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, 2016

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 and year ended March 31, 2016.

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 15, 2016, we announced our results of operations for the quarter and year ended March 31, 2016. 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 15, 2016, we held a press conference to announce our results, which was followed by a question and answer session. The transcript of this press conference is attached to this Form 6-K as Exhibit 99.3.

On April 15, 2016, the leadership team were part of a common television interaction in which they answered questions from the media. The transcript of this interaction is attached to this Form 6-K as Exhibit 99.4.

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 quarters and years ended March 31, 2016 and 2015 (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 99.5.

On April 15, 2016, 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 99.6 and 99.7, respectively.

We placed form of releases to stock exchanges and advertisements in certain Indian newspapers concerning our results of operations for the quarter and year ended March 31, 2016, under IFRS and IGAAP. A copy of these releases to Stock Exchanges and advertisement is attached to this Form 6-K as Exhibit 99.8.

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, 2016 ; 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, 2016. We have attached these documents to this Form 6-K as Exhibits 99.9, 99.10, 99.11 and 99.12 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, 2016

Q4 Revenue growth at 1.6% qoq in USD terms; 1.9% in constant currency terms

Q4 operating margin at 25.5%; increase of 0.6% from Q3 operating margin of 24.9%

FY 16 Revenue growth at 9.1% in USD terms; 13.3% in constant currency terms

FY 17 revenue guidance at 11.5%-13.5% in constant currency and 11.8%-13.8% in USD terms at March 31, 2016 exchange rates

Board recommended a final dividend of 14.25 per share

Bangalore, India – April 15, 2016

Financial Highlights

Consolidated results under International Financial Reporting Standards (IFRS) for the quarter and year ended March 31, 2016

Quarter ended March 31, 2016

·	Revenues were $ 2,446 million for the quarter ended March 31, 2016 QoQ growth was 1.6% in reported terms; 1.9% in constant currency terms YoY growth was 13.3% in reported terms; 15.0% in constant currency terms
·	Operating profit was $ 625 million for the quarter ended March 31, 2016 QoQ growth was 4.3% YoY growth was 12.6%
·	Net profit was $ 533 million for the quarter ended March 31, 2016 QoQ growth was 1.7% YoY growth was 7.0%
·	Earnings per share (EPS) was $ 0.23 for the quarter ended March 31, 2016 QoQ growth was 1.7% YoY growth was 7.0%
Year ended March 31, 2016
·	Revenues were $ 9,501 million for the year ended March 31, 2016 YoY growth was 9.1% in reported terms; 13.3% in constant currency terms
·	Operating profit was $ 2,375 million for the year ended March 31, 2016 YoY growth was 5.2%
·	Net profit was $ 2,052 million for the year ended March 31, 2016 YoY growth was 1.9%
·	Earnings per share (EPS) was $ 0.90 for the year ended March 31, 2016 YoY growth was 1.9%
·	Liquid assets including cash and cash equivalents, available-for-sale financial assets and government bonds were $ 5,202 million as on March 31, 2016 as compared to $ 4,765 million as on December 31, 2015 and $ 5,214 million as on March 31, 2015
·	The Board of Directors recommended a final dividend of 14.25 per share for fiscal 2016. This translates to a final dividend of $ 0.22 per share (at USD-INR rate of 66.26).

“I am proud of our company’s achievements in my first fiscal year as CEO of Infosys. At the same time, I am humbled by the task that is still in front of us. We started the year just two quarters into a strategy to completely reimagine the notion of services and to transform Infosys. Over the course of this year, we saw this strategy, of bringing automation and innovation to our clients, on a foundation of learning and education, start to show results in the organic growth of our client relationships, in our win rates in large deals, and in the types of projects we are seeing in strategic areas where we never participated before. I am proud of what our teams have achieved this quarter and in the year," said Dr. Vishal Sikka, CEO. "And yet despite these heartening results, they are still based on metrics of the past, of the way the industry has been. The world of our future looks entirely different – it is a world that is being fundamentally reshaped by digital technologies, and it is our endeavor to create great value for every business through solutions built on our AI technology and open, cloud platforms, to have Infoscions amplified by intelligent technology, to bring purposeful innovation to life, and in that sense, we are still very much at the beginning of this journey.”

“Employee attrition reduced further in Q4, and is reflective of increased engagement with our people all through the year, and our steps to make Infosys an exciting place for the world’s best talent. We continue to reimagine our internal processes to increase organizational agility.” said U B Pravin Rao, COO. “The momentum of large deal wins continued this quarter and bookings were strong.”

“Our growth trajectory improved in FY 16 and we navigated the external business environment well. We will continue to focus on leveraging operational efficiency levers for consistent profitable growth.” said M.D. Ranganath, CFO. “During the quarter, cash generation was strong. We managed a volatile currency environment effectively.”

Outlook*

The Company’s outlook (consolidated) for the fiscal year ending March 31, 2017, under IFRS is as follows:

*AUD/USD – 0.73; Euro/USD – 1.10; GBP/USD – 1.51

**AUD/USD – 0.77; Euro/USD – 1.14; GBP/USD – 1.44

Management Changes

The Company announced that Mr. Mohit Joshi, Mr. Ravi Kumar S and Mr. Sandeep Dadlani have been appointed as Presidents of the company effective immediately.

Business Highlights

This quarter we made significant advances in our strategy to deliver automation and innovation through our traditional and new service offerings, our platforms and tools, and through investments in the broader ecosystem – enabling us to create more depth in existing client relationships, win more deals and specifically large deals, and open up entirely new types of strategic projects for Infosys.

Driving depth in client relationships, and winning large deals

Growing momentum in new services, platforms and tools

We continued to see new strategic projects coming to Infosys based on our Aikido service offerings as well as our platforms and tools.

IIP – Completed more than 220 engagements leveraging IIP; announced availability of IIP on AWS.

This quarter we announced the availability of IIP on Amazon Web Services Marketplace (AWS Marketplace). Businesses will now be able to gain robust data insights quickly, while tapping into the flexibility and the lower cost of a cloud-based platform.

Hershey’s LLC, North America’s largest chocolate manufacturer, recently used IIP on AWS to analyze retail store data. The company wanted to gain valuable, revenue-generating insight faster than a traditional analytics implementation could deliver.

Hershey needed to establish its Hadoop landscape and extend its analytics and big data capabilities quickly. Partnering with the client, we had the landscape up and the data lake seeded for their analysts in less than a week. Using the Infosys Information Platform on AWS accelerated the deployment by weeks

IAP – More than 125 engagements in IAP across segments; 21 additional deployments in this quarter across key accounts.

Johnson Controls (JCI) is transforming the role IT plays in accelerating growth and delivering value to the business. One of JCI’s goals for this transformation is to drive and improve efficiency across the enterprise through Automation. Infosys is helping JCI in this journey to delivery leading edge Enterprise Automation capabilities. JCI will automate business processes, with the help of Infosys’s industry leading tools and services including Self-service, Robotic and Assisted Automation, Predictive Diagnostics, and Self-Healing capabilities.

Panaya, Skava & EdgeVerve

Panaya and Skava continued to gain traction both as part of large client engagements where these products were central to the value proposition, and as standalone deals.

This quarter the EdgeVerve business sustained momentum with 18 wins and 24 go-lives for both the Finacle and Edge suite of solutions across various market regions.

Design-led services – Now in every engagement and rapidly reaching all our clients.

In the last quarter, we saw a significant increase in the adoption of Design Thinking by our clients globally. More than 225 Design Thinking workshops have been conducted to date, with more than 10 design led transformation programs this quarter from across industry segments. A very significant development is that our clients are increasingly engaging with our consultants to develop and execute strategic business transformation ideas and initiatives.

Building a Culture of Innovators

Zero Distance – Covers more than 95% of the projects base lined and managed by Infosys.

Zero Distance, our program to drive innovation in every project, empowering all employees to be innovators, now covers almost all projects and is establishing a new way to achieve project management excellence.

Jeroen Korstanje, IT Change Manager Enterprise Content Management, ABN AMRO, said, “We have been partnering with Infosys over 10 years. In the last 3 years our partnership has reached a higher maturity and we are truly acting as partners. The Zero Distance and Design Thinking movement within the Infosys organization is adding additional value to the partnership. Looking pro-actively at opportunities to make the work easier and automate as much as possible we already implemented a number of improvements. To strengthen the partnership even more we jointly trained all staff in the Enterprise Content Management area in Zero Distance and Design Thinking. I am confident that this will bring even more value to the bank as a whole.”

Extending the Reach through our Ecosystem

This quarter we announced an investment of USD 4 million in Waterline Data Science, a leading provider of data discovery and data governance software. This investment is testimony to our efforts to bring innovative data science solutions across our platforms and offerings, and commitment to deliver greater business value for our clients from their Big Data assets.

Awards and Recognition

Beyond Business

In fiscal 2016 over 216 crore ($ 33 million) contributed by Infosys has been utilized across projects related to healthcare, education, culture, destitute care and rural development. In addition, the company has spent 86 crore ($ 13 million) on multiple initiatives including Chennai flood disaster relief, environment sustainability and conservation of natural resources aimed at long term sustainability of eco system.

As part of its mission to better prepare all students for an increasingly digital future, Infosys Foundation USA continued to engage with local communities and invest in computer science related programs. The Foundation announced a grant of $1M in partnership with NSF to support Computer Science (CS) professional development for teachers. This collaboration will provide opportunities for as many as 2,000 school teachers to deepen their understanding of CS. 

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$ 9.5 billion in LTM revenues and 194,000+ 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, 2015. 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 15, 2016, 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, 2016	March 31, 2015
ASSETS
Current assets
Cash and cash equivalents	4,935	4,859
Available-for-sale financial assets	11	140
Trade receivables	1,710	1,554
Unbilled revenue	457	455
Prepayments and other current assets	672	527
Derivative financial instruments	17	16
Total current assets	7,802	7,551
Non-current assets
Property, plant and equipment	1,589	1,460
Goodwill	568	495
Intangible assets	149	102
Investment in Associates	16	15
Available-for-sale financial assets	273	215
Deferred income tax assets	81	85
Income tax assets	789	654
Other non-current assets	111	38
Total non-current assets	3,576	3,064
Total assets	11,378	10,615
LIABILITIES AND EQUITY
Current liabilities
Trade payables	58	22
Derivative Financial Instruments	1	–
Current income tax liabilities	515	451
Client deposits	4	4
Unearned revenue	201	168
Employee benefit obligations	202	171
Provisions	77	77
Other current liabilities	940	927
Total current liabilities	1,998	1,820
Non-current liabilities
Deferred income tax liabilities	39	25
Other non-current liabilities	17	8
Total liabilities	2,054	1,853
Equity
Share capital- 5 ($0.16) par value 2,400,000,000 (1,200,000,000) equity shares authorized, issued and outstanding 2,285,621,088 (1,142,805,132), net of 11,323,576 (5,667,200) treasury shares as of March 31, 2016 (March 31, 2015), respectively	199	109
Share premium	570	659
Retained earnings	11,083	10,090
Other reserves	–	–
Other components of equity	(2,528)	(2,096)
Total equity attributable to equity holders of the company	9,324	8,762
Non-controlling interests	–	–
Total equity	9,324	8,762
Total liabilities and equity	11,378	10,615

Infosys Limited and subsidiaries

Unaudited Condensed Consolidated Interim Statements of Comprehensive Income

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

NOTE:

 Exhibit 99.2

IFRS INR Press Release

Infosys (NSE, BSE: INFY) Announces Results for the Quarter and Year ended March 31, 2016

Q4 Revenue growth at 4.1% qoq in INR terms; 1.9% in constant currency terms

Q4 operating margin at 25.5%; increase of 0.6% from Q3 operating margin of 24.9%

FY 16 Revenue growth at 17.1% in INR terms; 13.3% in constant currency terms

FY 17 revenue guidance at 11.5%-13.5% in constant currency and 12.7%-14.7% in INR terms at March 31, 2016 exchange rates

Board recommended a final dividend of 14.25 per share

Bangalore, India – April 15, 2016

Financial Highlights

Consolidated results under International Financial Reporting Standards (IFRS) for the quarter and year ended March 31, 2016

Quarter ended March 31, 2016

·	Revenues were 16,550 crore for the quarter ended March 31, 2016 QoQ growth was 4.1% YoY growth was 23.4%
·	Operating profit was 4,220 crore for the quarter ended March 31, 2016 QoQ growth was 6.6% YoY growth was 22.4%
·	Net profit was 3,597 crore for the quarter ended March 31, 2016 QoQ growth was 3.8% YoY growth was 16.2%
·	Earnings per share (EPS) was 15.74 for the quarter ended March 31, 2016 QoQ growth was 3.8% YoY growth was 16.2%
Year ended March 31, 2016
·	Revenues were 62,441 crore for the year ended March 31, 2016 YoY growth was 17.1%
·	Operating profit was 15,620 crore for the year ended March 31, 2016 YoY growth was 12.9%
·	Net profit was 13,491 crore for the year ended March 31, 2016 YoY growth was 9.4%
·	Earnings per share (EPS) was 59.03 for the year ended March 31, 2016 YoY growth was 9.4%
·	Liquid assets including cash and cash equivalents, available-for-sale financial assets and government bonds were 34,468 crore as on March 31, 2016 as compared to 31,526 crore as on December 31, 2015 and 32,585 crore as on March 31, 2015
·	The Board of Directors recommended a final dividend of 14.25 per share for fiscal 2016

“I am proud of our company’s achievements in my first fiscal year as CEO of Infosys. At the same time, I am humbled by the task that is still in front of us. We started the year just two quarters into a strategy to completely reimagine the notion of services and to transform Infosys. Over the course of this year, we saw this strategy, of bringing automation and innovation to our clients, on a foundation of learning and education, start to show results in the organic growth of our client relationships, in our win rates in large deals, and in the types of projects we are seeing in strategic areas where we never participated before. I am proud of what our teams have achieved this quarter and in the year," said Dr. Vishal Sikka, CEO. "And yet despite these heartening results, they are still based on metrics of the past, of the way the industry has been. The world of our future looks entirely different – it is a world that is being fundamentally reshaped by digital technologies, and it is our endeavor to create great value for every business through solutions built on our AI technology and open, cloud platforms, to have Infoscions amplified by intelligent technology, to bring purposeful innovation to life, and in that sense, we are still very much at the beginning of this journey.”

“Employee attrition reduced further in Q4, and is reflective of increased engagement with our people all through the year, and our steps to make Infosys an exciting place for the world’s best talent. We continue to reimagine our internal processes to increase organizational agility.” said U B Pravin Rao, COO. “The momentum of large deal wins continued this quarter and bookings were strong.”

“Our growth trajectory improved in FY 16 and we navigated the external business environment well. We will continue to focus on leveraging operational efficiency levers for consistent profitable growth.” said M.D. Ranganath, CFO. “During the quarter, cash generation was strong. We managed a volatile currency environment effectively.”

Outlook*

The Company’s outlook (consolidated) for the fiscal year ending March 31, 2017, under IFRS is as follows:

*AUD/USD – 0.73; Euro/USD – 1.10; GBP/USD – 1.51

**Conversion: 1 US$ = 66.26

Management Changes

The Company announced that Mr. Mohit Joshi, Mr. Ravi Kumar S and Mr. Sandeep Dadlani have been appointed as Presidents of the company effective immediately.

Business Highlights

This quarter we made significant advances in our strategy to deliver automation and innovation through our traditional and new service offerings, our platforms and tools, and through investments in the broader ecosystem – enabling us to create more depth in existing client relationships, win more deals and specifically large deals, and open up entirely new types of strategic projects for Infosys.

Driving depth in client relationships, and winning large deals

Growing momentum in new services, platforms and tools

We continued to see new strategic projects coming to Infosys based on our Aikido service offerings as well as our platforms and tools.

IIP – Completed more than 220 engagements leveraging IIP; announced availability of IIP on AWS.

This quarter we announced the availability of IIP on Amazon Web Services Marketplace (AWS Marketplace). Businesses will now be able to gain robust data insights quickly, while tapping into the flexibility and the lower cost of a cloud-based platform.

Hershey’s LLC, North America’s largest chocolate manufacturer, recently used IIP on AWS to analyze retail store data. The company wanted to gain valuable, revenue-generating insight faster than a traditional analytics implementation could deliver.

Hershey needed to establish its Hadoop landscape and extend its analytics and big data capabilities quickly. Partnering with the client, we had the landscape up and the data lake seeded for their analysts in less than a week. Using the Infosys Information Platform on AWS accelerated the deployment by weeks

IAP – More than 125 engagements in IAP across segments; 21 additional deployments in this quarter across key accounts.

Johnson Controls (JCI) is transforming the role IT plays in accelerating growth and delivering value to the business. One of JCI’s goals for this transformation is to drive and improve efficiency across the enterprise through Automation. Infosys is helping JCI in this journey to delivery leading edge Enterprise Automation capabilities. JCI will automate business processes, with the help of Infosys’s industry leading tools and services including Self-service, Robotic and Assisted Automation, Predictive Diagnostics, and Self-Healing capabilities.

Panaya, Skava & EdgeVerve

Panaya and Skava continued to gain traction both as part of large client engagements where these products were central to the value proposition, and as standalone deals.

This quarter the EdgeVerve business sustained momentum with 18 wins and 24 go-lives for both the Finacle and Edge suite of solutions across various market regions.

Design-led services – Now in every engagement and rapidly reaching all our clients.

In the last quarter, we saw a significant increase in the adoption of Design Thinking by our clients globally. More than 225 Design Thinking workshops have been conducted to date, with more than 10 design led transformation programs this quarter from across industry segments. A very significant development is that our clients are increasingly engaging with our consultants to develop and execute strategic business transformation ideas and initiatives.

Building a Culture of Innovators

Zero Distance – Covers more than 95% of the projects base lined and managed by Infosys.

Zero Distance, our program to drive innovation in every project, empowering all employees to be innovators, now covers almost all projects and is establishing a new way to achieve project management excellence.

Jeroen Korstanje, IT Change Manager Enterprise Content Management, ABN AMRO, said, “We have been partnering with Infosys over 10 years. In the last 3 years our partnership has reached a higher maturity and we are truly acting as partners. The Zero Distance and Design Thinking movement within the Infosys organization is adding additional value to the partnership. Looking pro-actively at opportunities to make the work easier and automate as much as possible we already implemented a number of improvements. To strengthen the partnership even more we jointly trained all staff in the Enterprise Content Management area in Zero Distance and Design Thinking. I am confident that this will bring even more value to the bank as a whole.”

Extending the Reach through our Ecosystem

This quarter we announced an investment of USD 4 million in Waterline Data Science, a leading provider of data discovery and data governance software. This investment is testimony to our efforts to bring innovative data science solutions across our platforms and offerings, and commitment to deliver greater business value for our clients from their Big Data assets.

Awards and Recognition

Beyond Business

In fiscal 2016 over 216 crore contributed by Infosys has been utilized across projects related to healthcare, education, culture, destitute care and rural development. In addition, the company has spent 86 crore on multiple initiatives including Chennai flood disaster relief, environment sustainability and conservation of natural resources aimed at long term sustainability of eco system.

As part of its mission to better prepare all students for an increasingly digital future, Infosys Foundation USA continued to engage with local communities and invest in computer science related programs. The Foundation announced a grant of $1M in partnership with NSF to support Computer Science (CS) professional development for teachers. This collaboration will provide opportunities for as many as 2,000 school teachers to deepen their understanding of CS. 

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$ 9.5 billion in LTM revenues and 194,000+ 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, 2015. 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 15, 2016, 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, 2016	March 31, 2015
ASSETS
Current assets
Cash and cash equivalents	32,697	30,367
Available-for-sale financial assets	75	874
Trade receivables	11,330	9,713
Unbilled revenue	3,029	2,845
Prepayments and other current assets	4,448	3,296
Derivative financial instruments	116	101
Total current assets	51,695	47,196
Non-current assets
Property, plant and equipment	10,530	9,125
Goodwill	3,764	3,091
Intangible assets	985	638
Investment in associate	103	93
Available-for-sale financial assets	1,811	1,345
Deferred income tax assets	536	537
Income tax assets	5,230	4,089
Other non-current assets	735	238
Total non-current assets	23,694	19,156
Total assets	75,389	66,352
LIABILITIES AND EQUITY
Current liabilities
Trade payables	386	140
Derivative financial instruments	5	3
Current income tax liabilities	3,410	2,818
Client deposits	28	27
Unearned revenue	1,332	1,052
Employee benefit obligations	1,341	1,069
Provisions	512	478
Other current liabilities	6,225	5,796
Total current liabilities	13,239	11,383
Non-current liabilities
Deferred income tax liabilities	256	160
Other non-current liabilities	115	46
Total liabilities	13,610	11,589
Equity
Share capital- 5 par value 240,00,00,000 (120,00,00,000) equity shares authorized, issued and outstanding 228,56,21,088 (114,28,05,132), net of 1,13,23,576 (56,67,200) treasury shares, as of March 31, 2016 (March 31, 2015), respectively	1,144	572
Share premium	2,241	2,806
Retained earnings	57,655	50,978
Cash flow hedge reserves	–	–
Other components of equity	739	407
Total equity attributable to equity holders of the company	61,779	54,763
Non-controlling interests	–	–
Total equity	61,779	54,763
Total liabilities and equity	75,389	66,352

Infosys Limited and subsidiaries

Consolidated Statements of Comprehensive Income

(In crore except share and per equity share data)

	Three months ended March 31, 2016	Three months ended March 31, 2015	Year ended March 31, 2016	Year ended March 31, 2015
Revenues	16,550	13,411	62,441	53,319
Cost of sales	10,262	8,174	39,098	32,883
Gross profit	6,288	5,237	23,343	20,436
Operating expenses:
Selling and marketing expenses	909	736	3,431	2,941
Administrative expenses	1,159	1,052	4,292	3,663
Total operating expenses	2,068	1,788	7,723	6,604
Operating profit	4,220	3,449	15,620	13,832
Other income, net	772	881	3,125	3,427
Share in associate’s profit/(loss)	(1)	(1)	(3)	(1)
Profit before income taxes	4,991	4,329	18,742	17,258
Income tax expense	1,394	1,232	5,251	4,929
Net profit	3,597	3,097	13,491	12,329
Other comprehensive income
Items that will not be reclassified to profit or loss:
Re-measurement of the net defined benefit liability/(asset)	(3)	(12)	(12)	(47)
Items that may be reclassified subsequently to profit or loss:
Fair value changes on available-for-sale financial asset	19	(22)	41	79
Exchange differences on translation of foreign operations	96	(89)	303	(195)
Fair value changes on cash flow hedges	–	–	–	–
Total other comprehensive income, net of tax	112	(123)	332	(163)
Total comprehensive income	3,709	2,974	13,823	12,166
Profit attributable to:
Owners of the company	3,597	3,097	13,491	12,329
Non-controlling interests	–	–	–	–
	3,597	3,097	13,491	12,329
Total comprehensive income attributable to:
Owners of the company	3,709	2,974	13,823	12,166
Non-controlling interests	–	–	–	–
	3,709	2,974	13,823	12,166
Earnings per equity share
Basic ()	15.74	13.55	59.03	53.94
Diluted ()	15.74	13.55	59.02	53.94
Weighted average equity shares used in computing earnings per equity share
Basic	228,56,20,957	228,56,10,264	228,56,16,160	228,56,10,264
Diluted	228,57,50,316	228,56,67,252	228,57,18,894	228,56,42,940

NOTE:

 Exhibit 99.3

Press Conference

PRESS CONFERENCE

Q4 & FY 2016 RESULTS

April 15, 2016

CORPORATE PARTICIPANTs

Vishal Sikka

Chief Executive Officer & Managing Director

Pravin Rao

Chief Operating Officer

Ranganath D Mavinakere

Executive Vice President and Chief Financial Officer

Krishnamurthy Shankar

Executive Vice President, Group Head, Human Resource Development

Binod Hampapur Rangadore

Executive Vice President, Global Head, Talent and Technology Operations

Mohit Joshi

President & Head – Financial Services, Head – Infosys Brazil and Infosys Mexico

PRESS

Chandra

ET Now

Rukmani

Ayushman

Business World

Bibhu

Anya

Reuters

Varun

Mint

Kunal

FORTUNE Magazine

Balaji

Vishal Sikka

Welcome, everyone. We are very excited about our quarter. Had a great quarter. We are excited about the year that is ahead of us. And with that would love to get you to ask us some questions.

Chandra

Hi Vishal, Chandra here. Vishal, just want to start by asking you, from the time you took charge to now, I know you do not want to say that bellwether but would you say you sort of rebuilt a desirable Infosys? Are you there yet or what other metrics would you be looking for going forward? You clearly are very happy with the numbers today, with the guidance, but anything else that you would watch out for closely over the next few quarters? And one question for the head of HR, I think on the increments they usually go out 1st April, all people are wondering why it has not yet gone out. The call mentioned the hikes but if you can give us some more details on that. Thank you.

Vishal Sikka

Sure. I think in terms of the bellwether and all of these things, these are all things for others to characterize. We keep working on our mission, on our paths, our strategy. I do believe that there is a strong need in the world that is ahead of us for a new kind of a services company, a company that is based on innovation where every human has an opportunity to deliver to their human potential where we bring the power of technology automation to dramatically improve our productivity, our bandwidth and we constantly learn and collaborate. And that journey has barely just begun. I would not say that we are anywhere close to getting there. But we are very excited about what the team has been able to achieve so far and excited about the year that is in front of us. I mentioned also in the earnings call with the financial analysts that we need to create additional metrics that we used to measure the performance of the companies like us going forward and so on. But by and large we are quite excited about the quarter that has just ended, about the year that has just ended and looking ahead to the year that is in front of us.

Krishnamurthy Shankar

Your question was these things go out earlier and why now, is that the question? We are starting with the process for our engineers and the leads and there again it will be based on performance, a majority of them would be in the range of between 6% and 12% based on performance, that is the kind of thing that we are looking at. As you also know we are looking at also introducing equity which would be launched during the quarter. That will be also announced in due course in terms of what we are doing. Our objective is to really ensure that it is a plan which really appeals to retain and attract good people. We are going to cover a select percentage of high potential people, higher performers, about 20% - 25% of people in the managerial level, that would be our intention.

Chandra

Vishal, just one more question, three of your executives have been elevated to President’s today. Take us through the rationale and how will their roles differ because each one was handling different responsibilities. Why now, I am sure it adds a lot of the management bandwidth but just why now?

Vishal Sikka

I think first of all just to add to Krish’s point, so we are also excited about the RSU option plan that we are rolling out to our employees. Obviously 6% to 12% is the range applying to most of the employees as Krish said, but the high performers can get even significantly higher than that. We are looking forward to that. In terms of the three gentleman here behind me, look the three of us, myself, Pravin and Ranga, in addition to all the strategic aspects of the company we are also consumed by all the operational aspects of the company. Since I started here as CEO we have undertaken 54 significant initiatives and it is a lot. This journey is a long journey, it is a tough journey and there is a lot on our plates. So we need more bandwidth and we need additional leadership bandwidth. We are very proud of our leadership team. Our entire leadership team is here and we felt that it is appropriate to elevate three of them to the President title, share additional executive bandwidth, so for example some of the operational tasks in the delivery area that Ravi can do in addition and operational task in the sales area that Mohit can do in addition and operational task in the new areas of software and innovation oriented sales that Sandeep can do. So Sandeep, Mohit and Ravi are three Presidents. However, their operational responsibility continues to be what it is, as does for Rajesh and Manish. So there is no change in reporting in that sense. Rajesh and Manish continue to do an excellent job, we continue to count on their incredible leadership. They are both here, I am told that the colors they are wearing are the camel colors. I will not make any camel jokes. Where I grew up there used to be a saying in Saurashtra that one cannot buy camel for the price of sheep. This is a motto that we live by in monetizing our new, right Sandeep. So in one word it is simply executive bandwidth but everything else continues as is and we are extremely proud of our leadership teams.

Rukmani

Vishal, I wanted to understand the realization, because in the concall you clarified that there has been a little bit of drop in realization, but you are expecting that to stabilize. So could you tell me across FY17 what is the trajectory and what is the reason why there has been pressure on realization?

Vishal Sikka

We do not know. Generally there is a downward pricing pressure and in the industry that continues to be the case. Ranga has shared the numbers today, we continue to see that. Some of the margin decline that you see is attributable to that over the course of the year, some that we executed on several initiatives to improve the margins over the course of last quarter but it was also negatively impacted by pricing. So look this is somewhat, what is the fancy word, ‘secular’, this is a secular trend in the industry. Of course next generation thing, new things carry tremendous value and there the traditional cost based metrics do not apply. We have to ensure that we are continuing to bring additional next generation kinds of offerings and bringing more productivity improvement because of automation. But it is not possible for us to look over the course of the year and share any kind of insights on how this will change. Our long-term revenue per employee aspiration continues to be $80,000 by 2020 and we are continuing to work on that even though over the last 12 months, this has actually gone in the other direction.

Rukmani

Vishal, till date there was the important strategy of ploughing back of market share, of maintaining attrition, so on and so forth. Now that you have reached a position where you are at a comfort level, what is the next challenge that you are foreseeing immediately especially given the fact that coming year is expected to have some amount of seasonal headwinds, some amount of headwinds. So keeping that in mind what is the next level of growth that you are targeting?

Vishal Sikka

I think that bringing automation, bringing artificial intelligence to more complex areas in business, in automation of our work, this is something that I am really excited about. We will share more about this as we go forward. Earlier today we were discussing at lunch some of the new ways in which physical, very-very traditional legacy physical institutions are becoming digitized and becoming transformed by software, that is an area that is of tremendous interest. Going into new experiences in the human interaction area, virtual reality technology is becoming quite exciting. This week we shared with our Board some of the virtual reality innovations that our team is working on. Our team is actually doing some pioneering work in VR technology that is very exciting, the work on conversational interfaces and chat and so forth is extremely exciting. There is a lot going on in the world around us that is very exciting. The things is that generally when times are bad you need innovation and when times are good you need innovation. So there are always headwinds, things going on at individual clients that can impact us and so forth, but by and large we are extremely positive about the atmosphere and the opportunity that is ahead of us.

Participant

Vishal, the India business has done exceptionally well this quarter, so what kind of traction are you seeing, are these basically private sector deals or e-governance sort of transactions that you are chasing?

Binod Hampapur Rangadore

Most of the growth is coming from the private sector. Of course we still have our long-term contracts with the Income Tax Department and with various other departments that we are working with, that are still going on.

Participant

Can you give us a sense of the capital expenditure plan for the current fiscal, how many new seats are you planning to add?

Ranganath D. Mavinakere

Capital expenditure always we have spent about limited to about 20% of the operating cash flow. By and large that is the band that we are looking.

Ayushman

Ayushman here from Business World. Vishal, what are the key drivers of growth for this quarter and what was the rationale for the optimistic guidance?

Vishal Sikka

I think the adoption of the new areas that we have been working on has continued and we continue to improve that. The adoption of automation has improved significantly and the deal wins that we had in the last several quarters started to produce results in the course of this quarter. Operational rigor led by Ranga, Ravi and Pravin of course led to a lot of improvements. We bucked their trend, the sort of ‘curse of the bambino’ that we have had in Q4 in the last three years that is gone now and is behind us. So a lot contributed to the performance in this quarter that has gone by. In terms of the optimism for the year ahead, there are several factors to that, continued adoption of the new areas is obviously the big one, the renewal initiatives around zero distance, around automation, around bringing innovation into everything that we do continues to pick more and more momentum. That is becoming more widely adopted in our ongoing projects and all the new deals that we have won and so forth. The new areas that we have been working on, in particular Skava, Panaya, the work on our platforms, the information and the automation platform, the Edge products, these continue to get traction. So we expect to see that continue and gain even more momentum. Most importantly the deals that we have won and the large deals that we continue to win, give us an additional kind of a tailwind to feel more optimistic about the future. So therefore based on the visibility that we have right now that myself, Pravin and Ranga have, we are looking at an 11.5% to 13.5% constant currency growth over the course of this year. Obviously this is something that we track on a daily basis and as our visibility improves we will continue to revisit this.

Rukmani

Vishal, is there a number you can give on the hiring outlook or the exact number and break it up into… not yet?

Vishal Sikka

No, we cannot. Some parts of the broad hiring, for example the campus hiring have a yearly kind of a trajectory and the others are Just In Time and over the course of the year. I think now that the fiscal 2016 reporting work is behind us we will get into that in more detail and see where we are.

Participant

Just in time hiring in that…

Pravin Rao

For freshers we have already made a call because we have already started going to campus, making offers and so on. So we have planned for about 20,000 joins for freshers, but laterally is mostly just in time basis on the demand.

Bibhu

This 661 net addition this quarter I think this is one of the lowest in the recent quarter cycle, previous quarter also you had added some 5,407 employees. What it indicates, usually you mention about the old and new and this has been one of the metrics when we people visualize predictability about the business based on the hiring one makes. Now that you are aggressively driving non-linearity with increasing automation and all, will it see lesser and lesser number of hiring or net additions? And also one question that just came to my mind, by 2020 vision, what could be the employee number by that time when you achieve the vision of 20 bn?

Vishal Sikka

See, in terms of the 2020 vision, if you look at 80,000 revenue per employee and $ 20 billion in revenue, that adds up to 250,000 people. We are right now at around 195,000, so it would grow somehow like that, that would be the aspiration. I think again 2020 is still too far to come up with a concrete operational plan for something like that. However as time goes by we continue to feel better about being able to get there. In terms of the small growth this quarter, I would not read anything specific to that, perhaps Pravin you can add something on that.

Pravin Rao

I do not think we should read too much into it, partly the hiring has been lower because some of the automation benefits have started kicking in. But it is too early, we still have to do much more on it. And the other factor also is in our transition from people only to people plus software, it is also picking up. This quarter in particular we have seen good tractions particularly in the retail around most of our platforms like Skava, Panaya, Edge and so on. So it is a combination of things, but again I would caution that these are still early days and not a secular trend.

Bibhu

How is your visibility at this point of time, you have given a guidance in constant currency 11.5 to 13.5, still there is a broad range of 2%. Your performance last year also was in the similar range. So are you factoring based on the current understanding of the market at current level you are giving this guidance or how is the visibility.

Vishal Sikka

I think that obviously the currency environment has changed over the course of the year. But when we look at the constant currency which is the FY16 average we see a visibility of 11.5% to 13.5%. This number is not anything more than our guidance, our advising the markets on what we see right now and this is what we see right now.

Participant

Sir, this quarter was great for deal wins, my question is, just looking forward to the next quarter what kind of deals, how does the pipeline look in terms of 50 million plus deals?

Vishal Sikka

The pipeline looks good.

Participant

Would you care to elaborate?

Vishal Sikka

It looks somewhere between reasonably good and very good.

Anya

Anya from Reuters I just want to know what kind of deal sizes and product mix are you seeing in the BFSI segment?

Mohit Joshi

I think in the BFSI segment we are seeing the deals that we have traditionally seen but we are trying to infuse our AI and automation pieces into it and then we are seeing the software plus services deal, the new deals that Vishal spoke about. So it is a mix of the old traditional business that we are trying to automate and the new business. The growth for the year was 12.9% year-on-year, and for the whole year it was 15.3% excluding insurance, this is very healthy. We did see a little bit of slowdown Insurance but we believe it is only temporary.

Varun

Varun here from Mint. A couple of questions and clarifications. Firstly, what was the total number of large TCV wins for this quarter?

Vishal Sikka

It was $757 million.

Varun

The repeat business used to be like about 97%-98% but for this year end if I am not wrong it came down to 95 point some odd, so is there a trend which is there for all IT service or was this an aberration, sir?

Vishal Sikka

I think that repeat business going down is actually a good thing because you want a good influx of new business. So it is like me complaining about continuing to lose weight.

Varun

Sir another question over here, the Insurance in the conference call or the call with the analysts it was said that Insurance seems to be a little bit of wrinkle for the company and just now Mohit also clarified it is temporary. By next quarter say in two quarters will this pain be done with?

Vishal Sikka

As Mohit said and Manish is here as well, we believe that we had a decline in the quarter but this is because of certain situations happening at individual companies which ramped downs and so forth because of the nature of the business, in particular one of the large clients that we had. But we do not see anything particular about Insurance that we are worried about. In fact, when we look at Insurance companies rethinking themselves to offer better value to consumers, that is a tremendous need in new kind of services and in particular Insurances companies are among the largest consumers of extremely old legacy software where there is tremendous opportunities for modernization. So we continue to be excited about Insurance.

Varun

Sir this 2020, $ 20 bn aspirational target, is this calendar year March 2020, is it…?

Vishal Sikka

When I said that I was not aware that fiscal year and calendar year are not the same thing in Infosys, so it was the calendar year 2020, that is three quarters of fiscal 2021.

Varun

The BPO business and BPO especially growth has not been there. What are you trying to do to revive this as a part of the 2020, because 2 billion needs to come from new platforms, BPO just grew at 0.8% - 0.9%. Is there a secular trend again or is it just something which is limited to Infosys and what is the way forward?

Vishal Sikka

The wave of innovations have not yet reached the BPO business because of the nature of the work in BPO because of the very front-line oriented low revenue per employee work that happens in BPOs. It is naturally the one that takes the longest where innovation adoption takes the longest. We believe that BPO will be one of the biggest beneficiaries of innovation and of automation. The opportunity to transform the business processes of customers, not just operate the business processes, the opportunity to look inside the business processes and deliver more valuable insights with forecasting and analytics, the opportunity to automate the work that people in shared service centers including our own employees do through the process of end user automation like we do with our AssistEdge product. Finally the opportunity to consolidate across stacks by bringing together the BPO work with L1, L2 and L3 operations support which we are working on to transform through great use of AI Technology. These are opportunities that will help us totally transform and grow the BPO business. I am extremely optimistic about the BPO business.

Varun

Just last two questions here. Revenue FTE is being going down you yourself said over the past 12 months. Why is it so sir?

Vishal Sikka

The automation has not taken so long to adopt, the hiring cycles are still longer and therefore the number of employees we are adding to the company is significantly higher. There is also a secular downward pricing pressure in the industry that affects everybody. So those three things are continuing to dwarf the effect of automation and the effect of innovation which will overtime take over. So I continue to be confident that over the 2020 horizon we will get to that inspirational goal of 80,000 but for the last four quarters or so this number is actually going in the other direction and one of our endeavors this year is to ensure that we work to reverse this trend and then it starts to change for the upwards.

Ranganath D. Mavinakere

Just to add to what Vishal said, if you look at this financial year some of the drop is also because of the currency and on constant currency basis it is flat.

Varun

Sir, just last clarification. Consulting Package Implementation and others this seems to have recorded the maximum growth. Can you help us what is this others? Is this more of the Data Analytics, more of the Cloud Computing and if you can give some visibility how big is this business? Because this helps analysts at least understand, how is Infosys making itself future ready? Or is it just all Enterprise Application rollout and maintenance work?

Vishal Sikka

No, it is the Consulting and Package System oriented work.

Pravin Rao

See ‘others’ is a very small thing so we should ignore that. But on the Consulting System Integration, this quarter it has been flat but for the year it has grown significantly 16% or so on a year-on-year basis. This is where we are looking at Package Implementation Digital, Analytics and so on. Most of the growth has been driven in Digital and Analytics space.

Vishal Sikka

And the Consulting, no I would not agree with the characterization. Yes, of course Package Implementation is a part of it but over the last many years that has been decreasing. It is around Consulting and brining innovation into that and every one of these chain management and implementation projects now we bring Panaya and our own organically grown innovations from Infosys into that so,. To characterize that as mundane work would not be right.

Varun

Sir, just a follow-up here, but all the IT companies are increasingly talking about digital technologies. How do we really know about the so-called New and Renew? How is it really showing in the numbers? Because all of these are traditional service offerings, what is like say if I have to ask you the growth in Analytics or Cloud Computing?

Vishal Sikka

Analytics is a clearly isolated unit with its own charter of doing analytics-oriented work, machine learning, business intelligence and things of this nature. You can tell that this is a different category of work. The other similarly cloud-oriented work whether it is brining cloud infrastructure underneath, the new kinds of analytical applications, Internet of Things, machine learning and so forth or moving traditional legacy landscapes to the cloud infrastructure this is all about the cloud. So these are all things that are easy to measure. The ‘Renew-New’ split is more nuanced. The important thing to remember there is, it is not that there is a ‘New’ department in Infosys and there is a ‘Renew’ department in Infosys. Every one of us, every team, indeed every Infoscion does both ‘renew’ and ‘new’. In fact inside the work of an individual Infoscion there is both ‘Renew’ and ‘New’. So the fact that there is no distinction between the ‘Renew’ and ‘New’ actually is a good thing. We want that every one of us and everything that we do bring both the dimension of continuously doing new things as well as renewing the things that we have done before. The difference between the two is indeed a perspective on time. New is the things that we did not do before, Renew is the improvement of things that we always did.

Participant

Hi, I have another just regarding the operating margin guidance. So you reiterated a 24% to 26% guidance for FY17, if I am correct? Is this slightly conservative considering you had 25.5% in Q4 or is there increased pricing pressure?

Ranganath D Mavinakere

Yes, I think we had given a medium-term guidance of 24% to 26% last year and if you look at FY15 we closed exactly at the mid-point - 25%. Of course we have couple of levers in margin. Certainly the utilization which use to be in late 70’s is consistently in above 80% in the last four quarters. We do believe that there is an element of scope there as well. If you look at the onsite mix, it used to be 27% now it has moved to 29.6%. Our endeavor is to move it back. We have got some levers there. Third of course the sub-con expenses. Last quarter if you recollect we talked about how to moderate the sub-con expenses. If you look at this quarter, it has come down from 6.3% of revenue last quarter to 5.6%. These levers we will continue to deploy very closely in FY17 and of course Vishal always challenges us to go beyond the guidance. However, I think in the short-term we will be relaying on these. We want to maximize these operating levers at the same time while working on the automation-led benefits. In terms of FY17, we continue to reiterate 24% to 26%. You should also remember that in Q1 we also have a compensation hike cost, the H1 visa cost, so all of them will have some impact. Given where we are today, given the levers that we know we will continue to work on this.

Bibhu

So this is one last question from me. What is your vision for about visa independent Infosys? Recently Mr. Murthy spoke in one seminar where he spoke about how the initiative was taken earlier and was later discontinued. Unfortunately the industry is heavily dependent on H1 visa. Now that is presidential the elections year in the US and this issue has again resurfaced and it will continue to do so. In the long term how do you visualize the industry. When you carry forward your vision, can one be independent of visa or do we plan to do it by increasing offshore hiring or increasingly using automation tools?

Vishal Sikka

That is a very important question Bibhu. Of course this being the presidential election year in the US, there is a lot of rhetoric around this and it is rhetoric. Obviously we continue to be influenced in the near-term by the visa situation. Ranga already mentioned this. Our view is to become independent of visas, to hire locally. I, myself a local hire in the US. We have thousands of people who are locally hired working in US, in Europe, in Australia and other places. So our endeavor is to get independent of this visa matter as much as possible. I believe it is possible for us to achieve that and VGDM and V does not for me, the V is virtual or visa independent GDM is one of the very fundamental parts of this. We believe that this idea of a location independent experience of delivery is something that is in our reach because of technology. We are sitting here in a large room that is technologically-enabled with Virtual Reality technology and with other collaboration technology. It is becoming possible to deliver more and more seamless experience no matter where we are and we are actually doing a lot of innovation in this area. Sanjay was here, he just left to catch the flight but he is working on this. Binod is working on this and this we believe is a key part of our approach in the future. Again, the important thing is to not look at VGDM or collaboration technology as a way to deliver the same thing for a lower cost but indeed to build the right kind of talent. I mean recently one of Ravi’s teams was building a unique kind of a mobile application and we found a person in Poland or somewhere who has the expertise for this thing. We want to be able to bring the right talent wherever that is to bear and these technologies will help us get there. The whole visa thing over the last many decades has brought us to a point where there is too much dependency on this and the answer to that is a combination of local hiring, better solutioning and this next generation technology collaboration and VGDM and so forth. That will help us deliver the best value no matter where the people are.

Kunal

Mr. Sikka, hi, my name is Kunal, I write for FORTUNE Magazine the Indian edition. I have three questions on ‘AiKiDo’ Program which in the last fiscal year you introduced in August last year. What is the buy in been the client side? Second question is how does it roll back into how employees at Infosys respond to those requirements? And finally, how did that name emanate in Infosys?

Vishal Sikka

The ‘AiKiDo’ refers to the next generation services that we deliver but that does not mean that there is an ‘AiKiDo’ department somewhere. The ‘AiKiDo’ department at Infosys is Infosys. ‘Ai’ is the software services the next generation platform-oriented services and the work that we do in, work around Skava, to implement Skava, to integrate Skava; the work on our platforms, on our automation and innovation platform, information platform for big data, the work that we doing in Internet of Things, building digital trends and things like this, where we leverage our platform and the services around our platform; that work is ‘Ai’. The ‘Ki’ work is extremely important to our future. This is around the capturing the knowledge that sits inside the legacy environments of our clients. We started this project with Boeing, the great manufacturer of Aircraft. We work with them to knowledge based engineering where we captured the engineering of these complex systems into explicit ‘Ai’ knowledge bases and we use that over time to improve the operations to lower the maintenance cost and things like that. So with ‘Ki’, we are working to deliver the knowledge-based services that lower the cost of operating land escapes, maintenance, capturing the know-how explicit into an ‘Ai’ system and so on both in the engineering industry but especially also in the IT industry around legacy system and things like that. Ravi is also working on brining the ‘Ki’ services into the way we manage the transitions when we take over these large deals like the ones that we talked about that we have won earlier. ‘Do’ is Design Thinking, it is around working with clients on their next generation problems. Sanjay Purohit has an ambitious program to bring commercial design services to our clients. From a sales perspective under the leadership of our four sales leaders who are sitting behind me, we have basically brought Design Thinking into every client. I have stopped reporting the number of Design Thinking engagement because now in our company every engagement is a Design Thinking engagement. Every project, every renewal, every deal, every proposal that we work on is done using Design Thinking, so that is ‘Do’. The point of that is to help the clients uncover their most important problems or more precisely articulate the problems so that then a solution can be built for it. Usually, problem finding is actually an extremely important part of the work that we do, problem solving then follows that. As to the origin of this, most of us think about ‘AiKiDo’ as this Martial Art from the Far East. The word ‘Ai’ means to unify to bring together to integrate, the word ‘Ki’ means the knowledge, the morale, the energy that is inside a system, the Chinese word ‘Qi’ (chee) is the same word actually in Japanese it is called Ki and in Chinese it is called Qi (chee). The word ‘Do’ means the path forward, the way forward, like the schools in Japan are called Dojo’s because they are the places where you learn to find the path forward. So ‘AiKiDo’ is three beautiful words combined together on unifying our energy to find our path forward and even though it is three services in Infosys, it is actually one integrated idea.

Kunal

Is it planted as such outset, that is what I wanted to clarify, are you branding it as AiKiDo or is it just an internal?

Vishal Sikka

No, we are branding it. We are bringing into our complex engagements, branding itself is one area that we plan to focus on in the course of this year this would be a good idea at Infosys but yes, it is an externally branded.

Balaji

Sir, I am sorry, I was late. So I just wanted on quote on you because it is not there. You have not given your quote on the projection made this year. The guidance which seems to be apparently, lower why is it so? It is in double-digits no doubt. It is a relief even in dollar terms double-digit, though it was 9% you achieved. Now you are confidently in double-digit so, what is outlook? Is it again a conservative estimate based on your near estimates and what is really the outlook because you are based in the US you know your market better.

Vishal Sikka

No, it is not conservative or liberal, it is not managing any expectations this is the visibility that we have right now. Before you came in sir we talked about this. The outlook that we see, we are quite excited about. The deal wins that we have had in the large deals as well as the adoption of the innovation work that we have done continues to excite us and on the basis of all of these things, currently my, Pravin and Ranga’s visibility is to grow 11.5% to 13.5% in constant currency which is based on March 31^st reported number that comes to within 0.3% so, 11.8% to 13.8% in March 31^st reported currency. So we feel good about that and we will continue to monitor as the atmosphere evolves. We will continue to revisit this if necessary and if it is necessary we will let you know.

Balaji

Second quarter or third quarter?

Vishal Sikka

Every day.

Balaji

Fair enough, sir. But this is okay. You have talked about technologies in line with the industry and then your clients all are adapting to digital technologies? So in that case is the revenue and the billings are being relooked because the old conventional approach has gone. There is a lot of value addition happening what is happening to billing rates?

Vishal Sikka

There are many questions in that one I thought. If I miss one, Pravin then maybe you can answer this. The digital technology adoption, yes, we are excited about it. Our team has been heavily on this obviously. There is a lot going on in the industry in this area. Actually I have always said, people ask me how much digital work do you do? Last I looked all we do is write software for digital computer so 100% of our work is digital. I do not know why these guys talk about only 20% of their work as digital, may be they are writing software for Analog Computers or something. I think the clients are looking at digital technologies in more and more formerly erstwhile physical areas, powered systems, automation systems, trucks, machines, things that have stores, things that have been in the physical domain which are now becoming digitized. So there is a great set of opportunities there. In terms of the billing rates and so forth on the traditional services for the last many years, there has been a steady downward pricing pressures. This is something that is not new we have known this, this continues to be the case and there are only two ways to address that. One is to bring automation into our work faster than the rate of decline in the pricing and the second one is to take advantage of that automation to free-up more bandwidth, to free up the creativity of our people so that people can become more innovative. In a nutshell the strategy that we are executing on is to bring ‘AI’ and automation to the work that we do, to improve our abilities, improve our productivity, ‘do more with less for more’ like Professor Mashelkar said, to take the advantage of that bandwidth to become more innovative, become more creative both in our regular work and in the new next-generation innovation that we bring in, to power this transformation of automation and innovation using our ability to educate, using the great learning infrastructure that Infosys has. So this is in a nutshell what we are doing. Our aspiration continues to be the $ 20 bn, a 30% and $80 thousand revenue per employee by 2020.

Balaji

Sir, last question, I do not know if anyone asked or not because if I was to ask they would have said silent period so I did not want to make a noise regarding this the sympathy and concern. Raghavendran Ganeshan, we did not hear after the sympathy, condolence and all. Is there any specific fund in your Company which compensates for victims of this kind of terror? And then he was travelling, though he was four years why was he traveling actually in local anybody is wiser to ask this kind of question. Regarding compensation is there any policy, unfortunately he has become victim for no reason. Of all Infosys employee everywhere he is there, wherever trouble spots Infosys something or other happens?

Vishal Sikka

Raghav was a very dear employee. Even though we are close to 200,000 employees, everyday our endeavor is to work like a family, to treat our employees as our family members. Pravin and I actually talked about when we first started to hear the news we might have lost Raghav in Brussels. Our first request to our HR Team was to treat him like he was our own brother, that is the way that we work and the way that we think. Rajesh who is here was quite close to this account and to this team that Raghav was a part of. We take these things very personally and very seriously. It was a completely senseless thing that happened. He was going in a train to work and we lost him and we are treating this with tremendous dignity and the financial value part of it is one part of it. Perhaps Kris?

Ranganath D Mavinakere

As Vishal said, for all our employees we have extensive coverage one is that part. Also on compassionate grounds from our employee trust we also had certain contribution and our employee trust clearly looks at such unique cases which really deserves all our support. Unfortunately, we will not be able to disclose those amounts but you be rest assured that the company has gone out of its way. Also since he was on line of employment, we fully supported in whatever way both monetarily and otherwise.

Balaji

Not the figure, whether in service period time that means you do not have any kind of budget god forbid for terror victims, we do not want that kind of thing. But if you said you have compensated means compensated enough with respect to say taking care of his service as it is done by the government with respect to others like in Army and Security Forces, gone out of the way?

Ranganath D Mavinakere

Of course we have our internal policies how to address it but we will not be able to disclose. But all we can say is that whatever monetary and non-monetary support that is required in such a unique and very demanding circumstances, we have done it.

Participant

One question, is it too early to quantify the games around automation or are there some milestones it around already?

Vishal Sikka

If you look at last quarter we released 1,700 or so people worth of effort due to automation. The quarter before was 1,100 and before that I think Ravi it was 600 or so. So it has been steadily growing but if you look 1,700 this is still a little bit more than 1% of our delivery force. So the numbers are still small. If you look at 80% utilization on a base of 200,000 employees or so, it will take another few quarters for these numbers to become meaningful enough to be measureable in the P&L. We continue to track it very diligently down to the service line, even 1% of the effort saved and so on. So we are tracking it however, it is not yet material enough to reflect in the P&L.

 Exhibit 99.4

Common TV Address

COMMON TV ADDRESS

Q4 & FY 2016 RESULTS

April 15, 2016

CORPORATE PARTICIPANTs

Vishal Sikka

Chief Executive Officer & Managing Director

Pravin Rao

Chief Operating Officer

Ranganath D Mavinakere

Executive Vice President & Chief Financial Officer

PRESS

Rukmini Rao

Bloomberg TV India

Kritika Saxena

CNBC

Chandra

ET NOW

Vishal Sikka

Good morning everyone. We are really pleased with the results that we have just announced. We are bullish on the year ahead and yet we feel that there is a lot more still needs to be done. Myself, Pravin and Ranga, we are here, relaxed today. It is a holiday, looking forward to some questions from all of you.

Rukmini Rao

Good Morning, Gentlemen. Rukmini Rao from Bloomberg TV India. Vishal, the revenue guidance that you have given, want to understand from you where are you getting this confidence for this strong dollar revenue guidance that you have given? Also, Pravin and Ranga, want to understand from you, the BFSI vertical has seen a little bit of softness and also repeat business side we have seen almost 1% repeat business being down. Also on the top-5 client side we are seeing a little bit of softness. If you can help us understand what is really happening?

Vishal Sikka

We are quite happy about our team’s performance. The initiatives that we have started around renewing our existing services using Automation and grassroots innovation in everything we do, they are really getting adopted very well. I am very proud of what our team led by Ravi has done in the renewal of services. We had a great performance in Automation in the last quarter. We have got 1,700 people equivalent of effort saved because of Automation. Design Thinking has become an integral part of the work that we do and so forth. I am really happy that the new things that we have been working on, the platform work, the work on Skava and Panaya, which are our acquisitions as well as the new initiatives that we have started around Design Thinking and doing extraordinary new kinds of projects have also been kicking in. We had great performance in the large deals area. We did about $757 mn in Q4. That is not including two additional large what we call “framed deals” that we are not counting in there. If you look at the year, we had significantly higher; we had $1.9 bn in FY15 and we did more than $2.7 bn in FY16. So we are really happy with the large deal performance there and obviously that sets a good base for the future. When you look at the trajectory of the innovation and automation initiatives and the large deal wins and the pipeline that we see, we feel good about the future. Obviously, as our visibility improves, we will keep taking a look at it and seeing how we are doing.

Pravin Rao

Coming to your question on BFSI, we are seeing some softness in the Insurance segment. So this quarter BFSI grew at 0.2% on a constant currency basis. But if you ignore Insurance piece, the rest of the business grew at about 1.6% on a constant currency basis. Similarly, if you look at on a yearly basis, including Insurance it grew over 12% but if you exclude Insurance it was over 15% on a yearly basis. So we are seeing tremendous amount of traction and momentum in the BFSI space excluding Insurance. Out of the 6 large deals that Vishal talked about, 1 of them was in this space. In addition to that, we have 2 Frame deals where we have TCV of $470 mn, but since it is not committed, we are not counting it as part of large deals. So barring Insurance, we are very optimistic about the BFSI space, we are seeing good traction, good discretionary spend and so on.

Vishal Sikka

Even in Insurance, Pravin, we have seen quite good results that we are just starting to see and that will take some more time to develop. So we are not worried in the BFSI at all.

Ranganath D. Mavinakere

I think as both Vishal and Pravin said, Q4 has been a very satisfying quarter. Traditionally, if you look at last couple of years for us, Q4 has been seasonally very soft quarter. In fact, as recent as last year of Q4 degrew by 2.6%. So Q4 is also very important for the following year. Every 1% higher growth in Q4 improves the prospects for the following year by 1 full percentage point. So the good exit rate is always good. Coming back to the question on the guidance, we always believe that based on the visibility that we have, given the fact that we have had a good exit rate in Q4 as compared to the earlier years, so that is what the guidance is really about. Coming back to the top account growth that you mentioned, if you look at the top-10 accounts they have grown 12.3% in constant currency year-on-year and if I were to compare the same number last year it was about 1.3%. So if you look at quarter-on-quarter basis there will be seasonalities, certain accounts will have certain typical patterns. But probably the more secular number is really the year-on-year growth. We will continue to focus on the top account growth and as Vishal mentioned, on the deal wins. The deal trajectory used to be close to about $450-500 mn per quarter. So the trajectory is improving. More importantly, other element of Q4 has been the operating margin improvement. It is not just rupee. Rupee probably helped to some extent, but there has been improvement in the subcontractor cost as a percentage of revenue. If you remember last quarter we had discussed about it. That has come down as a percentage from 6.3% to 5.6%, that did help. Also, utilization including trainees also moved up during the quarter. That plus rupee overall helped and we also gave a higher variable payout this quarter as compared to last quarter.

Kritika Saxena

Hi Gentlemen, Congratulations. Kritika Saxena from CNBC. As always first question to Vishal. In terms of the deal pipeline, the guidance is very strong yes, but there are headwinds around the corner that most analysts have adhered to or spoken about. So what according to Infosys based on the deal pipeline are the immediate headwinds that you are seeing? Pravin, attrition has gone down significantly and you are now at your comfort level. How much more can attrition go down and what is the range that you are looking at for the next one year? Ranga, ever since you have come on board, there has been an outperformance in terms of margins. I know you cannot give specific guidance; you have guided to 24-26% with QoQ being stronger. Could it inch higher?

Vishal Sikka

The growth that we see ahead, obviously, there are always headwinds in certain industries - Energy continues to be under stress, Telecom, also parts of Retail. So there is always that stress. Then in our business, declines or ramp downs always have immediate impact in terms of a downturn and we had some accounts this last quarter that degrew as it happens all the time. There are always those headwinds. I do not subscribe to this idea around the big, secular forces and so forth. Obviously, there are massive forces that impact everybody. But by and large what we see is that the world around us, every industry around us is going through a very deep-rooted transformation based on the power of Digital Technologies, based on the power of Computing, Cloud and especially Artificial Intelligence. We are extremely well suited in this area, on the one hand optimize the existing business operations of our client, we are starting to work on some extremely exciting projects in areas around IT optimization using Artificial Intelligence and so forth. So I am quite positive that regardless of the challenges, by and large the atmosphere is one where a well-equipped services company like the Infosys that we are working hard to create, can have great success and the best is still in front of us.

Pravin Rao

On the attrition front, as you rightly said that 12.6% is probably one of the lowest in recent times. It has come down from 13.4% in the previous quarter and it has been a significant one. Historically, in the industry in the past we have seen attrition in the range of 11-13% and that is definitely the comfort zone. But having said that, we do not look at it saying that the job is done. We need to continue to engage people, we will continue to create an environment where we make it a very easy place for people to work, an exciting place for people to work. So there are many initiatives that are in progress. Some of the initiatives like Zero Distance, Zero Bench, apart from the other outcomes of driving growth, creating innovative culture in the company. But it is also doing a lot in terms of improving the employee engagement. Even last quarter as well, we launched a few more programs to improve the engagement. We have launched a portal called ‘COMPASS’ where people can share their profile, it is similar to Facebook kind of thing. They can do it in a very creative and funny way. At the same time they have visibility to all opportunities that are available in the company for them to bid for and so on. So there are multiple things, there is apprenticeship program that we again launched last quarter on a pilot basis. We will continue to look at newer ways of engaging people and making it an exciting place to work and driving more productivity. We are right now in the comfort zone but there is definitely no target saying that this is it or anything, but right now we are fairly comfortable where we are.

Ranganath D. Mavinakere

Coming to the operating margins point that you raised, in Q4 it has improved to 25.5% as compared to 24.9%. It had a combination of rupee, combination of improvement of utilization, included improvement in the sub-con expenses part and also we had a pricing decline as well. If you look at the 0.6% growth, the math is very simple. Utilization helped us 0.2% and the sub-con expenses helped 0.2% and the pricing decline brought it back by -0.4% and the rupee 60 basis points. So that is a simple math. I think the operational efficiency parameters, we need to continue to improve. Coming to our margin guidance, we continue to state 24%-26% band. We have lot of work to do there. For example, we still have scope for improving the utilization. This quarter was 80.1% and we believe that consistently we have kept above 80% this year and we do believe that we have certain levers to improve it further; likewise the onsite effort mix this quarter was 29.6% which has gone up actually over the last two years and we do believe that we need to focus on it and bring it down gradually. If you look at the onsite roll ratios, another one which we have started to more focus on. Of course, there are multiple levers that we have. We will continue to work on those. Right now, we do believe that the band of 24-26% is where our comfort level is.

Chandra

Chandra from ET NOW. Vishal, I have a two-part question to you; first one is yes/no. Would you say you have reclaimed the bellwether tag based on the last four quarters and your guidance? Secondly, sometimes during this quarter, the next quarter you will cross the $10 bn milestone and you have guided to double that over the next 3-years as per your 2020 target. Give us the concrete plan on how you will do this? Are you happy/unhappy with where you are in terms of the $20 bn revenue, 30% margin and the revenue per employee? Pravin, if you can take us through the TCV for the last quarter and also the ideal TCV that you will see in FY17? Ranga, 24%-26%, you reiterated that, but analysts are worried because they feel that Infosys is perhaps banking too much on the Automation gains and its price-to-win approach. So how would you really assuage these concerns that beyond utilization, some of these gains will help you maintain that margin trajectory going forward?

Vishal Sikka

That is a great question. Unfortunately, it is not a question for me to answer, the others outside of our system have to do things like ‘bellwether, market leading’ and all this is for outside. For us I deeply believe in this idea that a great services company, for the times that we are living in, the times that we are entering in, can really help the world with this massive challenge that is showing up in every industry, in every business, where incumbents fear for their very existence around what digital technology means for them. We are a company with 170,000 people who can write code. That is such a tremendous opportunity. The ability that we have to teach our employees, the ability that our employees have to deliver value to our clients, it is so amazing that I see indeed a next-generation leading IT company that can come in and help every business, every major company, go through this great transformation that is in front of it, whether it is in simplifying and renewing the existing systems or going into these incredible new areas where information technology, where digital technology can have such a massive impact, create new business models, create new simplifications, new experiences. We are incredibly excited about technologies, like virtual reality, AI, having such a profound impact on the business that we have. I always like to think of the revenue, the margin achievements that we get as consequences of the work that we do, not as goals of what we do. The kind of Infosys that I am committed to building, that our team Pravin, Ranga, myself, Ravi, Mohit, Sandeep and our entire leadership team is committed to building is one where the power of automation, is in fact, still a massive power that is in front of us, that is by no means something that we are overemphasizing and I think the potential of that is much higher than what we are seeing right now. The bandwidth that people fear from the automation that creates an opportunity for them to innovate, if we execute on that sort of opportunities, we will not only have achieved our 2020 goals, I think we will have ended up creating a completely new kind of an IT services company and that is our endeavor.

Chandra

In terms of the concrete plan towards that both in terms of margin, revenue for employee?

Vishal Sikka

Steve Jobs also said that you only connect the dots looking backwards. So I think when we are sitting in 2021 we will look back on how we got there. I would love to have a great conversation about it. For now, what we see is that we look at a mix of Renew, New and Inorganic and when we look at December 2020 achievement of this $20 bn number, our goal, our aspiration, our endeavor is to get to $16.5 bn out of the $20 bn through the renewal of our existing, $2 bn through the new services that we are working on and $1.5 through inorganic. Every day that goes by, I continue to feel comfortable that we will get there. Yet, here and now we have to focus on what we are seeing and head towards that kind of a path. So it would be wrong for me to tell you that here is a set of things that will happen in the next 14-15-16 quarters or whatever remains between now and then. But as time goes by, we continue to feel confident about that long-term aspiration and yet we are giving guidance and the visibility based on what we see right now.

Pravin Rao

On the large deal space, we have won 6 large deals this quarter, $757 mn in TCV. Apart from that, as I said earlier, there were two other deals where there is no committed value but we know that over the deal term we will win about for $470 mn incremental. For the year we have won 21 large deals, $2.8 bn and which is about 45% more than what we did the previous year. So in terms of trend, it is turning in the right direction. The pipeline is healthy. More importantly, of the 6 deals we won, we won 3 in Europe and 3 in North America, that is a good mix. Across industries, we won 2 in Retail, 1 in Services, 1 in Financial Services, 1 in Life Sciences and 1 in ECS space. Even when we look at the pipeline, it is broad-based both in Europe and Americas as well as across sectors. So we are fairly comfortable. At the beginning of the year, we wanted to move the average win rate to close to $1 bn per quarter, we are almost there. We were close in Q2 and now we are almost close in Q4 as well if you ignore the ‘framework’ deal. So, our expectation is we will continue to push in that direction and anything upward of $1 bn plus for the quarter is what we would aim for and continue to push.

Ranganath D. Mavinakere

On the question on margin, while we have given the band range of 24-26%, Vishal continues to challenge us towards the trajectory. What I was saying earlier was that there are operating efficiency parameters which we do feel that there is a significant scope for improvement. We will continue to focus on that, but we will not limit ourselves to only that. For example, Automation and the new services also have to kick in in terms of operating margin improvement. But in the near-term to medium-term, while we continue to focus on the Automation and the new services benefits, but if we look at this quarter for example the subcontractor and the utilization piece is where a lot of focus went in, so we will continue to focus on those four or five levers which is onsite mix, roll ratios, utilizations, subcontractor expenses plus the kick in benefits of automation. But in the short-term, I think the relative emphasis in terms of outcomes that you see would be on the first set. That is the point that we are trying to make.

 Exhibit 99.5

Fact Sheet

 Exhibit 99.6

Earnings Call 1

EARNINGS CALL 1

Q4 & FY 2016 RESULTS

April 15, 2016

CORPORATE PARTICIPANTs

Vishal Sikka

Chief Executive Officer & Managing Director

Pravin Rao

Chief Operating Officer

Ranganath D Mavinakere

Executive Vice President & Chief Financial Officer

Sandeep Dadlani

President & Head -- Retail, CPG, Logistics, Automotive, Aerospace, Core and Industrial Manufacturing, Head of Americas

Ravi Kumar S

President, Chief Delivery Officer

Mohit Joshi

President & Head – Financial Services, Head – Infosys Brazil and Infosys Mexico

ANALYSTS

Sandeep Muthangi

IIFL

James Friedman

Susquehanna Financial Group

Yogesh Agarwal

HSBC Securities

Edward Caso

Wells Fargo

Parag Gupta

Morgan Stanley

Nitin Mohta

Macquarie

Ankur Rudra

CLSA

Ashish Chopra

Motilal Oswal

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 and 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 ‘*’ then ‘0’ on your touchtone telephone. Please note that this conference is being recorded. I now hand the conference over to Sandeep Mahindroo. Thank you and over to you sir.

Sandeep Mahindroo

Thanks, Karuna. Hello! Everyone and Welcome to Infosys Earnings Call to Discuss Q4 & FY 16 Results. This is Sandeep from the Investor Relations Team in Bangalore. Joining us today on this call is CEO and MD – Dr. Vishal Sikka; COO – Mr. Pravin Rao; CFO – Mr. M.D. Ranganath, along with other members of the senior management team. We will start the call with some remarks on the performance of the company by Dr. Sikka followed by comments by the leadership team. Subsequently, we will open up the call for questions.

Before I pass it on 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 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 Vishal Sikka.

Vishal Sikka

Thanks, Sandeep. Good Morning and Good Afternoon. Thanks for joining our Earnings Call.

Let me start by saying that I am very proud of our company’s achievements in my first fiscal year as the CEO of Infosys. We started the year just two quarters into our strategy to reimagine services and to transform Infosys and over the course of this year we saw our endeavor to bring Automation, Innovation, Education and Operational Excellence relying on our human potential that is amplified by technology, rather than delivering the same work for less, start to show some concrete results. In the organic growth of our client relationships, in our win rates in large deals, and in the types of projects that we are seeing in strategic areas where we never participated before. I am proud of what our teams have achieved this quarter and in the year.

Despite these heartening results, they are still based on metrics that the way the industry has been in the past. The world of our future looks entirely different, it is a world that is being fundamentally reshaped by digital technologies by computing and by software and it is our endeavor to create great value for every business through solutions built using AI technology and Open Cloud platforms, to have Infoscions amplified by intelligent technology, to bring purposeful innovation to life to drive collaboration and an entrepreneurial spirit from within, to transform our relationship with clients. And in that sense we still are very much at the beginning of this journey.

With this in mind let me turn to the numbers: We ended Q4 of FY 16 with revenue of INR16,550 crores or US$2.446 bn and grew in Q4 for the first time in the last 3 years. This translates to a quarter-on-quarter growth of 4.1% in rupee terms, 1.6% in US dollar terms and 1.9% in Q3 constant currency. For the full year, our revenue has grown 13.3% in constant currency and 9.1% in reported terms, ahead of the guidance we provided In January of this year. Volumes in Q4 FY 16 grew 2.4% indicating a healthy momentum in the underlying business and setting us up well for FY 17. Utilization including trainees was 74.7% and excluding trainees was 80.1%. Blended per capita revenue decreased 1.1%. Our operating margin for the quarter was 25.5% compared to 24.9% in the previous quarter. On a full year basis, operating margin was 25% compared to 25.9% for FY 15. While still within our band of 24% to 26%, we believe the results of our initiatives in Automation and tighter control of operating metrics, will help us improve profitability in the coming years. We reported EPS of INR15.74 for the quarter, up 3.8% and in US dollar terms Earnings Per Share was 23 cents. For the full year, Earnings Per Share is Rs.59.03 or US$0.90. Attrition for the quarter decreased further to 12.6% and the total employee strength in the company is now 194,044 employees.

Let me now turn to Client Relationships and Large Deals. Once again in Q4 FY 16 we had a record quarter in large deal wins We signed six large deals with a TCV of $757 mn. Additionally, we signed another two large deals in Financial Services in Americas where based on the present volume of business we can get another $470 mn in revenues. We saw a 45% increase in Total Contract Value of large deal signing in FY 16 compared to FY 15, 2.79 bn versus 1.927 bn. This actually excludes other large frame contract that were signed but not included in our reporting. Our large deal win rate has also gone up significantly for the whole year thanks to our focus on better solutioning, leveraging automation and innovation, better articulation of our value proposition and focusing more on the client’s point of view to bring Design Thinking as a framework in understanding the true nature of the challenges that our clients face and bringing this to how we create our proposals. These bookings will help secure our revenue for future years. The number of $50 mn plus clients grew to 52 and the number of $10 mn plus clients grew to 177. We added 47 net new clients during the quarter, our top-10 clients grew 12.3% for the full year and the top-25 grew 9.3% in constant currency terms.

Our Financial Services segment led by Mohit Joshi saw strong traction in the year along with Finacle. Our Financial Services portfolio grew 15.3% for the full year. In our Retail and CPG portfolio led by Sandeep Dadlani, we saw a strong traction for our new Software plus Services business. In delivery, our global delivery engine under the leadership of Ravi has had an exceptional year. The renewal of our existing service lines has shown tremendous momentum. Our Data Analytics, Testing and Enterprise System Practices grew especially well. Zero Distance, our program to spur grass roots innovation in every project is establishing a new way to achieve Project Management Excellence. Nearly 100% of our projects are proactively proposed incremental innovative ideas to clients. In addition to the opportunity to expand the scope of these projects, this program has instilled confidence in our teams and help drive a culture of innovators.

In Platforms and Tools, our IIP Platform completed more than 220 engagements and we are announcing the availability of IIP on Amazon Web Services. On IAP, our Automation Platform we have more than 125 engagements across all the segments, 21 additional deployments went live this quarter across key accounts. In Q4 we released 1,710 full-time employee equivalents across service lines using our Automation platform which brought us to 3,900 FTEs released over the course of the year due to Automation. These numbers have been relatively small in FY-’16 but will rise as the deployment widens and the tools themselves evolve to handle more complex activities. In addition, we did our first major project to bring the power of Automation and Information Platform capabilities internally under Ranga’s leadership to renew our own financial processes. We identified and then massively automated the things that caused latency in our own systems due to batch processes and we have created a much better user experience across systems. This quarter we focus on Automation. For example, we went from 4-hours to 1-hour in revenue accounting, from 2 days to completely automating project attribute changes, from 36 hours to 12 hours for accounting at the project level, etc., really excited about these numbers and these improvements going forward leveraging IIP. Panaya and Skava continue to gain traction both as a part of large client engagements where these products were central to the value proposition as well as standalone deals. This quarter the EdgeVerve business sustained momentum with 18 wins and 24 go-lives for both Finacle and Edge suite of solutions across various market regions.

We continue to focus on Consulting as our tip of the spear, an integrated part of our engagement in strategic initiatives with clients and in growing client relationships. Specifically, in Design-led services, I am pleased to see Design Thinking as a key fabric of our work, making its way into every engagement and rapidly reaching all our clients.

In our ecosystem, we are extending the reach of our own work and we continue to make investments. This quarter we invested in Waterline Data Science to extend what we offer clients in Automated Data Discovery and Governance.

With regard to investing in employees, I am personally very excited to announce an RSU and an Option Plan for our employees. We are starting with managers to drive retention of our highest performing leaders and attract the very best leaders in the world to Infosys. Over time my endeavor is to extend this program to all Infoscions as we use to before.

With regard to wages, we are providing for a 6 to 12% compensation increase offshore. It will be towards the high end of this range at junior level and at senior levels towards the lower end of the range. Of course, for high performers, these numbers would be significantly higher. For onsite similarly, we are providing 1.5% to 2% average comp increase, this will vary across geographies based on prevailing market conditions.

In Q4, the Infosys Foundation continue to invest and support programs in the areas of Sanitation, Healthcare and Rural Development. During the quarter, the foundation signed a Memorandum of Understanding with the Asia Heart Foundation to enable the adoption of Robotics in Healthcare through a grant of Rs. 8 crores and provided Rs.5 crores to Sahakara Mitra Samstha, (Center for Collective Development) to enhance the livelihood of the farming community in Andhra Pradesh and Telangana. It also successfully completed the construction of 365 toilets in 110 Schools of Odisha to support the Prime Minister’s Swachh Bharat, Swachh Vidyalaya Abhiyan Mission. In Karnataka, it launched the Jaldhara Project in drought hit villages of Dharwad, Haveri and Gadag Districts by deploying tankers to provide drinking water.

The Infosys Foundation USA continues to engage with local communities and to invest in Computer Science Related Programs. The Foundation announced a grant of a million dollars in partnership with the (NSF) National Science Foundation to Support Computer Science Professional Development for Teachers. This collaboration will provide opportunities to as many as 2,000 school teachers and therefore tens of thousands of students to deepen their understanding of computer science.

Our revenue growth guidance for fiscal ’17 is 11.5% to 13.5% in constant currency terms. This is based on our visibility at this time. As the year evolves and our visibility improves, we will continue to revisit this.

To close, I am proud of what we have accomplished this year. Our strategy is starting to show concrete results and we will accelerate this in fiscal ’17 and beyond. More importantly, what we have seen is that our strategy gives us a new path forward for Infosys and brings purpose and passion to our work. It creates a space for a new type of a services company, a human company, where our humanity is amplified by technology to deliver a great value and a great experience for all, the services company that we aspire to be.

Thank you very much. Now my friend and colleague -- Ranga will take you through more details of the financials before Q&A.

Ranganath D Mavinakere

Thank you, Vishal. Hello! Everyone. This is Ranga here.

Let me first start with Q4 Revenue Performance: Our revenues in Q4 were Rs.16,550 crores, this is a quarter-on-quarter growth of 4.1% sequentially in rupee terms; on a year-on-year basis when compared to Q4 15 our Q4 ’16 revenues have grown by 23.4% in rupee terms. In dollar terms revenues grew sequentially in Q4 16 by 1.6% in reported basis and 1.9% in constant currency basis. On a year-on-year basis when compared to Q4 15 revenues have grown 13.3% in dollar terms and 15% in constant currency terms.

Coming to Full Year Revenue Performance: our FY 16 revenues were Rs.62,441 crores as compared to Rs.53,319 crores in FY 15 which is a growth of 17.1%. In dollar terms, our full year FY 16 reported revenues were at $9.5 bn, a growth of 9.1%. In constant currency terms we grew by 13.3% and at 31^st March 2015 rates growth was 9.3%.

Coming to Volumes: Volumes grew by 2.4% during the quarter as compared to 3.1% in Q3 of 16. On quarter-on-quarter basis onsite volume grew by 2.7% and offshore volume grew by 2.3%. On a full year basis volume growth for FY 16 was 14.5% compared to FY 15. Onsite volumes grew by 16.8% and offshore volumes grew by 13.6% year-on-year for the full year.

Realization for the quarter declined by 1.1% on reported basis and 0.9% on constant currency basis compared to Q3 16. Realization drop for FY 16 full year compared to FY 15 was 4.7% on reported basis and 1.1% in constant currency basis. Our utilization including trainees increased by 50 basis points to 74.7%. However, excluding trainee’s utilization declined by 50 basis points to 80.1%, onsite mix increased marginally to 29.6% in Q4.

Our operating margin for the quarter was at 25.5%, increase of 60 basis points during the quarter. Operating margin in Q3 was 24.9%. Margin for the quarter increased 20 basis points due to increase in utilization, 20 basis points due to drop in subcontractor cost and 60 basis points due to rupee depreciation, this was offset by 40 basis drop in margins due to realization decline. Operating margin for the full year FY 16 was 25% as against FY 15 of 25.9%.

Operating cash flow generation was very strong during this quarter. We generated operating cash flow of Rs.3,785 crores as compared to Rs.3,126 crores last quarter. CAPEX during the quarter was Rs. 780 crores. Our cash and cash equivalents as of 31^st March was Rs.34,468 crores as compared to Rs.31,526 crores last quarter.

At the group level, we added 9,034 gross employees during the quarter with net addition of 661 employees. Attrition continues to be on a declining trend; at the group level annualized attrition was 17.3% as against 18.1% last quarter. The quarterly annualized attrition on standalone basis has declined to 12.6% from 13.4% last quarter.

DSO for the quarter was 66-days as compared to 65 days in Q3 16. As you know we had a very volatile currency environment in Q4. We managed to navigate the volatility effectively. Rupee depreciated against the dollar by 2.5% on an average basis and 0.2% on period end basis. US dollar appreciated 6% against GBP; however, against Euro and Australian dollar, USD depreciated by 1.4% and 1.2% respectively. Our hedge position as on March 31, 2016 was $910 mn. Yield on other income was 8% in Q4 16 compared to 8.6% in Q3 16 which is a reflection of softening interest rates in India. We expect yield for FY 17 to be approximately 7.5% compared to 8.6% in FY 16.

The effective tax rate for the quarter was low at 27.9% on account of write-back of tax provisions on closure of audits in certain jurisdictions. Effective tax rate for FY 16 was 28% on reported basis. However, normalized for provision reversals the effective tax rate for FY- 16 was 29.7%. Full year effective tax rate projection for FY 17 is expected to be in the range of 29% to 30%. This is on account of certain SEZ unit that will move from 100% exemption to 50% exemption during FY-’17.

Our net margins for the quarter were 21.8% and remained unchanged quarter-on-quarter. Our EPS for the quarter was 15.74 compared to 15.16 in Q3. EPS grew 3.8% on a sequential basis and 16.2% on a year-on-year basis.

Our revenues from top 5 clients increased by 0.2% quarter-on-quarter in reported terms and 1% in constant currency terms. Revenues from top 10 client’s revenues declined by 1.7% sequentially in reported terms and 1.3% in constant currency terms. However, on a full year basis our revenues from top-5 clients grew by 11.4% in reported terms and 12.8% in constant currency. For top-10 client’s full year, year-on-year revenues grew by 8.3% in reported terms and 12.3% in constant currency terms.

Coming to segment performance Q4 16, amongst verticals: ECS grew by 4.6%, RCL grew by 2.4%, Manufacturing grew by 1% while FSI declined by 0.3% due to seasonal softness in Insurance sector. Overall growth in Q4 was backed by all geographies, Rest of the World grew by 4%, Europe grew by 2.4%, North America 0.5% and India grew by 9.1%.

During the quarter, number of $100 mn clients increased to 14 from 13 clients in previous quarter, number of $75 mn clients increased to 31 from 28 clients in the previous quarter.

We are guiding for a constant currency growth of 11.5% to 13.5% for FY 17. On operating margins, we expect our medium term band to be within 24% to 26%. As in every financial year, Q1 margins would be impacted by compensation increases and visa cost. We expect these costs to play out this year’s Q1 as well.

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. We have first question from the line of Sandeep Muthangi from IIFL. Please go ahead.

Sandeep Muthangi

I had two questions; my first question is on the margins. Your earlier commentary seemed to indicate that 2H may be slightly softer for the margins but it has played out fabulously; 2H margins are actually slightly better than even 1H. I want to see if this means anything for your outlook of 24% to 26% margins it is actually fairly old now? Does it make you more optimistic of getting towards the top end of that outlook?

Ranganath D. Mavinakere

Ranga here. Yes, we reiterate our margin band of 24% to 26%. If you look at this Q4, I think apart from the rupee benefit that we got, we also had subcontractor expenses as a percentage of revenue go down from 6.3% to 5.6% as well as the utilization including trainees went up by half a percent, and of course there was also a pricing decline kind of offset, some of the other benefits. So we do believe that we have operating efficiency levers that we need to leverage during the course of the year whether it is utilization, utilization last four quarters consistently is about 80%. If you recollect earlier it used to be in late 70s, we do believe that we have some efficiency improvement possibilities there. Likewise, onsite effort mix is 29.6% and we are focusing on how to improve that further down, barely 2-years ago that number used to be close to 27%. Likewise, in onsite role ratios there are possibilities. So we will continue to focus on these operating efficiency levers during the current year and we reiterate that 24% to 26% the Automation and other benefits of course we would like to see them kicking in but in the near-term we are more at 24% to 26% band. When we gave the last year guidance also we had given 24% to 26% and if you look at the entire full year we ended exactly at the midpoint at 25%.

Sandeep Muthangi

Second question is a specific question for Vishal, Vishal in the past couple of months or may be a quarter or so we have seen these Cloud providers launching accelerators like Database Migration Services, etc., How do you think that changes the market opportunities for the services folks, does it reduce in any way or these things only accelerate the shift towards the Cloud?

Vishal Sikka

It actually dramatically accelerates it for the services companies that have their act together in face of this tremendous opportunity. If I look at our own work with both Amazon and Microsoft Azure Clouds as well as other Clouds, we see a tremendous opportunity here, on the one hand all the new workloads whether it is in the IIP, Big Data, Machine Learning, complex applications areas, the work that we are doing in the Internet of Things and next generation manufacturing area, these are all things that are running on the Cloud and are driving a tremendous growth for the Cloud. This is work being done by us on open platforms, custom complex solutions built on those platforms that drive tremendous Cloud adoption. On the other hand, if you look at Legacy Migration and Renewals, whether it is Mainframe Renewals or Legacy ERP System Renewals or even Legacy Business Intelligent System Renewals, we have a tremendous opportunity. So later this month at our confluence event we will have more to say on this together with our partners Amazon and Microsoft. We have a very strategic partnership with both Microsoft and Amazon and we are very excited about this opportunity. I think that this idea that Cloud somehow means something negative for services company is completely wrong and I see this as a great opportunity for growth. I would like to ask Sandeep who is the head of our MRCL but also alliances to comment on it, also Ravi who has personally been overseeing some of these Cloud-related work.

Sandeep Dadlani

Hi! This is Sandeep. Actually never before have we seen so much excitement from all our enterprise clients to start doing not just proof of values but many more migrations at scale of large legacy enterprise workloads. We probably saw more of that in this past quarter than ever before and the momentum continues into the future as well. New services like the Infosys Information Platform or new e-Commerce services like even things like Skava that we brought on board, start Cloud first and mobile first by definition. So Cloud Migrations have so far meant great sources of new revenue for us all around.

Ravi Kumar S

This is Ravi here. Sandeep has pretty much covered everything. The one big shift we are seeing is the workloads migration has been lot more on the legacy side, it used to be skewed towards the digital workloads and the next generation applications workloads but now I think it has literally progressed towards real legacy applications like Mainframes.

Moderator

Thank you. We have next question from the line of James Friedman from Susquehanna Financial Group. Please go ahead.

James Friedman

Vishal, I am just curious as to what you are seeing in terms of client budgets, how has that moved since the calendar year commenced?

Vishal Sikka

Frankly, I do not see any significant decline. Several people have asked me this question also before. I see that our ability to grow in clients where the budget is growing is very good. We have even grown in some client where the budget has not been growing. So I do not subscribe much to that idea, but then specifically on the budget situation and our clients perhaps Pravin, you can comment.

Pravin Rao

Overall, the budget remains more or less flat. Obviously it varies from industry to industry and clients to clients. But more important in the budget what we are seeing in the last year or two and what will continue as well as clients where continuously looking at any opportunity to cut down cost and repurpose the spend in newer areas. That is the kind of behavior we will see this year as well. So budget is less important, in the sense, it is more about how proactively you can take ideas to the client on cost cutting as well as on some newer areas to invest.

James Friedman

I just have one housekeeping question perhaps for Ranga, with regard to the 45% increase in total contract value, is that reported on a constant currency basis?

Ranganath D. Mavinakere

No, large deal value that $757 mn we talked about is on a reported basis.

Moderator

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

Yogesh Agarwal

Hi, just have one question for Vishal. Vishal, usually conventional wisdom suggests that we automate stuff which is standardized more like BPO and while genesis of IT services is need for customization, so as Infy automates more unstructured IT services work it is kind of creating a new paradigm. So is this journey more volatile, is delivery risk and therefore margin predictability less today than the past specially in the coming year?

Vishal Sikka

A massive embrace of automation is a very good thing for us. See, when we look at the nature of the work that we do anything that can be done mechanically, that can be done by capturing it in a system should be done that way. We have to free up with bandwidth, the capacity, the creativity of people to do the more imaginative things that we do not yet have intelligent system for. That is basically the idea that we have been trying to execute on. If you look at now the tiers of IT operations work that we do, clearly in L1 operations this is the easiest one to achieve and a bulk of the savings that we have achieved so far are in that area. If you look them at L2, and by the way this whole L1, L2, and L3 categorization is more or less for our convenience that industry has invented, there is not any particular structural reason for this terminology to be there. But nonetheless L2 operations is a little bit more sophisticated, a little bit more complex, involves tinkering with system, reconfiguring them, things like that, and that is also amenable to automation but you need more sophisticated automation. Then when you get further up the chain towards what we call L3 or maintenance work where system changes and code changes are involved and so forth, then in order to amplify the work of the L3 engineers much more sophisticated technology is needed and we are actually building that and when we are ready, when we have more to say on that, I am really looking forward to sharing that. And then BPO which is in some sense at the lowest end of this rung, sometimes it is mixed with L1, sometimes it is not is really about operating the screen. At all four levels, I believe that it is possible for us to bring not only automation but tremendous automation and in fixed price projects and in time and material projects which we are able to convert to fixed price or value-based projects, this will mean an improvement in margin as well as if we are able to couple it with the process improvements also a new kind of a business and in new area that makes us far more productive in being able to do this work. The equation works as long as you can redeploy the people that we have freed up to do more of these kinds of projects, to more of the new kinds of projects by taking advantage of our ability to train people at a massive scale. That is why we have been working on this triple storm, this triple idea of bringing massive automation, bringing massive innovation, that is why we have zero distance, that is why we have trained 90,000 people on design thinking, so that the creativity that we free up because of automation can be unleashed on being more innovative and solving new kinds of problems and fueling both of those moves by using education. So the Automation, Innovation, and Education triplet is the driving force behind this great change that we are working on building.

Moderator

Thank you. Our next question is from the line of Edward Caso from Wells Fargo. Please go ahead.

Edward Caso

Congratulations on your numbers. I was looking for some more color on your Financial Services vertical, it looks like continued steady improvement on a year-over-year basis, try and understand how to interpret the quarter-over-quarter numbers. Is that just seasonality or you are seeing slowdown and hesitation, I mean what can you tell us about sort of what is happening right now in Financial Services. Thank you.

Vishal Sikka

We had a record year in Financial Services, we see tremendous growth in front of us there, we have an amazing leadership of Mohit. In Insurance, we saw a decline in Q4, that is Ranga said earlier that is somewhat seasonal. We are actually seeing very good traction in many Insurance clients and I am hopeful to show significantly improved results as we move forward. By the way I was reading from an old version of my script. I want to make two additional points. I want to congratulate Mohit Joshi and Sandeep Dadlani on being appointed Presidents of our company and my friends and colleagues, Manish and Rajesh, will continue to lead their respective businesses, but Mohit and Sandeep become Presidents in our sales area. And I earlier mentioned Ravi’s exceptional leadership, his leadership this year has been instrumental in our growth and in our embrace of innovation and I want to congratulate him on also being appointed President of our company. So thanks guys. And Mohit, perhaps you can add more to it.

Mohit Joshi

Yes, thanks Vishal. So despite the headwinds in the sector, we have had a good quarter and a great year. I think despite the headwinds there are always opportunities, on the Renew side with all our propositions around innovation, on the Renew side everything we are doing around automation and AI. And on the New side everything we are doing around innovation, everything we are doing around Design Thinking, around Skava. So I think all of it is coming together for us. I think the whole People plus Software sort of angle that Vishal has extensively spoken about is something that is taking a hold in the industry as well. So obviously we remain concerned about the industry headwinds and about the volatility that we are seeing in the business. But having said that we remain cautiously optimistic about our own potential in the sector and I think we have had one year in which we have demonstrated tremendous growth despite all the challenges in the sector.

Vishal Sikka

I was wondering Mohit if you will finish that sentence without saying cautiously optimistic.

Edward Caso

My other question is on your strong awards activity, can you dissect both what you have done recently and maybe the pipeline as it breaks down to renewals, greenfield work, and takeaways. Thanks.

Vishal Sikka

I think that these are things that of course we analyze and dissect looking backwards always. Perhaps any of the other leaders here can add, my sense of it is that we have completely revamped our large deal process. I personally look at the 50 mn+ deals and we have a dedicated team of great experts who look at all the 20 mn+ deals. We spent a significant amount of energy deeply understanding the point of view of the customer, the situation, the nature of the challenge that they are facing and articulating their problem very precisely by using Design Thinking. I am very happy that Design Thinking as a way of problem finding of articulating the problem has become a very fundamental part of the way that we approach these large deals. Then once we have articulated the problem, we bring the best of our ability to solution that, to bring a great solution to define and architect a great solution to that problem. Then the overall experience of articulating this, narrating this to the client in a very engaging way that dramatically improves the experience of the client, I believe the combination of these has been at the heart of what we have done. Then following the closure of the large deals then the beginning of the process itself, the transition and the engagement that we do, we have also been rethinking that using a combination of Design Thinking and technology to dramatically improve that. So my sense is if you look over the last four quarters our performance in large deals has improved substantially. We did 45% more this year than we did last year and I think it is a direct result of this kind of strong focus.

Moderator

Thank you. Our next question is from the line of Parag Gupta from Morgan Stanley. Please go ahead.

Parag Gupta

Just two questions, primarily with respect to automation, and I know that is a subject that Vishal you have been propagating for quite some time now. Just want to understand, we have seen some softer net headcount addition in this quarter, obviously it is on the back of some strong quarters in the past but just want to understand, does automation have a role to play in this and if not then what are some of the other variables in that? And the second is, could you help us get a better sense of how do you see automation playing out into your margins over the next couple of quarters, so do you see that more as a medium-to long-term initiative or do you think this is something that can start coming up within Fiscal 2017 itself? Thank you.

Vishal Sikka

We released about 1,700 people equivalent work in the last quarter, the quarter before was around 1,100 and so on. So for the year we have done more than 3,000. Now when you look at for example the total size of the workforce, the 1,700 people is around 1% of the delivery workforce, even if you assume 1,700 for the entire quarter which is actually built up over the course of the quarter. So these numbers are still not that large. As encouraged as we are that we are growing in such a significant way, these numbers are still not quite large enough. I mean if you look at our utilization, it went up beyond 80.1% again this quarter which is great and for the whole year we were ahead of 80% which is also something to be happy about. But that still leaves so much room for improvement that the automation benefits would kind of get lost inside the movement of the utilization and so on. So probably it will take another few quarters at this rate that we are growing with the embrace of automation for this to become a meaningful part of the P&L. In the meantime, we have numbers that we have deeply analyzed in our teams. For example in our Infrastructure team, Sam runs that, we have actually done deeper analysis of the people released reduction in the hiring as a result of it and things like that. So we believe that the operational levers that Pravin and Ranga talked about, are going to create an impact on our margins in the near term. But clearly over the medium-to long-term automation is the mechanism that takes a big slice out of that. Ravi, you want to add something?

Ravi Kumar

Thanks Vishal. Three things I would say, one is, the Software plus People story is also adding up in Q4, to a large extent that has been contributing to the non-linearity. Automaton, as Vishal said we had 1,700-odd people released, that is a starting point. I would say the value chain of Software Services is still only parts of that value chain are impacted by automation. We have a long way to go on making the full value chain get impacted on automation, that is the second thing. And the third is, obviously it is deal specific in the way we build our headcount in a quarter. So these three things in my view were the reason why there was a little bit of non-linearity between people and revenues in Q4.

Parag Gupta

And maybe if I can just push in another question on that, revenue per FTE, we have seen some marginal improvements, how do you feel about that number going forward?

Vishal Sikka

Well, right now for this last year it has been going in the wrong direction. I mean if you look at again the reasons that I mentioned earlier, the primary thing is that the hiring cycle has a much longer time horizon than the project cycle and other factors. So for example when we recruit from our campuses, the train leaves the station on this thing more than a year ahead of time and then it kind of once it has left the station then you are done for that year. So when we were looking at this stuff last year we were not nearly at the point of accuracy in forecasting of what kind of demand there would be and so forth. So when you hire tens or thousands of people from campuses, the impact on the cost is not so much because the offshore costs are significantly lower, but the revenue per employee takes a dramatic hit with the massive number of hiring that has to be done. Similarly, the onsite employee cost is a significant contributor to the cost, as employee cost as a percentage of the revenue. So when we look at what Ranga was talking about, the reshaping of the cost curve, we want to do that in a purposeful way where we do not just look at it as reduction of people and reduction of cost but we look at it as unleashing the potential that is inside the people that we can bring more innovation per person through zero distance, through the bench initiatives and marketplace that we are working on and so forth and we increase the revenue per employee. But in parallel we address that with a very focused way, a very purposeful way of reshaping the costs both onsite as well as from a utilization point of view so that the revenue per employee also improves. I mean even though we are declining, we are somewhere between $ 50,000 and $ 51,000 this year I think and this is going backwards over the course of the year, our goal is to get to 80,000 by calendar 2020. I feel good that the trajectory that we see in Software plus Services and the innovation coming out of each individual, I am not abandoning that goal if that is what you are after.

Moderator

Thank you. We have the next question from the line of Nitin Mohta from Macquarie. Please go ahead.

Nitin Mohta

Firstly, Vishal if I can understand on revenue productivity, that has been one of your key goals for 2020. How should we think about enhancing revenue productivity, would it be gradual or are we looking for an inflection point in the sense that is there going to be a catalyst in terms of automation, releasing certain number of employees or X% of the employees being completely trained on Design Thinking. So in short, when do we see it moving upwards and what is going to be the catalyst for it?

Vishal Sikka

The catalyst of it will primarily be automation, secondarily innovation and at the third level the operational excellence. In the near-term the margin impact of this will be in the reverse order. See if you look at Skava in our world and if you look at Panaya, these are two very illustrative examples of how Software plus People makes a fundamental impact on the equation that you are talking about. In the case of Panaya, when we bring Panaya in to a large deal, for example we have won several $ 100 mn+ deals where Panaya itself is a relatively small part of the equation but it leads to a massive improvement in productivity of the project as well as a massive differentiation in our ability to win that project. So what happens is that a bulk of the work that was being done inside the project is now replaced by software. Of course there are people who are maintaining and building their software and evolving their software but that number is far smaller than the number that you would do across dozens of complex projects. So that is the impact that it has and the net impact is that the revenue per employee improves, the margin improves, our differentiation improves and yet the cost for the customer can come down. If you look at Skava, it is again the same story but it is actually in a way quite different because with Skava we do not do a project that we have brought Skava into, we do a project around Skava. It is the implementation of the Skava platform, it is the work around integrating the Skava platform where the people are involved, otherwise the rest of the economics is simply coming from Skava itself. So both of these will happen and as the software products and there are other platforms in this area, IIP for example, our Information Platform or especially our Automation Platform, as these kick in into dozens of complex projects you will start to see this kind of a differentiated move towards $ 80,000, it will have a non-linear impact as the number of projects and the monetization of the value delivered from the projects starts to improve.

Nitin Mohta

So would it be fair to assume it be more like an FY18 thing so I am just trying to understand, so will there be a linear improvement in revenue productivity or we will see actually an inflection point sometime in future?

Vishal Sikka

It is hard to say, in certain service lines I mean if you look at our Infrastructure Management we have already reached close to 100% in the fixed price projects and the remaining ones we have to transform towards fixed price or value based projects and increase the complexity of the kind of activities that we automate. If you look at verification, our testing practice, again there is a heavy opportunity from automation where we can bring more complex automation for the specification related work and things like that. So the timeline on how the impact will happen will depend on service lines. I think it would be premature to put a timeline on it at this point, but many service lines are far ahead of it than the others. The automation platform adoption, we have done now more than 125 of these engagements. 20+ of these platform deployments went out over this last quarter. So we are quite excited about how this thing is developing and in particular how we can bring AI technology to more complex kinds of tasks on maintenance and things of this nature. So that is something I continue to be really excited about. I think that there is a huge potential to transform the way that we work in there. So that is basically the way we see automation taking shape. It depends on the evaluation and adoption of our platform Skava, Panaya, IIP, IAP, also AssistEdge which is an Edge product which is around this process automation and simplifying the work done by the end user and so on. So that is how I see it.

Nitin Mohta

That is helpful. And if I can ask a second one to Pravin, after strong couple of hiring quarters we have seen a big step down, so do you think it is just seasonal or this is the kind of run rate that we should be modeling in and was that good enough to meet the guidance that you guys have laid out?

Pravin Rao

No, there are two parts to hiring. One is, when you look at fresher hiring we would have made the decision about a year in advance. So for this year we have made enough offers and we expect about 20,000 freshers to join. They will start joining sometime in June, July of this year and they will be available in a phased manner or in production in January of next year. So that is a decision which we have already made. Then the lateral hiring is where on an average last year we had hired about 2,500 to 3,000 hiring every quarter (for Infosys Limited standalone) but with more and more of FTEs being released through automation, automation benefits kicking in we would expect to see some part of reduction in the hiring numbers. But obviously there is a seasonality as well because the growth over quarter-on-quarter will be different, quarter two will be the highest quarter, quarter one will be slightly lower and so on. So that will also have an impact on your hiring counts. But the endeavor is to leveraging the benefits of automation particularly at a lateral level and over a period of time trying to figure out how to do more of just in time hiring on the fresher level.

Moderator

Thank you. Our next question is from the line of Ankur Rudra from CLSA. Please go ahead.

Ankur Rudra

First question, Vishal you have commented earlier that, you said a lot of the reporting is on legacy metrics. Perhaps if you can elaborate what sort of metric you would like to go in to future? Maybe on the same lines I noticed that a lot of the growth in the last few quarters has been led by more legacy or commoditized services where we cannot really see the success you have been achieving on the next generation services side. So maybe you can elaborate where we can see that. Thanks.

Vishal Sikka

I think the new numbers are still small and are relatively insignificant. So they do not have an impact yet on the P&L and you do not see them. But the metrics of the future are around things like the number of people whose work we were able to replace by automation, the amount of software related services sales and things of this nature. So the value created from the bench for example would be another one that I would be very excited about. We report 80.1% utilization but on our zero bench marketplace, we have more than 14,000 jobs and basically 70% of the bench was touched by that. So from a financial point of view the utilization is still 80.1% and that is a number that we want to improve but it is not like the people who are not on that 80.1% are wasting their time. We are actually doing some incredibly exciting things for the company. Ravi has also instilled some themes around the zero bench where they actually work on great ideas which help the company tremendously, roughly one-third of the zero distance proposals and plans that we make on the zero distance initiative actually come from people who are on the bench and things like that. So there are many metrics for the future of the services industry - the amount of efforts automated, the work, the complexity of the work that artificial intelligence has been able to do, the new kind of complex high value projects, these would be some of the metrics that we should be tracking going forward. And not only we at Infosys, we have already started to track this inside but I think the entire industry would be well-served to go after things like that rather than going over things that we have basically had for the last 20 years.

Moderator

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

Ashish Chopra

I just had a question on the margins too. So Vishal you do have an aspiration on margins which is significantly higher than where the margins stand today and FY17 is probably yet another year when the band would be 24% to 26% with more headwinds upfront than tailwinds. So just wanted to pick your thoughts on the roadmap on this margins going up. While you have explained in detail with regards to automation still sometime away in terms of having an impact but some of the other levers that we have been discussing like cost optimization, role ratios, sub-contractor expenses, etc, should we expect those to kind of prelude and contribute to an expansion on the margins before the automation and the revenue productivity levers kind of kick in at a later point of time or do we think that it will really be a function of some of those Software plus People kind of work that will really lead to an elevated margin and these would be more to contain amid the pressures that we see in terms of wage hikes and some of the other competitive intensity?

Vishal Sikka

There are two parts to the margin impact, the long-term big one is automation, the short-term big one is the operational metrics that Ranga has talked about - the onsite mix and the utilization, sub-con expense and things of this nature. So it is a tale of these two cities that has to co-exist, in the near-term the latter will have a bigger impact and the former will continue to have small impact. But it is like the exponential impact that picks up on us and over time suddenly it starts to dominate but that will be still in our future, that is still a few quarters out. So that is how I see this margin picture evolving. I am convinced that if we are able to get this Software plus People approach going at a massive scale that we will see the benefits of the margin, we will see the achievement of the aspiration that we have set of 30%. But in the near-term the pricing decline that we see sort of more or less a secular downward pressure on the price that we see is eating into these benefits that we achieve. And therefore the near-term benefits that you will see will come from the operational metrics that Ranga was talking about. Perhaps Ranga or Pravin you can add to that.

Ranganath D. Mavinakere

Just to add up what Vishal just reiterated, near to medium term we are looking at 24% to 26%, last year we also reiterated the same band. If you look at FY16 we are exactly at the midpoint of the band at 25%. If you look at Q4, while rupee did help us to some extent, sub-con expenses as a percentage of revenue came down from 6.3% to 5.6%, that did help us, likewise the other lever of utilization. So by and large in FY17 we do believe that the operating levers that we have whether it is utilization at 80%, can it move up, can onsite efforts mix at 29.6%, barely two years ago we were at 27% and consistently utilization has been in early 80s as compared to late 70s. So these are the levers certainly we would want to fully deploy. As Vishal said, the automation and other pieces certainly would have to kick in, but I think the relative emphasis during the year would be on the first bucket as we continue to work on the second bucket of automation. More importantly I think the pricing decline, for example as I was mentioning earlier there has been a pricing decline of 1.1% in constant currency terms on full year to full year basis. So some of these measures have to counter that present decline in an effective manner. That is the reason we have continued to reiterate the band of 24% to 26%.

Ashish Chopra

And if I could squeeze in just last one, with regards to some weakness that we saw in the top 10 accounts this quarter barring the top client, should we assume that to be as purely seasonal or would it have been a function of also maybe a client or two ramping down because of their own problems or anything of that nature?

Vishal Sikka

Yes, it was the latter. In one of the clients we had a significant ramp down in this last quarter because of their particular situation which we knew about a few months before. But they were reacting to certain unique situation in their business and we had another one out of top 10 that had a small decline. But other than that, in fact the top 10, top 25, top 50 clients have seen a significant growth. Despite these two declines in our largest accounts in this last quarter, we grew by more than 12% over the course of the year and you have to compare that to the previous year where we did something like 1%. So there we have seen a significant improvement in the relationship strength with the large clients not only in the top 10 but also the others.

Moderator

Thank you. Thank you, ladies and gentlemen, that was our last question. I now hand the floor back to Mr. Sandeep Mahindroo for closing comments.

Sandeep Mahindroo

Thanks everyone for joining us on this call. We look forward to interacting with you again. Have a good day.

 Exhibit 99.7

Earnings Call 2

EARNINGS CALL 2

Q4 2016 RESULTS

April 15, 2016

CORPORATE PARTICIPANTs

Vishal Sikka

Chief Executive Officer& Managing Director

Pravin Rao

Chief Operating Officer

Ranganath D Mavinakere

Executive Vice President & Chief Financial Officer

Mohit Joshi

President & Head – Financial Services, Head – Infosys Brazil and Infosys Mexico

Ravi Kumar S.

President & Chief Delivery Officer

ANALYSTS

Keith Bachman

Bank of Montreal

Rod Bourgeois

DeepDive

Moshe Katri

Cowen & Co.

Rishi Jhunjhunwala

Goldman Sachs

James Freidman

Susquehanna International Group

Joseph Foresi

Cantor Fitzgerald

Arvind Ramnani

Gordon Haskett

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 and 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 ‘*’ then ‘0’ on your touchtone telephone. Please note that this conference is being recorded. I would now hand the conference over to Sandeep Mahindroo. Thank you and over to you sir. 

Sandeep Mahindroo

Thanks, Karuna. Hello! Everyone and Welcome to Infosys Earnings Call to Discuss Q4 & FY-’16 Earnings Release. This is Sandeep from the Investor Relations Team. Joining us today on this earning call is CEO and MD – Dr. Vishal Sikka; COO – Mr. Pravin Rao; CFO – Mr. M.D. Ranganath along with other members of the senior management team. We will start the call with some remarks on the performance of the company by Dr. Sikka followed by comments by M.D. Ranganath, subsequently, we will open up the call for questions.

Before I pass it on 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. Good Morning and Good Afternoon, Folks. Thanks for joining our Earnings Call. Let me start by saying that I am really proud of our company’s achievement in my first fiscal year as the CEO of Infosys. We started the year just two quarters into our strategy to reimagine services and to transform Infosys and over the course of this year we saw our endeavor which is to bring Automation, Innovation, Education and Operational Excellence relying on our human potential that is amplified by technology rather than delivering the same work for less, starting to show some concrete results. In the organic growth of our client relationships, in our win rates in large deals, and in the types of projects that we are seeing in strategic areas where we never participated before, I am proud of what our teams have achieved this quarter and in the year. And yet despite these heartening results, they are still based on metrics of the past in many ways, of the way the industry has been. The world of our future looks entirely different, it is a world that is being fundamentally reshaped by Digital Technologies and it is our endeavor to create great value for every business through solutions built on our AI technology and Open Cloud platforms to have Infoscions amplified by intelligent technology to bring purposeful innovation to life to drive collaboration and an entrepreneurial spirit from within to transform our relationship with clients and in that sense we are still very much at the beginning of this journey.

With this in mind, let me turn to the numbers: We ended Q4 of Fiscal ’16 with revenue of INR 16,550 crores or US $2.446 bn and grew in Q4 for the first time in the last 3-years. This translates to a quarter-on-quarter growth of 4.1% in rupee terms, 1.6% in US dollar terms and 1.9% in Q3 constant currency. For the full year, our revenue has grown 13.3% in constant currency and 9.1% in reported terms ahead of the guidance that we provided in January of this year. Volumes in Q4 FY ’16 grew by 2.4% indicating a healthy momentum in the underlying business and setting us up well for Fiscal ‘17. Utilization including trainees was 74.7% and 80.1% excluding trainees. Blended per capita revenue decreased 1.1% and our operating margin for the quarter was 25.5% compared to 24.9% in the previous quarter. On a full year basis, operating margin was 25% compared to 25.9% for Fiscal ’15. While still within our band of 24% to 26%, we believe the results of our initiatives in Automation and tighter control of the operating metrics will help us improve profitability in the coming year. We reported earnings per share of INR 15.74 for the quarter, up 3.8% and in US dollar terms earnings per share was 23 cents. For the full year, earnings per share is INR 59.03 or US $0.90. Attrition for the quarter decreased further to 12.6% and total employee strength is now 194,044 employees.

Let me now turn to client relationships and large deals: Once again in Q4 of FY ’16 we had a record quarter in large deal wins; we signed six large deals with a TCV of $757 mn; additionally, we signed another two large deals in Financial Services in Americas where based on the present volume of business we can get another $470 mn in revenues. We saw a 45% increase in TCV of large deal signings in FY ’16 compared to Fiscal ’15, i.e., 2.79 bn vs 1.927 bn. This actually excludes other large frame contract that were signed but not included in our reporting. Our large deal win rate has gone up significantly for the whole year - thanks to our focus on better solutioning that leverages automation and innovation, and our AiKiDo services, better articulation of value proposition and focusing more on the clients point of view, the challenges that the client face using Design Thinking as a framework in how we create our proposals. These bookings will help secure our revenue base for future years. The number of $50 mn plus clients grew to 52 and the number of $10 mn plus clients grew to 177. We added 47 net new clients during the quarter, our top-10 clients grew by 12.3% for the full year and the top-25 grew 9.3% in constant currency terms.

Our Financial Services segment led by Mohit Joshi saw a stronger traction in the year along with Finacle, our Financial Services Portfolio grew 15.3% for the full year.

In our Retail and CPG portfolio led by Sandeep, we saw strong traction for our new Software and Services business. With this, I wish to congratulate Mohit and Sandeep on being appointed presidents of our company.

My friends and colleagues, Manish and Rajesh, continue to lead their respective businesses in Healthcare, Life Insurance and Hi-Tech for Manish and Energy, Communication and Services for Rajesh.

In delivery, our global delivery engine under the leadership of Ravi has had an exceptional year. The renewal of our existing service lines has shown tremendous momentum. Our Data Analytics, Testing and Enterprise System Practices grew especially well. Zero Distance - our program to spur grassroots innovation in every project is establishing a new way to achieve Project Management Excellence. Nearly 100% of our projects are proactively proposed incremental innovative ideas. In addition to the opportunity to expand the scope of these projects, this program has instilled confidence in our teams and help drive a culture of innovators, a culture of innovation across the company. Ravi’s extraordinary leadership this year has been instrumental in our growth and our embrace of innovation and I wish to congratulate Ravi on being appointed a president of our company.

On IIP, we completed more than 220 engagements and announced availability of our (IIP) Infosys Information Platform on AWS. On IAP, our Infosys Automation Platform, more than 125 engagements in IAP have now happened across our segments and 21 additional deployments went out this quarter across our key accounts.

In Q4 we released 1,710 full-time employees equivalent worth of work across service lines using our Automation platform which brings us to 3,900 FTEs released over the course of FY’16 due to Automation. These numbers are still small in Fiscal ’16 but will continue to rise as the deployment widens and the tools themselves evolve to handle more complex activities that are today performed manually. In addition, we did our first major project to bring the power of Automation and Information Platform capabilities internally to review our own financial processes under Ranga’s leadership. We identified and then massively automated the things that caused latency in our systems due to batch processes and we have created a much better user experience across our systems. This focus on Automation, for example, we went from 4-hours to 1-hour in revenue accounting from 2-days to completely automating project attribute changes from 36-hours to 12-hours for accounting at the project level, and many other dramatic simplifications. Congratulations, Ranga and your team. In the coming quarter, we will focus on even more on reconciliation and instant reporting leveraging our Infosys Information Platform.

Panaya and Skava continue to gain traction both as a part of the large client engagements where these products were central to the value proposition as well as standalone deals. This quarter the EdgeVerve business sustained momentum with 18 wins and 24 go-lives for both the Finacle and Edge suite of solutions across various market regions.

In Consulting, under Sanjay’s leadership, we continue to focus on Consulting as our tip of the spear, an integrated part of our engagements in strategic initiatives with clients and in growing client relationships. Specifically, in Design-led Services, I am pleased to see Design Thinking as a key fabric of our work, making it way into every engagement and rapidly reaching all our clients.

Extending the reach of our own work, we continue to make investments in the ecosystem. This quarter we invested in Waterline Data Science to extend what we offer clients in Automated Data Discovery and Governance areas.

I am personally very excited to announce an RSU and Options Plan for employees. We are starting with managers to drive retention of our highest performing leaders and also to attract the best leaders in the world to Infosys. Over time my endeavor is to extend this to all Infoscions as we used to do before. Additionally, we are providing 6% to 12% compensation increase offshore, it will be towards the higher end of the range at junior levels and at senior levels it will be towards the lower end of this range. Of course, for higher performers, these numbers will be significantly higher. For onsite similarly, we are providing 1.5% to 2% average compensation increase, this will vary across geographies based on prevailing market conditions.

In Q4, the Infosys Foundation continued to invest and support programs in the areas of Sanitation, Healthcare and Rural Development. During the quarter, the Foundation signed a Memorandum of Understanding with the Asia Heart Foundation to enable the adoption of Robotics in Healthcare through a grant of INR 8 crores and provided INR 5 crores to Sahakara Mitra Samstha, Center for Collective Development to enhance the livelihood of the farming community in the Indian States of Andhra Pradesh and Telangana. It also successfully completed the construction of 365 Toilets in 110 Schools of Odisha to support the Indian Prime Minister’s Swachh Bharat, Swachh Vidyalaya Abhiyan Mission. In the State of Karnataka, it launched the Jaldhara Project in drought hit villages of Dharwad, Haveri and Gadag Districts by deploying tankers to provide drinking water.

In the US, the Infosys Foundation USA continue to engage with the local communities and invest in Computer Science-related Programs that are fundamental to our future. The Foundation announced a grant of a million dollars in partnership with the National Science Foundation to support Computer Science Professional Development for Teachers. This collaboration will provide opportunities to as many as 2,000 school teachers and bring value to tens of thousands of students to deepen their understanding of computer science.

Finally, our revenue growth guidance for Fiscal ’17 is 11.5% to 13.5% in constant currency terms based on our visibility at this time. As the year evolves and our visibility improves, we will continue to revisit this.

To close, I am proud of what we have accomplished this year. Our strategy is starting to show concrete results and we will accelerate this in Fiscal ’17 and beyond. More importantly, what we have seen is that our strategy gives us a new path forward for Infosys and brings purpose and passion to our work. It creates a space for a new type of a services company, a human company, where our humanity is amplified by technology to deliver a great value and a great experience for all, the services company that we aspire to be.

Thank you very much. Now my friend and colleague, Ranga, will take you through more details of the Financial before Q&A.

Ranganath D. Mavinakere

Thank you, Vishal. Hello! Everyone. This is Ranga here. Let me first start with Q4 Revenue Performance: In dollar terms, revenues grew sequentially in Q4’16 by 1.6% on reported basis and 1.9% in constant currency basis. On a year-on-year basis when compared to Q4 ’15 revenues have grown 13.3% in dollar terms and 15% in constant currency terms.

Coming to Full Year Performance: Our Full Year FY ’16 reported revenues were $9.5 bn, a growth of 9.1%. In constant currency terms, we grew by 13.3% and at 31^st March 2015 rates growth was 9.3%.

Coming to Volumes: Volumes grew by 2.4% during the quarter as compared to 3.1% in Q3 ’16. On quarter-on-quarter basis, onsite volume grew by 2.7% and offshore volume grew by 2.3%. On a full year basis volume growth for FY ’16 was 14.5% compared to FY ’15. On a yearly basis onsite volume grew by 16.8% and offshore volumes grew by 13.6%.

On Realizations, our realization for the quarter declined by 1.1% on reported basis and 0.9% on constant currency basis compared to Q3 ’16. Realization drop for the full year FY ’16 as compared to full year FY ’15 was 4.7% on reported basis and 1.1% in constant currency basis. Our utilization including trainees increased by 50 basis points to 74.7%; however, excluding trainees utilization declined by 50 basis points to 80.1%, Onsite mix increased marginally to 29.6%.

Our operating margin for the quarter was 25.5%, increase of 60 basis points during the quarter, you would recall that operating margin in Q3 was 24.9%. Margins for the quarter increased 20 basis points due to increase in utilization, which I mentioned earlier; 20 basis points due to drop in sub-con cost and 60 basis points due to rupee depreciation, this was offset by 40 basis drop in margins due to realization decline. Operating margin for full year FY ’16 was 25% as against previous year’s 25.9%.

Operating cash flow generation was very strong during the quarter; we generated operating cash flow of $562 mn in Q4 as compared to $474 mn last quarter. Capital expenditure during the quarter was $115 mn. Our cash and cash equivalents as of March 31^st March were $5.202 bn as compared to $4.765 bn last quarter.

At the group level, we added 9,034 gross employees during the quarter with net addition of 661 employees. Attrition continues to be on a declining trend; at the group level annualized attrition was 17.3% as compared to 18.1% last quarter. The quarterly annualized attrition on a standalone basis has declined to 12.6% from 13.4% last quarter.

DSO for the quarter was 66 days as compared to 65-days in previous quarter. As you know we had a very volatile currency environment in Q4; we managed to navigate the volatility effectively; rupee depreciated against the dollar by 2.5% on an average basis and 0.2% on period-end basis. US dollar appreciated 6% against GBP; however, against Euro and Australian dollar, USD depreciated by 1.4% and 1.2% respectively. Our hedge position as on March 31^st 2016 was $910 mn.

Yield on other income was 8% this quarter as compared to 8.6% in Q3, this drop is a reflection of softening interest rates in India, we expect yield for FY ’17 to be approximately 7.5% as compared to 8.6% in FY ’16, which is a drop of 110 basis points.

The effective tax rate for the quarter was low at 27.9% on account of write-back of tax provisions on closure of audits in certain jurisdictions. Effective tax rate for FY ’16 was 28% on reported basis; however, normalized for provision reversals the effective tax rate for FY ’16 was 29.7%. Full year effective tax rate projection for FY ’17 is expected to be in the range of 29% to 30%; this is on account of certain Software Export Zone units that will move from 100% exemption to 50% exemption during FY ’17.

Our net margins during the quarter was 21.8% and remained unchanged quarter-on-quarter. Our EPS for the quarter was $0.23, EPS grew 1.7% on a sequential basis and 7% on a year-on-year basis.

Coming to our Top Account Growth: Our revenues from top-5 clients increased by 0.2% quarter-on-quarter in reported terms and 1% in constant currency terms. From top-10 clients revenues declined 1.7% quarter-on-quarter in reported terms and 1.3% in constant currency terms. However, on a full year basis our revenues from top-5 clients grew 11.4% in reported and 12.8% in constant currency. Similarly, for our top-10 clients full year, year-on-year revenues grew by 8.3% in reported terms and 12.3% in constant currency terms, these numbers are significantly higher than the previous year.

Coming to Segments Performance for Q4 ’16: amongst Verticals, ECS grew 4.6%, RCL grew by 2.4%, Manufacturing grew by 1% while Financial Services and Insurance declined 0.3% due to seasonal softness in Insurance sector.

Overall growth in Q4 was backed by all geographies, rest of the world grew by 4%, Europe grew 2.4%, North America grew 0.5% and India grew 9.1%. Growth in India should be seen in the context of smaller base which is changes due to ramp-up and ramp-downs of several projects.

During the quarter, number of $100 mn accounts increased to 14 from 13 clients in the previous quarter, number of $75 mn plus clients increased to 31 from 28 clients in the previous quarter.

We are guiding for a constant currency growth of 11.5% to 13.5% for FY ’17. On operating margins, we expect our medium term band to be within 24% to 26%. As in every financial year in Q1 margins would be impacted by compensation increases, salary increases and visa cost. We expect it to play out this year’s Q1 as well.

With that we open the floor for Questions.

Moderator

Thank you very much, sir. Ladies and Gentlemen, we will now begin the Question-and-Answer-Session. The first question is from the line of Keith Bachman from Bank of Montreal. Please go ahead.

Keith Bachman

I wanted to ask if I could on you highlighted that you have won a large number of deals over the really past two-three quarters. I was hoping that you could talk about what part of those deals came from share take away from your competitors versus deals that might be renewals?

Vishal Sikka

We do not include renewals in this number, these are deals that we win new. The kind of work that is covered to a large degree comes at the expense of somebody else but in many cases it is also new work that was being done by the clients themselves. This is generally the background. Obviously, we win these deals within an intensely competitive environment so that is why we are particularly proud of this particular statistic. It also gives us a good base for future. As Ranga mentioned in the press release, every once in a while we hear this thing about winning because of low prices and this is something that is absolutely not true. When we look back on the deals that we have won, we talk to our clients, we find that every deal that we win is because of superior value that we offer and a great experience, great articulation of the value and most importantly, a great solution that we bring to the table, using our innovation and for no other reasons.

Pravin Rao

I just wanted to correct; we do include renewals here as well, at this stage we do not have the exact data of how much is the renewals. But majority of the cases of renewals, it will come with incremental share at the expense of other competitors as well.

Keith Bachman

It seems like Infosys is certainly doing better over the course of the last few quarters, if not the last year. As your win rate against the competitors particularly taking business away from your competitors that they had previously…I want to say ‘own’ but certainly enjoyed the benefits of existing relationships which categorize that your win rates take business away from competitors has improved over the last few quarters?

Pravin Rao

Absolutely, in FY’16 we won 21-large deals with a total TCV of $2.8 bn as compared to FY’15 it was $1.9 bn, 45% growth over FY’15. In majority of the cases, we are definitely taking away business from the competition.

Keith Bachman

If I look at sequentially, Financial Services was a little bit weaker than the rest of your business. How should we think about Financial Services as we think about the constant currency guidance of 11.5%-13.5% for this fiscal year, would you think that Financial Services would be in line with that guidance better or worse than the overall guidance for the year?

Vishal Sikka

Financial Services had in fact a record year under Mohit’s leadership. I just give a high level answer, Mohit and then you can add. We are actually very bullish on the Financial Services even though we continue to see a challenging environment in some banks because of the nature of the offerings and value propositions that we bring. We did see some slowdown in the Insurance area in the last quarter but I am not concerned about that, I believe that was a short-lived and a transient thing in certain clients and so forth. Our work is resonating quite well with a bunch of new engagements that we are involved in and working on.

Mohit Joshi

As Vishal mentioned, look, I think we had a very good year overall. The sort of weakness that you are attributing to the particular quarter is partly because of seasonality and partly because of some slowdown in Insurance for the quarter which we believe is typical to this quarter only. As Vishal mentioned, while there are obviously headwinds in the sector, we continue to be cautiously optimistic and the fact is that we have won in Q4 itself fairly significant component of the large deal wins that Vishal alluded to, came from Financial Services. I believe that our story of ‘Renew’ which is built around Automation and Artificial Intelligence resonates with the need for banks to cut down cost and to industrialize operations. I believe that our story around ‘New’ which is around design thinking, around innovation, around digital, is resonating with banks as banks need to dramatically transform their operations. Obviously, there continues to be significant spend in the industry around the risk and compliance area which is an area of strength for us. There are certain areas in the Banking sector which are transforming themselves, right, if you take the payments portion of the business, that is transforming itself and it is an opportunity. On the whole, banks today despite headwinds and despite cuts are spending significant amounts on technology and therefore with the strategy like ours I do believe that there is an opportunity for us.

Moderator

Thank you. The next question is from the line of Rod Bourgeois from DeepDive Equity Research. Please go ahead.

Rod Bourgeois

Wanted to ask about the operating margin outlook for Fiscal ’17. To achieve your 25% operating margin midpoint of your guidance, I wanted to ask, what this assume in terms of the impact of pricing on your margin, in other words, can you quantify the impact pricing is expected to have on your margin in Fiscal ‘17?

Ranganath D. Mavinakere

Yes, we guided 24% to 26% last year as well and we are exactly at the midpoint as we close FY ’16. In FY ’16 we had a year-on-year full year pricing decline of 1.1% in constant currency and we do not see any significant either upward or downward change at this point in time, we do not see much of a difference in terms of the trend line. Second, as you know, in terms of operating levers, there were a couple of operating levers that started this quarter beginning to show some especially the sub-con expenses as a percentage of revenue which was 6.3% last quarter, came down to 5.6% which gave us a benefit of over 20 basis points this quarter will continue as likewise on utilization. If you look at utilization consistently in the last four quarters is about 80% and we do believe that we need to work on that a bit more and see what could be the trajectory of utilization in FY 17. Likewise, onsite effort mix was 29.6% this quarter and this number used to be around 27%, I would say about two years ago. So these are some of the operating levers, we will continue to leverage and optimize in the coming years. In addition, of course we have to see how much of automation benefits would kick in during this particular year. So to answer your question, yes last year that was -1.1% in constant currency terms, we do not see a significant change in the secular pricing decline.

Rod Bourgeois

Right, I mean that 1.1%, that is a blended average price, but what I am enquiring about is what you expect the impact of pricing to be on your actual operating margin that you are going to realize, can you quantify that?

Ranganath D. Mavinakere

Yes, typically for every 1% decline we do see about 40 basis points.

Rod Bourgeois

Okay, got it. And then in order to offset assuming pricing remains somewhat negative, what is your biggest remaining operating margin lever to offset that?

Ranganath D. Mavinakere

There are three principles, one of course is the onsite effort mix is one that I talked about which is currently 29.6% and we have seen in some of the earlier quarters that is 27% and every 1% drop gives us about 35 to 40 basis points. Then utilization, utilization is 80.1%, there again in earlier quarters we have seen as high as 83.7%, so we need to see how much of that needle we need to move. Likewise, onsite role ratios is another one that we are focusing on and the sub-contractor expenses and sub-contractor expenses are straight away about 20 to 25 basis points and right now this quarter it came down from 6.3% of revenue which was an all-time high to about 5.6%. So these are the three principle levers. Automation benefits, it is too early to quantify for this financial year but we will see how that plays in.

Moderator

Thank you. Our next question is from the line of Moshe Katri from Sterne Agee. Please go ahead.

Moshe Katri

Can you quantify the pluses and minuses that actually impacted or benefited margins for the quarter?

Ranganath D. Mavinakere

If you look at the operating margin for the quarter, the net increase was about 60 basis points of which 20 basis points due to increase in utilization, 20 basis points due to drop in sub-contractor cost and 60 basis points due to rupee depreciation and this was offset by 40 basis points drop in margins due to realization decline. So that is the math.

Moshe Katri

And then looking at your margin assumption for fiscal year 2017 are we factoring any sort of moves in FX?

Ranganath D. Mavinakere

See at this point in time it is very difficult to predict the rupee movement, if you look at recent months the rupee has started to strengthen at least in the last three weeks, at this point in time it is difficult for us to predict, I think the key assumptions would really be around our pricing decline and volume growth as well as some of the operating levers that I talked about. So at this point in time it is extremely difficult to assume which way the rupee would move.

Moshe Katri

And then final question and this is also for Vishal, you have done a really good job in terms of expanding or improving your quarterly booking numbers for the past two years, I think you went from $400 mn per quarter in 2015 to about $716 mn and then what sort of assumptions do we have for fiscal year 2017? And then can you talk a bit about the quality of the new business which is coming onboard in terms of the blended EBIT margin contribution for the overall business? Thank you.

Vishal Sikka

The quality of the business is actually getting better because when we go into this deals we bring a lot of innovation areas into these, the ‘Aikido’ services, the software and so forth. As we realize these projects and start to bring them to life we are going to deploy more and more of that over the course of the projects. There do continue to be many aspects of these projects that are more traditional in nature involving transition of resources and onsite hiring and so forth. So as much as possible we are bringing innovative ideas to these but I expect to see that the contribution of the innovation to these projects will continue to improve as we go forward. In terms of the visibility, we have a pretty healthy pipeline as we look ahead and the pipeline has improved significantly compared the pipeline that we had one year ago and perhaps Pravin can comment a little bit more on that. We do not yet have a forecast on the bookings per quarter over the course of the next four quarters but when we look all the way these projects ramp up and the revenue gets realized over the course of this quarter all that is factored into the overall guidance. Pravin do you want to add anything?

Pravin Rao

Yes, I think as Vishal said in FY16 we have won 21 large deals, TCV of $2.79 bn and this quarter itself we won six large deals and in addition we have won two deals where we believe we will add about another $470 mn TCV of revenues over the deal period which we are not reflecting in the large deals, it is not a fully committed revenue. Overall, this year we have seen good growth in large deals, good conversion of large deals, our pipeline has increased, our conversion rate has increased, the pipeline is also pretty strong getting into the coming year. And more importantly the pipeline is broad based, we are seeing good pipeline across both Europe and Americas as well as across various industries.

Moderator

Thank you. Our next question is from the line of Rishi Jhunjhunwala from Goldman Sachs. Please go ahead.

Rishi Jhunjhunwala

Vishal, you talked about eliminating almost 1,700 employees as part or effort equivalent to that many number of employees in this quarter, can you just talk about basically what is the nature of the work in which we actually had these automation benefits both in terms of service lines and verticals?

Vishal Sikka

So we did 1,710 this last quarter, about 1,100 a quarter before and about 600 the year before that and so forth, so more than 3,000 over the course of the year. Beyond the BPO, the biggest contributor is the CIS, our Infrastructure Management Service. The nature of the work there is limited for now to fixed price projects so that the value realized is something that goes in to our automation and in T&M it is a disruptive thing, so one of the things we are working on is the strategic initiative to proactively transform the T&M projects into fixed price projects so that the benefits of that can be achieved and also to a certain degree shared with the clients so that there we create a win-win situation. Now when you look at the nature of the work beyond a fixed price, so far it has been dominated by L1 in Infrastructure Operations as well as some L2 that we have started to see in the last two quarters, so that is something also that we are working on.

We have a very exciting initiative that we are working on, I am personally working on that around bringing Artificial Intelligence techniques to the more advanced forms of support, the L3 automation areas where we have more than 10,000 developers who work in application maintenance and work on source code maintenance and changing systems and things of this nature. And by using AI to simplify some of that work we believe that we can have a dramatic impact on this. If you look at the 1,700, it is not a meaningful part of the P&L yet. 1,700 is a large number and we are incredibly proud of it, we have been tracking this closely, myself, Ravi, Pravin, Ranga we all track this very carefully but in the overall P&L this is still a kind of a drop in the bucket because it is a little bit more than 1% of the delivery force, so it kind of gets lost in the big movements around utilization and things of that nature and the number of hirings that we do and so forth. But as this number becomes bigger by making the automation wider in terms of the areas that it comes to and deeper this number will continue to become more and more significant over the next several quarters and it will take a big bite out of both the margins as well as the revenue per employee.

Currently for now the operational metrics that Ranga talked about will have the lion's share of the effect on margin and RPE, but over time there is no doubt that this will be far dwarfed by automation as automation becomes more sophisticated. And finally to your question about the distribution, perhaps Ravi you can add to that. CIS obviously was one of the biggest ones but also in application development and maintenance in BI and back-end services and especially in verification also we saw significant contribution towards the 1,700. Ravi, you want to add anything?

Ravi Kumar S.

I think you have covered pretty much Vishal. The infrastructure business has been leading the show in automation. We have fairly good momentum on ADM, the Application Development and Maintenance Space and Testing Services historically had a lot of automation pegged into the model and now we have actually found new ways to add more to it. And we use our own software which is Panaya to look at automating the Enterprise Application space.

Rishi Jhunjhunwala

And any vertical skew?

Ravi Kumar S.

There is no vertical skew, it is applicable pretty much in all service lines across the industries. Of course the ones which have more infrastructure and more application development have more amenability to it from a standpoint of automation and from a standpoint of using software to derive automation which is primarily the Panaya suite of products which we have, that is more on the Enterprise Application space.

Rishi Jhunjhunwala

Second is, recently the Board and the shareholders approved the compensation structure for you Vishal and there it seems like it has been linked with revenue margin and revenue per employee targets to be achieved every year. Can you share us the targets for FY 17?

Vishal Sikka

No we cannot, this is not a question for the management of the company, this is more for the Board. Generally, as has been shared it is in that direction of the 2020 target where some kind of a curve that gets up there and I guess that is something for you to ask the Board.

Moderator

Thank you. Our next question is from the line of James Freidman from Susquehanna International Group. Please go ahead.

James Freidman

When we look forward to the guidance, I was wondering how should we think about the contribution from the top clients, it seems a great portion of your success has been from mining those clients, is that pattern getting continuously moved into this fiscal?

Vishal Sikka

Yes, I mean if you look back over the last year, the contribution of the large clients to the growth of the company has been significant, we did about 12.3% constant currency growth in the top 10 clients and similarly the top 25 as well as the top 50 clients grew significantly. Last year in FY 15 for instance the growth in the top 10 client was only 1.5% or something like that, perhaps Ranga can correct me. So that number has been increasing significantly and we expect to continue to deliver tremendous value to the large clients.

In terms of the depth of knowhow, the depth of the relationship both in the client account engagement side as well as the delivery side and consulting is quite significant in the bigger client, we have deeper understanding of their business, I engage with them as well as Pravin and our management team. So this is an area that we have addressed well and I am happy with where we are, I think there is still room for more improvement, being more proactive, becoming more strategic to these clients and we expect to continue to do that.

But at the same time we are a company operating now at a scale where we should be able to walk and chew gum at the same time. So this is not to say that there is any dilution in the focus towards new account openings, that is incredibly important and it continues to be in fact. If you look at the percentage of the revenue coming from the new accounts or new projects versus renewals that has improved which is a good thing and we want to continue to see it go that way. And we are also excited about opening certain new market segments, in particular the smaller businesses and we have been doing great work with Ritika's team on the startup engagement and venture investing and Ravi is also working together with Sandeep on building alliances towards the mid-market and we expect to share more about that at our confluence event later this month.

Moderator

Thank you. Our next question is from the line of Joseph Foresi from Cantor Fitzgerald. Please go ahead.

Joseph Foresi

First on financial services, you mentioned winning some deals, I was wondering where in financial services you are winning those deals and how would you describe large bank budgets overall?

Mohit Joshi

So I think the deals that we won, one of them is basically to look at the bank's entire suite of applications and do L2 support across them using our Infosys automation platform. We have also won a couple of large frame agreements with large global banks, so I think that is where we are seeing the opportunity. On the capital market side we are seeing some volatility but overall the wins have come from across the board.

Joseph Foresi

And then my second question is just on pricing, given that some of the business has matured over the years and there is some level of commoditization and we are talking about maybe a little bit of caution around the banks and this is more of a hypothetical thing, but how disciplined do you feel like the industry is right now around pricing and if there was a downturn could we see dramatic price decreases?

Mohit Joshi

I think look, as far as the banking deals are concerned I think banks have realized that there is a limit to how much you can squeeze out on a per unit basis right, in any case that is not something that they are looking at, so all of the deals that we have, have a very significant component of software in them. So you have got people plus software that allows you to give that leverage whether it is automation or it is Artificial Intelligence, the use of frameworks and tools, that is what is allowing us to give those long-term cost advantages to our clients rather than just per unit rate reduction, because that will not accomplish what the banks are looking for nor does it serve our own purpose.

Vishal Sikka

Let me add to Mohit's great observations, the banks, especially many of the large banks in certain geographies are under such severe pressure from a regulatory perspective, from an economic perspective that simply doing the same thing that they have been doing cheaper is no longer enough. A vendor in order to succeed in this climate has to bring capabilities and technologies and innovations that not only others are not able to but the bank themselves is not able to. So you have to be able to do things in new ways that were not there before, so if you look at the large deal as Mohit mentioned the automation in this case of maintenance, this was a maintenance, IT operations support project that we won one of the large deals out of the $757 mn, this would not be possible by simply doing the same management and maintenance cheaper but you need to bring the capabilities of artificial intelligence to be able to bring a dramatic automation based economic improvement as well as a quality improvement in the process with the visibility, with the regulatory reporting aspects and so forth. So in order for a vendor to be able to successful in this climate with the banks we have to have innovation in the story, we have to have a deep understanding of what is going on at the clients. And that is what it takes and it turns out that if you have those then the fact that the banks under tremendous pressure does not matter, in fact it is a good thing and it allows us to win more business. So the deal that Mohit mentioned in addition two frame deals that we did not include in the $757 mn are also both in the financial services industry.

Mohit Joshi

And I just want to add one final point which is if you take a US specific perspective then obviously there has been over times banks have been working with us for many, many years. But we serve a larger market, if I look at Europe or if I look at Australia for instance or if I look at parts of the Asia Pacific there still several areas where banks are still struggling with technology, where they are still investing sort of fairly heavily to make sure that their core applications, their entire environment is up to spec and that also gives us significant opportunity, right. So while there is the industrialization piece which is focused on cost reduction, which is focused on efficiencies, which is focused on automation, on platforms, there is also the entire piece around the renewal of the banking landscape by making a new sort of digital footprint for banks around the opportunities that the new digital technologies allow us. So while there is a focus on cost reduction in certain parts of the industry specifically in the capital market space, there is a huge growth opportunity in parts of retail and corporate banking, in the asset management business which are now getting increasingly impacted by technology and therefore the need to invest to make the change.

Joseph Foresi

And then just the last thing from me, we talked about automation, then you gave some headcount numbers which are obviously on the smaller side. How do you see that playing out over the next couple of years, do we hit the next inflection point where those numbers become meaningful and short over a long period of time? And what is that impact on margins, I know you have given color in the past so I just want to get an update on how you see it playing out?

Vishal Sikka

I think in order for this number to start impacting the margin it will still take some more time, if you look at the utilization as Ranga mentioned 80%, I mean 80% to 83% is what a few thousand people, so it has the same impact for now as it does in the world of automation. But on the other hand if we are able to get automation into a much larger percentage of our employee population, the nature of the work that the employees do, let us say one-third of the employees or 40% - 50% of the employees work activities can be more and more automated then we will see a dramatically larger impact of automation to the bottom-line then through any of the traditional operational measures. It is somehow like you can feed the horse better and you can whip the horses and get better horses and so forth than at some point you need an automobile and that is sort of, it is horrible analogy probably but this is what comes to my mind.

The other part of it that we quickly realize is that as we bring more intelligence to the operational processes actually the cost simplification from automation becomes dwarfed by the value improvement because of automation, more straight through processing, more integrated processes, better improvement of the experience, trying to understand the point of a business process and improving that and then that becomes much more about innovation and then creating much larger value and so forth. So that has its own unexpected and significantly larger benefit. So all of this, I am really excited about all of this playing out, I mean one thing that gets lost in the middle of all these large deal wins is that a lot of that has been happening because of the automation and so forth as well. So it is in my view a very fundamental part of the future of our industry and certainly the future of our company and there is only one way forward and that is full speed ahead.

Moderator

Thank you. Our next question is from the line of Arvind Ramnani from Gordon Haskett. Please go ahead.

Arvind Ramnan

There is a question for Vishal, it has been almost two years since you have joined Infosys, can you provide a color on the nature of your conversations you have with your clients, specifically when you started you spoke to probably a number of your current and prospective clients and they would have given you feedback on their perception of Infosys and I am sure you are continuing those conversations now. So can you kind of elaborate how is the perception of Infosys changed among clients and possibly like some of the underlying reasons for change in perception?

Vishal Sikka

First of all, two years, has it really been that long, it feels like yesterday. I think frankly my answer to this would be somewhat not objective and perhaps even self-serving, so it is a little bit awkward for me to answer that especially because I see a distinct sense in which the conversations have improved dramatically, the relationships have become much more elevated and more importantly the nature of the work that we do has become more elevated. There are the kinds of strategic projects that we are starting to do now with clients is just extra ordinary, we work on their digital future, we work on bringing AI to their most complex problems, we recently had a huge company from Europe that was going through a very structural change and they actually did their entire rebranding exercise in our office in Palo Alto. The entire leadership team of this huge company was locked in our office and working on deep existential questions about their future and their identity and it was just an unbelievable experience.

We recently had the entire management team of a massive industrial company visiting our office and they were shocked to find small team, one of the design teams that we have growing little plants inside the office and they were like what is the story with these plants. Actually these were plants that we were growing for an agriculture company, one of Sandeep's clients in an heavily instrumented atmosphere where the entire plant, the soil that it was in and all of that had tons of sensors inside and these people from this giant industrial company were absolutely shocked to see that. So I mean those were just two random examples that came to my mind at the end of a 14-hour long day, but the nature of the relationship, the nature of engagements, we are designing actually a workspace if you can believe it, we are designing an entire building for one of the large companies in the United States because they saw our space, they were very impressed by our ability to build green and highly open collaborative work spaces and so forth. So there has been an absolutely marked change in the nature of the relationships with the clients, certainly not with all of them but with an increasing number of deals, I would say it is still a traction the ones that we have been able to touch with our strategic message and the strategic levels and I certainly expect to and at any rate I wish to see this is certainly our goal and our aspiration to see more and more of that.

Arvind Ramnan

And just a quick follow-up, has the competitive scene has also changed and has the number of deals that you kind of get preapproved for….. has that also changed?

Vishal Sikka

I have no idea, is your question that are we winning more deals at the expense of competitors or are they also changing their story, what was it?

Arvind Ramnan

So are you basically entering situations where say your clients basically preselect you where they do not even open up some of those projects for bids to competitors, I mean are you winning projects where you are really ling kind of seeing selected versus going through like entire RFP process?

Vishal Sikka

I do not have the statistics on this but informally I would say that the sole sourced or the non-RFV deals number has at least from where I see and this is certainly a fraction of the client base, this number to me seems to have increased dramatically.

Moderator

Thank you. Ladies and Gentlemen, that was the last question. I would now like to hand over the floor back to Mr. Sandeep Mahindroo for closing comments. Over to you sir.

Sandeep Mahindroo

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

Exhibit 99.8

Form of Advertisement

Infosys Limited Regd. office: Electronics City, Hosur Road, Bangalore – 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, 2016, 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,
	2016	2015	2015	2016	2015
Revenues	16,550	15,902	13,411	62,441	53,319
Cost of sales(1)	10,262	9,990	8,174	39,098	32,883
Gross profit	6,288	5,912	5,237	23,343	20,436
Selling and marketing expenses	909	859	736	3,431	2,941
Administrative expenses	1,159	1,094	1,052	4,292	3,663
Operating profit	4,220	3,959	3,449	15,620	13,832
Other income, net	772	802	881	3,125	3,427
Share in associate's profit /(loss)	(1)	–	(1)	(3)	(1)
Profit before income taxes	4,991	4,761	4,329	18,742	17,258
Income tax expense	1,394	1,296	1,232	5,251	4,929
Net profit	3,597	3,465	3,097	13,491	12,329
Paid-up equity share capital (par value 5/- each, fully paid)	1,144	1,144	572	1,144	572
Share premium, retained earnings and other components of equity	60,635	54,191	54,191	60,635	54,191
Earnings per share (par value 5/- each) (2)
Basic	15.74	15.16	13.55	59.03	53.94
Diluted	15.74	15.16	13.55	59.02	53.94

(1)

Includes Depreciation and amortization expense of 419 crore and 1,459 crore for the quarter ended and year ended March 31, 2016

An interim dividend of 10/- (par value 5/- each) per equity share was declared on October 12, 2015 and paid on October 21, 2015. The interim dividend declared in the previous year was 30/- (not adjusted for bonus issues) per equity share. The Board of Directors recommended a final dividend of 14.25 per equity share for the financial year ended March 31, 2016. The payment is subject to the approval of the shareholders in the ensuing Annual General Meeting of the Company, being held on June 18, 2016. The book closure date for the purpose of the Annual General Meeting and payment of final dividend is June 11, 2016.

(in )

Particulars	Quarter ended March 31,	Quarter ended December 31,	Quarter ended March 31,	Year ended March 31,
	2016	2015	2015	2016	2015
Dividend per share (par value 5/- each)
Interim dividend	–	–	–	10.00	30.00(1)
Final dividend	14.25	–	29.50(2)	14.25	29.50(2)

7. Other information

(in crore)

8. Audited financial results of Infosys Limited (Standalone Information)

(in crore)

9. Consolidated statement of Assets and Liabilities (IFRS Consolidated – Audited)

(in crore)

The above disclosure is in compliance with Regulation 33(3) (f) read with Annexure IX of circular CIR/CFD/CMD/15/2015 dated November 30, 2015 issued by SEBI in this regard. The disclosure is an extract of the audited IFRS Consolidated Balance Sheet as at March 31, 2016.

10. Segment reporting (IFRS Consolidated – Audited)

(in crore)

Notes on segment information

Business segments

During the quarter ended March 31, 2016, the Company reorganized some of its segments to enhance executive customer relationships, improve focus of sales investments and increase management oversight consequent to which,the erstwhile manufacturing segment is now being reviewed as Hi-Tech, Manufacturing and others included in ECS. Further, Infosys Public Services is also being reviewed seperately by the Chief Operating Decision maker. Consequent to the internal reorganizations, there were changes effected in the reportable business segments based on the "management approach" as defined in IFRS 8, Operating Segments. 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.

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, 2016, 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, 2015. 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 15, 2016, 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.

Infosys Limited Regd. office: Electronics City, Hosur Road, Bangalore – 560 100, India

CIN : L85110KA1981PLC013115 Website: www.infosys.com email: investors@infosys.com T: 91 80 2852 0261, F: 91 80 2852 0362

Extract of Audited consolidated financial results of Infosys Limited and its subsidiaries for the quarter and year ended March 31, 2016, prepared in compliance with the International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board.

( in crore)

Particulars	Quarter ending March 31,	Year ending March 31,	Quarter ending March 31,
	2016	2016	2015
Revenues	16,550	62,441	13,411
Net profit	3,597	13,491	3,097
Paid-up equity share capital (par value 5/- each, fully paid)	1,144	1,144	572
Share premium, retained earnings and other components of equity	60,635	60,635	54,191
Earnings per share (par value 5/- each) #
Basic	15.74	59.03	13.55
Diluted	15.74	59.02	13.55

4.

The Board of Directors recommended a final dividend of 14.25 per equity share for the financial year ended March 31, 2016. The payment is subject to the approval of the shareholders in the ensuing Annual General Meeting of the Company, being held on June 18, 2016. The book closure date for the purpose of the Annual General Meeting and payment of final dividend is June 11, 2016.

  (in crore)

The above is an extract of the detailed format of Quarterly Financial Results filed with Stock Exchanges under Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015. The full format of the Quarterly Financial Results are available on the Stock Exchange websites, www.nseindia.com and www.bseindia.com, and on the Company's website, www.infosys.com.

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, 2015. 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 15, 2016, 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.

Infosys Limited Regd. office: Electronics City, Hosur Road, Bangalore – 560 100, India

CIN : L85110KA1981PLC013115 Website: www.infosys.com email: investors@infosys.com T: 91 80 2852 0261, F: 91 80 2852 0362

Audited financial results of Infosys Limited for the quarter and year ended March 31, 2016.   

(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,
	2016	2015	2015	2016	2015
Income from software services and products	14,158	13,562	11,926	53,983	47,300
Expenses:
Employee benefit expenses	7,300	7,103	6,183	28,206	25,115
Deferred consideration pertaining to acquisition	–	18	51	110	219
Cost of technical sub-contractors	1,191	1,226	836	4,417	2,909
Travel expenses	438	360	325	1,655	1,360
Cost of software packages and others	223	200	223	1,049	979
Communication expenses	79	73	90	311	384
Consultancy and professional charges	155	153	148	563	396
Depreciation and amortization expense	315	275	241	1,115	913
Other expenses	523	515	550	1,909	1,976
Total expenses	10,224	9,923	8,647	39,335	34,251
Profit from operations before other income	3,934	3,639	3,279	14,648	13,049
Other income	778	737	891	3,009	3,337
Profit before exceptional item and tax	4,712	4,376	4,170	17,657	16,386
Profit on transfer of business (1)	–	–	–	3,036	412
Profit before tax	4,712	4,376	4,170	20,693	16,798
Tax expense	1,313	1,193	1,146	4,907	4,634
Net Profit for the period	3,399	3,183	3,024	15,786	12,164
Paid-up equity share capital (par value 5/- each fully paid)	1,148	1,148	574	1,148	574
Reserves and surplus	56,009	47,494	47,494	56,009	47,494
Earnings per share (par value 5/- each) (2)
Before exceptional item
Basic	14.80	13.86	13.16	55.51	51.17
Diluted	14.80	13.86	13.16	55.51	51.17
After exceptional item
Basic	14.80	13.86	13.16	68.73	52.96
Diluted	14.80	13.86	13.16	68.73	52.96

An interim dividend of 10/- ( par value 5/- each) per equity share was declared on October 12, 2015 and paid on October 21, 2015. The interim dividend declared in the previous year was 30/- (not adjusted for bonus issues) per equity share. The Board of Directors recommended a final dividend of 14.25 per equity share for the financial year ended March 31, 2016. The payment is subject to the approval of the shareholders in the ensuing Annual General Meeting of the Company, being held on June 18, 2016. The book closure date for the purpose of the Annual General Meeting and payment of final dividend is June 11, 2016.

(in )

Particulars	Quarter ended March 31,	Quarter ended December 31,	Quarter ended March 31,	Year ended March 31,
	2016	2015	2015	2016	2015
Dividend per share (par value 5/- each)
Interim dividend	–	–	–	10.00	30.00(1)
Final dividend	14.25	–	29.50(2)	14.25	29.50(2)

(in crore)

The above disclosure is in compliance with Regulation 33(3)(f) read with Annexure IX of circular CIR/CFD/CMD/15/2015 dated November 30, 2015 issued by SEBI in this regard. The disclosure is an extract of the audited Standalone Balance Sheet of Infosys Limited as at March 31, 2016.

The Central Government in consultation with National Advisory Committee on Accounting Standards has amended Companies (Accounting Standards) Rules, 2006 (‘principal rules’), vide notification issued by Ministry of Corporate Affairs dated March 30, 2016. The Companies (Accounting Standards) Rules, 2016 is effective March 30, 2016. According to the amended rules, the proposed final dividend mentioned above in note 5 will not be recorded as a liability as at March 31, 2016. (Refer Para 8.5 of AS-4 – Contingencies and Events occurring after Balance Sheet date). The Company believes, based on a legal opinion, that the Rule 3(2) of the principal rules has not been withdrawn or replaced and accordingly, the Companies (Accounting Standards) Rule, 2016 will apply for the accounting periods commencing on or after March 30, 2016. Therefore the Company has recorded 3,939 crore as liability for proposed dividends (including corporate dividend tax) as at March 31, 2016.

(in crore)

Notes on segment information:

Primary segments

The Company's operations predominantly relate to providing end-to-end business solutions to enable clients to enhance business performance. Revenues represented along industries served constitute the primary basis of the segmental information set out above. During the year ended March 31, 2016, the Company reorganized its segments to enhance executive customer relationships, improve focus of sales investments and increase management oversight. However the reorganizations did not have any impact in the reportable segments as per AS 17 'Segment reporting' apart from Manufacturing being named as Manufacturing and Hi-Tech.

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.

Certain statements in this 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, 2015. 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 release is April 15, 2016, 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 99.9

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)

Infosys Limited and Subsidiaries

Unaudited Condensed Consolidated Interim Balance Sheets as on

(Dollars in millions except equity share)

	Note	March 31, 2016	March 31, 2015
ASSETS
Current assets
Cash and cash equivalents	2.1	4,935	4,859
Available-for-sale financial assets	2.2	11	140
Trade receivables		1,710	1,554
Unbilled revenue		457	455
Prepayments and other current assets	2.4	672	527
Derivative financial instruments	2.7	17	16
Total current assets		7,802	7,551
Non-current assets
Property, plant and equipment	2.5	1,589	1,460
Goodwill	2.6	568	495
Intangible assets		149	102
Investment in associate		16	15
Available-for-sale financial assets	2.2	273	215
Deferred income tax assets		81	85
Income tax assets		789	654
Other non-current assets	2.4	111	38
Total Non-current assets		3,576	3,064
Total assets		11,378	10,615
LIABILITIES AND EQUITY
Current liabilities
Trade payables		58	22
Derivative financial instruments	2.7	1	–
Current income tax liabilities		515	451
Client deposits		4	4
Unearned revenue		201	168
Employee benefit obligations		202	171
Provisions	2.8	77	77
Other current liabilities	2.9	940	927
Total current liabilities		1,998	1,820
Non-current liabilities
Deferred income tax liabilities		39	25
Other non-current liabilities	2.9	17	8
Total liabilities		2,054	1,853
Equity
Share capital - 5 ($0.16) par value 2,400,000,000 (1,200,000,000) equity shares authorized, issued and outstanding 2,285,621,088 (1,142,805,132) net of 11,323,576 (5,667,200) treasury shares, as of March 31, 2016 (March 31, 2015), respectively		199	109
Share premium		570	659
Retained earnings		11,083	10,090
Other reserves		–	–
Other components of equity		(2,528)	(2,096)
Total equity attributable to equity holders of the company		9,324	8,762
Non-controlling interests		–	–
Total equity		9,324	8,762
Total liabilities and equity		11,378	10,615

Infosys Limited and Subsidiaries

Unaudited Condensed Consolidated Interim Statements of Comprehensive Income

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

Infosys Limited and Subsidiaries

Unaudited Condensed Consolidated Interim Statements of Changes in Equity

(Dollars in millions except equity share data)