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Condensed Ind AS Financial Statements for Three And INFOSYS LIMITED Condensed Standalone Financial Statements under Indian Accounting Standards (Ind AS) for the three months and nine months ended December 31, 2020 Index Page No. Condensed Balance Sheet…………………………………………………………………………………………………… 1 Condensed Statement of Profit and Loss…………………………………………………………………………………… 2 Condensed Statement of Changes in Equity………………………………………………………………………………… 3 Condensed Statement of Cash Flows………………………………………………………………………………………… 5 Overview and notes to the financial statements 1. Overview 1.1 Company overview …………………………………………………………………………………………………… 7 1.2 Basis of preparation of financial statements ………………………………………………………………………… 7 1.3 Use of estimates and judgments……………………………………………………………………………………… 7 1.4 Critical accounting estimates ………………………………………………………………………………………… 7 2. Notes to financial statements 2.1 Property, plant and equipment………………………………………………………………………………………… 9 2.2 Leases………………………………………………………………………………………………………………… 11 2.3 Investments…………………………………………………………………………………………………………… 13 2.4 Loans………………………………………………………………………………………………………………… 15 2.5 Other financial assets………………………………………………………………………………………………… 15 2.6 Trade Receivables …………………………………………………………………………………………………… 15 2.7 Cash and cash equivalents…………………………………………………………………………………………… 16 2.8 Other assets…………………………………………………………………………………………………………… 16 2.9 Financial instruments………………………………………………………………………………………………… 17 2.10 Equity……………………………………………………………………………………………………………… 20 2.11 Other financial liabilities…………………………………………………………………………………………… 23 2.12 Trade payables……………………………………………………………………………………………………… 23 2.13 Other liabilities……………………………………………………………………………………………………… 23 2.14 Provisions…………………………………………………………………………………………………………… 24 2.15 Income taxes………………………………………………………………………………………………………… 24 2.16 Revenue from operations…………………………………………………………………………………………… 25 2.17 Other income, net…………………………………………………………………………………………………… 27 2.18 Expenses…………………………………………………………………………………………………………… 28 2.19 Reconciliation of basic and diluted shares used in computing earning per share…………………………………… 29 2.20 Contingent liabilities and commitments…………………………………………………………………………… 29 2.21 Related party transactions…………………………………………………………………………………………… 30 2.22 Segment Reporting………………………………………………………………………………………………… 30 INFOSYS LIMITED (In ₹ crore) Condensed Balance Sheet as at Note No. December 31, 2020 March 31, 2020 ASSETS Non-current assets Property, plant and equipment 2.1 10,973 11,092 Right-of-use assets 2.2 3,238 2,805 Capital work-in-progress 1,150 945 Goodwill 167 29 Other intangible assets 76 48 Financial assets Investments 2.3 18,558 13,916 Loans 2.4 27 298 Other financial assets 2.5 563 613 Deferred tax assets (net) 951 1,429 Income tax assets (net) 4,774 4,773 Other non-current assets 2.8 1,024 1,273 Total non - current Assets 41,501 37,221 Current assets Financial assets Investments 2.3 2,963 4,006 Trade receivables 2.6 16,682 15,459 Cash and cash equivalents 2.7 15,448 13,562 Loans 2.4 209 307 Other financial assets 2.5 4,848 4,398 Other current assets 2.8 5,966 6,088 Total current assets 46,116 43,820 Total Assets 87,617 81,041 EQUITY AND LIABILITIES Equity Equity share capital 2.10 2,129 2,129 Other equity 65,021 60,105 Total equity 67,150 62,234 LIABILITIES Non-current liabilities Financial liabilities Lease liabilities 2.2 3,221 2,775 Other financial liabilities 2.11 104 49 Deferred tax liabilities (net) 450 556 Other non-current liabilities 2.13 518 207 Total non - current liabilities 4,293 3,587 Current liabilities Financial liabilities Trade payables 2.12 Total outstanding dues of micro enterprises and small enterprises - - Total outstanding dues of creditors other than micro enterprises and small enterprises 1,531 1,529 Lease liabilities 2.2 460 390 Other financial liabilities 2.11 7,098 7,936 Other current liabilities 2.13 5,183 3,557 Provisions 2.14 640 506 Income tax liabilities (net) 1,262 1,302 Total current liabilities 16,174 15,220 Total equity and liabilities 87,617 81,041 The accompanying notes form an integral part of the interim condensed standalone financial statements. As per our report of even date attached for Deloitte Haskins & Sells LLP for and on behalf of the Board of Directors of Infosys Limited Chartered Accountants Firm's Registration No: 117366W/W-100018 Sanjiv V. Pilgaonkar Nandan M. Nilekani Salil Parekh U.B. Pravin Rao Partner Chairman Chief Executive Officer Chief Operating Officer Membership No. 039826 and Managing Director and Whole-time Director D. Sundaram Nilanjan Roy A.G.S. Manikantha Director Chief Financial Officer Company Secretary Mumbai Bengaluru January 13,2021 January 13,2021 1 INFOSYS LIMITED (In ₹ crore except equity share and per equity share data) Condensed Statement of Profit and Loss for the Note No. Three months ended December 31, Nine months ended December 31, 2020 2019 2020 2019 Revenue from operations 2.16 22,043 20,064 63,415 58,860 Other income, net 2.17 903 798 1,963 2,115 Total income 22,946 20,862 65,378 60,975 Expenses Employee benefit expenses 2.18 11,371 10,783 33,647 31,768 Cost of technical sub-contractors 2,516 2,189 6,736 6,279 Travel expenses 113 494 341 1,677 Cost of software packages and others 2.18 479 427 1,508 1,199 Communication expenses 123 95 358 282 Consultancy and professional charges 243 296 661 782 Depreciation and amortization expense 589 544 1,743 1,596 Finance cost 32 28 93 83 Other expenses 2.18 586 601 1,855 1,961 Total expenses 16,052 15,457 46,942 45,627 Profit before tax 6,894 5,405 18,436 15,348 Tax expense: Current tax 2.15 1,750 1,408 4,502 4,040 Deferred tax 2.15 61 (79) 346 (166) Profit for the period 5,083 4,076 13,588 11,474 Other comprehensive income Items that will not be reclassified subsequently to profit or loss Remeasurement of the net defined benefit liability/asset, net 130 (124) 292 (159) Equity instruments through other comprehensive income, net 117 (30) 112 (28) Items that will be reclassified subsequently to profit or loss Fair value changes on derivatives designated as cash flow hedge, net (22) (29) (1) (36) Fair value changes on investments, net 2.3 28 (12) 32 4 Total other comprehensive income/ (loss), net of tax 253 (195) 435 (219) Total comprehensive income for the period 5,336 3,881 14,023 11,255 Earnings per equity share Equity shares of par value ₹5/- each Basic (₹) 11.93 9.57 31.90 26.79 Diluted (₹) 11.93 9.57 31.88 26.77 Weighted average equity shares used in computing earnings per equity share Basic 2.19 4,25,94,83,106 4,25,84,66,781 4,25,92,91,371 4,28,30,70,260 Diluted 2.19 4,26,25,05,905 4,26,09,70,400 4,26,21,59,115 4,28,57,85,908 The accompanying notes form an integral part of the interim condensed standalone financial statements. As per our report of even date attached for Deloitte Haskins & Sells LLP Chartered Accountants for and on behalf of the Board of Directors of Infosys Limited Firm's Registration No: 117366W/W-100018 Sanjiv V. Pilgaonkar Nandan M. Nilekani Salil Parekh U.B. Pravin Rao Partner Chairman Chief Executive Officer Chief Operating Officer Membership No. 039826 and Managing Director and Whole-time Director D. Sundaram Nilanjan Roy A.G.S. Manikantha Director Chief Financial Officer Company Secretary Mumbai Bengaluru January 13,2021 January 13,2021 2 INFOSYS LIMITED Condensed Statement of Changes in Equity (In ₹ crore) Other Equity Reserves & Surplus Other comprehensive income Total equity Equity Securities Retained General Share Special Capital reserveCapital Equity Instruments Effective Other items of attributable to equity Particulars Share Premium earnings reserve Options Economic Zone redemption through other portion of other Capital Other holders of the Capital Outstanding Re-investment reserve comprehensive income Cash flow comprehensive reserve reserves(2) Company Account reserve (1) hedges income / (loss) Balance as at April 1, 2019 2,178 138 54,070 190 227 2,479 54 3,219 61 80 21 (6) 62,711 Impact on account of adoption of Ind AS 116* - - (17) - - - - - - - - - (17) 2,178 138 54,053 190 227 2,479 54 3,219 61 80 21 (6) 62,694 Changes in equity for the nine months ended December 31, 2019 Profit for the period - - 11,474 - - - - - - - - - 11,474 Remeasurement of the net defined benefit liability/asset* - - - - - - - - - - - (159) (159) Equity instruments through other comprehensive income* - - - - - - - - - (28) - - (28) Fair value changes on derivatives designated as cash flow hedge* - - - - - - - - - - (36) - (36) Fair value changes on investments, net* - - - - - - - - - - - 4 4 Total comprehensive income for the period - - 11,474 - - - - - - (28) (36) (155) 11,255 Transfer to general reserve - - (1,470) 1,470 - - - - - - - - - Transferred to Special Economic Zone Re-investment reserve - - (1,955) - - 1,955 - - - - - - - Transferred from Special Economic Zone Re-investment reserve on utilization - - 773 - - (773) - - - - - - - Amount transferred to capital redemption reserve upon buyback - - - (50) - - - - 50 - - - - Exercise of stock options (refer note no. 2.10) - 87 - - (87) - - - - - - - - Shares issued on exercise of employee stock options - 2 - - - - - - - - - - 2 Effect of modification of equity settled share based payment awards to cash - - (9) - (32) - - - - - - - (41) settled awards Share based payment to employees (refer note no. 2.10) - - - - 179 - - - - - - - 179 Reserves on common controlled transactions - - - - - - - (137) - - - - (137) Income tax benefit arising on exercise of stock options - 6 - - - - - - - - - - 6 Buyback of equity shares (49) - (4,717) (1,494) - - - - - - - - (6,260) Transaction cost relating to buyback*
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