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1、Annual Report 2020-21Cloud chaos to clarityNavigating towards cloud clarity|1 Are we meeting business needs with agility?Are we efficient in the way we operate?Are we continuously unlocking innovation potential for the business?These are the questions that have led several enterprises to move to the
2、 cloud,over the past decade,in search of the answers.In the wake of the global crisis,as our world turned increasingly virtual,the need to accelerate the journey to the cloud,in order to digitize,became even more urgent.Slowing down meant risking the organizations operational resilience or worse,bei
3、ng disrupted by a nimbler attacker who is better prepared for the next normal.Even as the cloud grows in strategic relevance for companies,capturing the full extent of its promised value remains a struggle for many businesses.The challenge lies in their ability to evolve their cloud investments from
4、 being a technology-funding mechanism that prioritizes features requested by the business in the near-term,to becoming critical enterprise investment that allows the business to add differentiating capabilities quickly and continuously in the future.Without this plan and the operating model to actio
5、n it,companies will be unable to build their cloud-powered enterprise that efficiently and securely meets escalating business and customer expectations of agility and innovation.We know that the future of enterprise cloud strategy will be shaped by three key factors business agility,scaled innovatio
6、n and security of the ecosystem.Thats why we seek to deliver for organizations the clouds full value potential by driving these three factors through their end-to-end cloud transformation.We enable businesses to redesign the enterprise from the core,and also build new cloud-first capabilities to cre
7、ate seamless experiences in public,private and hybrid cloud,across PaaS,SaaS,and IaaS landscapes.Our thriving cloud community brings enterprises the ability to rapidly launch new solutions and create business models to meet changing market needs.The community is further amplified by the Infosys part
8、ner ecosystem that brings together the hyperscale cloud providers,enterprise app providers,startups and several other technology innovators.We keenly appreciate the need to integrate security by design into this landscape and ensure the business complies with the most stringent global,regional and i
9、ndustry security standards.The capability to do all this and more comes to us from Infosys CobaltTM a powerful set of services,solutions,and platforms for enterprises to accelerate their cloud journey.We hope to share glimpses,in this Annual Report,of how this is acting as a force multiplier of clou
10、d-powered enterprise transformation for our clients navigating them from cloud chaos to clarity.Navigating towards cloud clarityInfosys Annual Report 2020-212|Section Name Infosys Annual Report 2020-21The future of mobility is tied to safe and superior vehicles that leverage innovative and green tec
11、hnologies.Progressive auto manufacturers are exploring intelligent connectivity of vehicles,autonomous driving and new mobility concepts that make emission-free driving possible in the long term.This means deepening focus on software engineering.And that in turn makes it necessary to set up agile,op
12、en,scalable and smart hybrid cloud infrastructure.Daimler AG is one of the worlds most successful automotive companies.To accelerate their pioneering automotive engineering,they were keen to deepen focus on software engineering.With software becoming modular and IT infrastructure becoming big,Daimle
13、r planned to take three steps at once to transform their IT infrastructure:consolidation,scaling and modernization.They knew they needed to think infrastructure beyond the size of their company.To realize this aspiration,they needed a robust IT operating model,fully scalable,on-demand digital IT inf
14、rastructure,and anytime-anywhere workplace.Their priority was to transform their workplace services,service desk,data center,networks and SAP Basis.The automotive and mobility giant has started to work with Infosys to build a model that ensures robust IT infrastructure for its plants across regions,
15、supports consolidation of its data centers,scales its IT operations,and brings multiple innovations to the fore.Some of the key deliverables from this partnership include:A smart hybrid cloud,leveraging Infosys Cobalt and leading cloud providers,accelerating the multi-cloud journey with a focus on o
16、pen source adoption A carbon-neutral solution,by consolidating and rationalizing data centers across all regions Standardized technology stack by bringing in an ecosystem of best-of-breed partners Creation of a state-of-the-art Zero Trust network with seamless technology upgrades Persona-driven and
17、cognitive,AI-powered,anytime-anywhere workplace solution that empowers end-usersThe Infosys solution for Daimler aims at smoothly navigating the company from its current mode of operation to future mode of operation.This journey started with monetizing Daimlers legacy assets upfront,delivering immed
18、iate operational expense savings upfront and underwriting the capital outlay needed to fund advances in infrastructure,technology and cloud transformation without needing additional spending.The strategy,deploying these tactics,will seamlessly move Daimler closer to their future mode of operation wi
19、th bigger operational expense savings,while helping them nurture an agile and resilient innovation infrastructure at scale.Daimler AG:Hybrid cloud infrastructure to shape new experiencesAndrea HendrickxVice President and Country Head Infosys Germany Dont just lift and shift.Uplift experience.Uplift
20、value.|3 Infosys Annual Report 2020-21“Software becomes modular and IT infrastructure becomes big.Daimler will take three steps at once to transform its IT infrastructure:consolidation,scaling and modernization.We need to think infrastructure beyond the size of our company.With Infosys we found a pa
21、rtner to scale,to innovate and to speed up.Moreover,this is a strategic partnership for Daimlers IT capabilities and Infosys automotive expertise.Infosys wants to grow with us in the automotive industry,which gives career opportunities for our employees.With this partnership,Daimler also strengthens
22、 its overall technology investment and partnership strategy.”Jan BrechtChief Information Officer,Daimler and Mercedes-Benz4|Section Name Infosys Annual Report 2020-21Tectonic shifts are impacting the US$8.2 trillion defined contribution recordkeeping industry and the 110 million retirement savers it
23、 serves.*From changing demographics and rising customer expectations to regulatory complexity and cybersecurity concerns,unprecedented business challenges are being exacerbated by aging,legacy technology.Industry firms must activate key enabling technologies and advances enabled by the cloud to alle
24、viate these complications and deliver experiences that delight customers.Modern,cloud-native platform solutions can future-proof the industry enterprise after enterprise with easy integration,enhanced experiences,insights for users,along with simplified and optimized AI-driven operations delivered m
25、ore securely than ever before.And best of all,these outcomes can be delivered while also lowering costs and remaining in compliance with regulatory obligations.Vanguard,the largest defined contribution asset manager in the US and one of the largest defined contribution recordkeepers,recognized early
26、 on the value of making a bold commitment to embrace secure and scalable cloud technologies.Their goal was to nurture a fully cloud-based recordkeeping platform,enabling greater insights and unprecedented personalization for their almost five million participants and 1,500 sponsors while protecting
27、data and systems from cybersecurity risk.Vanguard,along with Infosys,began a transformation journey to deliver advances for sponsors including AI-enabled analytics capabilities,improved visibility of participant behavior,and ubiquitous operational support.For participants,Infosys has accelerated Van
28、guards effort to deliver state-of-the-art experiences,including a redesigned participant website,integrated advice,and intuitive technologies.Vanguards business is slated to benefit from cloud-oriented digitalization with:A future-proof technology stack that will improve time to market,bringing rene
29、wed ability to add additional capabilities over time Faster,iterative releases to gain market traction and benefit from early,frequent feedback cycles A portfolio of innovative possibilities for business to drive ongoing differentiation An approach that protects data,applications,and infrastructure
30、from threatsInfosys today leads on day-to-day operations supporting Vanguards DC recordkeeping business,including software platforms,administration,and associated processes.Vanguard continues to serve as a strategic partner to plan sponsors,providing groundbreaking retirement thought leadership,indu
31、stry-leading advice and investment management,and robust analytics to drive better outcomes for participants.Participant phone calls are serviced by both Vanguard and Infosys.The Vanguard digital journey shows how cloud can enable secure,radical,and client-centric technology transformation.It has he
32、lped create a new standard for the industry improving retirement savings outcomes for plan participants and sponsors through the use of secure digital technologies.*Source:Plansponsor 2020 Recordkeeping Survey,July 15,2020(https:/ digital transformation with secure cloud adoption Secure your distrib
33、uted enterprise.Data to development.By design.|5 Infosys Annual Report 2020-21Martha KingExecutive Vice President and Chief Client Officer,Infosys“Vanguard recognized there was an unmet need in the industry for an adaptable,technology-driven recordkeeping platform that put the interests of plan spon
34、sors and their participants front-and-center.Through Vanguards relationship with Infosys,we are building a recordkeeping platform that prioritizes participant outcomes,catalyzes innovation and evolves synchronously with the ever-changing needs of plan sponsors and their participants.”Sam AnaokarPrin
35、cipal Vanguards Institutional Investor Group6|Section Name Infosys Annual Report 2020-21Reckitt:Intelligence on cloud to power next-generation outcomesFuture-proof your business with the right applied AI cloud,right now.|7 Infosys Annual Report 2020-21CPG companies around the world are reinventing t
36、heir business fabric to get even more close to their end consumers.This means new digital experiences,an agile and dynamic supply chain,deep insights and new channels of growth.Cloud with its promise of near-unlimited data storage and compute and Artificial Intelligence(AI)/Machine Learning(ML),with
37、 its ability to continuously sense,learn and automate,are central to this proposition.Reckitt is a producer of health,hygiene,and nutrition products,with operations in more than 60 countries and its products sold in almost 200 countries.Their vision is to build a cloud-powered,machine-first,cognitiv
38、e IT enterprise that can support their talent pool in the pursuit of continuous learning,data-driven strategies for exponential growth along with resilient adaptation and agile execution.The priorities for their always-on,always-available IT enterprise were to:Sense and avert disruptions to IT Bring
39、 ramp-up,ramp-down flexibility and resilience to operations Minimize dependency on the manual,language-constrained service desk Reduce IT operations effort(and associated costs)by at least 25%Drive data intelligence-powered improvements in customer satisfaction through proactive needs fulfillmentIn
40、partnership with Infosys,Reckitt has embarked on a transformation journey that includes the transformation of their data center footprint,with considerable automation and migration to a cloud-first model.With this as the new foundation,Reckitt is building an autonomous,self-governed and self-sustain
41、ing IT services landscape,amplified with digital workflows,AI/ML,Robotic Process Automation(RPA)and chatbots,to help run their IT at a fraction of its current costs.This helped bring a host of new capabilities including:Distributed telemetry to collect and analyze data from across digital channels P
42、redictive intelligence to recommend continuous improvements and new offerings with growth potential True omni-channel experiences Multilingual live agent chats(with Azure cognitive services for language translation)for users requesting manual assistance Bots to automatically assign tasks to the righ
43、t teams for resolution As the business looks to sustain the staggering growth and navigating the next normal,this digital investment will serve to develop more accurate category and product projections along with the agility to respond at the pace of change.Karmesh VaswaniExecutive Vice President an
44、d Segment Head CPG,Logistics&Retail,Infosys“We are very excited to partner with Infosys on this transformation which will establish the next-generation IT at Reckitt.We are clear that cloud and an unwavering focus on automation will create a foundation that will help our business imagine and reimagi
45、ne new growth opportunities in an agile and dynamic manner.”Mark O Brien Director Corporate IT,Reckitt8|Section Name Infosys Annual Report 2020-21Build that one data cloud to power your now and next|9 Infosys Annual Report 2020-21The ongoing health crisis has created,for the technology industry,an u
46、psurge in demand especially for digital and cloud solutions.With recovery,across industries,taking an increasingly digital turn,this demand is only slated to multiply.For the hyperscale cloud providers,while this is clearly an opportunity,it also brings with it the challenges of fulfilling the sudde
47、n sharp spike in already burgeoning demand without impacting the delivery of customer support and experience.Microsoft,the fastest growing amid peers in its category,has been investing in creating new Azure Data Centers to fulfill the demand for Azure Core Cloud Computing,Azure Data Services,Dynamic
48、s 365 and Microsoft 365.Microsoft has also recently announced industry-specific cloud-based solutions founded on Microsoft Azure,in addition to Microsoft Power Platform tools and other Microsoft services to provide industry-specific workflows,standards and components.Microsoft advancements in Azure
49、Data products like Azure Data Bricks and Synapse as Data drives enterprise growth.The last mile,for them,is about enhancing support experience for their customers by ensuring solution quality and limiting business disruptions.Microsoft Enhanced Support Services group,in partnership with Infosys,acce
50、lerated the journey to differentiate the Microsoft support experience by leveraging customer data across 350+SharePoint destinations,for:Streamlining contractual agreements Automating the service activation process Providing a holistic and unified view of customer health metrics Enabling monitoring
51、rigor Automating root cause analysis and improving support for critical incidentsMicrosofts outcomes are telling and amply quantified in metrics ranging from service efficiencies to customer satisfaction:Over 200 premium customers were onboarded with new programs Automation of root cause analysis re
52、ducing the analysis cycle time by over 75%(from four weeks to one week)The highly customizable customer onboarding portal,supporting service activations,slashed average onboarding time for a customer by more than 50%(from 3-6 months to just 42 days)The overall customer satisfaction index was signifi
53、cantly positively impactedMicrosoft has found value in the systematic mapping of diverse customer personas within each client organization that this framework and program has enabled.This has mitigated dependence,in many cases,on buy-side procurement managers as the only source of customer feedback.
54、Now Microsoft has a richer source of insights that includes an understanding of customer-decision influencers and end customers further down the value chain.Data continues to pave the path to excellence for Microsoft.Microsoft Corporation:Delivering data to drive in-depth support for cloud solutions
55、Nimesh KochetaVice President and Senior Manager Client Services,Infosys“Infosys has not only been a great partner successfully and continuously delivering against our defined outcomes,but as well a great sparring partner,challenging our current way of working!We look forward to continuing and increa
56、sing our strategic partnership supporting our people,customers and organization alike.”Thomas Steiner Senior Business Program Manager,Microsoft10|Section Name Infosys Annual Report 2020-21LivePerson,a global leader in Conversational AI providing much-needed capability for conversational engagement,c
57、ommerce and care for all industry segments,was experiencing significant business growth due to increasing digitization from brands and wanted to leverage cloud to:Capture increasing demand for Conversational AI and enable rapid business growth at scale Enable access to rapidly-growing rich feature s
58、ets of cloud systems Stay consistently in the fast lane to meet the emerging dynamics of the market Disrupt competition through cutting-edge technologies to propel innovation and additional business functionalityLivePerson partnered with Infosys for the planned digital transformation of LivePersons
59、core revenue-generating business platform.Infosys is leveraging its dynamic Cobalt services to deliver accelerated transformation at scale,and performance on Cloud.This transformation will deliver unique platform capabilities for high resilience and consistent performance to their global customer ba
60、se.Infosys has also established a 360 partnership with LivePerson to help global brands manage AI-powered conversations with consumers and employees over SMS,websites,apps,and the messaging channels they use every day.The partnership will enable brands to unlock higher growth by combining Infosys Co
61、balt a set of services,solutions and platforms to accelerate an enterprises journey into the cloud with LivePersons Conversational Cloud,a complete set of applications and APIs for creating and managing conversational experiences.The key areas this strategic partnership will focus on include:Direct-
62、to-consumer conversations on consumers preferred messaging channels including Apple Business Chat,Googles Business Messages,Facebook Messenger,WhatsApp,and brand websites and apps for marketing,sales and fulfillment,and customer service New messaging experiences for employees to support business con
63、tinuity,HR,finance,and IT queries,drafting off Infosys strength in transforming these functional areas within large enterprises The cloud,conversational AI,digital consulting,and global delivery services to build,run,integrate,and scale immersive experiences for brands.With the cloud future-proofing
64、 that this will provide,LivePerson will significantly grow every year in its ability to deliver on its value proposition:Messaging solutions trusted by the worlds largest brands.LivePerson:Riding the cloud for growth accelerationAnant AdyaSenior Vice President and Group Practice Engagement Manager,I
65、nfosys Get proven industry cloud blueprints to rev up business growth|11 Infosys Annual Report 2020-21“Together with Infosys transformational services and cloud capabilities,we can redefine how the worlds major brands communicate with consumers and engage their employees.Our Conversational Cloud inc
66、ludes a full set of APIs and integration points that Infosys can help architect and weave throughout a large enterprises systems and processes to generate the maximum sales impact and cost savings from conversational experiences.LivePerson will benefit from Infosys partnership by continuing to scale
67、 our Conversational Cloud to meet consumers growing demand for these experiences.”Rob LoCascio CEO and Founder,LivePersonInfosys Annual Report 2020-21Infosys Annual Report 2020-2128Boards reportResults of our operations and state of affairsBusiness descriptionHuman resources managementCorporate gove
68、rnanceAudit reports and auditorsCorporate social responsibilityEnvironment Social and GovernanceAcknowledgments40Annexures to the Boards reportAnnexure 1:Statement containing the salient features of the financial statements of subsidiaries/associate companies/joint venturesAnnexure 2:Particulars of
69、contracts/arrangements made with related partiesAnnexure 3:Particulars of employeesAnnexure 4:Corporate governance compliance certificateAnnexure 5:Secretarial audit report for the financial year ended March 31,2021Annexure 6:Annual report on CSR activitiesAnnexure 7:Conservation of energy,research
70、and development,technology absorption,foreign exchange earnings and outgoAnnexure 8:Corporate policies66Managements discussion and analysisIndustry structure and developmentsOpportunities and threatsFinancial conditionResults of our operationsOutlook,risks and concernsInternal control systems and th
71、eir adequacyMaterial developments in human resources/industrial relations,including number of people employedOther details95Corporate governance reportOur corporate governance philosophyBoard compositionBoard of DirectorsBoard and executive leadership compensationBoard meetingsBoard committeesCorpor
72、ate social responsibilityRisk management reportShareholder information147CEO and CFO certification148Standalone financial statementsIndexIndependent Auditors ReportAnnexure A to the Independent Auditors ReportAnnexure B to the Independent Auditors ReportBalance SheetStatement of Profit and LossState
73、ment of Changes in EquityStatement of Cash FlowsOverview and notes to the financial statements212Consolidated financial statementsIndexIndependent Auditors ReportAnnexure A to the Independent Auditors ReportConsolidated Balance SheetConsolidated Statement of Profit and LossConsolidated Statement of
74、Changes in EquityConsolidated Statement of Cash FlowsOverview and notes to the consolidated financial statements283Business responsibility report298Investor contacts14The future of enterprise:Driven by hybrid work,digital acceleration and cloud 16Letter to the Shareholder18Sharing an equitable and s
75、ustainable digital future21The Infosys Board of Directors22The Infosys leadership team24Awards and recognition26Financial highlightsContentsInfosys Annual Report 2020-21The future of enterprise:Driven by hybrid work,digital acceleration and cloud|15 Nandan M.NilekaniChairmanEven in the midst of the
76、most tumultuous time that the world has seen in over a century,we can look at Infosys performance for fiscal 2021 with quiet satisfaction.Infosys has delivered industry-leading growth and is in pole position for another year of market-leading performance as we start looking at the post-pandemic,post
77、-cloud era.What is it that our company is doing differently that is enabling us to be a market leader when several veterans around us struggle?First and foremost,under our CEO,Salil Parekh,ably supported by the global senior leadership,Infosys has transformed into a very client-focused company.Our s
78、table and motivated leadership is working quietly and without fuss to ensure Infosys is the partner of choice for the worlds top companies as they navigate their next in these uncertain and rapidly changing times.This has led to unprecedented transformational largedeals.Second,the company is investi
79、ng in designing and developing the right solutions required for accelerating digital transformation.Be it Infosys CobaltTM for cloud solutions,modernization without disruption,big data and analytics,applied AI and automation,cybersecurity,consumerization of user experience,or a robust innovation eco
80、system these have struck the right chord with our clients who are keen to assimilate new ideas to reinvent themselves and become more like digital natives.Third,the reinvention and modernization of Infosys own digital infrastructure has prepared the company well to enable our employees to work from
81、home seamlessly and be highly productive with digital tools made available at their fingertips.It has also brought greater credibility to the transformation we propose to our clients as these principles of the Live Enterprise have emerged and evolved from our own hardexperience.Finally,investments i
82、n our people have ensured that our employees have access to the latest digital skills and are embracing agile ways of working.We have launched the Infosys Expanded Stock Ownership Program 2019,become more global,diverse,and deeply engaged with our widely dispersed teams in more than 50 countries wor
83、king from their homes.We have created a strong leadership pipeline to work with trained and motivated employees who have more than proven their mettle working through the pandemic.Beyond business,Infosys has been at the forefront of the ESG movement and became carbon-neutral in 2020 30 years ahead o
84、f the timeline set by the ParisAgreement.The proactive action that Infosys has taken,over the last three and a half years,has decisively enabled us to set the narrative for the global digital services and consulting industry.Infosys will continue to innovate and is well-placed to lead the industry i
85、n the comingyears.Today the world is simultaneously seeing three major transitions the pandemic-induced model for hybrid work which requires new ways to collaborate,orchestrate and deliver,the technology transformation driven by cloud,and the digital acceleration of business models that are changing
86、 the way we live,work,play,and relate to one another over digital channels.Never before have our clients so overwhelmingly expressed the need for a voice of clarity in the chaos and confusion.They are vocal in their ask for a partner who puts clients best interests over their own and for a thought l
87、eader who can navigate them to their future.Our company is committed to being that partner for our clients and will work on this promise with relentlessexecution.14|The future of enterprise:Driven by hybrid work,digital acceleration and cloudInfosys Annual Report 2020-21The future of enterprise:Driv
88、en by hybrid work,digital acceleration and cloud“The company is investing in designing and developing the right solutions required for accelerating digital transformation.”Infosys Annual Report 2020-21Letter to the Shareholder|17 Salil ParekhChief Executive Officer and Managing DirectorLetter to the
89、 ShareholderDear Shareholder,My sincere wishes that each of you is safe and well in these times.Over this past year,we were extremely focused to ensure the safety and wellbeing of our over 250,000 employees.Our efforts have been wide-ranging,holistic,and global.In India,we have set up vaccination ce
90、nters at our campuses,COVID-19 care centers across several locations,collaborated with hospitals,ambulance services,providing oxygen supply,medicines,and support for our employees and their families.We have expanded our financial commitment towards COVID-19 relief efforts to 200crore,supporting the
91、communities around us.As I write this,we are starting to see a decline in active cases and a gradual increase in vaccinations in India.Globally,to support our employees during this challenging period,we have implemented wellbeing initiatives that range from expert help for mental health to prioritiz
92、ing better work-life balance.We have virtually engaged with our employees through 900 initiatives,as employees continue to work remotely.In this current business environment,the Company delivered exceptional results.Our clients have been expanding their work with us,especially in the areas of digita
93、l and cloud.The capabilities that we have built over the past three years,including differentiated offerings like Infosys CobaltTM,are what large enterprises are looking for.Our market-leading capabilities in data and analytics,cybersecurity,AI,automation,and IoT are enabling us to be a critical par
94、tner for our clients.Our acquisitions in the past year GuideVision,Blue Acorn,Kaleidoscope,and Carter Digital have helped further strengthen our digital portfolio.We are rapidly becoming an integral part of the digital and cloud transformation journeys of our clients.As a result,we had industry-lead
95、ing growth in the past financial year,at 5%in constant currency.Our digital business grew by 29%and now accounts for 52%of the overall Company revenues in the fourth quarter.We had over US$14 billion of large deals in the past year,the highest in our history.We have continued to gain market share.Ou
96、r operating margins were at 24.5%,an expansion of three points over the previous year.We generated approximately US$3 billion of free cash flow.Our earnings per share grew by 17%over the previous year in rupee terms.We have awarded dividend of US$1.5 billion for the full year and announced a share b
97、uyback of US$1.2 billion.Our total shareholder return,over the past three years,is the highest among our peer group.Our leadership team came together as One Infosys and has been united and focused on ensuring we were delivering what our clients need.Our cross-functional teams have brought the best o
98、f all our capabilities together by working in unison,to support and drive the digital transformation journeys of our clients.Demonstrating client relevance has become one of our main differentiators.We turned carbon-neutral in the past year,thirty years ahead of the global guidelines.We have enhance
99、d our ESG commitments by outlining Infosys ESG Vision 2030 to continue our focus on shaping and sharing solutions that serve businesses and communities.For me,it is a matter of pride to see the commitment and dedication that our employees displayed during this year to serve our clients.I am extremel
100、y grateful to them,our clients,the leadership team,our Board members,and all our well-wishers,who have supported us with their trust and guidance through this most challenging year.As I look ahead,I am more optimistic than ever of the enormous opportunity ahead of us.Technology,especially digital an
101、d cloud,continue to be at the center of change for large enterprises globally.We are among the best-positioned companies to partner with these enterprises and help them accelerate their digital journey to realize their objectives.Thank you for your support and guidance.Take care and stay safe.With w
102、arm regards,Bengaluru May 16,2021Sd/-Salil ParekhChief Executive Officer and Managing Director16|Letter to the ShareholderInfosys Annual Report 2020-21Infosys Annual Report 2020-21“The capabilities that we have built over the past three years,including differentiated offerings like Infosys CobaltTM,
103、are what large enterprises are looking for.”Infosys Annual Report 2020-21Infosys Annual Report 2020-21Sharing an equitable and sustainable digital future|19 18|Sharing an equitable and sustainable digital future Sharing an equitable and sustainable digital futureInfosys has always put sustainability
104、 at the heart of its business approach.Our ability to fulfill and exceed our responsibility to our stakeholders today and tomorrow is a testament to our commitment.2020 marked a milestone year for the Company.We turned carbon-neutral,30 years ahead of the global targets,fulfilling the vision of our
105、founders towards sustainable growth.In 2011,Infosys made a voluntary commitment to the United Nations to become carbon neutral.We have since then embraced ambitious goals and meticulous plans not just for environmental preservation,but also to develop people and serve the interests of our stakeholde
106、rs.We are committed to continuing this journey and therefore we undertook a review of the progress we made over the past decade on our sustainability goals and developed the lens further in a more practical and comprehensive manner,to broaden our ESG focus and rank our priorities in order of their i
107、mportance to our business and our stakeholders.In October 2020,we launched our ESG Vision and Ambitions for 2030.Our focus will be steadfast on battling climate change,conserving water and managing waste.On the social front,our emphasis will be on the development of people,especially around digital
108、skilling,improving diversity and inclusion,delivering technology for good and energizing the communities we work in.We will also redouble efforts to serve the interests of all our stakeholders,setting the benchmark in corporate governance,ethics and transparency,data privacy and information manageme
109、nt.The Board instituted an Environmental,Social and Governance Committee(ESG Committee),with effect from April 14,2021,to discharge its oversight responsibility on matters related to organization-wide ESG initiatives,priorities,and leading ESG practices.Kiran Mazumdar-Shaw,Lead Independent Director
110、of the Board,is the chairperson of the ESG Committee.Independent directors Chitra Nayak and Uri Levine are the members of the committee.The ESG Committee will meet periodically and guide the Board in discharging its responsibilities.The BoardESG CommitteeESG Operations CouncilESG Governance framewor
111、k“We are pleased to institute this new committee of our Board focused on accelerating the integration of ESG factors into everything that we do as a business.As a progressive company balancing financial return to investors with unwavering focus on being sustainable and socially responsible,this init
112、iative will help us nurture a well-governed model to realize the many aspirations on our ESG roadmap.”Kiran Mazumdar-ShawLead Independent Director and Chairperson,ESG CommitteeESG Vision and Ambitions 2030Shape and share solutions that serve the development of businesses and communitiesVisionVisionM
113、aterial topicsMaterial topicsEnvironmentClimate changeAmbitionsAmbitionsAmbitionsAmbitionsAmbitionsAmbitionsAmbitionsAmbitionsLeverage technology to supportthe transition to a low-carbon world Maintaining carbon neutrality across Scope 1,2 and 31 emissions every year Reducing absolute Scope 1 and 2
114、greenhouse gas(GHG)emissions by 75%2 Reducing absolute Scope 3 GHG emissions by 30%Engaging clients on climate actions through our solutions(1)Business travel,employee commute,and transmission and distribution losses(2)Corresponds to 75%renewable energy usage Maintaining 100%wastewater recycling eve
115、ry year Ensuring zero waste to landfillWaterWasteReduce our water footprint and enhance water availability in the communities where weoperateReduce,reuse and recycle to minimize waste,including e-wasteSocialEnabling digital talent at scaleFacilitate skilling to ensure progress for all Extending digi
116、tal skills to 10 Mn+people,including employees,clients workforce,students,teachers and communities(2025)Tech for goodPartner with society to harness the power of technology solutions in their everyday Empowering 80 Mn+lives via tech for good programs in e-governance,healthcare and education(2025)Div
117、ersity and inclusionEnergizing local communities Employee wellness and experienceFoster diversity and nurture inclusionEnable opportunities for communities locallyEnsure fulfilling careers for our employees Creating a gender-diverse workforce at Infosys,with 45%women Delivering 33%of work by leverag
118、ing flexible/remote work options Facilitating best-in-class employee experience and being recognized among the best employers in our key operating regionsServe the preservation of our planet by shaping and sharing technology solutionsServe the development of people by shaping a future with meaningfu
119、l opportunities for allInfosys Annual Report 2020-21Infosys Annual Report 2020-21The Infosys Board of Directors|21 20|Sharing an equitable and sustainable digital future AmbitionsAmbitionsAmbitionsGovernanceCorporate governanceBe a leader and get benchmarked for world-class corporate governance Brin
120、ging interests of all stakeholders to the fore through our empowered,diverse and inclusive Board Building sustainable and responsible supply chains Ensuring robust compliance and integrity practices Engaging with stakeholders through various channels and earning trust through transparent communicati
121、onData privacyInformation managementEnsure the safety of stakeholder dataUphold the digital trust of our stakeholders Adopting leading data privacy standards across all global operations Being recognized as industry leader in our information security practicesVisionMaterial topicsServe the interests
122、 of all our stakeholders by leading through ourcore valuesOur commitment to our ESG Vision 2030 is unwavering.Fiscal 2021 has seen good progress in various goal areas.Some of these are highlighted here:Enabling clients on climate change solutionsThis year,Infosys successfully completed over 20 proje
123、cts facilitating the journey of its clients to combat climate change through business-driven IT solutions around CCUs,energy storage,next-generation innovative and sustainable products,renewables,energy efficiency,brown field modernization&transformation,clean energy generation&trading,and transport
124、ation electrification.In addition,we have executed an MoU with British Petroleum for a strategic collaboration to drive integrated energy offers to reduce emissions at campuses and in cities.Tech for goodIn the new normal,when everyone has been forced to operate remotely,cloud and digital native,tec
125、hnology-led solutions and platforms have enabled businesses and governments to deal with the new conditions and be resilient.Our#TechforGood initiative focuses on making an impact across three key segments eGovernance,Healthcare and Education.Large,country-scale,multi-year,strategic ongoing initiati
126、ves in the areas of e-Governance and education across India,Australia and the US focus on positively impacting and enhancing the experience of citizens.Read more here:https:/ Facilitating best-in-class employee experienceWe have amplified the reach and effectiveness of our wellness initiatives,in re
127、sponse to the disruption caused by the pandemic,with digital experience touchpoints and a comprehensive 5C framework of Connect,Collaborate,Celebrate,Care and Culture.Infosys investment in best-in-class people practices has received recognitions such as the Top Employers Global 2021 certification in
128、 20 countries across Europe,Middle East,Asia Pacific,and North America,as well as a Great Place to Work certification in India and the US,and ranking by Fortune among the Best Big Companies to Work For 2021 in the US.Leading with integrityInfosys has been recognized as one of the 2021 Worlds Most Et
129、hical Companies by Ethisphere Institute,US.Infosys is one of only four honorees in the Software and Services Industry globally and one of only three honorees in India.Infosys was distinguished for its undiluted commitment towards integrity and making value-based decisions.The recognition additionall
130、y spotlighted Infosys in the areas of ethics and compliance,diversity,governance,and social initiatives.For detailed information,please read our ESG Vision 2030 and our ESG FY21 Report here:https:/ Infosys Board of DirectorsNandan M.NilekaniChairmanSalil ParekhChief Executive Officer and Managing Di
131、rectorU.B.Pravin RaoChief Operating Officer and Whole-time DirectorKiran Mazumdar-ShawLead Independent DirectorMichael GibbsIndependent Director D.SundaramIndependent Director Bobby ParikhAdditional and Independent Director Chitra NayakAdditional and Independent Director Uri LevineIndependent Direct
132、or Infosys Annual Report 2020-21Infosys Annual Report 2020-21The Infosys leadership team|23 22|The Infosys leadership team The Infosys leadership teamNilanjan RoyChief Financial OfficerU.B.Pravin RaoChief Operating Officer and Whole-time DirectorSalil ParekhChief Executive Officer and Managing Direc
133、torMohit JoshiPresidentRavi Kumar S.President and Deputy Chief Operating OfficerPresidentsExecutive Vice PresidentsAnand SwaminathanSegment Head Communication,Media and TechnologyBinod R.HampapurGlobal Head Talent&Technology OperationsDeepak PadakiGroup Head Corporate Strategy,and Chief Risk Officer
134、Dinesh R.Head Global Services Enterprise Package Application ServicesInderpreet SawhneyGroup General Counsel and Chief Compliance OfficerAnantharaman RadhakrishnanChief Executive Officer&Managing Director BPMKarmesh VaswaniSegment Head CPG,Logistics&RetailJasmeet SinghSegment Head ManufacturingJayes
135、h SanghrajkaDeputy Chief Financial OfficerKoushik R.N.Group Head Procurement&Global ImmigrationKrishnamurthy ShankarGroup Head Human Resources and Infosys Leadership InstituteRichard LoboHead,HR Infosys Limited Satish H.C.Head,Global Services Data&AnalyticsMartha KingChief Client OfficerNarsimha Rao
136、 M.Head,Global Services Cloud,Infrastructure and Security Solutions&Independent Validation SolutionsShaji MathewService Offering Head Financial Services,Healthcare,Insurance&Life SciencesSrikantan MoorthyHead US Operations and Global Head Education,Training and AssessmentInfosys Annual Report 2020-2
137、1Infosys Annual Report 2020-21Awards and recognition|25 24|Awards and recognition Awards and recognitionBusiness and management Recognized as one of the Worlds Most Ethical Companies in 2021 by Ethisphere Institute in the US Won the 2020 Global Enterprise Risk Management Award of Distinction for suc
138、cess in improving transformation outcomes,growing revenue,protecting margins and strategic decision-making Recognized as the fastest growing among the top 10 IT services brands,by Brand Finance,the worlds leading brand valuation firm,in its Global 500 2021 report Infosys Dsseldorf Innovation Hubawar
139、ded the prestigious NRWINVEST Award 2020 Won the German Brand Award 2020 for Excellence in Brand Strategy and Creation Was featured in the Leadership category in a study conducted jointly by BSE,International Finance Corporation and IiAS,based on G20/OECD corporate governance principles.This makes i
140、t an unbroken run from 2017 for the Company.Environmental,Social and Governance(ESG),and sustainability Featured in the Institutional Investor 2020 All-Asia Executive Team Rankings in the Technology/IT Services&Software Companies category Chosen by the IR Society of India,in collaboration with BSE a
141、nd KPMG India,as a winner under the category,Standout IR,among the BSE 500 companiesWe won many awards and honors,both international and national,in fiscal 2021.The significant ones among them are as follows:Ranked 30th(moved up from 94th in 2020)on the Wall Street Journals 2021 List of 100 Most Sus
142、tainably Managed Companies in the World Won the Golden Peacock Global Award in the Information Technology sector for Excellence in Corporate Governance Adjudged the company most committed to social causes and among the top three in environmental stewardship in India by FinanceAsia Rated by Sustainal
143、ytics as an ESG Industry Top Rated Company Won the CII Climate Action Programme(CAP 2.00)ResilientAward Won the Platinum Award at the Asset ESG Corporate Awards 2020,the longest running ESG awards in AsiaDigital services and technology innovation Positioned as a leader in Gartner Magic Quadrant for
144、Data and Analytics Service Providers Ranked as a leader in Gartner Magic Quadrant for IT Services for Communications Service Providers,Worldwide Ranked as a leader in Gartner Magic Quadrant for Application Testing Services,Worldwide Positioned as a leader in Forrester Wave:Digital Process Automation
145、 Service Providers Ranked as a leader in Forrester Wave:Multicloud Managed Services Providers,Q4 2020 Ranked as a leader in HFS Top 10:Hyperscaler Cloud Service Providers 2021 Ranked No.1 in HFS Top 10:Agile Software Development,2020 Ranked as a leader in HFS Research Top 10 Healthcare Sector Servic
146、e ProvidersInfosys Finacle Positioned as a Leader in Forrester Wave:Digital Banking Processing Platforms(Corporate Banking),Q3 2020 report Positioned as a Leader in Forrester Wave:Digital Banking Processing Platforms(Retail Banking),Q3 2020 report Awarded Best Use of IT in Corporate Banking with Ban
147、k of the West BNP Paribas Won the award for Most Impactful Project in the use of Blockchain in Banking:Infosys Finacle and Royal Bank of Scotland Positioned as a leader in IDC MarketScape Worldwide Oracle Cloud Implementation Services Positioned as a leader in Everest Application and Digital Service
148、s in Capital Markets PEAK Matrix 2020 Positioned as a leader in Everest Groups Open Banking IT Services PEAK Matrix Assessment2020 Positioned as a leader in IDC MarketScape:Worldwide Manufacturing Intelligence Transformation Strategic Consulting 2020 VendorAssessment Positioned as a leader in IDC Ma
149、rketScape:EMEA Digital Transformation Service Providers for Oil and Gas Industry 2020 Vendor Assessment Won the 2020 Microsoft Datacenter Migration Partner of the Year award Awarded the 2020 IBM Beacon Award for our Cognitive Digital Commerce platformFor the complete list of awards and recognition,r
150、efer to https:/ resources Awarded Fortune Best Big Companies to Work For 2021 in the US Awarded Top Employers Global 2021 certification in 20 countries across Europe,Middle East,Asia Pacific,and North America.Also top ranked in 15 countries and No.1 in India,APAC,and Middle East Region,and among the
151、 top two employers in the US and Australia Certified by the Great Place to Work Institute as a Great Place to Work in India,for the period March 2021 to February 2022 Won the Glassdoor Employees Choice Award,a recognition as one of the Best Places to Work in 2021 in Canada Infosys InStep ranked No.1
152、 in the Best Overall Internship Program category for three years in a row Infosys USA certified as a Great Place to Work in the US in May2020 Won the 2020 BEST Awards by The Association for Talent Development,US Won the Top 10 Working Mother&Avtar Best Company for Women in India award 2020 Won the C
153、hampion of Inclusion award of Working Mother&Avtar Most Inclusive Companies Index2020 Recognized as a Disability Confident Recruiter by the Australian Network on Disability Was the 1st Runner up for Excellence in Diversity&Inclusion at the SHRM HR Excellence Awards Scored 95 out of 100 on the Human
154、Rights Campaign Corporate Equality Index for LGBTQI+Inclusion Infosys Annual Report 2020-21Infosys Annual Report 2020-21Financial highlights|27 26|Financial highlights“Digital differentiation and Large Deal momentum drive industry-leading growth in FY21”Financial highlightsRevenues(in crore)1,00,472
155、Crossed the milestone of 1,00,000 crore in revenueRevenue growth10.7%In reported currency(INR),industry-leading growth in FY21Consolidated cash and investments(in crore)(2)38,660Continue to maintain strong liquidity positionBasic earnings per share (par value of 5 each)45.6117.0%growth on YoY basisO
156、perating margin24.5%Improved by 320 basis pointsFree cash flows(in crore)(1)22,020YoY growth of 44.4%FCF conversion at 113%of net profitLarge Deal TCV (Total contract value in US$billion)14.1Large Deal TCV at an all-time highDigital revenues (as a%of total revenue)48.5%31.3%growth on Year-on-Year(Yo
157、Y)basis(USD)Notes:(1)Free cash flow is defined as net cash provided by operating activities less capital expenditure as per the Consolidated Statement of Cash Flows prepared under IFRS.(2)Comprise cash and cash equivalents,current and non-current investments excluding investments in unquoted equity&
158、preference shares,compulsorily convertible debentures and othersDividend per share(in)27Growth of 54.3%on YoY basisNumber of US$100 million+clients32Increase of 4 clients YoYUtilization(excluding trainees)84.7%Utilization at an all-time highReturn on equity27.4%Improved by 1.6%over the last fiscalOn
159、site mix25.8%Significant improvement in onsite mixIn crore,except per equity share dataFY 2021FY 2020FY 2019FY 2018FY 2017Revenues(1)1,00,472 90,791 82,675 70,522 68,484 Net profit(1)(2)19,351 16,594 15,404 16,029 14,353 Basic earnings per share(in)(1)45.61 38.97 35.44 35.53 31.40 Number of employee
160、s 2,59,619 2,42,371 2,28,123 2,04,107 2,00,364 In US$million,except per equity share data FY 2021 FY 2020 FY 2019 FY 2018 FY 2017 Revenues(1)13,561 12,780 11,799 10,939 10,208 Net profit(1)(2)2,613 2,331 2,199 2,486 2,140 Basic earnings per share(in US$)(1)0.62 0.55 0.51 0.55 0.47 Notes(1)Based on I
161、FRS consolidated financial statements (2)Attributable to owners of the CompanyWomen employees38.6%Proposal for buybackMarket capitalization(in crore)5,82,880One of the top companies in the country in terms of market capitalizationKey trendsIn line with the Capital Allocation Policy,the Board,at its
162、meeting held on April 14,2021,approved the buyback of equity shares,from the open market route through the Indian stock exchanges,amounting to 9,200 crore(Maximum Buyback Size,excluding buyback tax)at a price not exceeding 1,750 per share(Maximum Buyback Price),subject to shareholders approval in th
163、e ensuing Annual General Meeting.28|Boards reportInfosys Annual Report 2020-21Boards reportDear members,The Board of Directors hereby submits the report of the business and operations of your Company(“the Company”or“Infosys”),along with the audited financial statements,for the financial year ended M
164、arch 31,2021.The consolidated performance of the Company and its subsidiaries has been referred to wherever required.1.Results of our operations and state of affairsin crore,except per equity share dataParticularsStandalone ConsolidatedFor the year ended March 31,For the year ended March 31,20212020
165、20212020Revenue from operations85,91279,0471,00,47290,791Cost of sales55,54152,81665,41360,732Gross profit30,37126,23135,05930,059Operating expensesSelling and marketing expenses3,6763,8144,6274,711General and administration expenses(1)4,5594,5265,8105,974Total operating expenses8,2358,34010,43710,6
166、85Operating profit22,13617,89124,62219,374Finance cost126114195170Other income,net2,4672,7002,2012,803Profit before tax24,47720,47726,62822,007Tax expense6,4294,9347,2055,368Profit after tax18,04815,54319,42316,639Profit attributable to owners of the Company18,04815,54319,35116,594Non-controlling in
167、terests7245Other comprehensive incomeItems that will not be reclassified subsequently to profit or loss268(215)253(213)Items that will be reclassified subsequently to profit or loss(77)(19)53364Total other comprehensive income/(loss),net of tax191(234)306151Total comprehensive income for the year at
168、tributable to the owners of the Company18,23915,30919,65116,732Non-controlling interest7858Earnings per share(EPS)(2)Basic42.3736.3445.6138.97Diluted42.3336.3245.5238.911 crore=10 millionNotes:The above figures are extracted from the audited standalone and consolidated financial statements as per In
169、dian Accounting Standards(Ind AS).(1)Includes impairment of capital asset of 283 crore under CSR expense in the Standalone financial statements of the Company,as the Company intends to transfer its CSR capital assets created prior to January 2021 to a controlled subsidiary consequent to the Companie
170、s(Corporate Social Responsibility Policy)Amendment Rules,2021.The recoverable amount of capital asset is expected to exceed the carrying amount including in the period subsequent to the transfer to a controlled subsidiary,hence no impairment charge has been recorded in the Consolidated financial sta
171、tements.(2)Equity shares are at par value of 5 per share.Boards report|29 Infosys Annual Report 2020-21Financial positionin crore,except equity share dataParticularsStandaloneConsolidatedAs at March 31,As at March 31,2021202020212020Cash and cash equivalents17,61213,56224,714 18,649Current investmen
172、ts2,0374,0062,342 4,655Net current assets30,66028,60036,868 33,720Property,plant and equipment (including capital work-in-progress)11,83612,03713,482 13,389Right-of-use assets3,4352,8054,794 4,168Goodwill167296,079 5,286Other intangible assets67482,072 1,900Other non-current assets30,15222,30221,226
173、 13,449Total assets93,93981,0411,08,386 92,768Non-current lease liabilities3,3672,7754,587 4,014Other non-current liabilities1,4198123,152 2,054Retained earnings opening balance52,41954,07056,309 57,566Add:Profit for the year18,04815,54319,351 16,594Transfer from Special Economic Zone Re-investment
174、Reserve on utilization9671,0361,039 1,080Less:Impact of adoption of Ind AS 116(17)(40)Dividends(including dividend distribution tax if any)(9,158)(9,553)(9,120)(9,517)Buyback of equity shares(4,717)(4,717)Effect of modification of equity-settled share-based payment awards to cash-settled awards(9)(9
175、)Transfer to general reserve(1,554)(1,470)(1,554)(1,470)Transfer to Special Economic Zone Re-investment Reserve(3,204)(2,464)(3,354)(2,580)Financial liability under option arrangements(598)Payment towards acquisition of minority interest(28)Retained earnings closing balance57,51852,41962,643 56,309E
176、quity share capital2,1302,1292,124 2,122Other reserves and surplus(1)11,8317,82510,2435,978Other comprehensive income52(139)1,341 1,041Non-controlling interest431 394Total equity71,53162,23476,782 65,844Total equity and liabilities93,93981,0411,08,386 92,768Number of equity shares426,06,60,846 425,8
177、9,92,566424,51,46,114 424,07,53,210(1)Excluding retained earnings30|Boards reportInfosys Annual Report 2020-21Summary Profit and Loss standalonein crore,except per equity share dataParticularsYear ended March 31,2021%of revenue2020%of revenue YoY growth(%)Revenue from operations85,912100.079,047100.
178、08.7Gross profit30,37135.426,23133.215.8Selling and marketing expenses3,6764.33,8144.8(3.6)General and administration expenses4,5595.34,5265.70.7Operating profit 22,13625.817,89122.623.7Profit before tax24,47728.520,47725.9 19.5Net profit18,04821.015,54319.716.1Earnings per equity shareBasic42.3736.
179、3416.6Summary Profit and Loss consolidatedin crore,except per equity share dataParticularsYear ended March 31,2021%of revenue2020%of revenue YoY growth(%)Revenue from operations1,00,472100.090,791100.010.7Gross profit35,05934.930,05933.116.6Selling and marketing expenses4,6274.64,7115.2(1.8)General
180、and administration expenses5,8105.85,9746.6(2.7)Operating profit 24,62224.519,37421.327.1Profit before tax26,62826.522,00724.221.0Net profit19,42319.316,63918.316.7Profit attributable to owners of the Company19,35119.316,59418.316.6Earnings per equity shareBasic45.6138.9717.0Refer to the notes under
181、 the table,Results of our operations and state of affairs,for factors impacting net profit and basic EPS.Based on Ind AS consolidated financial statements31.532.415.514.713.212.612.912.510.19.47.78.56.46.82.73.139.248.560.851.561.561.324.124.211.611.82.62.920202021Digital20202021CoreRevenue distribu
182、tion by oferings(in%)Revenue distribution by geographical segments(in%)20202021North America20202021Europe20202021Rest of the World20202021IndiaRevenue distribution by business segments(in%)20202021FS(1)20202021Retail(2)20202021COM(3)20202021EURS(4)20202021MFG(5)20202021Hi-Tech(6)2020 2021LS(7)Other
183、s(8)20202021(1)FS Includes enterprises in Financial Services and Insurance(2)Retail Includes enterprises in Retail,Consumer Packaged Goods and Logistics(3)COM Includes enterprises in Communication,Telecom OEM and MediaBoards report|31 Infosys Annual Report 2020-21(4)EURS Includes enterprises in Ener
184、gy,Utilities,Resources and Services(5)MFG Includes enterprises in Manufacturing(6)Hi-Tech Includes enterprises in Hi-Tech(7)LS Includes enterprises in Life Sciences and Healthcare(8)Others Includes segments of businesses in India,Japan,China,Infosys Public Services and other enterprises in public se
185、rvicesGlobal health pandemic from COVID-19 In fiscal 2020,when the COVID-19 pandemic first broke,Infosys swiftly reacted by providing the required support to the workforce,clients and the community.From setting up a core team to monitor the situation closely and staying in constant touch with the lo
186、cal authorities,sharing timely updates with the global employee base,to enabling the near-seamless transition to the remote mode of work the Company scaled up its efforts quickly and restored normalcy of operations.Central to these efforts was the need to ensure the physical safety and mental wellbe
187、ing of our global workforce.In the early months of the pandemic,through its employee repatriation effort,Infosys managed the evacuation of 1,865 employees and 1,165 members of their families,from 35 countries a one-of-its-kind operation by a company.Fiscal 2021 has seen the health crisis deepen,and
188、the worlds attention is focused on Indias response to it.With so many global businesses relying on Indias technology services sector to run their core operations,the industrys resilience has wide-ranging global impact.Corporations,along with delivering business continuity for clients,must,with renew
189、ed vigor,ensure the wellbeing of their employees and the communities in which they operate.Today,96.5%of Infosys employees continue to work from home.With a more virulent surge of the pandemic in India,Infosys has ramped up its efforts significantly to mitigate the impact of the virus.We have set up
190、 exclusive COVID-19 care centers across seven Development Center(DC)locations,including Bengaluru,Pune,NCR,Chennai,and Hyderabad,and similar centers are on the anvil in the coming weeks across all other Infosys locations.We plan to,subject to approvals,set up similar centers in other Indian cities w
191、here we have campuses.We tied up with COVID-19 testing laboratories across India,collaborated with emergency ambulance providers in major cities,and partnered with 1,500+hospitals,in 240 cities in India,to enable treatment for employees and their families.All medical treatments for COVID-19 are cove
192、red under employee insurance,and employees who have contracted it are allowed 21 days of additional paid leave to recuperate.Employee wellbeing checks are conducted frequently.In the event of an unfortunate turn,Infosys offers support to the grieving family,including financial support through insura
193、nce.Comprehending the importance of the role played by vaccines in our fight against the virus,we have been working very closely with government authorities and medical experts to put together various frameworks for the immunization drive to encourage employees and their family members to get vaccin
194、ated.We have created COVID-19 vaccination centers across Infosys campuses.Operations have commenced across seven DCs already and work is in progress in other DCs.We have also collaborated with 130+hospitals in India where employees and their families can be vaccinated.Committed as always to holistic
195、 employee wellbeing,we have rolled out over 900+employee initiatives across locations,centered on mental health,self-care,and prioritizing work-life balance.Infosys helping hand extends beyond business.We have honored the commitment of 100 crore for COVID-19 relief in India that we made in March 202
196、0,through the Infosys Foundation.This will help expand the capacity of COVID-care hospital beds,increase the supply of oxygen concentrators and ventilators,as well as provide food and funds to migrant laborers impacted by the lockdowns.We also leveraged our technological expertise,creating mobile ap
197、plications like Crush Covid RI and Apthamitra to help local governments in their fight against COVID-19.Our focus on our client commitments remained unwavering through this period,reflecting in the record number of large deals we secured even while working remotely.With our operations teams ensuring
198、 smooth work-from-home processes and remote collaboration for our 2,60,000+global workforce,we were able to ensure that client service-level agreements(SLAs)were met and project milestones delivered on time.However,remote working conditions also implied multiplied cybersecurity risks,not just for us
199、 but for clients as well.Having been an early adopter of advanced cybersecurity strategies,including the setting up of seven Cyber Defence Centers in India,US and Europe,we were in a position to minimize threats to our operations as well as offer cybersecurity solutions to our clients.We continued t
200、o provide critical support to clients in essential services sectors such as banking,healthcare and communications around the world.Although travel was ruled out for most of this fiscal,we leveraged cloud and other digital transformation offerings to bring in new business,ensuring maximization of ben
201、efits to our shareholders.As an organization,our external communication has had to transition to the new virtual models as well.Events such as the quarterly results,analyst meetings and the Annual General Meeting have all been executed successfully leveraging our in-house platforms such as Infosys M
202、eridian.All recruitment drives have also been conducted virtually.Our online learning platform,Lex,and virtual classes allow our training programs to continue unaffected,with 2,40,000 employees using the platform in fiscal 2021.Leveraging initiatives like Skill Tags and Digital Quotient has enabled
203、learning and reskilling of talent to proceed at an incredible pace.Digital Quotient acts as a guide-on-the-go to ensure digital preparedness for our talent,while Skill Tags allow employees to move beyond learning to establish their skill expertise in new-age/niche technology spaces.Thanks to structu
204、red learning paths made available through Lex,there has been a threefold increase in reskilled talent over the last fiscal.32|Boards reportInfosys Annual Report 2020-21At Infosys,even amid an unprecedented global crisis,we continue to balance success as a business with exemplary governance and respo
205、nsiveness to the needs of all our stakeholders.Capital Allocation Policy Effective fiscal 2020,the Company expects to return approximately 85%of the free cash flow cumulatively over a five-year period through a combination of semi-annual dividends and/or share buyback and/or special dividends,subjec
206、t to applicable laws and requisite approvals,if any.Free cash flow is defined as net cash provided by operating activities less capital expenditure,as per the Consolidated Statement of Cash Flows prepared under IFRS.Dividend and buyback include applicable taxes.In line with the Capital Allocation Po
207、licy,the Board,at its meeting held on April 14,2021,approved the buyback of equity shares,from the open market route through the Indian stock exchanges,amounting to 9,200 crore(Maximum Buyback Size,excluding buyback tax)at a price not exceeding 1,750 per share(Maximum Buyback Price),subject to share
208、holders approval in the ensuing Annual General Meeting(AGM).During the year,the Company paid an interim dividend of 12 per share and announced a final dividend of 15 per share,subject to shareholders approval in the ensuing AGM.After returning the above amounts,the Company would have returned approx
209、imately 83%of the free cash flow for fiscal 2020 and fiscal 2021 through dividends and buybacks,in line with the Capital Allocation Policy announced in July 2019.The Capital Allocation Policy is available on our website,at https:/ principal sources of liquidity are cash and cash equivalents,investme
210、nts and the cash flow that we generate from our operations.We continue to be debt-free and maintain sufficient cash to meet our strategic and operational requirements.We understand that liquidity in the Balance Sheet has to balance between earning adequate returns and the need to cover financial and
211、 business requirements.Liquidity enables us to be agile and ready for meeting unforeseen strategic and business needs.As of March 31,2021,we had 30,660 crore in working capital on a standalone basis,and 36,868 crore on a consolidated basis.Consolidated cash and investments stand at 30,764 crore on a
212、 standalone basis and 38,660 crore on a consolidated basis as at March 31,2021,as against 21,321 crore on a standalone basis,and 27,276 crore on a consolidated basis as on March 31,2020.Consolidated cash and investments,on both standalone and consolidated basis,include deposits with banks and financ
213、ial institutions with high credit ratings by international and domestic credit rating agencies.As a result,liquidity risk of cash and cash equivalents is limited.Ratings are monitored periodically,and we have considered the latest available credit information to the extent available in view of COVID
214、-19 as at the date of approval of the financial statements.Liquid assets also include investments in liquid mutual fund units,fixed maturity plan securities,certificates of deposit(CDs),commercial paper,quoted bonds issued by government and quasi-government organizations,and non-convertible debentur
215、es.CDs represent marketable securities of banks and eligible financial institutions for a specified time period with high credit rating given by domestic credit rating agencies.Investments made in non-convertible debentures are issued by government-owned institutions and financial institutions with
216、high credit rating.We invest after considering counterparty risks based on multiple criteria including Tier I capital,capital adequacy ratio,credit rating,profitability,NPA levels and deposit base of banks and financial institutions.The details of these investments are disclosed under the non-curren
217、t and current investments section in the Standalone and Consolidated financial statements in this Annual Report.Capital expenditure on tangible assets standaloneThis year,on a standalone basis,additions to tangible assets was 2,015 crore.This comprises 1,039 crore in infrastructure,975 crore for inv
218、estment in computer equipment,and 1 crore in vehicles.In the previous year,we had additions to tangible assets of 3,035 crore.This comprised 2,263 crore in infrastructure,765 crore for investment in computer equipment,and 7 crore in vehicles.Capital expenditure on tangible assets consolidatedThis ye
219、ar,on a consolidated basis,additions to tangible assets was 2,231 crore.This comprises 1,071 crore in infrastructure,1,159 crore in computer equipment and 1 crore in vehicles.In the previous year,we had additions to tangible assets of 3,437 crore.This comprised 2,500 crore in infrastructure,930 cror
220、e for investment in computer equipment and 7 crore in vehicles.LeasesThis year,on a standalone basis,additions to right-of-use(ROU)assets was 1,109 crore.This comprises 1,017 crore in land and buildings,and 92 crore in computer equipment.In the previous year,we had additions to ROU assets of 787 cro
221、re.This comprised 738 crore in land and buildings,and 49 crore in computer equipment.This year,on a consolidated basis,additions to ROU assets was 1,394 crore.This comprises 1,241 crore in land and buildings,140 crore in computer equipment and 13 crore in vehicles.In the previous year,we had additio
222、ns to ROU assets of 1,120 crore.This comprised 1,065 crore in land and buildings,49 crore for investment in computer equipment and 6 crore in vehicles.Boards report|33 Infosys Annual Report 2020-21DividendThe Company recommended/declared dividend as under:Fiscal 2021Fiscal 2020Dividend per share(in)
223、Dividend payout(in crore)Dividend per share(in)Dividend payout(in crore)Interim dividend12.005,1128.004,107Final dividend(1)15.00 6,3919.504,046Total dividend27.00 17.50Payout ratio(interim and final dividend)(2)52.2%(2)53.5%Note:Interim dividend payout for fiscal 2020 includes dividend distribution
224、 tax.(1)Recommended by the Board of Directors at its meeting held on April 14,2021.The payment is subject to the approval of the shareholders at the ensuing AGM of the Company to be held on June 19,2021.The record date for the purposes of the final dividend will be June 01,2021 and will be paid on J
225、une 25,2021.(2)Our present Capital Allocation Policy is to pay approximately 85%of the free cash flow cumulatively over a five-year period through a combination of semi-annual dividends and/or share buyback and/or special dividends,subject to applicable laws and requisite approvals,if any.Free cash
226、flow is defined as net cash provided by operating activities less capital expenditure as per the Consolidated Statement of Cash Flows prepared under IFRS.Particulars of loans,guarantees or investmentsLoans,guarantees and investments covered under Section 186 of the Companies Act,2013 form part of th
227、e Notes to the financial statements provided in this Annual Report.Transfer to reservesWe do not propose to transfer any amount to general reserve on declaration of dividend.Fixed depositsWe have not accepted any fixed deposits,including from the public,and,as such,no amount of principal or interest
228、 was outstanding as of the Balance Sheet date.Particulars of contracts or arrangements made with related partiesThere were no contracts,arrangements or transactions entered into during fiscal 2021.As required under the Companies Act,2013,the prescribed Form AOC-2 is appended as Annexure 2 to the Boa
229、rds report.Managements discussion and analysisIn terms of the provisions of Regulation 34 of the Listing Regulations,the Managements discussion and analysis is set out in this Annual Report.Risk management reportIn terms of the provisions of Section 134 of the Companies Act,2013,a Risk management re
230、port is set out in this Annual Report.Board policiesThe details of the policies approved and adopted by the Board as required under the Companies Act,2013 and SEBI regulations are provided in Annexure 8 to the Boards report.Material changes and commitments affecting financial position between the en
231、d of the financial year and date of the reportThe Board,at its meeting held on April 14,2021,approved the proposal of buyback of equity shares.The details of the buyback,together with its implications on the Companys financial position,are explained under the Capital Allocation Policy section of thi
232、s report and the financial statements for the year ended March 31,2021.There have been no other material changes and commitments which affect the financial position of the Company that have occurred between the end of the financial year to which the financial statements relate and the date of this r
233、eport.2.Business descriptionStrategyOur strategic objective is to build a sustainable and resilient organization that remains relevant to the agenda of our clients,while creating growth opportunities for our employees,generating profitable returns for our investors and contributing to the communitie
234、s that we operate in.Our clients and prospective clients are faced with transformative business opportunities due to advances in software and computing technology.These organizations are dealing with the challenge of having to reinvent their core offerings,processes and systems rapidly and position
235、themselves as digitally enabled.The current economic climate and volatility,resulting from the COVID-19 pandemic,in their operations has accelerated their adoption of digital technologies to enhance organizational resilience,get competitive advantage and optimize cost structures.The journey to the d
236、igital future requires not just an understanding of new technologies and new ways of working,but a deep appreciation of existing technology landscapes,business processes and practices.Our strategy is to be a navigator for our clients as they ideate,plan and execute on their journey to a digital futu
237、re.In fiscal 2021,we continued to execute our four-pronged strategy to strengthen our relevance to clients and drive accelerated value creation.We believe the investments we have made,and continue to make,in our strategy will enable us to advise and help our clients as they tackle these market condi
238、tions,especially in the areas of digitization of processes,migration to cloud-based technologies,workplace transformation,business model transformation,data analytics,enhanced cybersecurity controls and cost structure optimization in IT.Further,we have successfully enabled our employees worldwide to
239、 work remotely and securely thus achieving the operational stability to deliver on client commitments and ensuring our own business continuity.34|Boards reportInfosys Annual Report 2020-21Scale Agile DigitalEnergize the coreReskill our peopleExpand localizationIn fiscal 2021,we launched our integrat
240、ed cloud offering,Infosys CobaltTM,bringing together 14,000+cloud assets,200+solution blueprints and an array of ecosystem alliances.Infosys CobaltTM is helping enterprises to securely access cloud capabilities with the assurance of single-point accountability for outcomes.We also launched Infosys A
241、pplied AI to help enterprises adopt a comprehensive approach and roadmap to scaling enterprise-grade AI for their businesses.For details of our continued investments and outcomes of our strategic initiatives,please refer to the Managements Discussion and Analysis section of this Annual Report.Organi
242、zationOur go-to-market business units are organized as:Financial Services and Insurance Life Sciences and Healthcare Retail,Consumer Packaged Goods and Logistics Communications,Telecom OEM and Media Energy,Utilities,Resources and Services Manufacturing Hi-tech Others,which includes India,Japan,China
243、,Infosys Public Services and other Public Service enterprisesOur solutions have been primarily classified as digital and core.Digital:Experience Insight Innovate Accelerate AssureCore:Application management services Proprietary application development services Independent validation solutions Produc
244、t engineering and management Infrastructure management services Traditional enterprise application implementation Support and integration services Our products and platforms include:Finacle Edge Suite Infosys NIA Infosys McCamish Panaya Skava Stater Mortgage Servicing Platform Wingspan Infosys Merid
245、ian CyberNext LEAPInfrastructureWe added 0.86 million sq.ft.of physical infrastructure space during the year.The total available space as on March 31,2021 stands at 52.83 million sq.ft.We have presence in more than 50 countries across 234 locations as on March 31,2021.Mergers and acquisitionsInfosys
246、 has a systematic M&A approach aimed to strengthen digital services capabilities,deepen industry expertise,and expand geographical footprint.Focused on executing Infosys Agile Digital strategy,during the year,the Company completed three acquisitions:GuideVision,s.r.o.a leading ServiceNow Elite Partn
247、er in Europe augmenting Infosys CobaltTM portfolio of cloud services and strengthening nearshore delivery presence on October 1,2020 Kaleidoscope Animations,Inc.,a US-based product design and development firm strengthening presence in Medical devices,Consumer and Industrial markets on October 9,2020
248、 Beringer Commerce Inc.and Beringer Capital Digital Group Inc.,collectively known as Blue Acorn iCi,an award-winning,Adobe Platinum partner in the US,and a leader in digital customer experience,commerce and analytics on October 27,2020These acquisitions through Infy Consulting Company Ltd(a wholly-o
249、wned subsidiary of Infosys Consulting Holding AG)and Infosys Nova Holdings LLC(a wholly-owned subsidiary of Infosys Limited)were made for a total consideration of 1,407 crore,comprising a cash consideration of 1,307crore and contingent consideration with an estimated fair value of 100 crore as on th
250、e date of acquisition.Refer to Note 2.1 of the Consolidated financial statements for further details of these acquisitions.SubsidiariesWe,along with our subsidiaries,provide consulting,technology,outsourcing and next-generation digital services.At the beginning of the year,we had 23 direct subsidiar
251、ies and 52 step-down subsidiaries.As on March 31,2021,we have 24 direct subsidiaries and 62 step-down subsidiaries.The changes in subsidiaries during the year is included in the Standalone financial statements of the Company.During the year,the Board of Directors reviewed the affairs of the subsidia
252、ries.In accordance with Section 129(3)of the Companies Act,2013,we have prepared the Consolidated financial statements of the Company,which form part of this Annual Report.Further,a statement containing the salient features of the financial statements of our subsidiaries in the prescribed format AOC
253、-1 is appended as Annexure 1 to the Boards report.The statement also provides details of the Boards report|35 Infosys Annual Report 2020-21performance and financial position of each of the subsidiaries,along with the changes that occurred,during fiscal 2021.In accordance with Section 136 of the Comp
254、anies Act,2013,the audited financial statements,including the Consolidated financial statements and related information of the Company and audited accounts of each of its subsidiaries,are available on our website,.3.Human resources managementOur professionals are our most important assets.We are com
255、mitted to hiring and retaining the best talent and being among the industrys leading employers.For this,we focus on promoting a collaborative,transparent and participative organization culture,and rewarding merit and sustained high performance.Our human resource management focuses on allowing our em
256、ployees to develop their skills,grow in their career and navigate their next.Internal complaints committeeInfosys goal has always been to create an open and safe workplace for every employee to feel empowered,irrespective of gender,sexual preferences,and other factors,and contribute to the best of t
257、heir abilities.Towards this,the Company has set up the Anti-Sexual Harassment Initiative(ASHI),which proudly completes 21 years of enabling a positive and safe work environment for our employees.Our ASHI practices have set an industry benchmark as it ranked first among 300+companies that participate
258、d in an external survey on the best anti-sexual harassment initiatives in 2017,2019 and 2020.Infosys has constituted an Internal Committee(IC)in all the development centers of the Company across India to consider and resolve all sexual harassment complaints reported by women.The IC has been constitu
259、ted as per the Sexual Harassment of Women at Workplace(Prevention,Prohibition and Redressal)Act,2013,and the committee includes external members from NGOs or with relevant experience.Investigations are conducted and decisions made by the IC at the respective locations,and a senior woman employee is
260、the presiding officer over every case.Half of the total members of the IC are women.The role of the IC is not restricted to mere redressal of complaints but also encompasses prevention and prohibition of sexual harassment.In the last one year,the IC has worked extensively on creating awareness on re
261、levance of sexual harassment issues in the new normal by using brand-new and innovative measures to help employees understand the forms of sexual harassment while working remotely.The details of sexual harassment complaints that were filed,disposed of and pending during the financial year are provid
262、ed in the Business Responsibility Report of this Annual report.Particulars of employeesThe Company had 2,04,396 employees on standalone basis and 2,59,619 employees on consolidated basis as of March 31,2021.The percentage increase in remuneration,ratio of remuneration of each director and key manage
263、rial personnel(KMP)(as required under the Companies Act,2013)to the median of employees remuneration,and the list of top 10 employees in terms of remuneration drawn,as required under Section 197(12)of the Companies Act,2013,read with Rule 5 of the Companies(Appointment and Remuneration of Managerial
264、 Personnel)Rules,2014,form part of Annexure 3 to this Boards report.The statement containing particulars of employees employed throughout the year and in receipt of remuneration of 1.02 crore or more per annum and employees employed for part of the year and in receipt of remuneration of 8.5 lakh or
265、more per month,as required under Section 197(12)of the Companies Act,2013,read with Rule 5 of the Companies(Appointment and Remuneration of Managerial Personnel)Rules,2014,is provided in a separate exhibit forming part of this report and is available on the website of the Company,at https:/ Annual R
266、eport and accounts are being sent to the shareholders excluding the aforesaid exhibit.Shareholders interested in obtaining this information may access the same from the Company website.In accordance with Section 136 of the Companies Act,2013,this exhibit is available for inspection by shareholders t
267、hrough electronic mode.Notes:1 The employees mentioned in the aforesaid exhibit have/had permanent employment contracts with the Company.2.The employees are neither relatives of any directors of the Company,nor hold 2%or more of the paid-up equity share capital of the Company as per Rule 5 of the Co
268、mpanies(Appointment and Remuneration of Managerial Personnel)Rules,2014.3.The details of employees posted outside India and in receipt of a remuneration of 60 lakh or more per annum or 5 lakh or more a month can be made available on specific request.Employee stock options/Restricted Stock Units(RSUs
269、)The Company grants share-based benefits to eligible employees with a view to attracting and retaining the best talent,encouraging employees to align individual performances with Company objectives,and promoting increased participation by them in the growth of the Company.Infosys Expanded Stock Owne
270、rship Program 2019(“the 2019 Plan”)On June 22,2019,pursuant to approval by the shareholders in the AGM,the Board has been authorized to introduce,offer,issue and provide share-based incentives to eligible employees of the Company and its subsidiaries under the 2019 Plan.The maximum number of shares
271、under the 2019 Plan shall not exceed 5,00,00,000 equity shares.To implement the 2019 Plan,up to 4,50,00,000 equity shares may be issued by way of secondary acquisition of shares by the Infosys Expanded Stock Ownership Trust.The RSUs granted under the 2019 Plan shall vest based on the achievement of
272、defined annual performance parameters as determined by the administrator(the nomination and remuneration committee).The performance parameters will be based on a combination of relative Total Shareholder Return(TSR)against selected industry peers and certain broader market domestic and global indice
273、s and operating performance metrics of the Company as decided by the administrator.Each of the above performance parameters will be distinct for the purposes of calculation of the quantity of shares to vest based on performance.These instruments will generally vest between a minimum of one to a maxi
274、mum of three years from the grant date.36|Boards reportInfosys Annual Report 2020-212015 Stock Incentive Compensation Plan(“the2015Plan”)On March 31,2016,pursuant to the approval by the shareholders through postal ballot,the Board was authorized to introduce,offer,issue and allot share-based incenti
275、ves to eligible employees of the Company and its subsidiaries under the 2015 Plan.The maximum number of shares under the 2015 Plan shall not exceed 2,40,38,883 equity shares(not adjusted for bonus issue).These instruments will generally vest over a period of four years and the Company expects to gra
276、nt the instruments under the 2015 Plan over the period of four to seven years.These RSUs and stock options shall be exercisable within the period as approved by the nomination and remuneration committee.The exercise price of the RSUs will be equal to the par value of the shares and the exercise pric
277、e of the stock options would be the market price as on the date of grant.Consequent to the September 2018 bonus issue,all the then outstanding options granted under the stock option plan have been adjusted for bonus shares.The total number of equity shares and American Depositary Receipts(ADRs)to be
278、 allotted to the employees of the Company and its subsidiaries under the 2015 Plan does not cumulatively exceed 1%of the issued capital.For the shares and ADRs issued under the 2019 Plan,the cumulative amount does not exceed 1.15%of the issued capital.The 2019 Plan and 2015 Plan are in compliance wi
279、th SEBI(Share Based Employee Benefits)Regulations,2014,as amended from time to time,and there has been no material change to the plans during the fiscal.The details of the 2019 Plan and 2015 Plan,including terms of reference,and the requirement specified under Regulation 14 of the SEBI(Share Based E
280、mployee Benefits)Regulations,2014,are available on the Companys website,at https:/ details of the 2019 Plan and 2015 Plan form part of the Notes to accounts of the financial statements in this Annual Report.4.Corporate governanceOur corporate governance philosophyOur corporate governance practices a
281、re a reflection of our value system encompassing our culture,policies,and relationships with our stakeholders.Integrity and transparency are key to our corporate governance practices to ensure that we gain and retain the trust of our stakeholders at all times.Corporate governance is about maximizing
282、 shareholder value legally,ethically and sustainably.At Infosys,the Board exercises its fiduciary responsibilities in the widest sense of the term.Our disclosures seek to attain the best practices in international corporate governance.We also endeavor to enhance long-term shareholder value and respe
283、ct minority rights in all our business decisions.Our Corporate governance report for fiscal 2021 forms part of this Annual Report.Board diversityThe Company recognizes and embraces the importance of a diverse board in its success.We believe that a truly diverse board will leverage differences in tho
284、ught,perspective,knowledge,skill,regional and industry experience,cultural and geographical backgrounds,age,ethnicity,race and gender,that will help us retain our competitive advantage.The Board Diversity Policy adopted by the Board sets out its approach to diversity.The policy is available on our w
285、ebsite,at https:/ details on Board diversity are available in the Corporate governance report that forms part of this Annual Report.Number of meetings of the BoardThe Board met seven times during the financial year.The meeting details are provided in the Corporate governance report that forms part o
286、f this Annual Report.The maximum interval between any two meetings did not exceed 120 days,as prescribed by the Companies Act,2013.Policy on directors appointment and remunerationThe current policy is to have an appropriate mix of executive,non-executive and independent directors to maintain the ind
287、ependence of the Board,and separate its functions of governance and management.As of March 31,2021,the Board had nine members,two of whom are executive directors,a non-executive and non-independent director and six independent directors.Two of the independent directors of the Board are women.The det
288、ails of Board and committee composition,tenure of directors,areas of expertise and other details are available in the Corporate governance report that forms part of this Annual Report.The policy of the Company on directors appointment and remuneration,including the criteria for determining qualifica
289、tions,positive attributes,independence of a director and other matters,as required under Sub-section(3)of Section 178 of the Companies Act,2013,is available on our website,at https:/ affirm that the remuneration paid to the directors is as per the terms laid out in the Nomination and Remuneration Po
290、licy of the Company.Declaration by independent directorsThe Company has received necessary declaration from each independent director under Section 149(7)of the Companies Act,2013,that he/she meets the criteria of independence laid down in Section 149(6)of the Companies Act,2013 and Regulation 25 of
291、 the Listing Regulations.Board evaluation The nomination and remuneration committee engaged Egon Zehnder,external consultants,to conduct Board evaluation for the year.The evaluation of all the directors,committees,Chairman of the Board,and the Board as a whole was conducted based on the criteria and
292、 framework adopted by the Board.The Board evaluation process was completed during fiscal 2021.The evaluation parameters and the process have been explained in the Corporate governance report.Boards report|37 Infosys Annual Report 2020-21Familiarization program for independent directorsAll new indepe
293、ndent directors inducted into the Board attend an orientation program.The details of the training and familiarization program are provided in the Corporate governance report.Further,at the time of the appointment of an independent director,the Company issues a formal letter of appointment outlining
294、his/her role,function,duties and responsibilities.The format of the letter of appointment is available on our website,at https:/ and KMPInductionsUri Levine was appointed to the Board as an independent director effective April 20,2020 for a period of three years and the same was approved by the shar
295、eholders at the 39th AGM held on June 27,2020.Bobby Parikh was appointed to the Board as an additional and independent director effective July 15,2020 for a period of three years subject to the approval of shareholders.In the opinion of the Board,he is a well-respected business leader who brings a w
296、ealth of experience and financial acumen to the Infosys Board.His vast experience in the realm of corporate governance will greatly benefit the Company.Further,he possesses integrity and relevant proficiency which will bring tremendous value to the Board and to the Company.The Board recommends his a
297、ppointment to the shareholders.The notice convening the 40th AGM to be held on June 19,2021 sets out the details.Chitra Nayak was appointed to the Board as an additional and independent director effective March 25,2021 for a period of three years subject to the approval of shareholders.In the opinio
298、n of the Board,she brings Silicon Valley experience expertise,integrity and proficiency that will provide valuable insights as Infosys pivots its service offerings in consulting and digital solutions to help businesses in their strategic intent of digital transformation.The Board recommends her appo
299、intment to the shareholders.The notice convening the 40th AGM to be held on June 19,2021 sets out the details.ReappointmentsDirector liable to retire by rotationAs per the provisions of the Companies Act,2013,U.B.Pravin Rao,COO and Whole-time Director,whose office is liable to retire at the ensuing
300、AGM,being eligible,seeks reappointment.Based on performance evaluation and the recommendation of the nomination and remuneration committee,the Board recommends his reappointment.U.B Pravin Rao will be superannuating on December 12,2021 as per the Companys policy.The notice convening the 40th AGM to
301、be held on June 19,2021 sets out the details.Reappointment of independent directorMichael Gibbs was appointed as an independent director for the first term of three years effective July 13,2018.His office of directorship is due for retirement on July 12,2021.Based on the recommendation of the nomina
302、tion and remuneration committee and after taking into account the performance evaluation of his first term of three years and considering the knowledge,acumen,expertise,experience and the substantial contribution,the committee has recommended the appointment of Michael Gibbs to the Board for a secon
303、d term of five years.The Board,at its meeting held on April 14,2021,approved the reappointment of Michael Gibbs as an independent director of the Company with effect from July 13,2021 to July 12,2026,whose office shall not be liable to retire by rotation.The Board recommends his reappointment to the
304、 shareholders.The notice convening the 40th AGM to be held on June 19,2021 sets out the details.Retirements and resignationsD.N.Prahlad,an independent director,resigned as a member of the Board effective April 20,2020 to devote more time to his other business commitments.The disclosure in this regar
305、d is available at https:/ Kumar-Sinha,an independent director,on completion of her tenure,retired as a member of the Board effective January 13,2021.The disclosure in this regard is available at https:/ of the BoardAs on March 31,2021,the Board had five committees:the audit committee,the corporate s
306、ocial responsibility committee,the nomination and remuneration committee,the risk management committee,and the stakeholders relationship committee.A majority of the committees consists entirely of independent directors.The Board,at its meeting held on April 14,2021,instituted the Environment,Social
307、and Governance(ESG)committee.The committee consists entirely of independent directors.During the year,all recommendations made by the committees were approved by the Board.A detailed note on the composition of the Board and its committees is provided in the Corporate governance report.Internal finan
308、cial control and its adequacyThe Board has adopted policies and procedures for ensuring the orderly and efficient conduct of its business,including adherence to the Companys policies,safeguarding of its assets,prevention and detection of fraud,error reporting mechanisms,accuracy and completeness of
309、the accounting records,and timely preparation of reliable financial disclosures.For more details,refer to the Internal control systems and their adequacy section in the Managements discussion and analysis,which forms part of this Annual Report.CybersecurityIn the light of the COVID-19 pandemic,fisca
310、l 2021 was a challenging year for businesses globally.At Infosys,while our employees operated efficiently as a remote workforce,we continue to keep a close tab on our cybersecurity posture.We continued our efforts to keep ourselves up to date with cybersecurity events globally so as to achieve highe
311、r compliance and its continued sustenance.We continue to be certified against the Information Security Management 38|Boards reportInfosys Annual Report 2020-21System(ISMS)Standard ISO 27001:2013.During the year,our focus on our cybersecurity personnels training and reskilling went ahead as planned,t
312、ogether with our initiatives on improving cybersecurity processes and technologies.Our periodic stakeholder interactions ensured that we have sponsorship from the senior management and all critical stakeholders in a timely manner.Significant and material ordersThere are no significant and material o
313、rders passed by the regulators or courts or tribunals impacting the going concern status and the Companys operations in future.Reporting of frauds by auditorsDuring the year under review,neither the statutory auditors nor the secretarial auditor has reported to the audit committee,under Section 143(
314、12)of the Companies Act,2013,any instances of fraud committed against the Company by its officers or employees,the details of which would need to be mentioned in the Boards report.Annual returnIn accordance with the Companies Act,2013,the annual return in the prescribed format is available at https:
315、/ standardsThe Company complies with all applicable secretarial standards issued by the Institute of Company Secretaries of India.Listing on stock exchangesThe Companys shares are listed on BSE Limited and the National Stock Exchange of India Limited,and its ADSs are listed on the New York Stock Exc
316、hange(NYSE).Investor Education and Protection Fund(IEPF)During the year,the Company has transferred the unclaimed and un-encashed dividends of 1,75,57,643.Further,16,264 corresponding shares on which dividends were unclaimed for seven consecutive years were transferred as per the requirements of the
317、 IEPF Rules.The details of the resultant benefits arising out of shares already transferred to the IEPF,year-wise amounts of unclaimed/un-encashed dividends lying in the unpaid dividend account up to the year,and the corresponding shares,which are liable to be transferred,are provided in the Shareho
318、lder information section of the Corporate governance report and are also available on our website,at responsibility statementThe financial statements are prepared in accordance with the Indian Accounting Standards(Ind AS)under the historical cost convention on accrual basis except for certain financ
319、ial instruments,which are measured at fair values,the provisions of the Companies Act,2013 and guidelines issued by SEBI.The Ind AS are prescribed under Section 133 of the Companies Act,2013,read with Rule 3 of the Companies(Indian Accounting Standards)Rules,2015 and Companies(Indian Accounting Stan
320、dards)Amendment Rules,2016.Accounting policies have been consistently applied except where a newly-issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.The directors confirm that:In preparation of
321、the annual accounts for the financial year ended March 31,2021,the applicable accounting standards have been followed and there are no material departures.They have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as
322、to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period.They have taken proper and sufficient care towards the maintenance of adequate accounting records in accordance with the provisions of the Companies A
323、ct,2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.They have prepared the annual accounts on a going concern basis.They have laid down internal financial controls,which are adequate and are operating effectively.They have devised proper
324、 systems to ensure compliance with the provisions of all applicable laws,and such systems are adequate and operating effectively.5.Audit reports and auditorsAudit reports The Auditors Report for fiscal 2021 does not contain any qualification,reservation or adverse remark.The Report is enclosed with
325、the financial statements in this Annual Report.The Secretarial Auditors Report for fiscal 2021 does not contain any qualification,reservation or adverse remark.The Secretarial Auditors Report is enclosed as Annexure 5 to the Boards report.The Auditors certificate confirming compliance with condition
326、s of corporate governance as stipulated under Listing Regulations,for fiscal 2021 is enclosed as Annexure 4 to the Boards report.The auditors certificate on the implementation of share-based schemes in accordance with SEBI(Share Based Employee Benefits)Regulations,2014,will be made available at the
327、AGM,electronically.AuditorsStatutory auditorsUnder Section 139 of the Companies Act,2013 and the Rules made thereunder,it is mandatory to rotate the statutory auditors on completion of the maximum term permitted under the provisions of Companies Act,2013.In line with the requirements of the Companie
328、s Act,2013,Deloitte Haskins&Sells LLP,Chartered Accountants(Firm registration number 117366 W/W 100018)(“Deloitte”)was appointed as the statutory auditors of the Company,to hold office for a period of five consecutive years from the conclusion of the 36th AGM of the Company held on June 24,2017,till
329、 the conclusion of the 41st AGM to be held in 2022.The requirement for the annual ratification of auditors appointment at the AGM has been omitted pursuant to Companies(Amendment)Act,2017,notified on May 7,2018.Boards report|39 Infosys Annual Report 2020-21During the year,the statutory auditors have
330、 confirmed that they satisfy the independence criteria required under the Companies Act,2013,the Code of Ethics issued by the Institute of Chartered Accountants of India and the U.S.Securities and Exchange Commission and the Public Company Accounting Oversight Board.Secretarial auditorParameshwar G.
331、Hegde of Hegde&Hegde,Practicing Company Secretaries,is appointed as secretarial auditor of the Company for fiscal 2022,as required under Section 204 of the Companies Act,2013 and Rules thereunder.Cost records and cost auditMaintenance of cost records and requirement of cost audit as prescribed under
332、 the provisions of Section 148(1)of the Companies Act,2013 are not applicable for the business activities carried out by the Company.6.Corporate social responsibility(CSR)Infosys has been an early adopter of CSR initiatives.The Company works primarily through the Infosys Foundation,towards supportin
333、g projects in the areas of protection of national heritage,restoration of historical sites,and promotion of art and culture;destitute care and rehabilitation;environmental sustainability and ecological balance;promoting education,and enhancing vocational skills;promoting healthcare including preventive healthcare,and rural development.In fiscal 2021,the Companys CSR efforts included COVID-19 relie
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