TO ALL STOCK EXCHANGES

BSE LIMITED
NATIONAL STOCK EXCHANGE OF INDIA LIMITED
NEW YORK STOCK EXCHANGE

July 1, 2024

Dear Sir/ Madam,

Sub: Transcript of the 43rd Annual General Meeting (‘AGM’)

Please find enclosed the transcript of the 43rd Annual General Meeting of the Company held on June
26, 2024.

This will also be hosted on the Company’s website, at www.infosys.com

This is for your information and records.

Yours Sincerely,
For Infosys Limited

Anur Gurugopala Digitally signed by Anur

Gurugopala Raju
Raju Suryanarayana Suryanarayana Manikantha
Date: 2024.07.01 20:33:59
Manikantha +05'30'

A.G.S. Manikantha
Company Secretary
ACS-21918
 43rd Annual General Meeting

June 26, 2024

CORPORATE PARTICIPANTS:

DIRECTORS IN ATTENDANCE

Nandan Nilekani, joined over Video Conference (VC) from Bengaluru

Non-Executive, Non-Independent Chairman

Salil Parekh, joined over VC from USA

Chief Executive Officer and Managing Director

D. Sundaram, joined over VC from Bengaluru

Lead Independent Director and Chairperson of the Nomination and Remuneration
committee and Risk Management Committee

Bobby Parikh, joined over VC from Mumbai

Independent Director and Chairperson of Audit Committee

Michael Gibbs, joined over VC from USA

Independent Director and Chairperson of Stakeholders Relationship Committee

Chitra Nayak, joined over VC from USA

Independent Director and Chairperson of ESG Committee

Govind Iyer, joined over VC from Mumbai

Independent Director and Chairperson of CSR Committee

Helene Auriol Potier, joined over VC from France

Independent Director

Nitin Paranjpe, joined over VC from the Netherlands

Independent Director

Jayesh Sanghrajka, joined over VC from USA

Chief Financial Officer

A.G.S. Manikantha, joined over VC from Bengaluru

Company Secretary
OTHER REPRESENTATIVES

Statutory Auditors – Representatives of Deloitte Haskins & Sells LLP, Chartered

Accountants,

Sanjiv Pilgaonkar – Partner, joined over VC from Mumbai

Gurvinder Singh – Partner, joined over VC from Bengaluru

Internal Auditors – Representative of Ernst & Young LLP joined over VC from Bengaluru

Arun Krishnamurthy – Partner

Secretarial Auditors – Representative of Makarand M. Joshi & Co., Practicing Company

Secretaries

Makarand Joshi – Partner, joined over VC from Mumbai

Scrutinizers – Representative of Hemanth, Holla & Co., Company Secretaries

B Hemanth – Partner, joined over VC from Bengaluru

QUORUM OF THE MEETING

A total of 290 members representing 44,781,443 shares attended the meeting.

Welcome address – Nandan Nilekani

I welcome the members to the 43rd Annual General Meeting. Hope all of you are safe and
in good health. This meeting is being held through video conference in accordance with
the circulars issued by the Ministry of Corporate Affairs and SEBI. We have the requisite
quorum present through video conference to conduct the proceedings of this meeting.
Participation of members through video conference is being reckoned for the purpose of
quorum as per the circular issued by the MCA and Section 103 of the Companies Act,
2013.

The quorum being present, I call this meeting to order. Before we start the main
proceedings of the meeting, I request my colleagues on the video conference to
introduce themselves.
Salil.

Salil Parekh

Good evening. I'm Salil Parekh, CEO and Managing Director of the Company. Welcome to
the 43rd Annual General Meeting and hope everyone is safe and in good health.
Nandan Nilekani

Sundaram.

D. Sundaram

Good evening. I am Sundaram, Lead Independent Director, and also the Chairperson of
the Nomination and Remuneration Committee and Risk Management Committee. I'm
joining the meeting through video conference from Bengaluru.

Nandan Nilekani

Mike.

Michael Gibbs

Hello. Good evening everyone. I'm Michael Gibbs, Independent Director, joining in from
Houston, Texas, USA. I'm the Chair of the Stakeholder Relationship Committee and the
cybersecurity subcommittee.

Nandan Nilekani

Bobby.

Bobby Parikh

Hello. Good evening. I'm Bobby Parikh, Independent director. I'm Chairperson of the
Audit Committee, and I'm joining this meeting from Bombay.

Nandan Nilekani

Chitra.

Chitra Nayak

Hello. I'm Chitra Nayak, joining from California, USA. I'm Independent Director and Chair
of the ESG Committee.

Nandan Nilekani

Govind.

Govind Iyer

Hi, this is Govind Iyer. Good evening. I'm Independent Director and Chairperson of the
CSR Committee, joining in from Mumbai.
Nandan Nilekani

Helene.

Helene Auriol Potier

Hi. I’m Helene Auriol Potier. Good evening. I am Independent Director joining from Paris,
France.

Nandan Nilekani

Nitin.

Nitin Paranjpe

Hi, I am Nitin Paranjpe, Independent Director for your Company. I am calling in from
Amsterdam in The Netherlands.

Nandan Nilekani

Jayesh.

Jayesh Sanghrajka

Good evening. Jayesh Sanghrajka, Chief Financial Officer of the Company joining from
the US.

Nandan Nilekani

Mani.

A. G. S. Manikantha

Hi. Good evening. This is Manikantha, Company Secretary joining in from Bengaluru.

Nandan Nilekani
Apart from them, we also have key executives and senior management joining from their
respective locations. Statutory auditors and secretarial auditors have also joined this
meeting. I now request Manikantha, Company Secretary, to provide general instructions
to members regarding participation in this meeting.

A. G. S. Manikantha

Hi. Good evening, everyone. Members may note that this Annual General Meeting is being
held through video conferencing in accordance with the Companies Act, 2013 and
circulars issued with the Ministry of Corporate Affairs and SEBI. The facility for joining this
meeting, through video conference or other audio-visual means, is made available for the
members on a first come, first served basis. The Company has also provided a webcast
facility to view the live proceedings of this meeting on the Company's website. The
register of directors and the key managerial personnel, the register of contracts or
arrangements and other documents mentioned in the AGM Notice have been made
available electronically for inspection during this AGM. Members seeking to inspect any
of these documents can send their request to investors@infosys.com.

As this AGM is being held through video conferencing, the facility for appointment of
proxies was not applicable, and hence the proxy register for inspection is not available.
The Company has received requests from a few members to register them as speakers at
this meeting. Accordingly, the floor will be open for these members to ask questions or
express their views. We will facilitate this session once the Chairman opens the floor for
questions and answers.

Members can also post their views or questions on the Ask A Question tab on their video
conference screens before 4:30 p.m. IST. It may be noted that the Company reserves the
right to limit the number of members asking questions, depending on the availability of
the time at this AGM. The Company has provided the facility to cast votes electronically
on all resolutions set forth in the Notice.

Members who have not cast their votes electronically, and who are participating in this
meeting, will have an opportunity to cast their votes during the meeting through the e-
voting system provided by NSDL. Members can click on the vote tab on the video
conference screen to make use of this facility. Members are requested to refer to the
instructions provided in the Notice or appearing on the video conference page for a
seamless participation through video conference, and also for voting.

In case members face any difficulty, they can reach out to the helpline numbers.
Members may note that this AGM is being recorded. Therefore, please do not disclose
any sensitive personal information or personally identifiable information belonging to you
or any other persons that has no bearing on this meeting. Thank you very much.

Nandan Nilekani

[inaudible] vote at the AGM. I thank all the members, colleagues on the Board, auditors
and the management team for joining this meeting over video conference.

Chairman’s speech – Nandan Nilekani

Dear shareholders, welcome to the 43rd Annual General Meeting of Infosys. On behalf of
the Infosys Board of Directors, I appreciate your support for the Company and thank you
for taking the time to join us today.

Fiscal 2024 has been a year of steady performance for Infosys. In a very volatile
macroeconomic environment, the Company grew 1.4% in constant currency, delivering
US$ 18.6 billion in revenues. Operating margin for the year was a healthy 20.7%, and we
generated US$ 2.9 billion in free cash flow, which is an increase of 13.7% over fiscal 2023.
Large deal TCV for FY 24 was the highest ever at US$ 17.7 billion, with 52% being net new.
This reflects the strong trust customers have in us and provides a robust foundation to
build on in the months ahead.

For fiscal 2024, the Board has recommended a final dividend of ₹20 along with the
special dividend of ₹8 per share. With this, the total payout for FY 2024 will be 85% of free
cash flow in line with the Capital Allocation Policy. The Board has approved the policy for
the next five years and effective at FY25. The Company expects to continue returning
approximately 85% of free cash flow cumulatively over the five-year period through a
combination of semi-annual dividend and / or share buybacks, special dividend, subject
to applicable laws and required approvals. Under this policy, the Company expects to
progressively increase its annual dividend per share, excluding special dividend, if any.

The shareholders at the 42nd AGM, held on June 28, 2023, reappointed Bobby Parikh as
Independent Director for a second term of five years with effect from July 15, 2023 till July
14, 2028. The shareholders also approved the appointment of Helene Potier as
Independent Director effective May 26, 2023, for a period of three years till May 25, 2026.
The shareholders vide postal ballot conducted on February 28, 2024, approved the
appointment of Nitin Paranjpe as Independent Director, effective Jan 1st, 2024, for a term
of five years till December 31, 2028. They also approved the reappointment of Chitra
Nayak as Independent Director effective March 23, 2024 for a second term of three years
till March 24, 2027.

Further, the Board, at its meeting held on December 11, 2023, appointed Jayesh
Sanghrajka as the Chief Financial Officer and Key Managerial Personnel of the Company
effective April 1st, 2024. Nilanjan Roy resigned as the CFO and KMP of the Company
effective March 31, 2024. The Board places on record its sincere appreciation for his
contributions to Infosys.

As we look at the larger business environment, we are now into the second year of the
generative AI revolution and the initial AI doomerism has quietened down. People have
accepted that like any other general purpose technology, be it electricity, nuclear energy,
the internet, or even a discovery like fire, gen AI has enormous potential for good when
advanced within the guardrails of responsibility.

It is also clear that there won’t be a scenario where we will have one model to rule them
all. Every day brings new advances in large language models. These range from very large
models which need massive computing infrastructure, to small ones which can run
locally on your phone. The real power of AI will come from considering all the different
models and tools to get the best solutions. The rise of powerful open source AI models
has also accelerated the deployment of AI to solve tough business and societal
challenges. As we move into more use cases, a thousand flowers will bloom.

It is also widely expected that the manifestation of consumer AI will make life easier and
more productive for millions of people. It will push the envelope of usability, convenience
and accessibility for all. Enterprise AI, on the other hand, is a lot more complex. It will
require a root and branch surgery of the multi-generation technology that lies within
firms. The challenge will also be to orchestrate the extensive data inside the corporation
in a way that it is consumable by AI. The quality of output will need to be managed to
ensure factual responses and insights with no hallucinations.

Given that the leaderboard of technologies is changing at a bewildering pace, enterprises

will also need to simultaneously future proof that AI infrastructure. Global companies
need to build their AI applications to be compliant with regulations across countries.
While applications can be trialled on very large models, deployment will be on narrow
transformers trained on relevant enterprise data, fully secure and efficient in their
inferencing. This will need both an AI foundry for experimentation and an AI factory for
scaling up.

The constraint of resources will require a transparent way of identifying the highest value
AI use cases. AI will need to amplify the potential of people across enterprises and firms
like Infosys, who are in the business of enabling this digital transformation, will be at the
centre of it all.

From our own early journey to becoming an AI-first enterprise, we know that navigating to
value at scale from AI means breaking down tasks into sequential, small wins taking the
responsible by design approach. This has been our AI-first strategy to accelerating
business value and amplifying human potential. Nearly 50,000 reusable intelligent
services applied in over 25,000 instances amplify our employees today. We are one of the
first organizations globally to be certified in ISO 42000:2023 for AI management systems,
for risk management and governance of enterprise AI.

Our clients trust Infosys to apply learnings from this journey to help them navigate the
many complexities of enterprise AI. In turn, Infosys is fully prepared to deliver value. We
made an early investment last year in building a strong generative AI offering portfolio
through Infosys Topaz. Today, we are ranked as a leader in AI services by seven out of eight
leading analysts.

We have integrated generative AI components into our entire service lines and developed
25 playbooks to create impact for our clients. Our clients are combining it with cloud
capabilities in Infosys Cobalt to help them scale AI. To drive exponential growth in AI and
accelerate Infosys chip to cloud strategy, the Company acquired InSemi, a leading
semiconductor design services provider.

Infosys has also built strong domain relevant enterprise AI capabilities from the
foundation up. We have created 23 AI industry blueprints to solve industry-specific
challenges. This is also aided by the Board's approval for strategic acquisitions like that
of Intech, the engineering R&D services firm. Together with Infosys Topaz and InSemi’s
semiconductor expertise, this will help Infosys create deeper capabilities for the next
phase of automotive innovation in software-defined vehicles.

We are currently working on over 225 generative AI programs for our clients. Key to
executing complex transformation is talent. Infosys’ acquisition of Danske IT and support
service in India has, among several other programs, served to further strengthen our
overall digital talent pool. We have invested significantly in hiring talent with proven
generative AI skills, as well as rapidly upskilling our existing engineering talent.

We have over 250,000 employees trained in the areas of generative AI. Infosys is one of
the largest adopters of GitHub Copilot globally. Our employees have already generated
over 3 million lines of code using generative AI language models. At Infosys, our purpose
is to amplify human potential and create the next opportunity for people, businesses and
communities.

For us, making progress means delivering for stakeholders beyond just clients and
employees. We expanded our social impact programs, reaching over 15 million
beneficiaries across 15 countries through our flagship initiatives such as Infosys
Foundation, Infosys Science Foundation, Infosys Prize and Infosys Foundation USA. Our
efforts to nurture a business that thinks and acts right, embracing ESG practices is fully
aligned to our ESG vision for 2030. This means taking positive climate action and helping
our clients do the same being inclusive and equitable in all we do, and earning the trust
of our stakeholders through ethical corporate governance. For example, we have
achieved carbon neutrality for the fifth consecutive year across our global operations by
reducing energy consumption, increasing our renewable energy sourcing, and offsetting
our residual emissions through high quality carbon credits.

Even for our legacy campuses in Bengaluru, Chennai and Pune, we achieved True Zero
Waste certification this year. On the social enablement front, we have reached 11.75
million people through our many digital skilling initiatives, taking advantage of Infosys
Springboard, Infosys’ flagship digital learning platform. At the same time, we also
appreciate the need to create opportunity more equitably. And as a case in point, we have
been recognized for the fourth year as a disability confident recruiter in Australia, thanks
to our partnership with the Australian Disability Network. We have also been recognized
as the world's most ethical Company for the fourth year in a row by Ethisphere. This is the
result of our continued focus to change with change. For instance, in these times of AI,
we have been recognized as an industry leader in our data and information security
practices. Infosys has also been positioned as a leader by ISG for cybersecurity solutions
and services in both Europe and in the US.

The pace at which everything around us is evolving is dizzying. A big challenge of our time
is to unleash AI for the next wave of productivity for enterprises. We have already had a
head start on that journey and are keen to share our learning and value with our clients.
Ranked as the fastest growing IT services brand over the past five years by Brand Finance
and the top 100 brand globally by Kantar Brands, Infosys is a natural choice for AI
transformation partner as the world's top enterprises navigate to the future.

On behalf of the Board, I want to thank all our employees, clients, co-founders and
governments of the countries and states that we operate in, for their trust in us and their
very generous support. And to all our shareholders, it's your encouragement, support that
drives us to deliver our best every day. A heartfelt thanks to you all.

I now request Salil Parekh, CEO and Managing Director, to address the shareholders.
CEO’s address – Salil Parekh

Thank you, Nandan. Good evening and welcome once again to the 43rd Annual General
Meeting. I want to spend the next few minutes to share with you the progress that we have
made over the last year, and how we are positioning ourselves into the future to support
our clients and all the communities.

The performance for the financial year that was just finished – we had a growth in
constant currency of 1.4%, operating margin of 20.7% and a free cash flow in US dollar
terms of $2.9 billion. In terms of large deals, we had a very strong success with US$ 17.7
billion of large deals, which comprised over 90 deals with a Total Contract Value for each
deal over US$ 50 million.

In terms of our overall financial performance in Indian rupees, our revenue grew, our
operating profit grew, our cash flow grew significantly, net profit, our basic earnings per
share, and the free cash flow. On all of the parameters, there was steady growth across
the board.

Our Balance Sheet is, as it has been for some time, strong. It's debt-free and liquid, and
we want to maintain it at this level and make sure that we remain in this position with our
cash at a strong level on the Balance Sheet.

Over the past five years, with the Capital Allocation Policy that was put in place at that
time, we have returned over ₹88,000 crore to shareholders through dividends, which were
regular dividends, through the buyback and through special dividends. And this have
achieved 85% of our free cash flow return over the past five years.

Now, as we look ahead, real focus has been to position the Company for generative AI
and to scale these investments within the Topaz capability that we have built. Topaz,
really is the area which covers all of AI and generative AI. Here, we are looking to build
playbooks. We are looking to build blueprints. We've put in place things where AI strategy
can be adopted by enterprises. We have platforms that various companies can leverage.
We have reference implementations already, where we are working with clients on AI, and
then we have put together capabilities on infrastructure with the hyperscalers to make
sure that this is readily available to our clients. All of this under the guideline of
responsible AI, which from the very beginning that we have been focused on.

Now, how is this working in large enterprise transformation programs? What we see today
is the start, where generative AI will help companies transform. So, we are working with
clients in a way which is quite distinct from consumer generative AI. The focus that we
have is on enterprise generative AI, where we work with large organizations on the
datasets within the organization.

Here, the focus becomes on customer service, software engineering, sales and
marketing, and process optimization. All of these areas, we are working with proprietary
and more and more open-source large language models. And these then, we build or
populate with data from an enterprise in a narrow transformer approach to give the
benefit to the enterprise. Through our service offerings, itself, we have transformed what
we are offering to our clients using AI and generative AI.

The way we are driving client value today is providing growth for clients through AI and
Generative AI in productivity improvement and risk reduction. We have ongoing projects.
We have client advocacies, very strong analyst ratings and patents that we have filed in
this area. There are a couple of examples that we have shared and also, some in our
annual report. E-retail platform driven by generative AI, credit reviews where the process
reimagined using AI and generative AI and creating a benefit for our clients.

Our journey is really resonating well with our clients because we have also taken it
internally. We have completely changed the Company to make it AI-first. We are looking
at what we are doing in terms of our own learning for our managers, our sales, our
marketing. All of those processes, we have built AI assistants, which are really helping us
internally. Then we are unlocking value for our clients. When we are looking at how they
can apply these platforms, and then we want to get really exponential impact in the way
clients can reimagine what they are doing in terms of growth and optimization, and how
they partner with other technology players to leverage the benefit.

And as we had mentioned earlier, we have really applied in great detail all of these
techniques to our own offerings making them AI-first, by reimagining the lifecycle,
augmenting the development and testing. We have our own code generation approach
that we are using internally, and automation assistant for all of the areas within our
different service offerings.

Now, the foundation of generative AI and AI is based on two things in which we have built
an expertise over the past few years. One of them is Cobalt or the Cloud area, and we are
the leading player in working with all the Cloud, public and private, cloud approaches in
the market we provide that for our clients making sure that we can deliver return on
investments through Cloud that our clients are investing in, making sure they are using
AI-first approach in how they want to disrupt and grow their businesses leveraging the
Cloud. And here, through a full lifecycle of Cloud capabilities within Cobalt’s
infrastructure, data, business transformation, platform engineering, and moving the non-
IT workloads to Cloud, we have become the leading provider of this for our clients. And
on that foundation is being built what we are doing with AI and generative AI.

Now, we had launched Topaz for AI, and we have Cobalt for Cloud. And, these work really
synergistically together to make sure that the benefits even more leverage when we are
working with our clients.

And then, there is a very strong foundation of data which is supporting Topaz and Cobalt,
data and the AI economy, how we are rethinking businesses and what is the foundation
of all of this data. Data becoming more and more well-organized within clients is critical
to make success out of generative AI, especially on enterprise AI impact or
transformation that we are seeing.
All of this rests as we have shared over the years with you, the leadership that we put in
place in Digital several years ago, where today we are well-recognized as the preeminent
Company when working on digital solutions. Another area we focused quite a lot on in
this past year was acquisitions. In this case, we focused on Engineering Services. We
looked at automotive and with semiconductor areas. These are areas where we see good
growth opportunities, where software is getting built within those product areas of
Automotive and semiconductor. We already had a good capability in that. And we've
enhanced it by adding on these acquisitions, which we feel, are targeted to give the
benefit to our clients and integrate within Infosys.

Now moving to CSR, Infosys has always been a Company focused on the communities
that we are functioning in. We've had several, I would say, very special programs. The
SightConnect, our focus on maternal and child health, Girls for Gold, a program in the
sports side and education for girls; and then with Springboard, which is a platform that
we created, which has all of our own learning capability but is available outside through
our CSR activities. Over seven million individuals have benefited from it. And then just the
Infosys Foundation in India, we've given approximately 100 grants. We see that it has
created impact in the lives of about one crore individuals across India.

We also put a lot of emphasis into our brand in the last few years, and our brand
recognition has gone up. We have brand ambassadors, a new campaign. We were
recognized with Time magazine as one of the world's best companies and one of the most
trusted brands, in India and in the US. And this is something we are making sure that we
put out there in terms of our focus on what we are driving technology with and how it is
becoming more and more AI-first in the way the brand is growing.

In conclusion, stable operating performance, strong cash return and a real emphasis on
generative AI scaling, there has been a lot of attention on that and good leading
capabilities in Cloud, Digital and data. A very good large deals, which creates the
foundation for this year and the future years. Two good acquisitions, which will help us to
move further ahead in Engineering Services, good attention on CSR work and with that
we are training and becoming better positioned to support our clients as they look at the
future and navigate into the new world. So thank you very much. Thank you to all of you,
as our shareholders in supporting us. Thanks to all of the founders, Board members and
stakeholders in guiding us as we go ahead. Thanks. And back to you.

Nandan Nilekani

Thank you. Salil. I now request Manikantha, Company Secretary to provide a summary of
the auditor's report.

A.G.S. Manikantha

Hello, everyone. The statutory auditors, Deloitte, Haskins and Sells LLP, and the
Secretarial Auditor, Makarand Joshi and Company have expressed unqualified opinion in
the respective audit reports for the financial year 2023-24. There were no qualifications,
observations or adverse comments on financial statements and matters which have any
material bearing on the functioning of the Company. The statutory auditor reports on the
Standalone and Consolidated financial statements, respectively, are available on page
numbers 205 and 288 of the Integrated Annual Report.

The Secretarial Auditors Report is enclosed as Annexure 5 to the Board's report on page
number 82 of the Integrated Annual Report. Thank you.

Nandan Nilekani

Thank you, Mani. As the Notice is already circulated to all the members, I take the Notice
convening the meeting as read. Before we proceed, I am pleased to bring to your notice
that as required under the Companies Act, 2013, the Company has provided you the
facility to cast your vote electronically on all resolutions set forth in the Notice.

Members who have not cast their vote electronically, but are participating in this meeting,
will have an opportunity to cast their votes through the e-voting system provided by NSDL.
Members may please note that there will be no voting by show of hands. We now take up
the resolutions as set forth in the Notice. We will open the floor for any questions by
members after all the resolutions are tabled. Accordingly, I will now only read out the
resolutions.

Item no. 1 of the Notice – Adoption of the financial statements. The financial statements
of the Company, including the Consolidated financial statements for the financial year
ending March 31, 2024, including the report of the Board of Directors and auditors, have
already been provided to the members.

Item no. 2 of the Notice – Declaration of dividend. To declare a final dividend of ₹20 per
share for the financial year ending March 31, 2024, and additionally, a special dividend of
₹8 per equity share. You will recall that an interim dividend of ₹18 per equity share has
already been paid for the financial year ending March 31, 2024.

Item no. 3 of the Notice – Appointment of Nandan M. Nilekani as a director liable to

rotation.

The text of the resolutions is provided in the notice circulated to the members. If any
member desires to ask any questions pertaining to any item on the Notice, he / she may
do so now. Members are requested to keep their questions brief and specific. To avoid
repetition, answers to all the questions will be provided towards the end. Members may
also note that the Company reserves the right to limit the number of members asking
questions, depending on the availability of time. While members are queuing up to ask
questions, may I request the team to play short videos of Infosys?

[Videos]
A. G. S. Manikantha

Dear shareholders, thank you for joining our 43rd AGM today and for taking time to
participate in the proceedings. Before we go live with the Q&A, here are some points to
note for your convenience. When your name is called and you are projected on the
screen, please mention your name, folio number and location from where you are joining
and proceed to ask your question.

Each shareholder will have two minutes for their questions. To avoid repetition, the Board
will respond to all the questions at the end. Once you have asked your question, you can
switch to watch the proceedings. The Board will be taking questions from shareholders
in two or three sets, depending on the number of questions on the video.

With that, I will request the first shareholder, Mr. Dharav.

Mr. Dharav, kindly go ahead and ask your question.

Dharav Jamadar, Surat

Good evening, Chairman, and all the Board members. I am Dr. Dharav Jamadar from
Surat, Gujarat. First of all, I would like to congratulate each and every stakeholder of my
Company on posting such a robust and fantastic sets of numbers quarter to quarter in
this fiscal year. Sir, it's an opportunity to have a talk with you on this platform. Thank you
for providing me this opportunity. Some of my queries which I would request you to
address are – First, the world is quite aware about the secret formula of our Company's
growth anywhere in the world. It has been a frontrunner and in establishing industry-wide
norms in reference to corporate governance, transparency in operations and other
disclosure norms. So, sir, with the whole IT services and technological landscape
revolutionizing, what would be the next secret formula for creating Infosys for many
decades to come? Second, do you think that the rise in demand of AI and its related
products and services will help us in creating a demand environment which is less prone
and susceptible to volatility in macroeconomic environment? The whole world is heavily
investing in this particular area. Third, what contour of capex or the amount that you have
set aside for mergers and acquisitions, can we expect in this fiscal year for developing
new products and services, and what shall its impact be on our ROE? Fourth, for how long
do you think IT spending will likely remain under pressure due to technological and
macroeconomic uncertainties? At what stage of the cycle are we at, and how are we
planning to have a sustainable growth from here on? Next with respect to deal wins, from
which sector do you expect the most to come in this fiscal year?

Last one, to our respected Chairman, being a market leader and a veteran, what advice
would you like to give to a new generation of our country on how to strive in this agile
environment all over the world? Thank you, sir, for providing this opportunity.

A. G. S. Manikantha

Thank you, Mr. Dharav. May I now request the next shareholder, Prachi?
Prachi, can you please go ahead and ask your question?
Prachi Saraogi, Kolkata

Yes. Good evening everyone. This is Prachi Saraogi from Kolkata representing Millennium
Mams. My question for you today is could you provide details on your recent acquisition
of an automotive R&D firm and its alignment with Infosys’ long-term strategy?
Additionally, to boost revenue growth beyond that 1 to 3% range, will Infosys pursue
aggressive merger and acquisition for domain-specific expertise and expanded service
offerings? Thank you.

A. G. S. Manikantha

Thank you. Prachi. Now, may I request Gaurav?

Gaurav, kindly go ahead and ask your question.

Gaurav…

I think you are joining on audio. Kindly go ahead and ask your question.

Gaurav
Okay. I guess I am visible right now.

A. G. S. Manikantha

Sorry, we can't hear you. Gaurav.

Gaurav

Am I not audible?

A. G. S. Manikantha

Yes. Now we can hear you. Please go ahead.

Gaurav

So, first of all, thank you so much for giving me this opportunity today. I am Gaurav, joining
today's Annual General Meeting of Infosys from Berlin, Germany.

A. G. S. Manikantha

Gaurav, we cannot hear you once again. We will move to the next shareholder. Mr.
Jaideep.

Jaideep, kindly go ahead and ask your question.

Jaideep, Kolkata

Yeah. Good evening. Chairman, Board of Directors and Key Managerial Personnel. Myself
Jaideep Bakshi connecting from the city of Kolkata. Thanks to our Company Secretary,
Mr. Manikantha ji for giving an opportunity and presenting a detailed, annual report and
maintaining good investor service relation with the shareholders and to the entire
Secretarial department.

Sir, your initial speeches were very much informative. Good performance of our Company
and in the net profit also. Regarding the AI is now accessible to all, share our potential to
explore further growth and stay as a leader in its own field. Sir, any new area of venturing
or acquisition to support new client base? Sir, third, sir, how are we positioned from our
peers and what is our strategy to add reliability and efficiency growth? Sir, we have
around 3.5 lakh employees. How are you planning to reskill our employees for further
enrichment?

And sir congrats once again for the CSR activities and the awards which we have
received. It motivates all the employees. And what are the steps we are taking regarding
data security? And congrats once again for reducing energy consumption and banking on
green energy for the better environment in all our areas. And I support all the resolutions
and hope our Company continue as a global leader in the next gen and digital service and
consulting with the trust of our stakeholders and be future-ready. Thank you sir and all
stay safe. Namaskar.

A. G. S. Manikantha

Namaskar. Thank you, Mr. Jaideep.

Can I request the next shareholder, Om Prakash Kejriwal?

Om Prakash Kejriwal

Hello, sir. Am I audible?

A. G. S. Manikantha

Yes, sir. We can hear you. Please go ahead with your question.

Om Prakash Kejriwal, Kolkata

Thank you. Good evening sir, and good evening to everybody attending this AGM.
Myself, Om Prakash Kejriwal, your equity shareholder from Kolkata. Thank you, sir ji for
providing me the platform to speak about something before you. Thanks to our
Secretarial department for helping me with the registration as a speaker shareholder. A
special thanks to our Secretary, Mani sir for calling me and taking my know how.
Sir, this is my second AGM only due to virtual, though I am your very old shareholder. If
possible, please follow this virtual AGM next year also so that more and more investors
could join our AGM from different parts of the world and express their views.
[inaudible]
Bahut bahut badhayi aapko, sabhi Board of Directors aur sabhi Employees ko itne acche
results dene keliye.
[Many many congrats to you, the Board of Directors and all employees for delivering such
great results]

[audio unclear]

A. G. S. Manikantha

Mr. Om Prakash, we are not able to hear you properly.

Om Prakash Kejriwal

Hello
[audio unclear]
Can you.

A. G. S. Manikantha

Yes, we can hear you now. We can hear you. Please go ahead.

Om Prakash Kejriwal

Sir, you distributed ₹46 as dividend in current year on face value of rupees. Previously, it
was ₹34. Aur kya chahiye sirji? [What else is needed, sir?]

Many, many thanks for such handsome dividend. Sir, please split our shares in 5:1 ratio
to increase liquidity in market. It will attract more and more investors towards our
Company. It will act as a mini-bonus for we minority shareholders. I will not tell you to
issue bonus shares, but I will insist on the split of shares. So, please consider, sir.

Sir, I came to know from media that there are so many seats remaining vacant in IITs.
What is the reason, sir, for this vacancy? Sir ji, you people are the leaders in the market.
So please do something to create plenty of jobs. At last
[audio unclear]

A. G. S. Manikantha

Mr. Om Prakash, we are once again not able to hear you.

Om Prakash Kejriwal

Thank you, thank you, thank you.

A. G. S. Manikantha

Thank you. Now, may I request the next shareholder, Hiranand Kotwani. Mr. Hiranand,
kindly go ahead and ask your question.

Hiranand Kotwani

Yeah. Is this audible?

A. G. S. Manikantha

Yes.

Hiranand Kotwani

Yes, sir I am Hiranand Kotwani. Is my voice okay?

A. G. S. Manikantha

Yes, it is okay.

Hiranand Kotwani

[audio unclear]

… because I don't see why technical people like you can’t fix this issue. With TCS, there
was no disturbance. Sir, namaste, it is a great pleasure to join you. I am joining from
Mumbai. This Company is well. And your people are managing well from long years.
How’s the future and contingency plan? You have huge HR. How do you tackle HR issues?
What are the policies regarding ethics, Code of Conduct, health issue of your employee
at the lower level and manager level, how you are tackling them, please narrate this in the
AGM.

Then, what about the women share percentage? How many sexual harassment cases?
126? What about the organization? How are we going to take it global level? There are so
many subsidiaries. The annual report is good, but if you can give detail of the subsidiary,
percentage, country, revenue, expenditure and employee that will be more beneficial to
read all the subsidiaries, how the capital and revenues come from. It will be more
beneficial and informative to the organization. Because to read your physical report, we
cannot read this electronically and to see you and report from you, nothing more to us.
Because you are doing well. You continue to inspire. But future growth plan, particularly
how the contingency plan will be? Please narrate. Thank you and good luck.

A. G. S. Manikantha

Thank you, Mr. Hiranand. Now I request Mr. Sunil. Mr. Sunil, kindly ask your question.
Sunil, Kolkata

Hello.

A. G. S. Manikantha

Hello. Yes, sir. We can hear you. Please ask your question.

Sunil

Okay. Good evening sir. Respected Chairman, Board of Directors, Company Secretary
and my fellow shareholders. I'm Sunil Modak calling from Kolkata and I have joined this
meeting. It is my pleasure that you have given me the platform to speak on this occasion.
The result is very good, and I hope that our Company will do better.

I have two questions. What is strategy for subsidiaries facing losses? And, number two –
future plan of the Company? I have already casted my vote in favour of the resolutions. I
support them and hope that our Company will do better in the next year. Thank you.
Namaskar.

A. G. S. Manikantha

Namaskar. Thank you, Mr. Sunil. Now, may I request Avni?

Avni, kindly go ahead and ask your question.

Avni Barwale

Good evening Chairman sir and members of the Board. I'm Avni Barwale, a member of
Millennium Mams and a proud shareholder of the Company.
[inaudible]
As you said, gen AI has become the forerunner of the tech world with Infosys at the centre.
How do you plan to continue upskilling and adapting the Infosys workforce to be gen AI
ready? Additionally, how does Infosys manage the costs associated with human
resources in the current challenging global landscape? Sir, to conclude, we hope to meet
you in person to empower all our women members with more learning.
We look forward to visiting you in Bengaluru. Thank you very much for your time.

A. G. S. Manikantha

Thank you, ma'am. May I request Mukesh?

Mr. Mukesh, kindly go ahead and ask your question.

Mukesh

Yes. Am I audible?
A. G. S. Manikantha

Yes, sir. We can hear you.

Mukesh

What is this? Oh, come on, I'm not there. Okay.

A. G. S. Manikantha

We are able to see you and hear you. Kindly go ahead.

Mukesh

Okay, okay. Yes. Namaskara, Nandan, Manikantha and other people. Kemcho, Salil bhai,
Bobby bhai. Vanakkam to Sundaram and Govind Iyer. Namaste to Nitinji. I met you last
Friday when you were Chairman at the [audio unclear].

Nice to join the AGM of Infosys, which has been at the close of my heart for many years.
Unfortunately, we are not meeting physically. So, I would request you to please have a
hybrid model, which Infosys was the one, which pioneered, long, long ago. And, it would
be nice if you can please enable this from next year onwards. Out of nostalgia, I would
like to tell a little bit, Nandan, you had interviewed me some 30 years ago at your
Koramangala office, opposite Bethany School. Unfortunately, I had not joined then.
Otherwise, I would have been an Infoscion by now.

One thing that I did not like was sending a physical annual report to some of the speakers
or may be all the speakers. Because, being an environmentally-conscious and concerned
person, you know, we are experiencing nature's wrath, in terms of global warming,
climate change and what not. About 25, you know, annual reports, is equal to one tree.
So my suggestion is henceforth, like we have, in weddings and other functions, we have
something called RSVP. So well in advance, ask all the shareholders who all want
physical annual reports and accordingly print them minimally. So therefore we will be
able to contribute a lot and imagine thousands of companies doing this. And despite the
digitalization, there is a lot of things that have to be done. Okay.

Now, one request I have is, being a lifetime shareholder with abundant trust on Infosys,
unfortunate we haven't visited its campuses yet. So I would request you, Salil bhai, to be
able to do this, enable it sometime. Better yet, say once a quarter, top management could
have something called a Saturday meet for stakeholders, you know, like a regular
program. That would also help.

And for our business, I would like to ask you a couple of things. We are doing pretty good
in global business. And I understand, from the annual report that almost all of our revenue
is coming from the Rest of the World except India, which is a pittance 2.5%. And, with the
country that is going to be US $5 trillion very soon and is growing exponentially and has a
global brand image, why can't we create a new subsidiary, something called Infy India
and try to concentrate on that business in a very big way? And I'm sure with the kind of
background we have, we can do extremely well compared to many other companies. Lot
of mid-sized companies are doing extremely well within India itself, so why can't we? That
is one of my suggestions. And, we can be contributing to the country as well as to the
revenue of the Company also.

And for AI revolution that is happening by leaps and bounds and Infy being in the forefront,
despite Nandan and Salil bhai, both of you, you know, trying to pacify us of our
apprehensions. Believe it or not, its effects, negative effects are being seen by all of us
just at the beginning of AI revolution. So I've been trying to figure out, is there any way that
we can do anything, along with the AI community globally to make it safe, just like say,
nuclear power? It is so dangerous. And whenever it happens, it is extremely disastrous.
Likewise, AI is already affecting people, individually, families and even society. It's going
to be a disaster in the times to come. So, what are going to be the safeguards against
that? I wish all of you a very healthy and happy life ahead. And I'm looking forward to
meeting you personally soon, Salil bhai, Nandan and others. Thank you very much.
Namaste.

A. G. S. Manikantha

Namaste. Thank you, Mr. Mukesh.

May I request Mr. Santosh to go ahead and ask the question.

Santosh Kumar Saraf, Kolkata

Hello?

A. G. S. Manikantha
Yes, sir. We can hear you.

Santosh Kumar Saraf

Ram ram. Maananiya sabhapathiji, upasthith nirdesak mandal ke sadasgan,

adhikarigan aur karmcharigan, main Santosh Kumar Saraf se, aap sabhi ka namaskar
karta hoon.

Respected Chairman, Board members, and officers & employees who are all present on
video conference today, I am Santosh Kumar Saraf...

Mr. Gibbs, I am from Kolkata. My name is Santosh Kumar Saraf. My English is very weak,
but for you, I will try to speak in English.

Sir, I want to know that our income grew to 94.6% from 86% and I want to 5.5 income from
which sector we are getting so we give 100% next. Sir, we have 340,000 employees
globally. I want to know. This is not good. I want to know how many employees are Indians
in the Company. I want to know how many jobs our Company has provided for Indians.
This is my interest. Sir, thank you. Like ₹46 dividend this year including term and for this I
thank all our employees globally for your hard work and giving us good result and good
dividend. Salute to them. Please work the same so that we can higher dividend next year.
When we get dividend, you are also benefited. Salute your family who are the backbone
of your work. I salute you them and wish them good health. What steps are taken for
cybersecurity? Sir, there are so many disputed cases. What steps have you taken to clean
our Balance Sheet?

Sir, [audio unclear], I support for the meeting in the winter. Because up to September,
there are so many meetings. So after October, you can call for a meeting in Bengaluru. I
have attended so many meetings physically. In November and December, plan a visit and
I can also go to the meetings.

Sir, just one question also. In the last six years, Infosys has not given any bonus. Can you
consider this year? Because Infosys never gave a gap more than two years. Mr. Nandanji
and Mr. Salil bhai, I wish for your long life and good health. I request you all to continue
this VC meeting. This is very helpful and all Indian shareholders can join. If you have a
physical meeting, only local shareholders or one or two from outside can join. So, I
request you to always choose VC meeting because it is very cost effective and very good.
And lastly, I wish all our members and staff for a good financial year 2024-25. I wish you
all a good health and good year for them and their family. Thank you sir.

A. G. S. Manikantha

Ok, Mr. Santosh.

Now, may I request Mr. Nagaraj to kindly go ahead and ask the question?

Nagaraj
Good evening. I hope I am audible. Good evening Infosys management team. This is
Nagaraj. I'm a small little shareholder for Infosys for so many years, and my folio number
is ending with 4803097.

Okay, first of all, let me congratulate Nandan sir and team for completing 25 years in the
New York Stock Exchange. Recently, I heard the news. Let me congratulate you and your
team on that.

Next, respected Chairman sir. I have, one question, like, so many of my shareholders have
pointed out regarding the subsidiaries in your Annual report from page numbers 68 to 75.
There are around 91companies are there, I believe. Most of them are like running under
negative return or lot. Of that, around 30 companies have negative or nil return. I mean to
the shareholders for the subsidiaries and associate companies. I want to you to touch up
on that, first.

And as you told, Mobility is the next thing. One the German Company, I think, the second
or third subsidiary is running around ₹7,500 crore liability. That's a huge loss, running
under huge loss. What is the plan of revival of such companies? Is it possible to revive in
the future so that we can increase our shareholders value? That is my concern. One thing.

And, please give like all my fellow shareholders told, some bonus, like, kind of
shareholders. Please consider that also so that our wealth is positively increased and our
shareholders value. Thank you. Please consider these points. And, thank you for the
opportunity given, Mani sir, for talking this forum. Thank you very much. Namaste.

A. G. S. Manikantha

Namaste. Thank you, Mr. Nagaraj. Now, may I request Mr. Rajesh to kindly go ahead and
ask the question.

Rajesh

Hello. Am I audible?

A. G. S. Manikantha

Yes. Mr. Rajesh. Kindly go ahead.

Rajesh

Respected Chairman Mr. Nandan Nilekaniji and CEO Salil Parekh. First of all, I want to
thank Company Secretary Manikantha ji for sending the email notice to me on time and
continuously I have received calls from your Secretarial department to join. I am very
thankful to you, sir, for giving me the opportunity to speak.
Sir a lot of things have been covered by my previous shareholders. And I really thank you
for the very good dividends given by the Company.

But, sir, it is a very high time, like the previous shareholder has said, I would be repetitive
only on this thing, whether we can split the share to 5:2, not 5:1, but 5:2. So, later stages
we can go on one also. It is a very high time, you know. It’s been a long time. You know,
Infosys is very well known for their good bonuses and splits. You have done the buyback
previously. So, I would really appreciate it if we do something about it. Because this is the
43rd year, so we can't wait for seven years for the Golden Jubilee for the bonus. So please
do consider about the stock is good at this. So, it won't affect share equity or capital also.

And, public holding is only 14.97. So, all FIs are 34 and 35%. So, I think they are not pulling
up the share. Because nowadays you know what I see is good for Persistent Systems,
Endurance Technologies, all the companies which were not there, they're only being
shown. So, our companies, you know like TCS, Infosys and Wipro has slowed down, it
seems to me. It is high time sir, we do something about it.

And, high price was ₹1,950. So I hope your leadership and a good performance, we will
move much, much ahead sir. I remember sir, I attended three of the AGMs in Mumbai.
When it was physical in Bengaluru, twice I attended in Four Seasons. And once I attended
in [unclear audio].

So why not are you starting up again the physical AGM in Bengaluru? At least we can join
in Mumbai also. That’s just my suggestion, sir. I don’t have much to add. The months of
festivals is coming sir in two months. There are a lot of festivals going to be there. So, I
would like to say, “Phoolon ki Khushboo, kaliyon ki bahar, chand ki Chandni, apno ka pyar,
Mubarak ho Chairman sir, apko, saare Board of Directors aur shareholders bhaiyon ko
aane waale tyohar.” I wish you all for the coming festivals also. Thank you very much
and thank you for giving me the opportunity to speak. Thank you sir.

A.G.S. Manikantha

Thank you, Mr. Rajesh. Now, I request Sharad Kumar to kindly go ahead and ask the
question. Mr. Sharad Kumar? Mr. Sharad Kumar, kindly go ahead and ask your question.

We'll move to the next shareholder, Mr. Redappa. Redappa, kindly go ahead and ask your
question.

Redappa Gundluru

Thank you, Manikantha. (muffled) First of all, my Chairman, Mr. Chairman Nandan
Nilekani Sir, Salil Parekh Sir, Company Secretary, other directors. Good evening Sir.
Namaste. Sir, as a shareholder, I am very happy about the Company performance of
financials 24. Sir, I would like to thank, appreciate about the Company corporate
governance by ethically good manners. Congratulations, keep it up, Manikantha garu. Sir,
financially, we’re very strong, Sir, thank you. Thank you for dividend also, Sir. We are
almost debt-free, Sir. And also ROE track is record. In three years, 30.9%. Wonderful Sir.
And also good dividend track. Thank you, Sir. Final dividend... 20 plus 28 rupees we
received this year. So, wealth creating...20. And also Sir, AI next era in business is started
in Infosys, with Topaz and R&D work also excellent. Thank you Sir. Here my question is,
outlook demand scenario from North America. Please throw some light, Sir. Second
question is any update in mega deals, Sir? And also, Sir, third question. Any future plans
in, future plans for (missing audio) forefront of adoption of AI technology, what is the
current percentage and topline growth expected in coming financial years? Sir, these are
my total four observations. Sir, please support and IIT Hyderabad also, Nandan Nilekani
Sir. Sir, VC is very good. Please continue VC always, Sir. We can able to attend all over the
globe. Thank you. Manikantha, thank you for providing VC. Sir, if you provide Manikantha
Sir the Chairman’s approval, if you provide (muffled) also sir, we’ll be very happy. Please
look into this, Sir. This is my humble request from the shareholders side. We are proud
shareholders, Sir. Nandan Sir, I am concluding. I am a big fan of you, Nandan Sir, and also
Salil Sir, I have a special photograph (muffled). I don’t have words to praise you, Sir. God
bless you, Sir. I wish you good health, and also (muffled) Salil Sir, and also Manikantha’s
team, and also all our hardworking employees of our Company. Congratulations, Sir,
thank you so much for giving me this opportunity, Manikantha garu, on this wonderful
occasion. (muffled) Thank you, Sir.

A.G.S. Manikantha

Thank you, Mr. Redappa.

May I now request Mr. Abhishek.

Mr. Abhishek.

(Disturbance)

Abhishek

Yes Sir, can you hear me Sir? Am I audible?

A.G.S. Manikantha

Yes, Mr. Abhishek. Please go ahead with your question.

Abhishek

Just a second, Sir. Sir, my name is Abhishek, shareholder of the Company. My DP id

IN301637, client id is 41359155. First of all, I congratulate the management on the eve of
Annual General Body Meeting. I trust all is well with you and families in this challenging
situation. Our Company deserves much more respect and the current market cap, after
completing more than a decade of successful operations, profitability, and becoming
one of the strongest brands in the respective segment. Sir, I’d like to know what are the
steps being taken by the management to reduce the other expenses, legal and
professional charges and the miscellaneous expenses? Kindly if you can try to provide a
breakup for the miscellaneous expenses, it will be helpful for the investor fraternity Sir, if
possible, try to break up in the years to come, Sir. And, I would request the management
to kindly conduct on call quarterly presentations and meeting with global investors on a
regular basis so that this will bring more, immense knowledge to the management as well
as to the investor fraternity. So if you can conduct on call on a regular basis, it will be
helpful for the Company, Sir. And I would request the management to kindly consider
hybrid AGMs in the years to come, as some of the companies across Bangalore and other
places have also conducted hybrid AGMs during the year. So, if you can conduct hybrid
AGM, it would be helpful for the investor fraternity, like local shareholders can join
physically, and other shareholders can join you virtually, because most of the senior
citizens are not able to join. You can get their valuable points, suggestions and ideas. That
will be helpful for the management to empower in the future. Then our Company,
management is always helpful and reachable. We do appreciate the Company has a very
good corporate governance, we do appreciate the management for their good corporate
governance practice. And kindly give job a opportunity to the investor community, Sir,
whoever send you email for their children, like Infosys is a leading Company. Many of the
shareholders may be of engineering background and who is really eligible, kindly try to
consider their family, shareholder’s family, investor’s family who is family of Infosys.
Nothing much to ask, Sir. I wish the Company and the Board of Directors a great success
and prosperity in the coming future. And thank you for giving the opportunity, Sir. See you
at the AGM next year. Thank you very much.

A.G.S. Manikantha

Thank you, Mr. Abhishek.

Mr. Kaushik, can you kindly go ahead and ask a question?

Kaushik

Yes, sir. Am I audible?

A.G.S. Manikantha

Yes, we can hear you, Sir.

Kaushik

Yeah. Respected Sir and distinguished guests, good afternoon to all. It is an honor to
stand before this esteemed gathering today. I extend my heartfelt gratitude to the Board
for granting me opportunity to be part of this important event. Today, I raise some key
questions that are essential in understanding Infosys’ position in our ever-evolving
competitive landscape. How does Infosys maintain its competitive edge in such a
dynamic environment? What innovative products has Infosys introduced or plan to
introduce in this increasingly competitive world? I believe that more the Company invests
in R&D, the stronger it dominates, positions it as a leader in the industry? Can we
continue to trust in the resilience of Infosys business model and how can the Company
ensure that shareholders’ value remains intact? Additionally, Infosys’ main business
focus is generating revenue through artificial intelligence? Can Infosys through its use of
artificial intelligence manufacture an equipment to support specially abled persons to
improve their mobility and make their lives more meaningful? While this business may
not be highly lucrative, it reduces pain and hardship, will garner a lot of blessings. The
company should consider taking such initiatives. Before I conclude, I want to express my
sincere gratitude to entire secretarial team, including Mr. Manikantha and the entire team
for connecting with me and granting me the opportunity to be part of such a memorable
event. Additionally, I request the support of the Company in associating with me in the
area of certification audit, including Form 15-CB. I believe CSR means helping the needy
at a crucial time when they have approached the Company. Sir, I have heard our
Chairman’s speech where he told that Company is supporting specially abled persons in
Australia. Don’t you feel being an Indian Company you should support Indians first? I am
asking for support from our company since last 5 year or even more but apart from
assurance nothing has come to me , I am very sure that this year awakened justice from
the company. Finally I propose the utilising the substantial saving from the virtual mode
of meeting for the benefit of shareholders. This could involve arranging site visits for
shareholders or distributing a token of appreciation such as sweets or small gifts to
esteemed shareholder speakers during festivals. Thank you all for attention. Thank you,
Sir.

A.G.S. Manikantha

Thank you, Mr. Kaushik. May I now request Mr. Anil? Mr. Anil Mehta?

Kindly go ahead and ask your question.

Mr. Anil Mehta, can you hear us? Your line is unmuted. Kindly go ahead and ask your
question.

Anil Mehta

Hello. Hello. Am I audible?

A.G.S. Manikantha

Yes, sir. We can hear you.

Sir, kindly unmute your line and, ask the question.

Anil Mehta

Hello.

A.G.S. Manikantha

Sir, we can hear you. We can hear you. Please go ahead and ask a question.

We will move to the next shareholder, Mr. Dilip. Mr. Dilip, kindly go ahead and ask your
question.

Dilip

Hello audible I am
A.G.S. Manikantha

Mr. Dilip. Yes, we can hear you. Please go ahead and ask your question.

Dilip

Namaskar, Sir. Nilekani Sir, namaskar. Salil Sir, Manikantha Sir, CS Sir, aur sabi aapko
shareholders ko, sabko, good evening. Main Jaipur se Dilip Kumar Jain, Pink City se bol
raha hoon. Aur bahut achha lag raha hain Infosys ki is meeting mein shaamil hone mein.
Bahut achha dividend diya hain Company ne, debt-free Company hain. Aur main kaafi
lambe samay se Company se juda hua hoon. Ek request hain Sir ki jo purane shareholders
hain unko ek, at least jo meeting join karte hain, unko ek memento kam se kam de ki jise
hum kabhi baat hote hain, toh hum keh sake ki we can feel proud we being a shareholder
of Infosys. Main ek CSR activity bhi hum Jaipur mein chalate hain Jain community mein,
jisme widows and students ko thoda sa financially help karte hain. Toh agar aapka is tarah
ki koi provision ho, is tarah ka agar provision ho toh main chahta hoon ki isme agar koi
sahyog ho sake Jain community jo hai hamari yahan pe jinke bahut zyada weaker section
hote hain unko hum aid de padai ke liye aur widows ko kuch paise help karte hain. Toh
agar usme possible ho toh uske liye thodasa main aapse request karna chahunga. Aur
iske liye agar koi formality ho toh mujhe bata dijiye, main aapko certificate vagera jo bhi
bhejna hoga bhej sakta hoon. Agar aapke rules mein ya aapke norms mein aata ho toh
uske liye consider kijiyega. Baaki itna achha dividend dene ke liye aur buyback vagera
sabke liye bahut bahut dhanyavad sabko. Baaki question aisa kuch nahin hain. Theek hai
Sir, thank you very much.
[Namaskar, Sir. Nilekani Sir, namaskar. Salil Sir, Manikantha Sir, CS Sir, and to all
shareholders, good evening. I am Dilip Kumat Jain, from Jaipir, calling from the Pink City.
I feel very good to be part of the Infosys meeting. The Company has given a good dividend,
it is a debt-free Company. I have been associated with the Company for a long time now.
I have request, Sir. For the old shareholders, for those who join the meerting, please give
them at least a memento, so that we can fee proud to be a shareholder of Infosys. We run
a CSR activity in Jaipur among the Jain community, to help widows and students
financially. If you have a provision to help, if there is any provision to help, the weaker
sections of the Jain community, we help the widows and students aiding them in their
education. So, I am requesting you for some help for this endeavour. And if there is any
formality for this, please let me know. I can send you the related certificates and other
things. Please consider this request. Otherwise, thank you for the dividend and the
buyback. I don’t have any other questions. Alright Sir, thank you very much.]

A.G.S. Manikantha

Thank you, Mr. Dilip. Now I request Mr. Yash. Mr. Yash, kindly go ahead and ask your
question.

Yash
Hello. Yeah. Am I muted? Hello...
A.G.S. Manikantha

Yes, we can hear you. Please ask your question.

Yash

Okay. Myself Yashpal Chopra, I’m calling from Delhi. I'm a shareholder of the Company
for the last three decades and I have seen the ups and downs of the company and I feel I
am very lucky shareholder of this company (audio missing).

This is a Company for which I can be proud of, ISO-certified Company, debt-free
Company and the Company with a pan-World presence, in around 56 countries,
spreading from north, from China to south, Australia, from east, what you call Japan to
west, Canada and North America.

So, this is a great, great Company with a great name. So I'm very, I feel that I am very much
proud of this Company, Sir. Sir, as regards the management team, they deserve kudos
and they deserve congrats because out of the nine persons, seven persons are with the
financial background, with financial expertise. And that is why the image of the Company
is just getting better and better every year. Because the last five years, we are seeing that
the companies which came (audio missing), past glory. So, I’m very much proud of and I
pray God for the pace at which the Company is going on. As I watch the share price in the
market for the grades of my investment, my portfolio. So, this year, our Company has risen
from 1252, a low to a, made a high of 1733. That itself certifies that our management and
performance of the Company is excellent and that shows the confidence in the coming
time, our Company will definitely regain the leadership which it was having earlier.

Sir, regarding your area of operations, I would just like to say only that whatever we are
earning are mostly from foreign countries, from countries like North America and all that
we are earning around 60% contribution is from that single country and in our own
country we are contributing only just 2.5%. Why should not we concentrate on our
country as well? Because now our country is just going to get a, is getting a big name
under our dynamic PM, Mr. Modi. And I think that our country, our Company has got a
great great scope here. And we must concentrate on that. And for that, as suggested by
one of the earlier speakers, if you want to make a separate Company for India, that will
be a welcome idea, Sir. But, at the same time, I would request you just consider the
consolidation of those subsidiaries which have been just making losses and losses and
losses only. So, we have to just strengthen our Company by closing those subsidiaries
because that is, less attention to that, we will conserve our attention, we will conserve
our expenditure and all that. Sir, I can speak a lot but I will just raise only two queries.

First is, that the tradition of bonus has gone along with Mr. Murthy. I want that to be revived
because now the reserve position is around 40 times of the capital and that makes us
very much eligible to get bonus. You must consider that. So, this is one of the requests,
Sir. And finally, being a shareholder of the Company for the last 30 years, and I would
request that the Company should come forward, give some kind of memento at least to
supporters and speakers of the Company, the well-wishers who have been just
associated with the Company for the last so many, so many years. Before I wind up, I will
applaud the Company for the CSR activities they are doing, where they are making the
people skilful, they are making the people a competent for the jobs and all that. This is
now the need of the hour because now, the as our politicians are distributing the are for
getting the roads and all that. That is not a good practice. We have to make people
independent and workable. For that, our Infosys is doing a great job under the category of
our CSR activity. So, this is a very, very good thing, Sir. Before I wind up, I must compliment
our CFO, our Company Secretary, and the team in the moderating department, the
department which are working hard to get us reconnected because it is really a very, very
difficult job, because for our people, the people in the super senior citizen category, we
do not know much of this digital operations and all that. And the pace these people have
catered, that is what deserves kudos, Sir. So, Sir, I would just like to remind you one thing.
That my own son is working in your Company at London by the name Mr. Gaurav. When
he had come from the university, and he said that he has got this offer, I told him grab it.
This is a Company where you can spend your life and he is sticking with the Company for
the last around 20 years. So, I know that the concern, how much concerned this
Company is for the employees, for their shareholders, for their customers, for the
country. So, this is a big, big achievement, this is a big thing for the pride. So I wish you
best of luck. Pray god for the positivity and for the great great system and name and fame
and performance of the company. Best of luck to you. Thank you. Thank you.

A.G.S. Manikantha

Thank you, Mr. Yash. Now, I request Vasudha to indly go ahead and ask the question.

Ms. Vasudha, can you hear us?

Ms. Vasudha, kindly go ahead and ask your question.

Now we'll move to the next shareholder, Mr. Atanu. Mr. Atanu, kindly go ahead and ask
your question.

Atanu

Am I audible, Sir?

A.G.S. Manikantha

Yes, Mr. Atanu. Please go ahead.

Atanu

Good evening. I Atanu Shah, a shareholder of Infosys Limited. My respected Chairman,

Nilekani ji, Board of Directors and all independent directors present in this virtual
meeting. And all shareholders and our Company Secretary Manikantha ji and our CFO
and all business shareholder present in this virtual meeting. Today is 26th June, 2024, our
Company representing (muffled) its 43rd Annual General Meeting. (Unclear) Sir, my first
question is, do you think about bonus issue, sir after 2018? And my second one is, do you
have any, what do you think about our first-quarter results? And the third one is do you
have any plans to arrange any Investor Day? And my fourth one, do you have any plan of
forwarding some funding to our, (unclear) Foundation? Sir, I Atanu Shah, I already cast my
vote, I wish a good year ahead with good results and good health to every employee. It’s
Infosys which is always navigating just for the next step (unclear). Thank you. Namaskar.

A.G.S. Manikantha

Thank you, Mr. Atanu. Now, I’ll request Mr. Sanoj, Sanjog to kindly go ahead and ask the
question.

Sanjog, can you hear us?

Sanjog

Respected Chairman, and Board members, I am Sanjog from Bangalore. I thanks the
Management for (muffled). I also thanks the Management for receiving awards and
recognitions for their good work. Hope next we will continue to VC meeting. Thank you.

A.G.S. Manikantha

Thank you, Mr. Sanjog. Now may I request Yousuf to kindly go ahead and ask the question.

Yousuf, please go ahead and ask your question.

Yousuf, can you hear us?

We’ll move to the next shareholder. Mr. Vipul. Vipul, kindly go ahead and ask your
question.

Vipul

Audible?

A.G.S. Manikantha

Yes, we can hear you.

Vipul

Yeah. Thank you, first of all, Mr. Manikantha, for adding my name to the list at the last
moment. Thank you very much. My question is, we are disclosing only large deal wins, of
more than 50 million dollars. So, why can’t we disclose all deal wins which are below 50
million? So, I would like to know the total order backlog at the end of 31st March 2024,
including all deals which are below 50 million dollars. I think our larger peers are also
sharing this figure and we should also share this figure. There should not be any problem
with this. But, I don’t know why our Company is not sharing this figure.
And I would also like to know that due to uncertain macro conditions in US and Europe,
what is the amount of orders which were cancelled for whole of the last year? That is the
point no. 2. I would also like to know the contribution from generative AI segment. I think
Accenture has started sharing that figure, the revenue from that vertical in the latest
quarterly result presentation, if I’m not mistaken. So, we should also, because a lot of
emphasis has been made both by our chairman Mr. Nandan Sir and Salil on generative AI
and if that is so crucial and so (audio missing) future, we must share the revenue
contribution from that particular vertical. And lastly, I would request the, as some of the
earlier participants have also mentioned, that please resort to this, that hybrid model of
meeting where a physical meeting is held in Bengaluru and a digital meeting, you can
attend at Mumbai or any other place. So, with this, I wish all the luck to the team. I am
shareholder of the Company since IPO and I have got very rich returns, so, my thanks to
all, the founders and all the erstwhile management teams. Thank you very much.

A.G.S. Manikantha

Thank you, Mr. Vipul. Now, I request you Mr. Gaurav. Gaurav, kindly go ahead and ask your
question.

Mr. Gaurav, can you hear us?

Gaurav

Yes, am I audible? Am I visible as well?

A.G.S. Manikantha

Please go ahead and ask your question, Sir.

Gaurav

First of all, thank you very much for giving me this opportunity. In the last discussion, I
was not able to hear my voice. So, thank you very much for giving me the second option
to share my thoughts. I am Gaurav (unclear), joining this meeting today from Berlin,
Germany. And my folio number is 1208160020466975. So, starting with the Annual
Report, it is very analytic and magnificent example of corporate governance. I would also
like to mention that this year as AI (unclear) has created a QR code to help the
shareholders get the annual report easily. So I would like to request this year a different
experience to the people for doing this. Also, I would like to mention that Infosys this year
really did a new thing where they included an option to include the picture in the Annual
Report on the front page. That was pretty magnificent for me. Simultaneously, I would like
to say that this business will continue and loss and profit will be the part of the Balance
Sheet but I request Company to do the CSR work as much as best possible.
Simultaneously, being an environment engineer, masters, and my second masters I am
doing it here, in AI Global (unclear) Project Management, I would like to request the
Company to take its carbon footprint as much as low as possible and make it net zero as
soon as possible. This would really make an impact for the longer term.
Simultaneously, having multiple years of experience, my observation says that Company
spends huge amount of sums for human resources to send them onsite globally for the
further organizational development. And it is being located in Europe. I would like to show
my interest to contribute towards the Indian companies, especially Infosys and its
subsidiaries. I would be more than happy to contribute towards the futuristic
development. As my name is unique, you can find it on Google very easily and I also will
be available to join via LinkedIn. Most of my other points were made by the other
speakers. Lastly, I was (unclear) to give this opportunity to (unclear) all the attention.
Thank you so much.

A.G.S. Manikantha

Thank you, Mr. Gaurav.

Now I request Anil. Anil, kindly go ahead and ask the question.

Anil, can you hear us?

Mr. Anil, kindly go ahead and ask your question.

We will move to the next shareholder. Vasudha. Vasudha, kindly go ahead and ask your
question.

Vasudha

Hello? Can you hear me, Sir? Very good evening. Respected...Thank you, Sir. Very good
evening. Respected Chairman Sir, Board of Directors and my fellow shareholders. Myself
Vasudha from Thane. I would like to congratulate our Company Secretary and team for
helping me to join this meeting very well. Most of the questions were asked by my
previous shareholders. I would like to ask only one question. What is your plans to reduce
our huge unemployment in our India, in our Maharashtra? With this, I support all
resolutions, thank you very much and wish the Company all the best for the coming
financial year. Thank you, Sir.
A.G.S. Manikantha

Thank you, Ms. Vasudha. With this, we will conclude the questions session from all the
shareholders. With that, I’ll hand over back to Mr. Chairman.

Nandan Nilekani

Thank you for all the questions. While we provide the answers to the questions shortly, I
would request the team to display the questions received on the web chat and play
videos which showcase the work done by Infosys during the last year.

[Videos play]

Nandan Nilekani

We will now begin the answers to the questions. In this round, we are answering the
questions that are raised in the webchat. And after one round of web chat questions, we
will come back with a round of questions from the video and audio questions that were
asked just now.

I have two questions to answer. One is: How do you see gen AI reshaping the entire
industry, and what will be the impact on the jobs in the IT sector? This is from Anuja
Singhal.

We believe that gen AI has enormous potential to solve business and societal challenges.
As we move forward, we will see more and more use cases of gen AI deployment to
improve, improve the customer relations, and to make companies more productive. At
the same time, we expect our productivity to go up with the use of tools that are like
Copilot and so on, to make a difference. Overall, we believe that while we will have
productivity going up, at the same time, there'll be a lot more opportunity for AI-led
transformation in the world. And I believe that we are well-placed to take advantage of
that.

Second question: Congratulations to the leadership to remain in front on gen AI. My

question is what will be the impact of gen AI on overall Company revenue and employee
count in the next 3 to 5 years? Will we see positive impact or will it be disruptive to
business? This is from Majumdar Tejas Sharadbhai.

As I said just now, we believe that gen AI will create lots of potential to increase
productivity, reduce costs, differentiate our clients and help in growth. The world is at the
very early stages of the AI revolution, and unlike the consumer AI, which will roll out
quickly, enterprise AI requires companies to do major changes inside the companies,
organize their data, build responsible systems, follow the laws of many countries, and so
on. So, enterprise AI will take several years to unfold. And I think Infosys is well-placed for
that. As you know that Topaz, Infosys Topaz has taken an early lead. So, I am very
confident that we will be able to deal with this transition. Thank you. With this, I hand over
to Salil to take his questions.

Salil Parekh

Thanks, Nandan.

There are a few questions that I will address. First: With the intent of generative AI and
next-generation technologies, how are we protecting the platforms and applications with
respect to information technology security threats? This is a question from Ramesh
Babu Sattarasala.

Here, we are in excellent position for protecting our platforms. We put in place a
responsible AI office. Our focus is on AI policies and principles that will ensure that
information security is built in to what we are creating for our clients. And this is part of
the responsible AI actions that we have already put in place.

Next: Has Infosys started to see generative AI ideas deals contributing to Infosys’ top line?
Can you give us an approximate number of deal sizes? What is Infosys doing to increase
the generative AI revenue?

At this stage, we have shared externally that we are working on approximately 225
projects in generative AI. These projects are small in size. They are projects that clients
are working on to help shape whether they can have growth, productivity benefit into their
organization. All of this is part of our Topaz activity, which looks at both AI and also
generative AI, into the mix. We are also one of the first companies to have the global
certification, which is for excellence in AI management. And we have been voted as a
leader in AI by seven of the leading eight industry analysts in this area.

Next question is: When is Infosys planning the next compensation increase for
employees? What are the parameters considered for the next increase? The question is
from Sajit Chellappan, as was the previous question also.

Here, we have completed a compensation increase for financial year 24 in November.

And currently we are looking at the plans for 25. And the parameters always include what
is going on within the environment in terms of inflation and where we see, where the
demand areas are.

Next question from Rahul Sarkar. What are the key strategies that Infosys plans to
implement to drive revenue growth over the next five years?

So here, our focus is really on making sure first what we see as newly emerging area of
generative AI, then a lot of work is going on Infosys Cobalt which is our cloud activity. In
the previous financial year, it's grown rapidly. And we see more and more traction as it
becomes a foundation. We then have focus on some other areas which make up the
entirety of the Company, for example, engineering services, SAP S4 Hana, what we see in
growth, in data, what we see as growth from large deals which are coming from efficiency,
consolidation, and cost savings. With all of this, we feel, in a good position, these
strategies help us in a good position for the next five years.

Are there any new markets or regions the Company is planning to enter in the coming
years? How will these expansions contribute to overall profitability? Also from Rahul
Sarkar.

So, today, we are in 56 countries where North America is the largest, about 60%.
We are growing well in Europe. We will continue to do that. Our focus in terms of new
areas or markets, we will see more and more activity, for example, in the northern part of
Europe. We've done, we've had good success in the Nordic countries, in Denmark,
Sweden, Norway. We will continue to grow there. We've had very good success in
Germany, which will continue to expand. We are seeing good traction in Japan, which will
also help us, to grow in the future. We are seeing good traction in the Middle East region,
which will continue to grow for us in the future. And then there are other industries which
we’ll also look at, in the North American market, for example, healthcare or life sciences,
where we will see more traction.

The next question is from Ashish Sharma. I request CSR committee to allocate to eye
hospital in Ludhiana from the CSR funds.

Here, you know, with CSR, we have presence across 28 states and five union territories
within India. And we will evaluate all of the CSR program proposals. The trustees look at
it. And the person leading, Manisha, who is leading our CSR activities. and then they
discuss it also with that CSR committee and make the recommendations on which ones
we will support, aligned to the focus areas that the Company has developed for CSR.

Next is from Ramesh Babu Sattarasala. Infosys is having 50% work from home options.
Will that impact productivity for employees or customers? What are the steps taken?

Here, we have followed a flexible approach in terms of return to work, making sure first
the client requirements are always kept in mind. So, for many clients, all the work is done
from the office. And to keep flexibility for our employees, where, where required. We are
also very clear to build social capital where people are meeting each other and teams are
working together, and people are learning through interactions as they come through
different levels, in the Company. With that, today, about 84% of our employees in India,
who are residing within a delivery center (DC) location are already coming into the office
in the hybrid mode. Productivity and performance are constantly monitored and at a good
level. And, if we see areas where we need to change, we will change that. But today we
have a very good level.

And the last question for me, from Satyanaran Bharadwaj Prakash. Despite having a
large pool of CSR, why is the Company not able to help governments to develop its
aspirational areas and locations?
In the financial year just finished, we covered 109 out of 112 aspirational districts as
identified by the government. And here, our CSR is supporting many of those aspirational
areas, as identified by the government. Thank you. And with that, I'll pass it to Jayesh.

Jayesh Sanghrajka

Thank you, Salil.

My first question is from Shimjith Ambali. What is our Capital Allocation Policy? If
possible, please share the details.

We completed the last five years of our first Capital Allocation Policy and returned 85%
of free cash flows totalling to around 88,400 crores to our shareholders. Our current
renewed Capital Allocation Policy, which is applicable for the years FY25 to FY 29.
The Company expects to return approximately 85% of free cash flows for a cumulative
five-year period through the combination of semi-annual dividends, share buyback,
special dividends, subject to applicable laws and approvals. Under this policy, we expect
to progressively increase dividend, annual dividend per share.

The next question is from Tejas Diwakar Gore. I've noticed significant and noticeable
increase in the working capital days of the Company. How do you plan to reduce working
capital days for FY24-25?

The working capital increase due to tax orders received towards the end of the year, and
which is expected to convert in cash in the coming years. Our free cash flow growth for
FY24 was 14%, significantly ahead of our revenue growth. We continue to focus on our
improving working capital cycle and increase cash deposits (unclear).

The next question is from Priya Ramakrishnan. How does Infosys foresee itself in
environmental sustainability?

Infosys is recognized globally as a leader in environmental sustainability. We have been

recognized for our climate leadership by CDP for the eighth year in a row, and have
become carbon neutral for 5th year now. Our efforts on climate advocacy has been well
appreciated. Many of our deals with clients include climate change solutions.

The next question is from, Jahagirdar Hasmukh Vasudeva Rao. What measures are
taken to reduce the sub-contracting and improving employee utilization?

Sub-contracting has reduced significantly from the past levels by around 3% over the last
two years. We think we can further optimize this spend and are working towards this. This
is also part of one of the levers under our project Maximus on margin expansion program.

Similarly, our utilization has improved during the previous financial year, and we believe
we have some headroom there as well to improve this further towards a comfortable level
of 84-85%. What measure will we take to improve the margins of large deals projects.
This is the question from Jahagirdar Hasmukh Vasudeva Rao. In terms of our large deal
wins, we had an excellent year. For the full year, our large deals have been $17.7 billion,
comprising of 90 large deals. We have a very comprehensive margin extension programs
running internally to monitor not only large deals but across all deals and also will be
catered under this (unclear).

The next question again is from Mr. Jahagirdar. Will you start again fresher recruitment
from the campuses across the world?

Fresher hiring is a decision we take after considering into the demand environment, the
utilization, the growth outlook, etc. Over the last few years, we've also been hiring
freshers off the market as and when we see more visibility in terms of our demand, and
we will continue the same this year as well.

How is Infosys looking at margin expansion in FY25 and beyond? This is a question from
Amrita Srikanth.

We have a very focused margin expansion program, Program Maximus as we internally

call it, which is where we have an endeavour to improve our margins in the medium term.
There are five pillars under this program – value-based selling, efficient pyramid,
automation and gen AI, improving critical portfolios, and reduction in indirect costs. We
have also seen early benefits from this program in areas like utilization, RPP increase,
optimization of overheads etc. We are confident that this program will create a
meaningful impact on the operating margin in the medium term.

The next question and the last question is from Rajinikanth Jayan. Considering the
prevailing price of our shares, in order to give a lift to our share price, can we expect
buyback in the near future?

As per the Company's Capital Allocation Policy, the Company expects to return
approximately 85% of free cash flows over the next five years. As I said earlier, this is going
to be a combination of semi-annual dividend, share buyback, special dividend, subject
to applicable laws and requisite approvals, that these decisions will be taken annually by
the Board and recommendation will be placed to shareholders. The Company expects
to, within this, the Company expects to progressively increase its dividend annually.

With that, let me pass it back to Mani.

A.G.S.Manikantha

Thank you, Jayesh.

The first question is from Mr. Ananthanarayanan Vijayaraghavan. The question is: Why
there is no face-to-face meeting arranged for AGM? There is a similar question from Mr.
Vinayak Narasimha Bhat, requesting for holding of an AGM in a physical mode.
So, the answer to the question is, as per the general circulars issued by the Ministry of
Corporate Affairs dated September 25 and October 7, issued by SEBI, companies are
allowed to hold AGM through video conference, without the physical presence of
members and other participants at a common venue. Also, by holding the AGM through
video conference, we are enabling shareholders across the globe to join the AGM and
participate in the proceedings. Accordingly, the Company has decided to conduct the
AGM through video conference. As you can witness, there are many shareholders who
have joined this AGM from various countries as well. We had about 65 shareholders who
have joined from outside of India, and we had a few shareholders who actually asked the
questions during this meeting as well.

The next question is from Mr. Vinayak Narasimha Bhat. The question is: As a member, I
request the Board / Company to allow its member with his family to visit, see and stay at
least one day in a year in the Mysore campus of Infosys.

The answer is the Company had arranged a Mysore campus visit in the past. Future
programs and campus visits, if any, will be informed to the shareholders in advance.

Thank you. With that, I will hand over back to Mr. Chairman.

Nandan Nilekani

Thank you, thank you, Mani. And now we will come to the second round of questions.
These are questions that were asked in the video conference. And we will do it in the same
order. I have two questions.

One is gen AI revolution’s negative impact? Is there any way to control these by creating a
global monitoring group?

There are many efforts around the world to address the issue of AI safety, but there is no
one globally incentive yet, we at Infosys take responsible AI very seriously and when we
develop software, we look at the guardrails of responsibility, the various rules and
regulations around the world, be it the EU regulations or what's coming up in India and
other countries. And we also have had our own Infosys Topaz Responsible AI Summit,
where we brought together experts, analysts and so on. So, we are committed to the
ethical development and deployment of AI, and we work actively with governments and
regulators around the world to make sure that we are able to keep up with the latest
standards.

Second question is, can the Company consider issuing bonus shares?

The answer is... this is from Santosh. And the answer is we do not have any
announcements in this regard as of now.

Now I will hand over to Salil for questions.

Salil Parekh

Thanks, Nandan. I have a few questions that have come up in the second round. I'll go
through those.

First question from Dharav Jamdar. IT services is changing and evolving. How are we
preparing for sustainable growth in the future? How long will IT spend be expected to be
subdued?

In terms of the future, our planning, our focus is quite a lot today on generative AI. With
that, we have a lot of focus on a large growth area which is on cloud, through Cobalt,
generative AI through Topaz, and then more and more on the data foundations, which is
part of our digital activity. And then, we have focus in some other areas which are also
growing. Well, for example, engineering services, SAP S4 Hana, cybersecurity and areas
such as that.

For the second part of the question, I don't have a view on when the IT spend approach
will change. What we shared at the last results announcement was the discretionary
spend at the start of the quarter looked about the same as the end of the previous quarter,
which was, at that level, from before. As we see the changes in the future, we will share
those as well.

Next question is from Jaideep. What are the new areas of acquisitions?
So for acquisitions, first we just did two which we shared on engineering services, in
automotive and semiconductor. We have a portfolio of areas that we are looking at. We
are looking at some SaaS areas. We're looking at, more enterprise and cloud areas. We
are looking at some geographies. So those are under evaluation as we look at different
companies. We look at strategic fit, financial reasonableness, and then culture fit to how
we can integrate. And based on that, we will proceed on the acquisition as and when
those those come about.

Next question also from Jaideep. We have three and a half lakh employees. What's the
plan for enriching their skill set?

So, here, there are multiple things we have done. So first, of course, is the foundation
training, that everyone who joins Infosys from college goes through, which is, probably
the most comprehensive, training in the industry. Then we have Lex, which is our internal
training platform available on our cell phones to everyone, where we have programs
which any one of us can take to improve, or learn a new skill set. And then we have a
continuous education program, which is based on reskilling, of different employees when
certain skill sets, are more relevant in the market. Those are the ones that we look to
migrate today. There's a lot of training going on AI and generative AI in this area.
Next question is from Hiranandan Kapoor. Women diversity share percentage and how
do we handle health issues of employees?

So today, we have 39.3% of our employees are women employees. And in terms of
employee well-being, we have, internal approach, a program called HALE - Health
Assessment and Lifestyle Enrichment. And this is something which all of our employees
have availability and access to. And our employee well-being scores reached an all-time
high recently of 91%, among our employees in, across all our locations.

Next: What is the future... What is Infosys’ future growth plans?

Similar to the discussion before, more and more focus on generative AI, on cloud and
Cobalt, on data and digital, and then specialized areas on engineering services, cyber, S4
Hana and some of the other new SaaS areas.

Similar question again: What are the future plans? From Sudeep Mahto and the previous
was from Hiranandan Kapoor.

Next question: On generative AI, how do you plan to upskill your employees? This is from
Avni.

Here, we’ve enabled the reskilling through our own platform on Lex, and through our
ongoing reskilling initiatives, the ability for all our employees to do the reskilling. Today,
over two and a half lakh employees have already participated in some level, the expert
level, awareness level, a managerial level of reskilling on, on generative AI platforms.

The next question from Santosh: Can you elaborate on the steps taken by the Company
regarding cybersecurity?

So, here, we have embedded security in all of our service lines and the entire enterprise
fabric to make sure that we are secure by design in anything that we build. We also have
security operations centres, which monitor this for our clients and also for ourselves. And
then we have, partnerships with third-party security firms that provide this level of
production support, both internally and externally with our clients.

Next, from Redappa: Can you provide a business outlook in North America?

Here, we had shared at the last earnings update, essentially, the focus in the market
where the discretionary spending was similar to what we were seeing in the previous, in
the previous quarter. We were seeing there across different industries in North America
varying levels of focus. And overall in the North American segment, as was globally, focus
on cost efficiency, automation, and those type of large deal programs.

Next: Is there any update on mega deals? Also from Mr. Redappa.
I think on large deals, we had a very successful outcome on the previous financial year.
And the pipeline, as we stated at the beginning of this year, is in good shape, but more
and more of those deals are more efficiency, cost savings, consolidation, automation.
And we see not so many deals on digital transformation, but overall, it looks, the pipeline
for those type of deals on cost and efficiency still looks strong.

Next is a question from Kaushik. What are the innovative products the Company is
planning to invest in and to remain competitive?

So, here, we of course, you know, work with services and products. On products, we have
a very good set of products first. For example, with Finacle in the banking area, which is
constantly evolving. And today very much cloud-based product with more and more
feature sets. We also have other product platforms that we built, for e-commerce, for
platforms, procurement, insurance. And we continue the investment there. And then we
have investments in service capability platforms, for example, Cobalt for cloud or Topaz
for AI. And those continue to be a critical for what we look, into the future in terms of our
investments.

A similar question: How does the Company plan to invest in R&D, and maintain its
competitiveness? From Mr. Kaushik.

In addition to what I shared, we also have Infosys Centre for Emerging Technologies and
Solutions that looks at some of the newest areas that are in the market. We were looking
at AI for some time today, for example. We also look at quantum and other such areas,
which we think would be more future-orientated in terms of where the Company will look
at for these services in the future.

Next question, also from Mr. Kaushik: Can Infosys develop some AI-enabled tool for
specially abled people to make their lives better? Also, does Infosys have any plans to do
something for differently abled people like it did in Australia?

So, it's part of our CSR focus. We have projects across India, which also includes projects
for specially abled people. We have technology-led projects, which address the needs of
the whole population and the CSR efforts of the Company are built with the CSR
committee within the Company and the board committee of the CSR, which will look at
this in its entirety.

The next question: Can we consider supporting education of underprivileged school

students through CSR? So one of the focus... This is from Mr. Dilip Kumar. One of the
focus areas for CSR is to enhance education. And we are working to provide a path of
education for those most in need, with collaboration with government agencies and civil
bodies. And we’re working on initiatives which are both in rural parts of India, and in urban
school environments. And this CSR approach is also reviewed by the Infosys Foundation
trustees within the Company and the CSR Committee of the Board.
Last question from my side: Does the Company have plans to increase the share of India
business revenue in the future? From Mr. Yashpal Chopra.

So, here, first, our Finacle product works across a large number of banks in India and is
something that is a platform of choice for the banking sector. In addition, we are looking
at where we could support, for example, we do a lot of work with the government in the
income tax program, in the GST program, and that whole area is something that Infosys
has built and supported the systems in making sure that the government’s approach on
Digital India is supported. And we continue to look at which other areas we can work with
to support the government's push on Digital India and also, the consumer, large
businesses, public sector, private sector in India as they leverage the technology.

That’s all from my side. Over to you, Jayesh.

Jayesh Sanghrajka

On details on the recent acquisition and alignment of Infosys strategy.

We have a strong capability in engineering and R&D services. And this acquisition
solidifies our position. In-tech is a leading engineering R&D service provider focused on
German automotive industry, with large and reputed clients. This acquisition will help us
build end-to-end offerings in this space. Europe has been a very strong area for Infosys,
contributing over 27% of our revenue and with several large deal, a manufacturing
segment within that has also witnessed a strong double-digit growth for last couple of
years and this acquisition will further accelerate the opportunity for us in this space.

The next question is from Omprakash: Can Board consider share split?

The Board of Directors evaluate decisions around splits and bonus from time to time,
after taking into account various factors, and they continue doing that. At this point in
time, we have no recommendation from the Board on, you know, any share split or bonus
for consideration.

Can the... Next question is from Hiranandan. Can the Company disclose the financial
details of the subsidiaries?

The summary performance of all our subsidiaries is in part Annexure 1 to the Board
Report. The information is available in page 68 of the Annual Report as well.

The next question is from Avni: How does the Company plan to manage its wage costs in
future?

Infosys aims to deliver monetary, non-monetary rewards to our employees on a holistic

basis, through fixed pay, performance bonuses, stock incentives, benefits and
perquisites, which are integral part of our total reward strategy. Regarding your question
on managing wage costs, we have been focusing on various levers like automation, lean,
pyramid optimization, leveraging AI, etc. to bring in productivity improvements and
manage our wage costs effectively.

The next question is from Nagaraj Kini: The 91 subsidiaries open, but over 30 of them are
having negative returns. Can you share plan to revival of these subsidiaries?

These subsidiaries are set up in various locations to meet group objectives and strategic
and business objectives, strengthening service offerings, and for servicing clients in
various locations. And part of the large deals expansion as well. We measure overall
performance of these subsidiaries, taking into account various factors, including
standalone performance, you know synergies, the offshore revenue and margin that they
bring in. And look at them in a holistic way.

The next question is from Abhishek: The Company to consider doing regular investor
meetings across the world.

The Company's quarterly earnings meetings and the AGM is currently accessible live, live
from all parts of the world. We attend investor conferences and organize non-deal
roadshows to meet, you know, investors across the globe, on a regular basis, the details
of which are filed with the exchanges in advance and are available on our website as well.

The next question is from Vipul: Why is Company not considering providing details of deal
wins, which are below $50 million?

As you know, Infosys always believed in going above and beyond the statutory
requirement disclosures. Accordingly, we make disclosures that give incremental
insights about Company’s performance regularly. The large deals in our mind is an
important performance indicator, which gives indication towards Company's
performance in the medium term. The disclosures made by the Company are periodically
reviewed and additional disclosures are made or discontinued as and when required, if
they are no longer relevant.

The next question again is from Vipul: Can you provide contribution from gen AI segment?

I think partly covered by Salil and Nandan earlier. Gen AI is an emerging technology that
is likely to transform business and technology. We are currently working on 225-plus gen
AI projects. These projects are currently small sized, as clients are trying to develop their
internal AI strategy.

We are one of the IT services companies globally to achieve ISO 42000 and 2023
certification, testifying our commitment to excellence in AI management. Over 250,000
of our employees have been being trained in AI and gen AI skills.

The last question for me is from Gaurav. What are the steps taken, that Infosys is taking,
to reduce carbon footprint to net zero as soon as possible?
Infosys is carbon neutral for the fifth consecutive year in 2024. We are also signatories to
the Amazon Climate Pledge to becoming net zero by 2040. Today, 67% of our electricity
for our operations in India comes from renewables. And we have 60.2MW installed solar
capacity. With close to 30 million sq.ft. of our highest rated green buildings, we have
pioneered smart buildings technology globally.

We are working with our suppliers to encourage CDP disclosures while continuing to
invest in mobility and technology solutions that reduce greenhouse gas emissions. That's
the last question for me. With that, I will hand it over back to Manikantha. Thank you.

A.G.S. Manikantha

Thank you, Jayesh. There were two questions which were directed at me. The first
question is from Mr. Mukesh. The question is: Please do not send annual reports. Allow
for opt out for annual report. The answer is yes, the Company is in agreement with this
view. For FY23-24, the Ministry of Corporate Affairs has dispensed with the requirement
of sending physical copies of annual report. But however, the Company sends the
physical annual reports who specifically request for it.

The next question is also from Mr. Mukesh. Can the Company arrange for a campus visit
for shareholders once every quarter? The answer is the Company had arranged a Mysore
campus visit in the past. Future programs and campus visit, if any, will be informed to the
shareholders in advance. With that, I hand over to Mr. Chairman.

Nandan Nilekani

Thank you.

Members may note that e-voting on the NSDL platform will continue to be available for
the next 30 minutes. Therefore, I request members who have not cast their votes yet to
do so within the next 30 minutes. The Board of Directors has appointed B. Hemanth,
Practicing Company Secretary, as the scrutinizer to supervise the e-voting process.
Further, I hereby authorize Manikantha, the Company Secretary, to declare the results of
the voting and place the results on the website of the Company at the earliest.

The resolutions as set forth in the notice shall be deemed to be passed today, subject to
the receipt of the requisite number of votes. We had 290 members participating in today's
43rd Annual General Meeting. Thank you for attending the meeting. I hereby declare the
proceedings of Infosys Limited's 43rd Annual General Meeting closed. Thank you very
much.

Have a nice day.