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Integrated Annual Report 2024-2025

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Energy’s Transformation Powers It’s Transition

Building Enterprises in the Age of AI

Applying AI at a scale that can power the entire enterprise involves building AI capabilities mindfully. This entails nurturing a robust data strategy, investing in AI infrastructure optimization, while also systemically building capacity to deepen algorithmic efficiencies and improve model performance. Infosys is building templates for AI success – industry after industry, business after business – for enterprise-scale value generation for our clients. We are helping them AI their enterprise in ways that are changing the game for them today and giving them a head start into the future.

Americana Restaurants: Reimagining Accounts Payable with agentic AI

Sunrise: Amplifying intelligence in customer engagement, operations & employee experience

Posti: Where the future of logistics is AI-first

Hatch: Smartly reengineering our world for good

Citizens: Transforming from the core for the age of intelligence everywhere

Nandan M. Nilekani

Chairman

Message from the Chairman

An era of uncertainty

Amid growing uncertainties, there is a certainty that Infosys brings, that is of immense value to enterprises. The Infosys basket of products and services is diversified across geographies, verticals and technologies with solutions to both traditional and emerging business challenges. These solutions are created to support clients’ investments in growth as well as for when they are cutting back on costs. Infosys is differentiated by its continuous and active investments in nurturing an engaged and committed workforce. A big part of this investment is in creating flexible training and skilling capability so that this workforce is always abreast of changing technology and business practices.

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Salil Parekh

CEO and MD

Letter to the Stakeholders

Financial year 2025 was another year of strong execution for Infosys. We had growth of 4.2%, operating margin of 21.1%, and free cash flow of US$4.1 billion. We announced a total dividend of ₹43 per share (including an interim dividend of ₹21 per share). Infosys is the leader in AI, cloud, data, and digital for our clients. Infosys Topaz brings the power of AI, with a strong foundation of cloud and data, to help our clients leverage the next generation of opportunities. To help our clients with AI, we have built a repository of AI agents. These agents improve productivity in areas such as code generation, IT operations, bill-to-cash, and quote-to-order.

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Performance overview

FY 2025 Business Highlights

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Highest ever free cash flow of ₹34,549 cr for fiscal 2025

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Revenues

₹1,62,990 cr

6.1% growth Y-o-Y
4.2% CC growth Y-o-Y

Basic earnings per share
(par value of ₹ 5 each)

64.50

8.3% growth Y-o-Y⁽⁴⁾

Consolidated cash and
investments⁽¹⁾

₹47,549 cr

Continue to main strong
liquidity position

Dividend per share (in ₹)

43.0

13.2% growth Y-o-Y⁽²⁾

Operating margin

21.1%

Robust operating margin

Free cash flow growth ⁽³⁾

44.8% Y-o-Y

FCF conversion at 129.2%
of net profit

Large deal TCV
(Total contract value in US$ billion)

11.6

Sustained momentum in
large deal wins continues

Number of
US$50 million + clients

Strong client metrics
with increase of 2 clients Y-o-Y

Lake rejuvenation projects over
the last two years, achieving an
increase of 4.3 bn liters
in water holding capacity.

60 MW

Solar captive power plants installed

Carbon offset programs

2,72,000+

Rural families continue to benefit

Digital skilling

13.3 mn

People are a part of
our digital skilling initiatives

Carbon neutrality

Carbon neutral for
6 years in a row

Scope 1, 2 and 3 emissions

2,70,000+

AI Aware employees

Tech for Good

125 mn +

Lives empowered via our Tech
for Good solutions in e-governance,
education and healthcare

Note:

(1) Comprise cash and cash equivalents, current and non-current investments excluding investments in equity and preference shares, and others.

(2) Dividend excludes special dividend of ₹8.00 per share declared in line with the Capital Allocation Policy for financial year 2024.

(3) 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.

(4) EPS increase post normalization of income tax refunds

Value Creation Model

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The Value Creation Model lists Strategy with its pillars of Scale Agile Digital, Energize the core, Reskill our people and Expand localization, around Environment, Social, Governance and our people and the strong culture of innovation. Our client offerings are Digital, Products, Platforms and Core solutions. Our go-to-market business units are: Hi-tech, Manufacturing, Life sciences and healthcare, Financial services and insurance, Energy, utilities, resources and services, Communications, telecom OEM and media, Retail, consumer packages goods and logistics, Public services, Others including segments of businesses in India, Japan and China. The Value Creation Model also details the inputs, outputs and outcomes for each capital. For financial capital, the inputs are Rupees 95,818 crore in net assets and Rupees 47,549 crore in consolidated cash and investments. The outputs are 4.2% constant currency revenue growth, 8.3% earnings per share growth (this is post normalization of income tax refunds), 29.0% return on equity, and 44.8% free cash flow growth. The outcomes are profitable growth and sustained or long-term cash flow. For intellectual capital, the inputs are 2,70,000+ AI aware employees, 200+ industry-leading products, solutions and platforms powering Infosys Cobalt and Topaz offerings, and 370+ startups in our innovation ecosystem. The outputs are 58 digital leader ratings, #1 rating in AI, 543 artifacts published by the Infosys Knowledge Institute (IKI), 35 reports published by IKI and 823 patents in the portfolio (granted or pending). The outcomes are diversified portfolio of solutions across industry segments, innovation partner to clients, partner of choice for social and environmental solutions for the community. For human capital, the inputs are 3,23,578 total number of employees, 71.35 annual average training hours per employee and Rupees 2,066 crore investments in employee well-being. The outputs are 15,288 fresh graduates hired globally, 1,26,332 women in workforce (that is, 39.0%) and 156 nationalities in the workforce. The outcomes are Infosys has been recognized as a Global Top Employer for the fourth consecutive year by the Top Employers Institute, best-in-class employee experience and learning, and safe and inclusive workplaces. For natural and manufactured capital, the inputs are 29.7 million square feet of highest rated green buildings, 77.7% share of renewables in our India operations, and a holistic approach to decarbonizing the value chain. The outputs are sixth year of being carbon neutral, 71% reduction in scope 1 and 2 emissions over the BAU scenario, and ASSURE for transforming India’s building sector. The outcomes are FICCI award for leadership in sustainability, productive, safe and healthy workplaces for employees and environmental stewardship beyond our boundary. For social and relationship capital, the inputs are Rupees 628 crore of global CSR spends, 1,869 active clients, 25 nearshore or tier-2 locations and 9 carbon offset projects. The outputs are 13.3 million people enabled in digital skills, 365 new client accounts, 72,205 employees in nearshore or tier-2 locations and 2,72,000+ rural families continue to benefit from our carbon offset projects. The outcomes are positive impact on the communities in which we operate and trusted partner of choice for all stakeholder groups.

Delivering Value

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Financial Capital

We obtain our Financial Capital through the funds generated from our business operations and financing activities.

6.1%

Revenue growth

21.1%

Operating margin

29.0%

Return On Equity

13.2%

Dividend per share growth ⁽¹⁾

44.8%

Free cash flow growth ⁽²⁾

AAA

CRISIL Rating

₹54,249 cr

Robust working capital

(1) Dividend excludes special dividend of ₹8.00 per share declared in line with the Capital Allocation Policy for financial year 2024.

(2) 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.

Human Capital

Our employees are our most important assets. We are committed to hiring and retaining the best talent and being among the industry’s leading employers.

3,23,578

Employees globally

156

Nationalities in the workforce

2,70,000+

AI aware employees

1,095

Employees have voluntarily disclosed their disability

77%

Employee satisfaction score

15,288

Fresh graduates hired globally

Intellectual Capital

Our Intellectual Capital is driven by agility, flexibility, and innovation. We are committed to working with experts, partners, academia, and other stakeholders to develop new products and services that meet the needs of our customers and communities.

100+

Client living labs

823

Patents (granted / pending)

1,500+

Infosys Knowledge Institute assets

“Well Known”

Trademark for Infosys in India

Industry leader

Rating for iCETS platforms by analysts

370+ startups

Accounted for 1,000+ client impressions by

Rating in AI

Natural Capital

Decades before climate change emerged as a global boardroom priority, Infosys had recognized that natural capital is integral to long-term value creation.

77.7%

Percentage of electricity for our India operations comes from renewable sources

Carbon neutral for 6 years in a row

29.7 mn sq.ft.

Highest-level green certified space

2,72,000+

Rural families benefited through carbon offsets program

100%

Wastewater recycled within our campuses

9 years

CDP climate leadership

Manufactured Capital

Our Manufactured Capital includes our energy-efficient offices, data centers, innovation hubs, digital studios, and our technology infrastructure across the globe.

65 kWh/sq.m./p.a.

New building design EPI

Radiflux

Radiant cooling solution patented in Europe and India

Majority of internal IT applications moved to public cloud infrastructure

38.5 mn sq.ft.

Office space monitored through Infosys command center

Social and Relationship Capital

Our Social and Relationship Capital guides us to bring the interests of our stakeholders to the fore. As enterprises focus on reshaping their businesses in the digital era, we are helping our clients drive transformation.

Infosys Prize winners since 2008

125 mn+

Lives empowered via Tech for Good programs

13.3 mn

Learners enabled in digital skills

₹628 cr

Global CSR spends

10 mn

Beneficiaries of CSR projects in India

Infosys ESG Report 2024-25

Infosys Foundation Report 2024-25

AI Your Enterprise

Integrated Annual Report 2024-2025

AI-amplified Infosys Annual Report – Fast, intelligent & personalized for YOU

Get quick insights at a glance

Jump straight to what matters

Ask your questions, get instant answers

Smart navigation built for speed

Don’t want to read? Listen to key insights instead

Americana Restaurants: Reimagining Accounts Payable with agentic AI

Sunrise: Amplifying intelligence in customer engagement, operations & employee experience

Posti: Where the future of logistics is AI-first

Hatch: Smartly reengineering our world for good

Citizens: Transforming from the core for the age of intelligence everywhere

Nandan M. Nilekani

An era of uncertainty

Salil Parekh

FY 2025 Business Highlights

Value Creation Model

Delivering Value

Other Reports

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