Infosys Limited (INFY) Earnings Call Transcript & Summary

I welcome the members to the 41st Annual General Meeting. I hope all of you are safe and in good health. This meeting is being held through video conference in accordance with the circular issued by the Ministry of Corporate Affairs and SEBI. We have the requisite forum -- quorum, present through video conference to conduct the proceedings of this meeting. Participation of members through video conference is being reckoned for the purpose of quorum as per the circulars issued by MCA and Section 103 of the Companies Act 2013. The quorum being present, I call this meeting to order. Before we start the main proceedings of the meeting, I request my colleagues on the video conference to introduce themselves. Salil?

Hi, this is Salil Parekh, CEO and Managing Director at Infosys, calling in from Mumbai.

Kiran?

This is -- [Foreign Language] This is Kiran Mazumdar-Shaw, joining this meeting from my residence in Bengaluru. And I am the Lead Independent Director and the Chair of the Nominations and Remuneration Committees as well as the CSR Committee.

Sundaram?

Good evening. This is Sundaram, Independent Director and also the Chairperson of Audit Committee, Risk Management Committee and Stakeholders Relationship Committee. I'm joining this meeting through video conference from Mumbai.

Mike?

Good afternoon. This is Mike Gibbs, Independent Director. I'm joining from my home office in Houston, Texas, U.S.A.

Uri?

This is Uri Levine, Independent Director, joining from my home office in Tel Aviv, Israel.

Bobby?

Good afternoon. This is Bobby Parikh, Independent Director, and I'm speaking from Mumbai.

Chitra?

Hello, this is Chitra Nayak, Independent Director and Chairperson of the ESG Committee, joining from my home in San Francisco, California.

Nilanjan?

Good afternoon, Nilanjan Roy, Chief Financial Officer, joining in from Bangalore.

Manikantha?

Hi. Good evening, everyone. This is Manikantha here, Company Secretary, joining from Bangalore. Thank you.

Apart from them, we also have key executives and senior management joining from their respective locations. Statutory auditors and secretarial auditors have also joined this meeting. I now request Manikantha, our Company Secretary, to provide general instructions to the members regarding participation in this meeting.

Hi. Good evening, everyone. Members may note that this Annual General Meeting is being held through video conferencing in accordance with the Companies Act 2013 and circulars issued by the Ministry of Corporate Affairs and SEBI. The facility for joining this meeting through video conference or other audiovisual means is made available for the members on a first come, first served basis. The company has also provided a webcast facility to view the live proceedings of this meeting on the company's website. The register of directors and the key management personnel, the register of contracts or arrangements and other documents mentioned in the AGM notice has been made available electronically for inspection to the members during this AGM. Members seeking to inspect any of these documents can send their requests to [email protected]. As the AGM is being held through video conferencing, the facility for appointment of proxies with the members was not applicable. And hence, the proxy register for inspection is not available. The company has received requests from a few members to register them as speakers at this AGM. Accordingly, the floor will be open for these members to ask questions or express their views. We will facilitate the session once the Chairman opens the floor for questions and answers. Members can also post their views or questions on the Ask A Question tab on their video conference screens before 4:30 pm IST. It may be noted that the company reserves the right to limit the number of members asking questions depending on the availability of time at this AGM. The company has provided the facility to cast votes electronically on all the resolutions set forth in the notice. Members who have not cast their votes electronically and who are participating in this meeting will have an opportunity to cast their votes during the meeting through the e-voting system provided by NSDL. Members can click on the Vote tab on the video conference screen to make use of this facility. Members are requested to follow the instructions provided in the notice or appearing on the video conference page for a seamless participation through video conference and for voting. In case members face any difficulty, they may reach out on the helpline numbers. Members may note that this AGM is recorded. Please do not disclose any sensitive customer information or personally identified information belonging to you. Thank you very much. With this, I hand over to Chairman, Mr. Nandan.

Thank you, Mani. The company has taken all feasible efforts under the current circumstances to enable members to participate through video conference and vote at the AGM. I thank all the members, colleagues on the Board, auditors and the management team for joining this meeting over video conference. Dear shareholders. Welcome to the 41st Annual General Meeting of Infosys. As we gather virtually once again, it is a pleasure and privilege to host you today. We very much appreciate your generous support and on behalf of the Infosys Board of Directors, I thank you for taking out the time from your busy schedules to join us. Fiscal 2022 has been a year of exceptional growth, 19.7% in constant currency, bringing in USD 16.3 billion, which is the fastest growth we have seen in 11 years. Operating margin for the year stood at a healthy 23% and free cash flows crossed USD 3 billion. Our digital business grew at 41% for the year and currently accounts for 59% of our total revenues. Each of our business segments grew in double digits and growth across geographies was broad-based. Revenues from the North America region crossed the USD 10 billion milestone. We won 94 large deals with TCV of USD 9.5 billion, of which 40% was net new, setting a strong foundation for growth in the months ahead. The Board has recommended a final dividend of INR 16 per share. Together with the interim dividend of INR 15 per share already paid, the total dividend per share for FY '22 amounts to INR 31, which is a 14.8% increase over FY '21. With this, the company has announced a total dividend of approximately INR 13,000 crores for FY '22. Along with a share buyback of INR 11,000 crores completed in September, the total capital return in FY '22 is over INR 24,100 crores or around $3.1 billion. The Board of Directors has recommended the reappointment of Salil Parekh as Chief Executive Officer and Managing Director of Infosys for a second term of 5 years, from July 1, 2022 to March 31, 2027. Salil has delivered industry-leading performance for the company, and it is in the interest of Infosys and stakeholders to secure the continuity and stability of the current leadership. Salil brings with him a proven track record of driving digital transformation for enterprises, executing business turnarounds and managing acquisitions successfully. The Board also recommends the reappointment of D. Sundaram as an Independent Director for a second term of 5 years as he is due for retirement of as Director after his first term of 5 years ended on July 13, 2022. U.B. Pravin Rao, Chief Operating Officer and Whole-time Director, retired as member of the Board effective December 12, 2021. On behalf of the Board of Directors and on your behalf, I place on record a deep sense of appreciation for Pravin's leadership over his 35 years of service with Infosys and acknowledge his immense efforts and contribution towards global delivery and business enablement. On behalf of the CSR Committee of Infosys Limited and the trustees of the Infosys Foundation, I also record a heartfelt gratitude to Mrs. Sudha Murthy, who retired from the office of Chairperson of Infosys Foundation on December 31, 2021 after an inspiring 25-year journey of service to the underserved and dedication to social causes. The pandemic, as it progressed into the second year, continue to test us all. At Infosys, we brought together our collective resources and strengths to respond to the challenging situation and run the business with the resilience that our clients, our employees and you, our shareholders, expect from us. This One Infosys approach, where the collective strength of Infosys was leveraged to accelerate the digital journey of our clients, help us deliver our highest annual growth in a decade. Salil, a vocal advocate of this mindset, urged the global leadership team at Infosys to lean in with this outlook, not only to rally our teams to collaborate and drive synergies, but also as our core differentiation when it comes to helping our clients navigate complex digital transformation projects. It amplifies our relevance to the agenda and gave them more reason to trust us to deliver at a time when their businesses sought every digital advantage they could muster to tide through the trying times. Unsurprisingly, digital now drives the lion's share of our revenues. The commitment we have made over the past years to be a live enterprise with the digital ability to meet the demands of constantly evolving markets served us well. Unifying these investments as part of the One Infosys approach enabled us to deliver a disproportionate advantage to our clients. Our extensive investments in Infosys Cobalt cloud solutions provided invaluable for businesses seeking to adjust to the demand landscape with cloud resilience and elasticity. We also took advantage of our growing cloud capabilities to accelerate our business platforms. For example, Infosys Equinox that has evolved from Skava Commerce is now helping our clients drive deeply personalized, highly effective omnichannel commerce. The cloud also amplified our ability in delivering service and solutions harnessing digital capabilities, data and analytics, cybersecurity, AI, automation and IoT more holistically. This integrated approach to digital has helped us respond -- rapidly respond to emerging business opportunities. The launch of Infosys Metaverse Foundry is one such example. Our acquisition of oddity, the German-based digital marketing experience and commerce agency, further strengthens our capabilities in this space. The orchestrated effort, along with our focus on efficiency, automation and cost discipline sets us up for strong performance in the future. Our people culture has always been a strong pillar of our success. We nurture the physical, emotional and social well-being of employees through our award-winning HALE initiatives and by focusing on building the right culture for the future. The One Infosys approach worked to strengthen cultural connect across our talent base as we scaled our workforce globally. We increased our hiring by 2.2x in just 2 years, including the 85,000 college graduates we recruited globally for the past year. Initiatives with HackWithInfy, our signature coding contest, and InfyTQ, our platform with learning and engagement experiences, aimed at creating industry-ready engineering students, are helping us create a rich talent pipeline in India. Infosys Career Gambit, our holistic career development program, empowers employees to gather experience and skills in areas of the future, while learning better compensation, growing faster and gaining opportunities to perform complex roles in exciting digital projects. Lex, our homegrown learning platform, has helped accelerate capability building relentlessly and globally, enabling 39 million hours of skilling during the year. Matching our passion to deliver for clients and nurture our people is our commitment to the larger community. This is encapsulated in our shared purpose to amplify human potential and create the next opportunity for people, businesses and communities. It inspires us to be a sustainable business in every sense of the world. It drives us to nurture ambitious ESG aspirations and to come together as One Infosys to realize it. From building a diverse workforce with strong inclusive leaders, embracing positive climate change and helping our clients do the same and earning the trust of all stakeholders through ethical corporate governance, we do our best to move us all forward. As a result of these efforts and aligned to our ESG vision for 2030, Infosys continues to be carbon neutral. We also continue to be responsive to the needs of society in new and innovative ways. As an example, this year, we instituted Infosys Springboard globally as a flagship reskilling program, democratizing learning with free digital content to empower 10 million plus people with digital skills by 2025. Today, 2.6 million learners are already registered on the platform, paving the way to a prosperous digital future. Today, Infosys has been recognized as the fastest-growing IT services brand in the world and is among the top 25 fastest-growing brands across sectors globally. Digital acceleration across industries is opening so many new doors for Infosys to explore opportunities and create value from technology-led innovation and transformation for our clients. Corporate leaders are having to deal with the complexities and challenges of the post-pandemic world, along with slowing growth, supply chain disruptions, soaring inflation, rapidly rising interest rates and fears of a recession. Yet every one of these challenges presents a tremendous opportunity to transition to new ways to gain market share. Infosys is a trusted navigator for our clients, and there is great potential to leverage their expertise to steer them forward. On behalf of the Board, I want to assure you that we will leave no stone unturned in our efforts to evolve our approach to match the dynamics of the market. We are proud of our 300,000-plus employees with their dedication that has positioned us so well for the future. Our journey thus far would have been impossible without their unstinting efforts. We also thank our clients, co-founders and governments of the countries and states that we operate in for their generous support. Our shareholders, as always, serve as the pole star steering us towards greater ambition and success. To each of you, I offer a sincere thanks. I now request -- I now request Salil, CEO and MD, to address the shareholders.

Thank you, Nandan. Good afternoon, dear shareholders. I will share with you over the next few minutes via our presentation, some of the highlights of the year and how we are looking at the future. Financial year '22 was really a landmark here for us. We had industry-leading growth, and we launched a new strategy, which will help us and guide us for the next several years. The year really characterized as one of the fastest-growing years for us with growth close to 20%. This was the fastest we have seen in 11 years. And in fact, one of the biggest areas of focus that we have put in place, digital grew at over 40% and now is just under 60% of all the work that the company is doing. This was coupled with a very strong emphasis on profitability and also on cash generation with over -- with just about $3.1 billion of cash generated in the financial year. Another area of strong attention has been the way we have looked at large deals. We had 94 deals, which were over $50 million. That's the threshold we have kept for the large deals. And this, in total, gave us $9.5 billion of large deals. One of the strong foundations from what we will see in this year and in the future years for growth. An area where we've been especially more focused and strong has been our client relationships, especially with some of our largest clients. There, we have seen more and more trust and a broader set of services that we are working with our clients with. This number for clients where we do more than $100 million per year has steadily increased and in the financial year '22 reached 38. All of this came with a broad-based growth across all of our industry segments, whether you look at one of the largest in Financial Services, over 17%, Retail, Consumer, Communications, Energy and Utilities, of course, Manufacturing was a standout at over 40%, Hi-Tech was very strong, Life Sciences and overall, all the other smaller segments. So each of our segments and industries was growing quite fast and Manufacturing became the fastest in the previous year. Of course, all of this was in conjunction with our employee base scaling up. We are now with over 310,000 employees across the company as of March 31, 2022. And this included 85,000 college graduates, the vast majority of that in India, but also some college graduates outside of India. This chart I wanted to share a little bit of the overview in each of the parameters of our strong financial performance. These are numbers, which are in rupees, whether you look at total revenue, operating profit, operating cash flow, our net profit, our earnings per share, the basic earnings per share and our free cash flow. Each of those had a strong characteristic with a positive movement from the previous year. Our balance sheet is strong. It's debt-free and liquid. We remain extremely focused on how we look at our balance sheet, and we are making sure that everything is done to make it in as pristine a shape as is possible. And this is what is reflected in what we see in the balance sheet as of March 31. Our total shareholder return for the financial year '22 was very strong at 41.6%, with a very good share price increase, plus the dividend that was distributed and is proposed to be distributed. Across the 4 years, the company has returned over INR 65,000 crore to shareholders. And this includes the proposed dividend for this year, which is placed in front of the shareholders for their approval. Each of the years between the buyback, the regular dividend and the special dividend, we have ensured that the cash is returned to the shareholders. We also have it across the financial year '20 to '22, 73% of our free cash flow has been returned to the shareholders. If we chart the total shareholder return of the company versus our peers, over the last 4 years, we have maintained a leading position. This is the chart as of March 31. Now we have put in place, as you all know well, our strategy in 2018. This had 4 elements, which were critical. One was about scaling the digital business. The second was energizing our core or really making sure we put in more and more automation. Third was to make sure we provided a skilling for all of our employees. And then we have put in place what we call localization in many of our markets that we operate in, for example, U.S., in Europe and in Australia. And this was all based on a very strong focus on what is relevant for clients and a steady execution of these elements. The results that we saw were quite good. We had gone in the digital leadership where we were 24 areas of leadership in different parameters. We have moved into 54 by the end of financial year '22. But many other areas also improved. The digital revenue, the growth, the number of client relationships over $100 million market share gain and the TSR. At the end of those [ 4 years ], all of those headwinds give us a strong belief that the strategy had worked well, and the execution was on track. The foundation of all of that is what we have called inside the company One Infosys, which is really making sure that all of the different services and all of the people within the company are engaged to make sure that the clients' objectives are met. What is happening there today is many large digital programs need different capabilities from within the company, and One Infosys allows us to bring them all together for the benefit of the client. Now as we finished the 4 years that we put together the first phase of the strategy, we embarked with the support of the leadership of the company and the Board, a new strategic view for the next several years. As we concluded that, we came to these elements within the strategic view. One, we have a very strong focus on the cloud business, and I will share some specifics of that. Two is to continue this intensity in the rest of digital. Now we also want to start to plan what we call the next generation seeding, which is what are things which may become more and more relevant in 2, 3, 4, 5 years, so to start the seeding of that today. We want to continue our focus on automation with advanced automation and modernization and make sure that what we have always -- the company has always believed in, the people, care and development, gets a special attention as we go ahead. This is coupled with the continued focus on what is relevant for clients and making sure that we are executing on this in a diligent way. Some of the elements of these bigger initiatives, for example, in cloud, we have launched what we call Cobalt, which is the strongest set of capabilities for cloud within the industry. It has focused on Infra as a Service, both on public and private cloud, Software as a Service, Platform as a Service, where everything new is being built on the cloud today, data, which is now becoming more and more relevant in the cloud, the security, which is now almost the primary focus for any cloud application, then advisory, design and migration and then providing today more industry-specific solutions on the cloud, not just more generic, horizontal views, but really very specific industry solutions. All of this is within our Cobalt, and we are the leading provider of this in the market today. To continue our intensity in digital, we've got a very good strength on data, analytics, artificial intelligence. We are now focusing more on enterprise technology. There are new elements that are coming from large software companies, digital engineering services, one of the more fast-growing areas within our business and within the market, IoT, which is doing extremely well for us, especially in the Manufacturing space, cybersecurity itself and experience, which is how does one designed the technology that is more able to be used in a human-centric way is part of our digital set of capabilities. The next-generation seeding. There are just some examples. We have a few others, which we are also working on. But for example, there are companies, which are digital natives, which are growing quite rapidly, and how we can become more and more close partners with them. We have a very strong business in the U.S. We have a very strong business in Europe, but can we expand and scale more in some countries within Europe. Some of the new technology areas, for example, the Metaverse or Quantum or Web 3.0, and the Blockchain area, where we have very strong capabilities, which we can work with our clients on. And then the area of sustainability, which, of course, for our own business, we have put an ESG targets for 2030, but our clients are also looking at sustainability and what they wish to do leveraging some of the experience that we have. Then in advanced automation and modernization, we have a next-generation BPM that we are building upon, advanced ADM, application development and maintenance, the modernization of our clients' technology landscape and then AI, machine learning and automation to make sure that more and more of the work in the clients' environments in that technology is automated. On the people care and development, there are 3 broad areas of focus within which there are several initiatives we have launched. The first is faster and predictable career progression. The second is to enhance really the engagement that the employees and the company are having. And the third, continue with the extensive reskilling that we've been seeing in the first phase and make sure that continues in a second phase. While we drive all of these areas, which give us a more connect with our clients and tremendous opportunity for growth and market share gain, we also have a very clear view on some of the levers that will help us to drive high margins over time. For example, managing pyramid ratios, optimizing onshore and off-site (sic) on-site and offshore mix, optimizing subcontractor usage, capturing value from automation. We have operating efficiencies as we are scaling up the business and making it more efficient and then also looking at what is the more value we can get from the services that we are providing because some of these services in the digital space, especially have tremendous impact for our clients. With that, let me conclude. First, we've had a really strong growth, industry-leading growth in this financial year. The last 4 years, we saw a very good strategic blueprint, had a very good execution by all the employees and leadership of Infosys. We are now building on that success and learning. We have launched a new strategy for the next several years. Going ahead, we see good opportunity in the digital space, in the cloud space. As a company, we are well positioned and we can continue to gain market share and continue to create value for all of our stakeholders. And our approach of One Infosys really remains the foundation of what we have done so far and what we will do going ahead. With that, I would like to thank all of you, our shareholders, for your continued support and for all of your contribution and ideas, and I look forward to working with all of our stakeholders to make Infosys an even more successful company. With that, I hand it back to you, Nandan.

Thank you, Salil. I now request Manikantha, Company Secretary, to provide a summary of the auditor's report.

The statutory auditors, Deloitte Haskins & Sells LLP and the secretarial auditors of Parameshwar G. Hegde have expressed unqualified opinion in the respective audit reports for the financial year 2021, '22. There are no qualifications, observations or adverse comments on financial statements and matters, which have any material bearing on the functioning of the company. The statutory auditor's report on the stand-alone and consolidated financial statements, respectively, are available on Page 176 and 256 of the integrated annual report. The secretarial auditor's report is enclosed as Annexure 5 to the board's report on Page 94 of the integrated annual report. Thank you. With this, I hand it over to the Chairman, Mr. Nandan.

Thank you, Mani. As the notice is already circulated to all the members, I take the notice convening the meeting as read. Before we proceed, I'm pleased to bring to your notice that as required under the Companies Act 2013, the company has provided with the facility to cast your votes electronically on all resolutions set forth in the notice. Members who have not cast their vote electronically, but are participating in this meeting will have an opportunity to cast votes through the e-voting system provided by NSDL. Members many please note, there will be no voting by show of hands. We now take up the resolutions as set forth in the notice. We will open the floor for any questions by members after all the resolutions are tabled. Accordingly, I will now only read out the resolutions. One, Item #1 of the notice, adoption of the financial statements. The financial statements of the company, including the consolidated financial statements for the financial year ending March 31, 2022, including the report of the Board of Directors and auditors, have already been provided to the members. Two, Item #2 of the notice, declaration of dividend. The Board has recommended a final dividend of INR 16 per equity share. You would recall that an interim dividend of INR 15 per equity share has already been paid for the financial year ending March 31, 2022. The dividend amount, including the interim, will be now INR 31 per equity share. Item #3 of the notice. Appointment of Nandan Nilekani as a Director liable to retire by rotation. Item #4 of the notice, reappointment of Deloitte Haskins & Sells LLP, Chartered Accountants, as statutory auditors of the company. Item #5 of the notice reappointment of D. Sundaram as an Independent Director. Item #6 of the notice. Reappointment of Salil S. Parekh, Chief Executive Officer and Managing Director of the company, and approval of the revised remuneration payable to him. The text of the resolutions, along with explaining statement, is provided in the notice submitted to the members. If any member desires to ask any question pertaining to any item on the notice, he, she may do so now. Members are requested to keep their questions brief and specific. To avoid repetition, the answers to all the questions will be provided towards the end. Members may also note that the company reserves the right to limit the number of members asking questions depending on the availability of time. While members are queuing up to ask questions, may I request the team to play short videos on Infosys Foundation, restoring life to an ailing lake. [Presentation]

Dear shareholders, thank you for joining our 41st AGM today and for taking time to participate in the proceedings. Before we go live with the Q&A, here are some points to note for your convenience. Kindly unmute yourself and proceed to ask the question when you are projected on the broadcast screen. Please mention your name, folio number and the location from where you are joining. Each shareholder will have 2 minutes for their questions. To avoid repetition, the Board will respond to all the questions at the end. Once you have asked your question, you can switch to watch the proceedings. The Board will be taking questions from shareholders in 2 or 3 sets depending on the number of questions on video. Now I request Ms. Bindu to unmute and proceed with the question.

Good afternoon, Chairman, Mr. Nandan Nilekani; CEO, Mr. Salil Parekh; and members of the Board. I'm Bindu Chandra, a proud shareholder of Infosys and a member of Millennium Mams'. Millennium Mams' is a women's only organization, which helps in empowering women's financial literacy. Chairman, sir, I would like to ask you 2 questions. We would like to know the female to male workforce ratio in your company and on the Board. We are also keen to know why we can't have more female directors in the company. If you think so, you can always negotiate with Millennium Mams'. A small request, sir. We would like to meet you in person if you would kindly agree. Thank you, sir.

Thank you, Ms. Bindu. May I request the next shareholder, Nazia, to kindly unmute and ask the question.

Yes. Good evening, respected Chairman and members of the Board. I'm Nazia Haroon, a proud shareholder of Infosys and a member of the Bangalore chapter of Millennium Mams'. Chairman, sir, my question is on attrition, and what the IT industry is facing? It's a big problem, and how is Infosys dealing with it? My second question, sir, is your opinion on the reverse of the Great Indian Brain Drain. Thank you, sir.

Thank you, Nazia. My I request the next shareholder, Mr. Pratik, to kindly unmute and ask the question.

Good evening, ladies and gentlemen. My name is Pratik Gadhia. I'm a chartered accountant by education qualification. And as a professional, I am an Associate Director with the firm called Almus Risk Consulting, which is a leading ForEx and risk advisory company. So here's a background to my question. We are a net exporter with annual net exports of roughly about INR 44,000 crores. And as on 31st March, I see cash flow hedges around INR 23,000 crores, which equals to approximately about 6 months of net annual exports. So here is my question. We have an economic exposure, which might be exceeding 6 months, what's the firm's hedging policy? A related question. Sir, recently, the RBI has come up with a circular allowing exotic derivatives that can be used for managing long-term exposures. And I understand that exotic derivatives is a taboo for most of the boards. But considering the sophisticated treasury that we have at Almus -- at Infosys, how do we plan to leverage this liberalized regulation, which can be used for managing long-term exposure. That's question one. My second question is, in the last 2 to 3 months, the premiums have come down from 4% to 3%. And what's the impact on future export realizations for the lower premium, very financially specific questions. Thank you.

Thank you, Mr. Pratik. May I now request Ms. Shruti to kindly unmute and ask the question.

Good afternoon respected Chairman, sir, and members of the Board. I am Shruti Saraogi, a proud shareholder of Infosys and a member of the Kolkata chapter of Millennium Mams'. Chairman, sir, at the onset, I would like to congratulate you on being felicitated with the prestigious lifetime achievement award by the IET India. It is indeed a proud moment for all of us here. I have 2 questions, sir. We, at Infosys, are having a problem of plenty. And hence, we need to go for regular buybacks. Your thoughts, please, on whether we are being adequately aggressive towards inorganic growth? Are there any big acquisitions on the card, sir, as we would like to see Infosys as a trillion dollar company sooner than later. Chairman, sir, you are the most important person in the country. You have played a major part in developing Aadhaar, UPI, and now you are creating the ONDC. Sir, my second question is, when will you give our Infosys a mega [ avatar ]. Thank you.

Thank You, Shruti. May I request the next shareholder, Mr. Dharav, to kindly unmute and ask your question.

Good afternoon, sir. Greetings of today to the whole Board members. My name is Mr. Dharav Jamadar. I'm a PhD research scholar from Surat, Gujarat. Some of my questions, which I would like to place in front of you are: Firstly, looking at the current scenario in economy -- world economy, inflation, rising chances of recession, depreciation of rupee, which sector do you think will outperform and underperform for our company? Second, our company is having a strong cash flow. But rating agency gives us a rating of stable. So when do you think that rating agency will improve our rating for the cash flows? Third, employee engagement program. What all are the employee engagement program, looking at the [ 5 Cs ], which you have mentioned in the annual report? Then how many U.S. dollar million -- 100 million clients you wish to add in this particular year? Last question, how many patents and copyright do you target to file in this particular year? Thank you very much for the opportunity.

Thank you Mr. Dharav. May I request the next shareholder, Mr. Pradeep, to kindly unmute and ask the question. Mr. Pradeep, we are not able to hear you. Can you kindly unmute. Sorry, Mr. Pradeep, we cannot hear you. We'll move to the next shareholder and we'll come back to you. Next shareholder, Mr. Sadananda Sastry, may I request you to kindly unmute and ask your question.

Am I audible?

Yes, sir, you're audible.

Okay. Good afternoon, sir. I'm Sadananda Sastry from Bangalore. My number is [ 11702201 ]. Sir -- chairman, sir, in your message, Page #23, you have asserted that Mr. Salil is a big champion. It's good, fine also. Do you mean that all others [Foreign Language] champions? He's big hit. 88% burden on the purse of the company has become a talk of the town. Being a press person, I have reported to this press, but they also hushed up. This discussion is in the interest of the shareholders, investors and the company. Nowadays, competition -- contest [ arose ] among CEOs of MNCs about their emoluments -- announcement. What is your comment? You have also talked about the human potential, but the recent development of leaving job, that is quitting [indiscernible] 88% as per press survey [indiscernible] in such an atmosphere. What is your strategy to lure the skilled human resources? Sir, coming to the report, Page 43, there is a steep increase in revenue growth, but the [ new clear ] trade is decreased. Now how the company will balance this year? Page #82. [Technical Difficulty].

Mr. Sadananda Sastry, we are not able to hear you.

[indiscernible] Page #90, director's remuneration. It pains us much to think [Technical Difficulty] to pay, how we are paying [ INR 71 crores ] [indiscernible]. We feel bad to take free -- our [indiscernible] service from Chairman. Page #97, CSR. After the exit of Sudha Murthy, company has not disclosed on the revamping and the fact of functioning and functionaries of Foundation, whether the Foundation is streamlined and functioning on the same line. Page 158. Nowadays, that is Infosys bonus issues is being talked about by some of the agencies, that official fact has not come out. Let us know whether the company is in thought of bonus. Page #159. Company has transferred the unclaimed dividend of INR 2.02 crores to IEPF. This year, '21, '22 is maximum among all other previous years, whether company has made any trace -- attempted to trace the beneficiary? Page #244, related parties. Whether the dealings with China concluded or continued. Still dues of INR 66 crores is pending from Infosys China [indiscernible]. Have you taken any steps to recover? Page [ #64 ]. Receivables increase our INR 3,400 crores, out of which INR 500 crores already impaired. What step the company will take to reduce it and to start from becoming bad debt? Page #265. [Technical Difficulty] in schedule 2.20 under the head expenses and employee's expenses repeated twice both in 2.20 and [Technical Difficulty].

Mr. Sadananda Sastry, we're unable to hear you.

Thank you very much. See you next [Technical Difficulty].

Thank you, Mr. Sadananda Sastry. May I request the next shareholder, Mr. Hiranand, to kindly unmute and ask the question.

Yes, I am audible? [Foreign Language] to all. I am audible, gentlemen?

Yes. Yes. We can hear you.

[Foreign Language] to all. It's a great privilege to meet you people. Certainly, your address of Chairman, Nandan, is very lovely and good, and particularly, Salil, I congratulate him for next inning, even Nandan also. I will drop so many questions to save the time. Certainly, I'll touch upon 2 questions only. One is this Director report, Page 70, the cost of sale has improved. It is a 25%, gentlemen. Growth in profitability is not that much improved. So look into this cost of sales. Next is your report says there was a 25 sexual harassment case. You were dealt, okay. You can elaborate the various geographies, various laws are there. How you dealt you should have disclosed. It has gone court of law or internal settlement, if you can elaborate at various geographies, 25. There's one more, in [ TCS ], there's 26 or -- yes, 36, Chairman told me at that time. In our organization, it is 25, and human right violation is [ 742 ], gentlemen. What the violation is? Internally, how you dealt with them? Is there any training program to improve the human rights violation should not be there, sexual harassment cases should not be there. Any case reported from male side against woman harassment [indiscernible] because one organization has reported women is harassing men. In [ PSU ] banks also, one case is reported. Now will you elaborate this -- that is fine, other company is good. They are doing the best. We are only encouraged, reward the investors, [indiscernible] the shareholder. Thank you, and good luck ahead.

Thank you, Mr. Hiranand. May I request the next shareholder, Reddeppa. Reddeppa, kindly unmute yourself and ask your question.

Thank you, Manikantha garu. My Chairperson, Mr. Nandan Nilekani sir; and Mr. Salil Parekh sir; and Director of the Video Conference; and my fellow shareholders, good evening, [Foreign Language] sir. My name is Reddeppa Gundluru. I'm from Hyderabad, sir. I'm very happy, sir, as a shareholder. I'm also proud about the company performance of '21, '22. Thank you, sir, for informative presentation, detailed AGM report you have given us, sir, with the presentation. Excellent speech by Chairman sir and CEO sir. Thank you. Sir, fantastic annual report, sir. I've gone through all the annual report. Thank you so much, sir. Firstly, sir, congratulations to management and all of us as Infosys named as the second most valuable Indian brand as named in the Brand Finance India 100 2022 report. And also Infosys is the now fastest-growing IT service brand, globally, sir. So congratulation for this. And also, sir, in 2018, '19 financial physical AGM, we have wished and expected many more things that has become reality now. So we have 100% faith on Nandan, sir. It was a delightful and a wonderful experience, very nice members with Board, sir, thank you. Wonderful interaction with Nandan sir and Salil sir. Both are very good leaders, sir. And second, corporate governance point of view, I wanted to congrats and very happy, sir. Ethical and corporate governance postings are especially like legal, integrity, world-class corporate governance, sir, I would like to say. And also, sir, we have consistent performance of returns of last 3 years, sir. We are very happy. Financial point of view, I wanted to congrats for this [indiscernible] and many more milestones of the revenue growth, sir. Thank you. Thank you for dividend payout of INR 31, including interim dividend, sir. Congratulations for the wonderful numbers we are posting sir. So it seems my company's consistent performance and quality management with technical [indiscernible]. So we have a -- you have a very good growth mindset. Thank you. Sir, and also, sir. Awards point of view, sir, especially, I would like to highlight this. Infosys recognized among the top 50 India Best Workplace for Women, sir. [indiscernible] award we are achieved in '21 by Great Place to Work in this large companies category. So I would like to congratulate for Nandan sir and entire team of [ KMPs ]. Thank you, sir, for your wonderful workplace, especially women's. And also, sir, congrats for the many more awards, honors, both nationally and internationally. Infosys topped the CRISIL ranking award, Infosys Institutional award, many more sir. There is no time, I'm reducing -- resisting myself, many more awards. I don't want to read all those ranked awards. And also, sir, few I would like to. We have a HR award...

Thank you for your [indiscernible].

Please, sir. I have -- please Mani, sir. I have questions also. Let me come -- give me 2 minutes. Thank you. Sir, most ethical company with fastest growing is appreciable. And also HR awards, digital services and technology innovation awards we are achieved, sir. Thank you so much, sir. I'm very happy today because today's Infosys AGM. Sir, CSR point of view, I wanted to appreciate and my heart-felt congratulations for the Board under Nandan Nilekani sir leadership doing a wonderful, tremendous CSR towards COVID-19 other -- all the areas, especially, sir, I have seen special annual report for CSR. It's a wonderful thing, I've never seen other companies. My company is a world #1 company, that's the reason you were giving this annual report for CSR. So especially thanks to Kiran Mazumdar madam and also Sudha Murthy mam for 25 years of services. So no words to say. Thanks to mam. Thank you. [Foreign Language] Sudha mam. And also special CSR [ KMPs ] also I'm giving all the best wishes, congratulation. Sir...

Mr. Reddeppa, we request you to kindly wrap up the...

Yes. Yes. I'm going to my questions. Mr. Chairman, I would like to know what is the company with in coming financial couple of years. And also in financial '22, company has guided a revenue growth of 19.5% to 20% and achieved a growth of 19.7%. But financial '23, revenue growth guided was 13% to 15%. Any specific reason for this guiding revenues lower than last year? And do we have any -- see any revenue upgrade, sir? Can you comment on this? And another question is during this Q4 financial '22, commentary reported as a discussion with the clients for price increase, any indication on revenue increase can be signed in Q1 FY '23? Please. And also one more. Any updates on Daimler deal and transaction in digital technology? Please give me this update for Daimler deal. And lastly, sir, any update on unspent CRP of INR 51.75 lakhs, has the same has been spent. Sir, lastly, I wanted to thank you for company Secretary Department Manikantha sir and other -- and his team, his wonderful services, sir, number one, good services they are giving sir. And also thanks Infy team, Puja and Rakesh and other employees for this smooth meeting proceedings, sir. I personally believe that our company will achieve many more higher awards, recognitions under the leadership of one and only Nandan Nilekani sir and Salil sir. I wish all the best for the Board, good health, happiness, continue support to the society, sir. Thank you, sir. Love you, Nandan, sir.

Thank you, Mr. Reddeppa. May I request the next shareholder, Mr. Santosh. Mr. Santosh, kindly unmute yourself and ask your question, please.

[Foreign Language], sir?

Yes, sir, we can hear you. Kindly go ahead and ask your question.

[Foreign Language] .

Thank you, Mr. Santosh. My I request the next shareholder, Mr. Vinod, to kindly unmute and ask your question, please. Mr. Vinod kindly unmute yourself.

Hello. Can you hear me?

Yes, sir, we can hear you. Kindly go ahead and ask your question.

Yes. Respected Chairman, Nandan Nilekani ji; our CFO -- CEO and MD, Salil Parekh ji; our CFO, Nilanjan Roy ji; and our Secretary, Manikantha ji. Good afternoon to everyone, sir. I'm Vinod Agarwal, speaking from Mumbai. Sir, I've got 2 or 3 queries, sir. The inducted 140,000 employees last year, of them 84,000 were directly from the colleges, then you provide them training to these new inductees. And the training part would cost money to the company. And if they leave early on, then they go away from the company that cost, are we able to recover those costs from them? Or it is just a part of the business cost that which we cannot recover from these employees who we have trained? And my second would be on the cloud services [ in the board ]. It's a game changer for our company. It is giving us faster revenues and the wider range of customers, and it is helping us develop more products for the clients in a faster way, from months into days, sir. I compliment you for that. And my -- I have an [ observation ] on that 5G is coming as a tech, which is revolutionizing a lot of industry, sir. Are we also likely to go into something like auto vehicles are becoming auto-driven ones? Are we likely to develop some programs for them or at the industrial core level? We are into robotics and AI learning. So that will help us gaining from the industrial core revolution which is taking place. I am happy with the performance of the company and the foundation has led to the dharmashalas, one at Jhajjar and one in Navi Mumbai, the 94 large deals were done for $9.5 billion and the awards you mentioned on pages 54 to 57 of the company on the annual report are good, sir. I'm signing off [indiscernible], I wish the company all the best. And for the dividend of INR 31 is good dividend. I wish the company all the best for the future. Thank you, signing off. Vinod [indiscernible] from Mumbai.

Thank you, Mr. Vinod. May I request our next shareholder, Mr. Shrenik Mehta from Jamnagar, kindly go ahead and ask your question, sir.

My beloved Chairman, Mr. Nandan Nilekani; MD and CEO, Mr. Salil Parekh; CFO, Mr. Nilanjan Roy; Company Secretary, Mr. Manikantha; other Board of Directors and my fellow brothers and sisters, shareholders. Myself Shrenik Mehta, retired advocate and long-term investor and minority shareholder. First of all, Nandan Nilekani, I would like to appreciate the results of financing at 31st March 2022. We are quite happy as far as profit is concerned. Market cap has increased by 40% and dividend is also quite good. So no complaint, no suggestion about working of the company. And as a shareholder, I congratulate the whole team. At present, I think if my figures are incorrect, Nilanjan can correct me. At present, we are having INR 30,000 crores in case. So it is my humble question, are we are good -- are we going to keep it with us or how we are going to use the inorganic acquisition or special dividend or whenever time comes buyback through [ tender route ]. It is up to you, sir -- Board of Director. And market cap of our company has gone down to INR 6 lakh crores at present -- per yesterday's price. And I would like to, as a shareholder, suggest what step you are taking in first phase to increase our market cap of the company to minimum INR 10 lakh crore in the first phase. And my next is, if possible, after Diwali, and during next winter, we would like to get a visit to company, if possible? And my last question is how we [indiscernible] and derived our name Infosys? What is the meaning of Infosys? I think it is not any English or any language word. How we are -- thank you very much to Manikantha and his team for giving me an opportunity. Thank you all.

Thank you, Mr. Shrenik Mehta. May I request our next shareholder, Vasudha. Vasudha is joining on an audio call. Ms. Vasudha, kindly go ahead and ask your question.

Very good afternoon. Can you hear me, sir?

Yes, ma'am, we can hear you. Kindly go ahead and ask your question.

Very good evening. Respected Chairman sir, Board of Directors and my fellow shareholders. Myself Vasudha from Thane. I would like to congrat our Company Secretary and his team for sending me the soft copy of the report well in advance, which itself is clear and transparent. The presentation given by the Chairperson is also very informative. I don't want to ask any question. Only one suggestion. Please look into the matter of unclaimed dividend amount, which is transferred to IEPF fund. With this, I support all the resolutions. Thank you very much.

Thank you, Ms. Vasudha. May I request the next shareholder, Mr. Abhishek. Mr. Abhishek, kindly unmute yourself and ask your question. Mr. Abhishek?

Am I audible?

Yes. Kindly go ahead and ask your question, please.

Yes, sir. My name is Abhishek, shareholder of the company. My DP ID is IN301637, and client ID is 41359155. So first of all, I congratulate the management on the eve of 41st Annual General Body Meeting. The trust all is well with you and your family in this challenging situation and our company deserves much more respect than the current market cap, completing more than a decade of successful operations, profitability, dividend history and becoming one of the strongest brand in our respective segments. Sir, I would like to know how our business was being impacted in these past 3 years of this COVID time, the corona virus and the subsequent lockdowns. I'm not virtually no industry untouched after the COVID. So whether any employees, our company has sacked, hired, salary cut in percentage, if any, I would like to know from you, sir. And what is the number of employee strength in Infosys, I would like to know from you, sir. And since for the past 3 years, the shareholders are not able to meet you physically and we are forced to meet you virtually. I would request the management to kindly keep a get together for the investor fraternity as and when you think that the COVID situation has come across, and we can have a get together. And most of the companies, they have started doing hybrid mode, sir, both the options have been kept open for the AGMs and companies across Chennai are doing physical as well as virtual. So I hope that the company also takes such steps in the years to come so that hybrid mode will be followed in the years to come. So that is the best option, which is being taken up by certain companies as an initiative and similar initiative to be taken up by our company also so that in the years to come, you can get the valuable suggestion and ideas from various shareholders across the country and our company can empower the years to come. Sir, I am a well-wisher of the company. I'm really thankful to the management for having declared a very good dividend during the year and [indiscernible] sustained and declared a fantastic dividend. So we are really glad to be the shareholders of Infosys. And we are really thankful to the company secretary and his entire team for conducting the Annual General Body Meeting virtually and helping the investor fraternity to join this through the Zoom platform and give them valuable suggestion and ideas. So we are really thankful to the entire secretarial team for their entire efforts to conduct the meeting virtually and connect with 36 shareholders in this virtual platform. Sir, then I thank the entire Board of Directors. Sir, myself and my team are having a legal firm in the name [indiscernible] associate in Chennai. So I request your [indiscernible] to kindly enroll our firm in the [ environment ] of the company, and we will be glad to extend our services, sir. And nothing much to ask, sir, I wish the company and the Board of Directors, a great success and prosperity in the coming future. Hope to see you in the physical AGM next year. Thank you very much, sir. Thank you for doing...

Thank you, Mr. Abishek. May I request the next shareholder, Mr. Kaushik. Mr. Kaushik, kindly unmute yourself and ask your question. Mr. Kaushik, can you kindly go ahead and ask your question? Mr. Kaushik, are you able to hear us? I think there is some audio problem. We'll move to the next shareholder. Mr. Bharat Raj. Mr. Bharat Raj, can you kindly unmute yourself and ask your question.

Yes, very good evening to entire Board of Directors, Mr. Chairman, Mr. Parekh and entire Board of directors. So first of all, I'm happy to see you all safe, healthy and fine. I thank Mr. Manikantha for arranging a wonderful virtual video conference. Sir, first of all, entire Board of Directors, thank you for giving a wonderful dividend, sir, INR 31. Sir, we have completed 41 years, sir. Mr. Chairman and CFO or CEO, can we expect next year INR 41 dividend for the next financial year, sir, that is my request. Sir, we have completed INR 1 lakh crores of revenues, sir. And we have a net profit of INR 22,000 crores, sir. It is very good performance. 56% of revenue is coming from the digital, sir. I'm very happy sir. And [ 66% ] revenue coming from U.S. Sir, my question is that in this recent pandemic, sir -- not pandemic, sir, recent war, Russia and Ukraine, how we -- my company is -- may I know the criteria, how my company is, in this quarter and next quarter, in this year, how my company is losing because you shut down the office at Russia. So how the company is losing the revenue, sir, and how this financial will be accumulated that revenue, sir? That is my question, sir. Sir, we are the highest women employer, sir, very happy, sir. First of all, I thank the management for a very good decision for approving 5 years period for my CEO, sir, Mr. Salil. Salil, I hope you remember in 2018, CEO is a post for 3 years like a marriage contract. If you sustain for 3 years, you will be the king in our company. So successfully completed 3 years, maybe in second year, there was some small disturbance in our company, but you completed 3 years. Now you have been 5 years in my company, sir, I'm very proud. You will make definitely my company as a true trillion-dollar company, sir. Because under your leadership, my company is growing wonderfully. Sir, CSR, yes, we are doing wonderful, sir, INR 400 crores we are spending on CSR, sir. I'm very happy, sir. Since 2018, we have not received any bonus Mr. Chairman. Can we expect a liberal bonus in this financial year because 5 years have completed, we expect a bonus from the management, sir? And regarding, sir, why is my company is not [indiscernible] in South Africa, sir. Why my company footstep is not in Nigeria, Kenya and South Africa because Nigeria is a future upcoming company -- country in the world, like in India, it is growing aggressively. Why is the footsteps not there in Nigeria, Kenya and some other South African countries? Sir, why only women director is 1, sir? Why only our madam is there, why in India, there is no other women directors -- there is no more women directors in my company, sir. Why accepting only 1 lady. I expect by next AGM, we'll expect at least 2 women directors in my company, sir, because we have 39% of women employees. There is only one woman director remains its shows a wrong signal to the entire country, sir. And regarding this IT filings, sir, recently I received a lot of complaints about the Infosys, they don't know how to manage something [ that of ] issue, sir. Mr. CEO see that it should not happen in the next year -- coming years because we have a reputation in Indian market. The financial minister also very serious about our company, why it is happening some hiccups in filing the cases. Mr. CEO, please see that in next coming years, it should not be the issue, sir. And recently in USA, there is a rescission, sir. So how we are encashing that recession, sir? Because once in U.S., it is recession means, we have a very good revenue. I hope we have very good business for our company, sir. And one more thing, sir, Mr. Chairman, last time [indiscernible] requested for the Mangalore company visit, sir. [ I hope if you ] please convey to Mr. [indiscernible] participate this AGM, please send them to the Mangalore IT Park so that we want to see how the Mangalore IT Park has been built, sir. I'll be more proud and happy to see that Mangalore Park, sir. Once again, Mr. Chairman, all the best for the coming years. Mr. CEO, Salil, I believe in your leadership. Yes, you're doing wonder my company. And I recommend, sir, my CEO salary should be the best in the India, and it should be the most highest in India, sir. Because Wipro is paying more than my CEO, sir, but I want my CEO salary more than my Indian competitor, sir. I recommend the Chairman and entire Board of Directors, see that my Chairman -- my CFO salary should be highest in India, sir. Because he's working hard for my company, he is making the share price sustainable, and he is giving very good dividend to the shareholders. And I hope Mr. CEO will give bonus also in coming years. I believe you, sir. And once again, Mr. Roy, I know how you are doing, working hard to give shareholders' money, very good. You are putting your hard efforts to my company, sir. Once again, all the best for the coming years. Thank you very much, Mr. Manikantha and entire team. God bless you all.

Thank you, Mr. Bharat. I request the next shareholder, Mrs. Patel. Mrs. Patel, if you're on the audio, kindly unmute yourself and ask your question.

Are you able to hear me?

Yes, ma'am, we can hear you.

Very good evening to all of you. Respected Chairman, eminent Board of Directors, the management team and all the employees of the company. First, I would like to thank Mr. Manikantha, madam Rekha and Rakesh and all -- and the full secretary team for giving me the annual report and the excellent annual report, and then CFO, I thank you very much for the good financial statements. Company is doing very well, [ fairly a ] very efficient company, enterprising company, well-managed company, giving very good -- making good profit and giving us a very good dividend. I...

Mrs. Patel, we are not able to hear you. Mrs. Patel, are you there?

Yes, I'm very much -- you are not able to hear me?

Yes. Now we can hear you. Kindly go ahead.

The company is doing very well, efficient company, good profit-making company, well-managed company. Company has given us a very good dividend and Mr. Salil Parekh, you are doing a good job. We have much faith in you and all the directors on the board. Mr. Uri Levine [indiscernible] very much coinciding with your Infosys, fall in love with the problems and not with the solution, indeed, it is very, very -- very apt saying, good saying that we [indiscernible] the results have been very excellent. I congratulate the company for the good awards and applauds that the company has received. INR 16 dividend is a good dividend, but of course, we request for [indiscernible].

Mrs. Patel, we are not able to hear you. Mrs. Patel, we request you to kindly send your questions for an e-mail. We will try and answer that. We'll move to the next shareholder, Mr. Mukesh Ajmera. Mr. Mukesh Ajmera, kindly unmute yourself and ask your question.

Are you able hear me now Mr. Manikantha? Mr. Manikantha, are you able hear me now?

Yes, madam. We can hear you. Kindly ask your question. I think your line is unstable. If you can wrap up the question early, please. Mrs. Patel, are you there? We'll move to the next shareholder, Mr. Mukesh Ajmera. Mr. Mukesh, kindly unmute yourself and ask your question.

[Foreign Language] Good afternoon, Salil bhai, Nandan bhai, if I may call you, so also Nandan; Mrs. Kiran Mazumdar-Shaw, all the other Board of Directors. It is yet another time of the year when we are meeting you just once a year for a few minutes, and then we meet you the next year. I wish it was a physical meeting this year, which we have been missing for the last couple of years. I would like to congratulate the company headed by Mr. Nandan Nilekani and Mr. Salil Parekh and their entire team for excellent performance that the company has given despite global hiccups and all kinds of problems, including in the IT industry. And a ship that was sailing in rough quarters about 4, 5 years ago has been stabilized with the leadership of both these people and also others who have been helping them. I would like to really take acknowledgment; I mean give them lots of appreciation and thank them for being able to convert the company to turn the company around and stabilize the ship. And also the share value has gone up from nearly INR 700 to INR 1,900 that in itself is a reflection that we are on a sound footing. There are so many accolades and awards and all that. I mean, its mind boggling how the company has been doing so excellently well. Though Infosys employees are considered to be Infosian, we ourselves as shareholders would also like to call ourselves as Infosians because this is one of the only companies in the -- that we belong to, though we have shares of so many companies that it's a pleasure and a delight all throughout. I wish I had the shares of Infosys right from its IPO days, which I had missed out on. And I would also like to request, if it's possible for the company to have Mr. Narayana Murthy and Mrs. Sudha Murthy also say a few words at every AGM or if they are not -- if they are able to come live so that we know how they are doing. We would like to see them. It's a pleasure because they are being the mentors. And so also Nandan, who is now present, but otherwise, it's very difficult to see some of them. I'm also very [indiscernible] companies social initiatives and also energy conservations. More than 50% of renewals -- I mean most of the 50% of -- more than 50% of the energy requirement is being done through renewable energy, which is remarkable. And this needs to be transcended into either -- a national model. Though all the companies give all kinds of statistics, but very few of them have done really well. And Infosys deserves all the praise for that. And if you can please extend this to even the masses, your, for example, saving water, saving environment and conservation is a huge challenge for the world in general. Why can't Infosys take it up, including through mass media advertising, not that it requires advertising at all. But then through its initiatives, people listen. When Infosys talks, people listen, that is a kind of honor, respect [indiscernible], not only in India but globally. And if you can look into this [indiscernible], very nice. Yes, I'll be completing soon. One of the things we have been missing out on is visiting you -- visiting campuses. Many of us have not seen the campus both at Bangalore and Mysore. If we can have a regular round-the-year program, it will be nice that every month, say, or every fortnight, you have some kind of an initiative where people can join rather than making a specific request. And I'm sure there are a lot of shareholders who would like to be part of this. And if you can consider this as an ongoing program, it will be appreciated. And I would like to find out what is this ICETS that was mentioned in the annual general report, which was excellent. And as we hear, very exhaustive. Does it apply to all the companies across all the models of business? Or is it just for some of the programs and things like that? And if it's possible, we would like to visit you at the earliest. Salil bhai, I've been waiting to meet you. I just met you a couple of times when you started with Infosys first year and second year. Few more years have gone. So if possible, please do accommodate us. And thank you, Manikantha, for accommodating all of us, all the shareholders. Your Infosys model is to be emulated by all the companies in India. And as one of the shareholders mentioned, there are a lot of issues with unpaid dividends and shares transmission, which I am a victim of in some other large group and company. And more than INR 2 lakh crores are being -- are lying in government coffers unclaimed. And Zerodha's Nithin Kamath also had made some comments about it. So if possible, I would like to contribute to this. And as a respectable company, I would like the company to reach out to the government. And I'm sure the Prime Minister who has been abolishing many redundant and British era acts will listen to you also. Please let me contribute to that. Thousands of people are victims of it because of impossible to comply rules and regulations. And this is something you can do service to not only investors of Infosys but across the entire investor community in India. I wish everybody lots of good luck, including the top management and all the Infosys employees. Thank you very much.

Thank you, Mr. Mukesh. May I request the next shareholder, Mr. Gautam, Mr. Gautam, kindly unmute yourself and ask your question.

Good evening. Am I audible and visible, sir?

Yes, sir. We can hear you and we can see you. Kindly go ahead.

Respected Chairman, Board of Directors and my online fellow shareholders. Myself [ Gautam Nandi ] of Kolkata, the City of Joy, very old equity shareholder of Infosys Limited. Firstly, I'd like to give thanks to your secretarial department for sending me annual report and other necessary relevant papers through e-mail, very early in advance. So especially thanks to our respected Company Secretary, Mr. Manikantha and his whole team for rendering very good services to our minority shareholders. Sir, you are organizing your Annual General Meeting through video conference for the third time, and I find it is a grand success. So thanks again, sir. Sir, my earlier speakers already expressed their views and covered most of the points regarding accounts and performance of the company. Therefore, I don't like to repeat as by your guideline. Sir, a few years back, we had faced GST and demonetization. Sir, [Foreign Language] Each and every company is suffering very, very much. But I am very glad to see that despite a tough pandemic and the most challenging year, you have tried your best. Your CSR is also very remarkable. Sir, I am very proud to be a shareholder of your company. I am very hopeful towards the prospect of our company. I [ have full trust ] with our strong management like you. And so I wholeheartedly support your all resolutions, which have already casted through my e-voting. Sir, I'm very happy with your company, getting regular very good dividend. And I also got huge price appreciation in your company's shares, sir. So thank you very much. Sir, nothing to say more today. Looking forward with a positive outlook towards our company with higher profit margin, 1:1 bonus, handsome dividend and return. Sir, may God bless you, sir. Stay safe, stay healthy. Thank you very much. Signing off, [ Gautam Nandi ].

Thank you, Mr. Gautam. May I request Mr. [ Krishan. Krishan, ] kindly unmute and ask your question, please.

Thank you, sir. Can you hear me?

Yes, I can hear you. Kindly go ahead, please?

Thank you, sir. Thank you for giving me the opportunity to join with you. [Foreign Language].

I cannot see here, please.

You can't see me?

[ Gautam Tiwari ], cannot see your this thing -- stage.

Sir, you cannot see me?

I cannot see the stage.

Sir, where is the stage. I don't understand that. I'm on this stage. Sir, [indiscernible] disturbing me. I don't understand that. [Foreign Language] Thank you, sir.

Thank you, Mr. [ Krishan ]. May I request the next shareholder, Mr. [ Aspi. Mr. Aspi ] kindly unmute yourself and ask your question.

Sir, can you see me and hear me?

Yes, sir, we can see you and hear you. Kindly go ahead.

Chairman, sir, I'm [ Aspi ] from Bombay. Sir, I understand from various news agencies that USA may undergo recession. Since you interact with so many people and companies in U.S., are you seeing any sign of such macro event of recession in U.S.? And from what you see at the ground level, do you believe a recession is around the corner in U.S., sir. Sir, digital offering has grown 36% year-on-year, which is very good. You should concentrate more on digital. Sir, any reasons for no growth or small negative growth between third quarter and fourth quarter of the current year? Are you likely to see negative growth between first quarter of current year and fourth quarter of last year? Sir, Europe has grown in Q4 by 22% year-on-year due to Ukraine. Is this momentum likely to sustain? Sir, please do not accept government contracts. Every time there is a problem, the blame comes on Infosys. Like every time there is an income tax problem, the blame comes on Infosys that you ask Infosys to sort out this problem. So please do not accept government contracts. Because when you go to another country, they'll say you cannot do your own country's work, what you'll do for our country. So please do not get government contracts. Sir, I would also like to hear from Mr. Narayana Murthy for a very little time. Sir, I would like somebody to announce the speaker number, including -- when the name is called out because moderator doesn't inform the speaker number and even the speaker number should be mentioned on the e-mail, which we receive. Sir, I would like the replies to be given immediately so that the same questions are not repeated. Sir, on Page 159, every year, we are transferring almost INR 2 cores to unpaid dividend account. If you see [ 14, 15 ] final dividend, only INR 6 lakhs has been paid during the year, out of INR 1,55,00,000, why? This money belongs to the shareholders. So it should be given back to the shareholders rather than sending to IEPF. So I would request the Registrar and the Company Secretary to please move out of the air-conditioned offices and follow up with the shareholders. By just sending reminders, nothing happens. Because I'm talking from my own experience, I've got so many reminders. But when I apply for a duplicate one, they just harass me that you bring this, you bring that. So please inform the Company Secretary that next year in the annual report, when they give like this for [ 15, 16 ] interim dividend, you should give right from the beginning, [ 15, 16 ], so much was outstanding; [ 16, 17 ], so much was outstanding. So we know what effort the Secretary and the Registrar are putting to give the dividend back to the shareholders. This is shareholders' money. You cannot just transfer like this to the IEPF. Please remember that, that next year, these figures are given in the annual report. Sir, thank you very much and all the best for the future.

Thank you, Mr. [ Aspi ]. May I now request Mr. [ Jagadish ] to kindly unmute and ask the question.

Good afternoon to all of you. Sir, am I audible?

Yes, sir, we can hear you. Kindly go ahead.

Company [indiscernible] to everybody. Sir, you have a very good dividend record, even INR 31 this year. And also a buyback of INR 11,000 crores. And sir, we stakeholder has a wish to know, as in the past, company has given in [ 1914 ], 1:1 bonus; again, in [ 1915 ], 1:1 bonus; then in [ 1918 ], 1:1 bonus. And so we wish to know [indiscernible], we can expect bonus. Am I audible, sir?

Yes, sir, we can hear you. Kindly proceed.

Especially from Chairman sir and the CEO, Parekh, sir, can you give me some light when we can expect bonus again, as company has a very good record and reserves and surplus, in general very much you are buying back shares, giving good dividends. So when we can expect bonus. Thank you, sir. I [ wanted ] only this much.

Thank you, Mr. [ Jagadish ]. May I request the next shareholder, Mr. Pradeep. Mr. Pradeep, kindly unmute yourself and ask your question.

Yes. So Manikantha, am I audible?

Yes, you are audible. Kindly go ahead.

So thank you, Mani. So -- and good evening, Salil. So it's a pleasure to talk to you, Mani and Salil. And first of all, I would like to congratulate Salil for being awarded Business Today-PwC Best CEO in large company category. And I also thank Salil for turning around Infosys and bringing it back to its glory days. [Foreign Language] So I hope and pray, we all continue to grow. So my first question is income tax portal issue caused some negative publicity. So as you know, publicity negatively spreads faster. So what caused this issue and how we can prevent such issues in future? So this was my first question. And my second question is, so for revenue generation, we are heavily dependent on North America region. So how to diversify this revenue generation geography. So please respond on these. Thank you.

Thank you, Mr. Pradeep. May I request the next shareholder, Mr. Dinesh. Mr. Dinesh, kindly unmute yourself and ask your question. Mr. Dinesh, you have to unmute yourself.

Am I audible?

Yes, sir, we can hear you. Kindly go ahead.

[Foreign Language] All the best.

Thank you, Mr. Dinesh. May I request the next shareholder, Mr. Manoj. Manoj, kindly unmute yourself and ask your question.

Good evening respected Chairman, Board of Directors, fellow shareholders. My name is Manoj Gupta, I'm equity shareholder of Infosys Limited. I've joined this meeting from my residence, Kolkata. I have great respect for our Chairman because I had met once in my life when he was the Chairman of [indiscernible] AGM of Indian Management Association in Kolkata. So I have a great respect for Mr. Nandan Nilekani and convey my best wishes to our founder, Shri Narayana Murthy sir, that he has given a visionary and icon company to the country. That was a vision and dream for the young generation of the country. For that, I will say a few words of [Foreign Language]. Sir, what's the plan -- have you any plan to split the shares? Or you can do one thing. If you reduce the face value of your share by INR 1 from INR 5 and pay INR 4 to each shareholder. And like as recently, the Supreme Petrochem has done. They have reduced the face value from INR 10 to INR 4 and balance INR 6, they have paid to the shareholders, that you can do. Price is -- market price is same. So think about that. And plan for new campus. Have you any plan to bring new campus in the Northeast part because Assam and Tripura is growing fastly, fast-growing state nowadays in the eastern part. And in Chhattisgarh, the Raipur and other states are also growing [Foreign Language]. Recently, there was some negative impact of Infosys image due to some ITR problem. And so what's your view on that is that you should [indiscernible] that in future such type of problem should not come. And sir, what's the impact has come through Russia and Ukraine war on our company. Sir, have you any plan to give a job priority to young people, those who will come after 4 years from the Agneepath Yojana for the Armed Forces by the Government of India. Mahindra, Tatas and several industries has come forward and to prefer priorities to young generation, those will come out from the Agneepath Yojna. And sir, some do something social job something for this part of the country under your CSR foundation from the CSR. How you will reward to investors because your capital is INR 2,300 crores, near about. And I think you do not issue the equity bonus, you should issue the bonus debenture of 8% or redeemable after 3 years, 4 years to reward the shareholders. And try to launch some educational software for young generation from class 5 to 12, like BYJU'S and others, education software system. So you should consider that. And sir, I have attended more than 250 AGM last year through VC. And this year, I'm attending this is the 26th AGM. But I've not find such type of disturbance in the AGM. And I was not expected that in a highly reputed software company, I have attended TCS AGM. There was no disturbance without host, a shareholder can't unmute himself. But in your AGM, I find that every shareholder has unmuted himself without host. So how is it possible, sir? And I'm surprised to see that my sequence number is 25. When I've got the notice on 27th May at 5:35 p.m., I had sent my request at 5:47 on the same day to register myself. So sir, kindly look into this matter and make sure that in future, no one shareholder can unmute himself without moderator's permission. The shareholders -- this is a top of prestige of the company. I mean any company, shareholders can't unmute and we had missed to hear several shareholders view what they are saying in the AGM. Nothing to say more. I have a great respect to the Chairman of the company. Thank you, sir.

Thank you, Mr. Manoj. May I request our next shareholder, [ Kirthi Shah ]. Mr. [ Kirthi Shah ], kindly go ahead and ask your question. Kindly unmute yourself, sir.

Good evening, sir.

Good evening. We can hear you. Kindly go ahead.

[Foreign Language] Wish you all the best. Thank you very much. Chairman sir, I hope you'll reply my email full details.

Thank you, Mr. [ Kirthi Shah ]. This is just to confirm that all the board members are here, and we are -- the Board is taking note of all the questions of the shareholders. And we will be replying -- the Board will be replying to all the shareholder questions at the end of the session. With that, I request the next shareholder, Mr. Ashish. Ashish, if you can kindly unmute yourself and ask your question.

Can you hear my voice?

Yes, we can.

Can you hear my voice? Can you hear my voice?

Yes, we can hear your voice.

This is Ashish Shankar Bansal from Bombay. Respected Chairman and Board of Directors, thank you for giving 23% dividend as mentioned on page 16, 17, 18, there are many directors shown, but [indiscernible] shareholders, why so? Page #23, 90% [indiscernible] has completed for employees when 10% [indiscernible] will be completed. Thank you.

Thank you. May I request the next shareholder, [ Yusuf ], to kindly unmute and ask your question.

Respected dynamic Chairman, very good evening, sir, speaking from city of Mumbai. Sir, I'm very happy with our [indiscernible] handsome and very excellent performance, sir. I'm thankful, sir, for 372 pages balance sheet, sir, that's very excellent. I'm very happy, sir. [indiscernible] perfect? Hello, can you hear my voice, perfect? Can I go further?

Yes, sir, we can hear you. Kindly go ahead with your question.

The total page -- on Page [indiscernible] and Page 50, we're having a [indiscernible], I'm very happy. Sir, I also join our previous speaker. Sir, if you -- I am also very happy with excellent company Chairman. And I also join our previous speaker for saying that when [indiscernible] given, sir. Many [indiscernible] not given a bonus, sir. [Foreign Language]. Sir, that is a very handsome. Sir, I'm not complaining on our company, sir. [Foreign Language] It is a very excellent balance sheet. I have not seen an excellent balance sheet just like you, sir. [Foreign Language] We have won many awards, sir. [Foreign Language] I'm very happy and I salute you, sir, for hard working, sir. We are very lucky to have -- just like your excellent secretary, sir. Nothing more to add. I end my speech saying goodbye. Thank you very much. Jai hind! Next year, we are meeting, sir. [Foreign Language] May God bless our company. [Foreign Language] Thank you very much. And God bless our company to have good return. [Foreign Language] Thank you very much. Jai hind! I will end my speech. Thanks very much. [Foreign Language] Thank you, sir. Have a good day, sir. Nothing more to add.

Thank you, Mr. [ Yusuf ]. May I request the shareholder, Jaydeep Bakshi. Kindly unmute yourself and ask your question, sir.

Good evening, Chairman, Managing Director, CFO. Myself Jaydeep Bakshi, connecting from the city of Kolkata. Thanks to our Company Secretary, Manikanthaji, for giving me an opportunity to express my view and to the entire secretarial department for conducting this video conference in a smooth manner. Sir, the initial presentation and slides lifted the scope of our organization. Sir, our workforce is around 3 lakhs plus. Sir, are we scaling up more to capitalize on the expanding market opportunities as the digital acceleration is creating tremendous new opportunities? Sir, on Page 36, we have invested in opening Living Labs, digital studios, proximity centers around the world. Can we come to know the locations of the same? Sir, effect on the global turmoil, sir, inflation on clients and sir, this digital transformation across industries as a result of this pandemic will now go with the latest technology trends. So how are we planning to cope up with this? Our best wishes for the maintaining the carbon neutral program for 3 years in a row, it's a good achievement. Sir, any new challenges, opportunities we foresee to develop the new business. And on Page 120, has written the risk factors, how are we planning to compete with the same? Regarding the cyber security, which is the main concern in digitalization, how are we also planning to cope with this? Thanks for the dividend and passed on to us and the awards which we have received, you mentioned in Page 24. And also congrats for the ESG program and with the mission of -- vision of 2030 as climate change is the main cause of concern. Sir, can we have the recording of the Infosys Foundation presentation, which was aired in the initial stages of the AGM? The IT portal regarding the hope of the initial [ leases ], have we overcome it? And how are we planning to maintain a double pay? Sir, any new portal contract in pipeline? So I request, as earlier speakers [indiscernible] given regarding campus visit, if you plan for, kindly includes all of the names. Sir, I hope under your guidance of the Board members, [indiscernible] better opportunities for people and restore trust in our company and create value for technology [indiscernible]. Thank you, and all stay safe. Thank you, sir.

Thank you, Mr. Jaydeep. May I request the next shareholder, Mr. [indiscernible] kindly unmute yourself.

Good evening. [indiscernible] Sir, respected Chairman and Board of Directors and Company Secretary and CFO, and all my respective shareholder present in the meeting, the VC meeting. And a special thank you to our Company Secretary, sir and his own entire team who managed this [indiscernible]. I just want [indiscernible] right now. My question is, what is our company future plan, sir. And do you expect the Infosys festival? Infosys festival in the sense of physical mode as well as VC mode, which I visited in 2017, 2018 -- And my third question is do you expect bonus or split from 5 to 1. And sir, another question is how company adopted green cloud and blockchain used by Infosys, sir. And my question is, do you expect a campus visit, sir? And so I had some previous [indiscernible] balance sheet, sir. And sir, our -- I wish to know our activities -- CSR activities from Kiran Mazumdar-Shaw, the director. And sir, good year ahead [indiscernible].

Thank you, Mr. [indiscernible]. May I request the next shareholder, Dinesh Kotecha. Mr. Dinesh Kotecha, kindly go ahead and ask your question.

Yes. Good afternoon to all of you. I'm Dinesh Kotecha from Bombay. Sir, first of all, I'm very happy that you have kept the meeting on Saturday, on the 25th, today at 4 p.m. Now after market hours, on a non-market day, I'm very thankful for that. And please keep it on Saturday only, and this will help us whether the market disturbance is not there during the AGM. That is the first point. Second point is I'm also happy for the integrated annual report which you have sent. Thanks for that. Thirdly, our annual report team is One Infosys. The performance of the company reinforces the annual report team in a proper manner. And the presentation given by Mr. Parekh was excellent. I mean, it was very good, and we've got a more clarity about the things of what is happening at Infosys and how we are going to go further. Secondly, sir, why this VC [indiscernible]? A disciplined orderly physical AGM would have been held. When the 2020 matches are held in big stadiums where 50,000, 60,000, 1,00,000 people come to the stadium to watch the match without the mask, you could have easily hold the meeting without -- this physical meeting, sir, in an orderly and a physical disciplined manner. That would have been outstanding because then we could have said that one of the big IT companies has held the physical meeting, right? Then secondly, our management team results, pay out, annual report, business, what you can say, impacts all are above par. Let me congratulate you on that. Thirdly, now on Page 114, I'm coming to Page 114. I got 6 queries, very small. On Page 114, on opportunities and threats, you said that our journey to 4-prolonged strategy, adopted, [ embraced ] since 2018. I would like you to evaluate that, that how far have we reached in each of these strategy. Please give me specific answers for all the 4 parts. And what is the weaknesses in the threats that you have experienced during the journey till now? Then on Page 158, so many people have already commented, but it will take me 1 minute to come to that page, sir. Yes. There we find the dividends remitted to IEPF for the last 6 years is INR 5.69 crores. And we have 2 columns there, sir, 2 columns that we want you to add there in the integrated annual report. One is how many shares or how many shares you have transferred at -- and how many shareholders have been affected due to that. So add 2 columns, number of shares and number of shareholders for which you have transferred during the year. So that would give me an idea what has happened. And somebody also asked what was the period outstanding last year and what is the period this year so that we would know what was the movement in that IEPF. Also on next Page 159, shares transferred also, I want the same thing. How many shares were transferred to IEPF and how many number of shareholders were affected due to that. Sir, dividends, INR 15 is the interim, INR 16 is the final which you have declared on face value of INR 5. Now I would like you to give quarterly dividends like TCS. If we say we are competing with TCS to be #1 or overtaking them, then if TCS is able to give us quarterly dividends, why we cannot give quarterly dividends. That will also -- that is also a comparative fact to be noted when you want to compare yourself with TCS. Another fact if you want to compare yourself with TCS is that from your equity of INR 5, you pay us INR 4 back as capital reduction. Instead of INR 31, you pay us INR 27. Give us INR 4 back. And you make the face value INR 1, equity will come down from INR 2,103 crores to INR 421 crores. Now on that, the EPS at present, which is there at INR 52 will become INR 200. Now all this will have effect on the market price and the market capitalization. Give a thought to this. I'm talking very seriously, sir, because this needs to be evaluated when TCS is quoting about 3,500 and et cetera, in that range, we are quoting very much less, or INR 1 is 3,500. And for INR 5, we are half of TCS, sir, so give a thought. Sir, on Page 162, on Page 162, yes. So there, you have given us the shareholding pattern of people holding more than 1% share, fine. Now I want you to give me one thing, I want you to give me the holding of the 10 top shareholders who are resident individuals. From the resident individuals' part, who are the top 10 shareholders. This you can give voluntarily. Now don't give an excuse that SEBI does not require us to give this. So we'll not give. That is not the point. The point is how much voluntary you're doing because we will know from the resident shareholders, who are the top 10 shareholders. That will also give us an idea of which top 10 shareholders have got the trust in your company and who all invested in your company. So we can also understand their strategy of investing in your company by their holdings in the company. And now coming to Page #185, now disputed cases.

Mr. Dinesh, if you can kindly wrap up.

Sir, I'm speaking only to the point, 3 points remain, please give me some time. Sir, disputed cases under several statutes in India and outside India. It must be shown separately year wise as gross amount, amount deposited or [ paid in ] dispute and net amount. That will give us more clarity to understand the position of each of the disputed cases. Now the amount is INR 7,095 crores in total, and that is 3.37x the present equity capital. Now what are the legal expenses incurred to fight or defend these cases? What is the position as on today? Now again, what feedbacks and suggestions you have received during the year or previous year, which were implemented, or which are still being implemented for better results? Lastly, how do you visualize the company would be after 5 years or 10 years from today? And is the revenue increase on a constant basis on a comparable basis, foreign exchange wise. Lastly, sir, one complaint is there. Now you'll have to listen to this complaint. Your GST portal and IT portal messed up, there were blips, disturbances during the year. Why this mess? There are 5 lakhs chartered accountants who are following you, who are to -- I mean, day and night, we have to work because of your blips and your faults. You have to do it seamlessly, sir, without a mistake, without a hitch and without a blip, then only we can say that yes, -- this is putting a black patch on our goodwill. You must improve upon these services for the benefit of the tax practices and the chartered accountants that are there. This you must give a point, and I want an answer from Mr. Nandan Nilekani because I find that today's meeting is like a Lok Sabha meeting. There was some backstage we were told, some speaker was speaking that [ Roshni ] and your Pooja was speaking in between. We could not hear anything, and then again, we come to the front stage. What is all this going on? Why can't you keep the meeting properly? It should be kind of properly, sir. We expect that Infosys must follow the highest standard of keeping this AGM and if you want to keep the [ VCM ]. ECS was very successful. It was without a single problem that we see as meeting were held. I also spoke in this year's meeting. In this year's meeting, there were 70 speakers, everybody spoke. There was no problem. And here, there are 37 speakers and so much problem has been created. Give a thought to this, sir. We are small shareholders, but the small shareholders' voice must be heard in the proper sense. We are not taunting you. We are not blaming you, but systems must be improved when you're communicating with the shareholders once in a year. Thank you very much.

Thank you, Mr. Dinesh. May we request the next shareholder, Shailesh [ Mahadevia ]. Mr. Shailesh, kindly unmute yourself and ask your question.

Respected Chairman, distinguished directors and the members of the company. Sir, I'm thrilled to be present at the AGM of Infosys, one of the leading companies of India and also in the world. So we brought our company to prominence in the initial years of our establishment, and the whole world came to know about the IT services being provided in public. Sir, I also appreciate that the Board of Directors will take all possible care to ensure that the results of our company are to the satisfaction of everyone. Sir, I'm also confident with the report which has been given to us and the details provided, and the secretarial department responded instantaneously to my request. Sir, having made all these observations, I would now like to put some questions with a view to increase my understanding and appreciation of our company. Sir, my first question is that what is the economic value added of our company? And in arriving at that figure, what rate of interest we have taken into consideration? Sir, my second question is, that during the year 2022, world growth figure -- world economic growth figures have been reduced from 4.2% to 2.8%. Sir, may I know what this forecast is likely to affect our business during the year and in the following year? Sir, my third question is regarding the CSR activities, which are being done by our company, congratulations for all that. But sir, have you studied the economic impact of the CSR work, which is being done by us? And not only in the company, many of the employees also participate in particular effort. And such a figure will give us an idea the real contribution of our company to the society at large.

[indiscernible].

Sir, my last -- again, disturbance. Sir, my last question is regarding ESG. Sir, we are one of the best companies who is following all principles of ESG. We are also giving our excellent results. Sir, what I would like to know is whether our ESG has been rated by some of the internationally known rating agencies. In India, even CRISIL cannot do the rating as they're not yet permitted by the regulatory authorities. Sir, if you can throw some light on this, I will very much appreciate. And sir, let me tell you that if I see the directors in front of me, I feel very happy and I feel very satisfied. At present, I can see only the Secretary and Salil Parekh. And in between our chairman comes for 0.5 minute or 1 minute. So, sir, make it sure, such an excellent technical company and why can't we held the presentation when we have all the directors in front of us and where we can see them and you are, of course, seeing to us? With this, I wish our organization excellent success in the times to come. Thank you very much.

Thank you, Mr. Shailesh. May I request the next shareholder, Mr. Mahesh. Mr. Mahesh? Yes. Please go ahead, please.

Hello? Hello? I cannot able to see my face. No name. No, my video, nothing.

We are able to hear and see you, sir. Kindly go ahead and ask your question.

Not got -- my name also, not even -- I can able to see my name displayed. Nobody called my name. First of all, who is conducting the meeting? Chairman of the meeting or the company secretary? You're having no right under the company, sir, who called the meeting. Sir, if met, fish market, first time I attended the Infosys AGM. And since my childhood, when I attended the AGM at 21. I'm attending so many AGMs in Calcutta, at least 1,000 AGM in Calcutta every year. And for the last year, I am even In the virtual meeting. You're having no control over that financial affair of the company, only the Board of Directors having to answer the question of the shareholder. And if we cannot able to hear a lot of shareholders, their views. Why you are not calling all the individual shareholder to the chamber and making the AGM separately, separately? It is not the system. This shall mean properly that it is not a compliance of the Companies Act 2013, I'm very much fed-up. This is the mainly this company shares held by Americans, and 62.25% shareholding by the Americans. And why you had not arranged to all the American shareholders to join this meeting properly? Why you have not held at 9 p.m.? Why you are holding at 4 p.m.? When the Companies Act having the -- already written that the company AGM must be held in the office hours, 10 to 5 or 9 to 5. Why you have started meeting at 5 p.m. -- 4 p.m. And a lot of shareholders are in there, more than 50 shareholder, I think so. And nobody has attending properly. We cannot able to hear our sentiments of the colleague shareholders, what they are saying. Only you had given some shareholders only the weightage. They are coming to the stage and giving [ proper there ]. Because there is some private -- where is the Chairman, I want to interact with you. When I came in 2013 and [ phone ] to the company's secretary, he refused me not to come to my registered office to see me. Why? Shareholders can able to go to their companies office and able to discuss something. I came from Calcutta, but you refused twice, what is your right to refuse to shareholder, who come to registered office? This is not a way of running the company internationally, Infosys, Infosys, what Infosys. Day before yesterday, I joined this Hindustan Lever. Yesterday, I joined this Voltas Limited. Both are -- Hindustan Lever is also American company having a very good reputation in the market. You see, Hindustan Lever paid this year dividend of INR 34 out of their earning [ INR 37.53 ]. Only they kept INR 3.53 [indiscernible] and INR 34 [indiscernible] for INR 1 share. And what your INR 5 face value share, you are running, I think [ INR 50.29 ] and we are paying only INR 31. That is also taxable this year. If you left the 3.5%, the TDS and this surcharge, it will come to INR 27.5. Last year, it was INR 27. And your company worth [indiscernible] executing in lakhs and crores of rupees. And the margins are also very high because it is IT company. And Hindustan Lever is selling INR 50, INR 100, INR 200 article, and tier margin is so high for consumer goods, when entire world is in the IT sector. Or if you go to share market, every person will say that IT, IT share. And what about your share? What is the reputation of this IT business in India? And a lot of shareholder discuss a lot of things about the mismanagement of the AGM. You see, in the financial highlight on Page #70, you had shown that of the revenue from operation, income, et cetera, everything, but profit before tax percentage of revenue, when your turnover is higher than last year, this profit is also higher. Then why you had put here profit before tax percentage revenue, 27.4%? Last year, it was 28.50%. Will this figure is wrong? Or the data is put here wrong? When earning is high than last year, profit is high. Then how this figure percentage has come down from last year? Now we've come to this investor education. There's a lot of new shareholders discuss about this. This investor education products and fund mainly suffered by the Americans, because they are holding 62.25%. And what was the image of India in the America? That they are just transferring the money of their wealth to the investor education, and you also know very much because this is an IT company. You are also professional person. A lot of professional person has started NGO, and taking money from the [ IPF ] and enjoying in 5-star hotels [indiscernible] doing better all these in the market? It is shareholders' brought money and which you are transferring to. What actions we are taken within the several year to reach this money and their wealth to the real investor?

Mr. Mahesh, may we remind you to kindly...

Do you have any -- reminder sent to them. Do you have a published Indian newspaper, all the shareholders' list that your money is lying with us, we will sent to? No. Come to this distribution of this shareholding pattern.

We request, sir...

Your ACF foreign portfolio inventories [ 33.3% ]. You promoter holding is only 13.11%. And Indian resident shareholder is 10.77%. And your American deposit purchase would be 15.84%. If you add 3 this American category, it will arrive to 62.25%. And only public shareholder is [ 10.77% ]. This is the company in India. And why Indian shareholders will not be benefited by this company exist in India? Why even there is a guideline that the government of India that Indian public must be minimum 25%? Why we are not increasing this public shareholding pattern? You are discouraging to the Indian public shareholders by only 10.77% [ holding ] trading publicly. Why? And out of this 10.77%, your employee portal is also [indiscernible].

Sir, [indiscernible] the investment, kindly the question.

Then what you want to say. One thing a lot of shareholders had asked you that why you are not publishing [ 10th ], if you see it on Page #162, your 2 to 10th shareholding are maximum in the category. You had given the distribution of shareholding pattern where 2 to 10th shares only having the 7 lakh, 67,000, [ 127 ] shareholder is the maximum in the category. So why this is small shareholder only but interested in your company? Why not Indian major shareholders that are also interested in your company? Due to the mismanagement, mismanagement by the Infosys, only just [ flora ] in the market, that Infosys, Infosys, what Infosys. So many companies giving the good return. Tata Steel given INR 51. When -- that is a core industry, steel industry, they had given the INR 51 dividend this year. So what about this IT company?

Sir, [indiscernible] your question.

I'm not asking correct question, then I am giving the history -- this nice story to you. Why you are disturbing? Why you are disturbing?

If you can put...

I have every right to say any time as per the Companies Act -- as per the constitution of [indiscernible]. You see, this company is majorly by the main promoter is America. So why you are not giving the data in this 62% holding by the American? Why you are not giving the data in dollar -- when this company share also in the New York Stock Exchange, why you are not giving the data in the New York Stock Exchange in the dollar? And why you are not giving the detail that how much dollar dividend, how much you are paying in the dollar to America? And how much the dividend unpaid is also? And also, why you are not giving the data that how much years, physical years, which is going to investor education? Why you are not giving the complete detail here? I will not take much more time. I will not going through all the -- if I will go through all this here, you having the subsidiary of 81 subsidiaries. Out of that, 18 subsidiaries are in the loss. If we start from the first #2, the subsequent number in first page and second page, a heavy amount of [ INR 82 crores, INR 35 crores ]. American subsidiary, they are also making losses. So why you are closing income, not a subsidiary? Why you are reducing this loss making to the profitable-making company? Because it will be -- this loss will be subjected from our main release [indiscernible].

Request you to wrap up the question.

Pardon.

Mr. Mahesh, I kindly request you to wrap up the questions are done, yes, please.

I have not gone through all these. I've only seen the highlights of this director report. You had given 372 pages of the annual report, and this is not is part also. And your this -- this report with [ 168 pages ]. It's a director report, management discussion report. If you read out the entire this 400 pages, how much time will take? Only if you go through 400 page, how much it will time take?

Sir, [indiscernible] questions. I'm saying [indiscernible].

Why is that so managing to these shareholders? Since beginning, I am seeing that a lot of shareholders, we cannot able to take their views. And why you are not giving the 2 cameras here, 1 of the Board of Directors, what they are feeling when other shareholders are saying their opinions? What is the sentiment of the other shareholders and Chairman -- sorry, the Director and Chairman for the whatever queries raised by the shareholder? This is IT company. You are responsible for everything for the shareholders' benefit. I will not take much more time, but it is a worst company in the IT sector. As far as my knowledge is concerned, it is a worst -- Infosys is the worst [indiscernible] in India. I cannot expect. I just -- I joined. I joined. I understand what is the status of the Infosys in India. Otherwise, there are very much that Infosys, Infosys. What Infosys? If you see the Honeywell, a lot of other companies, TCS, what are their status? What are their marketing status? What are their relation with the shareholders? I'm a shareholder of all companies in India. I'm a legal practitioner for the last 50 years, company that matter. You know very much. Don't harass to the shareholder. Now this all people are going to -- from Illiteracy to literacy. Now India is moving for literacy. Going for next 10 years, 100% literacy, even the village people are also going to literate.

Sir, we request you complete...

Not to think that all are fool, all are fool, not feel like this.

Sir, kindly ask the question [indiscernible].

And call -- and thank to all the Board of Directors, Chairman, Company Secretary and CFO, listening patiently and also the colleague shareholder, who are also online listening my speech. [indiscernible] Thank you.

Thank you, Mr. Mahesh.

Sir, I'm with -- sir, [ Gautam Tiwari ] is waiting for my turn because I'm not able to speak with anybody, 24 number -- my speaker number 24.

Please go ahead.

Okay, sir. Sir, I'm very sorry, sir. Somebody spoke my name that I was disturbing, sir. I'm not here to disturb, sir. I've been attending the meeting since the last 40, 50 years, and I'm a Chief Engineer in the foreign shipping consult. [ Kirti Shah ] spoke that I disturbed. I never, I was trying to contact Pooja or somebody. They were saying that this is [indiscernible] number. So I was not able...

[indiscernible].

Yes, sir. Sir, first of all, I got a very great respect, sir, for you. Very, very honorable respectable Chairman, Salil, Nandan Nilekani ji, Salil Choudhary ji, our Manikantha ji, these are all Salil Parekh, all these are the reputed and world-class people, sir. Those who were invested in Infosys, right, I'm day 1 investor. So they've earner [Foreign Language], anywhere, anytime you invest in Infosys, and you will be more than happy and we can have a sound sleep. I really very much salute you, and I respect you like anything for having given such a good earning to the -- not only dividend-wise but [ stock-split ] wise but even the bonus-wise and the share appreciation-wise also, right, from bearing anywhere, now also. So I'm very much happy, sir, about it. And moreover, please, sir, only one small request, sir. Sir, please give somebody's number authorized 1 or 2 persons in the [indiscernible] department so that we don't know who we are talking when we are online, at least we can speak with them that if some problem is coming. Because when they sent me in the green room, sir, my audio was lost. I was not able to say anything. So whom I will ask, sir? So that is why I spoke, I never knew that it was going to disturb the speaker. We are not people of like that, sir. We are all executive engineers. So you can understand. Sir, moreover, I salute, sir. I take a special time block for speaking with you and interacting with you. And I really tell salute, sir, it is the godly person whom we have got Narayana Murthy and Sudha Murthy's selfless service for 25 years. And the way that you've been servicing our company, annual department and the shareholders, stakeholders, I really salute you, not only Indian people. I have traveled abroad, 90% of the foreign countries I have seen that people are really happy with Infosys working and Infosys rewards the shareholders and stakeholders. Sir, excellent CSR activities for which I, again, thank you very much. And congratulations for winning various awards and accolades, sir. And I would like to say, sir, one thing. So far, I am a shareholder from day 1, but I've not seen your IT park. Sir, kindly do something when the COVID is over to make sure that those who have been there with you for a long time or those who have been attending this meeting here. So kindly make some arrangements so that they can see our companies working, I will be highly obliged and grateful, sir. Sir, and what is the attrition rate of our company because we are giving training to the persons. So when an employee joins our company, rather executive or engineer. So that -- if that employee leaves earlier, we miss upon whatever we have spent. So what is the attrition rate? We would like to know. And what are we doing to stop to get that attrition rate minimized? Sir, we have got -- I mean, permanent -- how many permanent employees? And how many casual employees? And what is the male, female ratio, I would like to know. And as it is as per EVA and EGS support, if you can answer, I'll be very much obliged. And rest all, nothing to answer, sir, question. [Foreign Language] We are very happy, and we once again congratulate you. And we wish you a very long, happy healthy, healthy prosperous life in the days to come, a very bright future. I am very sure, those who are invested in Infosys, this is the opinion I work worldwide that Infosys investors have never ever cried. And they are having the sound sleep. And they are very happy instead of keeping the money in any bank or reserve bank. It is more reliable than the reserve bank and more profitable than anything else in the world for which I really appreciate. I'm really sure that days to come, you will also keep on giving such benefits to our shareholders, and your abilities and your selfless service is beyond exploration of the cause in words. And I salute. Sir, on 29th May, I have heard -- I come across reading that you had kept some get together here in Bombay, but we were not invited. We are one of your strong senior and day 1 shareholders. I think you'll take care of us. And sometimes, we would also like to see the IT park. Sir, rest all is fine. I once again wish a very bright future for the company. And thank you very much for the best sophisticated working and best [indiscernible] listening and so much humble and polite nature of yours. I, once again, salute [Foreign Language]. Thank you very much, sir. God bless you with the choices and your blessing always and forever and ever for long, happy, wealthy and prosperous life. Thank you very much, sir. Salute to you, sir.

Thank you, Mr. Gautam. Thank you. With this, we conclude the question session. Before I hand over to Chairman, just to confirm that we have all the Board members attending this AGM from various parts of the world, and they're all taking note of the questions which was raised by shareholders. The only reason you may not be able to see them is because you may be joining from a handheld device, where the view may not be a multiview. So therefore, you may not be able to view. It comes only for the person who is speaking and the person who is listening. So please take note that all the Board members are participating in this AGM. With that, I'll hand over back to Mr. Chairman.

Thank you for all the questions, and thank you for your patience. If any of you faced any technical challenges, my apologies, we are very, very serious about our shareholder feedback. And let me assure you that the entire Board was sitting very, very intently through the entire questions. We have recorded your questions. We are answering all the questions, and we are here to serve you. We take our shareholders very seriously, and we look forward to engage with you today and in the future. So thank you very much. Now we will be providing the answers to the question shortly. So I would request the team to display the questions received on the webcast and play videos, which showcase the work done by Infosys during the last year. So once again, thank you for your patience, and we are very, very grateful for your feedback. We will now begin the answers to the questions. We have combined the questions from the live session as well as the web session. So we'll have one round of answers from everybody. I will start with my questions. I have 4 questions. The first question is, is the future all about Metaverse? How Infosys is seeing Metaverse in the next 5 years? Answer is we have created an ecosystem called a Metaverse Foundry. This foundry is equipped with 100 ready-to-use use cases, business cases and execution road maps, helping enterprises across industries find value in the Metaverse and the flexibility to ramp up and down their exploration at will. We are one of the first few system integrator in the world, which actually created a foundry for the Metaverse. The second question -- this first question is from [ Rachit Jain ]. The second question is from Bindu S. Chandra. The question is what is the women-to-men work ratio? Can we have more women directors on the board? That's 2 questions. Answer to the first question is the percentage of women in the workforce of Infosys Group is 39.6%, and which we want to expand to 45%, which is as stated in our ESG 2030 goals. The nominations and remuneration committee headed by Kiran Mazumdar-Shaw, focuses on having diversity at the Board, gender, nationality, skill sets, industry background, et cetera. We currently have 25% of Board members as women. The third question from Sadanand Shastri is how is the Infosys Foundation structured post the retirement of Mrs. Murthy? The answer is a Trustee Board has been set up under the Chairpersonship of Mr. Salil Parekh. We have 4 other trustees and the same information is updated on the Foundation website. Foundation continues to report to the CSR Committee. We also have a program [indiscernible] office to run the day-to-day operations of the foundation under the able guidance of the trustees. The vision and the focus areas are primarily health care, education and women empowerment, and the foundation works towards the expansion of the same. And the final question I have is, will the company consider to provide jobs under the Agneepath scheme from Manoj Kumar Gupta. Answer is Infosys recognizes the potential of the Agneepath scheme introduced by the government. We believe this is a great opportunity for our youth, not only to start the career in a very disciplined ecosystem, but will help also build skills for their future careers. Infosys is always looking to expand the talent pool, and we will follow our well-established selection criteria while recruiting employees. With that, I come to the end of the questions that were directed at me. And I hand over to Salil to take his questions. Over to you, Salil.

Thank you, Nandan, and once again, good afternoon and good evening to all the shareholders, and thank you very much for all the questions you have shared with us. Once again, I want to just assure everyone that we are extremely focused on all the questions you put forward. and we will continue to work to see how we can make improvements in the company as we go ahead. I'll go through the questions. There are several questions, so I'll go through them one by one. Our first question is from [ Madnesh ] Govindrao Deshmukh. This was about the Ukraine-Russia situation affecting Infosys. What we have seen today, Infosys is very much in support of peace in the Ukraine-Russia conflict. We very much support every effort to help all of the people that have been impacted by the situation. We have no work or business in Ukraine. We have a very small team of people, less than 100 in Russia. We have initiated the steps to transition the work that they're doing outside of Russia. We are not serving any clients which are Russian. In our team, there are clients which are global clients, which were doing some operations in Russia. We have also created a contribution to help with the situation from our CSR activity to make sure that whatever support we can provide in terms of rehabilitation of the people displaced. This is a fund of $1 million. The next question is from [ Krishnendu ] Chakraborty. What is our view on the permanent work from home for employees, where possible? So the way we look at this and the learnings we've had in the last 2 years, we've had very good success in the remote working or work for home. We have put in place for the future a high level of flexibility, which is based on what our clients are looking for and what is in the best interest also of the employees. We also understand and see what many employees have also said, that there is a need for the social capital and connect, especially as new college graduates join and they learn over time as they work on the campus and with people. However, we are very clear that going forward, there will continue to be flexibility in the way the employees will be working to ensure the most efficient way between work from home and working on the campus. The next question is from Parasmal Lunawat. Here, the question is about the work we are doing for the income tax department. On the income tax department over the last year, over 7 crore returns had been filed already in this year, over 40 lakh returns are already filed. Last year, there were almost 2 crores statutory forms that were processed. And this year, we are close to just under 40 lakh on the statutory forms as well. The system is now working in a way that is reflecting all of the changes that were put in place. There have been, in the last year, a significant level of refunds that were processed and completed by the system. We continue to work with the government and the department to fulfill the vision of a digital India and making sure that it's the best approach that can be put together between the departments, our objectives and what the citizens are looking for. The next question is from Kandaswamy Shanmugasundaram. The question is about attrition. Our attrition in the last quarter has come down from the previous quarter. So in Q4 of the last year, it has come down from the Q3 of the last year by 5 points. We have put in place several steps to look at what are the basic issues which result in the attrition. We have increased much more the employee engagement. We have increased much more the way employees look at their careers and the progressions with. We are putting in place multiple changes with respect to compensation. We see all of our indications that attrition is coming more and more in control. And we are also seeing that with the level of attrition we had, we were in very good position, nonetheless, to fulfill all of our client work and make sure the client delivery continue to be successful. The next question is from Aman Harish [ Srikartaya ]. Here, the question is about what Infosys has doing to serve the preservation of our planet with the help of the technology. There are several examples in this where the company, actually over the past 20, 30 years, has been at the forefront of the sustainability work. Several years ago, the company put in place a solar farm, which has helped us to generate a significant level of electricity that we use and in part that and many other steps helped us to become carbon-neutral in 2020, well ahead of the date 2030 that was set by the Paris Agreement. We also have a lot of focus in technologies, which are helping on water preservation and recycling on the campus. And in general, there's an ethos within the employees and across the company to focus on what is important for helping with the sustainability in the planet. Next question is from Shruti [ Saraogi ]. The question was about an acquisition. Is there a big acquisition on the card? Here, as you may have noticed, we have done about 8 acquisitions. You saw in the last few years, a very concentrated on this digital pentagon and the areas that we work on. For example, we did something on the cloud in sales force. We've done something on the experienced digital studio. We've done an acquisition on ServiceNow. Now looking ahead, we also have a pipeline of acquisitions that we are looking at on an ongoing basis. At the right time, when there's a strategic fit, there's a cultural fit and also the price, et cetera, works out, we announce and make the acquisitions. We will continue to look at that because we have a good and strong balance sheet that will help us on that. The next question is from Gaurav Jamadar. The question was about the patents, how many we have filed in this year. The number of patents we have filed across the portfolio is over 680. Several of the platforms that we have are built on the IP and the patents that we have put together. The next question is from Hiranand Kotwani. Does Infosys conduct training for preventing women's rights violation? Here, the answer is the company undertakes regular training for employees when they join and through the time to make sure that they have a clear understanding of the way to make sure that some of these things are not happening at all. These awareness trainings are also reaffirmed by periodic updates all through the time that employees are with the company. The next question is from [ Redapa Gondoluru ]. The question is about the guidance for FY '23, which is the growth guidance is 13% to 15% growth. And the question is it's lower than the growth we saw in FY '22. What are the reasons for that lower guidance? So here, the way we build our guidance is we look at what we see vis-a-vis the demand in terms of the market itself and the way we see what has happened with our portfolio in the year coming up to it. Based on all of those factors, we have visibility for several months into the financial year. And with that visibility, we start with the guidance we have at the beginning of the year. Many -- the guidance is also based on what we see happening in the first half of the year and what we then estimate for the second half of the year. As the year progresses, we get a better idea of that. At this stage, we see a very strong demand, which gives us a good view at the 13% to 15% growth. And as we go through the year, we will see how that looks every quarter. The next question is from Vinod Motilal Agarwal. The question is about the fact that we recruited 84,000 college graduates last year. And if they leave, do we recover the cost of the training? So here, the way we look at this is the training is really an investment that we make in the employees. We make sure that the employees get the best training. And even in the industry, it is recognized that our training is considered one of the best across. We have a campus in Mysore that we've used historically. We also have an online training platform called Lex that we look at to make sure that employees can use that training. We also look at what the employees do and how they're deploying all of that training over a period of time. And we expect that the employees will contribute and help the company from the training that they've got. The next question is from Vinod Agarwal. This is on cloud services. Our cloud services is giving us more revenue and is working well. 5G is also a new technology. Are we leveraging this for AI, particularly the autonomous driving cars? So here, we are seeing extremely strong traction in cloud, as you pointed out. The Cobalt platform that we -- capabilities there that we have built has all of the tools that our clients need for the cloud business. In 5G, we have a very advanced set of offers especially focused on our telco plans, but also working in partnership with many global telcos for our clients in other industries and verticals where 5G will have some direct benefits. We also have labs where we are doing work on artificial intelligence in the autonomous car, and we are supporting that work with the work we're doing with some of our clients. The next question is from Abhishek Jay. The question is how has the business of the company been impacted during the last 2 years of COVID? Now here, while the COVID, when it started, it had a tremendous impact on a medical basis on all of the population around the world and especially in many of the markets we are in, in India, in U.S., in Europe, in Australia. One of the things that we were able to very quickly do was to move our work where it could allow all of our employees to work from home. Now this was made possible because of the steps that were taken several years before that. We have put in place the infrastructure, which could allow multiple parallel usage of bandwidth at a rapid pace. We have put in place technology that could allow working from home. And we saw that even in the first year of COVID, within the first very few 2, 3 weeks, we have actually deployed the vast majority of our employees who could work from home. And even in that financial year, we grew about 5%. We are one of the very few companies that actually grew in that year, in part because we have made some of these investments and technology infrastructure ready before the pandemic started. The next question is from [ K Bharat Raj ]. The question is in the Ukraine war, how much revenue are we losing because of us shutting operations in Russia? Now here, the work we are doing, so we have no work that we're doing in Ukraine. The work in Russia, we have less than 100 people on projects there. We are now transitioning that work over to other locations in Eastern Europe. In terms of the size of our business, we have no real impact in terms of revenue from this activity. The next question is from K Bharat Raj. What is the company -- why is the company not doing business in South Africa? And what about Nigeria and Kenya? Now here, we do have a presence in South Africa, and we also have a presence in the African continent. We are also looking, as we go through in the next phase of our strategic development, some growth opportunities we see, for example, in other geographies in Europe, but we are very much focused in a very particular way, especially some of the work we do with our Finacle platform in South Africa and other African countries. The next question also from K Bharat Raj. How are we to manage the threat of recession glooming over the U.S. economy? So today, what we see is that our pipeline of work is really strong. We continue to see good traction with our clients. We are well-positioned in the growth areas, which are digital and cloud. We also have a very good portfolio in automation and efficiency and cost-related areas. We are well poised to work with clients as they look at different things over time. At this stage, we see really strong pipeline and growth. We still have a very strong set of deals that we are working on within our large [indiscernible] program. And our growth guidance remains at 13% to 15% for the year. The next question is from Mukesh Ajmera. What is ICETS -- iCETS, as we call it? Please explain how this applies to business models. Now this is a group within our company, which is focused on new advanced technology, thinking and development. And this is something which is sort of our way of looking at R&D, how we are looking at newer technologies and what the impact of those technologies could be across our portfolio and where we could go in the future with this. So we are very excited by the work that this team is doing. We've seen some good progress. For example, we mentioned earlier about the Metaverse foundry. This was something that was developed by this team in terms of a concept very early on, and then our larger team put together the specific elements on. They're also working today, for example, on areas like Quantum Web trio and things which will come more and more in the future. The next question from [ Aspi Balansha ]. Are you seeing any macro level recession in the U.S.? And how is it expected? So with here, how is it expected to affect Infosys? So here, again, we have a strong pipeline of work today. We don't see anything which is slowing our business down in terms of technology. Of course, we read and understand what is going on with all of the work, all of the actions on interest rates and inflation. And we remain focused on making sure we see what the impact that has in the future. At this stage, our pipeline remains strong, and our guidance for the year is at 13% to 15% growth. Do you expect the European -- sorry, this question also from Aspi -- sorry this question from [ Aspi Gresanya ]. The question is do you expect the European growth to continue? Or will it be impacted on account of Ukraine? Now Europe is a significant area of business for us. We see our pipeline in Europe today remaining strong as well. We have not seen any impact today on our client base through what is going on in Ukraine. We are keeping a clear focus on this. And we will see what impact, if any, it has in the future. Our focus in Europe, we have a strong business in financial services, in retail, in automotive, in pharmaceutical, life sciences. And it's spread across many countries, U.K., Switzerland, Germany, in the Nordics, France. And at this stage, we see the pipeline with those clients in good shape. How far has the -- this is from Dinesh Kotecha, the next question. How far has the company reached in its four-pronged strategy that it implemented 4 years ago? So this strategy, which focused on digital, on automation, on reskilling and on localization, has done well for the company. On digital, we moved from about 25% to just under [ 60% ] of our business on automation. We've seen greater and greater impact with the number of roles that we've been able to support through automation, both with our clients and also within the work that we are doing here. In localization, we've changed quite significantly in many of the markets. For example, in the U.S., more than 70% of our employees today are local employees. And on reskilling, we've had a tremendous focus on reskilling all of our employees through the newer technologies. And so in each of the 4 areas, we've seen good progress and a strong result -- outcome from those initiatives. So those were the questions that, that I had. Thank you again for all the questions from the shareholders. With that, let me pass it on to the Nilanjan.

Thanks, Salil. So the first question is from [ Satyanarayan Bhardwaj Prakash ]. Why is the company unable to meet the mandatory CSR spending obligation for the past 3 years in a row? The company engages in multiyear projects where the spend stood across the financial years. The company has a time period of 3 years to complete the projects, hence, the carryforwards in the last couple of years. Question two, is there any chance for bonus or buyback during this year? And this shareholder is [indiscernible]. The Board will consider bonus issues at an appropriate time in the future. Regarding buyback, our capital allocation policy, call for returning 85% of our free cash flows back to the shareholders over a 5-year period from FY '20 to FY '24. There are 3 components to this: dividends, buybacks and special dividends. The Board will take a call on any buyback at an appropriate time. Question three, how many MSME vendors associated with Infosys and the value of business with such vendors, in line with the PM's vision of developing MSME vendors for economic growth of India? And the shareholder who's asked this [indiscernible]. We had over 550 MSME partners in fiscal '22, the value of business with such partner is approximately INR 2,250 crores. Question 4, we are a net exporter with large cash flow hedges. RBI has announced new hedging instruments. How does the company plan to adopt such new hedge instruments? And the second question is out of this, premium is coming down from 4% to 3%. How are we leveraging it? And the shareholder is [ Pratik Gadia ]. The company has a very strong treasury team, which analyzes all the hedge instruments available from time to time and takes a balanced decision, keeping the risks involved. We take short-term hedging positions due to volatility in currency markets. And our hedging policy is focused on offsetting the backed-off translation on our balance sheet. We have had 26 consecutive quarters of positive ForEx gains, which shows the effectiveness of our hedging strategy. Question five, receivables, as INR 500 crores which have been impaired, what steps is the company taking to reduce the same? And the shareholder is Sadanand Shastri. The answer is, to clarify, INR 500 crores is not impairment for the year. The P&L charge pertaining to FY '22 is INR 170 crores. The company uses the expected credit loss model to assess any required impairment and use the provision metrics to compute the expected credit loss for trade receivables and unbilled revenues. This metrics takes into account credit reports and other credit information. The company has a focused AR collection mechanism and credit risk assessment in order to minimize the AR impairment. We continuously monitor the aging of receivables and take the appropriate actions to accelerate the collections. Question six, unspent CSR of INR 51 crores. Are we having any plans to spend the same? And the shareholder is [ Redapa Guandaluru ]. The unspent amount of INR 51.79 crores is a carryforward from the various ongoing projects, primarily related to COVID-19 relief efforts. Additionally, some of the projects are multiyear in duration. The company has a period of 3 years to spend the unspent CSR amount, and the same will be spent in due course. The next question is, the company has an ESG Vision 2030. What is the current status of rainwater harvesting and carbon neutrality as on date? This question is from Santosh Sara. Infosys is a carbon-neutral company for third year in a row. An important element of our water management system in rainwater harvesting. We recharge and replenish our groundwater system with the help of natural and artificial lakes, ponds, rooftop rainwater harvesting systems and deep-well injection systems. We have established around 400 deep-well injection wells across Indian campuses, providing a combined recharge capacity of around 20 million liters. We have also built 35 lakes across our campuses, holding 330 million liters of rainwater storage capacity. The next question is the market cap of our company has gone down to INR 6 lakh crores. What steps are we taking to take this up to INR 10 lakh crores? And the question from shareholder, Shrenik Mehta. The market cap of company, as you know, is impacted by many factors, apart from its own performance, including the overall economic conditions around the world, capital flows, interest rates besides the company's performance. We are, of course, focused on making sure that Infosys continues to remain one of the best-performing companies in this sector with superior growth and profitability. The next question is company has INR 30,000 crores cash. How do we plan to use this cash? And this is from Shrenik Mehta. The company has a capital allocation policy to distribute 85% of our free cash flows over a period of 5 years from FY '20 to FY '24 by means of dividend, buyback and special dividend. This policy takes into account the operational and strategic cash requirements of the company. Utilization of the cash will be in line with the capital allocation policy. The next question is what is the employee strength of Infosys? And this is from Abhishek Jain. The number of employees is 3.14 lakhs as of March 31, 2022. The next question is our EPS has increased from INR 37 to INR 45 in FY '21 and from INR 45 to INR 52 in FY '22. The dividend had not increased in the same proportion. What is the company planning? And this shareholder is Krishna Lal Chadha. Our EPS grew by approximately 15% in each of the last 2 years. Our dividend grew by 55% in FY '21 and 15% in FY '22. Therefore, the dividend growth is in line or higher with the EPS growth. Our capital return policy, as we mentioned, plans to return 85% of our free cash flow over a 5-year period. For the first 3 years, we have returned approximately 73% of the free cash flows. And for the 5-year period, we are committed to return the 85% as per our allocation policy. The next question is can you explain the reduction in other income in FY '22 as compared to FY '21? This is from Krishna Lal Chadha. And the other income during the year has actually increased from INR 2,201 crores to INR 2,295 crores on a consolidated basis. Other income is a function of investable surplus and prevailing interest rates. The next question is why has the domestic institutions shareholding come down from 23% to 17%? This is from Kirti Shah. The shareholding of domestic institutions, mutual funds, insurance companies and [ QIBs ] is stable at approximately 25% in both FY '21 and FY '22. And the movement in shareholding depends on the buying and selling by various categories of shareholders based on various external circumstances, which are outside the control of the company. Question 14, why is the cash and cash equivalents come down from INR 24,700 crores to INR 17,000 crores this year? And the shareholder who's asked this question is Kirti Shah. The cash and cash equivalents referred to in the question of cash balances with banks and deposits with financial institutions. Apart from this, the company also invests in other instruments like liquid mutual funds, tax-free bonds, government securities, et cetera. And therefore, the overall cash and cash equivalents, including these, has increased from INR 37,419 crores in FY '21 to INR 38,660 crores in FY '22. Can the company elaborate on the green initiatives? And this is from Atanu Saha. In line with our ESG vision of 2030, we have taken initiatives and ambitions on climate change, on water and waste. We achieved carbon neutrality for the first time in 2020 and have remained carbon-neutral since then. Some of these include energy efficiency measures, smart automation, green buildings, data center efficiency, rainwater harvesting. We are committing to reduce our Scope 1, 2 and 3 emissions in the future. Question is why are we not considering giving quarterly dividend? And this is from Dinesh Kotecha. Thank you for the suggestion. And the Board will consider the matters relating to capital return to shareholders, including frequency of dividend payouts, while staying within the overall capital return policy enumerated announced by the company. What is the EVA added by a company? What are the interest rates of return we have taken for the same? And this is from Shailesh Mahadevia. The economic value generated by the company during FY '22 is $16,592 million, as mentioned in Page 21 of our ESG report. This is a sum of the revenues and the other income as presented in the ESG data book for the year. Question is have we studied the impact of the CSR and what we've done over the years? And this is from Shailesh Mahadevia. The company has been conducting impact assessments of the various projects undertaken in our CSR much before even the legislation mandated the same. These assessments help the company assess the status and the programs and progress towards the objectives enumerated above. We have a clear charter, which covers many areas like health care and education, women empowerment. And Infosys prides itself on building responsible citizenship amongst its employees. Next question is has the company's ESG program been rated any of the global rating agencies? And this is from Shailesh Mahadevia. Yes, this has been, and some examples are the DJSI, and Infosys is a constituent of the DJSI World Index. On MSCI, it has got an A rating. On CDP, it's on the leadership quadrant sixth year in a row. On EcoVadis, it has got a gold rating and of course, in India itself from CRISIL, it is a Leader and from Sustainable and Sustained Analytics, also it has a low risk rate. Out of the 81 subsidiaries, 18 has losses, why are we not closing these companies? And this is a question by Mahesh Kumar. And of course, as you know, strategic -- subsidiaries are strategic in nature and reflect our investments. And as a result, as we enumerate the performance, including offshore, downstream, they generate for the rest of the group. There are specific plans for each subsidiary and they concentrate executing against the same. With that, I hand over to Mani for the next set of questions.

Thank you, Nilanjan. There was a question from [ Vinesh Pakya ] regarding what is the total dividend and shares transferred for ETF in the financial year? During the year 2021, '22, the company has transferred the unclaimed and uncashed dividends of INR 2 crores. And [ further ] 4,154 corresponding shares on which dividends were unclaimed for 7 consecutive years, these were transferred as per the requirements of the ETF rules. The details of these were also provided in Page #79 of the integrated annual report. There was a question on unclaimed dividend transfer and what are the steps that have been taken by the company to trace these shareholders. This question is from Mr. Sadanand Shastri, and there were a few other shareholders who had asked the similar question. Shareholders are requested to note that the unclaimed dividend and corresponding shares are required to be transferred to our ETF if dividend remains unclaimed for a continuous period of 7 years. It may be noted that the company, since repeated, remind us through the registered addresses and e-mail IDs of the beneficiaries whose dividend or shares are due to be transferred to our ETF requesting them to update the bank account details and encash physical warrants. The company updates the list of unclaimed dividends on the website, having a search engine facility to provide comprehensive list so that shareholders who are yet to claim dividend can claim the same within the said due dates. Besides this, the company publishes newspaper advertisements before transferring dividend and shares to our ETF authority. The company has also taken an initiative called [indiscernible] for tracing active beneficiary bank accounts and reaching out to beneficiaries requesting them to claim dividends. Shareholders whose shareholding is in electronic mode are requested to update or notify any change in their bank account details to their respective depository participants. Shareholders whose shareholding is in physical mode are requested to opt for the electronic clearing systems more to receive the dividend on time, so that they can avoid any delay in receiving dividends as well as the dividend of shares getting transferred to our ETF. There was a question for [ Jaideep ] on the virtual AGM. In fact, we have received many requests from shareholders to convene the AGM virtually as it helps them to join from anywhere. We have many shareholders joining in from various parts of India and across the globe for this AGM despite the time differences. We thank all the shareholders for making time to attend this AGM. Those were the questions which I had. With that, I will hand over to Chairman.

Thank you, Mani. Members may vote -- may note that e-voting on the NSDL platform will continue to be available for the next 30 minutes. Therefore, I request members who have not cast their vote yet to do so within the next 30 minutes. The Board of Directors has appointed B. Hemant, Practicing Company Secretary, as a scrutinizer to supervise the e-voting process. Further, I hereby authorized Manikantha, the Company Secretary, to declare the results of the voting and place the results on the website of the company at the earliest. The resolutions as set forth in the notice shall be deemed to be passed today subject to the receipt of the requisite number of votes. We had 291 members participating in today's 41st Annual General Meeting. Thank you for attending the meeting. I hereby declare the proceedings of Infosys Limited's 41st Annual General Meeting closed. Thank you very much, and see you next year.