Exhibit 99.3
Form of Release to Stock Exchanges
|
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, 2026 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, | |
| 2026 | 2026 | 2025 | 2026 | 2025 | 2026 | |
| Audited | Audited | Audited | Audited | Audited | Audited | |
| Revenue from operations | 49,244 | 48,211 | 44,490 | 97,454 | 86,769 | 178,650 |
| Other income, net | 848 | 984 | 982 | 1,832 | 2,024 | 4,322 |
| Total Income | 50,092 | 49,195 | 45,472 | 99,286 | 88,793 | 182,972 |
| Expenses | ||||||
| Employee benefit expenses | 25,483 | 25,287 | 23,438 | 50,770 | 46,284 | 95,094 |
| Cost of technical sub-contractors | 4,393 | 4,181 | 3,879 | 8,574 | 7,376 | 15,421 |
| Travel expenses | 691 | 701 | 539 | 1,392 | 1,055 | 2,097 |
| Cost of software packages and others | 4,573 | 4,421 | 4,025 | 8,993 | 7,771 | 15,722 |
| Communication expenses | 151 | 150 | 160 | 301 | 303 | 603 |
| Consultancy and professional charges | 677 | 603 | 480 | 1,280 | 943 | 2,090 |
| Depreciation and amortisation expenses | 1,359 | 1,246 | 1,182 | 2,605 | 2,323 | 4,902 |
| Finance cost | 115 | 119 | 106 | 235 | 211 | 416 |
| Other expenses | 1,587 | 1,459 | 1,434 | 3,045 | 2,557 | 5,343 |
| Total expenses | 39,029 | 38,167 | 35,243 | 77,195 | 68,823 | 141,688 |
| Profit before exceptional item and tax | 11,063 | 11,028 | 10,229 | 22,091 | 19,970 | 41,284 |
| Exceptional item | ||||||
| Impact of Labour Codes | – | – | – | – | – | 1,289 |
| Profit before tax | 11,063 | 11,028 | 10,229 | 22,091 | 19,970 | 39,995 |
| Tax expense: | ||||||
| Current tax | 3,398 | 3,356 | 3,178 | 6,754 | 6,232 | 11,767 |
| Deferred tax | (173) | (103) | (324) | (276) | (562) | (1,246) |
| Profit for the period | 7,838 | 7,775 | 7,375 | 15,613 | 14,300 | 29,474 |
| Other comprehensive income | ||||||
| Items that will not be reclassified subsequently to profit or loss | ||||||
| Remeasurement of the net defined benefit liability/asset, net | (177) | 296 | (38) | 119 | (108) | (288) |
| Equity instruments through other comprehensive income, net | (9) | 60 | (8) | 51 | 27 | 397 |
| Items that will be reclassified subsequently to profit or loss | ||||||
| Fair value changes on derivatives designated as cash flow hedge, net | (13) | 49 | – | 36 | 6 | (1) |
| Exchange differences on translation of foreign operations | 212 | (94) | 862 | 118 | 1,881 | 3,256 |
| Fair value changes on investments, net | (97) | 60 | (34) | (37) | 89 | (27) |
| Total other comprehensive income/(loss), net of tax | (84) | 371 | 782 | 287 | 1,895 | 3,337 |
| Total comprehensive income for the period | 7,754 | 8,146 | 8,157 | 15,900 | 16,195 | 32,811 |
| Profit attributable to: | ||||||
| Owners of the company | 7,823 | 7,769 | 7,364 | 15,592 | 14,285 | 29,440 |
| Non-controlling interests | 15 | 6 | 11 | 21 | 15 | 34 |
| 7,838 | 7,775 | 7,375 | 15,613 | 14,300 | 29,474 | |
| Total comprehensive income attributable to: | ||||||
| Owners of the company | 7,733 | 8,142 | 8,140 | 15,875 | 16,165 | 32,750 |
| Non-controlling interests | 21 | 4 | 17 | 25 | 30 | 61 |
| 7,754 | 8,146 | 8,157 | 15,900 | 16,195 | 32,811 | |
Paid up share capital (par value 5/- each, fully paid) |
2,026 | 2,025 | 2,074 | 2,026 | 2,074 | 2,024 |
| Other equity *# | 90,828 | 90,828 | 93,745 | 90,828 | 93,745 | 90,828 |
Earnings per equity share (par value 5/- each)** |
||||||
Basic (in per share) |
19.32 | 19.19 | 17.76 | 38.51 | 34.47 | 71.58 |
Diluted (in per share) |
19.30 | 19.17 | 17.74 | 38.46 | 34.41 | 71.46 |
| * | Balances for the quarter and half year ended September 30, 2026 and quarter ended June 30, 2026 represent balances as per the audited Balance Sheet as at March 31, 2026 and balances for the quarter and half year ended September 30, 2025 represent balances as per the audited Balance Sheet as at March 31, 2025 as required by SEBI (Listing and Other Disclosure Requirements) Regulations, 2015 |
| ** | EPS is not annualized for the quarter and half year ended September 30, 2026, quarter ended June 30, 2026 and quarter and half year ended September 30, 2025. |
| # | Excludes non-controlling interest |
1. Notes
a) The audited interim condensed consolidated financial statements for the quarter and half year ended September 30, 2026 have been taken on record by the Board of Directors at its meeting held on October 23, 2026. 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 23, 2026, based on the recommendations of the Nomination and Remuneration Committee approved the grant of 9,640 Restricted Stock Units (RSUs) under the 2015 Incentive Compensation Plan (’2015 Plan’) to eligible employees. The grants made under the 2015 Plan would vest equally over a period of three years. The RSUs will be granted w.e.f November 1, 2026 and the exercise price will be equal to the par value of the share.
2. Information on dividends for the quarter and half year ended September 30, 2026
The Board of Directors declared an interim dividend
of
26/- per equity share. The record date for the payment is November 3, 2026.The interim dividend will be paid on November 11,
2026. The interim dividend declared in the previous year was
23/- 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, | |
| 2026 | 2026 | 2025 | 2026 | 2025 | 2026 | |
Dividend per share (par value 5/- each) |
||||||
| Interim dividend | 26.00 | – | 23.00 | 26.00 | 23.00 | 23.00 |
| Final dividend | – | – | – | – | – | 25.00 |
3. Audited Consolidated Balance Sheet
(in
crore)
| Particulars | As at | |
| September 30, 2026 | March 31, 2026 | |
| ASSETS | ||
| Non-current assets | ||
| Property, plant and equipment | 13,071 | 12,651 |
| Right of use assets | 6,176 | 6,177 |
| Capital work-in-progress | 423 | 526 |
| Goodwill | 14,864 | 12,117 |
| Other Intangible assets | 4,425 | 2,825 |
| Financial assets | ||
| Investments | 8,390 | 8,930 |
| Loans | 3 | 6 |
| Other financial assets | 2,621 | 2,776 |
| Deferred tax assets (net) | 2,307 | 2,264 |
| Income tax assets (net) | 1,775 | 666 |
| Other non-current assets | 3,674 | 3,540 |
| Total non-current assets | 57,729 | 52,478 |
| Current assets | ||
| Financial assets | ||
| Investments | 13,761 | 12,950 |
| Trade receivables | 34,821 | 35,234 |
| Cash and cash equivalents | 24,350 | 22,201 |
| Loans | 239 | 234 |
| Other financial assets | 17,859 | 15,890 |
| Income tax assets (net) | 38 | 1,835 |
| Other current assets | 14,683 | 15,145 |
| Total current assets | 105,751 | 103,489 |
| Total Assets | 163,480 | 155,967 |
| EQUITY AND LIABILITIES | ||
| Equity | ||
| Equity share capital | 2,026 | 2,024 |
| Other equity | 97,051 | 90,828 |
| Total equity attributable to equity holders of the Company | 99,077 | 92,852 |
| Non-controlling interests | 466 | 445 |
| Total equity | 99,543 | 93,297 |
| Liabilities | ||
| Non-current liabilities | ||
| Financial liabilities | ||
| Lease liabilities | 4,942 | 6,016 |
| Other financial liabilities | 2,797 | 2,092 |
| Deferred tax liabilities (net) | 1,885 | 1,679 |
| Other non-current liabilities | 732 | 561 |
| Total non-current liabilities | 10,356 | 10,348 |
| Current liabilities | ||
| Financial liabilities | ||
| Lease liabilities | 3,583 | 3,160 |
| Trade payables | 4,498 | 4,744 |
| Other financial liabilities | 21,162 | 21,483 |
| Other current liabilities | 15,822 | 15,779 |
| Provisions | 1,963 | 1,512 |
| Income tax liabilities (net) | 6,553 | 5,644 |
| Total current liabilities | 53,581 | 52,322 |
| Total equity and liabilities | 163,480 | 155,967 |
The disclosure is an extract of the audited Consolidated Balance Sheet as at September 30, 2026 and March 31, 2026 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, | |
| 2026 | 2025 | |
| Cash flow from operating activities | ||
| Profit for the period | 15,613 | 14,300 |
| Adjustments to reconcile net profit to net cash provided by operating activities: | ||
| Income tax expense | 6,478 | 5,670 |
| Depreciation and amortization | 2,605 | 2,323 |
| Interest and dividend income | (1,277) | (1,554) |
| Finance cost | 235 | 211 |
| Impairment loss recognized / (reversed) under expected credit loss model | 61 | 34 |
| Exchange differences on translation of assets and liabilities, net | 18 | 573 |
| Stock compensation expense | 460 | 471 |
| Provision for post sale client support | (47) | (97) |
| Other adjustments | 960 | 658 |
| Changes in assets and liabilities | ||
| Trade receivables and unbilled revenue | (325) | (4,395) |
| Loans, other financial assets and other assets | 340 | (175) |
| Trade payables | (359) | (451) |
| Other financial liabilities, other liabilities and provisions | (688) | 2,939 |
| Cash generated from operations | 24,074 | 20,507 |
| Income taxes (paid) / received | (5,116) | (2,996) |
| Net cash generated by operating activities | 18,958 | 17,511 |
| Cash flows from investing activities | ||
| Expenditure on property, plant and equipment and intangibles, net of sale proceeds | (1,585) | (1,352) |
| Deposits placed with corporation | (775) | (683) |
| Redemption of deposits placed with corporation | 515 | 392 |
| Interest and dividend received | 883 | 1,613 |
| Payment towards acquisition of business, net of cash acquired | (3,238) | (637) |
| Payment of contingent consideration pertaining to acquisition of business | (27) | (13) |
| Other receipts | 1 | 14 |
| Payments to acquire Investments | ||
| Tax free bonds and government bonds | (345) | (21) |
| Mutual fund units | (39,313) | (36,091) |
| Certificates of deposit | (4,827) | (7,149) |
| Commercial Papers | (2,817) | (2,686) |
| Non-convertible debentures | (1,332) | (2,639) |
| Government securities | (717) | (531) |
| Other Investments | (201) | (22) |
| Proceeds on sale of Investments | ||
| Tax free bonds and government bonds | 283 | 1,284 |
| Mutual fund units | 36,788 | 32,967 |
| Certificates of deposit | 8,850 | 5,857 |
| Commercial Papers | 2,575 | 4,675 |
| Non-convertible debentures | 233 | 1,625 |
| Government securities | 1,022 | 3,265 |
| Other Investments | 10 | – |
| Net cash generated / (used in) from investing activities | (4,017) | (132) |
| Cash flows from financing activities: | ||
| Payment of lease liabilities | (1,819) | (1,382) |
| Payment of dividends | (10,126) | (9,122) |
| Loan repayment of acquired entities | (812) | – |
| Payment of dividend to non-controlling interest of subsidiary | (4) | (3) |
| Shares issued on exercise of employee stock options | 2 | 1 |
| Other payments | (57) | (181) |
| Net cash used in financing activities | (12,816) | (10,687) |
| Net increase / (decrease) in cash and cash equivalents | 2,125 | 6,692 |
| Effect of exchange rate changes on cash and cash equivalents | 24 | 685 |
| Cash and cash equivalents at the beginning of the period | 22,201 | 24,455 |
| Cash and cash equivalents at the end of the period | 24,350 | 31,832 |
| Supplementary information: | ||
| Restricted cash balance | 443 | 410 |
The disclosure is an extract of the audited Consolidated Statement of Cash flows for the half year ended September 30, 2026 and September 30, 2025 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, | |
| 2026 | 2026 | 2025 | 2026 | 2025 | 2026 | |
| Revenue by business segment | ||||||
| Financial Services (1) | 13,774 | 13,463 | 12,320 | 27,237 | 24,116 | 49,908 |
| Manufacturing | 7,913 | 7,668 | 7,347 | 15,581 | 14,151 | 29,078 |
| Energy, Utilities, Resources and Services | 6,975 | 6,452 | 5,945 | 13,428 | 11,687 | 23,818 |
| Retail (2) | 5,664 | 6,172 | 5,639 | 11,835 | 11,290 | 23,077 |
| Communication (3) | 6,150 | 5,791 | 5,397 | 11,941 | 10,494 | 21,765 |
| Life Sciences (4) | 4,145 | 3,842 | 2,863 | 7,986 | 5,607 | 12,267 |
| Hi-Tech | 3,332 | 3,710 | 3,703 | 7,042 | 6,999 | 13,928 |
| All other segments (5) | 1,291 | 1,113 | 1,276 | 2,404 | 2,425 | 4,809 |
| Total | 49,244 | 48,211 | 44,490 | 97,454 | 86,769 | 178,650 |
| Less: Inter-segment revenue | – | – | – | – | – | – |
| Net revenue from operations | 49,244 | 48,211 | 44,490 | 97,454 | 86,769 | 178,650 |
| Segment Profit: | ||||||
| Financial Services (1) | 3,644 | 3,662 | 3,059 | 7,305 | 6,032 | 12,678 |
| Manufacturing | 1,694 | 1,685 | 1,752 | 3,380 | 3,169 | 6,444 |
| Energy, Utilities , Resources and Services | 1,986 | 1,576 | 1,506 | 3,562 | 2,943 | 5,984 |
| Retail (2) | 1,707 | 1,701 | 1,720 | 3,408 | 3,411 | 7,089 |
| Communication (3) | 1,146 | 1,180 | 1,017 | 2,326 | 1,897 | 3,861 |
| Life Sciences (4) | 631 | 619 | 534 | 1,250 | 1,087 | 2,444 |
| Hi-Tech | 795 | 911 | 763 | 1,706 | 1,532 | 3,228 |
| All other segments (5) | 86 | 75 | 184 | 162 | 409 | 717 |
| Total | 11,689 | 11,409 | 10,535 | 23,099 | 20,480 | 42,445 |
| Less: Other Unallocable expenditure* | 1,359 | 1,246 | 1,182 | 2,605 | 2,323 | 6,191 |
| Add: Unallocable other income | 848 | 984 | 982 | 1,832 | 2,024 | 4,157 |
| Less: Finance cost | 115 | 119 | 106 | 235 | 211 | 416 |
| Profit before tax and non-controlling interests | 11,063 | 11,028 | 10,229 | 22,091 | 19,970 | 39,995 |
| (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 & identified enterprises in Public Services. |
| * | Unallocable expense includes 1,289 crore towards impact
of Labour Codes for the year ended March 31, 2026. |
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, | |
| 2026 | 2026 | 2025 | 2026 | 2025 | 2026 | |
| Audited | Audited | Audited | Audited | Audited | Audited | |
| Revenue from operations | 40,719 | 39,957 | 36,907 | 80,676 | 72,182 | 148,819 |
| Profit before exceptional item and tax | 10,905 | 10,161 | 10,469 | 21,067 | 19,130 | 39,903 |
| Exceptional item - Impact of Labour Codes | – | – | – | – | – | 1,146 |
| Profit before tax | 10,905 | 10,161 | 10,469 | 21,067 | 19,130 | 38,757 |
| Profit for the period | 7,893 | 7,249 | 7,759 | 15,142 | 13,874 | 29,211 |
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 October 23, 2026 |
Salil Parekh 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, 2026, 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, | |
| 2026 | 2026 | 2025 | 2026 | 2025 | 2026 | |
| Audited | Audited | Audited | Audited | Audited | Audited | |
| Revenues | 5,145 | 5,082 | 5,076 | 10,227 | 10,018 | 20,158 |
| Cost of sales | 3,547 | 3,482 | 3,516 | 7,028 | 6,933 | 14,079 |
| Gross profit | 1,598 | 1,600 | 1,560 | 3,199 | 3,085 | 6,079 |
| Operating expenses | 519 | 528 | 495 | 1,048 | 992 | 1,994 |
| Operating profit # | 1,079 | 1,072 | 1,065 | 2,151 | 2,093 | 4,085 |
| Other income, net | 89 | 104 | 112 | 193 | 234 | 468 |
| Finance cost | 12 | 13 | 12 | 25 | 24 | 47 |
| Profit before income taxes | 1,156 | 1,163 | 1,165 | 2,319 | 2,303 | 4,506 |
| Income tax expense | 337 | 343 | 325 | 680 | 654 | 1,190 |
| Net profit | 819 | 820 | 840 | 1,639 | 1,649 | 3,316 |
| Earnings per equity share* | ||||||
| Basic (in $ per share) | 0.20 | 0.20 | 0.20 | 0.40 | 0.40 | 0.81 |
| Diluted (in $ per share) | 0.20 | 0.20 | 0.20 | 0.40 | 0.40 | 0.80 |
| Total assets | 17,060 | 16,359 | 18,064 | 17,060 | 18,064 | 16,446 |
| Cash and cash equivalents and current investments | 3,977 | 3,124 | 5,005 | 3,977 | 5,005 | 3,706 |
| * | EPS is not annualized for the quarter and half year ended September 30, 2026, quarter ended June 30, 2026 and quarter and half year ended September 30, 2025. |
| # | includes $143 million towards impact of Labour Codes for the year ended March 31, 2026. |
Certain statements in this release, including those concerning our future events, future growth prospects, our future financial or operating performance and our offerings and collaborations, are “forward looking statements” intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on our current expectations, assumptions, estimates and projections about the Company, our industry, economic conditions in the markets in which we operate, and certain other matters. These forward-looking statements are subject to substantial known and unknown risks, uncertainties and other factors, that could cause actual results or outcomes to differ materially from those implied by such forward-looking statements. Important factors that may cause actual results or outcomes to differ from those implied by the forward-looking 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 work model, economic uncertainties and geo-political situations, technological disruptions and innovations such as artificial intelligence, the complex and evolving regulatory landscape including immigration regulation changes, particularly in the United States, our Environmental, Social, Governance (“ESG”) vision, our capital allocation policy and expectations concerning our market position, future operations, margins, profitability, liquidity and capital resources, our corporate actions including acquisitions, cybersecurity matters, the outcome of pending litigation and the US government investigation, and the effect of current and future tariffs. These and additional 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, 2026. These filings are available at www.sec.gov. In light of these and other uncertainties, you should not conclude that the results or outcomes referred to in any of the forward-looking statements will be achieved. 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.