Balance Sheet

in ` crore
Particulars Note no. As at March 31,
2021 2020
Assets
Non-current assets
Property, plant and equipment 2.1 10,930 11,092
Right-of-use assets 2.3 3,435 2,805
Capital work-in-progress 906 945
Goodwill 2.2 167 29
Other intangible assets 2.2 67 48
Financial assets
Investments 2.4 22,118 13,916
Loans 2.5 30 298
Other financial assets 2.6 613 613
Deferred tax assets (net) 2.16 955 1,429
Income tax assets (net) 2.16 5,287 4,773
Other non-current assets 2.9 1,149 1,273
Total non-current assets 45,657 37,221
Current assets
Financial assets
Investments 2.4 2,037 4,006
Trade receivables 2.7 16,394 15,459
Cash and cash equivalents 2.8 17,612 13,562
Loans 2.5 229 307
Other financial assets 2.6 5,226 4,398
Other current assets 2.9 6,784 6,088
Total current assets 48,282 43,820
Total assets 93,939 81,041

Infosys Annual Report 2020-21 Standalone financial statements | 157

Balance Sheet (contd.)

Particulars Note no. As at March 31,

2021 2020
Equity and liabilities
Equity
Equity share capital 2.11 2,130 2,129
Other equity 69,401 60,105
Total equity 71,531 62,234
Liabilities
Non-current liabilities
Financial liabilities
Lease liabilities 2.3 3,367 2,775
Other financial liabilities 2.12 259 49
Deferred tax liabilities (net) 2.16 511 556
Other non-current liabilities 2.14 649 207
Total non-current liabilities 4,786 3,587
Current liabilities
Financial liabilities
Trade payables 2.13
Total outstanding dues of micro enterprises and small enterprises – –
Total outstanding dues of creditors other than micro enterprises and
small enterprises 1,562 1,529
Lease liabilities 2.3 487 390
Other financial liabilities 2.12 8,359 7,936
Other current liabilities 2.14 4,816 3,557
Provisions 2.15 661 506
Income tax liabilities (net) 2.16 1,737 1,302
Total current liabilities 17,622 15,220
Total equity and liabilities 93,939 81,041

The accompanying notes form an integral part of the Standalone financial statements.
As per our report of even date attached
for Deloitte Haskins & Sells LLP for and on behalf of the Board of Directors of Infosys Limited
Chartered Accountants
Firm’s Registration No.:
117366W/W-100018
Sanjiv V. Pilgaonkar Nandan M. Nilekani Salil Parekh U.B. Pravin Rao
Partner Chairman Chief Executive Officer Chief Operating Officer
Membership No.: 039826 and Managing Director and Whole-time Director

D. Sundaram Nilanjan Roy Jayesh Sanghrajka

Director Chief Financial Officer Executive Vice President and
Deputy Chief Financial Officer

A.G.S. Manikantha
Company Secretary

Mumbai Bengaluru
April 14, 2021 April 14, 2021

158 | Standalone financial statements Infosys Annual Report 2020-21

Statement of Profit and Loss
in ` crore except equity share and per equity share data
Particulars Note no. Year ended March 31,
2021 2020
Revenue from operations 2.17 85,912 79,047
Other income, net 2.18 2,467 2,700
Total income 88,379 81,747
Expenses
Employee benefit expenses 2.19 45,179 42,434
Cost of technical sub-contractors 9,528 8,447
Travel expenses 484 2,241
Cost of software packages and others 2.19 2,058 1,656
Communication expenses 464 381
Consultancy and professional charges 999 1,066
Depreciation and amortization expense 2.1 & 2.2.2
& 2.3 2,321 2,144
Finance cost 2.3 126 114
Other expenses 2.19 2,743 2,787
Total expenses 63,902 61,270
Profit before tax 24,477 20,477
Tax expense
Current tax 2.16 6,013 5,235
Deferred tax 2.16 416 (301)
Profit for the year 18,048 15,543

Infosys Annual Report 2020-21 Standalone financial statements | 159

Statement of Profit and Loss (contd.)

Particulars Note no. Year ended March 31,

2021 2020
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of the net defined benefit liability / asset, net 2.16 & 2.20 148 (184)
Equity instruments through other comprehensive income, net 2.4 & 2.16 120 (31)
Items that will be reclassified subsequently to profit or loss
Fair value changes on derivatives designated as cash flow hedge, net 2.10 & 2.16 25 (36)
Fair value changes on investments, net 2.4 & 2.16 (102) 17
Total other comprehensive income / (loss), net of tax 191 (234)
Total comprehensive income for the year 18,239 15,309
Earnings per equity share
Equity shares of par value ` 5 each
Basic (`) 42.37 36.34
Diluted (`) 42.33 36.32
Weighted average equity shares used in computing earnings per equity
share
Basic 2.21 425,94,38,950 427,70,30,249
Diluted 2.21 426,30,92,514 427,98,08,826

The accompanying notes form an integral part of the Standalone financial statements.
As per our report of even date attached
for Deloitte Haskins & Sells LLP for and on behalf of the Board of Directors of Infosys Limited
Chartered Accountants
Firm’s Registration No.:
117366W/W-100018
Sanjiv V. Pilgaonkar Nandan M. Nilekani Salil Parekh U.B. Pravin Rao
Partner Chairman Chief Executive Officer Chief Operating Officer
Membership No.: 039826 and Managing Director and Whole-time Director

D. Sundaram Nilanjan Roy Jayesh Sanghrajka

Director Chief Financial Officer Executive Vice President and
Deputy Chief Financial Officer

A.G.S. Manikantha
Company Secretary

Mumbai Bengaluru
April 14, 2021 April 14, 2021

160 | Standalone financial statements Infosys Annual Report 2020-21

 Statement of Changes in Equity for the year ended March 31, 2020
Infosys Annual Report 2020-21

in ` crore
Particulars Equity Other equity Total equity
share Reserves and surplus Other comprehensive income attributable to
capital equity holders of
Securities Retained General Share options Special Capital reserve Capital Equity Effective Other items
the Company
premium earnings reserve outstanding Economic Capital Other redemption instruments portion of cash of other
account Zone Re- reserve reserves(3) reserve through other flow hedges comprehensive
investment comprehensive income / (loss)
Reserve(2) income
Balance as at April 1, 2019 2,178 138 54,070 190 227 2,479 54 3,219 61 80 21 (6) 62,711
Impact on account of adoption of Ind AS
116(1) (Refer to Note 2.3) – – (17) – – – – – – – – – (17)
2,178 138 54,053 190 227 2,479 54 3,219 61 80 21 (6) 62,694
Changes in equity for the year ended
March 31, 2020
Profit for the year – – 15,543 – – – – – – – – – 15,543
Remeasurement of the net defined benefit
liability / asset(1) – – – – – – – – – – – (184) (184)
Equity instruments through other
comprehensive income(1)
(Refer to Notes 2.4 and 2.16) – – – – – – – – – (31) – – (31)
Fair value changes on derivatives
designated as cash flow hedge(1)
(Refer to Note 2.10) – – – – – – – – – – (36) – (36)
Fair value changes on investments, net(1)
(Refer to Notes 2.4 and 2.16) – – – – – – – – – – – 17 17
Total comprehensive income for the year – – 15,543 – – – – – – (31) (36) (167) 15,309
Transfer to general reserve – – (1,470) 1,470 – – – – – – – – –
Transferred to Special Economic Zone
Re-investment Reserve – – (2,464) – – 2,464 – – – – – – –
Transferred from Special Economic Zone
Re-investment Reserve on utilization – – 1,036 – – (1,036) – – – – – – –
Amount transferred to capital redemption
reserve upon buyback (Refer to Note 2.11) – – – (50) – – – – 50 – – – –
Transfer on account of exercise of stock
options (Refer to Note 2.11) – 119 – – (119) – – – – – – – –
Transfer on account of options not
exercised – – – 1 (1) – – – – – – – –
Standalone financial statements | 161

Shares issued on exercise of employee

stock options (Refer to Note 2.11) – 2 – – – – – – – – – – 2
Effect of modification of equity-settled
share-based payment awards to
cash-settled awards (Refer to Note 2.11) – – (9) – (48) – – – – – – – (57)
Share-based payment to employees
(Refer to Note 2.11) – – – – 238 – – – – – – – 238
Reserves on common controlled
transactions – – – – – – – (137) – – – – (137)
Income tax benefit arising on exercise of
stock options – 9 – – – – – – – – – – 9
 162 | Standalone financial statements

Particulars Equity Other equity Total equity

share Reserves and surplus Other comprehensive income attributable to
capital equity holders of
Securities Retained General Share options Special Capital reserve Capital Equity Effective Other items
the Company
premium earnings reserve outstanding Economic Capital Other redemption instruments portion of cash of other
account Zone Re- reserve reserves(3) reserve through other flow hedges comprehensive
investment comprehensive income / (loss)
Reserve(2) income
Buyback of equity shares
(Refer to Notes 2.11 and 2.12) (49) – (4,717) (1,494) – – – – – – – – (6,260)
Transaction cost relating to buyback(1)
(Refer to Note 2.11) – – – (11) – – – – – – – – (11)
Dividends (including dividend
distribution tax) – – (9,553) – – – – – – – – – (9,553)
Balance as at March 31, 2020 2,129 268 52,419 106 297 3,907 54 3,082 111 49 (15) (173) 62,234

Statement of Changes in Equity for the year ended March 31, 2021
in ` crore
Particulars Equity Other equity Total equity
share Reserves and surplus Other comprehensive income attributable to
capital Securities Retained General Share options Special Capital reserve Capital Equity Effective Other items equity holders of
premium earnings reserve outstanding Economic Capital Other redemption instruments portion of cash of other the Company
account Zone Re- reserve reserves(3) reserve through other flow hedges comprehensive
investment comprehensive income / (loss)
Reserve(2) income
Balance as at April 1, 2020 2,129 268 52,419 106 297 3,907 54 3,082 111 49 (15) (173) 62,234
Changes in equity for the year ended
March 31, 2021
Profit for the year – – 18,048 – – – – – – – – – 18,048
Remeasurement of the net defined benefit
liability / asset(1) – – – – – – – – – – – 148 148
Equity instruments through other
comprehensive income(1)
(Refer to Notes 2.4 and 2.16) – – – – – – – – – 120 – – 120
Fair value changes on derivatives
designated as cash flow hedge(1)
(Refer to Note 2.10) – – – – – – – – – – 25 – 25
Fair value changes on investments, net(1)
(Refer to Notes 2.4 and 2.16) – – – – – – – – – – – (102) (102)
Total comprehensive income for the year – – 18,048 – – – – – – 120 25 46 18,239
Infosys Annual Report 2020-21

Transfer to general reserve – – (1,554) 1,554 – – – – – – – – –

Transferred to Special Economic Zone
Re-investment reserve – – (3,204) – – 3,204 – – – – – – –
Transferred from Special Economic Zone
Re-investment reserve on utilization – – 967 – – (967) – – – – – – –
Transfer on account of exercise of stock
options (Refer to Note 2.11) – 260 – – (260) – – – – – – – –
Transfer on account of options not
exercised – – – 3 (3) – – – – – – – –
Infosys Annual Report 2020-21

Particulars Equity Other equity Total equity

share Reserves and surplus Other comprehensive income attributable to
capital Securities Retained General Share options Special Capital reserve Capital Equity Effective Other items equity holders of
premium earnings reserve outstanding Economic Capital Other redemption instruments portion of cash of other the Company
account Zone Re- reserve reserves(3) reserve through other flow hedges comprehensive
investment comprehensive income / (loss)
Reserve(2) income
Shares issued on exercise of employee
stock options (Refer to Note 2.11) 1 8 – – – – – – – – – – 9
Effect of modification of share-based
payment awards – – – – 85 – – – – – – – 85
Employee stock compensation expense
(Refer to Note 2.11) – – – – 253 – – – – – – – 253
Income tax benefit arising on exercise of
stock options – 45 – – – – – – – – – – 45
Reserves recorded upon business
transfer under common control
(Refer to Note 2.4.1) – – – – – – – (176) – – – – (176)
Dividends – – (9,158) – – – – – – – – – (9,158)
Balance as at March 31, 2021 2,130 581 57,518 1,663 372 6,144 54 2,906 111 169 10 (127) 71,531
(1)
net of tax
(2)
The Special Economic Zone Re-investment Reserve has been created out of the profit of eligible SEZ units in terms of the provisions of Sec 10AA(1) (ii) of Income-tax Act,1961. The reserve should be utilized
by the Company for acquiring new plant and machinery for the purpose of its business in the terms of the Sec 10AA(2) of the Income-tax Act, 1961.
(3)
Profit / loss on transfer of business between entities under common control taken to reserve.
The accompanying notes form an integral part of the standalone financial statements.
As per our report of even date attached
for Deloitte Haskins & Sells LLP for and on behalf of the Board of Directors of Infosys Limited
Chartered Accountants
Firm’s Registration No.:
117366W/W-100018
Sanjiv V. Pilgaonkar Nandan M. Nilekani Salil Parekh U.B. Pravin Rao
Partner Chairman Chief Executive Officer Chief Operating Officer
Membership No.: 039826 and Managing Director and Whole-time Director

D. Sundaram Nilanjan Roy Jayesh Sanghrajka

Standalone financial statements | 163

Director Chief Financial Officer Executive Vice President and Deputy Chief
Financial Officer

A.G.S. Manikantha
Company Secretary

Mumbai Bengaluru
April 14, 2021 April 14, 2021
Statement of Cash Flows
Accounting policy
Cash flows are reported using the indirect method, whereby profit for the period is adjusted for the effects of transactions
of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or
expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities
of the Company are segregated. The Company considers all highly liquid investments that are readily convertible to known
amounts of cash to be cash equivalents.
in ` crore
Particulars Note no. Year ended March 31,
2021 2020
Cash flow from operating activities
Profit for the year 18,048 15,543
Adjustments to reconcile net profit to net cash provided by operating activities
Depreciation, amortization and provision for impairment 2.1 & 2.2 &
2.3 & 2.24 2,604 2,144
Income tax expense 2.16 6,429 4,934
Impairment loss recognized / (reversed) under expected credit loss model 152 127
Finance cost 2.3 126 114
Interest and dividend income (1,795) (1,502)
Stock compensation expense 297 226
Other adjustments (47) (248)
Exchange differences on translation of assets and liabilities, net (32) 17
Changes in assets and liabilities
Trade receivables and unbilled revenue (1,414) (3,621)
Loans, other financial assets and other assets (684) 319
Trade payables 2.12 (5) (75)
Other financial liabilities, other liabilities and provisions 2,284 1,475
Cash generated from operations 25,963 19,453
Income taxes paid (6,061) (3,881)
Net cash generated by operating activities 19,902 15,572
Cash flow from investing activities
Expenditure on property, plant and equipment and intangibles (1,720) (3,063)
Deposits placed with corporations (183) (112)
Loans to employees – (2)
Loan given to subsidiaries (76) (1,210)
Loan repaid by subsidiaries 328 444
Proceeds from redemption of debentures 623 286
Investment in subsidiaries (1,530) (1,338)
Payment towards business transfer (237) –
Proceeds from liquidation of a subsidiary 173 –
Payment of contingent consideration pertaining to acquisition (125) (6)
Redemption of escrow pertaining to buyback – 257
Other receipts 49 46
Payments to acquire investments
Preference, equity securities and others – (41)
Liquid mutual fund units and fixed maturity plan securities (31,814) (30,500)
Tax-free bonds and government bonds (318) (11)
Certificates of deposit – (876)
Non-convertible debentures (3,398) (733)
Government securities (7,346) (1,561)
Others (13) (2)
Proceeds on sale of investments
Preference and equity securities 73 –
Liquid mutual fund units and fixed maturity plan securities 32,996 30,332
Tax-free bonds and government bonds – 12
Non-convertible debentures 944 1,788
Certificates of deposit 900 2,175
Commercial paper – 500

164 | Standalone financial statements Infosys Annual Report 2020-21

Particulars Note no. Year ended March 31,
2021 2020
Government securities 2,704 1,673
Others – 9
Interest received 1,340 1,817
Dividend received from subsidiary 321 –
Net cash (used in) / from investing activities (6,309) (116)
Cash flow from financing activities
Payment of lease liabilities 2.2 (420) (364)
Buyback of equity shares including transaction cost – (7,478)
Shares issued on exercise of employee stock options 9 2
Payment of dividends (including dividend distribution tax) (9,155) (9,551)
Net cash used in financing activities (9,566) (17,391)
Effect of exchange differences on translation of foreign currency cash and cash
equivalents 23 (54)
Net increase / (decrease) in cash and cash equivalents 4,027 (1,935)
Cash and cash equivalents at the beginning of the period 2.7 13,562 15,551
Cash and cash equivalents at the end of the period 17,612 13,562
Supplementary information
Restricted cash balance 2.7 154 101

The accompanying notes form an integral part of the Standalone financial statements.
As per our report of even date attached
for Deloitte Haskins & Sells LLP for and on behalf of the Board of Directors of Infosys Limited
Chartered Accountants
Firm’s Registration No.:
117366W/W-100018
Sanjiv V. Pilgaonkar Nandan M. Nilekani Salil Parekh U.B. Pravin Rao
Partner Chairman Chief Executive Officer Chief Operating Officer
Membership No.: 039826 and Managing Director and Whole-time Director

D. Sundaram Nilanjan Roy Jayesh Sanghrajka

Director Chief Financial Officer Executive Vice President and
Deputy Chief Financial Officer

A.G.S. Manikantha
Company Secretary

Mumbai Bengaluru
April 14, 2021 April 14, 2021

Infosys Annual Report 2020-21 Standalone financial statements | 165