Welcome, the members, to the 44th Annual General Meeting. I 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 circulars issued by MCA and Section 103 of the Company 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?
Hi, I'm Salil Parekh, CEO and Managing Director of Infosys. I'm joining in from Bangalore on our campus.
Sundaram?
Lead Independent Director and also the Chairperson of the Nomination & Remuneration Committee and Risk Management Committee. I'm joining this meeting through video conference from my residence in Mumbai. Thank you.
Mike Gibbs?
Hello, good evening, everyone. I'm Michael Gibbs, Independent Director joining in from Houston, Texas. I'm the Chairman of the Stakeholders Relationship Committee and also the Cyber Risk Subcommittee.
Bobby?
Helio, good evening. I'm Bobby Parikh. I'm Independent Director and Chairperson of the Audit Committee. I'm joining the meeting from Mumbai.
Chitra?
This is Chitra Nayak. Hello. I'm Independent Director and Chairperson of the ESG Committee, joining from California, USA.
Govind?
Hi, this is Govind Iyer. I'm an Independent Director and Chairperson of the CSR Committee, joining in from Mumbai.
Helene?
Hi, good evening, everyone. I'm Helene Auriol Potier, Independent Director joining in from France.
Nitin?
Nitin Paranjpe. I'm an Independent Director of the Company. I'm joining in from Netherlands.
Jayesh?
Good evening, everyone. I'm Jayesh Sanghrajka, Chief Financial Officer, joining in from Bangalore.
Manikantha?
Hi, good evening, everyone. This is Manikantha, Company Secretary, joining from Infosys Campus, Bangalore.
Apart from them, we also have key executives and senior management joining us from their respective locations. Statutory Auditors and Secretarial Auditors have also joined this meeting. The company has taken all feasible efforts to enable members to participate through video conference and 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. I now request Manikantha, Company Secretary, to provide general instructions to the members regarding participation in this meeting.
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 by the Ministry of Corporate Affairs and SEBI. The notice of the 44th AGM and the annual report for the financial year ended March 31, 2025, have been sent electronically to members whose email addresses are registered with the Company or with the depositories. In addition, physical copies of the annual report have been sent to the members who have requested for the same. Further, the Company has sent a letter to shareholders whose email addresses are not registered with the Company or depository participants, providing the web link from where the annual report can be accessed on the Company's website.
The facility for joining this meeting through video conference or other audiovisual 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 key managerial personnel, the register of contracts or arrangements, certificates as required under the SEBI Share-Based Employee Benefits and Sweat Equity Regulations 2021, 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 requests to investors@infosys.com. As the 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 the 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 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 yet electronically and who are participating in this meeting will have an opportunity to cast their votes during the meeting through the e-voting system provider, NSDL. Members can click on the Vote tab on the video conference screen to make use of this facility.
Members are also 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 may reach out on the helpline numbers. Members may note that this AGM is being recorded. Please do not disclose any sensitive personal information or personally identifiable information belonging to you or any other person that has no bearing on this meeting. Thank you very much. Now, I request Nandan Nilekani to address the shareholders.
Dear shareholders, welcome to the 44th Annual General Meeting of Infosys. On behalf of the Infosys Board of Directors, I thank you for the unstinting support you have extended to the company and appreciate the time you have made to join us today. Fiscal 2025 has been a year of strong execution for Infosys. Although it's a time of uncertainty, unlike any that we have ever seen in recent times, Infosys grew 4.2% in constant currency, delivering $19.2 billion in revenues. Operating margin for the year expanded by 50 basis points to 21.1%, and we generated $4.1 billion in free cash flow, which is a record increase of 41.8% over fiscal 2024. Large deal TCV for FY 2025 had sustained momentum at $11.6 billion.
The Company's robust performance reflects the strength of our client relationships, which will continue to be at the heart of all our future endeavors. For fiscal 2025, the Board has recommended a final dividend of INR 22, along with the interim dividend of INR 21 per share, which is already paid. The total dividend for fiscal 2025 is INR 43 per share. 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 and/or special dividend, subject to applicable ROAS and required approvals. Under this policy, the Company expects to progressively increase its annual dividend per share, excluding special dividend if any.
Salil Parikh, Chief Executive Officer and Managing Director, whose term extends until March 31, 2027, and who is liable to retire at this Annual General Meeting, is eligible and has offered himself for reappointment. Based on the performance evaluation and the recommendation of the Nomination and Remuneration Committee, the Board recommends the reappointment until March 31, 2027. During the year, there was no retirement or resignation of directors or key management personnel. As we look around us, there's a perfect storm of multiple colliding trends that is raging. Clearly, the world is shifting from a single global market to fragmented blocs, forcing companies to make strategic choices and navigate between regions. Just a few years ago, with COVID, there emerged a need to de-risk supply chains and move beyond just-in-time to just-in-case planning. Tariffs today are signaling to us that businesses must also de-risk their sourcing.
With bilateral and regional trade rules emerging as dominant forces, there's a clear need to accelerate supply chain diversification. Add to this the new uncertainty that AI adoption is creating. Legacy system modernization and data architecture overhauls to ensure that all the firms' data is consumable AI are becoming increasingly unavoidable. Companies need both AI foundries for innovation and AI factories for scaling. Regulatory variances across regions, however, present implementation complexities and challenges. Energy transition brings in another layer of uncertainty, with the future now depending on innovation in solar, wind, batteries, hydrogen, and nuclear technologies. Electricity will play a much larger role, requiring massive infrastructure investments in transmission lines, charging stations, and transformers. This transformation, too, will have to deal with regulatory hurdles. The price of commodities will depend on how fast these changes take place. Every business sector is facing fundamental challenges.
Automakers need to transition to electric vehicles. Pharma companies need to get better at using AI for drug discovery. Logistics firms need to manage supply chain reordering. Financial services are exploring tokenization. Energy companies need to reassess the long-term demand for their products. Utilities must prepare for a very distributed future. Manufacturers need to successfully integrate robots and 3D printing into the mainstream processes, and service companies are competing with more efficient AI agents. Every type of business in every part of the world is having to first adapt to rapidly changing business and technological disruption before advancing into an uncertain and unfamiliar future. In these times of mounting business volatility, Infosys offers the stability that organizations need to survive and thrive. Our comprehensive portfolio spans multiple regions, industries, and technological domains.
We deliver solutions that address both established business needs and emerging market demands for which solutions need to be crafted. Whether clients are pursuing aggressive expansion or navigating operational constraints, we have invested in solutions that are relevant to their strategic priorities. In many ways, it is what sets Infosys apart: our unwavering commitment to stay a step ahead of change and help our clients navigate the same. At Infosys, we are experts in the convergence of AI, cloud, and data transformation. Through Infosys Topaz, we combine AI's transformative potential with a robust foundation of cloud and data infrastructure, positioning our clients at the forefront of tomorrow's opportunities. Our extensive AI agent library accelerates productivity across multiple functions, from code generation and IT operations to bill-to-cash and code-to-order workflows. We have crafted specialized language models tailored to specific industries, IT operations, and cybersecurity needs.
This deep expertise, coupled with strategic industry alliances, enables us to deliver model development as a complete service offering. Cobalt Cloud Capabilities anchor our AI strategy, connecting seamlessly with top-tier public and private cloud providers, SaaS vendors, and PaaS platforms. Our data mastery, spanning architecture design and comprehensive structured and unstructured data management, empowers clients to confidently deploy enterprise-grade AI solutions. Across every dimension of enterprise technology, we create tangible transformational value while maintaining a laser focus on cost optimization, automation, and operational excellence. This comprehensive capability makes Infosys the partner of choice for global enterprises. As we are shifting to becoming more AI-focused, we are mindful about not losing sight of our responsibility to be human-first. Everything we do is designed to earn the trust and respect of our stakeholders worldwide.
At Infosys, our purpose, the value we bring to everyone around us, is to amplify human potential and create the next opportunity for people, businesses, and communities. We recruited over 15,000 college graduates in the year and ended the year with over 320,000 employees. 39% of our workforce are women employees. During the year, Infosys was recognized as a global top employer in 22 countries for best-in-class HR practices and processes. For the fifth consecutive year, we are also recognized as one of the world's most ethical companies by Ethisphere. We believe true progress is possible only when we serve the broader community, going beyond addressing the priorities of our clients and employees. We have our own blueprint for pioneering responsible business leadership in a rapidly changing world through being sustainable, socially responsible, and exemplary in governance. This is embodied in our Environmental, Social, and Governance 2030 commitments.
This year, we have made ambitious updates to the Infosys ESG vision for 2030. This refreshed commitment builds upon the strong vision and foundation that we had already established in 2020, encompassing critical areas including climate action, sustainable resource management, digital empowerment, workplace inclusivity, community development, employee wellness, and exemplary corporate governance. As part of our evolved aspirations, we now aim to achieve climate-positive status in 2030, moving beyond net zero to sequester more carbon than we emit while maintaining carbon neutrality through 2029. Our achievements today speak volumes to the depth of our commitment to ESG. For six consecutive years, including FY 2025, we have been carbon neutral while simultaneously expanding our positive environmental impact. Through 11 lake rejuvenation projects across India, we have increased water holding capacity by 4.3 billion liters.
Our human capital development goals are equally transformative, extending digital skills to empower over 18 million people and enabling employment opportunities for more than 500,000 individuals. Our Tech for Good programs have empowered more than 1.25 million lives in e-governance, healthcare, and education, while our digital skilling initiatives have reached 13.3 million people. We have also become the first India-headquartered company to receive binding corporate rules approval from EU Data Protection Authorities, underscoring our governance excellence. Through our community amplification efforts, we will continue to transform lives with technology for good, job creation, and comprehensive CSR initiatives. All of this will be underpinned by our commitment to leading data privacy standards and maintaining a position as an industry leader in information security practices. The world around us is shifting and changing at an unprecedented speed.
One of the defining opportunities of our time is harnessing artificial intelligence to drive the next generation of enterprise, to reimagine the way we live and work to our benefit. We have been at the forefront of this transformation and are excited to bring our insights and expertise to our clients' journey. Our recognition as the fastest-growing IT services brand over five years by Brand Finance, our position among the world's top 100 brands, and among the most trusted brands in the US, according to Kantar, reflects why leading global enterprises choose us as their AI transformation partner. I'd like to express our deep gratitude on behalf of the entire board to our dedicated employees, valued clients, visionary co-founders, and the governments of every region where we operate. Thank you for placing your trust in us and for your unwavering support.
To our shareholders, your belief in our mission and your continued encouragement inspires us to strive for excellence every single day. Thank you all for being part of our continuing success story. I now request Salil, CEO and Managing Director, to address the shareholders.
Thanks, Nandan. Dear shareholders, welcome to the AGM event. I want to spend the next few minutes to share with you an update on where the company has been over the last financial year. The overall theme I want to talk about is leading in AI and cloud. At the start, we have seen that the overall year has shown us tremendous revenue growth. We've been able to grow the business by 4.2% Year-on-Year, with our large deals coming in at $11.6 billion and our clients greater than $100 million at a number of 39.
This has shown a continuous growth for the company and a foundation which is building on growth for the future. As you look at the next operating performance, we see that our performance in terms of operating margin was very strong, and our performance in terms of cash generation was equally strong. In both those areas, we've been able to deliver at the highest levels that we could drive in terms of cash generation, with a free cash flow of $4.1 billion. On the next slide, we can look at the overall performance of the company in terms of our financials in rupee terms. Our total revenue in rupee terms grew at a level of 6.1%. Our operating profit grew at a level of 8.4%. Our operating cash flow was at a record increase of over 41%. Our net profit increased at 1.8%.
Our basic EPS increased at 1.8%, and our free cash flow increased at over 44.8%. As we now look at the dividends that we were providing, if you look at the last five years, we have constantly been providing an increasing level of dividends each year. If you look at this year, with the recommended dividend by the board, we will be at an overall dividend rate of INR 43 per share. Each of the years, it's been increasing in the past few years. Over the last five years, the company has returned to shareholders over INR 98,000 crore in terms of cash return. If you look at our balance sheet, we have a balance sheet which is extremely strong. Firstly, it's fully debt-free.
It is a liquid balance sheet, and where we are every year adding to from our cash into building out the assets of the company for a long-term sustainable future. The biggest move we have had in this past year has been what we have done in artificial intelligence. In AI, we are today working on 400 generative AI projects for our clients. Using AI technologies, we have generated 10 million lines of code, all done through different tools that we use within generative AI. We have also launched very exclusively and at great speed a whole capability around agents, and we have developed 200 agents already. Some of these agents are industry-based agents, and some of these agents are what we call horizontal or functional agents. These agents are working with our clients to help them in their projects.
We are already working on 30 agent-based AI engagements which are being deployed across different clients. We have today 20,000 employees using GitHub Copilot for coding, one of the largest numbers of employees of any company around the world. We are also recognized as a market leader by market analysts, leading in nine generative AI studies across different analysts. There are several examples where we have deployed generative AI and AI into our clients. For example, with a large bank, we are using this for some of their financial processes like KYC, where 50% time reduction has been seen. With a large audit firm, agents are doing some of the pre-work and work on the audit. With a large auto company, agents are being used in customer service to improve that. In a large telco, generative AI is actually helping them to improve revenue growth.
In a tech company, generative AI has improved customer satisfaction by 24% on some elements of their customer service. For making AI successful, there are two big components that are needed where Infosys is leading. One of them is cloud, which is really becoming the infrastructure for everything in AI. We had built several years ago Cobalt, which is all of our cloud capabilities. Here, we see very strong demand for AI, which is essentially on the cloud. We are focusing on turnkey network transformation projects, migration, modernization, and also with an extreme focus on minimizing cost in these areas. We are also building our agents on cloud, on any of the clouds which are large public clouds. In their libraries, you can find agents from Infosys, and also which are custom agents with clients.
Getting all of this infrastructure ready for AI, leveraging the cloud. The second component of making AI successful is really the data capability. Data needs to become extremely robust, and many of our large clients are taking the first step of making their data within their enterprise, their architecture ready, so that AI can be leveraged within the company. Data has become critical. Here, we've made strong industry offerings already within the data area in retail, consumer products, insurance, industrial, auto, aerospace, utilities. We are also working on enterprise data ready for AI, data for business transformation, and to build an overall AI economy using data. We are working on this from modernizing the data capability from legacy towards cloud-based and other structured and unstructured data architecture systems.
Now, in the environment that we are in today and what some of the points Nandan shared about it, it's very much focused from our clients on cost efficiency. Here, we have a lot of strengths within Infosys. We have very good focus on automation, on efficiency, on lean, and also using AI for productivity improvement, which is one of the core elements of what our clients are looking for. In terms of how all this is put together, our delivery organization is probably the strongest delivery organization within the IT services industry, supporting all of our clients. We have one of the best delivery capabilities. We work on large and complex programs, and these are deep and also multi-service offerings where it's not just one capability, but many of them coming together.
We could have some cloud, some cyber, some infrastructure, all coming together to support our global clients. The foundation of this is our training capability that was built several years ago, where we have the best training capability in the industry, and all of our employees joining us from college go through that in the first several weeks that they're with the company. We continue with our leadership in digital, something we started several years ago, and that has become the foundation which is allowing us to become cloud-first, AI-first, and be strong in the data category. In terms of branding, we've done a lot of movement, top 100 brand in the world, top three IT services brand, fastest-growing IT services brand, number one in analyst perception.
We can see in all of the events and all of the interactions with our clients, more and more we see we are becoming one of the more trusted brands in terms of technology and very innovative in terms of what we're doing with AI. This past year, we continued with our focus on small acquisitions in areas which we see good growth in, good client attention in. One of them was in energy consulting, which is based in the US, and one of them was in cybersecurity, which is a company based in Australia. This builds upon the last few years where we've done several acquisitions which are now integrated, whether the acquisition is on engineering services, on Salesforce in Europe, in the US, and also on some of the joint ventures that we've had some good success with over the last few years.
Now, while we are doing all of this, we are very active in supporting what is going on across all the communities that we work in. Just in the last financial year, we have completed 200 projects. We have impacted over 10 million people in India in a positive way with what we have called Springboard, which provides essentially free training on tech training. Over 9 million people have received this free learning all around the world. We have enhanced over 4 billion liters of water capacity with restoring 11 lakes in a sustainable way. Over 2.8 million people have benefited from a variety of healthcare initiatives that Infosys supports.
One of the biggest reasons why we do all of these things, both from a client side, industry side, technology side, delivery, is that we have a concept called One Infosys, where everything we do comes together for the benefit of the client to bring the best activities that are going on with respect to the client, whether it's in a different geography, in a different industry, or a different service line. We keep our clients foremost, and this One Infosys concept has helped us last year as well. With that, as I conclude, we had a good operational and cash performance, a strong leadership team, a very dedicated delivery organization, deep capabilities in AI, digital, cloud, and data, and many other areas, working as One Infosys, having the strong trust and support of our clients, which has led us to this sort of an outcome for the year.
Thank you very much. With that, I pass it back to Nandan.
Thank you, Salil. I now request Manikantha, Company Secretary, to provide a summary of the auditor's report.
Thank you, Nandan. The Statutory Auditors, Deloitte Haskins & Sells LLP, and the Secretarial Auditor, Makarand M. Joshi & Company, have expressed unqualified opinion in the respective audit reports for the financial year 2024-2025. 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's report on the standalone and consolidated financial statements, respectively, are available on page numbers 210 and 293 of the integrated annual report. The Secretarial Auditor's report is enclosed as Annexure 5 to the Board's report on page number 85 of the integrated annual report 2024-2025. Thank you.
Thank you, Mani. As the notice has 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 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 to any questions by members after all the resolutions are tabled. Accordingly, I will now only read out the resolutions.
Item number one 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, 2025, including the reports of the board-appointed auditors, have already been provided to the members. Item number two: Declaration of dividends. To declare a final dividend of INR 22 per equity share for the financial year ending March 31, 2025, you would recall that an interim dividend of INR 21 per equity share has already been paid for the financial year ending March 31, 2025. Item number three of the notice: Appointment of Salil Parekh as a Director, liable to retire by rotation. The text of the resolution is provided in the notice circulated to the members. Item number four of the notice: Material related party transactions of Infosys Limited and its subsidiaries with Stater N.V.
The text of the resolution is provided in the notice circulated to the members. Item number five of the notice: Material related party transactions of Infosys Limited and its subsidiaries with Stater Netherlands B.V. The text of the resolution is provided in the notice circulated to the members. Finally, item number six of the notice: Appointment of Makarand M. Joshi & Company, Company Secretaries, as Secretarial Auditor of the company. The text of the resolution is provided in the notice circulated to the members. If any member desires to ask any question pertaining to them on the notice, he/she may do so now. Members are requested to keep the 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?
People think innovation means iPhone. Innovation means computer. That's really not true. Innovation happens actually in every area, but village level it will be done. It is not scaled. That time I thought of innovation a lot.
When my son was born, he was diagnosed with jaundice. I had to take him to the nearest hospital. A lot of trouble to treat him over there. That is the triggering point for me to start and let this happen.
I lost my niece. She was just 11 years old due to complications of dengue. The day she died, we also came to know that she had a co-infection of malaria.
My eldest daughter, who is very close to me, she was a diabetic patient. She lost her vision due to diabetic retinopathy. Doctors could not do much about it. That started me thinking, look, what can we do?
In Formula E, where speed meets sustainability, every race is a step into the future. The thrill is not just in the race. It is in the insights that bring fans closer to the action. Infosys, as the digital innovation partner for Formula E, is bringing fans a new kind of immersion with the cutting-edge Infosys SAT Center.
It's a new season and our first full season with great new partners such as Infosys. Together, we will be reimagining motorsport starting this season in Season 11.
The idea was we'd build a Formula E SAT Center which will power fans with data insights. Because the one thing that fans love in sport, and this is not limited to Formula E, is the knowledge.
The key SAT brings fans dynamic updates, top drivers, leading teams, track insights, everything you need to stay in the race. Diving deep into moments and milestones, Insights offers AI-powered analytics and engaging summaries that decode the performance of drivers and teams.
Personalization is one of the key aspects of the Infosys SAT Center. Fans get a chance to actually tailor their preferences, follow their favorite teams, drivers, play around with stats, and do a whole lot more. The Infosys SAT Center uses generative AI, and that really helps for dynamic experiences for fans. They're quite immersed in the race right from the start till the time of the checkered flag.
Our ambition is by 2030 to average up 500,000,000 fans supporting Formula E around the world. In order to service those fans, bring them closer to the action, and satisfy their ever-increasing needs and curiosity about the drivers, about the cars, about the sport, about the times, we are working with Infosys on this AI-powered customer data platform so that we can create this repository for all that amazing data and amazing information so that fans literally at the touch of a button can get access to any information they need.
This is more than a race. It is a race for the future. It is powered by innovation that drives new experiences and new possibilities for everyone.
When is your due date?
Actually, in a month.
All get it up?
Yeah, I guess.
It's the last day before you go on your break. Excited?
Yeah.
By the way, how have we managed to be back?
How do you know she'll be back?
It's me raising, you know?
I think she'll be back.
I don't think so.
She'll be back.
No, she won't be back.
Yes.
She won't be back.
She'll be back.
No, she will.
She won't, she won't. Nitin, of course, I'll be busy being a mom. That doesn't mean I'm not going to come back to the career I've worked so hard to build. I want to, and I'll do both. I'll just need a little support from my family, from work, and just a little. Maybe from the two of you as well.
There we go. Nitin, call us whenever you want to. Don't be a stranger.
You shouldn't have to choose between family and career. At Infosys, we're ensuring everyone has equal opportunities.
Dear shareholders, thank you for joining our 44th 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 repetitions, the board will respond to all the questions at the end. Once you have asked your question, you can switch to the "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. Now, I'll request the first shareholder speaker, Dharav Vipul Jamadar, to kindly go ahead and ask your question.
Greetings of the day and namaste to the respected Chairman, all the board members, and stakeholders of my company. My name is Dr. Dharav Vipul Jamadar, a proud shareholder and in many aspects your loyal customer too, speaking from Surat, Gujarat. Firstly, I would like to congratulate all the stakeholders of my company for their contributions due to which our company has performed tremendously well in this particular fiscal year. It has also led to build an impeccable and robust brand. The certain questions which I would request you to address are, first, as the world goes to technological disruption, wherein AI, machine learning, IoT, big data, and much more are revolutionizing almost all the industries operating in an economy, we have always been a pioneering company leading such changes across the world. What are your views?
Which sector will be the most and which will be the least affected by the AI and other tech-related disruptions? Second, being a bellwether IT company, not only in India but all over the world, we have been a pioneer in the sector. Furthermore, with a rich history of generating cash flows, with robust cash reserves, which in turn has been duly distributed to all the shareholders on a timely basis. Don't you think in the coming years with such healthy cash flows, we can acquire, merge, or even build a tech-based company that develops sales products, including software and hardware, just like fine companies in the US? That shall help us in diversifying from consulting and services business. Kindly share your views on the same. Third, we have our operations all over the world, and the major risk that always wanders upon us is the currency volatility.
We have a robust hedging system, which we do for all the currencies we generate our revenues from. Can you please elucidate how the company does the currency hedging for both currencies that are having their derivatives and the ones that are not having their derivatives or they are illiquid in the market? Fourth, after three tapered quarters, yields from the European regions have started gaining some momentum, wherein there is a 5% growth in dividends in comparison to that of 2% of the U.S. market. We on our end have partnered with the Allied Irish Bank. There are certain green shoots for the industry as a whole, like India, U.K. FTA, along with the EU to on cards. In the coming times, from which region can we expect the maximum dividends coming from?
Fifth, since the last couple of quarters, government spending and private CapEx have been lesser than expected, and we have been a bellwether and prominent player in serving various requirements and needs of government in many aspects. What are your views on winning government deals in this particular fiscal year? What kind of margin uptick can we expect from it? Thank you, sir, for providing this opportunity. It's an honor and a pleasure to attend this meeting. Thank you, sir.
Thank you, Mr. Dharav. Now, I'll request the next shareholder, Mrs. Patel, who is joining in audio. Mrs. Patel, kindly go ahead and ask your question.
Hello. Am I audible, please?
Yes, madam, you are audible. Kindly go ahead with your question.
Thank you very much. Good evening to all of you. Greetings to all my shareholders. Respected Sir Mr. Nandan Nilekani, Mr. Salil Parekh, sir, and all other eminent directors on the board, Mr. Jayesh Sanghrajka and Manikantha, the Company Secretary, Nikita, Sanjana, and Rajesh for being very good and helpful to us. Today is the 44th AGM of Infosys, and at INR 43 dividend, we are getting from Infosys. Sir, AI, cloud, data, digital, and cost efficiency are the basic strong points of our balance sheet. We were a small office in Pune in 1981. Today, we have six offices in six continents, 59 offices in different countries, and 292 offices in India. Sir, I have a few questions. What does the company plan to utilize its INR 47,500 crore cash and cash equivalents? What is the average rate of return?
How much should we utilize this INR 47,500 crore cash and cash equivalent investment? Sir, what are the future plans for expanding on our AI, cloud, digital, and data efficiency? Stock price is on the decline since the last six months. Will this trend continue? What are the steps that the management is taking to restore the confidence? The company has reported a revenue of INR 162,990 crore growth. What were the factors, and how much sustainable are we going forward? Why is there no similar increase in the profits as far as the revenue is concerned? The profits are on decline. Anyway, I thank the management, the whole team. I, of course, would like to stress here that our global CSR spend is around INR 628 crore, and we are on the top employer for the fourth consecutive year. Thank you very much, Infosys. Women's workforce is around 39%.
Sir, we have 823 patents. How many patents are pending, and how many are still granted? I thank management for giving me this opportunity to speak at this AGM, 44th AGM. I only wish to say one thing that employees, whether they are professionals or whether they are other employees, in various factories, fields, and offices, employees have worked with unforgettable zeal and enthusiasm of bringing their products to an impenetrable quality. I thank all the employees for giving such a good result. Thank you very much, and this is Patel from Bombay. Thank you.
Thank you, Mrs. Patel. Now, I'll request the next speaker shareholder, Mr. Jaydip Bakshi. Mr. Jaydip Bakshi, kindly go ahead and ask your question.
Yes. Very good evening, Chairman, MD, CFO, and other key managerial persons. Myself, Jaydip Bakshi, connecting from the city of Kolkata. First, initially, I want to convey my thanks to our Company Secretary, Manikantha Ji, for giving me an opportunity to express my view and to the entire secretarial team for conducting this video conference in a smooth manner and presenting a detailed and informative annual report. Sir, your initial speeches were very much informative and also along with the video presentation, and congrats once again for the good performance and the dividend of INR 22 along with the interim of INR 21 passed on to us. Sir, how is our company preparing for the geopolitical risks that could impact our global delivery centers and plan to sustain or improve its operating margins amid this turmoil as we have a high cash-generating business across the world?
Sir, how does Infosys plan to differentiate these AI offerings and allow the limitless possibilities in a rapidly commoditizing market? Sir, congrats once again for the growth in the foreign exchange earnings. Sir, we have recruited nearly 300,000 plus professionals for service delivery to our clients. Sir, what is our share on the employee retention rate? Sir, steps by Infosys for employee engagement and productivity improvement and keeping the workforce future-ready. Sir, how do we plan to acquire startups in emerging technology areas? Kindly share our key growth drivers and how Infosys is banking for the next three to five years and positioning itself from global peers. Sir, Infosys Knowledge Institute for Business Research, kindly share some thoughts regarding this. Sir, any orders from the Government of India in the pipeline? Congrats once again for the awards.
Sir, I have supported all the resolutions and wish our company continues to fulfill the expectations of our investors and through responsible decisions can increase shareholder valuation and continue with this video conference so that we can get in touch in the future also. Thank you, sir, and all stay safe.
Thank you, Mr. Jaydip Bakshi. Now, I will request the next shareholder, Vipul Kumar Shah, who is joining on an audio call. Mr. Vipul, kindly go ahead and ask your question.
Good evening and thanks for the opportunity. First of all, I would like to congratulate the management team for a resilient performance during a very challenging year. I have a few questions. What was the revenue for AI projects during this financial year? Previously, when digital started, we used to share digital revenues separately. I would request if management can share what is the AI revenue. I would also like to know whether margins for AI projects are higher or lower or at the other business segment level. My second observation is we are sharing only large TCV at the end of the quarter. Our larger peer shares that total TCV. I feel that we should share total TCV. It will give a better handle to investors and analysts to analyze the prospects of the company.
I would request the board to consider this suggestion. If our larger peer can give that figure, why can we not give that figure? Another question is regarding our currency movement against the dollar. Since last so many years, the rupee has been continuously depreciating against the dollar. In view of very large budget deficits of the US, most analysts believe that the dollar will depreciate against all major currencies. In the unlikely event of rupee appreciation against the dollar, what are our contingency plans? My last suggestion is to have a hybrid AGM where those who want to join physically should be given a chance to attend physically, and the rest can participate through video mode. I would request the board to consider that suggestion.
My other suggestion is that we should increase the timing of the conference call, which is held at the end of every quarter, by 15 minutes because our individual shareholders like me have never got a chance to ask the question because most of the time is consumed by big brokerage houses. If you can increase the timing by 15 or 30 minutes, it will give us a chance to ask the questions during the conference call after every quarterly result. Thank you very much and all the best.
Thank you, Mr. Vipul. Now, I'll request the next shareholder, Prakashini, to kindly go ahead and ask the question. Prakashini, can you kindly go ahead and ask your question? We'll move to the next shareholder, Kaushik Sahukar. Mr. Kaushik Sahukar, can you kindly go ahead and ask your question? Mr. Kaushik Sahukar, we'll move to the next shareholder, Mr. K. Sadanand Shastri. Mr. K. Sadanand Shastri, kindly go ahead and ask your question. We'll move to the next shareholder, Krishan Lal Chedda. Kindly go ahead and ask your question, sir.
Hello. Hello. Can I start?
Yes, please go ahead, sir.
Good evening, sir, and good evening, everybody attending this AGM. Myself, Om Prakash Kejriwal, your Deputy Shareholder from Kolkata. Thank you, sir, for providing me the platform to speak something before you. Thanks to our Secretarial Department for helping me in registration as a Speaker Shareholder. Especially thanks to our Secretary, Mr. Manikantha sir, for calling me and taking my note. Sir, this is my fourth AGM, only due to virtual, though I am your very old shareholder. If possible, please follow this virtual AGM in the next year also, so that more and more investors from different parts of the world could join our AGM and express their views, and the company could take benefit from their views. Sir, firstly, I want to give thanks to you people for three things. First, for giving a dividend of INR 43 per share.
43 on fresh INR 12.05 in spite of a difficult business environment. Second, for finalizing the accounts within 17 days, that is on 17 April 2025, though you have 128 subsidiaries and associates working in different countries. Third, for having a joint venture with Mitsubishi Heavy Industries, Japan. My question is, which type of work will be done in this joint venture? Sir, there is no growth in our profit. Our consolidated EPS is INR 64.50. Previously, it was INR 63.39 on fresh INR 12.05. Sir, what is your future expectation? Will you declare any special dividend this year? Please share your views. Sir, do you have suggestions for the CSR committee? Please use some of the CSR funds to provide drinking water nearby your business points and nearby your offices. Second request, please use some of—hello?
Second request, sir, please use some of the CSR funds for betterment of cancer patients because we know after corona disease, one or two members of each family are suffering by the cancer disease. Sir, do you have a few requests also? Please do not use Zoom ebex platform for virtual AGM. Sir, you are a tech company. Why not develop your own platform to conduct VC meetings? It can also be marketed like Zoom and Webex. Please think over it. Second request, sir, please do remember the Speaker Shareholder at the time of festivals in the same manner as you remember your friends and relatives. Third request, sir, I am your very old shareholder. Please organize a program so that we can see our Bangalore campus. Katla Sharji, please maintain your smile and be cheerful. We are always with you as a long-time investor. Thank you. Thank you, sir.
Thank you, Mr. Om Prakash. Now, I'll request the next shareholder, Mr. Atanu Saha. Sir, kindly go ahead and ask your question. Mr. Athanu, kindly go ahead and ask your question.
Yes. Am I audible?
Yes, sir. We can hear you.
Good evening. I am Atanu Shaha, a shareholder of Infosys Limited, my respective Chairman and Board of Directors, and independent and executive non-executive directors all over the globe, and also different committees, our CFO and our Company Secretary and his total team. Sir, today is 25th June. Our company is organizing its 44th Annual General Meeting. It is Indian Standard Time at 4:00 P.M., 4:00 P.M. Sir, thanks because our company shareholders and all their important information and their questions, and it's ready. My request is, sir, keep our integrated annual report, which is accessible and easy and reduces its gap. The page number 26, Infosys's leadership team, it's very encouraging. Page number 42, which is the value creation model, where we beautifully showcase the capital utilization and its input and outputs. Also, thanks to our company, maintain its United Nations 17 goals. Page number 61, capital allocation policy.
What about the development center of information tech, mainly Eastern India, New Kolkata, and Bhuvaneshwar? Do you have any historical museum inside Pune? How many MSMEs? Sir, the question is, how many MSMEs are working with us and their total transaction amount? Sir, I already custodied my vote with all my resolutions on 17th June, both sides. Sir, in this regard, I wish to read Alibaba's speech that today it's heard, tomorrow will be host, and the day after tomorrow will be shining. Sir, I, Atanu Shaha, I wish a good year ahead with good results and good special dividends. Sir, I, it's Infosys where technology and management create its world. Thank you very much. I namaskar according to our company secretary. Thank you very much. Namaskar.
Thank you, Mr. Athanu Shaha. Now, I'll request the next shareholder, Hiranand Kotwani. Mr. Hiranand, kindly go ahead and ask your question. Mr. Hiranand, kindly unmute yourself and ask the question.
Yeah. Namaste. Are you audible?
Yes, sir. We can hear you. Please go ahead.
Thank you. Thank you. Namaste to all the people. It is a great pleasure. I am speaking from Kalyan. Coming to the point, Vindrover, it is our—please merit a whistleblower policy. How do you tackle this whistleblower every day? You campaign suggestion. How do you tackle this? This is my one question. Second, we paid the listing fee in India and outside India. How much amount we paid? Listing fee for 25 years, 25. And about the overfish outside India, nothing more than just paid good wishes to our health issue and training program at our Infosys. Health, how do you tackle the health issue at Infosys in various geographies? Because it is very tough in various geographies to tackle the health issue and training. Please merit. Thank you. Good luck. Send it to you people. Thank you.
Thank you, Mr. Hiranand Kotwani. Now, I'll request the next shareholder, Mr. Santosh Kumar Saraf, to kindly go ahead and ask your question.
Hello. Hello.
We can hear you, sir. Please go ahead and ask your question.
Okay, sir. Respected Chairman and Board Members, my fellow shareholders, my name is Santosh Kumar Saraf. I am from Kolkata. Hope all you are safe and good health, sir. I also thank our employees, those hard work, gained our company at this position, sir. I also thank our Company Secretary, Mr. Manikantha, for keeping very good quality listeners also. Sir, I have two three to extend platform, extend platform. Second, sir, what new technology you have developed for growth of the company, sir? What is it you have taken at present geopolitical situation? Everyone is disturbing. How do you protect our company's profit and growth in the future, sir? Nothing, sir. I ask for a BG meeting in the future so we can express our gratitude to you and our employees who are working hard. Thank you, sir. Namaskar. Ram Ram.
Thank you, Mr. Santosh. Now, I'll request the next shareholder, Mr. Uday K. Jagannathan. Mr. Uday, kindly go ahead and ask your question. We'll move to the next shareholder, Mr. Anil Mehta. Mr. Anil Mehta, kindly go ahead and ask your question.
Hello. Am I audible?
Yes, we are able to hear you, sir. Kindly go ahead and ask.
Yeah. Thank you, sir. Good afternoon. This is Anil Mehta, attending this meeting from Bombay. I have one question regarding what is the present looking to the trade war? One minute, sir. Looking to the trade war and the present situation with our neighbor country and also the present report rate, how much growth can we expect in the current FY 2025-2026? With this, we are supporting all the resolutions and thanks to the Secretarial Department led by Mr. Manikantha for the cooperation and support. Thank you. All the best.
Thank you, Mr. Anil Mehta. Now, I'll request the next shareholder, Dilip Kumar Das. Mr. Dilip Kumar Das, kindly go ahead and ask your question.
Can you hear me, sir?
Yes, sir. We can hear you. Please go ahead.
Good evening, respected Chairman, sir, and all other board members of Infosys and my online fellow shareholders who are watching this meeting arranged by our company, which is grand success, sir. This is my first meeting with Infosys. I, Dilip Kumar Das, shareholder and executive member of Kolkata Welfare Association of Small Shareholders. Sir, very good investor service. I have received my beautiful annual report, which is A1. There is no doubt. Thanks to the entire Secretarial Team for this. Very good tagline, "Infosys Navigate Your Nest." Sir, good dividend with good CSR activities also. Good recruitment, new employees 320,000 from choosing 15,000 colleges. Sir, may I question, sir, is there any provision or policy recruitment for qualified employees from shareholders' quota? If no, think about it, sir. My second question is, the Government of India introduced paternity leave.
What is our thinking for introducing leave in this matter for our male employees? Sir, I have supported all the resolutions through voting and full trust of our famous super management team under your leadership, sir. Lastly, I wish you and your entire Infosys team for good health and prosperity. Myself, Dilip Kumar Das, over to you for further proceedings. Namaskar.
Namaskar. Thank you, Mr. Dilip Kumar Das. Now, I'll request the next shareholder, Mr. Dinesh G. Bhatia, to kindly go ahead and ask the question.
Hello. Am I audible, sir?
Yes, sir.
Hi, sir. My voice is heard, sir.
Yes, sir. We can hear you, sir. Please go ahead with your question.
First, congratulations, Chairman Sri, you and your entire team that you are doing very excellent work. It shows in our BSE prize. Because of your achievement, our share price today closed on BSE at INR 1,615. It is your achievement. You are reported doing excellent work. Therefore, our shares are quoted in such a good price. You and your team, MD, also given presentation in this meeting. So, we get many things from you that are very excellent work we are doing in AI technology. We generate 400 projects. It's a good thing. It is proud for us that we are a good company shareholder. You are doing all the things very good. My one suggestion is that, sir, if we got such a cash flow, a lot of cash flow, why are we not putting the buyback scheme?
Because of that, our share price, our capital is too much, INR 2,076 crore. If our capital reduces, then our price will reflect and our profit will be gone up on equity, sir. Because we've seen our peer group, all companies' shares are INR 1 or INR 2. Our peer group, this HCL, is INR 2 share quoted in market 1,716. Our share is INR 5 quoted on 1,615. We think we are doing, you are doing a lot of work. You are doing very good, excellent work. Our revenue is also, our sales is also excellent. Our sales is INR 34,136 crore. It is a good sale. It is in our BSE side. When we look at our peer group, we are number two on sales. I would like to know, we are in India number two on price of BSE. We think our peer group person, HCL technology, is INR 2 share quoted.
If it is possible, I think to do buyback scheme. If our equity reduces, then our profits, EPS go more. My suggestion is that we are ever worshipped that we get something more and more from you. You are given excellent dividend, total INR 43 per share. It is good, 21 and 22. It is a good one. We think if it is possible, sir, you split our share. Our INR 5 share, if you split INR 1, then there is no reflex on balance sheet or P&L account. Only our share quantity will be increased. If our share quantity will be increased, our price will be going higher and higher, more and more trading going. If it is possible, your next meeting, you try to think about this split and buyback. Your service is excellent. Your work is excellent. Our Secretarial Department is also excellent.
Not only good or very good, but very excellent. Because they update us, they guide us. We are happy from your entire team. Also, your secretary and secretary team is very excellent. Thank you for giving me a chance on this video meeting. I am speaking from Mumbai, Dinesh Bhatia. Thank you. All the best.
Thank you, Mr. Dinesh. Now, I'll request the next shareholder, Tamal Kumar Mazumdar, to kindly go ahead and ask the question.
Yes, sir. Respected Mr. Nilekani, Mr. Parekh, and I was here to serve the company, myself, Tamal Kumar Mazumdar, and each shareholder from Kolkata. I want to add to Mr. Salil Parekh's statement that $100 million number of clients of $100 million actually decreased from 40 to 39 during the current year. Sir, I have the following query relating to audited accounts and other matters. Sir, in your letter to us under the heading "An Era of Uncertainty," you mentioned that the early learnings from enterprise AI adoption gives us a glimpse of those potential challenges lying on the path ahead. Whether the potential challenges include a huge reduction in manpower in the near future and whether our customers are showing more interest in the AI model presented by our company. Would you share details in this respect of foreseeable risk as mentioned in your letter to us?
Sir, what is the reason for the increase in attrition rate to 14.1% during Q4 of financial year 2025, which is higher than TCS's 13.5%? What steps did management take to decrease the rate? Sir, increase in revenue on a consolidated basis was a mere 1.06% in comparison to financial year 2024. How much of this rate growth is attributable to revenue growth and impact of exchange rate? What is the expectation from the current year? Do you expect any negative impact on our revenue during financial year 2026 due to unprecedented levels of uncertainty noticed globally? Sir, it is noted from page 103 that margin from communication and life sciences decreased substantially from 20.5% to 17.5% and from 25.2% to 22.5% respectively. Whereas in case of high tech, it decreased from 25.4% to 24.6%. Would you please share the reason for such decrease?
Sir, if we compare our margin with the market rate that is here, then we may notice that in manufacturing, TCSF's margin was 32.7% against ours of 19.3%. Life sciences, TCSF 28% against ours of 22.5%. In communication, TCSF 20.9% against ours 17.5%, and so on. How do you look at these huge variations? Our viewpoint is just respect with those. Sir, it is noted from page 282-83 that the company invested INR 4,317 crore in the equity of Industrial Singapore Private Limited. In addition to that, there lies an investment of INR 2,831 crore in renewable preferential shares of that company. What is the reason for such huge investment in the subsidiary? When I wanted to take a look at the subsidiary at our website, www.infosys.com, it was not available. Only audited accounts of four subsidiaries were available there.
Would you please share the reason for such huge investment in it? Why are entire subsidiary accounts not available in the company website? Sir, the company is reluctant to share audited accounts of Infosys Foundation and Infosys Foundation USA for a long time with its shareholders. I strongly believe that we have every right to have a look at its audited accounts because our company used to contribute yearly to it. What was the total contribution to these two foundations by our company during financial year 2025? I want to know the reason for non-disclosure of accounts of Infosys Foundation and Infosys Foundation USA to us. Lastly, sir, why are we not giving much stress to the Indian segment? Its contribution is a mere 3% of total revenue during financial year 2025.
TCSF contribution from the Indian segment is hoping INR 22,660 crore during financial year 2025, four times of our revenue from Indian operations. What steps the management is taking to increase its Indian footprint? Lastly, sir, I want to thank our Secretary, Mr. Manikantha, for sending me the hard copy of the annual report and keeping good relations with the shareholders. Thank you, Mr. Chairman, for allowing me to complete my question. Thank you.
Thank you. Thank you, Mr. Tamal Kumar Mazumdar. Now, I'll request the next shareholder, Mr. Sunil Kumar Modak, to kindly go ahead and ask the question.
Hello?
We can hear you, sir. Please go ahead.
Okay. Good evening, sir. Respected Chairman Mazumdarji and other distinguished Board members and Company Secretary. My online fellow shareholder, myself, Surveel Modok, joining this meeting from the city of Kolkata. My DP number is 120109705384689. Thank you, the Secretarial Department, for rendering beautiful investor-friendly services. I am thankful to the management for registering me as a speaker to speak something on this platform. Infosys is a big name in the IT sector, having 292 offices in 59 countries. Its huge employee stakes, employee strength, 323,598, is a precious wealth of the company. It appears from the report, revenue comes from North America and Europe are very significant. Our country's contribution to revenue creation is nearly 3.1%. Why is it so insignificant? Strategy, strength, and competition are the main factors for the company's growth, which Infosys has.
Thanks to the company's excellent results for this financial year 2024-2025, and I hope that our company will do better in the coming years. I have already cast my vote in supporting all your resolutions and hope that our company will do better in the coming years. With this, I conclude my speech and over to you for further proceedings. Thank you, sir. Namaskar.
Thank you, Mr. Sunil. Now, I'll request the next shareholder, Manjit Singh. Manjit Singh is joining us on audio. Mr. Manjit Singh, kindly go ahead and ask your question. Manjit Singh? We'll move to the next shareholder, N. Prakash Chand Galada. Mr. N. Prakash Chand Galada, kindly go ahead and ask your question.
Sure. Good afternoon to everybody, to people on the committee's board and Chairman, my fellow shareholders, and other background officers who helped me to join the meeting. First of all, our company has been performing very well. It can be done through a physical meeting or a hybrid meeting. Probably that will be better to go back. If you are comfortable with this, the shareholders are not able to get the proper details of involvement. As per the SEBI guidelines, senior citizens who are the investors have been formed with RTA, like KFIN, a toll-free number as well as a register with them. Our register is also KFIN. Please try to have this thing so that around the year, senior citizens can talk to them over the phone rather than sending mails and waiting for the reply. One more point.
Ten years' performance of our company is not traceable easily in the. And it is adjust to. I don't know whether I missed it or it is somewhere there. Last bonus by our company was issued as late as 2019. It is long due now. If it is possible, you can think of that in your next board meeting. This year's dividend is good. Hope it is further improved and gives good returns in the coming years. The buyback has been probably possible. Please see that by. Now, it is introduced for the coming year from the shareholders, not from the open market, but from the shareholders. Thank you. I close my discussion or presentation. Good day.
Thank you, Mr. Prakash. Now, I'll request the next shareholder, Yusuf Yunus. Mr. Yusuf, kindly go ahead and ask your question.
Sir, very good afternoon, sir. Can you hear my voice? Good afternoon, sir. Good afternoon. Can you hear my voice?
Yes, sir.
Good afternoon.
Please go ahead.
Sir, dividend issued mentioned dividend we declared twice, sir. One was INR 21 interim dividend and final we declared INR 22, which makes up for the INR 43. It is a very excellent. Sir, I am very happy with our company's third department, especially all the people and all the staff. Sir, my humble request is INR 5 share. Why not splitting it today? Market, our rate was INR 1,615, sir. Went down to it went down to very well. Sir, why not splitting the share in INR 1, sir? My humble request. Sir, many years passed, I not declared a bonus, sir. What is your view regarding a bonus, sir? Because we are a good company and we are having a very good reserve, sir. This is my humble request, sir. Why you not declare a bonus, sir?
When we can accept in the history of Infosys to declare many bonus and people are very happy with the company, sir. It is one of the excellent, sir, excellent company, sir. Why not adding a small get-together for our people, sir? Sir, previously, three years we had keep a meeting at Andheri, sir, at the live conference. Now, please start that. Now, Corona is gone, sir. That way we can meet.
Foreign Language. This is one हमारे लिए एक मौका है, sir. Sir, next year से चालू करें, sir. Andheri में लीला में आप रखते हैं, ऐसा आप रखिए, sir, मौका, sir. हमारे लिए एक मौका है आपसे मिलने के लिए, sir. और आपका 44, 42, 43rd annual general meeting and my best wishes for this 44th annual general.
सभी को भेजिए, sir.
Yes, sir. You are hearing my voice, no?
Yes, sir.
Foreign Language. Yes, sir. This is a 44th annual general meeting, sir, and my best wishes for us. Sir, हो सके तो bonus दीजिए, sir. And nothing more to add. फूलों की खुशबू, कलियों की बहार, और Infosys का साथ. Also with our excellent Company Secretary, main contention, sir. He is a very excellent Company Secretary. आप उनको संभाल के रखिए, sir. He is a company का अपना asset है, sir. He is an asset for our company Infosys, sir. Wishing you good luck. वणकम, sir. Wishing for Mumbai, sir. Speaking from Mumbai, sir. वणकम, sir. वणकम. Thank you, sir. जय हिंद.
Thank you, Mr. Yusuf. Now, I'll request the next shareholder, Mr. Abhishek. Kindly go ahead and ask your question. Mr. Abhishek?
Hello, sir. Can you hear me?
Yes, I can hear you.
First of all, I congratulate the management on the eve of the 44th annual general board meeting. Sir, trust all is well with you and your family in this challenging situation, accompanied with much more respect than 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, first of all, I would like to know, as of date, how many employees are there in the company? I would like to know from you, sir. The company is doing really good, and we are really proud to be the shareholders of the company, and we really appreciate the management's efforts, sincere efforts in bringing the company to this particular extent and rewarding the minority shareholders in large numbers.
Sir, I would request the management to kindly give some privilege to the investors or investors' children who are IT employees who are into the IT profession to get a job in Infosys in case they meet the criteria of our company. Give privileges to the investor fraternity or the investors' children who are really capable to get employment in Infosys. The company has given an excellent performance and an excellent dividend, so we really appreciate the management for their efforts, and we hope that the company will perform similarly in the years to come and reward the investor fraternity in good numbers. Sir, I would request one humble request to the management is to kindly consider hybrid AGMs in the years to come because most of the shareholders are not able to join because of the digital challenges in the virtual platform.
If you can see, even in today's AGM, there are certain shareholders who could not join because of the digital challenges. If you can kindly consider hybrid AGMs, nowadays, most of the companies have started conducting hybrid. Even if our company can take an initiative to conduct hybrid, it will be helpful for the management, for the investors to join physically as well as virtually from their place. That will be convenient, and the management can also get the valuable pointers and ideas that will be helpful for the management to empower in the future. The company secretary and the other team are very humble and always reachable, so I really appreciate their sincere efforts and dedication towards the company. I wish the company and the board of directors great success and prosperity in the coming future, and thank you for giving the opportunity.
Sir, I hope to see you in the hybrid AGM next year. Thank you very much, sir.
Thank you, Mr. Abhishek. Now, I'll request the next shareholder, Ashish Shankar Bansal.
Respected Chairman and Board of Directors, first, I want to come back to this AGM today. I request the Company Secretary's team testing won't happen during the AGM time because today I cannot hear the Chairman's speech, so testing won't be going on. I already missed the Chairman's speech today. Also, I have one more request. Please keep the speaker number on the screen so other shareholders know this number is going on. As other speakers also said, please do not forget about the festival time for the shareholders. Thank you so much, sir.
Thank you, Mr. Ashish. The next shareholder, Redappa Gundluru. Mr. Redappa, kindly go ahead and ask your question. Mr. Redappa?
Yeah.
Please go ahead.
Mr. Sharavul, sir? Yes, we can hear you. Please go ahead. Mr. Redappa, can you hear us?
Yes, sir. Yes, sir. Right, sir. Thank you. Am I visible now, sir, clearly?
Yes. Please go ahead and ask your question, sir.
Thank you. Thank you. The Chairman and the Secretary, sir, all other non-executive Secretary connectors and the Chairman.
Mr. Redappa, we can't hear you clearly.
Very good. Sir, thank you, sir. Please go ahead.
Mr. Redappa, we cannot hear you clearly. If we can—Mr. Redappa, if you can turn off your video and try to speak. We are not able to hear you with the video. Mr. Redappa, are you still there? Okay. We'll move to the next shareholder, Mr. Asti. Mr. Asti, can you kindly go ahead and ask your question?
Sir, can you hear me and see me?
Yes, sir. We can hear you and see you. Please go ahead.
Chairman, sir, directors and shareholders, sir, I'm Asti from Mumbai. Sir, thanks for giving me an opportunity to speak. Sir, congratulate the management for reasonably good results. Year-on-Year, revenue from North America is reduced slightly. How do you see revenue from North America considering tariffs and made in the US? What is the guidance for 2025-2026 and 2026-2027? Sir, for quarter four, our revenue Year-on-Year is up, but quarter on quarter, it is down slightly. PBT is down Year-on-Year and quarter on quarter. Sir, consolidated cash flow has increased from INR 25,000 crore to INR 35,000 crore, which is excellent. Please pay attention to cash flow. Sir, face value is five. Please do not reduce the face value. Also, do not give bonus. Our share price is only INR 1,600. Let the share price increase and touch five figures.
Sir, in spite of buyback becoming taxable, one IT company has gone for a buyback. I hope you do not go for a buyback. Sir, during the year, INR 35.4 million has been transferred to IEPF as unclaimed dividends. Further, 51,242 shares have also been transferred to IEPF. Further, INR 34.7 million has also been transferred to IEPF for shares held by IEPF. I would request the Company Secretary to go out of his way to help the small shareholders. It's simply difficult to get the shares dematted in KFINTEC. They're very shareholder unfriendly. I have my shares dematted in Infosys. However, in other companies, I am facing a Herculean task to get my shares dematted. They just keep on rejecting one due to some reason or the other. Sir, ITC has got its own internal share department.
I would recommend that our company also should have an internal share department. Wherever KFINTEC is there, more and more dividends and shares are transferred to IEPF. Please keep a watch on that and try to help the shareholders or else change the RTF. Thank you very much and all the best for the future.
Thank you, Mr. Asti. Now, I'll request the next shareholder, Mr. Bharathraj. Mr. Bharathraj, can you kindly go ahead and ask your question? We'll move to the next shareholder, Vasudha Dakwe.
Vasudha is jumping in on audio. Madam, kindly go ahead and ask your question.
Please unmute me. Hello.
We can hear you.
Can you hear me?
Yes, we can hear you. Please go ahead.
Very good evening, respected Chairman, sir, Board of Directors, and my fellow shareholders, myself, Vasudha Swamshani. The opening speech given by the Chairperson is also very excellent and informative. Congrats for giving handsome dividends. Most of the questions were asked by my previous shareholders. There is no question from my side. Only my best wishes for coming financial years. My best wishes for coming all the festivals during the months of Shravan and Bhadrapad. Thank you very much, sir.
Thank you, Ms. Vasudha. Now, I'll request the next shareholder, Ramesh Shankar Gulla. Mr. Ramesh Shankar Gulla, kindly go ahead and ask your question. We'll move to the next shareholder, S. Padmanabhan. Mr. Padmanabhan, kindly go ahead and ask your question. We'll move to the next shareholder, P. Jaichand. Mr. Jaichand, kindly go ahead and ask your question. We'll move to the next shareholder, Krishan lal Chadha. Krishan lal Chadha, I think you had an audio issue. We were not able to hear you. Can you go ahead and ask your question now?
Can you hear me, sir?
Yes. Please go ahead.
Foreign Language. Thank you, sir. Thank you so much. Please give me a chance again, please. Because, sir, आपकी side से ही unmute नहीं हो पा रहा था, कभी मेरी side से कोई unmute नहीं हो पा रहा था, but I am really thankful to you for giving me this chance again. Last year, I have also given you the request for the speaker shareholder, but you have not considered me. This year, I have to thankful to you. Sir, I am coming to the point because the time is so precious. Sir, हमने इस साल revenue किया है 2025 में INR 162,990 crore का.
Sir, उसके अंदर हमारे पास 1,869 यानी 1,869 clients हैं, जो हमारे पास employee की ratio देखें तो 323,578 employees total हैं, जो कि अगर sir हम अपने active client के against देखें तो sir, per जो client के ऊपर हमने 174 जो active अपने employee रखे हुए हैं, उसके बावजूद sir अगर हम देखें तो 2021 से लेकर आज अगर 2025 के results देखते हैं तो हमने 60% की growth की है. उस 60% की growth में sir shareholder को 60% की growth नजर नहीं आ रही क्योंकि वो शायद से 2019 के bonus के बाद से अभी तक waited में है कि उसको bonus मिलेगा, लेकिन ऐसा नहीं हो रहा है. जहां तक हम CSR की बात करते हैं, कंपनी ने अच्छा initiative लिया है.
539 crore में से INR 526 crore उन्होंने खर्च किए हैं CSR activities के ऊपर, लेकिन जो सिर्फ Karnataka में Bhubaneswar और Odisha state से ही खर्च किए हैं, उसमें उन्होंने कहीं Delhi state या कहीं पर center place में भी उस पैसे को कहीं पर भी जो बचा हुआ पैसा जिसे हम खर्च कर सकते थे, ऐसा करने के बारे में सोचा भी नहीं है. शायद क्योंकि sir यह बात उन्हें अपने shareholders के बारे में भी सोचनी चाहिए कि हम उस पैसे को Delhi state में भी खर्च कर सकते थे. जहां तक sir हम अपनी net profit और EPS की बात करते हैं, तो अगर हम 2020 last year के मुकाबले देखें तो 0.62 से बढ़कर sir हम 0.76 पर ही आ पाए हैं अपनी profitability को लेकर.
उसका reason sir main हमने देखा है balance sheet के अंदर कि हमारी other income और other income बढ़ी है और expenses जो हैं वो हमारे कम हुए हैं, जो कि page number 58 के ऊपर साफ-साफ mention है. तो इसका main reason हमारी profitability का बढ़ना नहीं है, हमारी other income जो है वो बढ़ी है और expenses जो हैं हमारे decrease हुए हैं, उसका main benefit जो reason रहा है वो ये है. Sir, dividend की बात करते हैं तो last year हमारा dividend INR 38 था, जो कि INR 18 interim और INR 20 final था, जो इस साल का interim INR 21 और final dividend जो है INR 22 रहा है.
तो इसमें भी कोई major अगर हम समझें, कोई appreciation हमने shareholder के बारे में दिया है, तो ऐसा नहीं है क्योंकि दो-तीन रुपए का appreciation अगर हम देखें तो percentage के मामले में बहुत ही neutral है क्योंकि 5,000 की face value पर अगर हम हल्का सा dividend बढ़ा रहे हैं, तो शायद shareholder को जो dividend की जो expectation है, उसके मुकाबले में बहुत ही कम है। जहां तक sir page number 43 पर देखा हमने, आपने 2,72,000 rural families को beneficiary दी है। अगर आप page number 43 पर देखेंगे, तो sir उसकी कोई आपने discrimination नहीं दी हुई है कि उसका benefit किस प्रकार से आपने उन लोगों को दिया है। जहां तक page number 59 है, sir हमारे other reserve जो थे, वो also going down हो गए हैं और surplus भी हमारा down हो गया है।
उसका main reason क्या रहा है इस साल के अंदर financial year के अंदर, इसके बारे में जरूर आप हमें बताएं. जहां तक sir page number 70 की बात करते हैं, वहां से हमारी subsidiaries शुरू होती हैं और almost हमारी 102 subsidiaries हैं. लेकिन sir हमारी एक इजराइल और जर्मनी की दो subsidiaries, इजराइल और जर्मनी से जो हमारी subsidiaries belong करती हैं, अगर हम देखें इजराइल के तो sir थोड़े हालात ठीक नहीं हैं अब. इसके लिए तो हम capable मान लेते हैं अपने आपको, लेकिन जर्मनी में हमारी दो subsidiaries हैं और उनके results भी last two times से हमारे ठीक नहीं आ रहे.
तो इसके लिए हम लोग क्या initiative लेने की कोशिश कर रहे हैं कि हम उसको किस तरीके से चलाएं कि जो उसके अंदर हमारा loss है, वो बढ़ता जा रहा है और वो आगे आने वाले समय में हमें परेशान न करे और कंपनियों की जो subsidiaries का profit है या हमारी main company का profitability है, उसको नुकसान न दे, उसके बारे में हम क्या pre-planning कर रहे हैं. जहां तक हमारा board है, वो सारा का सारा delicate और efficient, सारा का सारा अच्छा board है, उस बारे में उनका सोचना बहुत ही major point है मेरे हिसाब से. जहां तक sir हम page number, जहां तक sir हम बात करते हैं.
Mr. Shankarlal, we request you to kindly wrap up your question.
Okay, sir, I have only two more questions and this is the main and major question. Sir, इस साल हमने ये हमारे MD और CEO जो हैं, Mr. Salil Parekh जी, उन्होंने 3,82,071 जो है equity है, वो incentive के तौर पर लिया है. Sir, shareholder को bonus नहीं मिल रहा और वो incentive के तौर पर 3,82,071 shares जो हैं, वो incentive के तौर पर personal level पर ले रहे हैं. I think उसकी आज की value INR 50 crore से ज्यादा की है. जहां तक हम देखें कि उनको पैसे ही salary और remuneration के तौर पर INR 80 crore तो वो already ले रहे हैं, जो page number 83 पर mention ही है. जहां तक sir page number 186 की बात करते हैं, the most important page is 186.
Sir, annual report के अंदर अगर हम उसको देखें कि sir हमारे पास 103 जो ऐसी ladies की complaint आई है, जिनके साथ physical harassment, sexual harassment की complaints आई हैं, उसके अंदर भी sir हम उसको इस financial last year की financial year में भी हमने उसको pending रखा हुआ है और इस year की financial year में भी हमने जो हमारे पास complaints आई हैं, उसको भी हमने resolvers नहीं दिए हैं.
तो क्या ऐसा major point है कि हम उनको जल्दी से जल्दी resolvers नहीं कर पा रहे हैं ताकि और ऐसे उसके लिए क्या सख्त कानून, जैसे तो हमारी government ने अच्छे-अच्छे कानून बना रखे हैं, लेकिन हमारी company में ऐसे क्या आपने initiative कदम उठाए हैं कि और जो employee हैं, वो ऐसे कोई भी हरकतें करने के बारे में न सोचें, जिससे कि ladies जो employee हमारा पहले ही बहुत कम है और वो भी अगर वो secured और safe नहीं है हमारी company के अंदर, तो आप खुद सोचिए कि हमारे board में भी ladies हैं और आपको उन वो हमारे इसमें director भी हैं, तो हम ऐसा क्या जो उसके अंदर कदम उठा रहे हैं कि हमारी जो ये चीजें हैं, वो resolve हों, इसके बारे में आप थोड़ा जरूर बताएं कि ये ऐसा pendency में क्यों चला रहे हैं इसको.
Thank you sir, thank you so much. ठीक है, अभी time की आपके पास अभी भी काफी समय हो गया है.
Thank you, Mr. Krishanlal. Now, I'll request the next shareholder, Kaushik Sahkar, to kindly go ahead and ask the question.
Hello. Hello, am I audible sir?
Yes, sir, we can hear you. Please go ahead.
Okay. Good afternoon, everyone. Good afternoon, respected Chairman, Executive Director, and key management personnel. It gives me immense pleasure to interact with you once again this year. I am also deeply grateful to our Company Secretary for granting me this opportunity. Coming to the agenda of the meeting, I would like to seek a clarification. Given the global slowdown in IT spending and rising geopolitical uncertainties, how will Infosys re-collaborate its growth strategy to ensure a sustained deal flow and margin protection in FY26? Before concluding, I would like to share a thought that I believe reflects our own inspiring journey. Rooted in values driven by innovation, Infosys inspires the future, while transformation at a time. I am personally committed to putting in the best efforts, but with organization support, the journey becomes even more meaningful.
In that spirit, I once again request your kind consideration and association in the area of certificate audit, including foreign payments for 15 CB. I am sincerely hopeful that management will extend an opportunity that enables me to remain professionally self-reliant. I hope Mr. Salil Parekh is listening to my speech. Lastly, I kindly request the management to consider organizing a branch visit or CSR initiative visit for speaker shareholders. This would offer us a first-hand view of the impactful work our company is doing at the grassroots level and allow us to celebrate the positive change we created through CSR initiatives. Additionally, I humbly request a sevensh from virtual AGM be thoughtfully utilized for shareholders' welfare. Thank you for your time, attention, and continued support. I look forward to engaging with you again next year. Thank you so much, sir.
Thank you, Mr. Kaushik. Now, I'll request the next shareholder, Manjeet Singh, who is joining on an audio call. Mr. Manjeet, kindly go ahead and ask your question.
Sir, am I audible?
Yes, sir. We can hear you. Please go ahead.
Infosys's key management team, secretarial team, और my co-shareholder, मैं सभी का स्वागत करता हूं. जिस तरह से कंपनी की बुनियाद 1993 में रखी गई थी और आज कंपनी अच्छी तरह प्रोग्रेस कर रही है, उसकी मैं आपको मुबारकबाद देना चाहूंगा. जिस तरह से हम हमेशा बोनस देते आ रहे हैं, ये 2018-2019 के बाद ये स्टेप हम शायद भूल गए हैं, कदम उठाना 2025 अब चल रहा है. कॉर्पोरेट जो है, रिस्पांसिबिलिटी के अंदर जो है, क्या हम सक्षम हैं या इस तरफ कोई बोर्ड मीटिंग में कोई फैसला आएगा, थोड़ा आप इस बारे में बताइए. CS साहब से मैं ये जानना चाहूंगा कि ये जो लास्ट क्वार्टर के अंदर है, इन्वेस्टर कंप्लेंट 39, इनका क्या समाधान हुआ है? ये जो 40 के करीब इन्वेस्टर कंप्लेंट रही हैं, ये किस वजह से रही हैं और इनका क्या समाधान निकाला है?
CS डिपार्टमेंट से मैं यही जानना चाहूंगा कि जो BSC के अंदर हमारी डिस्ट्रिक्ट कंपनी है, 500209 हमारा कोड है और सिंबल INFY, इसका पूरा अगर हम मापदंड रखें, तो ये इस तरह की कंप्लेंटें अगर आती हैं, तो ये किस वजह से है? कॉर्पोरेट गवर्नेंस के अंदर क्या कमियां मारी जाती हैं? थोड़ा आप इस बारे में बताइए। 2012 के अंदर हमने जो फाइनेंशियल सर्विसेज और हेल्थ केयर और अदर की तरफ, कई तरफ हमने अपनी सर्विस प्रोवाइड करी, उसका जो है टोटल बिजनेस में हमारा कितना पार्टिसिपेट है, थोड़ा आप हमें बताइए। अदर इनकम हमारी बड़ी है, ये चलो अच्छी बात है। एंप्लॉई बेनिफिट जो एक्सपेंसिव है, उसमें भी हमने करीब बढ़ोतरी करी है, उसकी भी मैं मुबारकबाद देना चाहूंगा कि आप अपने एंप्लॉई के बारे में अच्छा सोचते हैं। सर, चिंता का विषय यहां आता है कि जो हमारा EPS है, वो कम हो रहा है।
कुछ बेसिक EPS जो है, हमारा 65.62 से नीचे आकर 61.58 हो रहा है. ये किस वजह से है? अर्निंग पर शेयर हमारा कम क्यों हो रहा है? क्या वजह है? पैसा कमाने में हमें क्या दिक्कत आ रही है? थोड़ा आप इस बारे में बताइए. CSR एक्टिविटी में हमने हमेशा पार्टिसिपेट किया है, उसमें कुछ स्टेट में आप करते हैं, शायद ये नॉर्थ जोन वालों को या मिडिल सेंटर वालों को कुछ बुला देते हैं. कभी आने वाले टाइम में ऐसा कुछ हो, तो आप CSR एक्टिविटी में, जहां-जहां भारत में जरूरत है, जिस-जिस चीज की, जहां पानी के लिए, यहां-जहां कहीं भी जो सोशल रिस्पांसिबिलिटी हैं, उसकी तरफ आप पढ़ाई बच्चों की या जो भी ध्यान आप करते हैं CSR एक्टिविटी के अंदर, उस तरफ आप जरा ध्यान करिए.
और सर, CSR एक्टिविटी तो हम करते ही हैं, तो ये हम क्या इलेक्ट्रिकल बॉंड भी देते हैं राजनीतिक पार्टियों को खरीदकर? इस तरफ हमने कितना खर्चा किया है लास्ट टू ईयर में? थोड़ा आप इस बारे में बताइए. क्या ट्रेड डिपार्टमेंट की मेहनत से हम आपसे जुड़ पाए हैं? उनका बहुत-बहुत धन्यवाद. आगे हम भगवान से यही प्रार्थना करते हैं, जिस तरह से आप मेहनत कर रहे हैं, कंपनी दिन-दुनी, रात-चौगुनी तरक्की करे. Thank you for the management team. Thank you for the secretary team. Thank you sir. Thank you.
Thank you, Mr. Manjeet. Now, I'll request the next shareholder, Mr. Bharatraj, to kindly go ahead and ask the question. Mr. Bharat?
Yeah. Very good evening, Mr. Chairman, entire Board of Directors. I'm Bharatraj. I'm audible, sir?
Yes, sir. Please go ahead.
Yeah. I'm happy to see you are safe and fine, sir. First of all, I congratulate the entire management for the wonderful performance and thanks for the wonderful dividends, which my company is regularly paying. I thank you for the wonderful CSR program, which is the best in India. We are very generous for the society giving. Chairman, sir, things bonus is pending, Chairman, sir. Why not you consider a bonus, sir? There is one request. Mr. Salil, I hope you recognize me in the AGM at all three years managed contract like a CEO. I hope you fulfill the five years term and now you're continuing the next term also. I recommend the board, my MD and CEO should not be retired in my company. We should give accession to him.
It is a wonderful way my share price is appreciating, the dividend payments are going up, and the bonus will return. Thank you, Mr. Salil. You are the best CEO of my company. Under the leadership of my Nandan Nilekani, we are doing wonderfully fine. MD sir, my question is that regarding this artificial intelligence, sir, what is your plan, sir? If artificial intelligence comes into our company, the employment will come down. So what you are thinking regarding the artificial intelligence, sir? Will you be serious in the coming couple of years going into the artificial intelligence? Please let me know. I thank my secretary department, Mr. Manikantha and Mr. Rakesh, Mr. Konik, sir. Wonderful, sir. Always accessible, sir. In time, they tell me the annual report and the link. Chairman, sir, Nandan Nilekani, sir, in physical AGM, I requested for the Mangalore campus visit, sir.
Under your leadership, we visited Mysuru, sir. Mangalore campus visit is pending, sir. Please look at your MD, sir, Chairman, sir, to visit all the speaker shareholders and all the shareholders for the Mangalore campus. Once again, my best wishes to you. All the best for coming here. I'm Bharatraj. Actually, I'm in Ahmedabad, sir. That's the reason I cannot access correctly. I'm in Adani corporate office yesterday. It was Adani's birthday. I came personally and met him yesterday. I am at his corporate office now at present. I already told to Manikantha, please give an opportunity. He told, accepted it. Once again, sir, my best wishes to you. All the best for coming here. Next year, sir, Chairman, sir, humble request, arrange hybrid meeting. Sir, Government of India told to conduct hybrid meeting, which is physical and video conference.
Not only video, physically. The shareholders who want to meet in person, they'll come and meet you, sir. Please arrange hybrid meeting. Please give instructions to Manikantha. Next year, we'll have a hybrid meeting. We will come meet personally into Bangalore. They'll come. Otherwise, don't want to come there. They attend to the DC, sir. My best wishes to you, sir. All the best for coming here. Take care, sir. God bless you. Thank you.
Thank you, Mr. Bharat. I'll request the next shareholder, Ramesh Ghola, to kindly go ahead and ask the question.
Yes, sir.
Yes, Mr. Ramesh, please go ahead.
Sir, I'm seeing you, sir.
Yes, we can see you. We can hear you as well. Please go ahead.
Sir, my voice is okay?
Yes, sir.
Hello?
Yes, we can hear you. Please go ahead.
Okay. Okay, sir. Thank you. Thank you. Thank you, Manikantha, sir. Thank you so much for giving this opportunity to me, sir. Very good evening, all, sir. Sir, my company Chairman, Nandan Nilekani, sir, and CEO Salil, sir, and all board of directors, and my secretarial department is doing very well, sir. And Manikantha, sir, and our Manikantha, sir, colleague, Rakesh ji, और बहुत अच्छा, sir, call करके पूछ के, please join हो, join हो जाइए, बोल के बोला, sir. It is a very good opportunity to me, sir. Sir, मेरा जो question, sir, but sir, what is the company expansion plan, sir? And sir, second one, artificial intelligence में हमारा क्या risk क्या है? थोड़ा उसके बारे में भी बोल दीजिए, sir. Bonus, sir, share, sir, requesting, sir, बहुत सालों से नई भी है, so वो भी consider कीजिए shareholders को.
Sir, thanks for the CSR program, it's very good, sir. Wonderful awards, sir. I want to wish बहुत सालों से my campus visit पूछ रहा है, sir, Mysore or Bangalore, sir, please, sir, my कुछ भी नहीं देखा, sir, it's my dream, sir, वो फुलफिल आप ही करता है, sir. द टू, sir, hybrid mode agent करो, sir, जो physically आने वाला देख सकता है, बात कर सकता है, but BCB कर सकते हैं, sir, जिसने नहीं आ सकता, उन्हें VC mode में देखता है, sir, please, sir, please notice this, sir. That's it, sir. Thanks for giving handsome dividend. Sir, why it is going EPS down, sir, please, sir, इसके बारे में बोल दीजिए. Sir, ये secretarial department is doing very good, sir. Sir, my कभी भी Bangalore बहुत बार आते रहता है, sir, मैं आके Nandan Nilekani, sir, आपको भी मिलना, sir.
That to please give into instruction to my company secretary Manikantha, sir, please tell me. Sir, that to, sir, इस टाइम छोड़ के और कुछ भी questions नहीं है, sir. This is a very good company. Sir, that to, sir, all the best. My पूरा resolutions पूरा हां कर दिया, sir, accept करें. Thank you for the reward for given. बहुत अच्छा opportunity to me, sir. Always आप अच्छा रहे, sir. God bless us all, sir. Thank you. I'm Ramesh Shankar Gholla from Hyderabad. I'm at Ahmedabad, sir. Thank you.
Thank you, Mr. Ramesh. We'll move to the last shareholder speaker, Mr. Reddappa Gundloru. Mr. Reddappa, kindly go ahead and ask your question.
Yeah. Thank you, Manikanta, for giving this opportunity a second time. Due to technical problem, I'm not unable to attend that time. Thank you. My Chairman, Nandan sir, MD and CEO, dynamic leader, Salil Parekh sir, all other directors, Nitin sir, Bobby, Chitra, and Helene garu, Mike Hale, Govind, all, and especially the CST, Manikantha garu, and scrutinizers, auditors, and my fellows, share this video conference of 44th Infosys Annual General Meeting. Namaste, good afternoon. Sir, myself, Reddappa Gundloru, I'm attending this AGM from Hyderabad. Sir, as a shareholder, I'm very happy, proud about the company's performance financial 25. Sir, your speech is very wonderful. Yeah. Your speech is very wonderful. Thank you. Annual report is, sir, very wonderful annual report, sir. Detailed information, colorful, and especially the board of directors' photograph is amazing. In the middle, our leader, co-founder, Nandan sir, and Salil sir.
Really, we are felt very happy to see all the board of directors, sir. Thank you so much for the directors' corporate view photographs. Sir, corporate governance is wonderfully running by our Company Secretary and CFO team, ethically, transparency. In your speech, you covered almost many things about my company performance. Special kudos to this corporate governance. Congratulations, Nandan sir, and happy to you are always supporting the Indian IIT, sir. Your contribution, your interest, highly appreciated, sir. Thank you so much. Special thanks to you, sir. Strong operational performance and tremendous consistent growth financially. Thanks for wonderful wealth creation and also our bread and butter dividends, sir. Sir, congratulations for many awards we are won. CSR, there is no need to appreciate, sir.
Our Sudha Murthy ma'am, earlier Infosys founder chairman, she's initiated and also the legacy, our MD and CEO, Nandan sir, we continue the legacy of the CSR foundation and also CSR. No comments on that. Please do. Sir, human empowerment, you are in speech, overall empowerment, sir, for giving up 22 countries' employers. It's not a simple thing, sir. Great achievement. Proud of you, sir. Really. Also my company is debt-free. Good ROE.
Reddappa, will you kindly wrap up your question?
Yes, sir. I have a question. Thank you. I'll make the three questions and I'll close, sir. Thank you. Healthy dividend, sir. You are the visionary leaders. We know that. My question is, two to five years, what is your vision for my company? And also, what is the company outlook for financial year 2025-2026? In terms of revenue growth and profitability, another question. What is the specific initiative undertaking to drive growth in the BFSI and manufacturing verticals? What are the focus areas for digital transformation initiatives in the coming financial years? Sir, what is the strategy for expanding the portfolio or diversification to revenue or revenue streams? What are your plans? How are we leveraging artificial intelligence and other emerging technology? Sir, can you, Salil sir, can you explain about the significant increase or decrease anything in the specific categories in the other expenses?
Also, sir, what is the impact on this geopolitical impact as nowadays all the war issues are going on? My special, personal, any impact in our company revenues going forward, I would like to know, sir. With this, I'm concluding my questions. The company secretary team is highly appreciable, Manikantha sir and Rakesh sir. Timely send the annual report and all. Always reachable through email. Thank you so much. Nandan sir, Salil sir, we have the faith on you. On the board. Trust with you. Go ahead and increase the dividend coming financial years. Hopefully, we'll increase, sir. Sir, I wish good health to you. Happiness to you, sir. Take care of yourself. Sir, please continue VC, sir. VC is we can be able to attend any from global. No need to any the hybrid and all. Thank you so much. I'm the proud shareholder.
I'm a financial advisor, financial research advisor from Hyderabad. I have a very good association with you, more than 15 years, one of decades. We have very good memories and photographs with our Nandan sir. Thank you, Salil sir, for giving this opportunity second time. Thank you. God bless you all. Namaskar, Reddappa Gundlu from Hyderabad.
Thank you, Mr. Reddappa. Thank you, all the speaker shareholders. With this, we conclude the question session from all the shareholders who are joining on the video and audio. With that, I'll hand over back to the Chairman.
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.
Digital transformation is not only about building great technology, but it's also about building great, intuitive, thoughtful applications that our customers and employees can pick up and use without a lot of instruction and training. I'm Jason Bernbaum. I'm the Chief Information Officer at United Airlines. Infosys has been essential to help us build high-quality technology quickly. Their partnership has been invaluable to provide us with the ability to move quickly, to respond to changing market dynamics, and really build capabilities that are industry-leading.
My name is Nithankul Majumdar. I'm a Senior Vice President and Global Head of Services for Infosys. We have been working with United for more than 18 years now. During this period, we have tried to bring in the high-end capabilities that Infosys has, whether in the area of design and marketing services or legacy modernization or cloud migration and data analytics, AI, and generative AI now. We have worked in multiple areas within the United organization, starting from cargo to loyalty to revenue to fare. Multiple areas where we have been able to sort of bring Infosys capabilities to help them meet their customer needs and demands.
Innovation is one of our key pillars. We think of innovation both, we call it little eye innovation. It is the new feature on the mobile app. It is a new way to deploy software. It is the constant drumbeat of innovation that we have. Additionally, we have got something we call AirShop, which is our innovation lab. They have been tasked with doing things that we call sort of big eye innovation. How do you look three, four, five years down the road and understand what technology is doing? One of the things they are working on right now is using augmented reality and virtual reality to create a 3D representation of our airports so that someone can put on the glasses, see a 3D rendering of the Newark lobby, and then start to move things around in the virtual world and say, "What if this counter was over here?
What if these people were standing here? What if this signage was here? It's just a new way to accelerate change and to get more people involved.
We have helped reimagine and redesign the whole experience of the passenger lobby in the Denver airport. We call it the lobby of the future. We have redesigned the whole check-in area, the baggage drop, the signage, and the display for the gates. The whole experience has been redesigned, of course, in partnership with United folks, but our capabilities as well and put together. We are very proud of that. We have seen the growth of United from what it was as an airline to all the transformation that it has done for its customers, for the crew members, for the baggage handlers, for everyone, the experience that they have been able to bring, how they have made their life so easy by leveraging all this digital transformation. It is a very, very rewarding experience for Infosys.
We are able to leverage that experience in the industry as well.
As the invasion of Ukraine began in February 2022, a wave of devastation swept across the nation.
The Russian president said a military operation is now underway in eastern Ukraine.
There are reports of explosions and attacks at several major Ukrainian cities.
By January 2024, the war in Ukraine had devastated countless civilian lives, leaving a profound impact on families and innocent children. It also resulted in the destruction of over 350 schools and 3,700 learning spaces. By August, nearly 1.9 million children, almost half of all school-aged children in Ukraine, had to rely on remote learning systems in the midst of an ongoing war.
Багато дітей мають провалене у знаннях через перерви в навчанні та складність доступу до якісних освітніх платформ. Крім того, війна сильно вплинула на психоемоційний стан учнів. Вони часто стикаються зі стресом, тривожністю та труднощами у концентрації уваги.
Globally, there are 250 million children out of school, mainly due to poverty, but also the conflict and natural disaster. Street Child works for a world where every child is safe in school and learning. Since 2008, we've helped 1.5 million children in over 20 countries to realize their right to education and safety. Our team decided within 24 hours of the Russian invasion of Ukraine that we were going to launch a major response.
To help children reclaim their education, Street Child, in collaboration with Infosys Springboard, established digital learning centers in various strategic locations across Dnipropetrovsk Oblast. The eastern Oblast was chosen for its severe lack of international support and pressing local needs. These digital learning centers serve children of all ages, genders, and abilities as substitutes for schools.
Secondly, we've done a lot of work to support teachers to be psychosocially strong themselves and also to care for the children under their tuition, addressing the reality that a lot of children do not have the opportunity to attend a physical school. We've done a lot of work in the space of digital education.
As part of this effort, Street Child developed vital content for teachers and students through the Infosys Springboard platform. The pilot content is now also available beyond the Dnipropetrovsk Oblast.
Infosys, as a company, has always believed in the transformative power of learning, especially leveraging technology. Tech is borderless. Whenever there is a disruption in the absence of a physical infrastructure for learning, technology can act as a connector to ensure continuity. The model ensures that there is creation of a physical infrastructure where children can come and securely learn, the right kind of gadgets to learn from, and a digital learning platform that can scale up any kind of format of content itself. We believe that this model can be scaled up and rapidly implemented in any kind of emergency situation all over the world.
By September 2024, a total of seven digital learning centers had opened doors across the Dnipropetrovsk Oblast.
Imagine yourself in complete chaos, and then suddenly an oasis of normality appears where children can go and do normal things children do: study, talk to a friend, ask advice from a classmate, talk to a teacher. They can talk to a psychologist about all this madness they are in. They have electricity, internet, gadgets, laptops, everything they need to study. They can access the Infosys Springboard platform where we upload specially designed courses for them to catch up with education with different subjects and pass the final exams.
Street Child and Infosys are working together to create pathways to digital literacy, higher education, and career opportunities. In the midst of ongoing challenges, the hope is that this collaborative effort can give Ukraine's children the tools they need today to build a brighter future tomorrow.
What does it take to make the year's first Grand Slam into an iconic experience every year? How do we connect the world's greatest athletes and fans without breaking the time-space continuum? For our seventh Australian Open as digital innovation partner, how do we serve the next for fans, players, and the media?
Being together since 2019, Infosys has been right there partnering with us from a tech point of view, whether it be AI, whether it be tracking, whether it be analytics, to ensure that we can have the success that we enjoy today.
AI has played a key role in shaping the AO experience by tracking and decoding millions of data points across matches and serving up insights and analyses, all in real time. This year, Infosys and AO are leveling up by using generative AI to enhance fan experiences with the launch of three new properties. AI Commentary, the new addition to the match center, will use match data to deliver real-time match commentary in natural language for all singles matches. AI Stadium will elevate the VR tennis experience at the Infosys Fan Zone by letting fans design the stadiums they want to play in. Most exciting of all is Beyond Tennis, the world's first generative AI tennis league.
Beyond Tennis is breaking new ground by creating an intersection of sport, social media, and gaming that puts the user in control of the storytelling. Through our partnership with Infosys, we're allowing fans to influence and impact the story that comes to life right in front of them.
Beyond Tennis features eight teams of two players and will mirror a real-life tennis season. Designed within a responsible AI framework, it places a particular emphasis on protecting young users, making it accessible to anyone with a passion for the sport.
We're very proud of the fact that us and Infosys have been together on a journey of great success, particularly the last five years. We look forward to many more next with Infosys.
What does it take to turn the first Grand Slam of the year into an iconic experience?
Digital transformation is not only about building great technology, but it's also about building great, intuitive, thoughtful applications that our customers and employees can pick up and use without a lot of instruction and training. I'm Jason Bernbaum. I'm the Chief Information Officer at United Airlines. Infosys has been essential to help us build high-quality technology quickly. Their partnership has been invaluable to provide us with the ability to move quickly, to respond to changing market dynamics, and really build capabilities that are industry-leading.
My name is Nithankul Majumdar. I'm a Senior Vice President and Global Head of Services for Infosys. We have been working with United for more than 18 years now. During this period, we have tried to bring in the high-end capabilities that Infosys has, whether in the area of design and marketing services or legacy modernization or cloud migration, data analytics, AI, and generative AI now. We have worked in multiple areas within the United organization, starting from cargo to loyalty to revenue to fare. Multiple areas where we have been able to sort of bring Infosys capabilities to help them meet their customer needs and demands.
Innovation is one of our key pillars. We think of innovation both, we call it little eye innovation. It is the new feature on the mobile app. It is a new way to deploy software. It is the constant drumbeat of innovation that we have. Additionally, we have got something we call AirShop, which is our innovation lab. They have been tasked with doing things that we call sort of big eye innovation. How do you look three, four, five years down the road and understand what technology is doing? One of the things they are working on right now is using augmented reality and virtual reality to create a 3D representation of our airports so that someone can put on the glasses, see a 3D rendering of the Newark lobby, and then start to move things around in the virtual world and say, "What if this counter was over here?
What if these people were standing here? What if this signage was here? It is just a new way to accelerate change and to get more people involved.
We have helped reimagine and redesign the whole experience of the passenger lobby in the Denver airport. We call it the lobby of the future. We have redesigned the whole check-in area, the baggage drop, the signage, and the display for the gates. The whole experience has been redesigned, of course, in partnership with United folks, but our capabilities as well and put together. We are very proud of that. We have seen the growth of United from what it was as an airline to all the transformation that it has done for its customers, for the crew members, for the baggage handlers, for everyone, the experience that they have been able to bring, how they have made their life so easy by leveraging all this digital transformation. It is a very, very rewarding experience for Infosys.
We are able to leverage that experience in the industry as well.
We will now begin the answers to the questions. In this round, we are answering the questions that were raised in the web chat. 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 will start with my questions. First question, Mr. Padmanabhan, our company should consider bonus issue in current year, which is long overdue. Answer: This question was also raised by Mr. Jayraj and Mr. Chanchal Kumar Dey. The company has a well-defined capital allocation policy. Effective financial year 2025, the company expects to continue its policy of returning approximately 85% of the free cash flow cumulatively over a five-year period through a combination of semi-annual dividends and/or share buybacks, special dividends, of course, subject to the applicable laws and requisite approvals, if any.
Under this policy, the company expects to progressively increase its annual dividend per share, excluding special dividend, if any. We do not have any announcement with respect to bonus at the moment. Next question from Abhishek. What is the policy related to dividend in our company as most of the senior citizens depend on that? I explained just now about the policy on dividends. This year, the board has proposed a final dividend, INR 22, for FY 2025, along with the interim dividend of INR 21 paid in Q2. The total dividend for the year is INR 43, an increase of 13.2% over last year. Over the last 20 years, our dividend per share has increased at a CAGR of 23%. As the members know, your company has a clearly articulated capital allocation policy, and we have returned cash to our shareholders in line with this policy.
The annual payments can vary, but we are committed to returning 85% of free cash flow to our shareholders over the FY 2025-2029 time period. This is from Mr. Chilappan. With continued macroeconomic uncertainties and escalation in geopolitical tensions, how is Infosys assessing and mitigating its direct and indirect business risks, strategically adapting its service offerings to ensure resilient revenue growth and maintain profitability? Infosys is the leader in AI, cloud, data, and digital for our clients. Despite macro challenges, we are confident of our positioning both on cost takeout and discretionary spend. Our differentiated offering in cloud and AI with Infosys Cobalt and Topaz positions us well to gain market share even in this environment. This is endorsed in multiple analyst ratings, 58 leadership ratings in digital and 9 in AI.
Our robust deal pipeline, our continued investments in capability expansion, and the unique differentiation will stand us in good stead. As technology is a pivot in this changing world, Infosys today is more relevant than ever to our clients. Question four. Given the current slowdown in the U.S. market and the growing adoption of AI technology, should we anticipate any impact on workforce requirements or potential job restructuring within the organization? This is from Darshan Kirti. This question was also asked by Mr. Shishir Kumar Roy. Infosys' approach has been to be AI-first, and it's a comprehensive transformation journey aimed at positioning Infosys as a digital native and an AI-native company. It is a cultural and operational shift across three key areas: work, workplace, and workforce. The approach focuses on talent transformation, smart workplaces, and the development of smart, sustainable products.
We are continuously investing in reskilling and upskilling our employees in AI. As of today, we have over 275,000 employees who are trained in AI at different levels of proficiency. Over 20,000 of our employees are using GitHub for coding. We're among the largest users of that in the world. We are also investing in adding more AI builders and AI masters. Additionally, we're continuously working with our partners to upskill our employees. Question number five. In your opinion, which is a greater threat to an IT services firm: AI or exponential growth of GCCs? Question two. What is your plan on the cash that you have? This is from Satyendra Mundra. Answer: Both AI and GCCs are new waves of growth, not a threat. The current wave of GCCs is not about cost arbitrage. It's about innovation arbitrage.
Quite a few companies are setting up research centers, AI/ML centers, and GCCs, and we are helping many of them in this regard. This means that GCCs no longer are competitors; they are critical clients for us. On AI, AI is there in every one of our client conversations, and we are seeing strong business traction driven by Infosys Copilot. On the question on cash to shareholders, I have already answered that in one of the previous questions. With that, I hand over to Salil to take his questions.
Thanks, Nandan. There are several questions that I'll go through which have come. One, how effectively is AI being used for different projects at Infosys? This is from Ramesh Babu Satrasala. A similar question was asked by. AI is being used in a lot of our projects. All of our clients have AI at the center of what the discussion is, and they are prioritizing strategic AI partnerships. We are seeing good traction for generative AI work, which is on software engineering, process optimization, customer support, advisory services, and sales and marketing. We are also seeing good business case, which is driving efficiency and improving customer experiences, especially as they are using agents. A lot of this is coming from our Copilot capability that we have built.
Next, will there be—what are the growth triggers in the first or second half, and will there be light at the end of the tunnel? This is from Jay Abhishek. On outlook, we have given guidance at the last quarter at the start of the year results. The guidance for growth is 0-3%. Now, given at that time we had mentioned the various challenges in the environment, and given those and others that are coming, we maintain that guidance, and we will look at all the updates at the next quarter when we announce our results. What we see is, because of the different offerings we have on cloud and AI, and also what we have the offering on cost efficiency and automation, that we are well positioned on both the growth side as also on the cost side to support our clients.
We have a good large deals pipeline. We have good investments in making more and more building out capability and differentiation. As many of our clients also look to do consolidation of their spend, we remain beneficiaries of those sort of discussions. Overall, we have good relationships, strong partnerships with clients, and that becomes very positive in such an environment. The next question about the performance against plan on the two new acquisitions from Rhea Maheshwari. Now, these two acquisitions are fairly recent, so this is the start. Quite a good plan has been built on how they will be integrated, how they will grow both on energy consulting and on the cybersecurity side, both in the US market and in the Australian market, and how those capabilities will be taken to other clients and in other geographies.
We, at the start of this journey, are very positive about the outlook, and quite a robust plan has been built for that. Next question. As the world is going through change on AI, machine learning, IoT, big data, a lot of those industries will change in that economy. The company has been a pioneer in leading such changes. What is your view on which industry and where the AI will be most impacting in a positive and in the maximum and minimal manner? This is from Dharav Vipul Jamadar. Here, one of the things we have done is made Infosys an AI-first company where first AI is adopted everywhere within Infosys exhaustively. Also, we are seeing a lot of AI discussions. Almost every discussion with our client on any project has some part of AI or a large part of AI that is coming.
Clients are starting to build AI partnerships with Infosys, which we are positive about. We are working and delivered 400 generative AI projects. We are going more and more from case-based to really AI-led transformations where AI becomes the center of where the change is coming. A lot of this is coming based on agents. We have developed over 200 agents within Infosys, which the agents are working with clients. We have 10 million lines of code. We built four small language models. These are foundation models where specifically on the financial services as an industry, on IT operations as a horizontal, in cybersecurity. These are helping our clients to roll out on their dataset and our proprietary data, how the AI can be used.
We have a very strong partner ecosystem where we are working with the leading players in AI on a worldwide basis, and many of those have been public announcements that we made also with the SaaS players, also with the cloud platform players. We have been recognized as market leaders in nine generative AI studies by market analysts. Next, the question is, being a Bellwether IT company, not just in India but all around the world, the company has been a pioneer from a rich history of significant cash flow generation and robust reserves, which have been distributed timely to the shareholder. Do not you think in the coming years such healthy cash we can acquire or build some technological capabilities that will help us diversify? Please share your views on that. This is from Dharav Vipul Jamadar.
Here, we have a disciplined approach on M&A where we are focused on building acquisitions in areas where we see growth and which is in our strategic framework, which is related to digital. This is why we have seen, for example, an acquisition on cyber recently in the last quarter. We've seen acquisition in energy consulting. In the past, we've seen acquisitions which are on strategic areas on SaaS, on strategic areas on engineering services, and so on. That disciplined approach is what we'll continue to focus on, and that's where we will create the scale within the company. Next, the revenue in India geography is 3%, whereas the revenue from outside is larger. With some global situations and conflicts going on, will the company look to do more business in India? India is a critical geography. The question is from Sadanan Shastri.
India is a critical geography for us. We work with different Indian entities, for example, with the government on income tax, on GST. We are doing work with LIC on next-generation digital capabilities. In Finacle, we are doing work with a majority of the banks in India where the Finacle banking product is working. For us, it's a strategic market. It's growing well, and we will continue to work both with government and with the private sector within India. Next, please update on the growth plans of next three years. This is from K. Mohidan Gani. First, we give a guidance which is for this year where we are looking at, given the environment, 0-3% growth in constant currency.
Beyond that, we do not give the growth guidance for the next two years, but what we do have is a strength and focus on what we are doing in AI and cloud and in cost and efficiency. We see those areas will help us to continue to grow into the market. Next, whether previous year plans have been reviewed, any change in financials, liquidity, debt valuations because of generative AI and latest technologies. This is from Ramesh Babu Satrasala. Here, what we do is we evaluate our plans on a regular basis in terms of the investments we need, especially as we are building new capabilities and we are making sure that new investments are going into generative AI or other areas. For example, in cybersecurity, for example, in engineering services. We make sure that those investments are appropriate to what we see as the potential for that.
Next question is, how is Infosys managing hybrid model of working and encouraging employees to return to office? This is from Gaurav Agarwal. Here, we've been quite clear in focusing on a flexible work model, working from home and working from office. We've seen over the past several quarters and years a steady improvement month by month, week by week in people coming into the campus. We want to make sure that where our clients need our employees to be in the campus, they're already in even some time ago. We also want to make sure that there is coaching, teaming, learning, development of employees, there's much more of that happens in person. We also have flexibility for employees where they work from home as appropriate.
We've also opened offices which are quite closer to where some of our employees are living, for example, in Nagpur, Hubli, Vizag, Coimbatore, Kolkata, Mumbai, Gandhinagar, and Noida. These are getting larger, of course, on a smaller scale compared to our main centers, for example, of Bangalore, Pune, Hyderabad, Chennai, but still growing quite well. Next question is, considering current talent war and compensation trends in IT, how is Infosys planning to stay competitive in terms of salary structure and career growth? This is from Shashir Kumar Roy. Here, one of the things we've always focused on is making sure that we are attracting, retaining, nurturing, and training talent in the best possible way in this industry. What we have done with respect to training has been something which is an industry-leading approach.
Our approach to total rewards is continuously benchmarked against what is in the industry, and we have a strong reward mechanism such as incentives, stock programs, retention programs, profit sharing that helps us to keep us differentiated. We've also built a long-standing approach on upskilling and reskilling employees where we encourage employees to move. For example, in the previous cycle when we moved to digital, a lot of the employee skilling was going on digital. In this, we are doing a lot of skilling on AI, and those are the things that help build the career for our employees and help to build their capabilities as well. Those are the first set of questions for me. With that, I pass it to Jayesh.
Thank you, Sadan. The first question that I have is from Jay Abhishek. Please give the production capacity utilization figures in percentage for the month April, May, June 2024. What was the utilization for last year and the last five years? Our utilization for Q1 FY25 was 85.3%, and the full year FY25 was 85.5%. Over the last five years, our utilization, excluding trainees, ranged between 80-88%, and our optimal utilization is 84-85%. The next question is from Ms. Rhea Maheshwari, and similar questions were asked from Mr. Sadanan Shastri and Mr. Nagraj Kini. As per your subsidiary financial statements, we see most of your subsidiaries are not performing up to mark, and the Year-on-Year financials are degrading. What is your say on this? Beside cost optimization, what other measures are you taking, and what is the future outlook for your European subsidiaries?
Our subsidiaries are an integral part of our business plan and are very strategic in nature and only represent the on-site work, which is generally at a lower profitability. These are very often integral to large programs that we execute for our clients. As a result, we evaluate our subsidiary performance not only on a standalone basis, but including the downstream performance, offshore performance, and the synergy that they bring to the group. There are very specific plans for each of our subsidiaries with respect to growth and margins both. The next question is from Mr. Sajith Chellappan. Beyond achieving carbon neutrality, how is Infosys integrating ESG principles directly into our core business strategy and the client's solutions, creating sustainable value for all our stakeholders?
Our ESG commitment is to enable clients on climate actions through our solutions, which include AI-powered energy transition solutions, green IT sustainable sourcing, ESG compliance and reporting, smart building solutions, etc. This is also reflected in our smart building designs across approximately 30 million sq ft of our office space, which is certified to our highest level of green certifications. Next question is from Ramesh Babu Satarasala. How has the board minimized, limited, or managed possible exchange rate fluctuations? We have a very effective hedging strategy and a very strong and agile treasury team. We hedge various currencies, covering a large part of our revenue and balance sheet exposure. Most currencies have partial natural hedge through the expenses in the same currency. We also take only short-term hedges through a combination of forwards and options.
This strategy has worked very well for us over the last many years with consistent positive performance over the years. Next question is from Manoj M. Harapanahalli. Infosys has any plans to move to Tier II and Tier III cities to decongest Bangalore? If no, why? Have you made any study about this? Second question, as a shareholder, can I visit any of the INFI development centers anytime? If yes, what is the procedure? I want to see what is going on inside. We are actively moving to Tier II and Tier III cities to enable talent coming in from Tier II and Tier III cities.
We have recently opened centers in Gandhinagar, in Gujarat, Hubli in Karnataka, Coimbatore in Tamil Nadu, Vizag in Andhra Pradesh, Goa, Tinasam to name a few, in which we will leverage cutting-edge technologies such as AI, GenAI, cloud, API, cybersecurity, blockchain to deliver seamless cross-border digital services, enhance client proximity, and strengthen India's position as a global financial technology powerhouse. On the visits, the company had arranged a Mysuru campus visit in the past for shareholders. Future programs and campus visits, if any, will be informed to the shareholders in advance. What are your future hike plans, and how are you trying to save costs going forward? This was a question from Ms. Rhea Maheshwari. We consider various factors while talking about compensation increases. These factors include inflation, attrition percentages, peer practices, niche skills, etc.
We have just rolled out our salary increases this year, effective January and April, and we will decide about the next hike at an appropriate time. Under Project Maximus, on the second part of the question, we have carried out various tracks and levers from value-based sellings to efficient pyramid. Please provide us opportunities to improve margins. On the back of this program, we have been able to improve our margins last year by 50 basis points despite various headwinds. With that, I hand it over back to Manikantha. Thank you, Jayesh. I had two questions which were directed at me. One is on the annual report, where can I take how can I obtain the physical copy of the annual report? This question is from Usha Mittal. We request the shareholder to send an email with the DPID and client ID details to investors@infosys.com.
We will dispatch the hard copy. The second question was pertaining to interactive annual report. The question is, where can I find the interactive annual report? We request the shareholder to visit the company's website at www.infosys.com for the interactive annual report. Thank you. With that, I'll hand over to Mr. Chairman.
Thank you, Manik. 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.
My first question is, can the company consider following for CSR, provide for drinking water near the offices, and consider spending towards cancer treatment? Answer, as per our policy, women's empowerment, education, skilling, health have been our focus areas. We have projects all over the country, and we have projects on water rejuvenation to address groundwater so that we have cleaner water sources. Your suggestion on drinking water and cancer will be considered by the CSR committee. Second question is, how are you handling whistleblower cases in the company? This is from Mr. Hirenan Kootwani. The answer is, the company had adopted a whistleblower mechanism to report concerns about unethical behavior, actual or suspected fraud, or violations of the company's code of conduct and ethics. We are committed to providing a safe and positive work environment.
In keeping with this policy, we have an open-door policy and encourage a culture of speaking up. Employees have access to multiple forums and a robust grievance resolution mechanism. All the concerns are handled objectively while enabling timely action and closure. Infosys has had a very robust whistleblower policy for decades and will continue to do so. Question number three for me from Kamal Kumar Majumdar. Will AI adoption lead to a reduction in manpower? Certainly, AI adoption will lead to improvement in productivity and many tasks getting automated. This will enable also to create new opportunities for employees because as a company that is providing services to thousands of clients, even if people are released from one project of automation, they can be redeployed on some other project. As of today, we have over 275,000 employees who are trained in AI at various levels of proficiency.
Additionally, we work with all our partners to continuously upskill and reskill our employees. Now, there were a few more questions on AI, dividend bonus, and buyback. All of these questions were already answered in the previous section. With that, I hand over to Salil for his set of questions.
Thanks. Thanks, Nandan. There are a few questions from this round which I will address. First, what are the steps that the company is taking for improving growth and profits? This is from Mrs. Patel. On growth, we have a strong positioning in both digital transformation and cost takeout, which has helped us to achieve quite good industry-leading growth over a five-year period. Our digital capabilities are reflected in the increase in our leadership of digital rankings, which was at 25 in financial year 2018 to now 58 in financial year 2025. Our cost takeout capabilities are reflected in strong large deals wins.
On margins, we have launched a project a couple of years ago, which is very specific across different streams on how to increase margin and change the margin trajectory, which was one of the reasons among many others that has helped us to improve the margin in financial year 2025 by 50 basis points. Even given all the significant changes in the environment, some of this had become headwinds onto the margin. Our aspiration is to increase margins in the medium to long term. Next question is, how is Infosys preparing for the geopolitical in the current environment? How is it preparing itself for the global peers and any orders from government under the pipeline? This is from Joydeep Bakshe. The overall demand environment we see with the geopolitical situation, there are different areas where we need to look at more carefully.
In the medium to long term, technology is a key driver, and that is something where Infosys has a tremendous strength. We remain one of the best positioned, whether it was digital or cloud or data or cyber, and now more and more on AI. Our capabilities on technology will help to support transformation across different industries. There we are seeing good traction on generative AI already with our clients, with that being part of almost all the projects discussion that are going on. We are well positioned internally with our AI-first approach within Infosys itself. On government, we are working on several large public sector programs, some of which we discuss on a periodic basis as we disclose this in terms of releases.
We have strength, which we have mentioned before, for example, on the work we have done with the income tax, with GST, some of the work that we are doing with other government departments. Next question, how do you manage employee health, wellness in different geographies? The question from Hirenan Kootwani. Here at Infosys, over the years, employee well-being has been an important and critical part of what we do, and it has evolved under a very specific program, which we have named Health Assessment and Lifestyle Enrichment, which is called HALE. Our wellness program stands on really a set of pillars, which is physical well-being, social well-being, emotional well-being, and overall safety. Here we look at our employee well-being scores, which reached quite high in the recent past. Also, Infosys has won awards in the space of health and wellness, for example, the WellCon Award.
Next, what new technology have you developed for growth of the company? From Santosh Mothra. Here, what we have done is we have a portfolio of growth engines, for example, today, AI, cloud, digital, enterprise services. We also have capability sets on cost and cost efficiency, automation, and productivity from AI, which also drive new opportunities. We also recently launched an AI-powered marketing platform called Infosys Aster, our own agent AI Foundry with 200 AI agents. In addition, the Infosys Cobalt, which is really on cloud, provides scalable, secure, and resilient infrastructure to host and manage AI models. All of these things combined between the Cobalt, between Topaz, between Aster, and other areas on cost and efficiency, these are the areas that help us to drive growth in the future in the company. Next, is there any recruitment reservation from shareholder quota? This is from Mr. Dilip Kumar Das.
Another similar question was asked by Mr. Abhishek. Here, the answer is no. We do not have anything which is a shareholder quota for recruitment. We follow a merit-based talent acquisition process, which caters to the needs of our clients and supports the delivery of complex programs. Next, reason for increase of attrition to 14.1% and steps taken to reduce this. This is from Kamal Kumar Majumdar. Attrition, we feel, is in a range which is the range that is acceptable to us and also well within or at the lower level of the industry range. We have multiple initiatives that we have put in place which address the overall attrition, for example, increased promotion, compensation reviews, skill incentives, engagement actions, career mobility, and wellness measures. All of these, we believe, have helped increase our employee satisfaction and helped in managing our attrition rates.
Next question, India's contribution to total revenue is very low. What is the reason for the same? This is from Sunil Kumar Modak. A similar question had come before, which we had answered, discussing what we do in India and how that is growing, but also what we do outside India. Next question, revenue from North America has reduced slightly. How does the company look at revenue from North America, given the issues around make in America and tariffs? The question is from ASPI. Here, what we are seeing is looking at how the situation is evolving in terms of economic outlook, especially in North America, with the changes that are coming together.
What we do see, as we had shared at the last update with our results, was that it had impacted some of the discretionary spend in industries like retail, consumer products, or manufacturing, and impacted how clients involved with supply chain, logistics were looking at this situation. We also saw that some of the clients were recalibrating their plans in response to the changing economic environment. What we are doing is working with our clients to make sure that we support them in this area, and also where clients are looking for cost and efficiency solutions, that we support them in that area as well. Given our track record, both on AI side, digital side, and cost and efficiency side, we remain quite confident that as the economic situation evolves, we will continue to gain market share. Next, the company has spent CSR funds only in a few states.
Can the company consider to spend in other states, including North India and locations where shareholders are located? This is from Krishnanlal Chadda. Our activities and beneficiaries for CSR are all across India. A reference to page number 72 of the Infosys Foundation report will give an idea of the diverse work done across sectors, which covers multiple states. In addition, a reference to page number 202 and 203 of the annual report will also give an indication of work done across multiple states, including in aspirational districts. Next question, what is the process that the company follows to address complaints regarding sexual harassment? The question is from Krishnanlal Chadda. The company provides its employees a harassment-free workplace, which is reflected in our key initiative, Anti-Sexual Harassment Initiative, or ASHI.
The company has constituted an internal committee in all our delivery centers with the ambit of regulatory jurisdiction for redressal of sexual harassment matters. We also have a strong governance mechanism in the form of a grievance redressal body, GRB, to implement the company's policy on prevention of sexual harassment at the workplace. We have a stringent zero tolerance and non-retaliation policies in this regard. There are continuous awareness and education sessions that help us maintain focus on creating a positive and safe work environment for our people. Next, given the global slowdown and rising geopolitical uncertainty, how is Infosys recalibrating its strategy to protect its revenue and margin? Same person, another question, can you organize a branch visit or CSR visit for shareholders? This is from Kaushik Solkar. On the first part, a similar question had been asked by Mr. Sanjit Chelapan and Mrs. Patel and some others.
Those were the questions we had answered. In a similar light, that can be referenced. On the other part of the question on a visit, we will inform the shareholders in advance if there are any programs on campus visit in the future. That's all the questions on this section from my side. Let me pass it on to Jayesh Sanghrajka. Thank you, Sundaram. The first question that I have is from Mrs. Patel on how does the company plan to utilize cash equivalent. We have already answered this question on capital allocation policy earlier. The next question, again from Mrs. Patel, was can you provide the yield on cash and cash equivalent? For FY25, the yield on cash and cash equivalent was approximately 7%. The third question is from Mr. Vipul Shah, company shares only large deal TCV. Can you share the total TCVs like other peers?
The company discloses all deals greater than $50 million in total contract value. We won 96 large deals worth $11.6 billion in FY25. We are one of the most comprehensive disclosures amongst the peers and are one of the few companies who provide annual growth and margin guidance. The next question, again from Mr. Vipul Kumar Shah, what is the AI revenue share of the company? We evaluate our disclosures on an ongoing basis and make all disclosures as required. We are currently not publishing the AI revenue and its share in the total revenue of the company. The next question from Mr. Om Prakash Kejriwal, which type of return is expected with Mitsubishi JV?
Hypers, in which Infosys owned the majority stake, was set up in financial year 2019 as a joint venture to drive high-quality growth, end-to-end procurement process, along with sourcing and category expertise, leveraging next-generation digital platforms for Japanese corporations. Mitsubishi Heavy Industries has been a long-standing customer of Hypers and has now expanded the collaboration by acquiring 2% stake in Hypers from Infosys. This reinforces our commitment towards building trusted collaboration with customers in Japan and accelerating the digital business process transformation journey. The next question is from Mr. Dinesh Bhatia, why are we not looking at a buyback of shares with high cash available? Can you look at splitting of shares as well? Board, while deciding on capital allocation, takes into account various options, including dividend, bonus, buyback, splits, etc., and the pros and cons of each of these options.
At this point in time, we do not have any announcement with respect to buyback or stock split. The next question is from Kamal Kumar Majumdar. Company has made significant investment in Infosys Singapore. Can you let us know the reasons for such large investment in its Singapore subsidiary? Singapore is a strategic market for us, and we have a joint venture there with Temasek. Our activities in Singapore include developing e-commerce applications, IT consulting, and other services. We are catering to clients across multiple verticals in Singapore, and that is where the investment is being made. The next question is from Rameshankar Gullar and Mr. Manjit Singh, why is the EPS declining for FY25? The EPS on a standalone basis does not reflect the correct picture, given that it does not represent the operations of the group in entirety and also includes intercompany transactions.
The EPS at a consolidated level has been consistently growing. For financial year 2024, which was a previous year, we had a one-time benefit due to a tax order that we got and the interest income, therefore. Existing for this one-off, the normalized EPS for financial year 2025 has grown by 8.3% in INR terms. The next question is from Mr. Redappa Guddu, two to five years, what is the vision in the outlook for 2025-2026 in terms of revenue and profitability? What is the focus on BFSI and manufacturing sector? How are we leveraging AI and other emerging technologies? Other expenses increase and decrease. Can you give some details around this? Some of the questions have already been answered. As for the rest, the guidance for the year stands at 0-3% for revenue. Our operating margin guidance is at 20-22%.
Despite macro challenges, we are confident of our positioning both on cost takeouts and discretionary spends, as we saw multiple guidance upgrades over the last year. Our financial services growth has accelerated to double digit in quarter four 2025 on a Year-on-Year basis. We expect financial services to do well in the near term. Manufacturing also grew on double digit term in FY2025, though we expect near term to be more subdued due to global uncertainties in manufacturing, especially the European manufacturing. Changes in other expenses are not really material. Additionally, there were a few other repeat questions on financials, mergers and acquisitions, cash flow, etc., which have already been answered in previous sections. With that, thank you for joining the AGM once again, and I hand it over back to Manikantha. Thank you, Jayesh. I have a few questions which are directed at me.
The first question is from the shareholder, ASPI. The question is, what are the efforts undertaken by Infosys to prevent shares and dividends being transferred to IPF? There are many proactive steps which the company has taken, and I will list them. The company sends out periodical intimation to the shareholders to encash their unclaimed dividend and update their bank account details with the registrar and the depository. The company publishes unclaimed dividend and corresponding shares information on the website of the company. The company voluntarily issued letters to shareholders whose dividend remained unclaimed due to the non-availability of valid bank details, requesting them to update their information to enable timely online remittances. Subsequently, a special automated remittance cycle was initiated, allowing shareholders to receive their dividends in their updated bank accounts before the amounts were transferred to the Investor Education and Protection Fund.
In addition, the company sends reminder letters and also publishes in the newspapers providing the advertisements to holders of unclaimed dividends, which are as mandated by the applicable laws. We request the shareholders to claim their dividends by updating their bank account details and to verify their bank account details to receive the dividends as and when it is declared. This will help non-transferring the shares or the dividend to the IEPF authority. The next question is also from Mr. Aspi. The question is, the shareholders have faced multiple issues with KFintech. What measures has the company taken to address these issues? The company has a follow-up mechanism with KFintech to understand the outstanding grievances and provides its guidance to resolve the grievances at the earliest. The KFintech toll-free number is also available on the company's website, stock exchange websites, and the KFintech website as well.
The details of the email IDs and phone numbers are published in the annual report as well. The next question is from Manjit Singh. What are the investor's grievance reports related to and what the company has done in this regard? Investor grievances or requests pertain to non-receipt of dividends, IPF-related matters, and KYC discrepancies, amongst others. The company is proactively addressing these complaints and ensuring their resolution within the timelines prescribed by SEBI regulations. The next question is from Hiranand Kotwani, and the question is, what is the listing fees paid by the company outside India? As the company is listed on NYSE outside India and also listed on NSE and BSE in India, the listing fees are determined on the basis of threshold of shareholders and the market capitalization in accordance with the listing norms. The next question is from Prakash Chand.
The question is, can you provide a number for senior citizens throughout the year? The answer is, the company has a dedicated toll-free number, which is 4156555 and 41565777, which is a Bangalore-based number. These details are also available on the company's website. We request the shareholders to reach out on these numbers. The next question is on holding the hybrid AGM. MCA and SEBI have allowed companies to hold the AGMs either through virtual or hybrid mode. We have mixed requests from the shareholders asking to convene the AGM only through virtual mode, and a few set of shareholders have requested for the hybrid mode. The board will inform the mode of convening the AGM in the future. Those are the questions which were directed at me. Thank you, and with that, I will hand over back to Chairman Mr. Nandan Nilekani. Thank you, Manik.
Members may note that the voting 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 V. Heman, 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 and notice shall be deemed to be passed today, subject to the required number of votes received. We had 295 members participating in today's 44th Annual General Meeting. Thank you for attending the meeting. I hereby declare the proceedings of Infosys Limited's 44th Annual General Meeting closed. Thank you, and see you next year.