Exhibit 99.2
Form of Release to Stock Exchanges
Infosys Limited Regd. office: Electronics City, Hosur Road, | CIN : L85110KA1981PLC013115 Website: www.infosys.com email: investors@infosys.com T: 91 80 2852 0261, F: 91 80 2852 0362 |
Statement of Consolidated Audited Results of Infosys Limited and its subsidiaries for the quarter and half-year ended September 30, 2019 prepared in compliance with the Indian Accounting Standards (Ind-AS)
(in crore, except per equity share data)
Particulars | Quarter ended September 30, | Quarter ended June 30, | Quarter ended September 30, | Half-year ended September 30, | Year ended March 31, | |
2019 | 2019 | 2018 | 2019 | 2018 | 2019 | |
Audited | Audited | Audited | Audited | Audited | Audited | |
Revenue from operations | 22,629 | 21,803 | 20,609 | 44,432 | 39,737 | 82,675 |
Other income, net | 626 | 736 | 739 | 1,362 | 1,465 | 2,882 |
Total Income | 23,255 | 22,539 | 21,348 | 45,794 | 41,202 | 85,557 |
Expenses | ||||||
Employee benefit expenses | 12,675 | 12,302 | 11,158 | 24,977 | 21,620 | 45,315 |
Cost of technical sub-contractors | 1,651 | 1,640 | 1,523 | 3,291 | 2,814 | 6,033 |
Travel expenses | 599 | 827 | 602 | 1,427 | 1,205 | 2,433 |
Cost of software packages and others | 680 | 617 | 606 | 1,296 | 1,151 | 2,553 |
Communication expenses | 129 | 127 | 121 | 256 | 243 | 471 |
Consultancy and professional charges | 341 | 291 | 289 | 631 | 594 | 1,324 |
Depreciation and amortisation expenses | 727 | 681 | 463 | 1,408 | 900 | 2,011 |
Finance cost | 42 | 40 | – | 82 | – | – |
Other expenses | 915 | 847 | 953 | 1,763 | 1,779 | 3,655 |
Reduction in the fair value of Disposal Group Held for Sale (Refer Note 1(a)) | – | – | – | – | 270 | 270 |
Adjustment in respect of excess of carrying amount over recoverable amount on reclassification from "Held For Sale" (Refer Note 1(a)) | – | – | – | – | – | 451 |
Total expenses | 17,759 | 17,372 | 15,715 | 35,131 | 30,576 | 64,516 |
Profit before tax | 5,496 | 5,167 | 5,633 | 10,663 | 10,626 | 21,041 |
Tax expense: (Refer Note 1(b)) | ||||||
Current tax | 1,488 | 1,460 | 1,612 | 2,947 | 3,063 | 5,727 |
Deferred tax | (29) | (95) | (89) | (123) | (158) | (96) |
Profit for the period | 4,037 | 3,802 | 4,110 | 7,839 | 7,721 | 15,410 |
Other comprehensive income | ||||||
Items that will not be reclassified subsequently to profit or loss | ||||||
Remeasurement of the net defined benefit liability/asset, net | (22) | (17) | 3 | (39) | 4 | (22) |
Equity instruments through other comprehensive income, net | 2 | 3 | 8 | 5 | 12 | 70 |
Items that will be reclassified subsequently to profit or loss | ||||||
Fair value changes on derivatives designated as cash flow hedges, net | 17 | (24) | (29) | (7) | (20) | 21 |
Exchange differences on translation of foreign operations | (35) | 25 | 334 | (10) | 421 | 63 |
Fair value changes on investments, net | 2 | 16 | (15) | 18 | (60) | 2 |
Total other comprehensive income/(loss), net of tax | (36) | 3 | 301 | (33) | 357 | 134 |
Total comprehensive income for the period | 4,001 | 3,805 | 4,411 | 7,806 | 8,078 | 15,544 |
Profit attributable to: | ||||||
Owners of the company | 4,019 | 3,798 | 4,110 | 7,817 | 7,721 | 15,404 |
Non-controlling interest | 18 | 4 | – | 22 | – | 6 |
4,037 | 3,802 | 4,110 | 7,839 | 7,721 | 15,410 | |
Total comprehensive income attributable to: | ||||||
Owners of the company | 3,984 | 3,798 | 4,411 | 7,782 | 8,078 | 15,538 |
Non-controlling interest | 17 | 7 | – | 24 | – | 6 |
4,001 | 3,805 | 4,411 | 7,806 | 8,078 | 15,544 | |
Paid up share capital (par value5/- each, fully paid) | 2,121 | 2,137 | 2,176 | 2,121 | 2,176 | 2,170 |
Other equity*# | 62,778 | 62,778 | 63,835 | 62,778 | 63,835 | 62,778 |
Earnings per equity share (par value5/- each)** | ||||||
Basic () | 9.46 | 8.83 | 9.45 | 18.28 | 17.76 | 35.44 |
Diluted () | 9.44 | 8.82 | 9.44 | 18.25 | 17.74 | 35.38 |
* | Represents balance as per the audited Balance Sheet of the previous year as required by SEBI (Listing and Other Disclosure Requirements) Regulations, 2015 |
** | EPS is not annualized for the quarter and half year ended September 30, 2019, quarter ended June 30, 2019 and quarter and half year ended September 30, 2018. |
# | Excludes non-controlling interest |
1. Notes pertaining to the previous quarters / periods
a) | The subsidiaries Kallidus and Skava (together referred to as "Skava”) and Panaya, are collectively referred to as the “Disposal Group”. In the half-year ended September 30, 2018, the Company had recorded a reduction in the fair value by270 crore in respect of its subsidiary Panaya. During the year ended March 31, 2019, in accordance with Ind AS 105 -" Non current Assets held for Sale and Discontinued Operations", the Company concluded that the Disposal Group did not meet the criteria for "Held for Sale" classification and accordingly, on such reclassification, the Company recorded an adjustment in respect of excess of carrying amount over recoverable amount of451 crore in respect of Skava in the consolidated statement of Profit and Loss. |
b) | During the year ended March 31, 2019, on account of the conclusion of an Advance Pricing Agreement (“APA”) in an overseas jurisdiction, the Company has reversed income tax expense provision of94 crore which pertains to previous period. |
2. Notes pertaining to the current quarter
a) | The audited interim consolidated financial statements for the quarter and half-year ended ended September 30, 2019 have been taken on record by the Board of Directors at its meeting held on October 11, 2019.The statutory auditors, Deloitte Haskins & Sells LLP have expressed an unmodified audit opinion. The information presented above is extracted from the audited interim consolidated financial statements. These interim consolidated financial statements are prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules thereafter. |
b) | Update on Buyback of Equity shares | |
The shareholders approved the proposal of buyback of Equity shares recommended by its Board of Directors in its meeting held on January 11, 2019 through the postal ballot that concluded on March 12, 2019. The buyback was offered to all eligible equity shareholders of the Company (other than the Promoters, the Promoter Group and Persons in Control of the Company) under the open market route through the stock exchange. The buyback of equity shares through the stock exchange commenced on March 20, 2019 and was completed on August 26, 2019 and the Company bought back and extinguished a total of 11,05,19,266 equity shares at an average buyback price of747/- per equity share, comprising 2.53% of the pre-buyback paid-up equity share capital of the Company. The buyback resulted in a cash outflow of8,260 crore (excluding transaction costs). The Company funded the buyback from its free reserves. In accordance with section 69 of the Companies Act, 2013, as at September 30, 2019, the Company has created ‘Capital Redemption Reserve’ of55 crore equal to the nominal value of the shares bought back as an appropriation from general reserve.
Upon completion of the buy back of equity shares as detailed above, payment of special dividend (including dividend distribution tax) of2,107 crore in January 2019 and payment of special dividend (including dividend distribution tax) of2,633 crore in June 2018, the Company has completed the distribution of13,000 crore, which was announced as part of its capital allocation policy in April 2018. | ||
c) | On October 11, 2019, the Board of Directors of Infosys authorized the Company to execute a Business Transfer Agreement and related documents with its wholly owned subsidiaries , Kallidus Inc and Skava Systems Private Limited (together referred to as Skava), to transfer the business of Skava to Infosys Limited, subject to securing the requisite regulatory approvals for a consideration based on an independent valuation. The transfer between entities under common control would be accounted for at carrying value and will not have any impact on the consolidated financial statements. |
3. Information on dividends for the quarter and half year ended September 30, 2019
The Board of Directors declared an interim dividend of8/- per equity share. The record date for the payment is October 24, 2019.The interim dividend will be paid on October 30, 2019.The interim dividend declared in the previous year was7/- per equity share.
(in)
Particulars | Quarter ended September 30, | Quarter ended June 30, | Quarter ended September 30, | Half-year ended September 30, | Year ended March 31, | |
2019 | 2019 | 2018 | 2019 | 2018 | 2019 | |
Dividend per share (par value5/- each) | ||||||
Interim dividend | 8.00 | – | 7.00 | 8.00 | 7.00 | 7.00 |
Final dividend | – | – | – | – | – | 10.50 |
Special dividend | – | – | – | – | – | 4.00 |
4. Audited Consolidated Balance Sheet
(in crore)
Particulars | As at | |
September 30, 2019 | March 31, 2019 | |
ASSETS | ||
Non-current assets | ||
Property, plant and equipment | 11,825 | 11,479 |
Right of use assets | 3,917 | – |
Capital work-in-progress | 1,059 | 1,388 |
Goodwill | 4,080 | 3,540 |
Other Intangible assets | 1,356 | 691 |
Financial assets: | ||
Investments | 3,943 | 4,634 |
Loans | 16 | 19 |
Other financial assets | 679 | 312 |
Deferred tax assets (net) | 1,363 | 1,372 |
Income tax assets (net) | 6,407 | 6,320 |
Other non-current assets | 1,717 | 2,105 |
Total non-current assets | 36,362 | 31,860 |
Current assets | ||
Financial assets | ||
Investments | 3,518 | 6,627 |
Trade receivables | 16,055 | 14,827 |
Cash and cash equivalents | 16,473 | 19,568 |
Loans | 240 | 241 |
Other financial assets | 5,817 | 5,505 |
Income tax assets (net) | 34 | 423 |
Other current assets | 6,712 | 5,687 |
Total current assets | 48,849 | 52,878 |
Total Assets | 85,211 | 84,738 |
EQUITY AND LIABILITIES | ||
Equity | ||
Equity share capital | 2,121 | 2,170 |
Other equity | 58,400 | 62,778 |
Total equity attributable to equity holders of the Company | 60,521 | 64,948 |
Non-controlling interests | 360 | 58 |
Total equity | 60,881 | 65,006 |
Liabilities | ||
Non-current liabilities | ||
Financial liabilities | ||
Lease liabilities | 3,562 | – |
Other financial liabilities | 747 | 147 |
Deferred tax liabilities (net) | 707 | 672 |
Other non-current liabilities | 103 | 275 |
Total non-current liabilities | 5,119 | 1,094 |
Current liabilities | ||
Financial liabilities | ||
Trade payables | 2,134 | 1,655 |
Lease liabilities | 515 | – |
Other financial liabilities | 10,037 | 10,452 |
Other Current Liabilities | 4,389 | 4,388 |
Provisions | 608 | 576 |
Income tax liabilities (net) | 1,528 | 1,567 |
Total current liabilities | 19,211 | 18,638 |
Total equity and liabilities | 85,211 | 84,738 |
The disclosure is an extract of the audited Consolidated Balance Sheet as at September 30,2019 and March 31, 2019 prepared in compliance with the Indian Accounting Standards (Ind-AS).
5. Audited Consolidated Statement of Cash Flows
(in crore)
Particulars | Half-year ended September 30, | |
2019 | 2018 | |
Cash flow from operating activities | ||
Profit for the period | 7,839 | 7,721 |
Adjustments to reconcile net profit to net cash provided by operating activities: | ||
Income tax expense | 2,824 | 2,905 |
Depreciation and amortization | 1,408 | 900 |
Interest and dividend income | (861) | (1,028) |
Finance cost | 82 | – |
Impairment loss recognized / (reversed) under expected credit loss model | 82 | 142 |
Exchange differences on translation of assets and liabilities | 54 | 57 |
Reduction in the fair value of Disposal Group held for sale | – | 270 |
Stock compensation expense | 119 | 97 |
Other adjustments | (102) | (65) |
Changes in assets and liabilities | ||
Trade receivables and unbilled revenue | (1,578) | (2,679) |
Loans, other financial assets and other assets | 410 | (155) |
Trade payables | (1,071) | 488 |
Other financial liabilities, other liabilities and provisions | 930 | 1,722 |
Cash generated from operations | 10,136 | 10,375 |
Income taxes paid | (2,705) | (3,653) |
Net cash generated by operating activities | 7,431 | 6,722 |
Cash flows from investing activities | ||
Expenditure on property, plant and equipment | (1,891) | (1,091) |
Loans to employees | 5 | 9 |
Deposits placed with corporation | (7) | (11) |
Interest and dividend received | 841 | 989 |
Payment towards acquisition of business, net of cash acquired | (511) | (210) |
Payment of contingent consideration pertaining to acquisition of business | – | (6) |
Redemption of escrow pertaining to Buyback | 257 | – |
Other receipts | 23 | – |
Payments to acquire Investments | ||
Preference and equity securities | (41) | (21) |
Tax free bonds and government bonds | (19) | (17) |
Liquid mutual funds and fixed maturity plan securities | (18,295) | (39,650) |
Non convertible debentures | (52) | – |
Government securities | (1,561) | – |
Certificates of deposit | – | (1,268) |
Others | (16) | (8) |
Proceeds on sale of financial assets | ||
Tax free bonds and government bonds | 18 | 1 |
Non-convertible debentures | 1,383 | 302 |
Government securities | 1,170 | – |
Commercial paper | 500 | 300 |
Certificates of deposit | 1,995 | 950 |
Liquid mutual funds and fixed maturity plan securities | 18,946 | 38,935 |
Preference and equity securities | 3 | – |
Others | 10 | – |
Net cash (used in) / from investing activities | 2,758 | (796) |
Cash flows from financing activities: | ||
Payment of lease liabilities | (294) | – |
Payment of dividends (including dividend distribution tax) | (5,422) | (7,949) |
Payment of dividend to non-controlling interest of subsidiary | (33) | – |
Shares issued on exercise of employee stock options | 1 | – |
Buyback of equity shares including transaction cost | (7,478) | – |
Net cash used in financing activities | (13,226) | (7,949) |
Net increase / (decrease) in cash and cash equivalents | (3,037) | (2,023) |
Cash and cash equivalents at the beginning of the period | 19,568 | 19,871 |
Effect of exchange rate changes on cash and cash equivalents | (58) | 64 |
Cash and cash equivalents at the end of the period | 16,473 | 17,912 |
Supplementary information: | ||
Restricted cash balance | 375 | 330 |
The disclosure is an extract of the audited Consolidated Statement of Cash flows for the half-year ended September 30, 2019 and September 30, 2018 prepared in compliance with Indian Accounting Standard (Ind AS) 34 Interim Financial Reporting.
6. Segment reporting (Consolidated - Audited)
(in crore)
Particulars | Quarter ended September 30, | Quarter ended June 30, | Quarter ended September 30, | Half-year ended September 30, | Year ended March 31, | |
2019 | 2019 | 2018 | 2019 | 2018 | 2019 | |
Revenue by business segment | ||||||
Financial Services(1) | 7,213 | 6,856 | 6,644 | 14,069 | 12,719 | 26,477 |
Retail (2) | 3,448 | 3,435 | 3,469 | 6,883 | 6,637 | 13,556 |
Communication (3) | 2,961 | 3,004 | 2,529 | 5,964 | 4,958 | 10,426 |
Energy, Utilities, Resources and Services | 2,962 | 2,833 | 2,527 | 5,796 | 4,901 | 10,390 |
Manufacturing | 2,291 | 2,099 | 1,989 | 4,390 | 3,826 | 8,152 |
Hi-Tech | 1,713 | 1,679 | 1,537 | 3,392 | 2,959 | 6,177 |
Life Sciences(4) | 1,454 | 1,341 | 1,321 | 2,795 | 2,581 | 5,203 |
All other segments(5) | 587 | 556 | 593 | 1,143 | 1,156 | 2,294 |
Total | 22,629 | 21,803 | 20,609 | 44,432 | 39,737 | 82,675 |
Less: Inter-segment revenue | – | – | – | – | – | – |
Net revenue from operations | 22,629 | 21,803 | 20,609 | 44,432 | 39,737 | 82,675 |
Segment profit before tax, depreciation and non-controlling interests: | ||||||
Financial Services(1) | 1,866 | 1,714 | 1,776 | 3,579 | 3,337 | 6,878 |
Retail (2) | 1,038 | 1,032 | 1,034 | 2,070 | 1,979 | 4,034 |
Communication (3) | 623 | 622 | 659 | 1,245 | 1,331 | 2,517 |
Energy, Utilities , Resources and Services | 818 | 724 | 596 | 1,542 | 1,220 | 2,542 |
Manufacturing | 509 | 413 | 465 | 922 | 876 | 1,853 |
Hi-Tech | 392 | 370 | 418 | 762 | 806 | 1,548 |
Life Sciences(4) | 392 | 278 | 376 | 670 | 729 | 1,419 |
All other segments(5) | 7 | 5 | 33 | 12 | 53 | 116 |
Total | 5,645 | 5,158 | 5,357 | 10,802 | 10,331 | 20,907 |
Less: Other unallocable expenditure | 733 | 687 | 463 | 1,419 | 900 | 2,027 |
Add: Unallocable other income | 626 | 736 | 739 | 1,362 | 1,465 | 2,882 |
Less: Finance cost | 42 | 40 | – | 82 | – | – |
Less: Reduction in the fair value of Disposal Group Held for Sale | – | – | – | – | 270 | 270 |
Less: Adjustment in respect of excess of carrying amount over recoverable amount on reclassification from "Held For Sale" | – | – | – | – | – | 451 |
Profit before tax and non-controlling interests | 5,496 | 5,167 | 5,633 | 10,663 | 10,626 | 21,041 |
(1)Financial Services include enterprises in Financial Services and Insurance
(2)Retail includes enterprises in Retail, Consumer Packaged Goods and Logistics
(3)Communication includes enterprises in Communication, Telecom OEM and Media
(4)Life Sciences includes enterprises in Life sciences and Health care
(5) | All other segments include operating segments of businesses in India, Japan, China, Infosys Public Services & other enterprises in Public Services |
Notes on segment information
Business segments
Based on the "management approach" as defined in Ind-AS 108 - Operating Segments, the Chief Operating Decision Maker evaluates the Group's performance and allocates resources based on an analysis of various performance indicators by business segments. Accordingly, information has been presented along these business segments. The accounting principles used in the preparation of the financial statements are consistently applied to record revenue and expenditure in individual segments.
Segmental capital employed
Assets and liabilities used in the Group's business are not identified to any of the reportable segments, as these are used interchangeably between segments. The Management believes that it is not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.
7. Audited financial results of Infosys Limited (Standalone Information)
(in crore)
Particulars | Quarter ended September 30, | Quarter ended June 30, | Quarter ended September 30, | Half-year ended September 30, | Year ended March 31, | |
2019 | 2019 | 2018 | 2019 | 2018 | 2019 | |
Revenue from operations | 19,666 | 19,131 | 18,297 | 38,797 | 35,353 | 73,107 |
Profit before tax (Refer note below) | 5,123 | 4,821 | 5,251 | 9,943 | 10,032 | 19,927 |
Profit for the period (Refer note below) | 3,829 | 3,569 | 3,879 | 7,398 | 7,381 | 14,702 |
The audited results of Infosys Limited for the above mentioned periods are available on our website, www.infosys.com and on the Stock Exchange website www.nseindia.com and www.bseindia.com. The information above has been extracted from the audited interim standalone condensed financial statements as stated.
Note:
1) | During the year ended March 31, 2019, on account of the conclusion of an Advance Pricing Agreement (“APA”) in an overseas jurisdiction, the Company has reversed income tax expense provision of94 crore which pertains to previous period. | |
2) | In the half-year ended September 30, 2018, the Company had recorded a reduction in the fair value of its investments in Panaya, by 265 crore in the interim condensed standalone Statement of Profit and Loss of Infosys. During the year ended March 31, 2019, the Company, in accordance with Ind AS 105 -" Non current Assets held for Sale and Discontinued Operations", the Company reclassified the investment in subsidiaries Panaya and Skava from“Held for Sale” and recorded an adjustment in respect of excess of carrying amount over recoverable amount amounting to 469 crore in respect of Skava in the interim condensed standalone Statement of Profit and Loss. |
By order of the Board for Infosys Limited | |
Bengaluru, India October 11, 2019 | Salil Parekh Chief Executive Officer and Managing Director |
The Board has also taken on record the condensed consolidated results of Infosys Limited and its subsidiaries for the quarter and half year ended September 30, 2019, prepared as per International Financial Reporting Standards (IFRS) and reported in US dollars. A summary of the financial statements is as follows:
(in US$ million, except per equity share data)
Particulars | Quarter ended September 30, | Quarter ended June 30, | Quarter ended September 30, | Half-year ended September 30, | Year ended March 31, | |
2019 | 2019 | 2018 | 2019 | 2018 | 2019 | |
Audited | Audited | Audited | Audited | Audited | Audited | |
Revenues | 3,210 | 3,131 | 2,921 | 6,340 | 5,753 | 11,799 |
Cost of sales | 2,140 | 2,122 | 1,884 | 4,261 | 3,703 | 7,687 |
Gross profit | 1,070 | 1,009 | 1,037 | 2,079 | 2,050 | 4,112 |
Operating expenses | 374 | 367 | 345 | 741 | 687 | 1,416 |
Operating profit | 696 | 642 | 692 | 1,338 | 1,363 | 2,696 |
Other income, net | 89 | 106 | 105 | 195 | 212 | 411 |
Finance cost | (6) | (6) | – | (12) | – | – |
Reduction in the fair value of Disposal Group held for sale (Refer Note 1) | – | – | – | – | (39) | (39) |
Adjustment in respect of excess of carrying amount over recoverable amount on reclassification from "Held for Sale" (Refer Note 1) | – | – | – | – | – | (65) |
Profit before income taxes | 779 | 742 | 797 | 1,521 | 1,536 | 3,003 |
Income tax expense (Refer Note 2) | 207 | 196 | 216 | 403 | 420 | 803 |
Net profit | 572 | 546 | 581 | 1,118 | 1,116 | 2,200 |
Earnings per equity share * | ||||||
Basic | 0.13 | 0.13 | 0.13 | 0.26 | 0.26 | 0.51 |
Diluted | 0.13 | 0.13 | 0.13 | 0.26 | 0.26 | 0.51 |
Total assets | 12,021 | 12,417 | 11,288 | 12,021 | 11,288 | 12,252 |
Cash and cash equivalents and current investments | 2,820 | 3,044 | 3,508 | 2,820 | 3,508 | 3,787 |
* | EPS is not annualized for the quarter and half year ended September 30, 2019, quarter ended June 30, 2019 and quarter and half year ended September 30, 2018. |
Note-
1) | The subsidiaries Kallidus and Skava (together referred to as "Skava”) and Panaya, are collectively referred to as the “Disposal Group”. In the half-year ended September 30, 2018, the Company had recorded a reduction in the fair value by $39 million in respect of its subsidiary Panaya. During the year ended March 31, 2019, in accordance with Ind AS 105 -" Non current Assets held for Sale and Discontinued Operations", the Company concluded that the Disposal Group did not meet the criteria for "Held for Sale" classification and accordingly, on such reclassification, the Company recorded an adjustment in respect of excess of carrying amount over recoverable amount of $65 million in respect of Skava in the consolidated statement of Profit and Loss. |
2) | During the year ended March 31, 2019, on account of the conclusion of an Advance Pricing Agreement (“APA”) in an overseas jurisdiction, the Company has reversed income tax expense provision of $14 million which pertains to previous period. |
Certain statements mentioned in this release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2019. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.