Infosys Limited (INFY) Earnings Call Transcript & Summary

I welcome the members to the 42nd Annual General Meeting. Hope all of you are safe and in good health. This meeting is being held through videoconference in accordance with the circular issued at the Ministry of Corporate Affairs and SEBI. We have the requisite forum present through videoconference to conduct the proceedings of the meeting. Participation of members through videoconference is being reckoned for the purpose of quorum as for 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 videoconference introduce themselves. Salil?

Good afternoon. I'm Salil Parekh. I'm the Managing Director and CEO of Infosys, and joining in from Bengaluru.

Sundaram?

Good afternoon. This is Sundaram, speaking from Mumbai. I'm the Lead Independent Director and also the Chairperson of the NRC and Risk Management Committee. Thank you.

Bobby?

Good afternoon. I'm Bobby Parikh, Independent Director and Chairperson of the Audit Committee. I'm joining in from Mumbai.

Gibbs?

Good evening, good morning, good afternoon. This is Mike Gibbs. I'm joining as an independent director from Houston, Texas.

[indiscernible]?

Hello, and good evening, I'm Chitra Nayak, Independent Director and Chairperson of the ESG Committee, joining in from Bengaluru.

Govind?

This is Govind Iyer. Good evening. I am an Independent Director and Chairperson of the CSR Committee, joining in from Mumbai.

Helene?

Good evening. I'm Helene Auriol Potier, Independent Director, joining in from France.

Nilanjan?

Good evening. I'm Nilanjan Roy, CFO, joining in from Bengaluru.

Manikantha?

Good evening. I am Manikantha joining from Bengaluru, Company Secretary.

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, 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 videoconferencing 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 videoconference or other audiovisual means is made available for the members on a first come first or basis. The company has also provided a webcast facility to view the live proceedings of this meeting on the company's website. The list of directors and key manager and personnel, the list of contracts or arrangements and other documents mentioned in the AGM notice have been made available electronically for the inspection during the AGM. Members seeking to inspect any of these documents can send their requests to investors at infosys.com. As the AGM is being held through videoconferencing, the facility for appointment of proxies was not applicable. And hence, the proxy register for inspection is not available. The company has received requests from a few members to register them as speakers at this meeting. Accordingly, the floor will be open for these members to ask questions or express their views. We will facilitate this session once the Chairman opens the floor for questions and answers. Members can also post their views or questions on the Ask a Question tab on the videoconference screen before 4:30 p.m. IST. It may be noted that the company reserves the right to limit the number of members asking questions depending on the availability of the -- depending upon availability of the time of this AGM. The company has provided the facility to cast votes electronically on all resolutions set forth in the notice. Members who have not cast their votes yet electronically and who are participating in this meeting will have an opportunity to cast their votes during the meeting through the e-voting system provided by NSDL. Members can click on the [indiscernible] tab on the videoconference screen to make use of this facility. Members are requested to refer to the instructions provided in the notice or appearing on the videoconference page for a seamless participation through videoconference and also for voting. In case members face any difficulty, they may reach out on the helpline numbers. Members may note that this AGM is being recorded. Please do not disclose any sensitive personal information or personally identifiable information belonging to you or any other persons that has no bearing on this meeting. Thank you very much.

Thank you, Mani. The company has taken all the physical efforts under the current circumstances to enable members to participate through videoconference and vote at the AGM. I thank all the members, colleagues on the Board, auditors and the management team for joining this meeting over videoconference. Dear shareholders, welcome to the 42nd Annual General Meeting of Infosys. As we gather, again, virtually to discuss the progress made in the year gone past, it is a pleasure to host you. On behalf of the Infosys Board of Directors, I thank you for making the time to join us today and for your continued support over the years. Fiscal 2023 has been a year of strong overall growth, 15.4% in constant currency, delivering USD 18.2 billion in revenues. Operating margin for the year remained healthy at 21%, and we generated USD 2.5 billion in free cash flows. Our digital business continued to expand and makes up 62.2% of our total revenue. We grew in double digits across most industry segments and across major geographic markets, 26% in Europe and 12% in the U.S. We had 95 large deals valued at USD 9.8 billion for the year, of which 40% was net new. This promises a solid foundation to grow and build resilience in the months to come. For fiscal 2023, the Board has recommended a final dividend of INR [ 17.50 ] per share. Together with the interim dividend of INR 16.50 per share already paid, the total dividend per share for FY '23 amounts to INR 34, which is a 9.7% increase over FY '22. With this, the company has announced a total dividend of approximately INR 14,200 crores for FY '23. The company has completed the open market share buyback on February 13, with average price of approximately INR 15.39 per share compared to the maximum buyback price of INR 18.50 per share, including the recent considered buybacks and final dividend for FY '23, the company has returned approximately 86% of free cash flow to shareholders over 4 years starting FY '20. The shareholders at the 41st AGM held on June 25, 2022, reappointed Salil Parekh as CEO and MD effective July 1, 2022, until March 31, 2027. Salil is effectively steering Infosys towards growth and continued relevance through the changing economic macroenvironment. He has successfully institutionalized the One Infosys approach, to position our company to work with clients, both for their long-ranging digital transformation and for cost efficiency and resilience programs that are of vital importance to them to thrive in the near term. The shareholders also approved the appointment of Govind Iyer as an Independent Director effective Jan 12, 2023, for a term of 5 years until Jan 11, 2028. The Board, based on the recommendations of the Nominations Remuneration Committee, appointed D. Sundaram as Lead Independent Director of the company effective March 23, 2023, and recommends the appointment of Helene Auriol Potier as an independent director of the company effective May 26, 2023, for a period of 3 years, subject to the approval of the shareholders. Kiran Mazumdar-Shaw, Lead Independent Director, retired as a member of the Board of Directors on completion of tenure effective March 22, 2023. We profusely thank Kiran for having been an integral member of the Infosys family, providing valuable guidance and leadership to the Board over the years. I'm personally very grateful to her as she has been a tremendous ally and an amazing colleague on the Board ever since I rejoined Infosys in August 2017. Uri Levine also retired as an independent director effective April 19, 2023, upon completion of his term. The Board places on record its sincere appreciation for Uri's contribution to Infosys. The receding [indiscernible] brought end to one set of challenges, but its aftermath has created new ones. The cocktail of inflation, interest rates, geopolitics, war, demand volatility, supply chain dislocations, the shift from efficiency to resilience and security all morphing quickly and without warning is upon us. This means doing all we can to be more efficient in the present as well as nurturing a readiness for growth in the future. This is no mean task. The volatility of our times creates several probable future space, and businesses must be equally prepared to succeed in any one of those. That is why it is critical to be flexible and avoid making choices today that may shut key avenues in the future and to reduce concentration risk that can make the business less adaptable to new realities that can emerge in the times to come. At Infosys, we understand what it takes to navigate this era of optionality. Through times, rough and smooth, we have brought great focus to becoming better, becoming more efficient and resilient in the present, while also securing our relevance in a progressive future. This has stood us in good stead. We understand what it takes to prepare for many eventualities, and we know our clients, our employees and you, our shareholders, count on us to be agile, adapt quickly and nimbly learn to thrive in any new reality. Not only are we committed to doing that, but we're also relentless in our efforts to set our [ cost ] clients up for success. A big part of that is helping them build their digital adaptability, so they can flex from strategy to execution in response to the fast-paced changes and intense uncertainty. With the One Infosys approach to orchestrating our collective capabilities, we started our transformation to become a digital-first live enterprise, bringing the same advantage of digital agility and resilience to our clients as well. Our disproportionate investments in cloud to Infosys Cobalt cloud solutions are helping our clients bring its advantages into every facet of their own business, from reenergizing operations, to driving innovations for growth. In addition, Infosys acquired BASE life science A/S, a consulting and technology firm in the life science space industry in Europe, to scaling its digital transformation capabilities with cloud-based industry solutions. Even more significantly, the company's cloud capabilities have created the foundation for our clients to build their AI-first business. The immense potential of AI and more recently, advances in generative AI, you know from our own experience of rapidly evolving into an AI-first enterprise, are not without the share of complexities. Several practical, ethical and intellectual property-related issues when it comes to AI remain unresolved. We also know that the part to scaling AI and the enterprise is far from simple, and yet the AI-first strategy we embrace is already working for us. We have redesigned the organization to judicially balance people, technology and process, while also executing work by segmenting it into cognitive tasks. Today, we are able to bring to our global clientele, the same ability to accelerate business value and amplify human potential using AI technology with Infosys Topaz. While technology is core to everything we do, at its core, Infosys is a people company. Nurturing talent for the future is key to our continued success. We spared no efforts to provide our employees ample opportunities to learn and grow, while ensuring them of a safe workplace that is fair, rewarding and free of discrimination and bias. The well-being and intrinsic motivation of our very talented diverse and multicultural workforce will propel us forward. We recruited over 50,000 college graduates in the year, bringing our total headcount to over 340,000 employees, of which 39% are women. Upskilling and reskilling them all for careers of the future is a top priority for us. Over the year, our training ecosystem enabled over 5.5 million learning days for our employees. Our people track to manage their own digital skills, headed by a comprehensive score, their digital quotient. Through accelerated learning, where they complete certified courses and gain substantial experience in the skill of [ central technology ], they qualify for skill tags. As employees gather more skill tags, multiple career pathways into exciting technology space is open for them within the Infosys ecosystem. Each programs and intelligent platforms, like accelerated marketplace, automatically match employees in the roles of their aspirations. Matching a passion to deliver for clients and nurture our people is our commitment to the larger community. This is encapsulating our shared purpose to amplify human potential and create the next opportunity of people, businesses and communities. It inspires us to be a sustainable business in every sense of the word. 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, to embracing positive climate change, to helping our clients do the same, and earning the trust of all our stakeholders through ethical corporate governance, we do our best to make us all -- to move us all forward. As a result of these efforts and align to our ESG vision for 2030, we also continue to be responsive to the needs of society in new and innovative ways. As an example, digital skills start from Infosys Springboard, Infosys flagship digital learning platform, is opening up a wealth of new opportunities for brand councils, business communities in the U.K. ensuring brand -- businesses have the skills to thrive in the digital age. In a partnership with Harvard Business Publishing, students and young learners in India are now able to access resources, including Select Harvard Business Review articles, videos and podcasts as well as 10 Harvard Management Center Course on Infosys Springboard. In the U.S., Infosys SpringBoard includes three learning tracks for the entire learner spectrum from K-12 to post-secondary and professional digital skills development. Today, we are empowering 8.5 million people the world over through our digital skilling initiatives. With mindful and planned efforts, Infosys continues to be carbon-neutral for the fourth successive year. The work of Infosys Foundation, we support a variety of social causes, including creating positive impact in health care, education, sustainability and women empowerment. Internally, within Infosys, our systems, practices, controls and procedures are well governed, not just to help us make effective decisions, but to comply with the law in letter and spirit, so we can effectively meet the needs and expectations of external stakeholders. This has always been the Infosys way. The digital transformation of every industry and every aspect of life over the last several years has laid the foundations for the opportunities that are to emerge. Our clients trust us to enable them not only to make the right digital investments, but to [ mine ] these to deliver greater value for them through the future. After all, Infosys today is ranked in the top 3 IT services brands and among the top 150 most valued brands globally. The challenge to keep moving ahead in this particularly dynamic times, no doubt, is immense. But the opportunity and the capability and confidence to harness it is tremendous, too. We are well prepared for the future that may be unpredictable, but it is also up to us to build. On behalf of the board, I want to assure you that Infosys is geared in every way, with its rich track record, dedicated workforce, strong capabilities, premium brand and a clear strategy to provide exceptional service and value to all our stakeholders. I want to thank all our employees, clients, cofounders and governments of the countries and states that we operate in for their unstinting support over the years. Infosys has gone from strength to strength because of your backing. And to each of our shareholders, a big thank you. Your commitment to Infosys, the people we serve and the businesses we drive, inspires us to bring our best to work for you every day. Our sincere thanks to all of you.

Good afternoon, good evening, all of the shareholders, welcome to the Annual General Meeting. Over the next few minutes, I will share with you an update, from a business perspective, how the year was. We've had, in this year, a strong performance in a changing, evolving, dynamic environment. And we have some leading capabilities in generative AI that I will also reference in the discussion. First, in terms of the year, we had a good growth over 15%. Our digital business grew very nicely at 25%. Our clients, which are over USD 100 million in revenue annually, were at 40. So good metrics and good dimensions to see the growth of the business. The operating margin was strong at 21%, and we had free cash flow of USD 2.5 million. We also had a good set of large deals, very strong 95 deals each over 50 million in size, and the total of that at $9.8 billion, with 40% net new, which helped us in building the foundation for the years to come. On the large client relationships, you've seen steadily growing numbers, 40 in the previous financial year, 38 before that and 32 before that. As we look at our industries, we had good growth across most of our industries. In fact, all of them were growing, a very strong performance in manufacturing and energy utilities. We had also good performance in retail and the communications sector. Our employee base continues to expand at over 340,000 at the end of the year in March 2023. And of that, we also had a continued strong recruitment of college hires across the world, but more in India, at over 50,000 college hires. If I look at the financial performance, and we want to share this in rupees, each of our metrics, if you look at total revenues, and this is in rupees, a growth of 20%. Net profit, very solid. Operating profit, very solid. We saw the operating cash flow and the free cash flow reducing from previous years, but at a very solid level, given the dynamic nature of the industry and the macroeconomic environment last year. In terms of our balance sheet, we continue to remain strong, debt-free and liquid, and that balance sheet is really the foundation of how we can position ourselves as a company into the future. When you look at our total shareholder return across 5 years, we've had a strong performance, both between the share price increase and the dividend yield. In addition, we have returned over the last 4 years over INR 69,000 crores to shareholders between the buyback and the regular dividend in each of the last years. This is very well aligned with the policy that we had put in place, and this represents just approximately 86% of our free cash flow in that past [ 4 ] financial years. Our total shareholder return as we compare with our other peers stands very well as we look across the period of December 17 to March 23. Now one of the things we've been focused on over the past several years is building out deep capabilities, especially in the digital space. We had put together a strategy, representing the pentagon with different elements of digital. Today, we are really delighted that we have a leading -- leader capability in 56 of these categories when we look at the different external agencies, which rank various companies on their digital ratings. One of the most significant moves we've had in the past year, 1.5 years, 2 years, was the push on the cloud, and that has been really the launch of Cobalt, which combines all of our cloud capabilities, whether it's Infra as a Service, Software as a Service, Platform as a Service, and in fact, software partnerships, which come from many of these cloud providers. We have built tremendous capabilities on our own -- with our partners. And today, we are in the leading position of driving cloud-driven business innovation, which supports the transformation of our clients when they go on to the cloud journey. More recently, we have launched Topaz. Topaz is really encompassing all of our AI and especially generative AI capabilities. In generative AI, we have created leading capabilities using large language models, which are open sourced by nature, large language models, which come from different companies. We have, today, 50 active client projects, where we are using generative AI. And this is becoming an increasing part of the new world, which is going to be defined on an AI-first basis. Here, we've also built a very strong system of -- a very strong group of ecosystem partners, which work -- which we work with on AI and also on generative AI. It's not just generative AI, it's on AI operations, on vision areas, several AI start-ups and the hyperscalers and how they are leveraging the AI capabilities. We believe this is really the foundation that Topaz and generative AI offer larger transformation, which will go into the future as the world changes and leverages AI and generative AI. One of the most critical reasons why we've had a strong performance this past year and over the past few years is the concept we put in place of One Infosys. Here, all of our employees work directly for the benefit of our clients across all boundaries, departments, function. We are both focused on new transformation work and making sure that all of the work is getting delivered to our clients, leveraging all of that capability as one single Infosys, keeping the clients' interests first in our mind. With that, I will conclude. First, the financial year '23 was a strong year for our business. We have positioned the company to work with our clients for digital transformation, but also more and more as they look at cost efficiency and the automation programs. We have developed a strong set of capabilities in generative AI and overall, in an AI-first approach via Topaz. We have already extremely strong capabilities on cloud, which is based on Cobalt, which our clients are leveraging. And One Infosys is really the foundation of all of this work that we do within the company for the benefit of our clients. I want to, in conclusion, thank you, all of our shareholders, for your continued trust and support in the company. With this sort of a foundation and your trust with us, we see a future, which is a successful future for Infosys, working with more clients and enabling more of our employees for a future in an AI-first technology-driven world. Thank you, and back to you, Nan.

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

The statutory auditors, Deloitte, Haskins & Sells LLP, and the Secretary Auditor, Makarand M. Joshi & Co., have expressed unqualified opinion in the respective audit reports for the financial year 2022, '23. There were no clarifications, observations or adverse comments on the 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 #207 and 291 of the integrated annual report. The Secretary auditor's report is enclosed as [ Annexure 5 ] to the Board's report on Page #85 of this year's integrated annual report. Thank you.

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 you the facility to cast your vote electronically on all resolutions set forth in the notice. Members who have not cast their vote electronically and are participating in this meeting will have an opportunity to cast their votes through the e-voting system provided by NSDL. Members may please note that 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'll now only read out the resolutions. 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, 2023, including the reports of the Board of Directors and auditors, have already been provided to the members. Item #2 of the notice, declaration of dividend. The Board has recommended dividend -- the final dividend of INR 17.5 per equity share. You would recall that an interim dividend of INR 16.5 per equity share has already been paid for the financial year ending March 31, 2023. This year, the dividend income including the interim will be INR 34 per equity share. Item #3 of the notice, appointment of Salil Parekh as the Director liable to retire via rotation. Item #4 of the notice, appointment of Helene Auriol Potier as an independent director of the company. Item #5 of the notice, reappointment of Bobby Parikh as an independent director. Further resolutions, along with explanatory statements, is provided in the notice circulated 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 the questions brief and specific. To avoid repetition, the answers to all the questions will be provided over to the end. Members may also note that the company reserves the [ right ] 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 Topaz and Infosys Foundation, grow and help others grow with you. [Presentation]

Dear shareholders, thank you for joining our 42nd AGM today and for taking time to participate in the proceedings. Before we go live with the Q&A, here are some points note for your convenience. When your name is called, and you are projected on the screen, please mention your name, folio number and the location from where you are joining, and proceed to ask your question. 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 the video. With that, I will request the first shareholder. Celestine? Celestine, kindly go ahead and ask your question, please.

Am I audible?

Yes, madam. You're audible. Kindly go ahead with your question.

I want to just greet [indiscernible] nonindependent promoter. [ Mr. Nolan and Kini ], Salil Parekh, other Board members, my fellow shareholders attending this e-Meeting I am Ms. C.A Mascarenas. I am speaking from Mumbai. First, I thank the company's secretary, AGS Manikantha and his team for sending me an e-annual report and also registering as a speaker at my request. Thank you so much. And giving me this beautiful platform where I can interact. I come to the annual report, very exhaustive, but self-explanatory adding to all the [indiscernible] working is very good. There's no any -- it is par excellence, then speaks, market capitalization speaks dividend of [indiscernible]. Also with the buyback in the open market amounts to an [indiscernible] of the free cash flow, what a wonderful company. Now I congratulate for all our [indiscernible] all are document in the annual report. Congratulations [indiscernible] for obtaining ESG corporate [indiscernible] 2, and we got platinum award I am reading so many balance sheets. I'm not able to think this sort of award. I don't know the Infosys I'm so feeling very, very happy. We are recognized by top performer in '23 by sustained analytics and also a company has topped the charts of [indiscernible] ESG leadership rankings and was featured in the CRISIL sustainably year book '22 for the second consecutive year keep it up, very good. I would like to know that we are in some international ESG platform listed there, if you put [indiscernible]. Now the -- currently, the changing, what is our moto like changing game with [ artificial intelligence ]. How much is invested? How much like total -- I want total percentage in AI. Our level in metaphor, machine learning, any acquisition of any companies which are seasoned in this field. Throw some light. I don't want to ask many questions because ESG has covered and then all that CSR. So all is told and there is full report on that. [indiscernible] How many [ alloys ] are in the design operations. How many are in the sector? And what is the attrition level also total attrition level on the whole. And if it is high, how do we [indiscernible] to keep our staff so that they don't do [indiscernible] here and there. In net sales in fee has grown from strength to stale, and I feel still that still yet to come is not over. It has grown and it is best one to come. So I don't want to ask further questions to sit and take levels in a way of [indiscernible] in the way of dividends and in buybacks. With this, I support clearly [indiscernible] I wish my company all the best and especially, I wish all the [indiscernible] would help because health is there. So once again, I say thanks to the entire team for giving this patient hearing.

Thank you, ma'am. Thank you. I now request the next shareholder, Mr. Shailesh. Sir, kindly go ahead and ask your question.

Respected Chairman, distinguish directors, the management team members and the members of the Infosys. Sir, let me first congratulate the entire company for getting one more year of excellent results financially and in all other activities Sir, the presentation by the Chairman was excellent, and it was further supplemented by the Managing Director. Sir, I have become wiser as far as our company is working is concerned and more satisfied than what I was. Now I wish to also appreciate the services of the secretarial department, which has enabled me to participate in this meeting. Sir, with this, I would like to ask 2 or 3 questions. Sir, my first question is that there are frequent changes in technology, particularly in the recent times, and this trend is likely to continue. Sir, what I would like to understand is how fast our employees get adjusted to this changing situation in such a fast way, are we incurring any problem in this particular situation? Sir, my second question is regarding the world economic growth which is likely to remain low in the current year also. Sir, our business has a direct relation with the GDP -- world GDP. Sir, my question is that I'm sure some of our businesses must have also been affected, not canceled but delayed. Sir, what I would like to know is that each of the verticals of our business has remained unaffected or least affected and which vertical has been affected to the maximum. And sir, my last question is regarding the security, cybersecurity, our business is so very sensitive and data preservation, et cetera, is extremely important. And we also hear many cases that this safety and security is breached. Sir, what I would like to know is what steps we are taking in this particular field. And sir, lastly, before I end, I would like to appreciate the excellent work being done by Infosys Foundation under the leadership of [ Mrs. Suba Murti ]. I would also like to add that all our promoters in their individual capacity also, we are working to the society in a very big way. Well, the nation is proud of all of you and I hope you will continue to make the progress as you have been doing in the last so many years. With all this, [Foreign Language] and best wishes to all of you.

Thank you, sir. May I now request the next shareholder, Shrenik Mehta. Sir, kindly go ahead and ask your question.

Mehta, from port city of Jamnagar. Age wise I'm 70 plus. I'm a minority shareholder. Academically, I am LLB Advocate, and I'm a long-term investor in share market also as well [indiscernible] some broker on [indiscernible]. That is my short introduction. My DPID IN300964100028000. Our beloved Chairman, Nandan Nilekani, Salil Parekh Sir, other Board of Directors Mr. [ Mani Kantar ], our Company Secretary, and the secretarial team. First of all, I would like to convey myself to all of you for giving me an opportunity to speak at the 42nd AGM. My questions are it is saved by our very good learned broker [Foreign Language]. So if I translate into English, [Foreign Language]. Price is like -- for share market, price is like a god. Now I am coming to the Infosys from all-time high. Today, our -- again Nifty again as touch bet. And IT index is minus 8%, whereas our Infosys price are minus 22% as on today. That much underperformance [Foreign Language], our company's price has turned. And as result, I have put much more weightage in my total portfolio of my total holding. So it is quite concerning to me. Now let me come to second point. Sir, during last 3, 4 AGMs, me and other shareholders are requesting the Board of Directors to do buyback through [ tender route ]. But again, also after so many requests, you have not accepted our request and last buyback was through open market operations. So we don't get direct benefit like -- So -- now Manikantha, question to you. If I'm not mistaken, from 1st April 2024, recently, [indiscernible] has passed an order that from first April 19 -- 2024, all buyback will be through tender route. Kindly confirm whether my understanding is correct or not because personally, me and my Jamnagar Chamber of Commerce have represented to [indiscernible] that buyback should be compulsorily by tender route, not by open market office, kindly confirm me your answer. I think dividend policy, I think, 85%, you are hastening back. So I don't ask much question about it. But now Mr. Salil Parekh and Nandan Nilekani, what about organic growth and inorganic growth for future. About Salil Parekh, much talked about artificial intelligence. But as I'm a student of commerce and law, I don't understand much. But as I said, I would like to know, will artificial intelligence support our working or it will distract our working. Please throw some light in simple language, who can understand a student of commerce and law. Manikantha, now question is to you. Every day, I have to cast my vote through this my limit account. When I go, let NSGL site so my email and my mobile number is not registered. Then I launched compliance with my deposited participant. [indiscernible] says, we have already registered your number. When I launched complaint with NSGL, they say we have also registered your mobile number anyway like it perfectly. So well, a problem [Foreign Language] I was able to cast my vote and registered myself. And last point, sir. You are doing so much of social -- corporate social responsibility work. I'm from Jamnagar District. It is my humble suggestion that do some corporate social responsibility in my listing of Jamnagar with consultation of member of Parliament, Ms. [indiscernible]. Thank you for giving me the opportunity. [indiscernible] I'm quite happy but my price -- share price of invoices are not going and you are not good doing buyback by tender route. So that is my desire to my grievances. Please. Thank you all.

Thank you, Mr. Mehta. Now may I request Mr. Kaushik. Kaushik, kindly go ahead and ask your question.

Good evening everyone. I am honored to have the opportunity to speak with you all today. I want to start by thanking the Board of Directors for giving me the chance to address you all once again. As many of you will remember, we -- my name is [ Kaushik Shauka ] I'm a Chartered Accountant from Mumbai. I have been facing physical challenge due to Dystonia, which has affected half of my body paralyzed, impacting my right hand, my right leg and speech. However, I am not let this challenge hinder my passion for accounting. However, I do need your support to continue to be self-reliant. I have been reaching out to you for the last three years, but it seems that my request has gone unheard. I understand that you maybe have -- busy with other things, important things. But I would like to know the reason why my request has not been given the attention it deserves. I want to make it clear that I'm not looking for any freebies, free money, I'm simply asking for help. To ensure that I continue to work to our best of our abilities. As I practice in Chartered Accountant, I value independence and self reliance. And hope and I hope that you can appreciate my desire to maintain the independence. Thank you for considering my request. I strongly believe that with your support, I can make significant contribution to our organization and positively impact society. I really await your response and sincerly appreciate the time and attention you've given you today, if you're interested and willing I would greatly appreciate the opportunity to meet you in person. Thank you. Thank you so much.

Thank you, Mr. Kaushik. Now may I request Mr. Santosh. Santosh, can you kindly go ahead and ask your question.

[Foreign Language]

Thank you, sir. Thank you, Mr. Santosh. [indiscernible] now may I request Mr. Daurav. Mr. Daurav, can you kindly go ahead and ask your question?

Yes. Good evening and greetings of today to the respective Chairman and all the Board members of the company. My name is Dr. Daurav Javadar, I am from Surat, Gujrat. My DPID is IN303028. First of all, I would like to congratulate each and every stakeholder of my company on performing tremendously well outperforming the peers and posting a robust numbers, both on Q-on-Q and Y-o-Y basis. So like every year, it is an honor and a memorable moment to get an opportunity to have an insightful conversation with you on different aspects. I would also like to acknowledge and appreciate the efforts of Corporate Secretarial department. Some of my questions, which I would request you to address are: First, apart from the cloud capabilities and differentiated digital services, which segment might be the third pillar to the stellar growth in the coming years; Second, what is my company's strategy of maintaining higher ROE despite suffering from the issue of lower margins; Third, how is my company going to improve its free cash flow conversion in this particular fiscal year; Fourth, apart from leveraging more on generative AI capability, what are the steps that my company is taking to improve the productivity within the company; Fifth, considering the company's BFSI segment has only 2% exposure in U.S. regional banks which segment of yours, do you think shall be highly and which segment will be least impacted by the case or case being that U.S. goes in session; Sixth, what according to you shall be the role of IT services 5 years down the line, factoring in all the recent developments of AI and many such things related to it. Seven, what steps has my company taken for the welding of its employees in this last fiscal year. I wish all the best to my company for this current fiscal year. Thank you, sir.

Thank you, Mr. Daurav. Now may I request Ms. Shruthi. Ms. Shruthi go ahead and ask your questions.

Good afternoon, respected Chairman, sir, and members of the Board. I'm Shruthi [ Sharaoti ], a proud shareholder of Infosys folio number 300693, joining in from Kolkata. And a member of the Kolkata chapter of Millennium Mams. I have 2 questions, sir. An important part of our operations is human resources. As we know, there is a shortage and attrition rates are high in the industry. Do you think it would be a good HR policy to provide accommodation. Theoretically, if we put up a campus in Mysore with the new Mysore/Bangalore Highway, the distance is only 1 hour. This could be on the lines of the [ gift ] city in Gujrat, where all facilities are available. This would help reduce attrition rates. Please share your views on that; Second about AI replacing humans in many work areas and being a threat. On which side of the opinion spectrum are you and why? thank you so much.

Thank you, Ms. Shruthi. Now I may request Mr. [ Om Prakash ] , Mr. [ Om Prakash ] you can go ahead and ask your questions.

Thank you. Good evening, and good evening to everybody attending this AGM. Myself, Om Prakash Kejriwal, your equity [indiscernible]. Hello?

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

Right. Thanks to our Secretarial Team for helping me [indiscernible] speaker shareholder. Sirji, this is my first AGM only due virtual. Though I'm a very old shareholder. It is just an opportunity for me to speak and join this AGM virtually sitting in Kolkata. New technological [Foreign Language] If possible please follow this type of virtual AGM next year also. Sir, what a performance, mind blowing performance [Foreign Language]. On equity of INR 2,074 crores. Our total income is INR 127,873 crores, [Foreign Language] INR 127,873 crores on an external basis. And our net profit is INR 23,268 crores. It may see EPS is INR 55.48, 10% more than previous year. And dividend is INR 34 means 62% distribution of net profit. Very good distribution, sirji. Thank you once again. You are an Indian MMC. Beauty of our company. Our total income is increasing every year. Our net profit is increasing every year. Our EPS is increasing every year. Our dividend is increasing every year. And our equity is decreasing every year. This is the beauty of our company. [Foreign Language]. Sirji, today my dream come true. Today I'm interacting with a scientist, an innovator, a good human and a donor, Mr. Nandan Nilekani. Sometimes back, I came to know from media that you donated a good amount of money to IIT Mumbai. [Foreign Language] it will be helpful in developing a new crop issuance. You developed Aadhaar Card, which is helping today our country too much. Thank you, sir. Mr. Salil Parekh, you are also a great person. You are helping our country in several ways. You developed new software for our income tax department, which is working well today. [Foreign Language] Driverless card, how much it has been developed? Second artificial intelligence, which is so called AI. Unemployment increases after 2, 3 years. How it will affect human life, means what is the side effects. Third, any notification in guidance previously, you have given downward guidance. You have secured new contracts 2, 3 days back. [Foreign Language] Thank you. Thank you, sirji. At last, please maintain your smile and [indiscernible]. We are always with you as a long-term investor. Thank you. Thank you.

Thank you, Mr. Om Prakash. [indiscernible] go ahead and ask your question.

I'm a member of Millennium Mams Bangalore Chapter and a proud shareholder of Infosys. I would like to ask 2 questions. My first question is, recession is looming large in America which is affecting revenues given that the North American business grew only 6%. Sir, in this condition, what is your view about Infosys in the next 3 years? And my second question is, how is Infosys investing in employee upskilling and reskilling to adapt to emerging technologies and meet changing client demands.

Thank you, ma'am. May I now request Mr. [ Hirano ] Kotwani, Sir, kindly go ahead and ask your questions. Sir, we can't hear you if you can unmute and ask your question.

Thank you. It's a great pleasure to join you imposes with respect to the highly respected humble, Mr. Chair, our Chairman; and other dignitary attending this meeting so many questions has been asked, nothing more to add. Just one question to Mr. Chairman because his address was too good. And Salil had already given us a picture. The question remains not to us. But certainly, I have one question on the mind regarding the fluctuation in dollar Mr. Chairman, the -- what is the contingency plan if the dollar crash? How you will see in the future growth of industry particularly IT globally? How the growth and future of our organization will be? Thank you, and goodbye ahead.

Thank you, Mr. [indiscernible]. May I now request Mr. Alex. Mr. Alex, kindly go ahead and ask your question.

Good afternoon, everyone. Good evening, everyone. Thanks for this opportunity. So I am Alex Pune, joining from Bangalore. I'm a minority shareholder actually. So I'm also a software developer for around 20 years. So my question is related something related to Generative AI. I had to ask this actually I couldn't sleep. So basically, I have been using this, and I know the power of this actually. So it increases the productivity by around 30% to around 90%, depending on how it is used. So the thing is that the Chairman, Nandan Nilekani and Salil Parekh have told about Infosys Topas and externally how plans are using it and are needing that. But my question is both internal looking. So if you don't adapt to this, this is going to be a threat actually to our company actually. So maybe this is already getting reflected in the market. I'm not really sure. But what is the plan short term and long term of Infosys in leveraging this technology for increasing productivity and quality. And there are a lot of implications to this. So what is our company doing related with this? So it's a hard question, but I had to ask this because, yes, this is on top of my mind, actually. So thanks once again for the opportunity.

Thank you, Mr. Alex. Now I will request Mr. Atanu Saha. Astanu, kindly go ahead.

Yes. Am I audible?

Yes, sir, you are audible.

[Foreign Language] Good evening and also good early morning to our world. Because Infosys [indiscernible] work never sleep. [indiscernible] shareholder of Infosys. My respected Chairman and Board, independent directors and my Company Secretary and his total team at all personalities and all my shareholders present in this virtual meeting. Sir, I thank you that I get this opportunity to speak. Sir, today is 28th June 2023. Our company [indiscernible] Annual General Meeting. Sir, previous shareholders, the number of postings have not necessarily repeat. So by just 2 or 3 questions. This is how many missing participate in this year. And how Infosys manage its mid-first foundry and explain cost of sales in this financial year and how our -- how we do return and returning to green initiative and sustainable old developments. And how our company will come back with climate change situation. The [indiscernible], with a good year and it with good results and good health to everybody. Now I'll hand over to our moderator. Infosys which navigate our next [indiscernible] [Foreign Language].

Thank you, Mr. Atanas. Now I will request Mr. [indiscernible]. Sir, kindly go ahead and ask your question.

Good evening. I'm [indiscernible] from Bangalore. My number is 117002201. First of all, I thank the Board for having given a nice performance. But however, a profit growth of growth is near INR 1,962 crores, which is lesser than earlier years. I'm sorry to say shareholders are losing dividend benefits in the form of TDS that even though they are not liable for it. It may be due to lack of the guidance from the company's team concerned. A lot of confusions are being cropped up in submitting Form 15 heads what particular coordinator team is required, we do not know. Neither they will disclose it nor directing. With this, I have lost many thousands during earlier years.proper guidance from the team is [indiscernible]. Sir, I will go by page wise from the report, purely from the report, I will not deviate anything I may see a [indiscernible], time I will report. In revenue geography, India has secured the least place 2.6%. How do you uplift this? Is there any negligence in the Indian market? Page #22. In the column term ending date of Chairman, you have use of the abbreviation A. How do you justify the word NEA, when all other directors are having ending date. Is the word NEA is appropriate. And #45. It is pitiable revenue growth is in negative of 0.4 how the company will bring it up to posit you in the current year. Page 46. You have said 1,357 employees disclose their disability. What is meaning, does it not affect the image of the company. #58 Board's report, an accelerated amount of income of INR 268 crores is taken out from profit towards a comprehensive to make around the other trigger to 23,000. What is this item sir? Page #163, will transfer in transfer of reserves. It is said that you have transferred ADMO to reserves. Does it not speak about the stability of the company. Page #66. registration-- That is resignation of directors. Many [indiscernible], like Mr. [ Karan Majumdar, ] Mr. Salama, Mr. Mohit, et cetera, are leaving the company. How do you safeguard the image of the company. Page #70 out of 98 of [indiscernible], some like Unit 15, Shanghai 33,base life 38, Malaysia, 53, Turkey 88, Germany or incurring last, how do you struggle hard to bring these to a positive line. However, Panaya is shining now. Thank you very much for it. Page #81. In the remuneration of managerial personnels INR 287 crores is more powerful and maybe hit your opiate personnel adopt the ethics and to follow the other companies, the CEO to sacrifice us in the interest of company as well as company's employees. Page #83. Congrats for the company's second place in top 10 in remuneration. In what way this rank benefits to the company, do we see first rank in the next year? In our 219 balance sheet, why there is a large variation in investments in stand-alone and consolidated, that is 686 across versus INR 2,569 crores. Lastly, Page #31 and other expenses, INR 130 crores increase in credit loss can getting at strategies, strategies the company can adapt the strategies to reduce it to the mill, whether this would be a hit current -- for the current year profit. Thank you very much, sir. See you next year in Bangalore only in the physical meeting. Thank you very much.

Thank you, Mr. [indiscernible] . now may I request Mr. Manoj to kind of go ahead and ask the question.

Repected Chairman, Board of Directors, fellow shareholders. My name is [indiscernible] joining this meeting from my decision residence Kolkata. First of all, I thank to you and your team on the excellent results of the company for the year '22, '23 but are a great respect to [indiscernible]. But I could not recognize you, after [indiscernible] that in last 5 years, everything is changed. You're here has come quite because when I meet you 6 years back in Delhi, we do look like as a young man. Today, your age is saying that you become between 60 to 70. But anyway, we wish to go for your healthy and prosperous safe long lif. -- and thanks to our end Mr. Parekh, who's nice presentation that shareholders will inspire and the market will move tomorrow because on his presentation, he has given a nice presentation. And I attended to [indiscernible] and his team for their excellent job for the small shareholders to help the small investors to join this [indiscernible] such type of equipment would be in the corporate sector that can have a few fields to and for the survey or best message to our founder that is selling has become the U.K. PM of U.K. because I know that one team don't have rules on us for 200 years. Now we have got a chance to rule on that. after 20 years. So please convey our best usage to team that some has got success ultimately to [indiscernible] . and thanks for your due was your policy for CSR. Have you any plan to expand some amount in this part of the country to do something for the community and the society under the CSR. And so there was a media report some days back after the close down of the work from home, several young generation people had been entering their resignation in the CSM in phases. So what just [indiscernible] . how many people have tendered their resignation after the close shut down the window of work from home. And sir, everybody got any other work for the core like a income tax part. Have you any plans to build to a further job [indiscernible]. And I have no plan to say of the cybercrime. And so have you any planned further to launch any buyback and plan for new campus in Northeast. Northeast is growing up after we come the [indiscernible]. So think about that to launch some new campus in Northeast to give a young generation chance to and campus or any plan to split the sales to increase the liquidity in the market. And sir, when do you plan to tie up with the IRCTC for [indiscernible]. Thank you, sir. Once again, I thanks to your company [indiscernible] for their support to this month investors to have joined this meeting through VC. [Foreign Language]

Thank you, Mr. Manoj. May I now request Mr. Ashish to kindly go ahead and ask the question.

You can hear my voice, sir.

Mr. Satish, we can hear you. Kindly go ahead.

Mr. Chairman and Board of Director [indiscernible] I hear the news about the products are working [indiscernible] you have call for fine tech. I [indiscernible] that open market you are going, why you are going or on going tender [indiscernible] small shareholder can take parties. I did not understood, sir, that point. Please clear it. And also, I have given [indiscernible] I don't want to take your time. If we can reply my queries, I am thankful to you. Thank you.

Thank you, Mr. Ashish. Now I will request, Mr. [indiscernible].

Chairman, sir, my name is [indiscernible]. Good afternoon. [indiscernible] Last quarter also, you have turnover of INR 32,000 crores. This quarter also my quarter is INR 30,000 crores. And profitability also INR 6,000 crore. Sir, what do you plan for the future? Revenue will be increased net profit will be increased. What is your future plan? Why steady growth only? Chairman sir, I already sent so many e-mails, but you are not replying full detail. Why? Chairman, sir, you have to follow corporate [indiscernible]. You are not growing the corporate loans . Kindly -- I ask that you -- now following the corporate loans. I will remind you once again, kindly follow the corporate loans and reply in full detail email reply. Wish you all the way. Thank you very much.

Thank you, sir. May I now request Mr. [indiscernible]. Mr. [indiscernible], kindly go ahead and ask your questions.

Yes. Thank you, [indiscernible]. My line is audible, sir?

Yes, we can hear you.

Thank you. Mr. [indiscernible], sir, dynamic leader, other chairman, my company backbone. Thank you, [Foreign Language], sir. Salil Parekh and Niranjan Rai and Manikantha and all the other Directors, [indiscernible] Directors, auditors, scrutinize of this AGM and my fellow shareholders of this video conference. Good evening, [Foreign Language]. Sir, my name is [indiscernible], I'm from Hyderabad. I'm a financial adviser, with the [indiscernible]. As a shareholder, I'm very happy about the company performance financial '22. As usual, thank you so much. Chairman, sir, you have done very good in the speech about the company performance last financial year. Sir, I would like to share my experiences in physical AGMs. Anantharaman, Salil, both are backbone of my company, I have very good memories, a very good photographs in physical AGMs last 2018, '19, sir. Anantharaman is a very good person, sir. I have a request for a photograph is immediately accepted with the security people allow him and taking a photograph, it is a wonderful moment in my life, sir. Thank you so much. That's the reason I'm waiting for this year's AGM [indiscernible]. Thank you so much, sir. Sir, I would like to thank the corporate governance. Earlier [indiscernible] speaking about the corporate governance, sir. No, I'm not agreeing that, sir. The corporate governance is very wonderful of my company as ethically, accountability, or transparency of accounts, everything is there, sir, Mr. Chairman, sir, please keep it up. And special thanks, special calls to my company secretary, Manikantha, and all the [indiscernible] of my company, wonderful company. Sir, Anantharaman, sir. I wanted to highlight the way of that doing the society and Indian, the IoT technology, the wonderful, sir, nowadays, IT students are very much needed in the country to develop sir, especially -- and congrats for this wonderful generous donation to the IoT for supporting the infrastructure and [information] the research and deep technology start-up ecosystem, sir. It shows -- sorry, you are the technology person. My company is technology. But you were developing another society for IoT students, sir. Really, I'm touched, wonderful decision by my company Board. Thank you so much, and congratulations, sir. And despite of [indiscernible] of macros, enterprise continue to reevaluate their cost to structure and strengthen their business to [reselling]. Additionally, they are adopting technology investment to the foster agility, sir. Sir, no need to tell about the company financial is wonderful, sir, strong and consistent performance, sir. Thanks for dividend also congratulations for the wonderful team, CEO team, technical moment [indiscernible], all people are wonderful, sir. Sir, you have received very wonderful awards congrats for many more awards. And also, sir, CSR is very wonderful, sir. No need to say, sir, is doing with our foundation and also I have gone through all the separate annual report for our foundation also. Thank you so much, sir. Mr. Chairman, I have few question, sir. The first question, sir, what is the future vision of the couple of years, sir? And in last 3 quarters, Infosys has seen high-profile [exists] at delivery level. Since high level [exists] or a delivery level, could you potentially [indiscernible] the project timelines in the short term, sir? Third question, sir, financial '24 revenue guidance was 4% to 7% year-on-year, CC optically looks soft versus PS due to weaker, does company see -- the company is revising any guidance for the coming quarters, sir? Another question, sir. Any updates on mega deals, which are USD 500 million [plus], please comment, sir. And also, sir, Infosys is the forefront adoption for AI technologies. What is current percentage top of line? And what is the growth expected in financial '24 and '25. Sir, another question is, sir, on margin...

Do you have more questions?

Yes. I have a couple of questions. I'm going to conclude, sir. Infosys margins may remain subdued over the next 3 years, financial '24, '26. What are the levers available to get back financial '16 or '22 levels another question. Strong growth in digital revenue, but at the same time, a decline in core non-digital revenue, how company plans to maintain growth of digital and nondigital revenues. Another question, sir. Management sounded cautious about the outlook demand scenario from North America during Q4 financial '23. How is the outlook after Q1 FY '24. Final question, sir. In Q4 financial '23, weakness in retail, high tech, financial services and telecom segments due to unexpected ramp down in this deal closure, sir. Sir, what is the outlook after the Q1 financial '24, sir, these are my observations, sir. And I have already [suffered] all the resolutions. I thank company secretary department, [indiscernible] and other employees and teams have wonderful support for the smooth functioning. Thanks once again, Mr. Chairman, sir. I'm happy to see you healthy and fine. All the Board of Directors, I wish all the best, and hopefully, on the coming financial and leadership, the company lets you many more higher awards, recognition and many more milestones under the leadership of my one and only leader Anantharaman [indiscernible] pillar of my company, with support of all the Board of Directors. Thank you, Salil, also very -- I mean, in the last 5 years, a very wonderful, hard work in it, sir. Thank you so much for giving this opportunity. I wish a good health to our Board of Directors. Thank you, Manikantha.

Thank you. May I now request Mr. Manoj. Mr. Manoj, kindly go ahead and ask your question. Good afternoon, sir. Yes, we can hear you. Kindly go ahead, sir.

First question is what is our future outlook on [indiscernible]. Number one, how we are geared up to tackle with upcoming recession in U.S. and European market and adverse impact of foreign [indiscernible]. Second one is what are our plans to achieve sustainable financial growth. And next point is the return on earning, targets for upcoming 3 to 5 years. that is what I just want to understand. And another one is how that question has already been answered, I think, how we are geared up for the technical disruption so that with Salil sir's good presentation, I know the answer well in advance, and last question is on going through the balance sheet and P&L, [indiscernible] I was just wondering how this 84% -- what is the reason for increase in travel expenses by 84%. And what is the reason for 60% increase in cost of software Y-on-Y. So that is what I found that these 2 factors are major factors which has drawn down our profitability by 2%. Although there is an increase in revenue from operation of 20% but our profit activity has dropped by 2%. I feel these are the 2 major causes, 84% in traveling expense and 60% increase in cost of software Y-on-Y. So I just want to have understanding what is the reason for that. Thank you.

Thank you, sir. May I now request Mr. [indiscernible], Sir, kindly go ahead and ask your question.

Respected Chairman, MD, Board of Directors, employees of Infosys and fellow shareholders. [Foreign Language]. So I was in for a very pleasant surprise when I met my auditor a few days ago, while I was filing my IT returns. The IT portal has been done so well, so effective by our own company that either too, we had to give all the details to our auditor, like what are the -- our earnings, what are the expenses everything. But now to my surprise, everything is captured there, even a small amount of INR 25 dividend from a company is captured there. So this is fantastic. My congratulations and close to the team who have done the hard work here and in fact, I remember last year, there was a lot of heaters and trouble. But everything you are able to work come and this is quite wonderful. I think all the auditors would be very happy with that. So coming -- I have only 2 questions coming to my questions. Sir, Infosys is known for giving the special dividends on reaching each and every milestone. I remember when Infosys reached 25 years operation, they declared a fantastic special dividend. Likewise, for 30 years. Now that you have completed 40 years, I meant to hear something of [indiscernible]. So please do that. And coming to the questions, this question was asked by a few shareholders regarding this buyback. See, when Infosys announced a buyback of INR 18.50 per share and when it went to the market for the buyback, [ 1,500 ] or so, why was this done? So instead of going for a buyback, you could have awarded the shareholders with a special dividend. So these are my 2 questions. Thank you, sir. [Foreign Language].

[Foreign Language], sir. Thank you. May I now request Mr. [indiscenrible]. Mr. [indiscernible], kindly go ahead and ask your question.

Good morning, good evening, Mr. Chairman, Board of Directors. I'm [indiscernible] from Hyderabad. First of all, thank you so much [indiscernible]. So first of all, I congrat all the Boards are completing [ $15 billion ] company I'm very proud, sir, under the leadership of Mr. Salil, doing wonderful, sir. He successfully completed 5 years. I hope you recognize the [indiscernible]. You successfully covered a 3 years like a marriage contract. Now you completed 5 years, sir. Sir, I wish you that you should get returned in my company, sir. So advance, I believe that you should return in my company. And under leadership of Mr. Anantharaman, wonderful performance and is taking care of the dividend payouts and everything. I know how pain it is for him to arrange all these funds, but he is very mature and very diligently and in handling the financial. Thank you [indiscernible]. I thank my Chairman, Mr. [indiscernible], giving INR 350 crores to the [indiscernible], sir. This is the beginning in Indian country, sir. I hope so many entrepreneurs will come and contribute something to the society, sir. Sir, regarding this dividend payout, sir, thank you very much, sir. When extra CEO, Mr. Vishal Sikka given to bonus. Mr. Parekh, I was expecting something from you, sir. So when can we expect bonus from you, sir.. Please look up to the bonus, sir. Stop buy backing sir, take care of at least our bonus, sir. Because successfully, you have completed 5 years, it is this year, you reclaim our bonus. And one more thing I bring to your notice, sir. You are the great leader, sir. There is something I have seen in the balance sheet in Page #83, there are 6 aspects, [indiscernible]. Last year, it was [indiscernible ]. It is -- it jumped to [indiscernible]. I don't know what is happening under your leadership, sir. Please look at the issue, sir. And discrimination also, it is happening at lever, sir. So I'm very sorry, sir, because we are a very good leader, if anything happens, somebody will point you, sir. So [indiscernible] of my leader [indiscernible] the captain of our team should not be in this position, sir. You are best leader and you are a captain of my team, sir. We always support you, sir. And I support everything for you, sir, All the resolutions in coming years. Mr. Chairman, I requested [indiscernible]. Now I'm requesting [bandra visit] , who are attending this AGM, only who are attending this AGM, [indiscernible]. In 2019 fiscal '18 I recall, definitely, we look into the issue. Now everything COVID is over, so when you participate in this AGM, please arrangood evening [indiscernible] and inform [indiscernible] so. And we hope this year we visit the fiscal, sir. Because our [indiscernible] is going out of the world, sir. While my companies are not giving an options to attend physical AGM, sir. So this year I hope you'll have physical AGM, sir. Get together great gala, sir. And we're happy to see you, meet you personally, sir. Once again, all the best for coming here, my best wishes. And then Manikantha, God bless you, thank you for giving this opportunity. Thank you, sir.

Thank you, Mr. [indiscernible]. May now request Mr. Dilip. Mr. Dilip, go ahead and ask your question. We can hear you, sir. Kindly go ahead and ask your question.

[Foreign Language] Thank you, sir.

Thank you, Mr. Dilip. May I now request the next shareholder, [indiscernible].

Good evening, everyone. I'm [indiscernible], a shareholder from Kolkata. Respected Board members and key manager person. I've connected from the city of [indiscernible] Kolkata. I just -- I'm very careful regarding the financial performance. It is very strong regarding whether it is growth or it is the cash flow, all have been very strong. So very happy with the financial performance. I just want to know what our company is doing regarding the adoption and integration with the upcoming process of EUB and how it is adapting with the digital form of currency that RBI has launched. And what is our plan regarding our expansion of cloud business, whether it is -- whether any expansion plan is there or not, rest. I'm very happy with the corporate governance of the company and also with the financial performance. That's all from my side. I'm [indiscernible] [Foreign Language].

Thank you, Mr. Adirup. Now I will request Mr. Satish Mr. Satish. Mr. Satish Shah, if you can kindly go ahead and ask your question. We think we have a difficulty to hear Mr. Satish. Now may request Mr. Suman Agarwal. Suman Agarwal, Can you go ahead and ask your question? Yes, I can hear you. Kindly go ahead, Ma'am.

A very good evening, Chairman, sir, and all the Board members present. I am Suman Agarwal, member of Millennium [Mams] joining from Kolkata and a proud shareholder of our company. Sir, I would like to understand how the company is going to grow in the next 5 years? Will it be through inorganic growth? New verticals or the existing verticals? Sir, please share your insights. Thank you.

Thank you, Ma'am. May I now request Mr. Satish, Satish if you have joined back, Kindly go ahead and ask your question. With that, we'll come to the end of this question system from all the shareholders. Now I will hand over back to Mr. Chairman.

Thank you for all the questions. While we provide the answers to the question shortly, I request the team to display the questions received on the web chat and play videos which showcase the work done by Infosys during the past year. [Presentation]

Now I'll begin the answers to the questions. In this round, we are answering the questions that were raised in the web chat. After 1 round of webcast questions, we'll come back with a round of questions from the video and audio questions that I just asked. I'll start with my questions. I have 3 questions. First question is, Infosys donated to open AI a few years back when they were nonprofit. How they've incorporated for [indiscernible] subsidiary Infosys having just taken that. Yes, how much does Infosys have? How is open AI supporting Infosys as one of the early investors are donors. This question is from Ganesh OP. The answer is, yes, Infosys was among the earliest supporters of the nonprofit open AI, and we have made a donation several years back. We have no stake in the for-profit company, but we are delighted by the success that over the [indiscernible] they have achieved and we wish them a very good future with all the outstanding AI work that they're doing. Second question, what are the disruptions you foresee for industry in the near future from [indiscernible]. It Really is a very exciting time with a lot of changes happening in the world of technology. Over the last decade, we had first the whole migration or digital way of doing things using smartphones and so on. And then following that, we had the big wave of cloud and cloud migration where Infosys plays with products like cobalt, and recently, of course, there's a whole interest in AI and generative AI. Infosys is well placed there with [indiscernible]. So all these changes are happening all at the same time. And we expect that in the next few years, all our global customers will have to fundamentally do a lot of changes to their technology and architecture to leverage this. So we'll have to do things become more efficient and more cost effective. At the same time, they'll have to leverage all this, create transformation to create better business and better consumer experience. And also at the [breaking] of many of the mega trends. First is the whole green transition which includes decarbonization, which means that the whole energy system for the world will migrate for the next several decades from a hydrocarbon-based future to a renewable future, it means that the way we produce energy will go from hiring monolithic producers to millions of small producers, which has a huge impact on the grade means that petrol pumps will have gas stations, will have charging stations. So there's a huge decarbonization or climate change is going to affect all our businesses. And of course, thanks to the geopolitics, people are now looking at how to make their supply chains more resilient and allowing people to have multiple options where they can produce and how it is shipped. And then, of course, [indiscernible] also because of the whole a more security issues we have issues of how to deal with cybersecurity, we have issues of how countries are going to become more able to defend themselves and so on. And of course, there's a whole telecom thing happening through the rollout of the 5G network. So there are many, many disruptions or changes happening in the future. And I want to assure all of you that we at Infosys are fully seized of this. We are keeping a close eye on this, and we will make sure that we understand these trends and changes and what they mean for our clients, make sure that we can bring them best ideas and support so that they can navigate the future successfully. The third question is from [indiscernible], who is a member of this Millennium Mams' Kolkata Chapter. It seems to be very strong group. And she says, sir the world is divided as the operations of AI is concerned. So we said you belong [Audio Gap] and deep phase which will affect our elections and our politics. So there are many short-term issues of AI. Of course, there are some people who believe that long-term AI could almost have existential risk on our humanity. Yes. Infosys believe that AI has many possible powerful use cases, and therefore, we will use AI using our [indiscernible] infrastructure and our AI first thinking to bring about transformation of our clients, and we will do that using responsible AI to make sure that the AI follows the regulatory rules, privacy rules, the accuracy rules that we need. And so we believe that AI can be a force for good to the appropriate guardrails. Those are my questions and answers I now hand over to Salil to take his questions.

Thanks, Nandan. Now for the questions that we have received from the web chat, I have a few that I will go through. The first from Mr. Vipul Kumar Shah, will generative AI result in loss of jobs for quarters or will it increase productivity? And what will be the impact on the profit of the company? Generative AI has a huge potential for impact with our clients. We see a lot of different projects that are already coming into the work that we're doing. We are working with both generative AI platforms, large language models, which are open source, and we are working with a generative AI with different companies have put forward. We see productivity improvements depending on different areas that could range from 10% to 30%. We also see a huge level of new type of work, for example, generative AI and leveraging within companies, large areas of information which are then sourced through for better usage, that data being used more precisely for their purposes. We see that in vision. We see that in software development in various areas. So our view is most times when new technologies are coming that they have an impact, which changes how clients look at new technologies and that expands the type of work that those new technologies are providing within clients. And there's also the need to, of course, look at technologies over the past generations and making sure that they are integrated in. So overall, we see an exciting future that is unleashed by generative AI. Next question, Mr. [ Krishna David Chakravarthi ], what will be Infosys view on future complete remote office or metaverse or similar platform? Yes. We have really built a flexible approach to how our employees are working. Over the last several months and quarters, we've seen a steady increase in employees that are starting to come back into the office. We also see that our office locations in newer areas that we've set up, for example, in Visak, for example, in Navi Mumbai, where we are seeing more and more employees starting to come into these offices. We believe over time, there will be more need for social connect and social capital. There are several clients who are requesting that the teams be working on campus for their projects, and that is happening, and this is going on all around the world and within India for our employees. The next question from Mr. [ Munni Trama Raghavendra ], where do we see Infosys in the next 5 years across different sectors and the impact of AI into those sectors? Earlier, what I shared on generative AI and Topaz, Topaz really has become the platform, the foundation on which all of our AI and generative AI work is being done. We have a tremendous level of large templates, use cases and real client examples beyond generative AI on AI as well. Each of these are impacting different industries in different ways. We see, for example, financial services industries are leveraging AI in a fast way to rework what their internal approach to data and information is looking like. We see a different approach coming in telecom, we see a different approach coming in utilities. And overall, we see the industries are all getting impacted in a way that we leverage more and more of AI, which is supporting data analytics, machine learning and overall generative AI into the future. Next question from Mr. [ Sajid Chalatan. ] What is the long-term strategy for work from home policy for India-based employees? Again, building on the previous point, our focus so far has been to make sure that we have a flexible approach for our employees, and we've seen a tremendous positive reception from the employees all around India on this. We are making sure that the employees have the ability to work from home or work hybrid. In some cases where clients are acquiring it, we have employees and teams that are working within the campus. On a long-term basis, we see a mix of where people will work, where there will be a need for increased social capital to connect with people, to work with teams to do a new world jointly for mentoring, for coaching of individuals, and we see the flexibility that will enable more and more employees to be part of the work system. So we are seeing that as really the way the future is evolving. And we are also keeping a close track of how our employees are relating to it and how our clients are relating to it to build the strategy as we go ahead. Next question from Mr. [ Vasudeva Rao ]. Question is why are we not going for big acquisitions, COVID provided a good opportunity to acquire. Any plans in the future to go for big acquisitions? So here, our view is we have a very good balance sheet and a good position overall with respect to how we can look at acquisitions. Our approach has been to look at things which fit in strategically within our digital or cloud or AI framework and then look at what will be the way to integrate it, then we look at the culture of the company and then we look at, what is the matter of running it day-to-day once the company is being acquired. And based on those and of course, the price value, we make the decision. We are today looking across different sizes of acquisitions and as a potential company falls into the right buckets for those, we will continue to do acquisitions. We've also been mindful as we have seen over the last 2 years where some of the acquisitions that were initially of high value. The value has come down. So we are now looking more carefully at the future of acquisitions. Our next question from Mr. [indiscernible]. What are the growth opportunities in Middle East and South America? And what are the current revenue percentages in these markets? We have a presence in Middle East and South America. Those are low revenue percentages. We've taken a focus in the past few years, where it has been much more on North America, European and other parts of Asia Pacific, specifically Australia and New Zealand to develop those markets. We've also built strategic joint ventures in Japan and in Singapore to expand our markets. We are now looking at the future where there's a huge set of opportunities in the Middle East, and we want to scale that market up as well, and we will see more and more focus into the Middle East as we go ahead. Our next question is from Mr. [ Mulraj Danjhimaru ]. What will our investments in Metaverse -- when will our investments in Metaverse start yielding revenue? How large do we expect revenue stream in percentage terms? As you may be aware, we have created what we call the Metaverse foundry, which is widely accepted within our client base. Today, we are seeing more and more use cases and interest in that. However, it is at an early stage today of development, and we see over time more and more interest in this. Our next question is from Mr. [ Ramesh Babu Satresala ]. The question is because of the slowdown in the economy for software and export, how is the impact on profit and fresh hires in the coming quarters? So here, the overall demand environment as was discussed earlier, is changed with the global economy slowing down and the GDP rate slowing down. We see now more attention of clients moving from digital and cloud transformation to cost efficiency and automation. And we are fortunate that even in the consolidation area, we have a lot of opportunities that are coming in. We just announced -- you may have seen a few weeks ago, a memorandum of understanding with BP, the original British Petroleum, where there's a huge benefit to Infosys from consolidation and a tremendous opportunity in the future. We've also announced jointly with our client just a couple of days ago, a very large transformation and efficiency program in the Denmark market with Danske Bank. These are the sorts of opportunities we see coming about. And therefore, we see our focus into those areas will continue to give us benefits. Those are the questions I have. I now pass it on to Nilanjan.

Thanks, Salil. The first question I have is why are our margins dropping when most of our competition is doing fairly well, is large deal eating the margins? What is the strategy to maintain good margin while having good growth? And this is a question from [indiscernible]. So in FY '23, as you're aware, we had margin impacts from salary increases. We had some costs coming back like travel. Our utilization dipped, also large deals which were stuck in prior years, we had the initial impact of that. But as you know that our aspiration continues to be -- to give robust and strong growth, and robust and strong margins. So we are working on the margin side continuing to look at levers like automation, looking at pyramid optimization, on-site/offshore mix. And from the growth side, as you're all aware, we have delivered industry-leading growth over the last few years, and we continue to aspire towards that. The next question is how many MSME vendors were engaged during the financial year? And what is the transaction value of business with such MSME vendors? Is there any delay in payment to such vendors in FY '22, '23? If so, what is the value? This is a question from [indiscernible]. As of March 31, '23, the outstanding value of dues to MSMEs was INR 97 crores and the value of payment made after due date along with interest thereon during the year was INR 33 crores. The third question is how prepared is the company to hedge the risk of dollar depreciation? As you all know that we have a very strong natural hedge in many markets which we operates. The revenue and the costs are match, so you have salaries in the local currency as well as the revenue. At what level of market risk is remaining, we hedge that to a very robust treasury policy, which is governed by the Audit Committee. And you've seen the impact of that over the last few years, which we have reduced the volatility of the ForEx line tremendously due to this policy. With that, I pass on to Manikantha.

Thank you, Nilanjan. I had a few questions from the web chat. There were 2 shareholders who are asking of how to view the statutory registers, the questions from -- are from Mr. [ Supriya ] and Pankaj Gupta. Shareholders may note that all the information of the company is actually available on the website of the company. So therefore, I request the shareholders to look into the website of the company and also the stock exchange website for information dissemination. And there are registers, which are also filed with the Ministry of Corporate Office. So shareholders can actually take the information from those publicly available information. In spite of that, if there are any specific questions or information, which is required, you can refer or you can send a query to [email protected], and we will answer that suitably. There was a next question from [ Sujata Kiran ]. The question is, what is the assurance from the company side against any allegation which may bring down the share price of the company such as insider trading and all that? The answer is our robust policy framework always ensure compliance with applicable rules and regulations. We have also updated our compliance frameworks in response to the requirements of regulators and remain proactively engaging with them. Our robust whistleblower policy and program also ensures that any allegation is investigated in an objective manner. This framework sells to the interest of all the stakeholders. Those are the questions which was directed at me. With that, I'll hand over to Mr. Chairman.

Thank you, Mani. And now we'll come to the second round of questions. These are the questions that were asked in the video conference, and we will answer that in the same order. I have two questions. First question is ratio of female directors is only 12% against 40% at employee level. Can we increase this, please. This is shareholder Santosh. Santosh, this year we have the resolution of [indiscernible] appointment place before shareholders' approval. Of that approval, if it is obtained, the ratio of female directors will go to 25%. Second question, what is your view on AI replacing humans in the workforce? We believe that AI has the potential to make a big improvement in the productivity of people, and we have found that the more qualified, the more experienced the person is, they can derive more benefit from AI like automatic code generation and all that. So definitely, productivity will go up, and we believe that it will be used to amplify the productivity of existing people. Therefore, we feel that we'll be able to benefit from this like much more than -- at the same time, I agree, we have to become more efficient and share the efficiencies with our clients. So we will take this and Infosys is on the path to applying AI in a very rapid way in our AI-first strategy, which we are rolling out across the company at the moment. Thank you. Now I'll hand over to Salil.

Thanks, Nandan. And I have a few questions from the questions asked in the video and by some audio. First question from Mr. [ Sadanand Shastri ] for me. What is the revenue by geography, India, India has the least place? How do we uplift this? So here, we are doing some extremely strategic work to make India fully digital as is being driven across the entire government. We are working on the GST program, on the income tax program, and we will continue to work on such strategic programs as they become -- as the government is doing more of them, and we have really very strong expertise in those areas. So this will continue to increase. We are also looking at the private sector where more and more of this digital work is starting to happen across the country. Next question also from [ Sadanand Shastri ]. The question was about many senior employees are leaving the company, how will the company take care of the image? Here, we are extremely solid in terms of the strong bench of leaders that Infosys has. We feel that, that group of leaders that Infosys has produced over the years through its own leadership development and through the work that they do with clients in delivery, in markets, really prepares them to do more and more work. And we have made sure that those leaders step up and take that on. We feel good about the fact that we have such a deep leadership bench, and we will continue to work on that as we go ahead. Our next question from [indiscernible]. What are the company's plans on expanding the cloud business? Cloud is really absolutely core to what we are driving. We discussed earlier the Cobalt platform, the capability set, whether it's on Infra-as-a-Service, Software-as-a-Service, Platform-as-a-Service, we really have the leading market capability in cloud. We see good traction for cloud activity overall with clients and we see that there is -- cloud becomes the underpinning for transformation as companies are looking to move into the digital age, into the AI age, that becomes the base foundation that we'll be needed. And with our strong partnerships, with several of the large cloud companies, we believe we are well-positioned to play in that, and this will continue to grow. Next question from [Sunam Agarwal. ] Question is how is the company going to grow in the next 5 years, organic versus inorganic? Now here, over the past several years, we made about 8 or so acquisitions, those acquisitions are well integrated. We feel that approach will continue into the future. We will look for acquisitions which fit the strategic direction, the cultural fit and the value, the ability to integrate. Based on that, we will continue the acquisition approach and the organic approach will continue. We will continue to work with our clients to expand as they look for the cost and efficiency and automation programs in this environment and also look to expand on transformation programs as they continue to make changes in the business. So both dimensions will carry on into the next few years. Our next question from [ Shailesh ], which are the verticals in the business which have been leased affected and also significantly affected by the current macroeconomic conditions? So here, what we have shared in the past, we have seen industries such as financial services, in mortgage and asset management and investment banking, the telecom sector, high tech, some areas of retail. Those are the ones that are most impacted within this environment that we have seen, what we reported in the end of Q4 and before that. We will see, as we go ahead, how these evolve into the future quarters. Our next question from [ Celestine ]. How is the company managing employee attrition? What we have seen over the last 4 quarters, Q4 and before, attrition has steadily been coming down each quarter on a quarterly basis. We see a lot of the initiatives that we've put in place and also the overall economic environment. Both of them relating to the attrition coming down. Our employee engagement scores are continuing to go up and we believe that with that, we will have a good control on attrition in the coming quarters, and we will make sure that, that becomes translated as we look at the recruitment cycle and bringing in more employees from outside. Our next question from Santosh. Can you please provide detail on how many new clients were added in the last financial year? So here, in a specific point in the last financial year, we have added 458 new clients. Next question is from [ Dhara. ] Apart from the cloud capability and digital, does the company have other pillars on which it sees future growth? So very clearly, the digital approach, which comprises cloud, digital, then also data and analytics, cybersecurity, IoT, Internet of Things, those are really good growth drivers. We are now seeing much more focus on generative AI than we have discussed quite a bit in all the questions and answers and overall becoming more AI-driven, AI-first and clients are looking at that. And then in this environment, which is a different macro environment, there is more and more attention to cost efficiency, automation, consolidation. So we are fortunate that we have both types of growth drivers where people are looking at transformation, they can look in digital cloud AI. And when they're looking at efficiency, they can look at cost, automation, consolidation and there are both engines available with Infosys. Our next question also from [ Dhara ], Considering the FSI segment has small share in U.S. regional banks, what do you expect impact on Infosys? So we have a diverse portfolio and financial services, large global banks, regional banks, mid-sector banks, in cards, in payments, investment banks, SMMs. So really a very broad and diversified client base in the FS business. Now within U.S., less than 2% of our revenue has this exposure into the regional banking. And there -- we are, therefore, comfortable that, that exposure is -- because it's less than 2%, not going to impact us in an overall scale of the business. Our next question also from [ Dhara. ] What steps has the company taken for well-being of employees? So here, Infosys over the years has been extremely focused on well-being of employees. We have internally programs, for example, on health assessment and lifestyle enrichment, we have wellness programs for physical well-being and social well-being. And we also have well-being rates where across locations, we track it and support employees in driving that. And we are seeing a good traction overall on employee well-being within the company today. Next question from [indiscernible], a strong growth in digital with decline in core. How does management have a plan to have growth both in digital core? What we saw last financial year, in some quarters, we actually saw good growth in core and digital. And now in this environment, as we see more and more focus on cost efficiency, automation, consolidation, we'll see more and more attention to core services but keeping in mind the overall macro condition, we will balance and make sure our focus on digital transformation and our core services remains strong. Next question from [ Shaning Mehta ]. Please provide a company strategy on both organic and inorganic. So here, similar to the point we discussed earlier, we have an approach to both organic and inorganic. In acquisitions we have a focus on what will fit strategically and culturally in terms of value and integration. And on organic growth, we have a lot of focus on the areas we have discussed on cloud, on digital, on AI-first and on cost and efficiency in this environment. Next question from [ Shri Rama Venoda ]. How is the company investing in employees for reskilling and upskilling? So there, we've always had, over the last several years, a strong focus on skilling. We have a Mysore campus where we have in-person training for all of our new employees. Over the last few years, we put in place the Lex capability, which allows online training through mobiles for all our employees, and we measure reskilling by each of our different departments to make sure that employees have the opportunity of reskilling and then the projects that come -- that become available to employees to drive through that reskilling. We are tracking internally something called digital quotient that allows us to measure what is the change in the type of skills every employee has and that allows them to then become more and more relevant for the new types of work our clients are looking. Our next question from Alex. What is the plan of the company in internally using AI for increasing productivity and quality? So there, what we discussed on generative AI is applicable both with our clients, but also within the company where we are leveraging large language models, both on the open source and a dedicated generative AI platforms to improve our productivity in software development. We've already seen places where that improvement is visible within our teams. We're also taking our own software development modules and approaches, especially in our product business and putting them through the large language model to enhance productivity, and we will start to see the impact of this as we go through the next few quarters and years to make the benefit available internally to our productivity. Those are the questions I had. With that, I'll pass it on to Nilanjan.

Thank you, Salil. The first question I have, we have requested multiple times for the company to do buybacks using tender offer mode. SEBI has come up with new regulations and the buybacks need to be done through tender offer, please confirm if further buybacks will be like that. And the shareholder name is [ Shamit Mehta ]. So as you all know, we have a 5-year capital allocation policy, which we laid out for the financial year 2024 period. And within that, there are 3 components. There's a dividend component, there is a special dividend and a buyback component, and these allow predictability and consistency of returns. And as we have said, we've already done 86% back and the Board looks at multiple elements, looking at EPS accretion, looking at share price, yield on a cash return and then determine the most appropriate way to return this capital back. As regards to latest SEBI mandates on buybacks, we will continue to see that and how they will be implemented over the next year or 2 years. The next question is on -- from [ Sadanand Shastri ] on Page 31, other expenses, INR 133 crore increase in ECL, how do we reduce it? So as you know, the company makes provisions for expected credit losses based on historical performance, on the macroeconomic conditions in terms of the geographies we operate in and the sectors we operate in, and therefore, makes the provisions appropriately. This is as per the relevant accounting standards. Does the company have plans of doing CSR activities in the Eastern part of the country? This is from shareholder Manoj Kumar. So as you know, our CSR policy encompasses work around women empowerment, around health, education and, of course, sustainability, targeting the underprivileged. We also look at criteria around scaling up of these projects and making sure that they have an impact and follow our overall themes. We have also started doing many projects in the East of the country and if they meet this criteria, we'll continue to expand there. The next question is regarding work from office: 2 days from office, 2 days from home, what is the policy of the company in this regard? I think we have a very flexible policy and a hybrid policy in terms of working from office and working from home to give people the flexibility we encourage, of course, people to come to work for a few days, and we believe that increases our social capital. And I think a big portion of this, of course, depends upon our client requirements and their clients, of course, insist, then employees come into work. So this helps us maintaining a fair balance of giving client connectivity and the year time working teams working together. Infosys margins may remain subdued in the next 2, 3 years, what are the levers available to improve this [indiscernible]? So as you know, we've given our guidance for financial year '24 and of course, we don't give a guidance beyond that. But like I explained earlier in one question, we have multiple levers for us to aspire to get higher margins and robust margins. We've talked about the pyramid. We've talked about on-site offshore mix. Automation remains a big element of pricing, and these are the levers like [ subcon, ] et cetera, will help us to continuously look at improving margins. Next question is whether the company is listed on any global ESG forum or platform, and this is from shareholder Celestine. Yes, as you already mentioned, we have, of course, got recognized in rankings in India as well. But we also recognized globally, we are part of the Dow Jones Sustainability Index. We've got a AA rating from MSCI ESG ratings to a global rating. We are on the A-list of CDP in 2022. We are on the Eco [indiscernible] ratings as well. So we are recognized as a leader in both our sector and even across sectors in many of these ratings globally. Cybersecurity and data privacy are big concerns these days. What steps are we taking in this direction? And this is a question from [ shailesh ]. So in cybersecurity, at Infosys, it's managed to multilayered controls with defense in-depth approach starting from cybersecurity strategy, policies, processes. We've got multiple certifications from ISO 27001. And also we've been attested by SSAE, which is an independent audit firm. On data privacy, also Infosys has seen significant growth of the DPO from 2010, and we've established an independent data privacy office, and we are consistently working with our clients to improve both our security and zero trust profile and also on data privacy as well. Next question is, can the company provide the initiatives just taken on sustainability and climate change? As you can see from our ESG book, which is on our website, we have an encompassing goal across all the 3 pillars, of ES&G. On Environment, we are looking holistically at climate change at waste and for water, and we have aggressive goals for all of them. On the Sustainability side, you know our Springboard program, which is giving free education across both India and across the world. We have digital skilling as another initiative, which we are taking up women in workforce, 39.4%, one of the highest in the sector across the world, across many of our peers as well. On the G side, we're working on improving governance. We've got the FSP awards for the most ethical company 3 years in a row. We're continuing to work on our supply chain ESG and auditing many of our supply chain partners to make sure that their ESG elements are also built into what we are consuming. And these are the initiatives we have taken, and we are laying out our goals every year and reporting against that in our ESG data book. Next question is how are we geared up to handle recession in the U.S. and Western countries, and this is from Manoj. Yes, as you heard both from Salil there has been across the macro environment slowdown, and this is reflected in our growth guidance for FY '24. We have a very healthy pipeline. Our pivot towards cost takeout for our clients in this environment becomes very critical. And therefore, some of the deals we have been seeing winning are based on these. This helps our clients to reduce cost to automation through improve offshoring, digitization and therefore, makes us as IT services company, a very important part of their overall business environment. And our [Technical Difficulty], including digital transformation, help our clients to take out cost as well as them in their longer-term transformation exercise. Our next question is, what is the reasons for increase in travel expenses and software expenses? Travel of cost came back last year as the COVID controls really have been eased during the last year. And therefore, if you can see pre-COVID as well, our travels are now going up at that level. Software expenses are going up and because they are integrated to our overall delivery, whether it is cloud, whether it's overall infrastructure, these are becoming integral to the delivery model, which we have. Infosys is known on giving special dividends. What can we expect -- when can we expect a special dividend on completing 40 years? This was from a shareholder, Shrikant. Like I just mentioned, we have the capital allocation policy, which talks about special dividends, buybacks and regular dividends, and of course, over the last 4 years, in line with our policy, we have returned 86% back. The Board continuously looks at different elements into the decision of giving buybacks. And of course, at this stage, we don't have any special announcement on special dividend. The last question is, when can we expect a bonus from the company? At this stage, we have no such announcement to make.

Thank you, Nilanjan. There are a few questions which came from our video and audio questions. The first question is from Mr. [ Shramit ]. The question is every time I cast my vote, I find my mobile and my data is not registered with NSDL. If Fintech is not picking up the data fully from NSDL, what can you do to help? The shareholders may note that the RTS system is fully automated, and it actually reflects the details, which is uploaded on the deposit risk. There is no manual intervention there. So therefore, the information which is available at the depositories is the one which has been processed by an RPA. In case if you cannot retrieve your details. The way you have done it, you can request for resetting the login and password, you will receive the same. The next question was from Mr. [indiscernible]. Request to arrange for the Mangalore DC visit, and there was also a suggestion for holding the physical AGM. We were privileged to hold our shareholders in our Mysore campus a few years back. As we return to the normalcy, we look into the request and rawrad appropriately in the future. And with request to the physical meeting, I think as you know, virtual meetings give shareholders access from across the globe. In fact, a few shareholders have suggested that the meeting should be conducted virtual. In this AGM, we have around 23 shareholders who are joining from different countries and from different time zones, which actually helps them to connect from everywhere. The next question was from Mr. [ Sadanand Shastri ]. About the details mentioned in the tenure of a director, which is mentioned as not applicable. The answer is Nandan is appointed as a non-executive and nonindependent director. He is liable to retire by rotation as required under the Companies Act 2013. Accordingly, he is offering himself for shareholders' approval periodically. There was another question from buyback requesting the details of the regulations. I think these details were already provided by Mr. Nilanjan. Those were the questions which our directed at me. With that, I'll hand over back to Mr. Nandan.

Thank you, Mani. Members 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, do so within the next 30 minutes. Board of Directors reported [indiscernible] practicing Company Secretary as the scrutinizer to supervise the e-voting process. Other I hereby authorized Manikantha, the company's secretary, declare the results of the voting and place the website -- 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 pass today subject to the receipt of the requisite number of workers. We had 373 members participating in today's 42nd Annual General Meeting. Thank you for attending the meeting. We hereby declare the proceedings of Infosys Limited 42nd Annual General Meeting closed. Thank you. Have a great day.