1 Peer Comparison & Ranking of INFY; 2 Patents; 3 Currency Synopsis: Indian Rupees (INR) Peer Comparison & Ranking of INFY PEER COMPARISON: INFY IN INDICES Infosys is a constituent of the following indices. Its market capitalisation is $92 billion and accounts for 22.8% of the combined MCap of the BSE Information Technology Index. Index Name MCap of Index ($ b) INFY MCap as % of Index BSE Information Technology Index 402 22.8 BSE Teck Index 585 15.7 BSE SENSEX Index 1,911 4.8 Nifty Index 2,362 3.9 BSE 100 Index 2,988 3.1 BSE 200 Index 3,977 2.3 BSE 500 Index 4,723 1.9 GLOBAL PEER COMPARISON: INFY - SIZE (all figures in $) In its Global Peer Group of 9 companies INFY is ranked second (2) by Net Profit, fourth (4) by Revenue and fifth (5) by MCap, Total Assets. Name (Code) MCap Revenue Net Profit Total Assets Rank of INFY 5 4 2 5 Infosys (INFY) 91.6B 18.8B 3.1B 16.4B Booking Holdings (BKNG) 147.6B 21.4B 4.3B 24.3B Meituan Dianping (03690) 141.8B 39B 2B 41.3B MercadoLibre (MELI) 105.4B 14.5B 987M 17.6B Palantir Technologies (PLTR) 96.3B 2.2B 209.8M 4.5B Synopsys (SNPS) 78.1B 5.8B 1.2B 10.3B Xiaomi (01810) 77.9B 38.2B 2.5B 45.7B Cadence Design Systems (CDNS) 70.4B 4.1B 1B 5.7B Constellation Software (CSU) 68.1B 8.4B 565M 10.9B GLOBAL PEER COMPARISON: INFY - RELATIVE VALUE INDICATORS In value terms, comparing relative value of its shares, INFY is ranked + 1 out of 9 by Price/Earnings per share [29.2] + 3 out of 9 by Price/Sales per share [4.9] + 3 out of 9 by Price/Book value per share [10.7] Name (Code) Currency Code Last Price P/E P/S P/Book Rank of INFY by value 1 3 3 Infosys (INFY) INR 1,853.7 29.2 4.9 10.7 Booking Holdings (BKNG) USD 4,350.8 30.2 6.6 Meituan Dianping (03690) HKD 181.2 76.2 3.7 8.5 MercadoLibre (MELI) USD 2,079.8 7.3 Palantir Technologies (PLTR) USD 43 38.8 28.5 Synopsys (SNPS) USD 507 62.8 102.6 Xiaomi (01810) HKD 24.2 32.1 2.1 3.6 Cadence Design Systems (CDNS) USD 258.5 66.1 16.9 45.9 Constellation Software (CSU) CAD 4,431.1 7.3 USD 1= 84.072024 Indian Rupees (INR); 7.77 Hong Kong Dollar (HKD); 1.38 Canadian Dollar (CAD) BUYSELLSIGNALS FUNDAMENTALS VALUATION RANKING: Infosys vs Indian Market Out of 3,907 stocks in the Indian Market, Infosys is ranked twentieth(20) by Net Profit $, Thirty-fifth(35) by P/Earnings, Fortieth(40) by P/Sales and Fifty-eighth(58) by Price/Net Tangible Assets. Indian Avg INFY INFY Rank Net Profit $ 302.6 M 3.1 B 20 P/Earnings 17.1x 28.8x 35 P/Sales 1.6x 4.8x 40 Price/Net Tangible Assets 2.1x 10.5x 58 Yield (%) 1.04 2.5 98 ROE (%) 10.7 29.7 197 ROA (%) 1.1 19.05 201 P/Earnings/ Growth 0.3x 2.9x 420 EBITDA Margin% 16.4 25.7 677 Premium to 52-Wk Low (%) 32.8 39.9 1301 EPS Growth YOY (%) - 9.99 1452 Total Debt/Equity (the lower the better) 0.7x 0.3x 1788 Discount to 52-Wk High (%) 6.3 6.9 3350 Negative values are shown in brackets. Stock in Index and Stock in Sector Description INFY BSE SENSEX Index % of BSE SENSEX Index IT consulting & software sector % of IT consulting & software sector Net Profit $ 3.1 B 70.9 B 4.4 14.2 B 22.0 Revenue $ 18.8 B 563.5 B 3.3 96.4 B 19.5 Total Assets $ 16.4 B 2,136.3 B 0.8 80.1 B 20.5 MCap $ 91.6 B 1,911.1 B 4.8 462.7 B 19.8 Relative Valuation Indicators: Stock vs Index and Stock vs Sector Description INFY BSE SENSEX Index Avg. IT consulting & software sector Avg. Price/Earnings 28.8 17.5 28.3 P/Earnings/Growth 2.88 0.19 1.33 Yield (%) 2.48 1.17 1.79 Price/Net Tangible Assets 10.51 4.68 13.0 Total Debt/Equity (the lower the better) 0.29x 0.87x 0.19x MARKET SHARE Infosys vs It Consulting & Software sector [It Consulting & Software sector Total in Brackets] Revenue of Rs1,583.8 billion ($18.8 billion)[20.8% of aggregate sector revenue of Rs8,105.1 billion; up from 20.6% in the previous year.] Net Profit of Rs262.3 billion ($3.1 billion) [23.0% of aggregate sector net profit of Rs1,194.4 billion; up from 22.0% in the previous year.] GLOBAL RANK [out of 46,796 stocks] AND RANK OF INFOSYS IN THE ASIA REGION [out of 26,209 stocks] Description Value Global Rank In Asia Region MCap ($) 91.6B 192 36 Total Assets ($) 16.4B 2,259 894 Revenue ($) 18.8B 842 295 Net Profit ($) 3.1B 456 142 Return on Equity % 29.7 1,929 830 Net Profit Margin % 16.6 7,502 4,007 Price to Book 10.7 33,637 21,620 Price/Earnings 29.2 17,740 11,383 Yield % 2.5 11,971 6,805 PV1000 (1Year) $* 1,368 10,368 5,489 $* Change (1Year) % 33.5 10,661 5,683 * 1 year ago $1 = INR 83.22 Oct 21, 2024: $ 1 equals INR 84.07 RANK OF INFOSYS IN THE BSE SENSEX INDEX [out of 30 stocks], IN THE INDIAN MARKET [out of 4229 stocks] AND IN THE IT CONSULTING & SOFTWARE SECTOR [out of 77 stocks] Description Value In BSE SENSEX Index In Indian Market In IT consulting & software sector Total Assets (Rs) 1,378.1B 19 71 2 Return on Equity % 29.7 6 186 6 Net Profit Margin % 16.6 10 709 13 Price to Book 10.5 22 3,022 44 Price/Earnings 28.8 13 1,033 11 Yield % 2.5 4 110 3 PV1000 (1Year) INR 1,381 10 1,165 17 Patents Number of Patents Issued to Infosys by the US Patent Office and the European Patent Office A total of 288 patents were issued to Infosys in the last ten years. In the past year 55 patents were issued, 1.9 times average of 29 patents per year. 12 months ended Oct 21 No. of Patents Issued 2024 55 2023 36 2022 7 2021 11 2020 8 2019 18 2018 31 2017 29 2016 63 2015 30 Total 288 Currency Synopsis: Indian Rupees (INR) % Change of INR vs Currency Basket Period-Based In the past year the Indian Rupee fell 1.0% against the US Dollars; in the past three years the Indian Rupee fell 10.8% against the US Dollars. Last Country 1-day % 1-week % 1-Year % 3-Yrs % INR1=0.012USD United States Of America - -0.1 -1.0 -10.8 INR1=0.085CNY China -0.3 0.6 -3.7 -1.4 INR1=1.783JPY Japan 0.2 0.7 -0.8 17.0 INR1=0.011EUR European Union 0.1 0.9 -3.5 -4.5 INR1=16.324KRW South Korea 0.1 1.6 0.6 3.5 INR1=0.016SGD Singapore -0.1 0.5 -5.0 -13.2 INR1=0.02NZD New Zealand -0.2 0.3 -3.7 3.6 INR1=0.009GBP United Kingdom -0.3 0.3 -7.3 -6.0 INR1=0.018AUD Australia -0.3 0.4 -5.9 -1.4 INR1=0.092HKD Hong Kong -0.1 - -1.7 -10.9 INR1=0.01CHF Switzerland 0.2 1.0 -4.5 -16.3 INR1=0.016CAD Canada 0.1 0.2 0.3 -0.3 INR1=0.125SEK Sweden - 1.2 -4.8 8.7 INR1=0.129NOK Norway -0.6 1.4 -1.5 15.4 INR1=0.235MXN Mexico -0.7 1.8 8.9 -14.1 1 Financials as Reported FY 2024, Past 10 Years Financials as Reported FY 2024, Past 10 Years Financials as reported (FY 2024 [year-ended 31 March 2024 ]) RESULTS OF OPERATIONS AND FINANCIAL CONDITION (In INR Million, except per share data and shares outstanding) INCOME STATEMENT AS REPORTED (FY 2024 [year-ended 31 March 2024 ]) Description INR Million INR Million Mar 31 2024 2023 Change % Revenue from operations 1,536,700 1,467,670 Up 4.7 Other income net (refer note 1(f)) 47,110 27,010 Up 74.4 Total Income 1,583,810 1,494,680 Up 6.0 Expenses Employee benefit expenses 826,200 783,590 Up 5.4 Cost of technical sub-contractors 122,320 140,620 Down 13.0 Travel expenses 17,590 15,250 Up 15.3 Cost of software packages and others 135,150 109,020 Up 24.0 Communication expenses 6,770 7,130 Down 5.0 Consultancy and professional charges 17,260 16,840 Up 2.5 Depreciation and amortization expenses 46,780 42,250 Up 10.7 Finance cost 4,700 2,840 Up 65.5 Other expenses 47,160 43,920 Up 7.4 Total expenses 1,223,930 1,161,460 Up 5.4 Profit before tax 359,880 333,220 Up 8.0 Tax expense: (refer note 1(e)) Current tax 83,900 92,870 Down 9.7 Deferred tax 13,500 -730 Recovery Profit for the period 262,480 241,080 Up 8.9 Other comprehensive income Items that will not be reclassified subsequently to profit or loss Remeasurement of the net defined benefit liability/asset net 1,200 80 Up 1,400.0 Equity instruments through other comprehensive income net 190 -70 Recovery Items that will be reclassified subsequently to profit or loss Fair value changes on derivatives designated as cash flow hedges net 110 -70 Recovery Exchange differences on translation of foreign operations 2,260 7,760 Down 70.9 Fair value changes on investments net 1,440 -2,560 Recovery Total other comprehensive income/(loss) net of tax 5,200 140 Up 3,614.3 Total comprehensive income for the period 267,680 246,220 Up 8.7 Profit attributable to: Owners of the company 262,330 240,950 Up 8.9 Non-controlling interests 150 130 Up 15.4 262,480 241,080 Up 8.9 Total comprehensive income attributable to: Owners of the company 267,540 240 Up 111,375.0 Non-controlling interests 267,680 246,220 Up 8.7 Paid up share capital 20,710 20,690 Up 0.1 Other equity 860,450 733,380 Up 17.3 Earnings per equity share Basic Rs63.39 Rs57.63 Up 10.0 Diluted Rs63.29 Rs57.54 Up 10.0 BALANCE SHEET AS REPORTED (FY 2024 [year-ended 31 March 2024 ]) Description INR Million INR Million Mar 31 2024 2023 Change % ASSETS Non-current assets Property plant and equipment 123,700 133,460 Down 7.3 Right of use assets 65,520 68,820 Down 4.8 Capital work-in-progress 2,930 2,880 Up 1.7 Goodwill 73,030 72,480 Up 0.8 Other Intangible assets 13,970 17,490 Down 20.1 Financial assets Investments 117,080 125,690 Down 6.9 Loans 340 390 Down 12.8 Other financial assets 31,050 27,980 Up 11.0 Deferred tax assets (net) 4,540 12,450 Down 63.5 Income tax assets (net) 30,450 64,530 Down 52.8 Other non-current assets 21,210 23,180 Down 8.5 Total non-current assets 483,820 549,350 Down 11.9 Current assets Financial assets Investments 129,150 69,090 Up 86.9 Trade receivables 301,930 254,240 Up 18.8 Cash and cash equivalents 147,860 121,730 Up 21.5 Loans 2,480 2,890 Down 14.2 Other financial assets 120,850 116,040 Up 4.1 Income tax assets (net) 63,970 60 Up 106,516.7 Other current assets 128,080 144,760 Down 11.5 Total current assets 894,320 708,810 Up 26.2 Total Assets 1,378,140 1,258,160 Up 9.5 EQUITY AND LIABILITIES Equity Equity share capital 20,710 20,690 Up 0.1 Other equity 860,450 733,380 Up 17.3 Total equity attributable to equity holders of the Company 881,160 754,070 Up 16.9 Non-controlling interests 3,450 3,880 Down 11.1 Total equity 884,610 757,950 Up 16.7 Liabilities Non-current liabilities Financial liabilities Lease liabilities 64,000 70,570 Down 9.3 Other financial liabilities 21,300 20,580 Up 3.5 Deferred tax liabilities (net) 17,940 12,200 Up 47.0 Other non-current liabilities 2,350 5,000 Down 53.0 Total non-current liabilities 105,590 108,350 Down 2.5 Current liabilities Financial liabilities Lease liabilities 19,590 12,420 Up 57.7 Trade payables 39,560 38,650 Up 2.4 Other financial liabilities 169,590 185,580 Down 8.6 Other Current Liabilities 105,390 108,300 Down 2.7 Provisions 17,960 13,070 Up 37.4 Income tax liabilities (net) 35,850 33,840 Up 5.9 Total current liabilities 387,940 391,860 Down 1.0 Total equity and liabilities 1,378,140 1,258,160 Up 9.5 CASH FLOW AS REPORTED (FY 2024 [year-ended 31 March 2024 ]) Description INR Million INR Million Mar 31 2024 2023 Change % Cash flow from operating activities Profit for the year 262,480 241,080 Up 8.9 Adjustments to reconcile net profit to net cash provided by operating activities: Income tax expense 97,400 92,140 Up 5.7 Depreciation and amortization 46,780 42,250 Up 10.7 interest and dividend income -20,670 -18,170 Deterioration 13.8 Finance cost 4,700 2,840 Up 65.5 Impairment loss recognized (reversed) under expected credit loss model 1,210 2,830 Down 57.2 Exchange differences on translation of assets and liabilities net 760 1,610 Down 52.8 Stock compensation expense 6,520 5,190 Up 25.6 Provision for post sale client support 750 1,200 Down 37.5 Interest receivable on income tax refund -19,340 Other adjustments 14,640 5,080 Up 188.2 Changes in assets and liabilities Trade receivables and unbilled revenue -26,670 -70,760 Improved 62.3 Loans other financial assets and other assets -11,720 -31,080 Improved 62.3 Trade payables 910 -2,790 Recovery Other financial liabilities other liabilities and provisions -13.3 41,190 Deterioration Cash generated from operations 344,410 312,610 Up 10.2 Income taxes paid -92,310 -87,940 Deterioration 5.0 Net cash generated by operating activities 252,100 224,670 Up 12.2 Cash flows from investing activities Expenditure on property plant and equipment and intangibles -22,010 -25,790 Improved 14.7 Deposits placed with corporation -8,470 -9,960 Improved 15.0 Redemption of deposits placed with Corporation 7,100 7,620 Down 6.8 Interest and dividend received 17,680 15,250 Up 15.9 Payment towards acquisition of business net of cash acquired -9,100 Payment of contingent consideration pertaining to acquisition of business -1,010 -600 Deterioration 68.3 Escrow and other deposits pertaining to Buyback -4,830 Redemption of escrow and other deposits pertaining to Buyback 4,830 Other receipts 1,280 710 Up 80.3 Payments to acquire Investments Tax free bonds and government bonds -270 Liquid mutual fund units -661,910 -706,310 Improved 6.3 Target maturity fund -4,000 Certificates of deposit -85,090 -103,480 Improved 17.8 Commercial Paper -103,870 -30,030 Deterioration 245.9 Non convertible debentures -15,260 -2,490 Deterioration 512.9 Government securities -15,690 Other investments -140 -200 Improved 30.0 Proceeds on sale of Investments Tax free bonds and government bonds 1,500 2,210 Down 32.1 Liquid mutual fund units 647,670 718,510 Down 9.9 Certificates of deposit 92,050 104,040 Down 11.5 Commercial Paper 64,790 22,980 Up 181.9 Non-convertible debentures 12,300 4,700 Up 161.7 Government securities 3,040 18,820 Down 83.8 Other investments 260 990 Down 73.7 Net cash used in investing activities -50,090 -12,090 Deterioration 314.3 Cash flows from financing activities: Payment of lease liabilities -20,240 -12,310 Deterioration 64.4 Payment of dividends -146,920 -136,310 Deterioration 7.8 Payment of dividend to non-controlling interest of subsidiary -390 -220 Deterioration 77.3 Shares issued on exercise of employee stock options 50 350 Down 85.7 Payment towards purchase of non-controlling interest -180 Other receipts 1,320 Other payments -7,360 -4,790 Deterioration 53.7 Buyback of equity shares including transaction cost and tax on buyback -114,990 Net cash used in financing activities -175,040 -266,950 Improved 34.4 Net increase / (decrease) in cash and cash equivalents 26,970 -54,370 Recovery Effect of exchange rate changes on cash and cash equivalents -840 1,380 Deterioration Cash and cash equivalents at the beginning of the period 121,730 174,720 Down 30.3 Cash and cash equivalents at the end of the period 147,860 121,730 Up 21.5 Download INFOSYS Financials Past 10 Years Description (March 31) 2024 2023 2022 2021 2020 Income Statement Sales (B) 1,583.8 1,494.7 1,239.4 1,026.7 935.9 Other Revenue (B) 47.1 27 22.9 22 28 EBITDA (B) 406.7 375.5 335.9 298.9 249 Depreciation (B) 46.8 42.2 34.8 32.7 28.9 Tax (B) 97.4 92.1 79.6 72 53.7 Net profit (B) 262.3 240.9 221.1 193.5 165.9 EPS 63.39 57.63 52.52 45.61 38.97 Balance Sheet Equity Share Capital (B) 881.2 754.1 753.5 763.5 654.5 Total Debt (B) 253.2 268.6 167.1 167.2 111 Total Assets (B) 1,378.1 1,258.2 1,178.8 1,083.9 927.7 Current Asset (B) 894.3 708.8 671.9 607.3 545.8 Fixed Asset (B) 123.7 133.5 130.8 125.6 124.3 Working Capital (B) 506.4 316.9 335.8 368.7 337.2 Cash Flow Operating Cash Flow (B) 252.1 224.7 238.8 23.2 170 Investing Cash Flow (B) (50.1) (12.1) (64.2) (74.6) (2.4) Financing Cash Flow (B) (175) (266.9) (246.4) (97.9) (175.9) Net Cash Flow (B) 27 (54.4) (71.7) (149.2) (8.3) Description (March 31) 2019 2018 2017 2016 2015 Income Statement Revenue per share 189.91 163.52 313 286.84 248.28 EBITDA (B) 221.3 216.5 202 183.5 Depreciation (B) 18.6 17 14.6 10.7 Tax (B) 56.3 42.4 56 52.5 49.1 Net profit (B) 154 160.3 143.5 134.9 123.7 EPS 35.44 35.53 31.39 29.51 27.07 Balance Sheet Equity Share Capital (B) 649.5 649.2 689.8 617.4 507.4 Total Assets (B) 847.4 798.9 833.5 753.5 662.9 Current Asset (B) 528.8 500.2 537 517.5 472.4 Fixed Asset (B) 133.6 101.2 97.5 86.4 91.2 Working Capital (B) 342.4 359.1 396.9 385.1 317.4 Cash Flow Operating Cash Flow (B) 158.4 132.2 115.3 100.3 83.5 Investing Cash Flow (B) (15.8) 44.5 (145.4) (9) 10.9 Financing Cash Flow (B) (145.1) (205.1) (69.4) (68.1) (49.4) Net Cash Flow (B) (2.5) (28.4) (99.5) 23.1 45.1