Exhibit 99.3
Form of Release to Stock Exchanges

 

 

Infosys Logo

Infosys Limited

Regd. office: Electronics City, Hosur Road,

Bengaluru 560 100, India

CIN : L85110KA1981PLC013115

Website: www.infosys.com

email: investors@infosys.com

T: 91 80 2852 0261, F: 91 80 2852 0362

 

 

Statement of Consolidated Audited Results of Infosys Limited and its subsidiaries for the quarter and half-year ended September 30, 2025 prepared in compliance with the Indian Accounting Standards (Ind-AS)

 

(in crore, except per equity share data)

Particulars Quarter
ended
September 30,
Quarter
ended
June 30,
Quarter
ended
September 30,
Half-year ended September 30, Year ended
March 31,
  2025 2025 2024 2025 2024 2025
  Audited Audited Audited Audited Audited Audited
Revenue from operations  44,490  42,279  40,986  86,769  80,300  162,990
Other income, net  982  1,042  712  2,024  1,551  3,600
Total Income  45,472  43,321  41,698  88,793  81,851  166,590
Expenses            
Employee benefit expenses  23,438  22,847  21,564  46,284  42,498  85,950
Cost of technical sub-contractors  3,879  3,497  3,190  7,376  6,359  12,937
Travel expenses  539  516  458  1,055  936  1,894
Cost of software packages and others  4,025  3,746  3,949  7,771  7,404  15,911
Communication expenses  160  144  169  303  316  620
Consultancy and professional charges  480  464  451  943  895  1,655
Depreciation and amortisation expenses  1,182  1,140  1,160  2,323  2,310  4,812
Finance cost  106  105  108  211  214  416
Other expenses  1,434  1,122  1,396  2,557  2,645  4,787
Total expenses  35,243  33,581  32,445  68,823  63,577  128,982
Profit before tax  10,229  9,740  9,253  19,970  18,274  37,608
Tax expense:            
Current tax  3,178  3,053  3,146  6,232  6,144  12,130
Deferred tax  (324)  (237)  (409)  (562)  (760)  (1,272)
Profit for the period  7,375  6,924  6,516  14,300  12,890  26,750
Other comprehensive income            
Items that will not be reclassified subsequently to profit or loss            
Remeasurement of the net defined benefit liability/asset, net  (38)  (70)  78  (108)  98  (92)
Equity instruments through other comprehensive income, net  (8)  35  (9)  27  5  19
Items that will be reclassified subsequently to profit or loss            
Fair value changes on derivatives designated as cash flow hedges, net    6  (21)  6  (24)  (24)
Exchange differences on translation of foreign operations  862  1,019  560  1,881  456  357
Fair value changes on investments, net  (34)  123  86  89  126  199
Total other comprehensive income/(loss), net of tax  782  1,113  694  1,895  661  459
Total comprehensive income for the period  8,157  8,037  7,210  16,195  13,551  27,209
Profit attributable to:            
Owners of the company  7,364  6,921  6,506  14,285  12,874  26,713
Non-controlling interests  11  3  10  15  16  37
   7,375  6,924  6,516  14,300  12,890  26,750
Total comprehensive income attributable to:            
Owners of the company  8,140  8,024  7,190  16,165  13,527  27,167
Non-controlling interests  17  13  20  30  24  42
   8,157  8,037  7,210  16,195  13,551  27,209
Paid up share capital (par value 5/- each, fully paid)  2,074  2,074  2,072  2,074  2,072  2,073
Other equity *#  93,745  93,745  86,045  93,745  86,045  93,745
Earnings per equity share (par value 5/- each)**            
Basic (in per share)  17.76  16.70  15.71  34.47  31.09  64.50
Diluted (in per share)  17.74  16.68  15.68  34.41  31.02  64.34

*Balances for the quarter and half year ended September 30, 2025 and quarter ended June 30, 2025 represent balances as per the audited Balance Sheet as at March 31, 2025 and balances for the quarter and half year ended September 30, 2024 represent balances as per the audited Balance Sheet as at March 31, 2024 as required by SEBI (Listing and Other Disclosure Requirements) Regulations, 2015

 

**EPS is not annualized for the quarter and half year ended September 30, 2025, quarter ended June 30, 2025 and quarter and half year ended September 30, 2024.

 

#Excludes non-controlling interest

 

a) The audited interim condensed consolidated financial statements for the quarter and half year ended September 30, 2025 have been taken on record by the Board of Directors at its meeting held on October 16, 2025. The statutory auditors, Deloitte Haskins & Sells LLP have expressed an unmodified audit opinion. The information presented above is extracted from the audited interim condensed consolidated financial statements. Those interim condensed consolidated financial statements are prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules thereafter.

 

b) Update on employee stock grants

 

The Board, on October 16, 2025, based on the recommendations of the Nomination and Remuneration Committee, approved:

 

-Grant of 109,893 Restricted Stock Units (RSUs) under the 2015 Stock Incentive Compensation Plan (2015 Plan) to eligible employees.
-Grant of Performance Based Stock incentives (PSUs) to eligible employees under the Expanded Stock Ownership Program 2019 (2019 Plan) covering the Company’s Equity Shares having a market value of 44.20 lakh as on the date of the grant. The number of PSUs will be calculated based on the market price at the close of trading on November 1, 2025

 

The grants made under the 2015 Plan would vest equally over a period of three to four years and the grants made under the 2019 Plan would vest over a period of three years subject to the Company’s achievement of performance parameters as defined in the 2019 Plan. The RSUs and PSUs will be granted w.e.f November 1, 2025 and the exercise price will be equal to the par value of the share.

 

c) Proposed acquisition

 

On August 13, 2025, Infosys Singapore Pte. Ltd., a wholly owned subsidiary of Infosys Limited, entered into a definitive agreement to acquire 75% of the equity share capital in Telstra Purple Pty Ltd, including some of its subsidiaries (together known as Versent Group), Australia’s leading Digital Transformation Solutions provider for a consideration including earn-outs and deferred consideration amounting up to AUD 233 million (approximately 1,335 crore), excluding retention bonus and management incentives, subject to regulatory approvals and customary closing adjustments.

 

d) Proposed Buyback

 

The Board, at its meeting on September 11, 2025, approved a proposal for the Company to buyback its fully paid-up equity shares of face value of 5/- each from the eligible equity shareholders of the Company for an amount of 18,000 crore, subject to shareholders' approval by way of Postal Ballot. The Buyback offer if approved by shareholders would comprise a purchase of 10,00,00,000 Equity Shares comprising approximately 2.41% of the total paid-up equity share capital of the Company as of June 30, 2025 (on standalone basis) at a price of 1,800/- per Equity Share. The buyback is proposed to be made from all eligible equity shareholders (including those who become equity shareholders as on the Record date by cancelling American Depository Shares and withdrawing underlying Equity Shares) of the Company as on the Record Date (to be determined by the Board/ Buyback Committee) on a proportionate basis through the "Tender offer" route. The Company has sent out a notice to its shareholders as of September 26, 2025 seeking the approval of the shareholders through Postal Ballot. The voting for this Postal Ballot is expected to end on November 4, 2025.

 

 

2. Information on dividends for the quarter and half year ended September 30, 2025

 

The Board of Directors declared an interim dividend of 23/- per equity share. The record date for the payment is October 27, 2025.The interim dividend will be paid on November 7, 2025. The interim dividend declared in the previous year was 21/- per equity share.

 

(in )

Particulars  Quarter
ended
September 30,
 Quarter
ended
June 30,
 Quarter
ended
September 30,
Half-year ended September 30, Year ended
March 31,
  2025 2025 2024 2025 2024 2025
Dividend per share (par value 5/- each)            
 Interim dividend  23.00    21.00  23.00  21.00  21.00
 Final dividend            22.00

 

 

3. Audited Consolidated Balance Sheet

(in crore)

Particulars As at
  September 30, 2025 March 31, 2025
ASSETS    
Non-current assets    
Property, plant and equipment  11,596  11,778
Right of use assets  6,390  6,311
Capital work-in-progress  1,124  814
Goodwill  11,502  10,106
Other Intangible assets  3,168  2,766
Financial assets    
Investments  10,879  11,059
Loans  9  16
Other financial assets  3,769  3,511
Deferred tax assets (net)  1,526  1,108
Income tax assets (net)  2,006  1,622
Other non-current assets  2,644  2,713
Total non-current assets  54,613  51,804
Current assets    
Financial assets    
Investments  12,606  12,482
Trade receivables  33,968  31,158
Cash and cash equivalents  31,832  24,455
Loans  243  249
Other financial assets  14,927  13,840
Income tax assets (net)  26  2,975
Other current assets  12,165  11,940
Total current assets  105,767  97,099
Total Assets  160,380  148,903
EQUITY AND LIABILITIES    
Equity    
Equity share capital  2,074  2,073
Other equity  101,256  93,745
Total equity attributable to equity holders of the Company  103,330  95,818
Non-controlling interests  414  385
Total equity  103,744  96,203
     
Liabilities    
Non-current liabilities    
Financial liabilities    
Lease liabilities  5,983  5,772
Other financial liabilities  2,320  2,141
Deferred tax liabilities (net)  1,688  1,722
Other non-current liabilities  247  215
Total non-current liabilities  10,238  9,850
Current liabilities    
Financial liabilities    
Lease liabilities  2,772  2,455
Trade payables  3,839  4,164
Other financial liabilities  20,074  18,138
Other Current Liabilities  12,488  11,765
Provisions  1,632  1,475
Income tax liabilities (net)  5,593  4,853
Total current liabilities  46,398  42,850
Total equity and liabilities  160,380  148,903

The disclosure is an extract of the audited Consolidated Balance Sheet as at September 30, 2025 and March 31, 2025 prepared in compliance with the Indian Accounting Standards (Ind-AS).

 

 

4. Audited Consolidated Statement of Cash Flows

 

(in crore)

Particulars Half-year ended September 30,
  2025 2024
Cash flow from operating activities    
Profit for the period  14,300  12,890
Adjustments to reconcile net profit to net cash provided by operating activities:    
Income tax expense  5,670  5,384
Depreciation and amortization  2,323  2,310
Interest and dividend income  (1,554)  (1,257)
Finance cost  211  214
Impairment loss recognized / (reversed) under expected credit loss model  34  95
Exchange differences on translation of assets and liabilities, net  573  (298)
Stock compensation expense  471  420
Provision for post sale client support  (97)  26
Other adjustments  658  876
Changes in assets and liabilities    
Trade receivables and unbilled revenue  (4,395)  (2,735)
Loans, other financial assets and other assets  (175)  (233)
Trade payables  (451)  (147)
Other financial liabilities, other liabilities and provisions  2,939  1,078
Cash generated from operations  20,507  18,623
Income taxes (paid) / received  (2,996)  (2,165)
Net cash generated by operating activities  17,511  16,458
Cash flows from investing activities    
Expenditure on property, plant and equipment and intangibles  (1,352)  (968)
Deposits placed with corporation  (683)  (579)
Redemption of deposits placed with corporation  392  357
Interest and dividend received  1,613  1,217
Payment towards acquisition of business, net of cash acquired  (637)  (3,155)
Payment of contingent consideration pertaining to acquisition of business  (13)  -
Other receipts  14  5
Payments to acquire Investments    
Tax free bonds and government bonds  (21)  (2)
Liquid mutual fund units  (36,091)  (33,517)
Certificates of deposit  (7,149)  (1,885)
Commercial Papers  (2,686)  (2,227)
Non-convertible debentures  (2,639)  (1,051)
Government securities  (531)  
Other Investments  (22)  (17)
Proceeds on sale of Investments    
Tax free bonds and government bonds  1,284  
Liquid mutual fund units  32,967  34,012
Certificates of deposit  5,857  3,970
Commercial Papers  4,675  7,135
Non-convertible debentures  1,625  1,030
Government securities  3,265  200
Net cash generated / (used in) from investing activities  (132)  4,525
Cash flows from financing activities:    
Payment of lease liabilities  (1,382)  (1,190)
Payment of dividends  (9,122)  (11,592)
Loan repayment of in-tech Holding GmbH    (985)
Payment of dividend to non-controlling interest of subsidiary  (3)  (2)
Shares issued on exercise of employee stock options  1  3
Other payments  (181)  (265)
Net cash used in financing activities  (10,687)  (14,031)
Net increase / (decrease) in cash and cash equivalents  6,692  6,952
Effect of exchange rate changes on cash and cash equivalents  685  61
Cash and cash equivalents at the beginning of the period  24,455  14,786
Cash and cash equivalents at the end of the period  31,832  21,799
Supplementary information:    
Restricted cash balance  410  407

 

The disclosure is an extract of the audited Consolidated Statement of Cash flows for the half year ended September 30, 2025 and September 30, 2024 prepared in compliance with Indian Accounting Standard (Ind AS) 34 Interim Financial Reporting.

 

 

5. Segment reporting (Consolidated - Audited)

 

(in crore)

Particulars  Quarter
ended
September 30,
 Quarter
ended
June 30,
 Quarter
ended
September 30,
Half-year ended September 30, Year ended
March 31,
  2025 2025 2024 2025 2024 2025
Revenue by business segment            
Financial Services (1)  12,320  11,796  11,156  24,116  21,971  45,175
Manufacturing  7,347  6,804  6,424  14,151  12,201  25,207
Energy, Utilities, Resources and Services  5,945  5,742  5,546  11,687  10,767  21,710
Retail (2)  5,639  5,651  5,446  11,290  10,873  22,059
Communication (3)  5,397  5,097  4,879  10,494  9,622  19,108
Hi-Tech  3,703  3,296  3,266  6,999  6,414  13,090
Life Sciences (4)  2,863  2,745  3,004  5,607  5,871  11,831
All other segments (5)  1,276  1,148  1,265  2,425  2,581  4,810
Total  44,490  42,279  40,986  86,769  80,300  162,990
Less: Inter-segment revenue            
Net revenue from operations  44,490  42,279  40,986  86,769  80,300  162,990
Segment profit before tax, depreciation and non-controlling interests:            
Financial Services (1)  3,059  2,973  2,860  6,032  5,472  11,099
Manufacturing  1,752  1,416  1,297  3,169  2,303  4,856
Energy, Utilities , Resources and Services  1,506  1,437  1,435  2,943  2,992  6,097
Retail (2)  1,720  1,691  1,768  3,411  3,519  7,133
Communication (3)  1,017  880  892  1,897  1,688  3,341
Hi-Tech  763  768  794  1,532  1,608  3,220
Life Sciences (4)  534  554  614  1,087  1,226  2,663
All other segments (5)  184  224  149  409  439  827
Total  10,535  9,943  9,809  20,480  19,247  39,236
Less: Other Unallocable expenditure  1,182  1,140  1,160  2,323  2,310  4,812
Add: Unallocable other income  982  1,042  712  2,024  1,551  3,600
Less: Finance cost  106  105  108  211  214  416
Profit before tax and non-controlling interests  10,229  9,740  9,253  19,970  18,274  37,608

 

(1)Financial Services include enterprises in Financial Services and Insurance
(2)Retail includes enterprises in Retail, Consumer Packaged Goods and Logistics
(3)Communication includes enterprises in Communication, Telecom OEM and Media
(4)Life Sciences includes enterprises in Life sciences and Health care
(5)All other segments include operating segments of businesses in India, Japan, China, Infosys Public Services & other enterprises in Public Services

 

Notes on segment information

 

Business segments

Based on the "management approach" as required by Ind-AS 108 - Operating Segments, the Chief Operating Decision Maker evaluates the Group's performance and allocates resources based on an analysis of various performance indicators by business segments. Accordingly, information has been presented along these business segments. The accounting principles used in the preparation of the financial statements are consistently applied to record revenue and expenditure in individual segments.

 

Segmental capital employed

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

 

 

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

 

(in crore)

Particulars  Quarter
ended
September 30,
 Quarter
ended
June 30,
 Quarter
ended
September 30,
Half-year ended September 30, Year ended
March 31,
  2025 2025 2024 2025 2024 2025
Revenue from operations  36,907  35,275  34,257  72,182  67,540  136,592
Profit before tax  10,469  8,660  9,407  19,130  17,535  35,441
Profit for the period  7,759  6,114  6,813  13,874  12,581  25,568

 

The audited results of Infosys Limited for the above mentioned periods are available on our website, www.infosys.com and on the stock exchange website www.nseindia.com and www.bseindia.com. The information above has been extracted from the audited interim standalone financial statements as stated.

 

 

By order of the Board
for Infosys Limited

 

Bengaluru, India Salil Parekh
October 16, 2025 Chief Executive Officer and Managing Director

 

 

The Board has also taken on record the consolidated results of Infosys Limited and its subsidiaries for the quarter and half-year ended September 30, 2025, 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)

Particulars  Quarter
ended
September 30,
 Quarter
ended
June 30,
 Quarter
ended
September 30,
Half-year ended September 30, Year ended
March 31,
  2025 2025 2024 2025 2024 2025
  Audited Audited Audited Audited Audited Audited
Revenues  5,076 4,941  4,894  10,018  9,608  19,277
Cost of sales  3,516  3,416  3,400  6,933  6,659  13,405
Gross profit  1,560  1,525  1,494  3,085  2,949  5,872
Operating expenses  495  497  461  992  923  1,801
Operating profit  1,065  1,028  1,033  2,093  2,026  4,071
Other income, net  112  122  85  234  186  425
Finance cost  12  12  13  24  26  49
Profit before income taxes  1,165  1,138  1,105  2,303  2,186  4,447
Income tax expense  325  329  327  654  644  1,285
Net profit  840  809  778  1,649  1,542  3,162
Earnings per equity share *            
Basic  0.20  0.20  0.19  0.40  0.37  0.76
Diluted  0.20  0.19  0.19  0.40  0.37  0.76
Total assets  18,064  17,447  16,928  18,064  16,928  17,419
Cash and cash equivalents and current investments  5,005  4,089  3,488  5,005  3,488  4,321

 

*EPS is not annualized for the quarter and half year ended September 30, 2025, quarter ended June 30, 2025 and quarter and half year ended September 30, 2024.

 

Certain statements in this release concerning our future growth prospects, our future financial or operating performance, the McCamish cybersecurity incident, and the United States H-1B visa program are forward looking statements 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 or outcomes 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 the execution of our business strategy, increased competition for talent, our ability to attract and retain personnel, increase in wages, investments to reskill our employees, our ability to effectively implement a hybrid working model, economic uncertainties and geo-political situations, technological disruptions and innovations such as Generative AI, the complex and evolving regulatory landscape including immigration regulation changes, our ESG vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity, capital resources, our corporate actions including acquisitions, the outcome of pending litigation, the amount of any additional costs resulting directly or indirectly from the McCamish cybersecurity incident, the outcome of the government investigation, the timing, implementation, duration and effect of the September 19, 2025 proclamation signed by the president of the United States related to the H-1B visa program, and the effect of current and any future tariffs. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking statements are discussed in more detail in our US Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2025. 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. 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.