ($)2.9B499160
Return on Equity %31.81,936714
Net Profit Margin %16.17,8364,150
Price to Book10.033,20920,763
Price/Earnings25.015,3488,920
Yield %2.413,5397,176
PV1000 (1Year) $*1,05620,71411,856
$* Change (1Year) %3.720,72011,962

* 1 year ago $1 = INR 81.54
Sep 29, 2023: $ 1 equals INR 83.13

RANK OF INFOSYS IN THE BSE SENSEX INDEX [out of 29 stocks], IN THE INDIAN MARKET [out of 3967 stocks] AND IN THE IT CONSULTING & SOFTWARE SECTOR [out of 74 stocks]

DescriptionValueIn BSE SENSEX IndexIn Indian MarketIn IT consulting & software sector
Total Assets (Rs)1,258.2B19672
Return on Equity %31.831617
Net Profit Margin %16.11166614
Price to Book9.9233,17149
Price/Earnings24.9141,24217
Yield %2.481666
PV1000 (1Year) INR1,076241,19817

LONG-TERM FUNDAMENTAL RANKING: 4 OUT OF 5 [5 is best]
Infosys is ranked number 2 out of 100 listed it consulting & software companies in the India with a market capitalization of Rs5,952.3 billion ($71.6 billion).
In the it consulting & software companies it has the 2nd highest total assets and 2nd highest revenues.
Within its sector it has a relatively low P/E of 24.9.

It has a strong relative ROE of 31.8% and ROA of 19.2%. The company paid a dividend of Rs17.50 in the last twelve months. The dividend yield is high at 2.4%. Finally, its earnings growth in the past 12 months has been a comparatively high 9.7%.
Stocks are scored on a set of parameters reflecting fundamental analytical tools involving valuation, size and financial performance. They are ranked according to the average values of those parameters. The highest ranking is 5 and the lowest ranking is 1.


Patents
Number of Patents Issued to Infosys by the US Patent Office and the European Patent Office
A total of 224 patents were issued to Infosys in the last nine years. In the past year 29 patents were issued, 1.2 times average of 25 patents per year.

12 months ended Sep 29No. of Patents Issued
202329
20228
20219
20209
201917
201834
201727
201661
201530
Total224


Currency Synopsis: Indian Rupees (INR)
% Change of INR vs Currency Basket Period-Based
In the past year the Indian Rupee fell 1.5% against the US Dollars; in the past three years the Indian Rupee fell 11.4% against the US Dollars.

LastCountry1-day %1-week %1-Year %3-Yrs %
INR1=0.012USDUnited States Of America---1.5-11.4
INR1=0.088CNYChina-0.1-0.1-0.7-5.3
INR1=1.794JPYJapan0.10.61.525.3
INR1=0.011EUREuropean Union0.21.0-10.8-2.2
INR1=16.296KRWSouth Korea0.31.0-7.42.2
INR1=0.016SGDSingapore---6.9-11.9
INR1=0.02NZDNew Zealand-0.3-0.6-7.4-2.4
INR1=0.01GBPUnited Kingdom-0.40.6-13.7-7.6
INR1=0.019AUDAustralia-0.3-1.5-2.1
INR1=0.094HKDHong Kong0.1--1.8-10.6
INR1=0.011CHFSwitzerland0.11.1-9.0-12.5
INR1=0.016CADCanada-0.3-0.2-3.8-10.7
INR1=0.132SEKSweden--1.6-5.56.6
INR1=0.129NOKNorway-0.6-0.8-4.0-0.9
INR1=0.212MXNMexico0.83.2-15.3-29.6

1 Tax & Dividend; 2 Financials as Reported FY 2023, Past 10 Years

Tax & Dividend
Average Income Tax Paid (Past 5 Years)
In the past 5 years, Income Tax as % of profit before tax increased from 26.8% to 27.7% and Income Tax as % of operating cash flow decreased from 26.8% to 24.5%.

Description20232022202120202019
As % of profit before tax27.726.427.124.426.8
As % of operating cash flow24.523.724.121.626.8

The 5-year average of profit before tax was 26.5%.

Dividend History
In the past 5 years annual dividends have increased by INR12.5 from INR21.5 to INR34.0. Based on a start date of 5 years ago, there has been one decline in dividends over the last 5 years.

DateValue (INR)Type
02 Jun 202317.5Final
27 Oct 202216.5Interim
Tr 12 Months34
2021 - 202231
2020 - 202127
2019 - 202017.5
2018 - 201921.5


Financials as Reported FY 2023, Past 10 Years
Financials as reported (FY 2023 [year-ended 31 March 2023 ])

RESULTS OF OPERATIONS AND FINANCIAL CONDITION
(In INR Million, except per share data and shares outstanding)

INCOME STATEMENT AS REPORTED (FY 2023 [year-ended 31 March 2023 ])

DescriptionINR MillionINR Million
Mar 3120232022Change %
Revenue from operations1,467,6701,216,410Up 20.7
Other income net27,01022,950Up 17.7
Total Income1,494,6801,239,360Up 20.6
Expenses
Employee benefit expenses783,590639,860Up 22.5
Cost of technical sub-contractors140,620126,060Up 11.6
Travel expenses15,2508,270Up 84.4
Cost of software packages and others109,02068,110Up 60.1
Communication expenses7,1306,110Up 16.7
Consultancy and professional charges16,84018,850Down 10.7
Depreciation and amortisation expenses42,25034,760Up 21.5
Finance cost2,8402,000Up 42.0
Other expenses43,92034,240Up 28.3
Total expenses1,161,460938,260Up 23.8
Profit before tax333,220301,100Up 10.7
Tax expense:
Current tax92,87078,110Up 18.9
Deferred tax-7301,530Deterioration
Profit for the period241,080221,460Up 8.9
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability/asset net80-850Recovery
Equity instruments through other comprehensive income net-70960Deterioration
Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedges net-70-80Improved 12.5
Exchange differences on translation of foreign operations7,7602,280Up 240.4
Fair value changes on investments net-2,560-490Deterioration 422.4
Total other comprehensive income/(loss) net of tax5,1401,820Up 182.4
Total comprehensive income for the period246,220223,280Up 10.3
Profit attributable to:
Owners of the company240,950221,100Up 9.0
Non-controlling interests130360Down 63.9
241,080221,460Up 8.9
Total comprehensive income attributable to:
Owners of the company245,980222,930Up 10.3
Non-controlling interests240350Down 31.4
246,220223,280Up 10.3
Paid up share capital (par value ?5/- each fully paid)20,69020,980Down 1.4
Other equity733,380732,520Up 0.1
Earnings per equity share (par value ?5/- each)
BasicRs57.63Rs52.52Up 9.7
DilutedRs57.54Rs52.41Up 9.8

BALANCE SHEET AS REPORTED (FY 2023 [year-ended 31 March 2023 ])

DescriptionINR MillionINR Million
Mar 3120232022Change %
ASSETS
Non-current assets
Property plant and equipment133,460130,750Up 2.1
Right of use assets68,82048,230Up 42.7
Capital work-in-progress2,8804,160Down 30.8
Goodwill72,48061,950Up 17.0
Other Intangible assets17,49017,070Up 2.5
Financial assets
Investments125,690136,510Down 7.9
Loans390340Up 14.7
Other financial assets27,98014,600Up 91.6
Deferred tax assets (net)12,45012,120Up 2.7
Income tax assets (net)64,53060,980Up 5.8
Other non-current assets23,18020,290Up 14.2
Total non-current assets549,350507,000Up 8.4
Current assets
Financial assets
Investments69,09066,730Up 3.5
Trade receivables254,240226,980Up 12.0
Cash and cash equivalents121,730174,720Down 30.3
Loans2,8902,480Up 16.5
Other financial assets116,04087,270Up 33.0
Income tax assets (net)60540Down 88.9
Other current assets144,760113,130Up 28.0
Total current assets708,810671,850Up 5.5
Total Assets1,258,1601,178,850Up 6.7
EQUITY AND LIABILITIES
Equity
Equity share capital20,69020,980Down 1.4
Other equity733,380732,520Up 0.1
Total equity attributable to equity holders of the Company754,070753,500Up 0.1
Non-controlling interests3,8803,860Up 0.5
Total equity757,950757,360Up 0.1
Liabilities
Non-current liabilities
Financial liabilities
Lease liabilities70,57046,020Up 53.3
Other financial liabilities20,58023,370Down 11.9
Deferred tax liabilities (net)12,20011,560Up 5.5
Other non-current liabilities5,0004,510Up 10.9
Total non-current liabilities108,35085,460Up 26.8
Current liabilities
Financial liabilities
Lease liabilities12,4208,720Up 42.4
Trade payables38,65041,340Down 6.5
Other financial liabilities185,580158,370Up 17.2
Other Current Liabilities108,30091,780Up 18.0
Provisions13,0709,750Up 34.1
Income tax liabilities (net)33,84026,070Up 29.8
Total current liabilities391,860336,030Up 16.6
Total equity and liabilities1,258,1601,178,850Up 6.7

CASH FLOW AS REPORTED (FY 2023 [year-ended 31 March 2023 ])

DescriptionINR MillionINR Million
Mar 3120232022Change %
Cash flow from operating activities
Profit for the year241,080221,460Up 8.9
Adjustments to reconcile net profit to net cash provided by operating activities:
Income tax expense92,14079,640Up 15.7
Depreciation and amortization42,25034,760Up 21.5
Interest and dividend income-18,170-16,450Deterioration 10.5
Finance cost2,8402,000Up 42.0
Impairment loss recognized / (reversed) under expected credit loss model2,8301,700Up 66.5
Exchange differences on translation of assets and liabilities net1,6101,190Up 35.3
Stock compensation expense5,1904,150Up 25.1
Other adjustments6,280760Up 726.3
Changes in assets and liabilities
Trade receivables and unbilled revenue-70,760-79,370Improved 10.8
Loans other financial assets and other assets-31,080-19,140Deterioration 62.4
Trade payables-2,79014,890Deterioration
Other financial liabilities other liabilities and provisions41,19069,380Down 40.6
Cash generated from operations312,610314,970Down 0.7
Income taxes paid-87,940-76,120Deterioration 15.5
Net cash generated by operating activities224,670238,850Down 5.9
Cash flows from investing activities
Expenditure on property plant and equipment and intangibles-25,790-21,610Deterioration 19.3
Deposits placed with corporation-9,960-9,060Deterioration 9.9
Redemption of deposits placed with Corporation7,6207,530Up 1.2
Interest and dividend received15,25018,980Down 19.7
Payment towards acquisition of business net of cash acquired-9,100
Payment of contingent consideration pertaining to acquisition of business-600-530Deterioration 13.2
Escrow and other deposits pertaining to Buyback-4,830-4,200Deterioration 15.0
Redemption of escrow and other deposits pertaining to Buyback4,8304,200Up 15.0
Other receipts710670Up 6.0
Other payments-220
Payments to acquire Investments
Tax free bonds and government bonds-270
Liquid mutual fund units-706,310-540,640Deterioration 30.6
Target maturity fund-4,000
Certificates of deposit-103,480-41,840Deterioration 147.3
Commercial Paper-30,030
Non convertible debentures-2,490-16,090Improved 84.5
Government securities-15,690-42,540Improved 63.1
Others-200-240Improved 16.7
Proceeds on sale of Investments
Tax free bonds and government bonds2,210200Up 1,005.0
Liquid mutual fund units718,510536,690Up 33.9
Certificates of deposit104,0407,870Up 1,222.0
Commercial Paper22,980
Non-convertible debentures4,70022,010Down 78.6
Government securities18,82014,570Up 29.2
Equity and preference securities990
Others90
Net cash (used in) from investing activities-12,090-64,160Improved 81.2
Cash flows from financing activities:
Payment of lease liabilities-12,310-9,150Deterioration 34.5
Payment of dividends-136,310-126,520Deterioration 7.7
Payment of dividend to non-controlling interest of subsidiary-220-790Improved 72.2
Shares issued on exercise of employee stock options350210Up 66.7
Payment towards purchase of non-controlling interest-20
Other receipts1,3202,360Down 44.1
Other payments-4,790-1,260Deterioration 280.2
Buyback of equity shares including transaction cost and tax on buyback-114,990-111,250Deterioration 3.4
Net cash used in financing activities-266,950-246,420Deterioration 8.3
Net increase / (decrease) in cash and cash equivalents-54,370-71,730Improved 24.2
Effect of exchange rate changes on cash and cash equivalents1,380-690Recovery
Cash and cash equivalents at the beginning of the period174,720247,140Down 29.3
Cash and cash equivalents at the end of the period121,730174,720Down 30.3

Download INFOSYS Financials Past 10 Years


Description (March 31)20232022202120202019
Income Statement
Sales (B)1,494.71,239.41,026.7935.9826.8
Other Revenue (B)2722.92228
EBITDA (B)375.5335.9298.9249
Depreciation (B)42.234.832.728.9
Tax (B)92.179.67253.756.3
Net profit (B)240.9221.1193.5165.9154
EPS 57.6352.5245.6138.9735.44
Balance Sheet
Equity Share Capital (B)754.1753.5763.5654.5649.5
Total Debt (B)198167.1167.2111
Total Assets (B)1,258.21,178.81,083.9927.7847.4
Current Asset (B)708.8671.9607.3545.8528.8
Fixed Asset (B)133.5130.8125.6124.3133.6
Working Capital (B)316.9335.8368.7337.2342.4
Cash Flow
Operating Cash Flow (B)224.7238.823.2170158.4
Investing Cash Flow (B)(12.1)(64.2)(74.6)(2.4)(15.8)
Financing Cash Flow (B)(266.9)(246.4)(97.9)(175.9)(145.1)
Net Cash Flow (B)(54.4)(71.7)(149.2)(8.3)(2.5)

Description (March 31)20182017201620152014
Income Statement
Revenue per share 163.52313286.84248.28231
EBITDA (B)221.3216.5202183.5160.4
Depreciation (B)18.61714.610.713.2
Tax (B)42.45652.549.143.1
Net profit (B)160.3143.5134.9123.7106.6
EPS 35.5331.3929.5127.0723.31
Balance Sheet
Equity Share Capital (B)649.2689.8617.4507.4445.3
Total Assets (B)798.9833.5753.5662.9569.7
Current Asset (B)500.2537517.5472.4430.8
Fixed Asset (B)101.297.586.491.278.9
Working Capital (B)359.1396.9385.1317.4310.5
Cash Flow
Operating Cash Flow (B)132.2115.3100.383.598.2
Investing Cash Flow (B)44.5(145.4)(9)10.9(25.8)
Financing Cash Flow (B)(205.1)(69.4)(68.1)(49.4)(31.4)
Net Cash Flow (B)(28.4)(99.5)23.145.141