UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934

For the quarter ended March 31, 2015

Commission File Number 001-35754

Infosys Limited

(Exact name of Registrant as specified in its charter)

Not Applicable

(Translation of Registrant's name into English)

Electronics City, Hosur Road, Bangalore - 560 100, Karnataka, India. +91-80-2852-0261

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:

Form 20-F þ Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1) : o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7) : o

TABLE OF CONTENTS

DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION

We hereby furnish the United States Securities and Exchange Commission with copies of the following information concerning our public disclosures regarding our results of operations and financial condition for the quarter ended March 31, 2015.

The following information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

On April 24, 2015, we announced our results of operations for the quarter ended March 31, 2015. We issued press releases announcing our results under International Financial Reporting Standards (“IFRS”) in U.S. dollars and Indian rupees, copies of which are attached to this Form 6-K as Exhibits 99.1 and 99.2, respectively.

On April 24, 2015, we held a press conference to announce our results, which was followed by a question and answer session with those attending the press conference. The transcript of this press conference is attached to this Form 6-K as Exhibit 99.3.

We have also made available to the public on our web site, www.infosys.com, a fact sheet that provides details on our profit and loss account summary for the year ended March 31, 2015 and 2014 (as per IFRS); revenue by geographical segment, service offering, project type, and industry classification; information regarding our client concentration; employee information and metrics; infrastructure information; and consolidated IT services information. We have attached this fact sheet to this Form 6-K as Exhibit 99.4.

On April 24, 2015, we also held two teleconferences with investors and analysts to discuss our results. Transcripts of those two teleconferences are attached to this Form 6-K as Exhibits 99.5 and 99.6, respectively.

We placed advertisements in certain Indian newspapers concerning our results of operations for the quarter ended March 31, 2015, under IFRS. A copy of the form of this advertisement is attached to this Form 6-K as Exhibit 99.7.

We have made available to the public on our web site, www.infosys.com, the following: Unaudited Condensed Financial Statements in compliance with IFRS; Audited Financial Statements in compliance with IFRS in Indian Rupees and the Auditors Report; Indian GAAP Standalone Balance Sheet, Standalone Statement of Profit and Loss, Standalone Cash Flow Statement, Notes on Accounts and Auditors Report for the year ended March 31, 2015. Indian GAAP Consolidated Balance Sheet, Consolidated Statement of Profit and Loss, Consolidated Cash Flow Statement, Consolidated Notes on Accounts and Auditors Report for the year ended March 31, 2015. We have attached these documents to this Form 6-K as Exhibits 99.8, 99.9, 99.10 and 99.11 respectively.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly organized.

INDEX TO EXHIBITS

Exhibit 99.1
IFRS USD Press Release

Infosys (NYSE: INFY) Announces Results for the Quarter and year ended March 31, 2015

FY 16 revenues expected to grow between 10%-12% in constant currency terms

Dividend pay-out ratio increased to up to 50% of post-tax profits effective FY 15

1:1 bonus issue of equity shares and 1:1 stock dividend of American Depositary Shares

FY 15 EPS grew by 15.0% year on year

Operating margins expanded by 190 bps in FY 15 to 25.9%

Quarterly annualized attrition for Infosys Limited declined to 13.4% in Q4 compared to 23.4% in Q1

Announces definitive agreement to acquire Kallidus Inc. (d.b.a Skava) and invest in Airviz

Chennai, India – April 24, 2015

Financial Highlights

Consolidated results under International Financial Reporting Standards (IFRS) for the year and quarter ended March 31, 2015

Year ended March 31, 2015

Quarter ended March 31, 2015

·	Liquid assets including cash and cash equivalents, available-for-sale financial assets, certificates of deposits and government bonds were $ 5,214 million as on March 31, 2015 as compared to $ 5,532 million as on December 31, 2014 and $ 5,048 million as on March 31, 2014
·	The Board in its meeting held on April 24, 2015 has considered, approved and recommended a bonus issue of one equity share for every equity share held and a stock dividend of one American Depositary Share (ADS) for every ADS held, as on a record date to be determined
·	The company’s current policy is to pay dividends of up to 40% of post-tax profits. The Board has decided to increase the dividend pay-out ratio to up to 50% of post-tax profits effective fiscal 2015
·	The Board of Directors recommended a final dividend of 29.50 per share for fiscal 2015 (equivalent to 14.75 per share effective after 1:1 bonus issue, if approved by shareholders). This translates to a final dividend of $ 0.47 per share pre-bonus and $ 0.24 per share post bonus (at USD-INR rate of 62.50)
·	Infosys spent $ 42 million in FY 15, towards Corporate Social Responsibility (CSR) which is primarily being carried out through the Infosys Foundation, its philanthropic arm. The Infosys Foundation is engaged in several programs aimed at alleviating hunger, promoting education, computing literacy, improving health, assisting rural development, supporting arts and helping the destitute.

Other Highlights

"We see the industry going through a fundamental and structural transition. Despite being a challenging quarter, I am encouraged by the early successes in executing our Renew-New strategy, on a foundation of learning”, said CEO & MD Dr. Vishal Sikka. “Our focused employee engagement initiatives over the last few months have resulted in containing employee attrition to one of the lowest in recent times. And our investments in innovation and in renewing our capabilities are helping to elevate our client relationships.”

"Services growth in the fourth quarter was lower than we expected, though we saw healthy growth in Finacle and our Edge suite. Pricing continues to be under pressure due to increasing commoditization in the traditional outsourcing business, requiring us to ramp up productivity through automation, and enhance our differentiation in large engagements”, said U.B. Pravin Rao, COO “But we are well placed to pursue healthy overall growth in the new fiscal year."

“We were able to improve profitability during the year even as we made investments into our employees and other strategic areas. We have been able to achieve this because of increased operating efficiencies despite a difficult pricing environment”, said Rajiv Bansal, CFO. “Consistent with our objective of increasing shareholder returns, the Board has approved an increase in the dividend pay-out ratio to 50% of post-tax profits. The Board has also recommended a 1:1 bonus issue of equity shares and 1:1 stock dividend of American Depositary Shares.”

Outlook*

The Company’s outlook (consolidated) for the fiscal year ending March 31, 2016, under IFRS is as follows:

* Conversion: AUD/USD – 0.76; Euro/USD – 1.08; GBP/USD – 1.48 for the fiscal 2016.

Business Highlights

As we continue to pursue our dual strategy of renewing the core and innovating into new frontiers, we have witnessed strong client additions this quarter. We have also enhanced our investments in new technologies and education to foster a culture of learning and creativity.

Client wins

Platforms

Infosys Information Platform (IIP) has seen increased traction in the market. IIP demonstrates our ability to create state-of-the-art platforms by bringing together domain expertise, learnability, the open source ecosystem, and a highly motivated team.

Finacle

Finacle™ sustained its business momentum with 23 wins and 11 go-lives this quarter. Discover Financial Services, a leading U.S. direct bank and payment services company, which engaged Finacle last year, won the Celent Model Bank award for its core banking transformation program. During the quarter, an independent assessment of the top 1,000 world banks, revealed that banks powered by Finacle enjoy 50 percent higher return on assets, 30 percent higher return on capital, and 8.1 percent lesser cost to income than others. The research was conducted by Feedback Business Consulting based on the data published by ‘The Banker’ for top 1000 world banks¹.

EdgeVerve

EdgeVerve has seen growth both in terms of revenue and client base. We had 12 wins and three client go-lives in the quarter.

Acquisitions, Investments and Partnerships

Innovation Fund

This quarter, Infosys announced the creation of an 'Innovate in India Fund’ from its $ 500 million Innovation Fund. The $ 250 million (INR 1,550 crore) Innovate in India Fund will be dedicated to investments in promising new Indian companies. These companies will be inducted into the global ecosystem of strategic partners that we are building.

As part of the Infosys Innovation fund, we are announcing the launch of the Infosys Incubator. This incubator will help identify, nurture and grow companies engaged in innovative, new, and disruptive technologies that can help our business, and create future growth areas. By guiding and mentoring these businesses early, we hope to have the first pick of new innovations that we can bring to market and scale, thus improving the chances of viability and long-term success for the startups involved.

Beyond Business

This fiscal Infosys pledged 254 crore towards Corporate Social Responsibility (CSR) which is primarily being carried out through the Infosys Foundation, its philanthropic arm.

For the quarter and year ended March 31, 2015, Infosys and its subsidiaries donated $ 11 million and $ 42 million to Infosys Foundation and to the Spark-IT program.

During the quarter, the Association for Computing Machinery (ACM) and the Infosys Foundation announced that Dan Boneh is the recipient of the 2014 ACM-Infosys Foundation Award in the Computing Sciences category. The award recognizes Boneh’s ground-breaking contributions to the development of pairing-based cryptography and its application in identity-based encryption. The ACM-Infosys Foundation Award celebrates the finest recent innovations by young scientists and system developers in the computing field. An endowment from the Infosys Foundation provides financial support to the $ 175,000 annual award. 

About Infosys Ltd

Infosys is a global leader in consulting, technology, outsourcing and next-generation services. We enable clients, in more than 50 countries, to stay a step ahead of emerging business trends and outperform the competition. We help them transform and thrive in a changing world by co-creating breakthrough solutions that combine strategic insights and execution excellence.

Visit www.infosys.com to see how Infosys (NYSE: INFY), with US $ 8.7 billion in annual revenues and 176,000+ employees, is helping enterprises renew themselves while also creating new avenues to generate value.

Safe Harbor

Certain statements in this press release concerning our future growth prospects are forward-looking statements regarding our future business expectations 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 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 fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2014 and our Forms 6- K for the quarters ended June 30, 2014, September 30, 2014 and December 31, 2014. 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. In addition, please note that the date of this press release is April 24, 2015, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. 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.

Contact

Infosys Limited and subsidiaries

Unaudited Condensed Consolidated Interim Balance Sheets as of

(Dollars in millions except equity share data)

	March 31, 2015	March 31, 2014
ASSETS
Current assets
Cash and cash equivalents	4,859	4,331
Available-for-sale financial assets	140	367
Investment in certificates of deposit	–	143
Trade receivables	1,554	1,394
Unbilled revenue	455	469
Prepayments and other current assets	527	440
Derivative financial instruments	16	36
Total current assets	7,551	7,180
Non-current assets
Property, plant and equipment	1,460	1,316
Goodwill	495	360
Intangible assets	102	57
Investment in Associates	15	–
Available-for-sale financial assets	215	208
Deferred income tax assets	85	110
Income tax assets	654	254
Other non-current assets	38	37
Total non-current assets	3,064	2,342
Total assets	10,615	9,522
LIABILITIES AND EQUITY
Current liabilities
Trade payables	22	29
Derivative Financial Instruments	–	–
Current income tax liabilities	451	365
Client deposits	4	6
Unearned revenue	168	110
Employee benefit obligations	171	159
Provisions	77	63
Other current liabilities	927	792
Total current liabilities	1,820	1,524
Non-current liabilities
Deferred income tax liabilities	25	11
Other non-current liabilities	8	54
Total liabilities	1,853	1,589
Equity
Share capital- 5 ($0.16) par value 1,200,000,000 (600,000,000) equity shares authorized, issued and outstanding 1,142,805,132 (571,402,566), net of 5,667,200 (2,833,600) treasury shares as of March 31, 2015 (March 31, 2014), respectively	109	64
Share premium	659	704
Retained earnings	10,090	8,892
Other components of equity	(2,096)	(1,727)
Total equity attributable to equity holders of the company	8,762	7,933
Non-controlling interests	–	–
Total equity	8,762	7,933
Total liabilities and equity	10,615	9,522

Infosys Limited and subsidiaries

Unaudited Condensed Consolidated Interim Statements of Comprehensive Income

(Dollars in millions except share and per equity share data)

* Adjusted for 1:1 bonus issue in December, 2014

NOTE:

Exhibit 99.2

IFRS INR Press Release

Infosys (NSE, BSE: INFY) Announces Results for the Quarter and Year ended March 31, 2015

FY 16 revenues expected to grow between 10%-12% in constant currency terms

Dividend pay-out ratio increased to up to 50% of post-tax profits effective FY 15

1:1 bonus issue of equity shares and 1:1 stock dividend of American Depositary Shares

FY 15 EPS grew by 15.8% year on year

Operating margins expanded by 190 bps in FY 15 to 25.9%

Quarterly annualized attrition for Infosys Limited declined to 13.4% in Q4 compared to 23.4% in Q1

Announces definitive agreement to acquire Kallidus Inc. (d.b.a Skava) and invest in Airviz

Chennai, India – April 24, 2015

Financial Highlights

Consolidated results under International Financial Reporting Standards (IFRS) for the year and quarter ended March 31, 2015

Year ended March 31, 2015

·	Revenues were 53,319 crore for the year ended March 31, 2015 YoY growth was 6.4%

·	Net profit was 12,329 crore for the year ended March 31, 2015 YoY growth was 15.8%

·	Earnings per share (EPS) was 107.88 for the year ended March 31, 2015 YoY growth was 15.8%

Quarter ended March 31, 2015

·	Revenues were 13,411 crore for the quarter ended March 31, 2015
	YoY growth was 4.2%, QoQ growth was (2.8%)
·	Net profit was 3,097 crore for the quarter ended March 31, 2015
	YoY growth was 3.5%, QoQ growth was (4.7%)
·	Earnings per share (EPS) was 27.10 for the quarter ended March 31, 2015 YoY growth was 3.5%, QoQ growth was (4.7%)
·	Liquid assets including cash and cash equivalents, available-for-sale financial assets, certificates of deposits and government bonds were 32,585 crore as on March 31, 2015 as compared to 34,873 crore as on December 31, 2014 and 30,251 crore as on March 31, 2014
·	The Board in its meeting held on April 24, 2015 has considered, approved and recommended a bonus issue of one equity share for every equity share held and a stock dividend of one American Depositary Share (ADS) for every ADS held, as on a record date to be determined
·	The company’s current policy is to pay dividends of up to 40% of post-tax profits. The Board has decided to increase the dividend pay-out ratio to up to 50% of post-tax profits effective fiscal 2015
·	The Board of Directors recommended a final dividend of 29.50 per share for fiscal 2015 (equivalent to 14.75 per share after 1:1 bonus issue, if approved by shareholders)
·	Infosys spent 254 crore in FY 15, towards Corporate Social Responsibility (CSR) which is primarily being carried out through the Infosys Foundation, its philanthropic arm. The Infosys Foundation is engaged in several programs aimed at alleviating hunger, promoting education, computing literacy, improving health, assisting rural development, supporting arts and helping the destitute

Other Highlights

"We see the industry going through a fundamental and structural transition. Despite being a challenging quarter, I am encouraged by the early successes in executing our Renew-New strategy, on a foundation of learning”, said CEO & MD Dr. Vishal Sikka. “Our focused employee engagement initiatives over the last few months have resulted in containing employee attrition to one of the lowest in recent times. And our investments in innovation and in renewing our capabilities are helping to elevate our client relationships. ”

"Services growth in the fourth quarter was lower than we expected, though we saw healthy growth in Finacle and our Edge suite. Pricing continues to be under pressure due to increasing commoditization in the traditional outsourcing business, requiring us to ramp up productivity through automation, and enhance our differentiation in large engagements”, said U.B. Pravin Rao, COO “But we are well placed to pursue healthy overall growth in the new fiscal year."

“We were able to improve profitability during the year even as we made investments into our employees and other strategic areas. We have been able to achieve this because of increased operating efficiencies despite a difficult pricing environment”, said Rajiv Bansal, CFO. “Consistent with our objective of increasing shareholder returns, the Board has approved an increase in the dividend pay-out ratio to 50% of post-tax profits. The Board has also recommended a 1:1 bonus issue of equity shares and 1:1 stock dividend of American Depositary Shares.”

Outlook*

The Company’s outlook (consolidated) for the fiscal year ending March 31, 2016, under IFRS is as follows:

*Conversion: 1 US$ = 62.50 for the fiscal 2016

Business Highlights

As we continue to pursue our dual strategy of renewing the core and innovating into new frontiers, we have witnessed strong client additions this quarter. We have also enhanced our investments in new technologies and education to foster a culture of learning and creativity.

Client wins

Platforms

Infosys Information Platform (IIP) has seen increased traction in the market. IIP demonstrates our ability to create state-of-the-art platforms by bringing together domain expertise, learnability, the open source ecosystem, and a highly motivated team.

Finacle

Finacle™ sustained its business momentum with 23 wins and 11 go-lives this quarter. Discover Financial Services, a leading U.S. direct bank and payment services company, which engaged Finacle last year, won the Celent Model Bank award for its core banking transformation program. During the quarter, an independent assessment of the top 1,000 world banks, revealed that banks powered by Finacle enjoy 50 percent higher return on assets, 30 percent higher return on capital, and 8.1 percent lesser cost to income than others. The research was conducted by Feedback Business Consulting based on the data published by ‘The Banker’ for top 1000 world banks¹.

¹ The Banker Top 1000 world banks - http://www.thebanker.com/Top-1000-World-Banks

EdgeVerve

EdgeVerve has seen growth both in terms of revenue and client base. We had 12 wins and three client go-lives in the quarter.

Acquisitions, Investments and Partnerships

Innovation Fund

This quarter, Infosys announced the creation of an 'Innovate in India Fund’ from its $ 500 million Innovation Fund. The $ 250 million (INR 1,550 crore) Innovate in India Fund will be dedicated to investments in promising new Indian companies. These companies will be inducted into the global ecosystem of strategic partners that we are building.

As part of the Infosys Innovation fund, we are announcing the launch of the Infosys Incubator. This incubator will help identify, nurture and grow companies engaged in innovative, new, and disruptive technologies that can help our business, and create future growth areas. By guiding and mentoring these businesses early, we hope to have the first pick of new innovations that we can bring to market and scale, thus improving the chances of viability and long-term success for the startups involved.

Awards and Recognition

Beyond Business

This fiscal Infosys pledged 254 crore towards Corporate Social Responsibility (CSR) which is primarily being carried out through the Infosys Foundation, its philanthropic arm.

For the quarter and year ended March 31, 2015, Infosys and its subsidiaries donated 66 crore and 254 crore to Infosys Foundation and to the Spark-IT program.

During the quarter, the Association for Computing Machinery (ACM) and the Infosys Foundation announced that Dan Boneh is the recipient of the 2014 ACM-Infosys Foundation Award in the Computing Sciences category. The award recognizes Boneh’s ground-breaking contributions to the development of pairing-based cryptography and its application in identity-based encryption. The ACM-Infosys Foundation Award celebrates the finest recent innovations by young scientists and system developers in the computing field. An endowment from the Infosys Foundation provides financial support to the $ 175,000 annual award. 

About Infosys Ltd

Infosys is a global leader in consulting, technology, outsourcing and next-generation services. We enable clients, in more than 50 countries, to stay a step ahead of emerging business trends and outperform the competition. We help them transform and thrive in a changing world by co-creating breakthrough solutions that combine strategic insights and execution excellence.

Visit www.infosys.com to see how Infosys (NYSE: INFY), with US$ 8.7 billion in annual revenues and 176,000+ employees, is helping enterprises renew themselves while also creating new avenues to generate value.

Safe Harbor

Certain statements in this press release concerning our future growth prospects are forward-looking statements regarding our future business expectations 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 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 fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2014 and our Forms 6- K for the quarters ended June 30, 2014, September 30, 2014 and December 31, 2014. 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. In addition, please note that the date of this press release is April 24, 2015, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. 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.

Contact

Infosys Limited and subsidiaries

Consolidated Balance Sheets as of

(In crore except share data)

March 31, 2015			March 31, 2014
ASSETS
Current assets
Cash and cash equivalents		30,367	25,950
Available-for-sale financial assets		874	2,197
Investment in Certificates of deposit		–	859
Trade receivables		9,713	8,351
Unbilled revenue		2,845	2,811
Prepayments and other current assets		3,296	2,636
Derivative financial instruments		101	215
Total current assets		47,196	43,019
Non-current assets
Property, plant and equipment		9,125	7,887
Goodwill		3,091	2,157
Intangible assets		638	342
Investment in associate		93	–
Available-for-sale financial assets		1,345	1,252
Deferred income tax assets		537	656
Income tax assets		4,089	1,522
Other non-current assets		238	220
Total non-current assets		19,156	14,036
Total assets		66,352	57,055
LIABILITIES AND EQUITY
Current liabilities
Trade payables		140	173
Derivative financial instruments		3	–
Current income tax liabilities		2,818	2,187
Client deposits		27	40
Unearned revenue		1,052	660
Employee benefit obligations		1,069	954
Provisions		478	379
Other current liabilities		5,796	4,745
Total current liabilities		11,383	9,138
Non-current liabilities
Deferred income tax liabilities		160	64
Other non-current liabilities		46	323
Total liabilities		11,589	9,525
Equity
Share capital- 5 par value 120,00,00,000 (60,00,00,000) equity shares authorized, issued and outstanding 114,28,05,132 (57,14,02,566), net of 56,67,200 (28,33,600) treasury shares, as of March 31, 2015 (March 31, 2014), respectively		572	286
Share premium		2,806	3,090
Retained earnings		50,978	43,584
Other components of equity		407	570
Total equity attributable to equity holders of the company		54,763	47,530
Non-controlling interests		–	–
Total equity		54,763	47,530
Total liabilities and equity		66,352	57,055

 Infosys Limited and subsidiaries

Consolidated Statements of Comprehensive Income

(In crore except share and per equity share data)

	Three months ended March 31, 2015	Three months ended March 31, 2014	Year ended March 31, 2015	Year ended March 31, 2014
Revenues	13,411	12,875	53,319	50,133
Cost of sales	8,174	8,117	32,883	32,141
Gross profit	5,237	4,758	20,436	17,992
Operating expenses:
Selling and marketing expenses	736	640	2,941	2,625
Administrative expenses	1,052	837	3,663	3,326
Total operating expenses	1,788	1,477	6,604	5,951
Operating profit	3,449	3,281	13,832	12,041
Other income, net	881	851	3,427	2,669
Share in associate’s profit/(loss)	(1)	–	(1)	–
Profit before income taxes	4,329	4,132	17,258	14,710
Income tax expense	1,232	1,140	4,929	4,062
Net profit	3,097	2,992	12,329	10,648
Other comprehensive income
Items that will not be reclassified to profit or loss:
Re-measurement of the net defined benefit liability/(asset)	(12)	(62)	(47)	(1)
Items that may be reclassified subsequently to profit or loss:
Fair value changes on available-for-sale financial asset	(22)	(20)	79	(97)
Exchange differences on translation of foreign operations	(89)	(73)	(195)	311
Total other comprehensive income, net of tax	(123)	(155)	(163)	213
Total comprehensive income	2,974	2,837	12,166	10,861
Profit attributable to:
Owners of the company	3,097	2,992	12,329	10,648
Non-controlling interests	–	–	–	–
	3,097	2,992	12,329	10,648
Total comprehensive income attributable to:
Owners of the company	2,974	2,837	12,166	10,861
Non-controlling interests	–	–	–	–
	2,947	2,837	12,166	10,861
Earnings per equity share(*)
Basic ()	27.10	26.18	107.88	93.17
Diluted ()	27.10	26.18	107.88	93.17
Weighted average equity shares used in computing earnings per equity share(*)
Basic	114,28,05,132	114,28,05,132	114,28,05,132	114,28,05,132
Diluted	114,28,33,626	114,28,05,132	114,28,21,470	114,28,05,132

*Adjusted for 1:1 bonus issues in December, 2014

NOTE:

 Exhibit 99.3

Press Conference

  INFOSYS Limited press call

Q4 & FY 2015 RESULTS

April 24, 2015

CORPORATE PARTICIPANTs

Vishal Sikka

Chief Executive Officer& Managing Director

Rajiv Bansal

Chief Financial Officer

Pravin Rao

Chief Operating Officer

ANALYSTS

Nisha Poddar

ET Now

Pankaj

Economic Times

Shyamla

Financial Chronicle

Saket

Cogencis

Bibhu

Anirban

The Economic Times

Bharani

ET

Varun Sood

Mint

Rahul

ET Now

Sujit

The Times of India

Bibhu Rajan

Business Standard

Vijay

Deccan Herald

Venkatesh

The Hindu Business Line

Participant

Mr. Sikka this quarter _______

Vishal Sikka

My philosophy and my sense is not to worry about transient things like this. I talked to some of the leading folks in Energy and they are not worried about this. They believe that in the next three four quarters if not earlier, things will stabilize. There is a seasonal effect and shock that you get from ramp down and things like that. Some of the companies are, in fact, running out of business. So I don't want to undermine the effect that we have seen. However, from a long-term planning perspective and a long-term strategy perspective, I see that this is not something that we worry about. The need for an innovative company, need for a next-generation services company is here to stay regardless of these particular effects in Energy, telecom and currency and so on.

That is sort of my longer term perspective. Perhaps Pravin can talk in more detail about some of the industry-oriented effect of the quarter and so forth. But the basic point is when you look across the industry and everybody's results, you will see the same thing repeating which is pricing pressure; you see the slowdown in this type of investment. It means that clients are increasingly demanding next-generation services, more strategic value and things of this nature. Automation and dramatic productivity improvement are challenging the existing business in a very fundamental way. That is something that we cannot ignore and this is exactly what we have been talking about for the last several quarters.

So I would like to see the results in that light, in that broader sense. Some of the moves that we have made, some of the investments that we have made have already been towards this direction. So we see that continuing.

Nisha Poddar

So Vishal, this is Nisha Poddar from ET Now. Would like to know, you just spelt out the challenges that are in front of the IT sector and you had a disappointing Q4. Despite that you have given a robust guidance for this financial year and that’s what analysts, the market men and you saw stock movement that doesn't sound very convincing. How will you convince them about the guidance that you have given, what are the factors which are going to lead you to that kind of a growth trajectory?

Vishal Sikka

I think 10% constant currency in the current atmosphere that we see is something that we are quite confident about achieving. We feel that way because of two factors. On the one hand, we have started many initiatives to improve our existing services to make them much more differentiated and therefore, you should expect to see our win rates increasing in the traditional services, whether it is infrastructure management or business process outsourcing or verification services as well as package implementation and things like that. We just had first evidence from this. Panaya and our existing practice had won a very large deal because of the power of Automation that Panaya brings to simplify the overall upgrade process and so forth. We see that differentiation increasing in the renewal of our existing services. In parallel, the new areas that we have been investing in, our work on the Open Source, Big Data platform and building next-generation analytical problems using that, as well as our work on Design Thinking to help our clients identify the most important problems for them, we have more than a 100 Design Thinking projects that are already going on. We see that kicking in as well although not in the near term. The combination of these two things, improving the productivity, the differentiation of our existing services as well as the new things that we are doing together gives us the confidence that we will get there.

Pankaj

Vishal, this is Pankaj from Economic Times. I have two questions. First of all, the $20 bn revenues that you talked about. Now, can you explain how is that going to happen, I mean in terms of organic or inorganic? Secondly, if you look at just this quarter's number, all industry segments and geographic markets have seen decline sequentially. What I am trying to understand is, is there a deeper shift that is at play in terms of change of business needs or the way customers are buying things, so is there something that we are going to see going forward?

Vishal Sikka

There is definitely a deep shift that is underway and customers are looking for different outcomes, they are looking for different level of efficiency, different level of strategic engagement in the work that we do with them. In terms of the $ 20 bn, that is our aspirational goal. If you look our goal for next probably six years, this year as well as the five years after that, we use that as a way to organize our thoughts. Nobody can see six years out into the future. If anybody did then I have a bridge to sell to them. However, you can organize your thoughts around the model that you wish to achieve and the model that we wish to achieve that we believe is feasible and certainly it is desirable and viable is that $20 bn by 2020 in revenue, at 30% operating margin and at $80,000 revenue per employee ratio. Currently, we are at approximately $52,300 per employee revenue. To increase this significantly over the course of next six years, it is something that would be, I believe, necessary for a next generation services company. I believe that we can get there by slowing down the rate of growth. If you just do the math on it $ 20 bn with 250,000 employees is $80,000 productivity. Currently we are at about between 176,000 people and so roughly, you would see that adding 70,000 or so people over the course of this five years or so. Augmenting the people, the software or client services that amplifies them significantly, that improves their productivity in a very dramatic way and bring that benefit to the customer in terms of better efficiency, better automation and things like that.

We breakdown that $ 20 bn roughly and this is not a financial forecast. The financial forecast is what we have given for this year which is 10% to 12% constant currency growth. But if you just break it down, we have modeled that out as roughly $1.5 bn of that would be contributed by acquisitions that we would make in new areas between now and then. Right now, we are modeling $ 1.5 bn from inorganic investments that we make; 10% through the new services that will contribute $2 bn in revenue by that time. And the remaining would require a growth rate of between 13% and 14% year-over-year cumulative growth and we believe that that is achievable by transforming our existing services using the power of automation, so product engineering, infrastructure, application development and maintenance and services like this which we think will become much better as a result of automation and would then see the benefits from that.

Participant

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Vishal Sikka

I prefer to think of this as something that if we were to be the next-generation services company and once again become the leading bellwether IT company, then this is something that we have to aspire to.

Shyamla

Hi, this is Shyamla. Like you mentioned there is a deeper shift on the way and everything and if that's the case why continue to report based on the older parameters? When will you start reporting on the newer parameters like revenue from the digital services and the breakup on that? And secondly, why your Finacle been added to Edgeverve now and why not before and why now? What is the future do you see there?

Vishal Sikka

So we will report the new categories as they become relevant and material. Right now they are small. I mean even though there are roughly 250 projects that I talk about and these are high value, high margin projects, these are not material in game of things yet. It will take another 3-4 quarters before they become a meaningful revenue contributor that Rajiv would put a separate line for.

In terms of Finacle, we had an awesome quarter in Finacle, we grew by close to 15% in constant currency from $ 65 mn to almost $ 75 mn in revenue which demonstrates the power of the solution, which demonstrates the power of the leadership of Michael and the fact that we have built a solution that has a credibility, that serves a very credible need in the financial world. Today 1/5th of the world banking population is banking on Finacle and we see that there is a tremendous opportunity there for Finacle to grow, in fact for Finacle to become a billion dollar business, out of this $20 aspiration in 2020.

Michael is obviously a great leader of building these productized services and software as a service and therefore he is the right leader to combine these two organization into one so we can focus our efforts in productized services area. So we have given him that responsibility for the entire thing, we have hired a new leader for the Edge area. In Edge, we have seen significant improvement. This quarter, Syngenta just mentioned to us that they went live with TradeEdge with two states in India where the dealers of Syngenta have served farmers. 43 dealers are now live serving tens of thousands of farmers in Karnataka and in Gujarat and in the course of next year or so, many more states and many other companies in this region will all go live on TradeEdge. We think that TradeEdge is an awesome application to connect the world of dealers, distributors with the CPG, agriculture type companies and there is a huge opportunity there as well as in the other five edge applications and any other edge application that we invent. Skava, the company that we just acquired is another example of this kind of a mobile commerce company. They do have a core intellectual property, in fact the company has next generation services wrapped around it. So this is a perfect example of something that fits along with our strategy.

Participant

-------------- separating the product from the services?

Vishal Sikka

Today we are looking at this as Finacle or Edge, but overtime we see that the services will become ones where the people go together with the software. We can think of it as a context that is surrounding a person that goes into delivering a service and brings together a collection of tool that dramatically amplifies their ability that dramatically improves our productivity.

If you look at an airline pilot today or someone in command of a train, these are very different than airline pilots or engine drivers from 30-40 years ago because there is tremendous automation inside these. One person can do the work that used to take dozens of people and things like that.

This happens in every industry, and we see that happening in our industry. With automation we see that in infrastructure management for example, 70% to 80% of the work that is done can be replaced by automation where people become the manager for exceptions and not the operator for the system. That means that more people can do the work of many “more with less for more” as Prof. Mashelkar used to say.

So that is our aspiration. It is a straightforward thing that has been happening in technology for 100s of years suddenly since the industrial revolution and we are simply marching down that path of improving the productivity of the people. In a couple of years, we will stop seeing distinction between product and services. We are a services company, we will be a services company where the services that we offer are greatly amplified by the software that we have written, that we monetize and we are already seeing this. This is not in the future, this is already happening now. We had already the first deal that we have closed where our Panaya and our SAP implementation practice together won a very large deal which was much more competitive because we were able to use Panaya to automate the solution. This is how you will see the future unfold.

Saket

This is Saket from Cogencis. There is something on the bonus issue. You did one just about six months ago, what is the idea behind another bonus issue just a small…

Rajiv Bansal

No, it is not about whether it's six months. We looked at shareholders, what they are telling us. We wanted to increase the base of our shareholders to make it more liquid stock so that small ratio shareholders can also participate into the Infosys journey. With that in mind, the board has proposed a bonus.

Bibhu

So we are talking about third party numbers from the IT companies which has come so far. On this they are not very inspiring ____. But in case of Infosys we are clearly seeing lots of negative form operational metrics, point of view a lot of negative events. Now also at the same time you are giving guidance of 6.2% to 8.2% which is definitely lower than the industry body NASSCOM. So but FY16 also is going to better you giving that you are doing half presently and at the same time you are talking about $ 20 bn target by 2020. Given that in case something fundamental, if there is any specific challenges that Infosys goes through or is that an industry challenge and what you are doing in short-term. I am talking about next six years, it is quite bit of long time. What you have done giving the desire result we are talking of attrition coming down but we are getting two different figures one is LTM and annualized. LTM there is _____ so can you just throw some more light on it.

Rajiv Bansal

Lot of questions in one, so let me try remembering and answering this. On operational parameters, I think it will be wrong to look at it on a quarter-to-quarter basis because it is a dynamic business. You would see some parameters go up and go down on a quarter-on-quarter basis. I think right measure would be to look at the business from a yearly perspective and see whether we are in the right trajectory, whether we are in the right path or not.

On the question of guidance, see the impact of cross currency during the year is about 380 basis point and it is very-very significant. When NASSCOM gives a number ____ if anybody has a clarity whether it is a cost currency number, it is a reported number. What's the difference what is the basis behind it, they didn’t ask us for our number. So we don't know the basis on which the NASSCOM has given the number what that number is. But the mid point of 10% to 12% constant currency, 11% is a very-very significant improvement from this year's growth where we have grown at 5.6% almost doubling our growth in terms of guidance. As Vishal had articulated earlier, we are still sticking to Mr. Murthy’s timeframe three years to get to industry growth in FY17. If we look at it from a journey perspective from 5.6% to the industry growth rate, next year guidance is very-very significant.

Vishal Sikka

That is an important point. You should not look at the 6.2% number because we are not currency speculators, we are leaders of the software and services company. So constant currency is all that we have visibility to and we are forecasting giving the guidance of minimum of 10% constant currency growth. In terms of the attrition, I completely disagree with your characterization. Attrition has come down dramatically. The month before I was announced, we lost 2,850 or so people, and the month before I started, in July we lost more than 2,500 people. In January that number has come down to something like 1,700, in February it came down to 1,400, last month in March we lost 1,350 people. So the number has come down by more than half in the course of those eight or nine months or whatever. So there has been a dramatic decrease in attrition, we ended the year at something like 13.5%

Rajiv Bansal

So there are two numbers of attrition, the way you calculate could be on LTM basis. If the attrition was high four quarters back it will still carry in the LTM. But if you take the current number and annualize the number, that's 13.4%. The more relevant for us to take our decision will be annualized attrition than the LTM attrition.

Vishal Sikka

And we are already on that, ahead in the industry compared to the numbers what others have reported. So that is one thing. And then in terms of the near term, the other questions that you had, we are absolutely focused on them. I, Pravin, Rajiv, our entire leadership team's attention is on ensuring that the operational efficiency, the sales organization effectiveness are all focused on delivering results on a quarterly basis while we keep our eyes firmly towards the future. But we do need a guide force to think about where are we headed in the future over a longer term so that we don't get consumed by the decision making that has to be done in the short-term only. That is the reason to set a bar for a longer term while we continue to be focused and measured by quarterly performance

Participant

But Vishal, this $20 bn by 2020, that is aspirational target, what is the realistic target?

Vishal Sikka

If in life we don't aspire to get to what our target is, then what is the point.

Participant

Aspiration is something different and what…

Vishal Sikka

I mean it simply means aspiration is our target. It is simply it is quite far out so we don't really have operational planning, visibility into something that far out. But this is the direction that we are steering the company towards.

Participant

You are bringing down the attrition, but on a serious note what is the levels at which you are going to be comfortable in terms of bringing down the attrition, what is the level that you are looking at right now?

Vishal Sikka

I think that perhaps the most depressing thing that I have found in the industry, when I go to our DCs and I go to floors where our employees work, as I have learned more about the industry and also seen in the other companies, although my attention, my focus obviously is our own company, is that our employees even though they are highly educated and they are the brightest employees, they routinely and dutifully follow what they are told, they don’t innovate. One of the biggest complaint from our clients that I have heard consistently, I have met more than 500 clients, I have met 170 clients one on one in the last eight months. They have consistently said the same thing that you don't innovate, you don't think proactively, you don't think about things on your own to help us innovate better.

So when I think about, it is not so much about doling out as it is about creating an atmosphere, creating a culture where people are innovative. Binod is here somewhere, Binod where are you? Binod is sitting back there. I had asked him on my very first night when we went to Mysore on the 1st of August, how long does it take you to put together a class for something completely new? And he said we can do it in less than 90 days Vishal. So two weeks later we were all in Stanford, our entire leadership team went through a Design Training. And then we started, Binod and three of his best educators went to Stanford for a week, they got trained on Design Thinking. Some of them came to Mysore and they did a whole design week where at first they worked with the educators and then they trained 275 of our senior executives in India. This movement that he created and his team created has now trained 25,000 people on Design Thinking. 12,600 of these are freshers in Mysore who will come out of there and another 12,000 or so people who are more senior people.

Two weeks ago we did a survey of them, now that they have been in the workforce, what was the impact of Design Thinking. And the results of the survey that we see are they are overwhelming. I mean what the employees have written, it feels as if a light bulb goes off in their head for the very first time that they can think again. One of the employees talked about ___ and they all wrote consistently about how they have brought innovation to the work that they are currently doing.

I believe that there is more to life than bonuses and iPhones. I believe that it is all in the end about something bigger than us, that calls us, that inspires us. I think that more than anything else my aspiration is, my inspiration is to create an atmosphere where people feel that kind of a purpose of the work that they do. If we do that we will see the attrition rate further coming down. If we don't do that then no bonuses or iPhones really change the equation in a fundamental way.

Anirban

Hi Vishal, this is Anirban from Economic Times. Could you talk a little bit about your Skava acquisition, the rationale behind it as well as some of the specifics such as Skava run rate and all that? And also that 70,000 employee addition that we spoke about by 2020, just a clarification, is that a gross or a net figure, can you clarify that?

Vishal Sikka

Again, as I said that is not an operational plan, that is an aspiration that we have. It is too early to make an operational plan or something like that but if you just do the math on it, it adds up to something like that. It would be a 250,000 employee company producing $80,000 revenue per employee etc. So that is just a guide force that is helping steer our company.

In terms of Skava, perhaps Rajiv can talk about the specific numbers to the extent that is possible. I mean we have this announcement. Did we also close it today or did we just announced a definitive agreement?

Rajiv Bansal

No, we have signed the definitive agreement.

Vishal Sikka

Skava is a mobile commerce company. It is a software and services company that provides mobile experiences primarily to retailers. But of course the product can be applied to other areas as well. What we see happening is in particular in the United States that over the next 12 to 18 months there will be a tipping point in how web-based commerce websites transform into mobile commercial website. I call it m.website. Skava has built a leading platform to create mobile experiences primarily in the browser. These M.dot experiences as well as apps that they build for leading Retailers like Nordstrom, Macy’s, Kohl, Toys R Us and companies like that. It’s a very innovative product based on the work that has been done by the founders. It converts the website automatically into a mobile experience. You can see it, and the services then makes it much more beautiful experience and continually optimizes and improves our experience. It’s a great product as well as a great business model that they have. Primarily services-oriented, the Indian subsidiary is here in India. There is also a US division which is based in California. So it fits perfectly from that perspective. We see this impacting our work in digital, in creating digital experiences with a next-generation business model attached to it as well as in helping us in Retail. Pravin used to run Retail in the past. Pravin you can add something to that if you want.

Pravin Rao

I think in the Retail world seeing the tipping point where people are using mobile devices will be more than people who are using desktop. I think we are looking at a mobile first kind of world. In that context it’s a good product, great area to invest in and it will accelerate. Now each of us will continue to spend lot of money in this area and having a product of this kind will help us capture a big chunk of that share.

Rajiv Bansal

At this point of time because it’s again a small acquisition, we will not want to share the details of the financials of the company. It’s too early to share that. The critical part is the synergy benefits that you see from the company. It’s not about the financials of the company alone which decides and which helped to take a decision on that acquisition but it’s about the synergy benefit and how it will probably help us gain larger market share in certain areas, be a multiplier on our existing revenue growth. That is the most critical part of it.

Bharani

Bharani from ET. Can you throw some light on which industry sectors you would hit in your attempt to productize certain services, which are the areas where we can see Infosys getting into, you know like what you said about the farmer.

Vishal Sikka

All of them but all of them in different ways. I think operational efficiency applies in a more generic way to everyone but innovation is very different and as we see digitization pervades and finds industries, innovation is taking a very different form in Retail compared to Manufacturing or Energy and so on. Just a few examples in Retail, we see the emergence of next-generation experiences this is why we acquired Skava. In Manufacturing, we see emergence of Internet-of-Things where a physical world that manufactures itself becomes more and more digital as we go along this is why we invested in a small company called Airviz that we announced today. We see things of this nature happening. Across industries, there will be different forms of innovation that need to be brought in but the thing that is common is that in the next generation problems which our clients don't yet know about, Design Thinking helps as a great mechanism to identify what the next problems could be. In the existing areas it is much more about deriving operational efficiency through the power of a Global Delivery Model and outsourcing and so on where we can bring IT efficiency and business office efficiency using the power of automation to the existing services. It applies to every industry. So it isn’t like we want to focus on one or two where this applies.

Bharani

Do you also count Healthcare among those sectors where technology is transforming way its deliver.

Vishal Sikka

For sure. In Healthcare we will perhaps see one of the most dramatic impacts of technology also because if you see the announcement last week in the US, more and more power is moving back towards the end-user, towards the people in being able to take control of their own health. So we do see a paradigm shift in Healthcare not only because of technology but also because of people’s behavior and being able to take control of your own health and mind.

Varun Sood

Hi Vishal, Varun Sood from Mint here. A couple of questions. Firstly on this acquisition, how have you valued it? Is it something like 6 or 7x like what Panaya was done? It helps us understand about Skava?

Vishal Sikka

Is Ritika here? Maybe you want to talk about it? It is basically a software and services company. You apply an industry oriented-metric like that which is a multiple of revenues and so forth.

Rajiv Bansal

Typically you create a business plan, you put a standalone plan, a synergy plan you do the future cash flows, you do the discounted cash, so there are many models of doing valuation. I don't want to get into the specifics of the financials of the company, what multiple because it is a very small acquisition and the success of that would be how it helps us multiply our revenues in certain areas where we have been traditionally weaker. I think that is what is successful….

Vishal Sikka

And I will tell you that we had a strong and unanimous support from our Board. We got fair number of opinions from multiple third parties, so we feel extremely confident that we got it at a good price.

Participant

Rajiv, just a couple of minutes back you had mentioned and it will be fair to see a year-to-year comparison rather than a quarterly. Even if you see just two years back on every account, every metric, say repeat business, top 10 clients, top clients, everywhere Infosys is seeing a decline, dip in business. You have already missed the guidance for this year. What are your thoughts Vishal and more specifically it is already eight months. Now whatever talk we are having about making it the next generation technology company, do you believe that personally it is proving to be a more difficult task when then you had initially taken when in August you were appointed?

Vishal Sikka

I think first of all you are absolutely right about the metrics that you have seen. I attribute that to the fact that there is a structural change happening in the company which is what I have identified at the beginning of my term. We see that dramatic shift happening unfolding in front of our eyes not only impacting us but the entire industry. You see that in the numbers of everyone and may see that accelerating, not slowing down. Therefore, the strategy that we have talked about of bringing in Automation and AI these things in a massive way to our existing services so that they can be differentiated and they can bring value to clients, is an absolutely necessary step and we are doing that. We already have the first evidences of that. In parallel, we believe that Infosys can because of our great ability to train, become a company that can do next-generation things for clients which we traditionally don't do and we are already starting to do those as well. So the direction that we have laid out is working. It is the right one and it is working and we see evidence of that. We don’t see that yet in the numbers but you will see that as well. That is why we are confident that we will do 10% minimum constant currency growth this year. So I would say, eight months on the one hand seems like a long time but on the other hand it's just yesterday. In terms of easier versus difficult than what I thought, I would say some things that have been really exhilarating and much easier. There is a tremendous culture of education. It comes from Mr. Murthy and from our Founders, the learnability and I am astonished by that. It has been amazing to see that how we have been able to mobilize and train 25,000 people on Design Thinking, how we have been able to teach 2,700 people every quarter on Open Source. Open Source used to be not allowed inside the company not only in ours but in other companies and now we are doing massive adoption of Open Source in the company. We have trained 1000 people already on AI and we do 500 every quarter on the AI class that we have done. So the culture of education has been something that is far better than what I had expected when I had started, the culture of change. You have been here, Shruti, Nanjappa, Harani who are here, they have been doing the simplification work that we have been carrying out inside the company _____ for a given amount of revenue becomes significantly smaller and the people can be deployed on a much larger number of projects that of higher value and so on. So the key is to bring automation into the service, to bring automation into the offering and renew the existing services with the power of this automation. When we do that 80,000 number looks actually much more achievable.

Rahul

Dr. Sikka, Rahul here from ET Now. Wanted to understand can you give us some clarity on the cash deployment? Would you be having a percentage of the total cash for continuously rolling them out for shareholders? Can you give us some road map on that?

Vishal Sikka

Maybe Rajiv you want to comment on that?

Rajiv Bansal

We already articulated. We are saying that 50% of the net profits would go towards dividend payout. The balance 50% would be towards investment in technology assets, infrastructure and M&A. M&A is a critical part of our strategy. There is an increasing need to buy assets which would help us accelerate our growth and we would like to keep the base cash as is, in case there is an opportunity which comes off on the investments or for de-risking us, strategy and growth and for that we need it. So that’s the clear cash requirement outlook that we have.

Moderator

Sujit from The Times of India has the first question for you Vishal.

Sujit

This is a fund clarification to Rajiv which is what is the Q-on-Q growth or fall in constant currency?

Rajiv Bansal

(-0.4%).

Sujit

Vishal, disruption that you are trying to bring this transformation whatever, now just want to understand from the customers’ point of view. Are customers changing, understanding your language, the way you expect them to because I mean just the other day we were talking to one of your peers and they said, customers take time to understand some of these things, they still want to do things the old way. Is that also a concern for you?

Vishal Sikka

Obviously Sujit, there are some customers who are more averse to new ideas and new innovation than others. It depends on the culture and the mindset and so forth and many other factors. Instead of arguing on the point again, I’ll just read a quote from Peter Terium, who is the CEO of RWE. RWE is one of the largest utilities companies in Europe. It’s based in Germany. It serves needs of a vast amount of the German population. He says, “Our company and in fact our entire industry is in a midst of a massive transformation. Given the scale of the market disruptions, RWE has started our innovation journey more than two years ago. In this change journey, our interactions with Infosys on Design Thinking have already yielded great values by increasing the scope of what we even thought of as possible. I look forward to an increasingly strategic and collaborative partnership between our companies in Silicon Valley and around the globe”. I would argue that customers are not only willing, they see the urgent need for some of these next generation ideas that we have talked about. It is not something that is up there into the future, it is something that we already see in the here and now. Today most of our leadership team is here but Sandeep who runs our Retail Practice, he is in Palo Alto conducting design workshops with two very large clients - one in CPG and one in the logistics industry, huge American companies both of them. We have more than 100 clients with whom we have already been working with on this Design Thinking engagement. So this is something that is already happening. It is just not happening yet at the scale that the traditional business is at but there is no doubt that this is happening.

Participant

Just one question, you mentioned about your Retail Practice Head is with some clients. Lots of people have spoken about the day you decided to hold your Board meeting in Chennai outside Karnataka. People are talking now you have plans to hold this in ____ and eventually in the US.

Vishal Sikka

We had a wedding of the son of one of our Board Members in Chennai. So we thought that it would be better that everybody is here in Chennai because we have such an awesome campus and we invite you to take a tour of it, even though it was raining. We can hold our Board Meetings and these press events in any one of our DCs. In fact when we decided to do it here we thought that why not do more. So over the next quarters and years we would love to hold our Board Meetings in many other campuses in Hyderabad, in Mysore and Mangalore and other places and why not in Palo Alto?

Moderator

We have the next question from Vijay here from Deccan Herald.

Vijay

I am Vijay from Deccan Herald, Bangalore. You have brought in lots of people from SAP too and on various positions in your organization. So what is its impact on your engagement and alliances with other IT majors like IBM, Oracle, etc.? And from client perspective what will they think of this kind of a development? Can you elaborate a bit on that?

Vishal Sikka

I think if you look at our Executive leadership, there is no change to the Executive leadership. Yeah we had a change in BPO and in GMU but otherwise there has been no change in our Executive leadership in the company since I started. We have added Michael and Abdul. Michael is running Products, Finacle and Edge and Abdul is running the Platform work. Actually Varun has an incredibly detailed list of all the people. 10 or 12 people that have come in, in a 176,000 employee company There seems to be this unbelievable fixation with these people who came from SAP. But other than Michael, most of them are in what we call business enabling. They are in more transformational kinds of roles and not in the Executive leadership. Naveen is heading Architecture and Sanjay is heading Design, Ritika has M&A and so on. So I think that it is interesting that the media makes a big deal out of it but in the grand scheme of things, the segment leaders, the heads of the core functions, the C-level officers, everybody is exactly the same as it was when I started. In terms of the impact in the relationship, I think we have a very strong relationship with all these companies that you mentioned. We are doing lots of exciting work, obviously with SAP. We won many deals over the course of the quarter together with SAP and SAP-oriented areas. We continue to be strong friends, as we have with Oracle. We have a tremendous partnership with Oracle which we are expanding in many different ways around their Cloud offerings, around their new acquisitions that they have made in many of these areas, as well as actually bringing great implementation and integration skills to Oracle, same with IBM, same with Microsoft. We have a strategic partnership with Microsoft in addition to them being a strategic client of ours. So I don’t see any issue here.

Moderator

We have one last question from The Hindu Business Line.

Venkatesh

Hi Venkatesh here, The Hindu Business Line. When we speak to the peers, when we speak to the industry overall, the messaging is very similar. Everybody Open Source, M2M, and pretty much everything seems to be very similar. So in such a scenario as one of the analysts said, when you go into the room they all seem to look same to me. So in that sense how do you think probably Infosys will have to differentiate for themselves?

Vishal Sikka

I think my mom used to say this. When everyone looks the same, you have to look harder. Actually one of the leaders of one of the companies in our industry said this to me that a lot of people have started to say the same things. You could say that this is a compliment. I think it is great. I see this as a natural evolution of things. I don’t see anything particularly fancy about our strategy. I see this as a natural course of events. One or two years from now all the things that we are talking about, nobody will even question them because we will have seen that the transformation has in fact happened pretty much along this direction. The key is in execution, the key is in excellence, in our ability to deliver this and monetize this before others can and we believe that others are talking about this, so far we have already delivered it. We have more than 30 projects that we have done with clients on Advanced Artificial Intelligence techniques and this is not something that we are announcing and intent to do this in the future. This is something that we have already done, delivered and are building on. So the key will be, as they used to say, is a small matter of execution, even if everyone looks the same.

Moderator

We take one last question.

Participant

What’s your planned headcount addition to this year? Any new development center is coming in, that is the second? And third is can you tell us something more about Infosys Incubator?

Vishal Sikka

Maybe I got about the Incubator. We are still thinking about it but as always work seems to have. As you know we have recently done this fund. The $500 mn half of it is for India and half for rest of the world. We did some Murmuration projects and that led to 10 ideas that we have been implementing, then we started an exercise to collect ideas from Infoscions around world and we now are in the process of establishing an incubator that will help people from Infosys develop their ideas as well as people outside that we can nurture into growing company. It is a natural extension to what we do in Startups and investing and so forth. The other, maybe Rajiv you want to?

Rajiv Bansal

On the number of employees we will hire enough number of employees to grow between 10-12% at (82%+) and utilization and 25% (+/-1%) margin.

Vishal Sikka

Thank you very much.

Moderator

Thank you everyone. Please join us for high tea on the first floor.

Exhibit 99.4

Fact Sheet

 Exhibit 99.5

Earnings Call 1

INFOSYS LIMITED EARNINGS CALL-1

Q4 & FY 2015 RESULTS

April 24, 2015

CORPORATE PARTICIPANTs

Vishal Sikka

Chief Executive Officer& Managing Director

Pravin Rao

Chief Operating Officer

Rajiv Bansal

Chief Financial Officer

Sandeep Mahindroo

Investor Relations

ANALYSTS

Edward Caso

Wells Fargo

Anantha Narayan

Credit Suisse

Yogesh Agarwal

HSBC Securities

Ankur Rudra

CLSA

Mitali Ghosh

Bank of America

Sandeep Muthangi

IIFL

Viju George

JP Morgan

James Friedman

Susquehanna

Ashish Chopra

Motilal Oswal Securities

Moderator

Ladies and Gentlemen, Good Day and Welcome to the Infosys Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode. There will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference, please signal an operator by pressing ‘*’ then ‘0’ on your touch tone telephone. Please note that this conference is being recorded. I now hand the conference over to Mr. Sandeep Mahindroo. Thank you and over to you sir.

Sandeep Mahindroo

Hello, everyone. Welcome to Infosys Earnings Call to Discuss Q4 & FY 15 Financial Results. I am Sandeep from the Investor Relations team. Joining us today on this call is CEO and MD – Vishal Sikka, along with other members of the leadership team. We will start the call with some remarks on the strategy and performance of the company. Subsequently, we will open up the call for questions.

Before I hand it over to the management team, I would like to remind you that anything which we say which refers to our outlook for the future is a forward-looking statement which 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 it on to Dr. Vishal Sikka.

Vishal Sikka

Thank you, Sandeep. Hi, friends. As I speak to you today, we close the rewarding year but also a disappointing quarter. Rajiv and I will address the details of the financial performance during the course of this call but I want to take a few minutes to outline my thoughts on the year behind us and our outlook on the road ahead of us. We find the external environment to be one where concerns related to currency, energy and other areas as well as technological disruptions have created volatility. However, I believe that these are not structural issues and that despite these a company that is focused on innovations and on efficiency, can achieve great results. I believe that the traditional model of IT Services is dying, but yet businesses continue to look for partners who can help them grow and innovate, who can help them renew their operations and their business and do so in reliable and agile ways.

Over the last eight months I took over as CEO, some of our weaknesses as a company, especially in sales and other processes and in the delivery culture driven by proactive innovation have become starkly clear to me; however, I have also found that we have key strengths that more than outweigh these challenges. We have an immense ability to educate and to learn, perhaps the best in the world. We have a deep organizational desire to change and improve and we have a great ability to recruit the best talent and to bring these talent into teams that are deeply client-centric and passionate about their work. It is these strengths that give me the confidence in our strategy despite the weaknesses to turn all of our aspirations into commitments. It is clear that in our operations especially in sales we need to execute better both in improving our existing operations and in bringing new solutions to the market.

Our recent organizational realignment has freed up senior management leaders to focus exclusively on client relationships and business developments. We will continue to make additional changes to further strengthen our ability to execute and deliver on our aspiration as needed and our aspiration is clear industry leading profitable growth by financial year 2017.

We have launched some specific initiatives to execute against our “Renew and New” strategy in sales and consulting and delivery and in IP creation. We are rethinking all of our client-facing function. We are doing this by streamlining our sales function, by unifying delivery and by bringing design thinking as a deep competency within all of our client engagement functions, as well as redesigning our RFP and oral processes. We are establishing systematic innovation as an imperative in every single project that we deliver. We are doing this by putting together what is possibly the largest ever training program in design thinking. Since its launch in October 2014, about 25,000 employees have been trained in design thinking to an immersive one day long training session.

We have launched a new notion of a zero distance to innovation projects where every project manager is given a specific “Five-Point Innovation Agenda”, every project that we do, tens of thousands of projects will follow this approach, and more than 1,700 of our projects have already been following this for the last 6 weeks. We are bringing in next-generation technology architectures and upgrading the internal development infrastructure to include competency in Open Source, Big Data, Cloud Infrastructure, Mobility, etc. We are accelerating our products with Finacle and Edge and our platform with IIP, the Infosys Automation Platform (IAP) and our Panaya business.

We established a new leadership structure for the Products and Platform businesses and we are building expertise and credibility in Open Source software including contributing code back to the community. We have more than 30 new training courses across these various projects and we are now training more than 2,500 employees per month in Open Source technology. As a result of this focus, Finacle saw 14.2% growth quarter-over-quarter in constant currency and Edge also saw a significant growth. Finacle sustained its business momentum with 23 wins and 11 go-lives this quarter including Standard Bank in South Africa and Qantas Credit Union in Australia among others. On Edge, we had 12 wins and 3 clients go live within the quarter.

In a short duration of less than two quarters, we have more than 100 projects with clients going about using IIP, 15 of these pilots have already been completed, where each pilot is an extremely agile one, taking 3 to 5 weeks to close, 4 of these are already in full production and 17 contracts are in the final stages of being executed.

Our Infosys Automation Platform for Infrastructure Management has been deployed in 9 projects and has a pipeline of 31 projects already. We are able to show nearly 40% productivity improvement in our deployments using IAP. Infosys also has a strong AI practice which has seen a spike in the number of projects over the last 9-months, especially in Engineering and Finance where we have proven success in providing solutions to complex and diverse problems using real next-generation Artificial Intelligence technologies like machine learning, neural networks, and probabilistic networks. We are especially proud of our relationship with Boeing, where we have been working on knowledge-based engineering to develop software tools with the objective of reducing the flow time in the aircraft development process using Artificial Intelligence. I believe that we can bring this notion to many enterprise landscape.

Syngenta, a world leader in agri business, had application performance challenges in their management reporting due to large volume of data. We at Infosys did a project with IIP to improve this performance by 12 to 60x. At Syngenta again, the Infosys Automation Platform is automating the SAP user authorization request and improving their user productivity through speedy close of authorization requests. In addition, Syngenta went live with the TradeEdge Dealer Management System in last quarter to manage distributors in two states in India. This will be rolled out to distributors across other states and other countries in Asia over the course of next year.

And with Panaya which we acquired during Q4 we are seeing up to 50% productivity improvement in testing; at ABB in Brazil we saved 30% on testing time; at Inchcape we saved 50% in testing in duration and documentation efforts; at CBC, the Coca Cola Israel, we completed their 6-month project in just 2.5 months; and at Royal Resort we saved them 73% effort in SAP development.

We are transforming Infosys Consulting to be the tip of our sphere. We have consolidated our various consulting units and our senior global leadership and in the last few months we have completed more than 20 client engagements in Design Thinking and we have a pipeline of 100 more. One outstanding success to Design Thinking has been the transformation of our relationship with RWE, one of the largest utility companies in Europe. Peter Terium, the CEO of RWE, has said this and I quote “Our company, and in fact, our entire industry is in the midst of a massive transformation. Given the scale of the market disruption, RWE has started our innovation journey more than 2-years ago. In this change journey, our interactions with Infosys on Design Thinking have already yielded great value by increasing the scope of what we even thought as possible. I look forward to an increasingly strategic and collaborative partnership between our companies using Design Thinking in Silicon Valley and around the globe.”

We are improving employee engagement and participation and we have established a SWAT team to simplify our processes, to empower people and to eliminate bureaucracy. We have already simplified immigration, travel, and device policies for employees. We announced 100% bonus payouts in Q2 and Q3, which I believe has helped us to retain good talents. Due to this and other employee engagement measures to deeply involve our employees in our innovation and our journey, I am very happy to report that our employee attrition has been contained; we had 1,768 employee exits in January, 1,437 in February and 1,352 in March, this can be compared to 2,850 exits in May of 2004 and 2,528 in July just prior to my joining.

We are opening new frontiers to our business with a unique approach to investments, M&A, Startups and with our $500 mn investment fund and we are reaffirming that every day learning and lifelong learning is the way of life at Infosys and we are doing so by launching a next-generation learning platform updating our curriculum in our training program, sponsoring an Executive MBA for our top talent with the Stanford Graduate School of Business and by collaborating with leading Universities around the world in areas like Artificial Intelligence and database and data sciences.

As a result of all of these initiatives and others, I believe also that client confidence in Infosys has increased. Their concerns about leadership transitions, stability, and the perceived lack of agility and positioning for the future have largely abated. I have personally met one-on-one with more than 170 top client executives and more than 500 clients and I sense their excitement to be associated and engaged with Infosys.

Some examples from last quarter: House of Fraser selected Infosys to deliver a strategic transformation of retail programs bringing advanced technology to their multi-channel business. House of Fraser is a famous UK retailer which is now a part of the Sanpower Group in China. ABN Amro selected Infosys as one of its strategic partners to drive its business transformation. Infosys will deliver services across the application development and maintenance as well as testing and product implementation life cycle for ABN Amro. Western Union Financial Services selected us for an 11-year turnkey project where we take end-to-end ownership to modernize, maintain, and support their worldwide settlement system. And a leading global excess delivery company selected us to simplify and transform their entire technology application landscape.

Today, we are also announcing two strategic investments: We have taken an investment, a stake in an exciting startup called Airviz in the Internet of Things area and we have entered into a definitive agreement to acquire Skava, whose mobile commerce tooling platform is used by leading retailers around the world.

I would now like to talk briefly about our performance in the quarter that ended on the 31^st of March, the lessons that we have learnt and the actions we are taking. We closed the last quarter of fiscal 2015 at $2.159 bn revenue in reported currency and $2.208 bn in constant currency. So naturally I am disappointed that we could not do better compared to the guidance that we had provided for the year despite a promising first three quarters. But I am pleased of course that our cost structures have stabilized and we are able to balance the investments and profitability while returning higher dividends to investors as we are doing today and Rajiv will talk about this and our bonus issue in more detail. Thanks to our operational efficiency initiative; the operating margin of the company has significantly improved from 23.5% in Q1 of fiscal 2014 to 25.7% in Q4 fiscal 2015. We will continue our focus on improving utilization from eliminating waste, reducing onsite employee cost as a percentage of the revenue, and bringing more agility into our business enabling functions. This is vital to generating the cash flows that are required to invest into our “Renew and New” strategy. This positive momentum coupled with the corrective measures that I have outlined, will help us recover the loss of momentum that we saw in Q4 2015.

Our year-on-year guidance for financial year ’16 is to grow in the range of 10% to 12% at constant currency. I expect that we will grow at a minimum of 10% in constant currency. The mission of our company is to achieve an aspirational goal of $20 bn in revenue by 2020 at at-least 30% in operating margin. We wish to see new services like Design Thinking, AI and the Intellectual Property-led businesses to contribute at least 10% of our revenue by then. We expect our inorganic investments to influence approximately $1.5 bn in new revenue by then. We will increase the revenue per employee to $80,000, by deploying automation and innovation in existing businesses. We expect to generate at least 30% productivity improvements in existing service line from these solutions and new platforms in our Edge portfolio work. They work on different revenue models and will contribute disproportionately to our revenue per person.

Our goal is also to bring attrition levels down to the lowest in the industry and to achieve at least 25% in diversity in our top leadership. Our aspiration is to make Infosys a great place to work and attract the best talent in the industry across the globe. I am confident that the steps that we are taking will get us there, will get us back to being the bellwether of our industry, to being a next-generation services company, one that delivers innovation for a world that is fundamentally being reshaped by software.

Let me now hand over to Rajeev for his comments and I will come back for the Q&A session after that. Thank you.

Rajiv Bansal

Thank you, Vishal. Good Afternoon everyone. We ended FY 15 with revenues of Rs.53,319 crores, a year-on-year growth of 6.4% in rupee terms, in dollar terms we grew 5.6%. On a constant currency basis based on FY 14 average rate, we grew by 7.1%. If you recollect we had given a guidance of 7% to 9% in April based on March 31, 2014 rate. We grew by 7.7% based on 31^st March, 2014 rate; however, our revised guidance was to 7% to 9% based on September 30^th and we have grown by 6.5% based on those exchange rates. We had delivered an EPS growth of 15.8% year-on-year on a revenue growth of 6.4%.

I believe we have done exceedingly well on the margin front in FY 15; our operating margins for the year improved by 190 basis points on reported basis and 240 basis points on constant currency basis. This is after wage hike to all employees effective April 2014, and 25,000 promotions during the year. We increased the average variable payout for employees from 64% in FY-’14 to 86% in FY 15. We also did midyear wage hikes for significant number of our employees effective October 1. We also increased our investment in training and employee engagement during the year. All these helped us to bring down annualized attrition from 23.4% in Q1 to 13.4% in Q4.

We have been able to show a remarkable improvement in operating margins because of our focus on improving operational efficiencies. Our onsite effort mix came down from 30.6% in FY 14 to 28.8%. Utilization level went up from 76.4% to 81% in FY-’15.

Pricing though has been under pressure and has declined by 2.8% year-on-year basis on reported basis and 1.4% on constant currency basis. Though we have done well year-on-year on operational parameters and our margins, growth continues to be a challenge.

Our Q4 revenues in USD declined by 2.6% quarter-on-quarter on reported basis and by 0.4% on constant currency basis.

Pricing continues to be under pressure and has declined by 3.8% quarter-on-quarter on reported basis and by 1.7% on constant currency basis.

Our utilization for the quarter declined by 410 basis points to 78.6% excluding trainees, primarily due to lower volume growth.

Our operating margins for the quarter was at 25.7%, a sequential decline of 100 basis points. We had a cross currency impact of 70 basis points on our Q4 margins.

We added 14,471 employees gross during the quarter with a net addition of 6,549 employees. We have rolled out an average wage hike of 6.5% for our employees in India and 2% for employees outside of India, including promotions and other benefits, these increases will be an average of 7.5% to 8% for India and 2.5% for outside India. It is important to note that this is in addition to the midyear hike that we did for significant number of people in October.

We had committed to relook at our capital allocation and cash deployment policy in line with the company’s strategy of “New and Renew” which Vishal just articulated. We did our planning and financial model for the next 5-years. M&A is going to be an integral part of our strategy and as such we would like to allocate a significant part of our incremental cash flows to it. We also need to make significant investment in Infrastructure and in Technology Assets. Therefore, we need to spend 50% of our incremental cash flows on M&A and investment in Infrastructure and Technology Assets. Keeping this in mind we recommended to the Board an increase in dividend payout from current 40% of the post-tax profit to 50%. This implies a final dividend of Rs.29.50 per share for fiscal 2015 equivalent to Rs.14.75 per share after 1:1 bonus issue if approved by the shareholders. The Board accepted the same subject to shareholder approval in the AGM.

An increase in dividend payout from 40% to 50% of net profits will negatively impact our FY 16 EPS by approximately 58 paisa due to lower non-operating income. The Board has also recommended a bonus issue of one equity share for every equity share held and a stock dividend of 1 American depository share for every ADS held as on the record date to be determined.

The global currencies have seen extreme volatility during FY-’15 especially in the last four to five months. Almost all global currency except Indian rupee have depreciated against the US dollar. Based on the average exchange rate realized in Q4 over Q3, Euro depreciated by 10.7% against the dollar; AUD depreciated by 8.5%. Considering the volatility, we believe that our current hedging policy of taking short term hedges is in line and we would wish to continue with that. We had outstanding hedges also about a billion dollars as of the quarter end.

Our yield for the quarter was at 9.04% as compared to 9.24% in Q3. Yields are likely to decline further due to expected softening of interest rate in India. Our effective tax rates for FY-’15 is at 28.6%, we expect it to be between 28% to 29% for FY-’16. We spent Rs.66 crores in Q4 and Rs.254 crores in FY-’15 towards CSR.

Coming to geo segments: Both North America and Europe grew by 7% constant currency in FY-’15, Rest of the World grew by 8% while India declined by 1%. Amongst verticals, Energy, Communication, and Services grew by 10.5%, Manufacturing grew by 9.7%, Financial Services and Insurance grew by 6.1% while Retail, Consumer Products grew by 3.3% in constant currency for FY-’15.

Although Finacle has declined by 9% in constant currency terms for FY-’15, it had a nice growth in the last two quarters, a sequential constant currency growth of 4.9% in Q3 and 14.2% in Q4. BPO grew by 7.2% in FY-’15 on constant currency basis though it declined by 2.7% quarter-on-quarter in constant currency in Q4.

Our cash and cash equivalents were at Rs.32,585 crores as of March 31, 2015. Our cash and cash equivalents have declined in Q4 mainly on account of : we paid Rs.1,376 crores to the acquisition of Panaya and acquiring its stake in Nova. A payment of Rs.3,246 crores towards taxes including a demand from Tax Authorities in India for assessment year ‘10-11, the same has been paid, and we have filed an appeal with the Income Tax Appellate Tribunal. Capex of 655 crores, and increase in DSO by 4-days from 61 to 65 days.

We are guiding for a 10% to 12% constant currency growth in dollar terms for FY-’16. Our FY-’16 growth has been impacted by 380 basis points due to adverse cost currency movement and therefore on reported basis we are guiding for a revenue growth of 6.2% to 8.2%. The guidance in INR terms is 8.4% to 10.4% on reported basis. We have done exceedingly well by substantially improving our operating margins for FY-’15 while we have continued to make necessary investments to accelerate growth.

We had earlier provided an operating margin band of 25% (+/-1%) based on the currency rate at that time; however, as you know during the last two quarters most global currencies have depreciated significantly against the US dollar and this has negatively impacted our operating margins by about 100 basis points. Despite that we would like to retain the margin band that we had given earlier of 25% (+/-1%). However, operating margins may be volatile quarter-on-quarter. As in every year, the first quarter will see an impact from increase in salaries, promotions, and investment in new visas. I expect the first quarter operating margins to be impacted by 250 basis points because of these reasons.

With that we will open the floor for questions.

Moderator

Thank you very much, sir. Ladies and Gentlemen, we will now begin the question-and-answer session. Our first question is from Edward Caso of Wells Fargo. Please go ahead.

Edward Caso

I was curious what you can offer on pricing both realization in the quarter as far as your view and if you could just split it between sort of new technology efforts and the existing Run the Business offerings?

Vishal Sikka

Hi Edward. On the new, the growth has been dramatic, but it is still very-very small and it is very early. So the projects that I talked about is a sum total of about a total of 250 projects, if you look at Design Thinking, the IIP, IAP work, and AI. On these projects there is no pricing pressure, these are high margin, high value projects; however, these are 250 projects compared to more than 8,000 master projects that have more than 40,000 sub-projects. So this is a very different kind of a scale. It will take several more quarters for the new effort to become a meaningful part of the revenue, I would expect that at least the next 2 to 3 quarters we will not see a substantial effect from the new projects in the revenue. On the traditional project, that is why we have started our efforts in renewing those, using automation, using new technologies as well as bringing more efficiency into that, as I mentioned, with the “Five Point Innovation” that we are bringing to every single project. In the traditional business, we do see pricing pressure and we expect this and we are prepared for this. Perhaps Pravin, you can talk more about this.

Pravin Rao

For Q4 we had a pricing dip of 3.8% on a reported basis and 1.7% on a constant currency, and for the year we had 2.8% decline on year-on-year basis and 1.4% on constant currency basis, and that in a sense as Vishal said is a reflection of what we are seeing. About 62% of our business still comes from the business and IT operation space, that space is heavily commoditized, and to win deals we have to go very aggressive on pricing. And over a period of time we are investing heavily in Automation, Artificial Intelligence, productivity improvement, and so on. So, we are confident over a period of time we will be able to go aggressive, win deals, at the same time manage the pricing but in the short-term we will continue to see challenges.

Edward Caso

Congratulations on getting the employee turnover down. Now that the 6.5% average wage increase appears to be below the level of some of your major peers. Any sense on your employee reaction to that and could you have to make mid-course corrections during the year?

Rajiv Bansal

You have to see it in the perspective that we also gave a midyear wage hike to about 20,000 of our employees in October. The numbers that we have rolled out of 6.5% excludes the benefits and promotions including which it will be somewhere between 7.5% to 8% and if you add the midyear hike that we gave it is in line with the industry. So I think if you look at the major competition has also rolled out hikes in the same range. So I think we are comfortable with the kind of hikes we have rolled out. During the year if we see opportunities to increase further we would do so.

Vishal Sikka

And beyond that we are transforming ourselves towards a much more of a performance-driven culture where we are continuously identifying and rewarding higher performance.

Moderator

Thank you. Our next question is from Anantha Narayan of Credit Suisse. Please go ahead.

Anantha Narayan

Thanks Vishal and Rajiv for some very comprehensive opening remarks. My question was essentially on the guidance and the couple of pass-through that. One is on the margin front, Rajiv, you have been indicating this (25+/-) and it is heartening to know that you are maintaining that, but how should we think about it? Is it likely to be at the lower end of the range in the initial few years that you make these investments and then come up to the higher range or do you think it does not really depend upon that? And secondly, in terms of the revenue guidance, I was just curious about the philosophy the way you currently think about, because earlier there was a philosophy in Infosys that you guys conservatively try to beat it, while it appears like Wipro, for example, give a very realistic guidance range so just curious about that?

Vishal Sikka

I believe that 10-12% is very realistic. Based on the environment that I see out there, a minimum of 10% growth I believe is within our reach. We did have a loss of momentum in Q4 from the traditional services business, but the way in which we see things evolving, I feel comfortable with this number. With regard to the margin, maybe Rajiv can add more detail. Let me give my overview thoughts and Pravin perhaps add if you feel like it. The way to look at this is we have had the guidance of 25(+/-1). We do see a negative effect of currency in there to the tune of about 100 basis points, but we do see improvements on the one hand as a result of automation, the improvements in productivity and bringing new technology, for example, we already had our first deal that we did in the last quarter with Panaya, bringing in added effect where a hired software as a services as well as a lesser number of traditional people together, created a package where we see a better margin and higher productivity. So, in the near-term, perhaps you can see some of this effect, but we are confident that whatever the negative effect we see due to the pricing pressure and due to currency, will be compensated for by the improvements in productivity and by the other utilization, other efficiency improvement that we bring. Rajiv?

Rajiv Bansal

Just to add, Anantha, the whole idea of giving a range was so that I do not have to give specific numbers as a lower end or upper end, but adding to what Vishal was saying, even if you look at this year, we did make substantial investments in our business if you look at a number of sales people, they have increased almost 20-30%, if you look at the wage hikes, the variable payout to employees, we gave 25,000 promotions, we had a backlog of promotions which we cleared. So we have done significant investments in the business this year, but we were still able to improve our operating margins by about 240 basis points on a constant currency basis. So, I think that gives us the confidence that we can still maintain our margins in the band of 25%(+/-1%) while meeting the needs of the business to make investment. If there is a need to make to further investments, then yes, the margins could be towards a lower range, but I think that is something that we will have to see how it plays out quarter-on-quarter but at this point of time, we feel comfortable with the band that we have given.

Anantha Narayan

Just a quick follow up, in terms of the guidance, does that include any element of acquisitions like Callidus for example?

Vishal Sikka

The guidance that we have given is based on whatever we have in the current portfolio and because Callidus also we closed yesterday, you can assume that as a part of this but this is not a significant part of the revenue obviously. And if we were to do any other deals over the course of the year, that we are excluding from this guidance. You have to see this, the traditional services will continue to experience margin and pricing pressure, and that is why these automation, the platform efforts and Panaya and things of this nature, they bring us into the higher productivity, higher automation, higher margins kinds of areas. That is where we will see more growth. So, that is why we feel comfortable with both the guidance as well as the margin.

Moderator

Thank you. The next question is from the line of Yogesh Agarwal of HSBC Securities. Please go ahead.

Yogesh Agarwal

I just have a couple of questions if I may: Firstly, can you talk a little bit about the reasons why there was a bit of loss of momentum in the fourth quarter? And secondly, related to that, it seems like most of your peers have also kind of talked about a bit of loss of demand momentum whereas some other western larger companies have done pretty well, especially considering the macro in US is looking reasonably good. So, any views on why there has been this loss of momentum – is this heightened competition or just a momentary blip in demand?

Vishal Sikka

Maybe I can talk at a higher level and then Pravin can add additional nuances if necessary. At a high level, there are obviously ramp downs happening in certain industries because of the effect that we see in Energy, in Telecom and currency and so forth. And that combined with this need that customers have to see additional value, additional strategic engagement, and the use of not just doing things at a lower cost but also improving the outcome, creates this effect where traditional business gets under pressure. So, some of it is due to more or less macroeconomic factors and which will come and go, but others are due to more structural trends in the industry. I think this is how you have to see that. That is why we are encouraged that the steps that we have taken in terms of renewing ourselves both from a delivery perspective organizationally and culturally are absolutely necessary as well as the move that we have made from organically investing in developing our own platform, developing our own IP-based services and the growth that we see there and the investments that we are making in reeducating our workforce and so forth are absolutely necessary as a step to get there. Pravin, do you want to add anything?

Pravin Rao

I think in Q4 we had a challenge, overall pipeline is decent, if I look at it from a yearly perspective, we had good growth in Manufacturing, Financial Services was doing reasonably well and we expect the momentum to continue, Insurance is a little bit of pressure and Vishal talked about Energy and Energy continues to be a challenge. Telecom also continues to be soft with pressure on both top line as well as on the bottom line. Retail, while it has been a challenge for us in the last few quarters, we expect better momentum in Retail in the coming year. So net-net, from a pipeline perspective, we have a decent pipeline barring a couple of sectors which are challenged due to sectoral issue. So, we are confident that the current pipeline that we have and with the initiatives underway, we should be able to do well with respect to our guidance.

Moderator

Thank you. The next question is from Ankur Rudra of CLSA. Please go ahead.

Ankur Rudra

Just a first question if I could re-ask on pricing, this appears to be the second quarter in a row where we have seen a sharp divergence between your constant currency growth and volumes. Is there significant increase in pricing pressure in the traditional business, any particular parts of business that you can elaborate upon?

Vishal Sikka

Ankur, exactly that was my point, I see this as a structural issue in the industry that all IT Services companies have to deal with and this is why I believe that the traditional model that we have been familiar with is dying and days are numbered. That is why we need the ability to differentiate on the services that we offer using automation and using innovation. And to complement those renewed services with completely new kinds of innovative capability. So that has to be done. That is my sense is that the downward pricing pressure and margin impact that you see in other companies is not something that is temporary, but it is more structural as a result of the changes that are happening in technology and in the industry.

Ankur Rudra

If you could collaborate upon the guidance for FY16, we are exiting the year at a relatively weak note, the guidance even at the mid-point appears to be building in a bit of an acceleration. Could you maybe clarify; will that be first half-led versus second half in your traditional business?

Vishal Sikka

My sense is that it is not that we see a dramatic increase in the pipeline compared to where we have been, but we do see a differentiated win rate as a result of the differentiation that we are bringing into our traditional services, using many of the initiatives that I talked about. The traditional services will continue to experience these pressures, but the platforms, the Panaya, the higher margin areas as well they will see significantly higher growth. So my sense is that as the effects of this automation and these new things kick in, then the second half of the growth will unlike the past will actually see higher growth as well. So, when we put all of these things together, that gives us the basis for our guidance.

Ankur Rudra

Should we assume that the headwinds you faced this quarter will continue in the first and the second half you would expect benefits from your technology-led acquisitions to flow through?

Vishal Sikka

I think for now, we have to see that certainly the effects of automation and the platforms and so forth will become meaningful towards the second half of the year, but in the near term the effect that we will see will be from just better operational efficiency, better operational performance converting our pipeline and things of this nature. It is true that I would agree that the automation and some of these new areas will have lesser effect in the beginning and more as we go forward.

Moderator

Thank you. The next question is from Mitali Ghosh of Bank of America. Please go ahead.

Mitali Ghosh

Congratulations on the progress made in various initiatives as you have outlined. I had a question also on next year’s guidance. We are just trying to understand how much of this is predicated on wins already, deals already in the bag and how much on the pipeline and client mining. So, maybe if you could elaborate on the large deal wins this quarter? And also any other color you could provide in terms of perhaps geographies where you are seeing traction and which service lines you are expecting will drive this growth?

Pravin Rao

We had five large deal wins in this quarter, total TCV of $414 mn, three were in Retail, two were in Manufacturing, three in North America, one in Europe and one in GMU, our growth market. Overall, I think when we look at the pipeline, as I said earlier, as we are seeing decent pipeline in Financial Services, we are seeing decent pipeline in Retail, we are seeing decent pipeline in Life Sciences, Manufacturing momentum, we are seeing similar kind of pipeline what we have seen in the year though from a number of large deal perspective it is muted. Our challenge is in Insurance to some extent, but to a large extent in Telecom and Energy, other than that we feel okay. There is no real difference between Europe and North America, in fact we are seeing decent pipeline in Europe as well after quite a few quarters, though it may vary from industry-to-industry, for instance, in Manufacturing, we are seeing better pipeline in Americas than in Europe, whereas in Financial Services it will be other way round. At overall level I think when we look at the pipeline mix its consistent across geographies and to a large extent across verticals. So, it is difficult to differentiate.

Mitali Ghosh

Secondly, Vishal, I wanted to understand the assumptions for your 2020 guidance or aspiration that you outlined. Broadly, what is the context for that what you are assuming perhaps in terms of growth in IT spend, which areas, is it more a market share driven gain you are looking at? And also if I got that correctly I think you are talking about a 30% EBIT margin. If you could just elaborate by when you are looking at that and what you expect your business mix to be, which will give you that kind of a margin?

Vishal Sikka

That is the aspiration that we have of getting to $20 bn by 2020 at 30% margin and $80,000 of revenue per employee. If we look at that point and look backwards from there from 2020, the world that I see is that we will see a new kind of services, what we have referred to as “Next-Generation Services” where people are surrounded by software, where people are surrounded by technology, and so therefore you have a much more productive and much more capable individual that is empowered by education, by new capabilities, and by an ability to take advantage of software and automation around them to become much more amplified, if you will. So that is the vision. And the path to get there from here is basically the path of the three big components, the renewal of the existing services, completely new kinds of services that we are just launching now, and in parallel doing some inorganic work to bolster our capabilities and the way we have split that up for now for the planning purposes is that the organic stuff will account for roughly let us say a billion and a half out of the $20 bn, 10% of the revenue will come from what we are referring to as the “New Services” which is the Artificial Intelligence project, the Design Thinking work to help identify the important problems of our customers are next-generation problem, and then bringing innovative new solutions that are done rapidly to live to solve those new problems. These are problems for which there are no consulting packages, for which there are no best practices yet, there are no package systems that you bring in and so on. You have to identify, you have to problem-find and you have to build out the solutions to these things. So, that entire area with the next-generation data science and applications, AI applications and Design Thinking type problems, we are assuming that we will have 10% of our revenue coming from that area, platforms, and products, product-oriented services as well as AI, Design Thinking and so on. So that leaves the remaining from the ‘renew’ of our existing services and this is where we bring now the power of AI to the existing service offerings that we have in BPO, in Infrastructure Management, in Verification, in Application Development and Product Engineering, Automating Package System Implementation work and so forth. And we believe that we can grow this between 13 and 14% to get to that 16.5% that this would be. This is sort of how we are modeling out the $20 bn at that time. And again, the assumption of the profit, 30% margin that I have talked about, is basically that the surrounding the person with the software, so that the person become more productive, the person is more valuable, and the software has of course higher margin, gives us to that aspiration to get to the 30% number and to the $80,000 per employee number. Currently, we are at approximately $52.3 thousand revenue per employee and the aspiration is to get this to $80,000. If we could do that, then we will be the leader, we will have transformed ourselves into this next-generation IT company, which is basically helping solve the great problems that our customers have.

Mitali Ghosh

Just lastly one very quick question, on sales side I think you mentioned that you are transforming, rethinking the client-facing function. Any color on that in terms of maybe how much you are expanding sales or how differently you are doing sales in terms of strategy?

Vishal Sikka

We are working on that, some of that we have already done, for example, we recently did realignment of our organization where we focus ourselves into five verticals each with one leader that are focused on client relationship and business development with an increased, but yet more focused global portfolio. So, that has already been done and that is already showing results. Beyond that we are streamlining the sales function by bringing Design Thinking as a core competency to help start next generation new initiative. As I am sitting here in Chennai talking to all of you, Sandeep is in Palo Alto, doing two Design Thinking Workshops with two of our leading clients in his segment, and we recently did this a two-day session with RWE as I talked about which is from Rajesh’s portfolio, and we have also done more than 80% of our sales leadership has already gone through the Design Thinking training themselves. So, these are some of the kinds of initiatives that we are doing. But beyond these we want to bring a lot more focus on the operational efficiency especially in mining accounts and pursuing large deals. We are redesigning and reinventing the RFP and orals process. I come from a world where the whole RFP or oral thing is somewhat new to me, and when I saw the process, it looks like an ancient process, and it is something that is right to be redesign. So we are in the middle of doing that putting together a beautiful approach around that. So, there are many such ways, both organizationally and operationally as well as strategically that we are reorienting the sales function. Mitali, one key I could add and Sanjay Purohit is sitting right here. We want to see increasing the consulting as our “Tip of the Sphere”, as we go into our engagements. Traditionally, consulting has been more focused on existing practices to doing implementation for existing packages and best practices are already known, where we want to transform this to what Sanjay is working on, is to transform consulting into an area, where we can first have the strategic dialogue with the customers not only on their operational efficiency-oriented parts of the business their renew parts of their business, but also on what are the next-generation problems that these businesses have, and that will help consulting establish itself as a key strategic part of the engagement and what we referred to as a “Tip of our Sphere”. So, that is another key aspect of refocusing our sales effort.

Moderator

Thank you. The next question is from Sandeep Muthangi of IIFL. Please go ahead.

Sandeep Muthangi

I had a quick question on the margins: Can you please walk me through the gross margin movement during the quarter because most of the traditional levers have indicated margin pressure, utilization is down, you have had cross currency headwinds, etc., but gross margins improved by more than 100 bps, so I am curious to know why that happened?

Rajiv Bansal

That is true. During the quarter, we saw utilization drop, we saw pricing drop, and we had a cross currency impact. Considering our performance during the quarter, we have also reduced our variable pay for employees to 70%, which has given as 120 basis points improvement on the margin.

Sandeep Muthangi

And then one final question on the growth characteristics during the quarter. I just wanted to check if you had seen things worsening during the quarter or if you had thought in December or January that this quarter you are going to see this kind of a price pressure or is this something that caught you also off guard?

Pravin Rao

I think getting into the quarter, we felt that we had a decent chance looking at the pipeline, but a combination of things, some of the projects got pushed out, we were not able to convert a couple of opportunities which we had anticipated, pricing pressure was much higher than what we anticipated, it is a combination of things, where in fact, if you look at utilization and other things we had planned for much higher volume growth it did not materialize. Again, I cannot see a trend in that. So we continue to look at the pipeline, we are reasonably confident about the coming quarter.

Moderator

Thank you. The next question is from Viju George of JP Morgan. Please go ahead.

Viju George

I just had one question about your guidance: Given that Q3 and Q4 are traditionally weaker and given that lower end of the guidance is 3.1% or 3.2% CAGR, you are essentially sort of looking to really meet the most of it in the next couple of quarters really because that is what matters and that is not something you have done for three-to-four years now, so what is the confidence that you will be able to do it?

Vishal Sikka

My sense, Viju, is that yes, you are right, if you look back over the last five years or so, our Q3, Q4 performance has traditionally been worse than Q2, but as I mentioned, we see an increasing role that automation and innovation will play in our existing portfolio, so we saw the first signs of this with Panaya helping and participating some of these end-to-end Application, Maintenance and Upgrade Package deal. So, my sense is that traditional Q3, Q4 performance that we see. So, based on the pipeline, as Pravin said, as well as based on the effects of this automation kicking in both in terms of better differentiating our offerings as well as in terms of improving our productivity and our ability to win better, will result in a better second half than we have had, and then based on the pipeline that we see and our ability to see in the first couple of quarters that account for the rest. So 10 to 12% at constant currency under the circumstances is something that we feel quite confident about.

Viju George

And I had just one more question on seniors that we are hiring, Vishal. There have been a lot of news reports buzzing around how several executives are coming in and joining Infosys from your erstwhile company SAP. Can you just sort of detail for us, what is the kind of role you intend to play for them, what is the kind of business models you might envisage for them to take part in and shape for Infosys going forward? Are you going to be more attached to the traditional business or something like that, just a little bit more color please?

Vishal Sikka

There only two of the senior team –Michael and Abdul are in the Delivery, Research and development-oriented area. Nobody from the executive team have moved so far, so all the EVPs and core corporate functions are exactly the way they were when I inherited these by and large, the exception of a couple of changes that we have made in the last eight months. So I think that this whole fascination with the hiring of the executive from SAP seems to be like way overblown in my view. Ritika is heading M&A, the rest of the team is in core enabling function, because we see a longer-term renewal at our hand, when I started I talked about a next third of century or 33 years that we saw in the next 33 years. So, by and large the colleagues that we have brought in are in these more transformational cultural-oriented areas, the operational areas of the company are still exactly the way they were when I started. In terms of the products and services mix, I think as I have said before, we are a services company, we are going to continue to be a services company, but we do foresee that the next-generation services company is one where the traditional services are augmented or amplified by software or product type services, IP-oriented services. We see that now happening with Edge, with Finacle, as well as with the platforms that we are surrounding with. So, if you look at the world before Panaya and the world after Panaya, just as an example, to see how you can model this out for the rest of the business. When we go into a package implementation or an upgrade or a migration kind of a deal, traditionally, it would be a bunch of people that would go in either in a time and material or a fixed price contract. Now, you have people plus software. So you have less number of people perhaps more skilled people because you can charge higher rate for the people and the less number of people is compensated by additional software. So, even if the total cost for the customer in fact comes down, the margin goes up and more people are freed for additional project. This is sort of how we see the world evolving from one where a bunch of people would be put on to a project. This is sort of the assumption that we have and that model of services is not changing because a few people from SAP joined 180,000 employees company.

Moderator

Thank you. The next question is from James Friedman of Susquehanna. Please go ahead.

James Friedman

Vishal, by 2020 is a very helpful structure. Do we assume that replaces the previous assumption of industry level growth by 2017?

Vishal Sikka

It would certainly give us more breathing room, but no, we are doing both of those. Keeping the three-year target that Mr. Murthy have established and in addition establishing this longer term path in front of us.

James Friedman

Do you notice that Design, Automation strategies are being embraced by particular verticals or is it across the organization?

Vishal Sikka

Both. The role of Design Thinking, from an organizational perspective it is much more about bringing a new kind of a skill into the Services business, which is to be more proactive to bring an innovative mindset to every single projects that we do, whereas Design Thinking as a sales oriented or a consulting-oriented skills is much more about helping clients identify the next-generation problems that we have. We had a very interesting experience recently where a leading CPG company which is among other business in the chocolate business, identified the role of sugar in the future as one of their key strategic priorities. And this kind of a problem you identify using Design Thinking. There is not an SAP or an Oracle or a workday package for sugar in chocolate, this is something that you find using Design Thinking or the utility example that I gave from Peter, the CEO of RWE, where an entire industry has gone through a complete transformation because of the regulation, because of the shutdown of atomic energy and because of consumer becoming much more active with sustainability and so forth, and the company is rethinking their entire future. This kind of a thing requires the completely new kind of a fair scale and that is what Design Thinking brings. So, there are two different parallel tracks – one to bring Design Thinking so that they can be creative in their jobs, they can become much more of helping clients find problems and goes up that innovative value chain, and on the other hand having sales colleagues and consulting colleagues who become able to have transformative dialogues with clients about the strategic areas and so forth. So, they are two different, but both equally important thing and both using the same skills obviously.

Moderator

Thank you. The next question is from Ashish Chopra of Motilal Oswal Securities. Please go ahead.

Ashish Chopra

I had a couple of questions: First one was actually around the guidance. So just wanted some color on how you are actually building in it in terms of growth for traditional services, especially considering the fact that your constant currency productivity has been down by a couple of percentage points in the last couple of quarters. So, would you really see that trend kind of extrapolating even going to the next year or how are you currently thinking about it?

Vishal Sikka

As I mentioned earlier, we see the results of the investments that we are making in these areas like Automation and so forth, kicking in and helping us improve the productivity of our offering, our services, and giving at least a 10% constant currency growth over the course of this year and then overtime as these initiatives kick in, as the platforms and all these technologies kick in, accelerating that growth in the latter years. This is sort of how we see this evolution happening.

Ashish Chopra

If only I can put this in another way, would you then expect the volume growth to be much better because of the fact that the pricing is trended downwards and you need to meet a 10 to 12% kind of revenue guidance?

Vishal Sikka

I think where we have come from basically revenue growth corresponds to volume growth or the number of people that we hire and overtime we see that changing to run where the revenue per employee become significantly higher, which in our aspiration it is going from $52,500 now to $80,000 per employee by 2020. So, you would see a slowdown in the rate at which we add the number of employees to the company. So if you just do the math on this $20 bn by 2020 and $80,000 per employee, that means that we are aspiring roughly in the ballpark of 250,000 employees for using $20 bn in revenue as opposed to 175,000 to 180,000 for using $9 bn in revenue right now. So, that is sort of the direction that we see this taking where software and our productized services surrounding people becomes an increasingly important part of the offering.

Ashish Chopra

My second question was actually around capital allocation. So like you mentioned Dr. Sikka in your remarks aspiration for 2020 as well, you expect around $1.5 bn from inorganic and then 10% from newer areas and considering that the cash in the kitty right now is well over $5.5 bn and with the generation of free cash flow of well over billion dollars annually, so would you not see room for some more cash to be shared in terms of payout or any other mechanism or would you think that this would be the optimal rate even in the future years, the one that you announced in terms of 50% payout?

Vishal Sikka

Today, as Rajiv mentioned, we did the dividend increase as well as the bonus offering. So I do not want to rule out any of this in the future including any large acquisition that might make sense, $1.5 bn that I talked about that is something that we are baking into the plan and then of course there are unforeseen opportunities that might arise, that might get us to shell out more of the cash pile for an acquisition or consider other kinds of things. So, we are not ruling out any other moves that we might make from a capital allocation point of view, but for now we believe that the right thing to do is to increase the dividend, do the bonus stock move that we made, and then continue to be more agile to respond to additional circumstances as they might surface.

Rajiv Bansal

Just to reiterate, we have increased the dividend payout twice over the last four quarters, from 30 to 40 to 50 now, so I think that is a significant increase, almost 50% of the net profit, we are not talking about free cash flows, we have been having 100% cash generation in the past but 50% is a very significant dividend payout ratio, and as Vishal said, what we are baking into the model the next five-year model is 50% towards CAPEX, towards technology assets and M&A, but it does not rule out any large opportunities which may come across to us.

Ashish Chopra

The acquisition that you announced, so if you could elaborate a little bit more in terms of the spaces in which it operates? And any color around the financials would also be very helpful?

Vishal Sikka

Maybe I can say a couple of things and then Ritika is here, she can add more. It is a company called Callidus, it is more popularly known as Skava, it is a mobile commerce platform that transforms existing properties into mobile properties primarily in area of mCommerce for retail, they have some major customers like Toys R Us, Macy’s, Kohl’s and things like that primarily in retail and we have seen the evolution of mobile especially with mdot mobile world taking on a great momentum this year especially in the US, where traditional commerce sites will become much more mobile and so forth. The company has a great bit of technology that they have done to mostly automatically convert and existing site into a mobile site and then they have a great design expertise to then from that automatically created mobile site to transform that into a great mobile experience either on a mobile browser or through native apps and so forth. So that is basically the idea. It is an extremely innovative product, great sticky product and works extremely well….we believe that it is a great complement to both our retail, vertical as well as in particular our digital offering. So we are quite excited about it.

Sandeep Mahindroo

Thanks everyone for joining us on this call. We look forward to talking to you again during the call in the evening a couple of hours from now as well as during the course of this quarter. Have a good day.

Moderator

Thank you. Ladies and Gentlemen, on behalf of Infosys, that concludes this conference. Thank you for joining us and you may now disconnect your lines.

 Exhibit 99.6

Earnings Call 2

INFOSYS LIMITED EARNINGS CALL-2

Q4 & FY 2015 RESULTS

April 24, 2015

CORPORATE PARTICIPANTs

Vishal Sikka

Chief Executive Officer & Managing Director

Rajiv Bansal

Chief Financial Officer

Pravin Rao

Chief Operating Officer

ANALYSTS

Joseph Foresi

Janney Montgomery Scott

Keith Bachman

BMO Capital Markets

Moshe Katri

Cowen & Co.

Sandeep

Edelweiss

Dave Koning

Baird

Rishi Jhunjhunwala

Goldman Sachs

Edward Caso

Wells Fargo

Moderator

Ladies and Gentlemen, Good day and welcome to the Infosys Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode. 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 ‘*’ and then ‘0’ on your touchtone telephone. Please note that this conference is being recorded. I now hand the conference over to Mr. Sandeep Mahindroo.Thank you and over to you sir.

Sandeep Mahindroo

Thanks, Inba. Hello! Everyone, and welcome to Infosys Earnings Call to discuss Q4 and FY15 Financial Results. I am Sandeep from the Investor Relations team. Joining us on this call is CEO and MD – Vishal Sikka, along with other members of the leadership team. We will start the call with some remarks on the performance of the company for the recently concluded quarter along with some comments on the fiscal 2016. Subsequently we will open up the call for questions.

Before I hand it over to the management team, I would like to remind you that anything which we say which refers to our outlook for the future is a forward-looking statement, which must be read in conjunction with the risks 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 it on Vishal Sikka.

Vishal Sikka

Thank you, Sandeep. Hello! Friends as I speak to you today, we closed a rewarding year, but a disappointing quarter. Rajiv and I will address the details of the financial performance during the course of this call and I want to take a few minutes first to outline my thoughts on the year behind us and our outlook for the road ahead of us.

We find the external environment to be one where concerns related to currency, energy, and other things as well as technological disruptions have created a sense of volatility. However, I believe that these are not structural issues and that despite these, a company that is focused on innovation and efficiency, can achieve great results. I believe that the traditional model of IT Services is dying but businesses continue to look for partners who can help them grow and innovate, who can help them renew their operations and their businesses and to do so in reliable and agile ways.

Since I took over as CEO a little more than eight months ago, it has become clear to me that we have weaknesses in sales and other processes and our delivery culture sometimes lacks proactive innovation. However, I have also found that we have strengths that more than outweigh these challenges. We have an immense ability to educate and to learn, perhaps the best in the world. We have a deep organizational desire to change and improve ourselves, as well as a great ability to recruit the best talent and to house them in exemplary client-centric teams and infrastructure that is massively scaleable. It is these trends that give me the confidence in our strategy and despite the weaknesses, to turn all our aspirations into commitments.

It is clear that in our operations, especially in sales, we need to execute better and we will, both to improve existing operations and to bring new solutions to market. Our recent organizational realignment has freedup senior segment leaders to focus exclusively on client relationships and business development. We will continue to make additional changes as necessary to further strengthen our ability to execute and deliver on our aspirations which is industry-leading profitable growth by financial year 2017. We have launched some specific initiatives to execute against our ‘Renew and New’ strategy. We are rethinking all our client-facing functions. We are doing this by streamlining our sales functions, by unifying delivery and by redesigning our RFP and oral processes among other things. We are establishing systematic innovation as an imperative in every project that we deliver. We have put together what is possibly the largest ever training program in Design Thinking. Since October 2014 about 25,000 Infosys employees have been trained on Design Thinking through a one-day immersive class. We have also launched a zero distance from innovation projects, where every single project manager has been given a specific 5-point innovation agenda to bring innovation to their project. More than 1,700 of our projects already follow this.

We are accelerating our product – Finacle and Edge and our Infosys Information Platform, Infosys Automation Platform and Panaya businesses. We established a new leadership structure for the products and platforms businesses, and as a result of this focus, Finacle saw 14.2% constant currency growth quarter-over-quarter and Edge also saw significant growth. Finacle sustained its business momentum with 23 wins and 11 go livein the quarter including Standard Bank in South Africa, and Qantas Credit Union in Australia. On Edge, we had 12 wins and 3 client go live during the quarter.

In a short duration of less than two quarters, we have more than 100 active projects going with clients who are using IIP. 15 pilots have already been completed where every pilot is an agile one taking about three to five weeks to close, and four of these are already in full production. In addition, 17 contracts are in the final stages of being executed with IIP. On Infosys Automation Platform, which is our platform capabilities for bringing automation into our existing services in Infrastructure Management, has been deployed already in nine projects and has a pipeline of 31. We are able to show almost 40% productivity improvements in our deployments with IIP. Infosys also now has a strong AI practice which has seen a spike in the number of Artificial Intelligence projects over the last eight months, especially in Engineering and Finance, where we have proven success in providing solutions to complex and diverse problems. We are especially proud of our relationship with Boeing, where we have been working in partnership on knowledge-based engineering to develop software tools using Artificial Intelligence with the objective of reducing flow time in the aircraft development process. I believe that we can bring this notion of knowledge-based engineering to lots of enterprise landscapes.

Syngenta, a world leader in agri-business had application performance challenges in their management reporting because of large volumes of data. Infosys did a proof-of-concept using IIP to improve its performance by 12 to 60x. Also at Syngenta, the Infosys Automation Platform was used to automate SAP user authorization request and improve user productivity through speedy closure of authorization requests. And Syngenta also went live with their TradeEdge Dealer Management System in the last quarter to manage distributors in two states in India. This will be rolled out to distributors across other states as well as other countries in the region over the course of next year.

With Panaya, which we acquired during Q4, we are seeing up to 50% productivity improvements in testing. At ABB in Brazil we saved 30% on testing time, at Inchcapewe saved 50% in testing integration and documentation effort and at Coca Cola Israel or CBC, we completed their 6-month project within 2.5 months. At Royal Resorts, we saved them 73% of efforts in their SAP development efforts.

We are transforming Infosys Consulting to be the tip of our spear. We have consolidated our various consulting units under a single global leadership. In the last few months, we have completed more than 20 client engagements in Design Thinking and have a pipeline of more than 100 additional ones. An outstanding success with Design Thinking has been the transformation of our relationship with RWE, one of the largest utility companies in Europe. Peter Terium, the CEO of RWE has said this and I quote “Our company and in fact our entire industry is in the midst of a massive transformation. Given the scale of the market disruption, RWE has started our innovation journey more than 2 years ago. In this change journey, our interactions with Infosys on Design Thinking have already yielded great value by increasing the scope of what we even thought was possible. I look forward to an increasingly strategic and collaborative partnership between our companies in Silicon Valley and around the globe”.

We announced 100% bonus payouts in Q2 and Q3, which I believe has helped to retain good talent. Because of this and several additional measures that we have taken for employee engagement, I am very happy to report that our employee attrition has been contained. In May 2014, the month before I was announced, we have 2,850 exits from the company, in July we had 2,528, this year in January we have had 1,768 exits, 1,437 in February, and 1,352 in March. So this number has come down by more than half since May of last year. And we are opening new frontiers to our business with a unique approach to investments, M&A, startups and with our $500 mn investment fund.

As a result of all of these initiatives, I believe also that the client confidence in Infosys has increased. I have personally met more than 500 clients and more than 170 one-on-one meeting. I sense their excitement to be associated and engaged with Infosys. Some examples from this last quarter - House of Fraser, a leader retailer in the UK and a part of the Sanpower Group in China, selected Infosys to deliver a strategic retail transformation program bringing advanced technology to their multi-channel business. ABN AMRO selected Infosys has one of its strategic partners to drive its business transformation. Infosys will deliver services across Application Development and Maintenance, Testing and Product Implementation in the entire lifecycle. Western Union Financial Services have selected us for an 11-year turnkey project where we take end-to-end ownership to modernize, maintain, and support their worldwide settlement system.

Today, we also announced two strategic investments. We have taken a stake in an exciting startup Airviz in the Internet of Things area, and we have entered into a definitive agreement to acquire Skava, whose mobile commerce tooling platform is used by leading retailers in the United States.

I would now like to talk briefly about our performance in the quarter that ended on 31^st March, the lessons that we have learnt and the actions that we are taking. We closed the last quarter of fiscal 2015 at $2.159 bn in reported currency and $2.208 bn in constant currency. So naturally I am disappointed that we could not do better compared to the guidance that we had provided for the year despite promising first three quarters. I am pleased of course that our cost structures have stabilized and we are able to finance through balanced investments and profitability while returning higher dividends to investors and Rajiv will talk about the dividend as well as the bonus share matter in his presentation.

Thanks to our operational efficiency initiatives – the operating margin of the company has significantly improved from 23.5% in Q1 fiscal 2014 to 25.7% in Q4 fiscal 2015. We will continue our focus on improving utilizations, on reducing onsite employee cost as a percentage of revenue and in bringing more agility into our business enabling function. This is vital to generating the cash flows required to invest into our “Renew and New” strategy. The positive momentum coupled with the corrective measures that I have outlined will help us recover the loss of momentum that we saw in Q4 2015.

Our year-on-year guidance for financial year ‘16 is growth in the range of 10 to 12% at constant currency. The mission of our management team is to prepare the company to achieve an aspirational goal of $20 bn in revenue by CY 2020 with at least 30% in operating margins. New services such as Design Thinking AI, and the Intellectual Property-oriented services work will contribute approximately 10% of revenue. We expect our inorganic investment strategies to influence approximately $1.5 bn of new revenue, and we will increase our revenue per employee to $80,000 by deploying automation and innovation in existing businesses. We expect to generate at least 30% productivity improvements in our existing service lines from these solutions.

New platforms in our Edge portfolio work on different revenue models and will contribute disproportionately to our revenue per person. Our goal is to bring attrition levels down to the lowest in the industry and to achieve at least 25% in diversity in our top leadership. Our aspiration is to make Infosys a great place to work attracting the best talent in the industry globally.

I am confident that the steps that we are taking will get us there. It will get us back to being the bellwether of our industry, to being a next-generation services company, one that delivers innovation for a world that is being fundamentally reshaped by computing technology.

Let me know hand this over to Rajiv for his comments and I will come back for the Q&A session after that. Thank you.

 Rajiv Bansal

Thank you, Vishal and Hello everyone.

We ended financial year ‘15 with revenue of $8.711 bn, year-on-year growth of 5.6%. On a constant currency basis based on FY14 average rate, we grew by 7.1%. If you recollect we had given a guidance of 7% to 9% in April based on March 31^st 2014 rates. Based on those rates, we grew by 7.7%. However, our revised guidance was 7% to 9% based on September 30^thexchange rate and we have grown by 6.5% based on those exchange rates.

We have delivered an EPS growth of 15% year-on-year on revenue growth of 5.6%. I believe we have done exceedingly well on the margin front in FY15. Our operating margins for the year improved by 190 basis points on a reported basis and 240 basis points on a constant currency basis. This is after wage hike to all employees effective 1^st April 2014 after 25,000 promotions which we did during the year. We increased the average variable payout of our employees from 64% in FY14 to 86% in FY15. We also did mid-year wage hike for significant number of our employees effective October 1^st 2014. We also increased our investment in training and employee engagement.All these helped us to bring down the annualized attrition from 23.4% in Q1 to 13.4% in Q4. We have been able to show remarkable improvement in the operating margins because of our focus on improving operational efficiency - onsite effort mix which has come down from 30.6% last year to 28.8% in FY15. Utilization excluding trainees went up from 76.4% to 80.9% during the year. Pricing though has been under pressure, and has declined by 2.8% year-on-year on reported basis and 1.4% on constant currency basis.

Though we have done exceedingly well on year-on-year operational parameters and margins, the fourth quarter revenues have declined by 2.6% on a reported basis and 0.4% on a constant currency basis. Pricing continues to be under pressure and has seen a decline during the quarter by 1.7% on constant currency basis. Our utilization has declined by 410 basis points to 78.6% during the quarter. Our operating margins for the quarter was at 25.7%, a sequential decline of 100 basis points, but the cross-currency impact was about 70 basis points on the Q4 margins. On a normalized basis, the margins have dropped by about 30 basis points.

We added about 14,471 employees gross during the quarter with a net addition of 6,549 employees. We have rolled out an average wage hike of 6.5% for employees in India and 2% for employees outside of India. Including promotions and other benefits, the increases will be on an average of 7.5% to 8% for India and 2.5% for employees outside of India. This is in addition to the mid-year hike that we rolled out in October for a significant number of our people.

The Board has recommended the bonus issue of one equity share for every equity share held and a stock dividend of one American depositary share for every ADS held as on record rate to be determined.

We had committed to relook at our capital allocation and cash deployment policy in line with the company’s strategy of “New and Renew” which Vishal has articulated. We did our planning and financial models for the next five years. M&A is going to be an integral part of our strategy and we would like to allocate a significant part of incremental cash flows to it. We also need to make significant investment in Infrastructure and in Technology Assets. Therefore we need to spend 50% of our incremental cash flows in M&A and in investment. Keeping this in mind we recommended to the Board an increase in the dividend payout to 50% from the current 40% of our post-tax profit. This implies a final dividend of Rs.29.50 per share for fiscal 2015, equivalent to Rs 14.75 per share after 1:1 bonus issue. This translates to a final dividend in dollar terms of 47 cents per share pre-bonus and 24 cents per share post-bonus. The Board accepted the same subject to the shareholders’ approval in the AGM. The increase in dividend payout will negatively impact our FY16 EPS by 1 cent due to lower non-operating income.

Our yield on the non-operating income was at 9.04% compared to 9.24% in Q3.Yields are likely to decline further during the next financial year due to softening of interest rates in India. Our effective tax rate would continue to be in a narrow range of 28% to 29% for the next year. During the year we have spent $42 mn towards CSR activities and $11 mn during the quarter.

Our cash and cash equivalent was $5.2 bn as of March 31, 2015. Our cash and cash equivalent declined in Q4 mainly on account of 221 mn toward acquisition of Panaya and making investment in Nova, payment of $560 mn towards taxes which included a tax demand from authorities in India for assessment year 2010-2011 (the same has been paid and we have filed an appeal with the Income Tax Tribunal), capex of about $106 mn. Our DSOs increased by 4 days during the quarter which also impacted our working capital.

We are guiding for 10% to 12% constant currency growth in FY16. Our FY16 growth is impacted by 380 basis points due to adverse cross currency movements during the year and therefore on reported basis we are guiding for a revenue growth of 6.2% to 8.2%.

While we have done exceedingly well by substantially improving our operating margins for FY15, we continue to make investments to accelerate our growth. We earlier provided an operating margin band of 25% (+/-1%) based on the currency rates at that time. However, as you know during the last few quarters, most local currencies had depreciated significantly against the US dollar and that has negatively impacted our operating margin by 100 basis points. Despite that we would like to retain the margin band that we had given earlier. However, operating margins may continue to be volatile quarter-on-quarter. As in every year, the first quarter will see the impact of salary increases, promotions and investment in new visas. I expect the first quarter operating margins to be impacted by about 250 basis points.

With that I would like to open it up for questions. Thank you.

Moderator

Thank you very much, sir. Ladies and Gentlemen, we will now begin the question-and-answer session. The first question is from Joseph Foresi of Janney Montgomery Scott. Please go ahead.

Joseph Foresi

I wonder if I could ask sort of a couple of high level questions. It seems like you feel in the industry the basic old services model is I think you had said dying. First, on the revenue growth side, what produces upside and are those coming from different areas than what were typically used to, are those coming from newer initiatives as opposed to the basic Application Development and Maintenance stuffs. I am wondering, how are you reorganizing the business to go after those newer areas and what is driving the upside there?

Vishal Sikka

It is a great question, Joseph. So there are two parts to that, there is a ‘renew’ part to that which is basically where we are endeavoring to make our existing services for the existing businesses that they cater to more competitive and more productive by bringing in automation, by bringing in new technology into those businesses. An example of that is, the work that happens in upgrading package system, for implementing package system. We recently did a large deal where we bought Panaya into our traditional SAP practice, and we won a large deal where we would do the upgrade and implementation and management project for this SAP landscape. This is an example where you take a traditional people intensive kind of a project offer and replace that with the lesser number of people perhaps at a higher price, but augment that with the software which is much higher margin and you achieve two things - the cost of the customer goes down, but the margin goes up and you save people to put on additional projects. So, this is the kind of transformation that we see on the existing business, and in parallel the ‘new’ areas are fundamentally higher value, higher margin kinds of areas.This is where we build complex applications for complex problems using new platforms like the work with IIP. Infosys Information Platform or the Design Thinking engagements where we basically work with clients on identifying their next-generation problem and then working on rapid solutions for that. These are the kinds of things that are higher value, they are typically served to new lines of businesses, whether it is marketing or sales or strategy. They are high value, high margin project. However, as I mentioned earlier, we have approximately 250 of these types of engagements going but this compares to more than 30,000 projects that we have in the traditional business. So this will take some time to become a material revenue driver. In the meantime the revenue has to come from a significant improvement in the productivity and in the differentiation of the existing stuff that we do.

Joseph Foresi

Second question and this has sort of been one that some of your predecessors have gotten before. Given your high level of profitability and the fact that there it seems like there is significant headwinds including pricing pressure over a long period of time, why not adjust the margin profile lower in the short-term until those new projects that you are working on can kick in and provide productivity? Why try to maintain that level of profitability when clearly it seems like people are resetting the bar at a lower price point?

Rajiv Bansal

We have done analysis and it is not that the margins are impacting our growth. If you recollect about a year back, our margins dropped to about 23.5% but that did not result in higher growth for us. We continue to make investments wherever it is required. We have a very flexible investment policy. The priority is to accelerate the growth of the business and whatever the investment needs are, they are being fulfilled proactively on a case-to-case basis. We started giving a margin band for the last three to four quarters precisely for that reason so that we wanted the flexibility to be able to make investment as and when the opportunity arises. So, I think we are absolutely aligned but we need to make investments to accelerate our growth, but it is not that the margin is impacting our ability to make investments.

Joseph Foresi

Just specifically on pricing, we have heard a lot of different commentary on pricing, some look it as stable, some look it as declining. I would like to get your view on what pricing is doing, not just in the short term, but over the long term and if it is impacting those 30,000 projects that you described, maybe you could address that versus a long-term margin profile?

Vishal Sikka

Maybe I can start and Pravin, if you can add something. In the short-term, we see a tremendous pricing pressure coming. I do not think this is something that is temporary, I think this is a structural thing that is going to impact the way the services have been done. It creates what I have in the past referred to as a ‘downward spiral’ where cost continually come down and we become increasingly competitive in yesterday’s model, not realizing infact could use that analogy, a bunch of horse cars trying to compete with an automobile. In this case, automation is taking over major parts of the business, it has to, it is a natural order of things, we have to embrace that, we have to embrace the situation that people become the managers of exceptions and operators of the automation rather than operators of the system. We have to evolve towards that. On profitability, I think longer-term when you think about this, you realize that as we evolve towards that kind of a model where people become much more productive and able to deal with these kinds of processes with automation, then in fact our margins donot need to suffer because we can continually bring a combination of people and software to the services world and augment and amplify people’s ability with software. So I see this very clearly and I see that this is an irrevocable trend and we have to embrace that because if we donot then we will get disrupted and you already see that happening in the industry and in the results that you have seen recently.

Moderator

Thank you. The next question is from Keith Bachman of BMO Capital Markets. Please go ahead.

Keith Bachman

Yeah, I had a few if I could. First one relates to the previous question, but you are anticipating constant currency growth in this current fiscal year of 10% to 12% which is meaningfully above what you consistently generated during the past fiscal year including this quarter. What is the bridge that enables you to get to constant currency growth of 10% to 12% this year, because many of those activities you just described in the previous question I think are longer-term objectives but I am curious how you bridge this year?

Vishal Sikka

They are, but as I mentioned in this example and we talk several examples, some of those I outlined during my preamble where the addition of automation has resulted in results already, where we can monetize the software and reduce a number of people working on a project and thereby make the overall offer more competitive. We see that happening in bids already, we see that happening in projects already and my sense is that in the early part of the year based on the pipeline and the outlook that we see, it is all about execution efficiency and getting our job done. As we evolve towards the second half of the year, more and more effects of this automation, as well as some of the new kinds of projects will start to contribute to the revenue. So, we see the 10% constant currency achievement as being not that far off from what we have already done, if you look at over the last few quarters.

Keith Bachman

Then Rajiv, if I could transition to you. You mentioned perhaps 250 basis points impact to margins in Q1. I was not sure what is the source of that, is that just a volume variance or is that an investment? Should we still be thinking even with 250 basis points you have been talking about 25% (+/-), it is that still the right average for the year, which means you end significantly higher than that?

Rajiv Bansal

Every year in the first quarter every IT company would see a dropin margins because of employee wage hike, promotions, and investment in visas. That impact is typically about 250 basis points. And as the growth start coming in the subsequent quarters, when you start hiring people from the colleges, the average per capita costs are dropping again during the year and the margin started going up. These are the investments typically in the first quarter and it is not there in the subsequent quarters. So that is the reason our first quarter margins are typically lower and exit rates are pretty high.

Keith Bachman

But it is still the right thought process to equal 25% operating margins plus or minus for the year?

Rajiv Bansal

As I said, we had given a band of 25%(+/-1%) earlier. We are seeing cross currency impact of about 100 basis points, but considering what we are seeing after the impact of pricing and other things, we still believe that 25%(+/-1%) is achievable next year.

Keith Bachman

Just consulting, I think you said it is the tip of the spear, many of the consulting areas seem to be bit slow. How do you plan on differentiating Infy’s consulting activities as you look at the next one to two years with a bid of challenging economic environment and still have at lead to the growth objectives that you identified?

Vishal Sikka

Keith, our history with consulting has been a checkered one. It has primarily been based around more packaged services around package systems. My sense is that consulting has to evolve towards a tip of the spear, where we can have a strategic dialogue with customers about where their business is going and use that as the basis to create a more overarching and more holistic engagement with the client. We see that happening already. I mentioned that we have a tangible pipeline of more than 100 of these Design Thinking project. As we speak right now, we have 2 clients in our Palo Alto office – one, a large logistics company, and one a very large CPG company – both American companies, sitting with our team in Palo Alto and Stanford, working on identifying important strategic problems for them with our consulting team as well as with our design team.That kind of a transcendence of the traditional known business towards one where you can have a strategic dialogue, it will create a high value, even if it is a small project that is a high margin project but it creates a strategic engagement at the very top of the client and then that provides the ability to get downstream revenue from the more traditional project because you are engaged at the very top. That is one of part of it. On the traditional package system part of it, what we are working on, is a few very crisply defined packages or templates where we can renew the existing system landscape of our customers around ERP systems, around the knowledge based engineering type work, where our teams can start to transcend the packages and instead start to engage on solving the business problems, no matter what package is used. So, we are carrying out this transformation. Sanjay Purohit is our new head of consulting and he is carrying out this transformation as we speak. It is driven primarily by evolving into a strategic consulting organization, where we work on the next-generation projects as a basis to drive also the projects here and now.

Moderator

Thank you. The next question is from Moshe Katri of Cowen & Co. Please go ahead.

Moshe Katri

Congratulations on the significant contraction in attrition rate. That was very impressive. There is definitely a lot of skepticism, Vishal, over the guidance for fiscal year 2016. So if it is possible, I just want to ask a couple of questions in that regard, and maybe it is going to clarify some questions: First of all, is there any M&A contribution factored into that 10% to 12% constant currency growth guidance?

Vishal Sikka

No there is not. Only the ones that we have already acquired so that would be the Panaya acquisition as well as what we announced today, the Skava acquisition, these are small. So if we were to do any bigger acquisition that would make a change to this and we would modify the guidance to include that. So this 10 to 12% does not include the guidance.

Moshe Katri

So will Panaya be adding about 100 basis points or so for us?

Rajiv Bansal

When we acquired Panaya, we acquired at multiples of about 6x and now we have some aggressive plans for Panaya in terms of the revenue growth this year but we would not want to share the numbers separately for Panaya this year and going forward.

Vishal Sikka

But it is not a large amount, it is a small amount. If you look at 10% as the baseline, it is not that difficult to see how we could get there given the focus that I have talked about. It basically averages out to if you do a model of the growth on a quarter-on-quarter basis, the uniform rate that would be 2.8% quarter-on-quarter growth over 4-quarters. That is not significantly different from what we have done before.

Rajiv Bansal

If you look at in FY15 on a constant current basis, our sequential growth rate for four quarters works out to an average of 2.4%. At the guidance of 10% to 12% constant currency it is between 2.8% to 3.5%, so it is going up from 2.4% to 2.8% to meet the lower end of the guidance.

Moshe Katri

And then maybe it will be helpful if we kind of understand what happened during the quarter, Vishal, you spoke about loss of momentum, you spoke about a disappointment. Is there anything that happened throughout the quarter – January, February, March – that kind of got you guys that disappointment? Was there any sort of issue with specific clients, specific verticals, project ramp, any color there I think will be helpful because people are looking at the exit of Q4 and that is why I think there is that skepticism about getting to that inflection point to get to that acceleration?

Vishal Sikka

We entered the quarter with a higher expectation of volume and as a result you see also the utilization has come down, between that and the pricing. We did see a significant ramp down as well as just slow down economically in many industries. Beyond Energy and Telecom, we also saw in other areas slow down… may be Pravin you can talk about this.

Pravin Rao

At the beginning of the quarter, we had a decent pipeline andin fact we did recruit people for our expected pipeline and planned utilization. We did anticipate slowdown in Energy because of oil prices, but our pipeline in other vertical seemed to be decent. But across the Board we saw postponement of projects, planned ramp ups didn’t happen and we lost a couple of deals as well. It is a combination of things. We cannot ascribe it to a single vertical because if you look at it, almost all the segments have degrown. This was something which we did not anticipate in the beginning looking at the pipeline.

But, as Vishal said, when we look forward, the pipeline continues to be decent. We have many initiatives in place to improve the sales effectiveness. We are focusing a lot on better qualification of deals. We are focusing a lot on increasing the conversion rate of large deals and some of the initiatives around productivity and all, we believe will helps us in improving the win rate. We are also focusing a lot more on mining the accounts better. Some of our top accounts have not really grown. So there are a bunch of initiatives and looking at the pipeline, we seem fairly confident that if we execute well, we should be able to reach our guidance.

Moshe Katri

So it is a mix of execution and the environment, is that what it is?

Vishal Sikka

Exactly.

Moshe Katri

Last question on pricing: The pricing pressure, which part of the business is it affecting the most and is it predominantly on renewals of legacy deals or this is pricing on new deals that are coming on Board?

Pravin Rao

Rather than renewal or new, I would like to characterize it as in the business IT operations space when you are looking at Infrastructure Management, Application Development Maintenance, Quality Assurance, that business has become commoditized. There is tremendous pricing pressure. Io it could be a renewal of your existing deals or it could be even new deals and new prospects for us. There is tremendous pressure there. In other areas, when you look at Package Implementation or when you look at some of the newer areas like Analytics and all, while it is a competitive situation but there we are able to get better pricing because of the tools we have, because of the capability we have and so on. But a big part of the pressure is on the commoditized business IT operations side of the business. As Vishal said in the beginning, there is a structural shift that has happened in the industry. That segment is commoditized. So we do not expect that situation to change.

Moderator

Thank you. The next question is from Omkar Hadkar of Edelweiss. Please go ahead.

Sandeep

This is Sandeep here from Edelweiss. I have a couple of questions: One, I think you have already answered a part of it but just wanted to know a bit more. The way we are looking at the Automation part and the Artificial Intelligence part, I think it will take some more time before it can become meaningful and in the meantime, you already mentioned that growth has to come from the traditional side. But how are we doing things differently to ramp up that, one. Secondly, given the pricing pressure in that space, if you see the commoditized space, even if we ramp up, will it be meaningful enough to get us that growth? And second part of my question is when we talk about our aspirational target of $ 20 bn by 2020 and if we assume even 12% growth in FY16, the required CAGR probably to do this is 16-17%. So, do you think this industry is at a place where you can expect 16-17% kind of growth not only for Infosys but does the industry give that kind of potential?

Vishal Sikka

I think the key question that you have is how do you see this actually take shape. There are three parts to that. The first one is simple bread-and-butter operational efficiency, getting better in deal mining, getting better in deals, better redefining, redesigning the RFP and orals process, many things of this nature that we are putting in place that simply helps us get better at competing and pricing and things like that. That is sort of the basics of the business. The second part of it is where we are already bringing automation to our existing services. So I mentioned the example of the package systems world where we are bringing in Panaya. We are also bringing the Panaya-type technology to other areas like Verifications, like Application Maintenance and Infrastructure Management. We are bringing this thing that we call the Infosys Automation Platform that we are currently working on with 35+ customers with. I mentioned the example from Syngenta, which again helps to Infrastructure Management more competitive by lowering the number of people, by increasing their productivity and by adding a software component to this kind of an IMS deal. So that gives us ability to differentiate in our existing IMS service packages. That has already started and that will continue to make our existing services more competitive. That increases the win rate in our existing deals and makes the offerings, the services more differentiated and that will lead to a revenue growth. That is the primary basis of the revenue growth that we see. That and of course the operational part, just getting better at working and how we have streamlined our operations and things like that. The third dimension is the new stuff. The IIP project, this last quarter we went live, with work that we have done with the Ricoh, we have done lots of projects with the companies like Hershey and so forth, also with Syngenta, we did a pilot with IIP. So, we have a several dozen engagements with IIP already going on. Again, this is not a material part of revenue but it is adding up and these are high margin projects. Similarly the Design Thinking kinds of projects. Over the course of the year, this will probably not make a material difference to the year, but will start to show up towards the end of the year. That also builds up the momentum that we need to get going. The biggest part of renewal that we are doing is we have launched this what I can refer to as kind of a cultural shift where we are engaging with all project managers in the company. Day before yesterday, I had a call with 18,000 project managers and we have very straightforward template to bring innovation to every single project that is going on in the company. We believe that this will improve our ability to innovate. For example, if you look at BPO, today we have BPO services where we run operations like procurement or finance and administrative processes and so forth. We are getting ready to launch a forecasting service where we can offer on top of IIP, the ability of our BPO customers to forecast on the processes that they have. My sense is that with all of these renewal of our existing services, we will be able to a) differentiate the offering much better and we bring in these additional revenue streams around what we have already been doing which get us to that revenue growth. This is our assumption. Of course, time will tell but where we are sitting, where we model this out, we feel confident of at least 10% constant currency growth over the year.

Sandeep

Just one small question related to that. If you see the way things are moving in the industry, we are moving towards more and more Artificial Intelligence and in my view as well, Artificial Intelligence will become a key component of the IT Services part at some point of time. So the biggest challenge I see is that we have three parts of the pyramid where employees are and probably in the middle of the pyramid, there has not been much of change in last few years. So do you not think that there either should be a very big churn in that middle of the pyramid to get this thing going or achieve our target or you will have to probably give a huge training exercise to this part of the pyramid? So in both the cases probably the cost will go up temporarily. So what is your sense on that?

Vishal Sikka

If you look at the utilization and the existing fixed costs that we have already incurred in the training infrastructure, within the P&L that Rajiv just described, we trained 25,000 people on Design Thinking. This is a one-day immersive Design Thinking program that was created by George Kembel and Scott Doorley who are from the d.school at Stanford. We have already done that. Similarly things of this nature that we are doing, we can create large scale training kinds of offerings without incurring significant additional cost. But we will put the additional investments. As you know, innovation is something that I believe is essential to companies, certainly to our company. So we will not for a second, shy away from investing in the kind of innovation that are necessary in order to get these areas moving. Training is in particular something that is exceedingly important.

Moderator

Thank you. The next question is from Dave Koning of Baird. Please go ahead.

Dave Koning

I guess my question just as we look kind of sequentially through the year, because Q4 was a little soft, does something spot into Q1? So Q1 should be a little better than normal or should I follow and think kind of that normal 1% to 3% sequential range that it pretty typically falls into?

Rajiv Bansal

We do not give quarterly guidance, I would not want to give a color on how we see Q1 right now but we have looked at our pipeline, we have looked at the deals in pipeline in our existing business, the booked business and all the investments we are making, the changes and opportunity. We believe that 10-12% of constant currency growth, yes, that would mean that the first quarter has to be a decent quarter, but we want every quarter to be good and every quarter to be better than the previous one. Having said that, I will just say that our annual guidance we believe we should be in that range.

Dave Koning

And there was not really anything that that got pushed out from Q4 into Q1 that creates anything unnatural or a normal rate though?

Vishal Sikka

No, not in that sort. There is always the deal that is left and so forth, but nothing material like that.

Dave Koning

The other thing is your other income line just mostly the interest you earn on your cash, has ramped significantly over the last four or five years and now it is like 20% of your pre-tax income. I do not think we should model it quite as high in fiscal ‘16 given some of the gains I think that you have got and some of the FX moves and stuff in fiscal 2015. Is that the right way to think of it may be give us kind of a normalized 2015 number which we can kind of model fiscal ‘16 offer?

Rajiv Bansal

Normally, income has two components – one is the interest income on our cash balance. Last year we have done a great job in terms of ensuring that our yield from the investment that we have made is pretty high. But as you would know, most of our money is in banks in India and interest rates in India have started softening and the yields is likely to come down next year and that would put pressure on our operating income. Second is the exchange gains and losses depending on your hedge position that you take every quarter. We have been lucky in the last year and treasury team has done a great job in terms of ensuring that we are positive on the exchange differences. That is something which is very difficult to predict because you take hedge positions across multiple currencies, crosses against USD, INR and there is always a bet you take on the currency. So we really cannot model the exchange gain that we are likely to get next year or if there is going to be losses depending on the volatility on the currencies. But the interest rates are softening in India and yields are likely to come down. Second is we started making investments through acquisitions and investments through innovation fund which is going to be the cash balance, we have also increased our dividend payout ratio. Based on that, you would start seeing operating income as a percentage of the total profit start to declining over the years. But the right way of measuring the business definitely would be the operating margins.

Dave Koning

Can we assume that if you make an acquisition because the rates have been so high on your cash, that it is a lot harder to make an acquisition accretive? Like you could actually do dilutive deal from an EPS standpoint whereas a lot of US companies can buy stuff at just giving up 1% cash returns or something and quickly make things accretive that you could actually make dilutive acquisitions. Is that fair?

Rajiv Bansal

Our M&A strategy is not driven by trying to increase our earnings for the quarter or for the year. It is in line with what our strategy is. We want to make strategic investment, we want it to grow faster in the company, have a multiplier impact on our traditional business. We definitely look at how much time will it take for us to get to the payback period or how much time it will take to get the EPS accretive. Yes, in a year when you make an acquisition, it would tend to be EPS-dilutive but I think we are very-very sensitive to that part and we make sure that wherever we invest money, it is done properly in terms of the longer-term strategy.

Moderator

Thank you. The next question is from Rishi Jhunjhunwala of Goldman Sachs. Please go ahead.

Rishi Jhunjhunwala

Vishal, just a question on the overall discretionary spending. It seems like you have been doing some full day workshops for some of the top clients that you have. Just wanted to get some sense what are they saying around where the discretionary spending is going to go incrementally? What we hear is seems like most of it is going towards Digital. And if that is the case, then assuming that the Indian IT Services companies generally are not 100% equipped to cater to that kind of demand, are we looking at another 1 or 2 years of sub-par growth in general, just because the discretionary spending bid is going to be coming in a lower share to the Indian companies vis-à-vis some of the other peers?

Vishal Sikka

That is a very good question. My sense is that the discretionary spending is going towards what you could say next-generation growth areas for businesses or new growth areas. These are typically based around software, around computing technologies, around digital, new ways of acquiring customers, new kinds of experiences for consumers new ways to connect to them and exploring the markets and so forth. We did the Skava acquisition precisely for this reason. We do see a lot of growth in this area and it is not that there is anything particular to India where we have any reason to believe that we cannot cater to that. I think the structural issue around the revenue decline and the pricing pressure and so forth, is more around the back office operating areas where things have become a lot more competitive and you have to assume that the pricing pressure will continue there. When we look at the long-term future of the company, we see this breakdown - as I mentioned, a relatively small amount of inorganic growth but about 10% growth from these completely new kinds of areas and when you look at the remaining one, we are basically talking about 13-14% cumulative growth rate. This is sort of our aspiration. Obviously, if we do 10-12% this year, that gives us 5 more years to get to those kinds of growth rates and things like that. Time will tell that but we want to sort of steer the company, make that sort of a __ for us and steer the company in that direction where we look to get to $ 20 bn at 30% margin and $80,000 per employee. Because we want to get into this next-generation kind of a services model, people are surrounded by much better software around them and then we use that to create much more efficient services in the operational areas, but we see much more high value services in this next-generation area.

Rishi Jhunjhunwala

One quick question on capital allocation. You have increased the payout ratio to 50%, you have talked about investing in acquisitions and building technology and infrastructure. All of that can pretty much be funded through the massive amount of cash that you generate on an annual basis. Just wanted to get some sense around, do you have anything in mind in terms of the cash that you are currently sitting on which is also quite a hefty amount?

Rajiv Bansal

It is a perspective. You may call it a hefty amount. What we did this time was we put our financial models for five years based on the target that Vishal has articulated, the aspiration that we have set for ourselves. We have looked at the investment needs of organization, we have looked at the needs to make M&A, of the areas that we need to make M&A and in some of these areas, the multiples are pretty high. We have looked at the needs to make investment in terms of employees, infrastructure, technology assets. All these investments typically have to be made 2 or 3 years ahead of time in terms of infrastructure, land and everything else. When we made our financial model, we looked at our cash flows. We felt that we need to keep that cash and that is something that we would need to hold. The cash that we generate every year, 50% would go towards paying dividend, the balance 50% would be spent towards M&A which is strategic M&As and towards investment in multiple areas of the business. Having said that, it does not mean that in case we come across an opportunity which is much larger in terms of M&A or investments, we would not do that. That is where this $5 bn would help us. It is also for derisking, it is also for ensuring that we are able to take quick decisions, strategic decisions based on the need of the hour and we do not have to run around for cash. I think the way to look at also is that over the last 12-months, we have increased our dividend payout ratio in 30% to 50%, that is 67% increase in dividend payout. Our profitability has increased during the year, our EPS growth is about 15%. If you look at on a year-on-year basis, our dividend payout has increased significantly for the shareholders.

Moderator

Thank you. The next question is from Edward Caso of Wells Fargo. Please go ahead.

Edward Caso

If I did my math correctly, taking the midpoint of the FY 16 guide and then working up to the 2020 numbers, you are somewhere between 18% and 20% CAGR revenue growth with or without acquisitions, not that far apart. Automation is driving down deal sizes, the new efforts tend to be smaller deal sizes and you have got a law of large numbers problem. So how do you get to 18% to 20% revenue growth in years 2 to 5 and the plan?

Rajiv Bansal

Ed, we can probably connect offline and look at the math because our number shows about 17% CAGR over the next 5 years including the M&A part. So if you exclude that, it comes to about 15%.

Vishal Sikka

Of that 15%, if you then further separate the new from the renewal of the traditional ones, the renewal comes to between 13% and 14% which we believe is much more doable. The new one has to ramp up to about $2 bn and we see the paths to getting there. There is a very big difference between having a certain aspiration and making an operational plan but that is too early to obviously do that. Right now, our visibility is for this year and our general guidance is that we want to get to industry-leading growth by financial 2017 which is what we have set at the time when Murthy came back. We are holding on to that but we have set this as an aspirational goal and it is something that we believe with the mix of capabilities that we can build and the services that we can offer we believe.

Rajiv Bansal

Just for a clarification from my team. I think the $ 20 bn by 2020 what Vishal was referring to was a calendar year 2020 and not a financial year. So when you change that, that would change the math.

Edward Caso

And if you could also talk a little bit about operating cash flow was the first negative quarter that we have seen as long as we have got models and they go back a long time. Obviously, it appears to be something about tax payments, but seems like it was sort of negative across the Board. Was there something unusual this quarter and does that have implications for cash generation going forward?

Rajiv Bansal

Our cash generation has been strong but we did the complete acquisition of Panaya during the quarter and the investment we made in Nova, that was about $221 mn, Capex of about $106 mn, capex and the working capital movements kind of normal. What is exceptional item in this quarter was the payment of tax. We paid $561 mn, out of which towards the tax demand we received from the Indian tax authorities are roughly about $280 mn which is for the assessment year 10-11. NASSCOM as an industry body and all the companies have gone into appeal against the order of the income tax authorities in India. But we need to make the payment to avoid the interest accumulation on this demand. So most of us make the payment and then we are going to appeal and that was the payment that we made during the quarter.

Moderator

Ladies and Gentlemen, that was the last question. I now hand the floor back to Sandeep Mahindroo for closing comments.

Sandeep Mahindroo

Thanks everyone for joining us on this call. We look forward to talking to you again.

Moderator

Thank you. Ladies and Gentlemen, on behalf of Infosys that concludes this conference. Thank you for joining us and you may now disconnect your lines.

Exhibit 99.7

Form of Advertisement

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

Audited consolidated financial results of Infosys Limited and its subsidiaries for the quarter and year ended March 31, 2015 prepared in compliance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board.

(in crore, except equity share and per equity share data)

Particulars	Quarter ended March 31,	Quarter ended December 31,	Quarter ended March 31,	Year ended March 31,
	2015	2014	2014	2015	2014
Revenues	13,411	13,796	12,875	53,319	50,133
Cost of sales	8,174	8,462	8,117	32,883	32,141
Gross profit	5,237	5,334	4,758	20,436	17,992
Selling and marketing expenses	736	770	640	2,941	2,625
Administrative expenses	1,052	875	837	3,663	3,326
Operating profit	3,449	3,689	3,281	13,832	12,041
Other income, net	881	840	851	3,427	2,669
Share in associate's profit /(loss)	(1)	–	–	(1)	–
Profit before income taxes	4,329	4,529	4,132	17,258	14,710
Income tax expense	1,232	1,279	1,140	4,929	4,062
Net profit	3,097	3,250	2,992	12,329	10,648
Paid-up equity share capital (par value 5/- each, fully paid)	572	572	286	572	286
Share premium, retained earnings and other components of equity	54,191	47,244	47,244	54,191	47,244
Earnings per share (par value 5/- each)
Basic	27.10	28.44	26.18	107.88	93.17
Diluted	27.10	28.44	26.18	107.88	93.17
Total Public Shareholding (1)
Number of shares	80,65,15,515	81,17,98,995	39,02,57,428	80,65,15,515	39,02,57,428
Percentage of shareholding	70.23	70.68	67.96	70.23	67.96
Promoters and Promoter Group Shareholding
Pledged / Encumbered
Number of shares	–	–	–	–	–
Percentage of shares (as a % of the total shareholding of promoter and promoter group)	–	–	–	–	–
Percentage of shares (as a % of the total share capital of the Company)	–	–	–	–	–
Non-encumbered
Number of shares	15,02,15,636	15,02,15,636	9,15,08,078	15,02,15,636	9,15,08,078
Percentage of shares (as a % of the total shareholding of promoter and promoter group)	100.00	100.00	100.00	100.00	100.00
Percentage of shares (as a % of the total share capital of the Company)	13.08	13.08	15.94	13.08	15.94

1.	The audited consolidated financial statements for the quarter and year ended March 31, 2015 have been taken on record by the Board of Directors at its meeting held on April 24, 2015. The statutory auditors have expressed an unqualified audit opinion. The information presented above is extracted from the audited consolidated financial statements. The consolidated financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board.
2.	The Board, at the meeting held on February 4, 2015, appointed Roopa Kudva as Independent Director effective from that date.
3.	During the quarter ended June 30, 2014, based on internal and external technical evaluation, the management reassessed, with effect from April 1, 2014, the remaining useful life of assets primarily consisting of buildings and computers. Accordingly, the useful life of certain assets required change from previous estimates. If the group had continued with the previously assessed useful lives, charge for depreciation and cost of sales for the three months and year ended March 31, 2015 would have been higher by 79 crore and 435 crore, respectively on assets held at April 1, 2014.
4.	Investments - Current and proposed
	a)	On March 5, 2015, Infosys acquired 100% of the voting interests in Panaya Inc. (Panaya), a Delaware Corporation in the United States. Panaya is a leading provider of automation technology for large scale enterprise and software management. The business acquisition was conducted by entering into a share purchase agreement for cash consideration of approximately 1,398 crore.
	b)	During the quarter ended March 31, 2015, Infosys has invested 94 crore to form a new company along with Dream Works Animation (DWA). The new company, DWA Nova LLC, will develop and commercialize image generation technology in order to provide end-to-end digital manufacturing capabilities for companies involved in the design, manufacturing, marketing or distribution of physical consumer products. The investment is accounted for as an associate in the consolidated financial statements.
	c)	On April 24, 2015, the company entered into a definitive agreement to acquire Kallidus Inc. (d.b.a Skava) and its affiliate, a leading provider of digital experience solutions, including mobile commerce and in-store shopping experiences to large retail clients for a consideration of $120 million (approximately 750 crore) including a deferred component and retention bonus.
5.	On April 24, 2015, the Board of Directors of Infosys has authorized the Company to execute a Business Transfer Agreement and related documents with Egdeverve, a wholly owned subsidiary, subject to securing the requisite approval from shareholders. The proposed transfer of the business of Finacle and EdgeServices to Edgeverve is at an estimated consideration of upto 3,400 crore and upto 220 crore, respectively.
6.	Bonus Issue
	a)	The Company has allotted 57,42,36,166 fully paid up equity shares of face value 5/- each during the quarter ended December 31, 2014 pursuant to a bonus issue approved by the shareholders through postal ballot by capitalization of share premium. The record date fixed by the Board of Directors was December 3, 2014. Bonus share of one equity share for every equity share held, and a bonus issue, viz., a stock dividend of one American Depositary Share (ADS) for every ADS held, respectively, has been allotted. Consequently, the ratio of equity shares underlying the ADSs held by an American Depositary Receipt holder remains unchanged. Options granted under the stock option plan have been adjusted for bonus shares. The earnings per share has been adjusted for previous periods presented in accordance with IAS 33, Earnings per share.
	b)	The Board in its meeting held on April 24, 2015 has considered, approved and recommended a bonus issue of one equity share for every equity share held, and a bonus issue, viz., a stock dividend of one American Depositary Share (ADS) for every ADS held, respectively, as on a record date to be determined. Consequently, the ratio of equity shares underlying the ADSs held by an American Depositary Receipt holder would remain unchanged. The bonus issue of equity shares and ADSs will be subject to approval by the shareholders, and any other applicable statutory and regulatory approvals. Accordingly, the record date for the bonus issues of equity shares and ADSs will be June 17, 2015, subject to shareholders' approval. This date is proposed by the company and will be re-confirmed after shareholder approval.
7.	Information on dividends for the quarter and year ended March 31, 2015

The Board of Directors recommended a final dividend of 29.50/- per equity share (equivalent to 14.75 per share after 1:1 bonus issue, if approved by shareholders) for the financial year ended March 31, 2015. The payment is subject to the approval of the shareholders in the ensuing Annual General Meeting of the Company, which is now being held on June 22, 2015. The book closure date for the purpose of the Annual General Meeting and payment of final dividend is June 17, 2015.

 (in )

Particulars	Quarter ended March 31,	Quarter ended December 31,	Quarter ended March 31,	Year ended March 31,
	2015	2014	2014(1)	2015	2014(1)
Dividend per share (par value 5/- each)
Interim dividend (1)	–	–	–	30.00	20.00
Final dividend	29.50	–	43.00	29.50	43.00
Total dividend	29.50	–	43.00	59.50	63.00

The Board has decided to revise and increase dividend pay-out ratio from up to 40% to up to 50% of post-tax profits effective fiscal 2015.

(in crore) 

(in crore) 

(in crore)

The above disclosure is in compliance with Clause 41(V)(h) and Annexure IX of the Listing Agreement. The disclosure is an extract of the audited IFRS Consolidated Balance Sheet as at March 31, 2015.

(in crore)

Notes on segment information

Business segments

Effective quarter ended March 31, 2014, the Company reorganized its segments, consequent to which the business segments of the Company are as set out above. The previous period figures, extracted from the audited consolidated financial statements, have been presented after incorporating necessary reclassification adjustments pursuant to changes in the reportable segments.

Effective April 1, 2015, the Company reorganized its segments to support the delivery of innovation. This structure will help deliver services that will reflect the way technology is consumed in layers by the enterprise. Consequent to the internal reorganization, Growth Markets (GMU) comprising enterprises in APAC (Asia Pacific) and Africa have been subsumed across the other verticals.

Segmental capital employed

Assets and liabilities used in the Company's business are not identified to any of the reportable segments, as these are used interchangeably between segments. The Management believes that it is not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.

The Board has also taken on record the unaudited condensed consolidated results of Infosys Limited and its subsidiaries for the quarter and year ended March 31, 2015, prepared as per International Financial Reporting Standards (IFRS) and reported in US Dollars. A summary of the financial statements is as follows:

(in US$ million, except per equity share data) 

Certain statements in this advertisement concerning our future growth prospects are forward-looking statements regarding our future business expectations 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 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 fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2014 and on Form 6-K for the quarters ended June 30, 2014, September 30, 2014 and December 31, 2014. 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. In addition, please note that the date of this advertisement is April 24, 2015, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. 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.

Exhibit 99.8

IFRS USD Earning Release

Infosys Limited and Subsidiaries

Unaudited Condensed Consolidated Interim Statements of Comprehensive Income for the three months ended March 31,

(Dollars in millions except equity share and per equity share data)

* Adjusted for 1:1 bonus issue effected in the form of stock dividend in December 2014

Infosys Limited and Subsidiaries

Unaudited Condensed Consolidated Interim Balance Sheets as on

(Dollars in millions except equity share and per equity share data

	Note	March 31, 2015	March 31, 2014
ASSETS
Current assets
Cash and cash equivalents	2.1	4,859	4,331
Available-for-sale financial assets	2.2	140	367
Investment in certificates of deposit		–	143
Trade receivables		1,554	1,394
Unbilled revenue		455	469
Prepayments and other current assets	2.4	527	440
Derivative financial instruments	2.7	16	36
Total current assets		7,551	7,180
Non-current assets
Property, plant and equipment	2.5	1,460	1,316
Goodwill	2.6	495	360
Intangible assets		102	57
Investment in associate	2.14	15	–
Available-for-sale financial assets	2.2	215	208
Deferred income tax assets		85	110
Income tax assets		654	254
Other non-current assets	2.4	38	37
Total Non-current assets		3,064	2,342
Total assets		10,615	9,522
LIABILITIES AND EQUITY
Current liabilities
Trade payables		22	29
Derivative financial instruments	2.7	–	–
Current income tax liabilities		451	365
Client deposits		4	6
Unearned revenue		168	110
Employee benefit obligations		171	159
Provisions	2.8	77	63
Other current liabilities	2.9	927	792
Total current liabilities		1,820	1,524
Non-current liabilities
Deferred income tax liabilities		25	11
Other non-current liabilities	2.9	8	54
Total liabilities		1,853	1,589
Equity
Share capital - 5 ($0.16) par value 1200,000,000 (600,000,000) equity shares authorized, issued and outstanding 1,142,805,132 (571,402,566) net of 5,667,200 (2,833,600) treasury shares, as of March 31, 2015 (March 31, 2014), respectively		109	64
Share premium		659	704
Retained earnings		10,090	8,892
Other components of equity		(2,096)	(1,727)
Total equity attributable to equity holders of the company		8,762	7,933
Non-controlling interests		–	–
Total equity		8,762	7,933
Total liabilities and equity		10,615	9,522
Commitments and contingent liabilities	2.5, 2.8, 2.12 and 2.16

The accompanying notes form an integral part of the unaudited condensed consolidated interim financial statements

Infosys Limited and Subsidiaries

Unaudited Condensed Consolidated Statements of Comprehensive Income for the year ended March 31,

(Dollars in millions except share and per equity share data)

The accompanying notes form an integral part of the unaudited condensed consolidated interim financial statements

Infosys Limited and Subsidiaries

Unaudited Condensed Consolidated Interim Statements of Changes in Equity

(Dollars in millions except equity share data)

The accompanying notes form an integral part of the unaudited condensed consolidated interim financial statements.

Infosys Limited and Subsidiaries

Unaudited Condensed Consolidated Interim Statements of Cash Flows

(Dollars in millions

The accompanying notes form an integral part of the unaudited condensed consolidated interim financial statements

Notes to the Unaudited Condensed Consolidated Interim Financial Statements

1. Company Overview and Significant Accounting Policies

1.1 Company overview

Infosys is a global leader in consulting, technology, outsourcing and next-generation services. Along with its subsidiaries, Infosys provides Business IT services (comprising application development and maintenance, independent validation, infrastructure management, engineering services comprising product engineering and life cycle solutions and business process management); Consulting and systems integration services (comprising consulting, enterprise solutions, systems integration and advanced technologies); Products, business platforms and solutions to accelerate intellectual property-led innovation including Finacle, our banking solution; and offerings in the areas of Analytics, Cloud and Digital Transformation.

Infosys together with its subsidiaries is herein after referred to as the "Group".

The company is a public limited company incorporated and domiciled in India and has its registered office at Bangalore, Karnataka, India. The company has its primary listings on the BSE Ltd. and National Stock Exchange in India. The company’s American Depositary Shares representing equity shares are also listed on the New York Stock Exchange (NYSE), NYSE Euronext London and NYSE Euronext Paris.

1.2 Basis of preparation of financial statements

These condensed consolidated interim financial statements have been prepared in compliance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS) and in accordance with IAS 34, Interim Financial Reporting, under the historical cost convention on the accrual basis except for certain financial instruments and prepaid gratuity benefits which have been measured at fair values. Accordingly, these condensed consolidated interim financial statements do not include all the information required for a complete set of financial statements. These condensed consolidated interim financial statements should be read in conjunction with the consolidated financial statements and related notes included in the company’s Annual Report on Form 20-F for the year ended March 31, 2014. Accounting policies have been applied consistently to all periods presented in these unaudited condensed consolidated interim financial statements.

1.3 Basis of consolidation

Infosys consolidates entities which it owns or controls. Control exists when the parent has power over the entity, is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns by using its power over the entity. Power is demonstrated through existing rights that give the ability to direct relevant activities, those which significantly affect the entity's returns. Subsidiaries are consolidated from the date control commences until the date control ceases.

The financial statements of the Group companies are consolidated on a line-by-line basis and intra-group balances and transactions including unrealized gain / loss from such transactions are eliminated upon consolidation. These financial statements are prepared by applying uniform accounting policies in use at the Group. Non-controlling interests which represent part of the net profit or loss and net assets of subsidiaries that are not, directly or indirectly, owned or controlled by the company, are excluded.

Associates are entities over which the group has significant influence but not control. Investments in associates are accounted for using the equity method. The investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the investor’s share of the profit or loss of the investee after the acquisition date. The group’s investment in associates includes goodwill identified on acquisition.

1.4 Use of estimates

The preparation of the financial statements in conformity with IFRS requires management to make estimates, judgments and assumptions. These estimates, judgments and assumptions affect the application of accounting policies and the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the period. Application of accounting policies that require critical accounting estimates involving complex and subjective judgments and the use of assumptions in these financial statements have been disclosed in Note 1.5. Accounting estimates could change from period to period. Actual results could differ from those estimates. Appropriate changes in estimates are made as management becomes aware of changes in circumstances surrounding the estimates. Changes in estimates are reflected in the financial statements in the period in which changes are made and, if material, their effects are disclosed in the notes to the consolidated interim financial statements.

1.5 Critical accounting estimates

a. Revenue recognition

The company uses the percentage-of-completion method in accounting for its fixed-price contracts. Use of the percentage-of-completion method requires the company to estimate the efforts or costs expended to date as a proportion of the total efforts or costs to be expended. Efforts or costs expended have been used to measure progress towards completion as there is a direct relationship between input and productivity. Provisions for estimated losses, if any, on uncompleted contracts are recorded in the period in which such losses become probable based on the expected contract estimates at the reporting date.

b. Income taxes

The company's two major tax jurisdictions are India and the U.S., though the company also files tax returns in other overseas jurisdictions. Significant judgments are involved in determining the provision for income taxes, including amount expected to be paid/recovered for uncertain tax positions.

c. Business combinations and intangible assets

Business combinations are accounted for using IFRS 3 (Revised), Business Combinations. IFRS 3 requires the identifiable intangible assets and contingent consideration to be fair valued in order to ascertain the net fair value of identifiable assets, liabilities and contingent liabilities of the acquiree. Significant estimates are required to be made in determining the value of contingent consideration and intangible assets. These valuations are conducted by independent valuation experts.

d. Property, plant and equipment

Property, plant and equipment represent a significant proportion of the asset base of the Group. The charge in respect of periodic depreciation is derived after determining an estimate of an asset’s expected useful life and the expected residual value at the end of its life. The useful lives and residual values of Group's assets are determined by management at the time the asset is acquired and reviewed periodically, including at each financial year end. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology.

1.6 Property, plant and equipment

Property, plant and equipment are stated at cost, less accumulated depreciation and impairment, if any. Costs directly attributable to acquisition are capitalized until the property, plant and equipment are ready for use, as intended by management. The group depreciates property, plant and equipment over their estimated useful lives using the straight-line method. The estimated useful lives of assets are as follows:

Depreciation methods, useful lives and residual values are reviewed periodically, including at each financial year end. (Refer note 2.5)

Advances paid towards the acquisition of property, plant and equipment outstanding at each balance sheet date and the cost of assets not put to use before such date are disclosed under ‘Capital work-in-progress’. Subsequent expenditures relating to property, plant and equipment is capitalized only when it is probable that future economic benefits associated with these will flow to the Group and the cost of the item can be measured reliably. Repairs and maintenance costs are recognized in net profit in the statement of comprehensive income when incurred. The cost and related accumulated depreciation are eliminated from the financial statements upon sale or retirement of the asset and the resultant gains or losses are recognized in net profit in the statement of comprehensive income. Assets to be disposed off are reported at the lower of the carrying value or the fair value less cost to sell.

1.7 Business combinations

Business combinations have been accounted for using the acquisition method under the provisions of IFRS 3 (Revised), Business Combinations.

The cost of an acquisition is measured at the fair value of the assets transferred, equity instruments issued and liabilities incurred or assumed at the date of acquisition, which is the date on which control is transferred to the Group. The cost of acquisition also includes the fair value of any contingent consideration. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value on the date of acquisition.

Business combinations between entities under common control by formation of a new company is outside the scope of IFRS 3 (Revised), Business Combinations and is accounted for at carrying value.

Transaction costs that the Group incurs in connection with a business combination such as finders’ fees, legal fees, due diligence fees, and other professional and consulting fees are expensed as incurred.

1.8 Employee benefits

1.8.1 Gratuity

The Group provides for gratuity, a defined benefit retirement plan ('the Gratuity Plan') covering eligible employees of Infosys, Infosys BPO and Edgeverve. The Gratuity Plan provides a lump-sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee's salary and the tenure of employment with the group.

Liabilities with regard to the Gratuity Plan are determined by actuarial valuation, performed by an independent actuary, at each balance sheet date using the projected unit credit method. The company fully contributes all ascertained liabilities to the Infosys Limited Employees' Gratuity Fund Trust (the Trust). In case of Infosys BPO and Edgeverve, contributions are made to the Infosys BPO's Employees' Gratuity Fund Trust and Edgeverve Systems Limited Employees' Gratuity Fund Trust, respectively. Trustees administer contributions made to the Trusts and contributions are invested in a scheme with Life Insurance Corporation of India as permitted by law of India.

The group has adopted Revised IAS 19 effective April 1, 2013. Pursuant to this adoption, the Group recognizes the net obligation of a defined benefit plan in its balance sheet as an asset or liability. The amended standard requires immediate recognition of the gains and losses through re-measurements of the net defined benefit liability/ (asset) through other comprehensive income. Further it also requires the interest expense/ (income) on plan assets to be considered in the Profit and Loss to be restricted to the discount rate based on the Government securities yield. The actual return of the portfolio, in excess of such yields is recognised through the other comprehensive income. The Revised IAS 19 also requires effect of any plan amendments to be recognised immediately through the net profits, in the statement of comprehensive income.

Previously, the actuarial gains and losses were charged or credited to net profit in the statement of comprehensive income in the period in which they arose and the expected return on plan assets computed based on market expectations were considered as part of the net gratuity cost.

The adoption of Revised IAS 19 Employee Benefits did not have a material impact on the consolidated financial statements.

1.8.2 Superannuation

Certain employees of Infosys, Infosys BPO and Edgeverve are participants in a defined contribution plan. The Group has no further obligations to the Plan beyond its monthly contributions which are periodically contributed to a trust fund, the corpus of which is invested with the Life Insurance Corporation of India.

1.8.3 Provident fund

Eligible employees of Infosys receive benefits from a provident fund, which is a defined benefit plan. Both the employee and the company make monthly contributions to the provident fund plan equal to a specified percentage of the covered employee's salary. The company contributes a part of the contributions to the Infosys Limited Employees' Provident Fund Trust. The trust invests in specific designated instruments as permitted by Indian law. The remaining portion is contributed to the government administered pension fund. The rate at which the annual interest is payable to the beneficiaries by the trust is being administered by the government. The company has an obligation to make good the shortfall, if any, between the return from the investments of the Trust and the notified interest rate.

In respect of Infosys BPO and Edgeverve, eligible employees receive benefits from a provident fund, which is a defined contribution plan. Both the employee and the respective companies make monthly contributions to this provident fund plan equal to a specified percentage of the covered employee's salary. Amounts collected under the provident fund plan are deposited in a government administered provident fund. The companies have no further obligation to the plan beyond its monthly contributions.

1.8.4 Compensated absences

The Group has a policy on compensated absences which are both accumulating and non-accumulating in nature. The expected cost of accumulating compensated absences is determined by actuarial valuation using the projected unit credit method on the additional amount expected to be paid/availed as a result of the unused entitlement that has accumulated at the balance sheet date. Expense on non-accumulating compensated absences is recognized in the period in which the absences occur.

1.8.5 Share - based compensation

The Group recognizes compensation expense relating to share-based payments in net profit using a fair-value measurement method in accordance with IFRS 2, Share-Based Payment. Under the fair value method, the estimated fair value of awards is charged to income on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was in-substance, multiple awards with a corresponding increase to securities premium.

1.9 Earnings per equity share

Basic earnings per equity share is computed by dividing the net profit attributable to the equity holders of the company by the weighted average number of equity shares outstanding during the period. Diluted earnings per equity share is computed by dividing the net profit attributable to the equity holders of the company by the weighted average number of equity shares considered for deriving basic earnings per equity share and also the weighted average number of equity shares that could have been issued upon conversion of all dilutive potential equity shares. The dilutive potential equity shares are adjusted for the proceeds receivable had the equity shares been actually issued at fair value (i.e. the average market value of the outstanding equity shares). Dilutive potential equity shares are deemed converted as of the beginning of the period, unless issued at a later date. Dilutive potential equity shares are determined independently for each period presented.

The number of equity shares and potentially dilutive equity shares are adjusted retrospectively for all periods presented for any share splits and bonus shares issues including for changes effected prior to the approval of the financial statements by the Board of Directors.

1.10 Recent accounting pronouncements

1.10.1 Standards issued but not yet effective

IFRS 9 Financial instruments: In July 2014, the International Accounting Standards Board issued the final version of IFRS 9, Financial Instruments. The standard reduces the complexity of the current rules on financial instruments as mandated in IAS 39. IFRS 9 has fewer classification and measurement categories as compared to IAS 39 and has eliminated the categories of held to maturity, available for sale and loans and receivables. Further it eliminates the rule-based requirement of segregating embedded derivatives and tainting rules pertaining to held to maturity investments. For an investment in an equity instrument which is not held for trading, IFRS 9 permits an irrevocable election, on initial recognition, on an individual share-by-share basis, to present all fair value changes from the investment in other comprehensive income. No amount recognized in other comprehensive income would ever be reclassified to profit or loss. It requires the entity, which chooses to measure a liability at fair value, to present the portion of the fair value change attributable to the entity’s own credit risk in the other comprehensive income.

IFRS 9 replaces the ‘incurred loss model’ in IAS 39 with an ‘expected credit loss’ model. The measurement uses a dual measurement approach, under which the loss allowance is measured as either 12 month expected credit losses or lifetime expected credit losses. The standard also introduces new presentation and disclosure requirements.

The effective date for adoption of IFRS 9 is annual periods beginning on or after January 1, 2018, though early adoption is permitted. The Group is currently evaluating the requirements of IFRS 9, and has not yet determined the impact on the consolidated interim financial statements.

IFRS 15 Revenue from Contract with Customers: In May 2014, the International Accounting Standards Board issued IFRS 15, Revenue from Contract with Customers. The core principle of the new standard is that an entity should recognise revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Further the new standard requires enhanced disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts with customers. The standard permits the use of either the retrospective or cumulative effect transition method. The effective date for adoption of IFRS 15 is annual periods beginning on or after January 1, 2017, though early adoption is permitted. The group has not yet selected a transition method and has not yet evaluated the impact of IFRS 15 on the consolidated interim financial statements.

2. Notes to the Unaudited Condensed Consolidated Interim Financial Statements

2.1 Cash and cash equivalents

Cash and cash equivalents consist of the following:

(Dollars in millions)

Cash and cash equivalents as of March 31, 2015 and March 31, 2014 include restricted cash and bank balances of $58 million and $53 million, respectively. The restrictions are primarily on account of cash and bank balances held by irrevocable trusts controlled by the company, bank balances held as margin money deposits against guarantees and balances held in unpaid dividend bank accounts.

The deposits maintained by the Group with banks and corporations comprise of time deposits, which can be withdrawn by the Group at any point without prior notice or penalty on the principal.

The table below provides details of cash and cash equivalents :

(Dollars in millions)

2.2 Available-for-sale financial assets

Investments in mutual fund units, quoted debt securities and unquoted equity securities are classified as available-for-sale financial assets.

Cost and fair value of these investments are as follows:

(Dollars in millions)

Mutual fund units:

Liquid mutual funds:

The fair value of liquid mutual funds as of March 31, 2015 and March 31, 2014 was $135 million and $342 million, respectively. The fair value is based on quoted prices.

Fixed maturity plan securities:

During the year ended March 31, 2015, the company redeemed fixed maturity plans securities of $19 million. On redemption, the unrealised gain of $1 million, net of taxes of $1 million, pertaining to these securities has been reclassified from other comprehensive income to profit or loss during the year ended March 31, 2015.

The fair value of fixed maturity plan securities as of March 31, 2015 and March 31, 2014 is $5 million and $25 million, respectively. The net unrealized gain of less than $1 million, net of taxes of less than $1 million, has been recognized in other comprehensive income for year ended March 31, 2015. The net unrealized gain of $1 million, net of taxes of less than $1 million has been recognized in other comprehensive income for the year ended March 31, 2014 (Refer to note 2.12). The fair value is based on quotes reflected in actual transactions in similar instruments.

Quoted debt securities:

The fair value of quoted debt securities as on March 31, 2015 and March 31, 2014 was $215 million and $207 million, respectively. The net unrealized gain of $15 million, net of taxes of $2 million, has been recognized in other comprehensive income for the year ended March 31, 2015. The net unrealized loss of $18 million, net of taxes $2 million, has been recognized in other comprehensive income for the year ended March 31, 2014. The fair value is based on the quoted prices and market observable inputs. (Refer note 2.12)

2.3 Business combination

Panaya

On March 5, 2015, Infosys acquired 100% of the voting interests in Panaya Inc. (Panaya), a Delaware Corporation in the United States. Panaya is a leading provider of automation technology for large scale enterprise and software management. The business acquisition was conducted by entering into a share purchase agreement for cash consideration of approximately $225 million.

Panaya’s CloudQuality™ suite positions Infosys to bring automation to several of its service lines via an agile SaaS model, and helps mitigate risk, reduce costs and shorten time to market for clients. This will help free Infosys from many repetitive tasks allowing it to focus on important, strategic challenges faced by clients. Panaya’s proven technology would help to simplify the costs and complexities faced by businesses in managing their enterprise application landscapes. The excess of the purchase consideration paid over the fair value of net assets acquired has been attributed to goodwill.

The purchase price has been allocated based on Management’s estimates and independent appraisal of fair values as follows:

 (Dollars in millions)

The goodwill is not tax deductible.

The gross amount of trade receivables acquired and its fair value is $9 million and the same is expected to be fully collected.

The fair value of total cash consideration as at the acquisition date was $225 million.

The amounts of revenue and net loss of Panaya since the acquisition date included in the consolidated statement of comprehensive income for the year ended March 31, 2015 is $2 million each.

Had the acquisition occurred as of April 1, 2014, the revenue and profit of the Infosys group for the year ended March 31, 2015 would have been $8,745 million and $2,003 million, respectively.

The transaction costs of $4 million related to the acquisition have been included under administrative expenses in the statement of comprehensive income for year ended March 31, 2015.

Edgeverve System Limited

Edgeverve was created as a wholly owned subsidiary to focus on developing and selling products and platforms. On April 15, 2014, the Board of Directors of Infosys has authorized the Company to execute a Business Transfer Agreement and related documents with Edgeverve, subject to securing the requisite approval from shareholders in the Annual General Meeting. Subsequently, at the AGM held on June 14, 2014, the shareholders have authorised the Board to enter into a Business Transfer Agreement and related documents with Edgeverve, with effect from July 1, 2014 or such other date as may be decided by the Board of Directors. The company has undertaken an enterprise valuation by an independent valuer and accordingly the business has been transferred for a consideration of $70 million with effect from July 1, 2014 which is settled through the issue of fully paid up equity shares.

The transfer of assets and liabilities is accounted for at carrying values and does not have any impact on the consolidated financial statements.

Finacle and Edgeservices

On April 24, 2015, the Board of Directors of Infosys has authorized the Company to execute a Business Transfer Agreement and related documents with Egdeverve, a wholly owned subsidiary, subject to securing the requisite approval from shareholders. The proposed transfer of the business of Finacle and EdgeServices to Edgeverve is at an estimated consideration of upto $550 Million and upto $35 million respectively.

Proposed acquisition

On April 24, 2015, the company entered into a definitive agreement to acquire Kallidus Inc. (d.b.a Skava) and its affiliate, a leading provider of digital experience solutions, including mobile commerce and in-store shopping experiences to large retail clients for a consideration of $120 million (approximately 750 crore) including a deferred component and retention bonus.

2.4 Prepayments and other assets

Prepayments and other assets consist of the following:

(Dollars in millions)