Infosys Limited (INFY) Earnings Call Transcript & Summary

I welcome the members to the 43rd 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 by the Ministry of Corporate Affairs and SEBI. We have the requisite quorum present through videoconference to conduct the proceedings of this meeting. Participation of members through videoconference is being reckoned for the purpose of quorum as per the circulars issued by MCA and Section 103 of the Companies Act 2013. The quorum being present, I call this meeting to order. Before we start the main proceedings of the meeting, I request my colleagues on the videoconference to introduce themselves. Salil?

Good evening. I'm Salil Parekh, CEO and Managing Director of the company. Welcome to the 43rd Annual General Meeting and hope everyone is safe and in good health.

Sundaram?

Good evening. I'm Sundaram, Lead Independent Director and also the Chairperson of the Nomination and Remuneration Committee and Risk Management Committee. I'm joining the meeting through videoconference from Bengaluru.

Mike?

Hello. Good evening, everyone. I'm Michael Gibbs, Independent Director, joining in from Houston, Texas, USA. I'm the Chair of the Stakeholder Relationship Committee and the Cybersecurity Sub-Committee.

Bobby?

Hello. Good evening. I'm Bobby Parikh, Independent Director. I'm Chairperson of the Audit Committee, and I'm joining this meeting from Bombay.

Chitra?

Hello. I'm Chitra Nayak joining from California, USA. I am Independent Director and Chair of the ESG Committee.

Govind?

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

Helene?

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

Nitin?

Hi. I am Nitin Paranjpe, Independent Director of your company. I am calling in from Amsterdam in the Netherlands.

Jayesh?

Good evening. I'm Jayesh Sanghrajka, Chief Financial Officer of your company, joining from the U.S.

Mani?

Hi. Good evening. This is Manikantha, Company Secretary, joining in from Bangalore.

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'd 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 with the Ministry of Corporate Office and SEBI. The facility of joining this meeting through videoconference or other audiovisual means is made available for the members on a first come, first served basis. The company has also provided a webcast facility to view the live proceedings of this meeting on the company's website. The register of directors and the key managerial personnel, the register of contracts or arrangements and other documents mentioned in the AGM Notice have been made available electronically for inspection during this AGM. Members seeking to inspect any of these documents can send their requests to [email protected]. As this 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 a request 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 question and answers. Members can also post their views or questions on the Ask a Question tab on their videoconference screens before 4:30 p.m. IST. It may be noted that the company reserves the right to limit the number of members asking questions depending on the availability of the time at this AGM. The company has provided the facility to cast votes electronically on all resolutions set forth in the notice. Members who have not cast their votes electronically and who are participating in this meeting will have an opportunity to cast their votes during the meeting through the e-voting system provided by NSDL. Members can click on the vote tab on the 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 can reach out to the helpline numbers. Members may note that this AGM is being recorded. Therefore, 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.

[Audio Gap] 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 43rd Annual General Meeting of Infosys. On behalf of the Infosys Board of Directors, I appreciate your support for the company and thank you for taking the time to join us today. Fiscal 2024 has been a year of steady performance for Infosys. In a very volatile macroeconomic environment, the company grew 1.4% in constant currency delivering USD 18.6 billion in revenues. Operating margin for the year was a healthy 20.7%; and we generated USD 2.9 billion in free cash flow, which is an increase of 13.7% over fiscal 2023. Large deal TCV for FY '24 was the highest ever at USD 17.7 billion with 52% being net new. This reflects a strong trust customers have in us and provides a robust foundation to build on in the months ahead. For fiscal 2024, the Board has recommended a final dividend of INR 20, along with a special dividend of INR 8 per share. With this, the total payout for FY 2024 will be 85% of free cash flow in line with the capital allocation policy. The Board has approved the policy for the next 5 years, and effective FY '25, the company expects to continue returning approximately 85% of free cash flow cumulatively over a 5-year period through a combination of semiannual dividend and/or share buybacks, special dividend subject to applicable laws and required approvals. Under this policy, the company expects to progressively increase its annual dividend per share, excluding special dividend, if any. The shareholders at the 42nd AGM held on June 28, 2023, reappointed Bobby Parikh as Independent Director for a second term of 5 years with effect from July 15, 2023, till July 14, 2028. The shareholders also approved the appointment of Helene Potier as Independent Director effective May 26, 2023, for a period of 3 years till May 25, 2026. The shareholders via postal ballot conducted on February 20, 2024, approved the appointment of Nitin Paranjpe as Independent Director effective Jan 1, 2024, for a term of 5 years till December 31, 2028. They also approved the reappointment of Chitra Nayak as Independent Director effective March 23, 2024, for a second term of 3 years till March 24, 2027. Further, the Board, at its meeting held on December 11, 2023, appointed Jay Sanghrajka as the Chief Financial Officer and Key Managerial Personnel of the company effective April 1, 2024. Nilanjan Roy resigned as the CFO and KMP of the company effective March 31, 2024. The Board places on record its sincere appreciation for his contributions to Infosys. As we look at the larger business environment, we are now into the second year of the generative AI revolution and the initial AI doomerism has quieted down. People have accepted that like any other general-purpose technology, be it electricity, nuclear energy, the Internet or even a discovery like fire, GenAI has enormous potential for good when advanced within the guardrails of responsibility. It is also clear that there won't be a scenario where we'll have one model to rule them all. Every day brings new advances in large language models. These range from very large models, which need massive computing infrastructure to small ones, which can run locally on your phone. The real power of AI will come from considering all the different models and tools to get the best solutions. The rise of powerful open-source AI models has also accelerated the deployment of AI to solve tough business and societal challenges. As we move into more use cases, a thousand flowers will bloom. It's also widely expected that the manifestation of consumer AI will make life easier and more productive for millions of people. It will push the envelope of usability, convenience and accessibility for all. Enterprise AI, on the other hand, is a lot more complex. It will require a root-and-branch surgery of the multi-generation technology that lies within firms. The challenge will also be to orchestrate the extensive data inside the corporation in a way that it is consumable by AI. The quality of output will need to be managed to ensure factual responses and insights with no hallucinations. Given that the leaderboard of technologies is changing at a bewildering pace, enterprises will also need to simultaneously future-proof their AI infrastructure. Global companies need to build their AI applications to be compliant with regulations across countries. While applications can be trialed on very large models, deployment will be on narrow transformers trained on relevant enterprise data, fully secure and efficient in their inferencing. This will mean both an AI foundry for experimentation and an AI factory for scaling up. The constraint of resources will require a transparent way of identifying the highest-value AI use cases. AI will need to amplify the potential of people across enterprises. And firms like Infosys, who are in the business of enabling this digital transformation will be at the center of it all. From our own early journey to becoming an AI-first enterprise, we know that navigating to value-add scale from AI means breaking down tasks into sequential small wins, taking the responsible-by-design approach. This has been our AI-first strategy to accelerating business value and amplifying human potential. Nearly 50,000 reusable intelligent services applied in over 25,000 instances amplify our employees today. We are one of the first organizations globally to be certified in ISO 42000:2023 for AI management systems, for risk management and governance of enterprise AI. Our clients trust Infosys to apply learning from this journey to help them navigate the many complexities of enterprise AI. In turn, Infosys is fully prepared to deliver value. We made an early investment last year in building a strong generative AI offering portfolio through Infosys Topaz. Today, we are ranked as a leader in AI services by 7 out of 8 leading analysts. We have integrated generative AI components into our entire service lines and developed 25 playbooks to create impact for our clients. Our clients are combining it with cloud capabilities in Infosys Cobalt to help them scale AI. To drive exponential growth in AI and accelerate Infosys chip to cloud strategy, the company acquired InSemi, a leading semiconductor design services provider. Infosys has also built strong domain-relevant enterprise AI capabilities from the foundation up. We have created 23 AI industry blueprints to solve industry-specific challenges. This is also aided by the Board's approval for strategic acquisitions like that of in-tech, the engineering R&D services firm. Together with Infosys Topaz and InSemi semiconductor expertise, this will help Infosys create deeper capabilities for the next phase of automotive innovation in software-defined vehicles. We are currently working on over 225 generative AI program for our clients. Key to executing complex transformation is talent. Infosys' acquisition of Danske IT and support service in India as among several other programs serve to further strengthen our overall digital talent pool. We have invested significantly in hiring talent with proven generative AI skills as well as rapidly upskilling our existing engineering talent. We have over 2 lakh -- 250,000 employees trained in the areas of generative AI. Infosys is one of the largest adopters of GitHub Copilot globally. Our employees have already generated over 3 million lines of code using generative AI language models. At Infosys, our purpose is to amplify human potential and create the next opportunity for people, businesses and communities. For us, making progress means delivering for stakeholders beyond just clients and employees. We expanded our social impact programs, reaching over 15 million beneficiaries across 15 countries through our flagship initiatives such as Infosys Foundation, Infosys Science Foundation: Infosys Prize, and Infosys Foundation USA. Our efforts to nurture a business that thinks and acts right, embracing ESG practices is fully aligned to our ESG vision for 2030. This means taking positive climate action and helping our clients do the same, being inclusive and equitable in all we do and earning the trust of our stakeholders through ethical corporate governance. For example, we have achieved carbon neutrality for the fifth consecutive year across our global operations by reducing energy consumption, increasing our renewable energy sourcing and offsetting our residual emissions through high-quality carbon credits. Even for our legacy campuses in Bengaluru, Chennai and Pune, we achieved TRUE Zero Waste certification this year. On the social enablement front, we have reached 11.75 million people through our many digital skilling initiatives, taking advantage of Infosys Springboard, Infosys' flagship digital learning platform. At the same time, we also appreciate the need to create opportunity more equitably, and as a case in point, we have been recognized for the fourth year as a disability confident recruiter in Australia, thanks to our partnership with the Austrian Disability Network. We have also been recognized as the world's most ethical company for the fourth year in a row by Ethisphere. This is a result of our continued focus to change with change. For instance, in these times of AI, we have been recognized as an industry leader in our data and information security practices. Infosys has also been positioned as a leader by ISG for cybersecurity solutions and services in both Europe and in the U.S. The pace at which everything around us evolving is dizzying. A big challenge of our time is to unleash AI for the next wave of productivity for enterprises. We already have a head start on that journey and are keen to share the learning and value with our clients. Ranked as the fastest-growing IT services brand over the past 5 years by Brand Finance and as a top 100 brand globally by Kantar BrandZ, Infosys is a natural choice for AI transformation partner as the world's top enterprises navigate to the future. On behalf of the Board, I want to thank all our employees, clients, co-founders and governments of the countries and states that we operate in for their trust in us and their very generous support. And to all our shareholders, it's your encouragement and support that drives us to deliver our best every day. A heartfelt thanks to you all. I now request Salil Parekh, CEO and Managing Director, to address the shareholders.

Thank you, Nandan. Good evening, and welcome once again to the 43rd Annual General Meeting. I want to spend the next few minutes to share with you the progress that we have made over the last year and how we are positioning ourselves into the future to support our clients and all the communities. The performance for the financial year that was just finished, we had a growth in constant currency of 1.4%, operating margin of 20.7% and a free cash flow in U.S. dollar terms of $2.9 billion. In terms of large deals, we had a very strong success with USD 17.7 billion of large deals, which comprised over 90 deals with Total Contract Value for each deal over USD 50 million. In terms of our overall financial performance in Indian rupees, our revenue grew, our operating profit grew, our cash flow grew significantly. Net profit, our basic earnings per share and the free cash flow, on all of the parameters, there was steady growth across the board. Our balance sheet is, as it has been for some time, strong, it's debt-free and liquid. And we want to maintain it at this level and make sure that we remain in this position with our cash at a strong level on the balance sheet. Over the past 5 years, with the capital allocation policy that was put in place at that time, we have returned over INR 88,000 crores to shareholders through dividends, which are regular dividends, through the buyback and through special dividends. And this has achieved 85% of our free cash flow return over the past 5 years. Now as we look ahead, the real focus has been to position the company for generative AI and to scale these investments within the Topaz capability that we have built. Topaz really is the area, which covers all of AI and generative AI. Here, we are looking to build playbooks. We are looking to build blueprints. We've put in place things where AI strategy can be adopted by enterprises. We have platforms that various companies can leverage. We have reference implementations already where we are working with clients on AI. And then we have put together capabilities on infrastructure with the hyperscalers to make sure that this is readily available to our clients, all of this under the guideline of responsible AI, which from the very beginning that we've been focused on. Now how is this working in large enterprise transformation programs? What we see today is the start where generative AI will help companies transform. So we are working with clients in a way, which is quite distinct from consumer generative AI. The focus that we have is on enterprise generative AI where we work with large organizations on the datasets within their organizations. Here, the focus becomes on customer service, on software engineering, sales and marketing, process optimization. All of these areas, we are working with proprietary and more and more open-source large language models. And these then, we build or populate with the data from an enterprise in a narrow transformer approach to give the benefit to the enterprise. Our service offerings itself, we have transformed what we are offering to our clients using AI and generative AI. The way we are driving client value today is providing growth for clients through AI and generative AI, productivity improvement and risk reduction. We have ongoing projects, we have client advocacies, very strong analyst ratings and patents that we have filed in this area. There are a couple of examples that we have shared and also some in our annual report, e-retail platform driven by generative AI; credit reviews, the process reimagined using AI and generative AI and creating a benefit for our clients. Our journey is really resonating well with our clients because we have also taken it internally. We have completely changed the company to make it AI-first. We are looking at what we are doing in terms of our own learning for our managers, for our sales, for our marketing. All of those processes, we have built AI assistance, which are really helping us internally. Then we are unlocking value for our clients where we're looking at how they can apply these platforms. And then we want to get really exponential impact in the way clients can reimagine what they are doing in terms of growth and optimization and how they partner with other technology players to leverage the benefit. And as we had mentioned earlier, we have really applied in great detail all of these techniques to our own offerings, making them AI-first by reimagining the life cycle, augmenting the development and testing. We have our own code-generating approach that we are using internally and automation assistant for all of the areas within our different service offerings. Now the foundation of generative AI and AI is based on two things in which we have built an expertise over the past few years. One of them is Cobalt or the cloud area, and we are the leading player in working with all the cloud, public and private cloud approaches in the market to provide that for our clients making sure that we can deliver a return on investment through cloud that our clients are investing in, making sure that they're using AI-first approach in how they want to disrupt and grow their businesses leveraging the cloud. And here, through a full life cycle of cloud capabilities within Cobalt's infrastructure, data, business transformation, platform engineering and moving the non-IT workloads to cloud, we have become the leading provider of this for our clients. And on that foundation is being built what we are doing with AI and generative AI. Now we had launched Topaz for AI and we have Cobalt for cloud. And these work really synergistically together to make sure that the benefits are even more leveraged when we're working with our clients. And then there is a very strong foundation of data, which is supporting this Topaz and Cobalt, data and the AI economy, how we are rethinking businesses and what is the foundation of all of these data. Data becoming more and more well organized within clients is critical to make success out of generative AI, especially on enterprise AI impact or transformation that we are seeing. And all of this rests, as we had shared over the years with you, the leadership that we put in place in digital several years ago, where today we are well recognized as the preeminent company when working on digital solutions. Now another area we focus quite a lot on in this past year was acquisitions. In this case, we focused on engineering services. We've looked at automotive and with semiconductor areas. These are areas where we see good growth opportunities, where software is getting built within those product areas, automotive, semiconductor. We already had a good capability in that. And we've enhanced it by adding on these acquisitions, which we feel are targeted to give the benefit to our clients and integrate within Infosys. Now moving to CSR. Infosys has always been a company focused on the communities that we are functioning in. We've had several, I would say, very special programs, the SightConnect, our focus maternal and child health, Girls for Gold program in the sports side, education for girls; and then with Springboard, which is a platform that we've created, which has all of our own learning capability, but is available outside through our CSR activities. Over 7 million individuals have benefited from it. And then just the Infosys Foundation in India, we've given approximately 100 grants. And we see that it has great impact in the lives of about 1 crore individuals across India. We also put a lot of emphasis into our brand in the last few years, and our brand recognition has gone up. We have brand ambassadors, a new campaign. We were recognized with Time Magazine as one of the world's best companies, one of the most trusted brands in India and the U.S. And this is something we are making sure that we put out there in terms of our focus on what we are driving technology with and how it is becoming more and more AI-first in the way the brand is growing. In conclusion, stable operating performance; strong cash return; a real emphasis on generative AI scaling, there has been a lot of attention on that; good leading capabilities in cloud and digital and data; very good large deals, which creates the foundation for this year and future years. Two good acquisitions, which will help us to move further ahead on engineering services. Good attention on CSR work. And with that, we are remaining and becoming better positioned to support our clients as they look at their future and navigate into the new world. So thank you very much. Thank you to all of you, as our shareholders, in supporting us. Thanks to all of the founders, Board members and stakeholders in guiding us as we go ahead. Thanks, and back to you.

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

Hello, everyone. The statutory auditors, Deloitte, Haskins & Sells LLP; and the Secretary Auditor, Makarand M. Joshi & Co. have expressed unqualified opinion in their respective auditors -- audit reports for the financial year 2023-'24. There were no qualifications, observations or adverse comments on financial statements and matters which have any material bearing on the functioning of the company. The statutory auditor's reports on the stand-alone and consolidated financial statements, respectively, are available on Page #205 and 288 of the Integrated Annual Report. The Secretarial Auditors Report is enclosed as an Annexure 5 to the Board's report on Page #82 of the 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 am pleased to bring to your notice that as required under the Companies Act 2013, the company has provided you the facility to cast your vote electronically on all resolutions set forth in the notice. Members who have not cast their vote electronically, but are participating in this meeting will have an opportunity to cast their votes to the e-voting system provided by NSDL. Members may please note that there'll be no voting by show of hands. We now take up the resolutions as set forth in the notice. We will open the floor for any questions by members after all the resolutions are tabled. Accordingly, I will now only read out the resolutions. 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, 2024, including the report of the Board of Directors and auditors have already been provided to the members. Item #2 of the Notice, declaration of dividend. To declare a final dividend of INR 20 per share for the financial year ending March 31, 2024, and additionally a special dividend of INR 8 per equity share. You would recall that an interim dividend of INR 18 per equity has already been paid for the financial year ending March 31, 2024. Item #3 of the Notice, appointment of Nandan M. Nilekani as a Director liable to rotation. The text of the resolutions 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 their questions brief and specific. To avoid repetition, answers to all the questions will be provided towards the end. Members may also note that the company reserves the right to limit the number of members asking questions depending on the availability of time. While members are queuing up to ask questions, may I request the team to play short videos of Infosys. [Presentation]

Dear shareholders, thank you for joining our 43rd 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. [Operator Instructions] 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, Mr. Dharav. Mr. Dharav, kindly go ahead and ask your question.

I'm Dr. Dharav Jamadar from Surat, Gujarat. First of all, I would like to congratulate each and every stakeholder of my company on posting such a robust and fantastic sets of number quarter-to-quarter in this fiscal year. Sir, it's an opportunity to have a talk with you on this platform. Thank you for providing me this opportunity. Some of my queries, which I would request you to address are: first, the world is quite aware about the secret formula of our company's growth anywhere in the world. It has been a frontrunner in establishing industry-wide norms in reference to corporate governance, transparency in corporations and other disclosure norms. So sir, with the whole IT services and technological landscape revolutionizing, what would be the next secret formula for creating the Infosys for many decades to come? Second, do you think that the rise in demand of AI and its related products and services will help us in creating a demand environment, which is less prone and susceptible to volatility in macroeconomic environment? The whole world is heavily investing in this particular area. Third, what contour of CapEx or the amount that you have set aside for mergers and acquisition can we expect in this fiscal year for developing new products and services? And what shall its impact be on our ROE? Fourth, for how long do you think IT spending will likely remain under pressure due to technological and macroeconomic uncertainties? So at what stage of the cyclical cycle are we at? And how are we planning to have a sustainable growth from here on? Next, with respect to deal wins, from which sector do you expect the most to come in, in this fiscal year? Last one, to our respective Chairman, being a market leader and a veteran, what advice would you like to give to a new generation of our country on how to strive in this agile environment all over the world? Thank you, sir, for providing this opportunity.

Thank you Mr. Dharav. May I now request the next shareholder, Prachi. Prachi, kindly go ahead and ask your question.

This is Prachi Saraogi from Kolkata, representing Millennium Mams. My question for you today is could you provide details on your recent acquisition of an automotive R&D firm and its alignment with Infosys' long-term strategy? Additionally, to boost revenue growth beyond that 1% to 3% range, will Infosys pursue aggressive merger and acquisition for domain-specific expertise and expanded service offerings? Thank you.

Thank you, Prachi. Now may I request Gaurav. Gaurav, kindly go ahead and ask your question. Gaurav, I think you're joining on audio. kindly go ahead and ask your questions.

I guess I'm visible right now.

Sorry, we can't hear you, Gaurav.

Am I audible?

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

First of all, thank you so much for giving me this opportunity today. I am Gaurav [indiscernible] joining today's Annual General Meet of Infosys from Berlin, Germany.

Gaurav, we cannot hear you once again. We'll move to the next shareholder, Mr. Jaideep. Jaideep, kindly go ahead and ask your question.

Yes. Myself, Jaideep Bakshi, connecting from the city of Kolkata. Thanks to our Company Secretary, Mr. Manikantha ji, for giving an opportunity and presenting detailed annual report and maintaining good investor service relation with the shareholders and to the entire secretarial department. Sir, your initial speeches were very much informative. Good performance of our company and growth in the net profit also. Sir, regarding the -- now we have AI accessible too now. Sir, share our potential to export further growth and stay as a leader in its own field. Sir, any new area of venturing or acquisition to support new client base? Sir, third, sir, how are we positioned from our peers? And what is our strategy to add reliability and efficiency growth? And sir, we have around 3.5 lakh employees. So how are we planning to reskill our employees for further enrichment? And sir, congrats once again for the CSR activities and the awards, which we have received. It motivates all the employees. And what are the steps we are taking regarding data security? And congrats once again for reducing energy consumption and banking on green energy for a better environment in our all areas. And I support all the resolutions, and hope our company continue as a global leader in the next-gen and digital service and consulting with the trust of our stakeholders and be future-ready. Thank you, sir, and all stay safe. [Foreign Language]

[Foreign Language] Thank you, Mr. Jaideep. Now may -- can I request the next shareholder, Om Prakash Kejriwal?

Hello, sir. Am I audible?

Yes, sir. We can hear you. Please go ahead with your question.

Myself, Om Prakash Kejriwal, your equity shareholder from Kolkata. Thank you, sir ji, for providing me the platform to speak something before you. Thanks to our secretarial department for helping me in registration as a speaker shareholder. Especially thanks to our secretary, Mani, sir, for calling me and taking my know-how. Sir ji, this is my second AGM, only due to virtual, though I'm a very old shareholder. If possible, please follow this virtual AGM next year also, so that more and more investors could join our AGM from different parts of the world and express their views. [Foreign Language]

Mr. Om Prakash, we are not able to hear you properly.

Hello?

Yes, we can hear you now. We can hear you. Please go ahead.

Sir ji, you distributed INR 46 as dividend in current year on face value of rupees -- previously it was INR 34. [Foreign Language] Many, many thanks for such handsome dividend. Sir ji, please split our shares in 5:1 ratio to increase liquidity in market. And also, it will attract more and more investors towards our company. It will act as a mini-bonus for we, minority shareholders. I will not tell you to issue bonus shares, but I will insist on split of shares. So please consider, sir. Sir ji, I came to know from media that there are so many seats remaining vacant in IITs. What is the reason, sir ji, for this vacancy? Sir ji, you people are the leaders in the market, so please do something to create plenty of jobs at [Technical Difficulty].

Mr. Om Prakash, we are once again not able to hear you. Please continue.

Thank you, sir ji.

Thank you. Now may I request next shareholder, Hiranand Kotwani. Mr. Hiranand, kindly go and ask your question.

Am I audible?

Yes. We can hear you.

It's a great pleasure . I am Hiranand Kotwani. Is my voice okay? I don't see the technical people like you can't fix the small issue because with TCS, there was no disturbance. Sir ji, namaste to all. It is a great pleasure to join you from Kalyan. I am Hiranand Kotwani from Kalyan, near Mumbai. This Company is well and your people are managing well from long years. How is the future and contingency plan? Huge HR, how issues you tackle HR? What are the policies regarding ethics, Code of Conduct, health issue of your employee at the lower level and manager level? How you are tackling them, please narrate this in our -- in this AGM. And what about this women share percentage? And say, in TCS, we came to know from this Chairman, when asked how many sexual harassment cases? He said 126. Sir, what about your organization. How we are going to tackle it at global level? And there are so many subsidiaries. The next Annual Report is good, but if you can give us details of the subsidiary, percentage, country and the revenue, and expenditure and employee, that will be more beneficial to our -- to read that our -- all the subsidiaries, how the capital is there and the revenue comes from that? It is going to be more beneficial and informative to the organization. Because to read your physical report, we cannot read this electronically. And to see you and a report from you, nothing more to ask because you are doing well. Just to continue to inspire. But future growth plans, particularly how the contingency plan will be in the [indiscernible] event, please narrate. Thank you and good luck.

Thank you, Mr. Hiranand. Now I request Mr. Sunil. Mr. Sunil, kindly ask your question.

Hello?

Hello? Yes, sir, we can hear you. Please ask your question.

I'm Sunil Modak, calling from Kolkata and joining this digital meeting. It's my pleasure that you have given me the platform to speak on this occasion. The result is very good, and I hope that our company will do better. I have some two more questions. What is the strategies of the subsidiaries facing losses? And number two, future plan of the company? I have already cast my vote and I'm in favor of the resolutions. I'm supporting them and hope that our company will do better in the coming year. Namaskar.

Namaskar. Thank you, Mr. Sunil. Now may I request Avni. Avni, kindly go ahead and ask your question.

I'm Avni Barwale, a member of Millennium Mams and a proud shareholder of the company. As you said, GenAI has become the forerunner of the tech world with Infosys at the center. How do you plan to continue upskilling and adapting the Infosys workforce to be GenAI ready? Additionally, how does Infosys manage the costs associated with human resources in the current challenging global landscape? Sir, to conclude, we hope to meet you in person to empower all our women members with more learning. We look forward to visiting you in Bangalore. Thank you very much for your time.

Thank you, ma'am. May I request Mukesh. Mr. Mukesh, kindly go ahead and ask your question.

Yes. Am I audible?

Yes, sir, we can hear you.

What is this? How come I'm not there? Okay.

We are able to see you and hear you. Sir, kindly, go ahead.

Okay. Okay. Nitin ji, I met you last Friday when you were Chairman at HUL. Nice to join AGM of Infosys, which has been at the close of my heart for many years. Unfortunately, we are not meeting physically. So I would request you to please have a hybrid model, which Infosys was the one, which pioneered long, long ago. And it would be nice if you can please enable this from next year onwards. Out of nostalgia, I would like to tell a little bit, Nandan. You had interviewed me some 30 years ago at your Koramangala law office opposite Bethany School. Unfortunately, I had not joined then. Otherwise, I would have been Infoscion by now. One thing that I did not like was sending a physical annual report to some of the speakers or maybe all the speakers because being an environmentally conscious and very concerned person, we are experiencing nature's wrath in terms of global warming, climate change and whatnot. About 25 annual reports is equal to one tree. So my suggestion is, henceforth, like we have in weddings and other functions, we have something called RSVP. So really, in advance, ask all the shareholders who all want physical annual reports and, accordingly, print them minimally. So therefore, we will be able to contribute a lot and imagine thousands of companies doing this, and despite the digitalization, there's a lot of things that have to be done. Okay. Now one request I have is being a lifetime shareholder with abundant trust on Infosys, unfortunate we haven't visited its campuses yet. So I would request you, Salil bhai, to be able to do this, enable it sometime or the other. Better yet, say, once a quarter, top management could have something called a Saturday meet for stakeholders like a regular program, that could also help. And for our business, I would like to ask a couple of things. We are doing pretty good in global business. And I understand from the Annual Report that almost all of our revenue is coming from rest of the world, except India, which is a pittance 2.5%. And with the country that is going to be $5 trillion very soon and it's growing exponentially and has a global brand image, why can't we create a new subsidiary, something called INFY India, and try to concentrate on that business in a very big way? And I'm sure with the kind of background we have, we can do extremely well compared to many other companies. A lot of midsized companies are doing extremely well within India itself. So why can't we? That is one of my suggestions. And we can be contributing to the country as well as to the revenue of the company also. And for AI revolution that is happening by leaps and bounds, and INFY being in the forefront, despite Nandan and Salil bhai, both of you trying to pacify us of our apprehensions, believe it or not, negative effects are being seen by all of us just at the beginning of AI revolution. So I've been trying to figure out, is there any way that we can do anything along with the AI community globally to make it safe just like, say, nuclear power? It is so dangerous. And whenever it happens, it is extremely disastrous. Likewise, AI is already affecting people individually, families and even society is going to be a disaster in the times to come. So what are going to be the safeguards against that? I wish all of you a very healthy and happy life ahead, and I'm looking forward to meeting you personally soon, Salil bhai, Nandan and others. Thank you very much. [Foreign Language].

Namaste. Thank you, Mr. Mukesh. May I now request Mr. Santosh to kindly go ahead and ask the question.

Hello?

Sir, we can hear you.

[Foreign Language] Sir, I am from Kolkata. My name is Santosh Kumar Saraf. I say [Foreign Language] to you. Sir, my English is very weak, so for you, I try to speak in English. Sir, I want to know our income, our 94 percentage income from IT sector. So I want the 5.5 income from which sector we are getting to became 100% next. Sir, we have 340,000 employees globally. I want to know, this is not a good -- I want to know how many employees are Indians in company? I want to know our company provided Indians how many jobs? This is my interest. Sir, thanks for your nice INR 46 dividend this year, including team, and for this dividend, I thank all our employees globally those are doing hard work, give us a good result and good dividend. Like salute to them that please work same, so we get higher dividend next year, and we get the dividend and you also benefited. And also salute to your family who are backbone of your working. I salute your family also and request for their good health and good year, sir. Next, sir, what steps are taken for cybersecurities. Sir, there are so many disputed cases. What step we have taken to clean our balance sheets, sir? Sir, I support Mr. [indiscernible] for a campus visit in the winter. Because up to September, there are so many meetings. After meeting over October, you can recall. I am Bangalore-based, I attend so many meetings physically. In the November-December if there is visit then I can also go and attend the meeting, sir. Sir, just one question also. On the last 6 years, Infosys has not given any bonus. Sir, can you consider this year because never Infosys gap more than 2 years to give a bonus. And Mr. Nandan ji and Mr. Salil bhai, I wish for your long life and good health for the year. Also I request all you to continue to do this meeting. This is very helpful and all Indian shareholder can join. If you held physical meeting only local or outside 1 or 2 shareholders can be joined. So I request for always for a VC meeting because it is very cost effective and very good. And lastly, I wish for all our directors, all our 40,000 staff for good financial year 2024 and '25 and wish their good, healthy, prosperous year for them and their family. Thank you, sir.

Thank you, Mr. Santosh. Now may I request Mr. Nagaraj to kindly go ahead and ask the question.

This is Nagaraj here. I'm a small retail shareholder for Infosys for so many years. And my folio number is ending with 4803097. Okay. First of all, let me congratulate Nandan, sir, and team for completing 25 years in New York Stock Exchange. Recently, I heard the news. Let me congratulate you and your team on that. Next, respected Chairman, sir, I have one question. Like so many of my shareholders have pointed out regarding the subsidiaries from your -- in your annual report from Page #68 to 75. There are around 91 companies are there, I believe. Most of them are running under a negative return, out of that around 30 companies, negative or zero return, I mean, to the shareholders for the subsidiaries and associated companies. Want to touch upon that, first. And as you told, Mobility is the next -- is one of the company -- German company. I think second or third subsidiary is around running INR 7,500 crores liability, running -- that's a huge loss -- running under huge loss. What is the plan of revival of such companies? Is it possible to revive in our future so that we can increase our shareholders' value? That is my concern, one thing. And please give some -- like all my fellow shareholders told some bonus, like, kind of, shareholder, please consider that also so that our wealth is positively increased, shareholders' value. Thank you. Please consider these points and thank you for the opportunity given, Mani, sir, to talk in this forum. Thank you very much. Namaste.

Namaste. Thank you, Mr. Nagaraj. Now may I request Mr. Rajesh to kindly go ahead and ask the question.

Hello. Am I audible?

Yes, Mr. Rajesh, kindly go ahead.

So first of all, I thank our Company Sectary, Mr. Manikantha ji, for sending me e-mail notice very well on time and continuously I have received the call from your secretarial department to join. It's really I'm very much thankful to you, sir, for giving me the opportunity to speak. Sir, a lot of things have been covered by my previous shareholders. And I really thank you for the very good dividend given by the company. But sir, it is very high time, as my previous shareholder has said, I would be repetitive only on this thing, whether we can split the share from 5:2, not 5:1, 5:2. So then later stages, we can go on for 1 also. So it is very high time. It's been a long time because Infosys is very well known for their good bonuses and splits. And you had done the buyback also previously. So I would really appreciate if we do something about it because this is the 43rd year. So we can't wait for 7 years for the golden jubilee for the bonus. So please do consider about the stock split at least so it won't affect the share equity or capital also. And sir, public holding is only 14.97. So all FIs and DIs are holding 34% and 35%. So I think they're not pulling up the share. Because nowadays what I see is Coforge, Persistent Systems, Endurance Technology, all the companies which were not there, they are only being shown. So our company is a little bit like TCS, Infosys and Wipro, they've a little bit slowed down it seems to me. So it's very high time sir we do something about it. And high price was INR 1,950, so I hope under your leadership and a good performance, we will move much, much ahead, sir. And I remember, sir, I had attended three of the AGMs in Mumbai, sir, when it was physical in Bangalore. Twice I attended in Four Seasons and once I attended in Taj Santacruz. So sir, why not you're starting up again the physical AGM, sir, in Bangalore? And at least we can join in Bombay also. So that's just my suggestion, sir. Sir, I don't have nothing much to add. The month of festival is coming, sir, in 2, 3 months, a lot of festivals will going to be there. So I would like to say [Foreign Language] So I wish you all for the coming festivals also. Thank you very much, and thank you for giving me the opportunity to speak. Thank you, sir. Manikantha sir, thank you.

Thank you, Mr. Rajesh. Now I request Sharad Kumar to kindly go ahead and ask the question. Mr. Sharad Kumar, kindly go ahead and ask your question. We'll move to the next shareholder, Mr. Redappa. Redappa, kindly go ahead and ask your question.

Namaste. Sir, as a shareholder, I'm very happy about the company performance of financial '24. Sir, I would like to thank, appreciate about the company corporate governance, transparent governance by ethically good manners Congratulations. Keep it up, Manikantha garu. Sir, financially, we're very strong sir. Thank you, for the dividend also sir. We are almost debt-free, sir, and also, ROE track is record, in 3 years 30.9%. Wonderful, sir. And also a good dividend track. Thank you, sir. Final dividend, INR 20 plus INR 28 we received this year, sir, so wealth creating financials. And also, AI next era business has started, sir. Infosys with the Topaz and R&D work is also excellent. Thank you, sir. Here, my question is outlook demand scenario from North America, please throw some light, sir. Second question is on any update in mega deals, sir? And also, sir, third question. Any future plans in your -- future plans for [Technical Difficulty] sir, forefront of adoption of AI technology, what is the current percentage and top line growth expected coming financial years? Sir, these are my total 4 observations. So please support IIT Hyderabad also, Nandan Nilekani sir. Sir, VC is very good sir. Please continue VC always, sir. We can able to attend all over the global sir. Thank you Manikantha ji, for providing VC. Sir, if you Manikantha sir, the Chairman's approval for the [indiscernible] also, we'd be very happy. Please look into this. This is my humble request from the shareholder side. We are proud shareholders, sir. Nandan sir, I am concluding sir. I am a big fan of you, Nandan sir, and also Salil, sir, I have a special photograph and physical [indiscernible]. Sir, I don't have words to praise you, sir. God bless you, sir. I wish you good health and also [Technical Difficulty] Salil sir, and also Manikantha team, and also all our hard-working employees of our companies, all of the global. Congratulations, sir. Thank you so much for giving this opportunity, Manikantha garu, in this wonderful occasion. I was waiting from the morning very eagerly for this, sir. Thank you, sir.

Thank you, Mr. Redappa. May I now request Mr. Abhishek.

Yes, sir. Can you hear me, sir? am I audible?

Yes, Mr. Abhishek. Please go ahead with your question.

Just a second, sir. My name is Abhishek, shareholder of the company. My DP ID IN301637, client ID is 41359155. First of all, I congratulate the management on the eve of annual general body meeting. I trust all is well with you and your family in this challenging situation. Our company deserves much more respect and the current market cap after completing more than a decade of successful operations, profitability and becoming one of the strongest brands in the respective segment. Sir, right now, what are the steps being taken by the management to reduce the other expenses, legal, professional charges and miscellaneous expenses? And if we can try to provide a breakup for the miscellaneous expenses, it will be helpful for the investor fraternity. If possible, try to give a breakup in the years to come, sir. And I would request the management to kindly conduct a con call quarterly presentations and meeting with global investors on a regular basis, so that this will bring more immense knowledge to the management as well as to the investor fraternity. So if you can conduct con-call quarterly presentations on a regular basis, it would be helpful for the company, sir. And I would request the management to kindly consider hybrid AGMs for the years to come, sir, as some of the companies across Bangalore and other places have also conducted hybrid AGMs during the year. So if you can conduct a hybrid AGM, it will be helpful for the investor fraternity like local shareholders can join you physically and other shareholders can join you virtually because most of the senior citizens are not able to join. You can get valuable points, suggestion and ideas that will be helpful for the management to empower in future. But then our company management is always helpful and reachable. We do appreciate the company has a very good corporate governance. We do appreciate the management for their good corporate governance practice. And kindly give a job opportunity to the investor fraternity, sir. Whoever send you email for their children like Infosys is a leading company. Many of the shareholder who has BE or engineering background and who's really eligible, kindly try to consider their family, shareholder family, investor family, who's family of Infosys. Nothing much to ask, sir. I wish the company and the Board of Directors a great success and prosperity in the coming future. And thank you for giving the opportunity, sir. Speak to you in the physical AGM next year. Thank you very much.

Thank you, Mr. Abhishek. Mr. Kaushik, can you kindly go ahead and ask your question.

Yes, sir. Am I audible?

Yes, we can hear you, sir.

It is an honor to stand before this esteemed gathering today. I extend my heartfelt gratitude to the Board for granting me opportunity to be part of this important event. Today, I raise some key questions that are essential in understanding Infosys position in our ever-evolving competitive landscape. How does Infosys maintains its competitive edge in such a dynamic environment? What innovative products has Infosys introduced or plan to introduce in this increasingly competitive world? I believe that more the company invests in R&D, the stronger it dominates, it can position it as a leader of the industry. Can we continue to trust in the resilience of Infosys business model? And how can the company ensure that shareholder value remains intact? Additionally, Infosys' main business focus is generating revenue through artificial intelligence. Can Infosys, through the its use of artificial intelligence, manufacture an equipment to support specially-abled persons to improve their mobility and make their life more meaningful? While this business may not be highly lucrative, it reduces pain and hardship, will garner a lot blessings. The company should consider taking such initiative. Before I conclude, I want to express my sincere gratitude to entire secretarial team, including Manikantha and entire team for connecting with me and granting me the opportunity to be part of such a memorable event. Additionally, I request the support of the company in associating with me in the area of certification audit, including Form-15CB. I believe CSR means helping the needy at a crucial time when they have approached the company, support from company. Sir, I have heard our Chairman speak where he told that company is supporting specially-abled person in Australia. Don't you feel being an Indian company, you should support Indian first. I am asking for support from our company since last 5 years or even more, but apart from assurance nothing has come to me. I am very optimistic that this year, I will get required justice from the company. Finally, I propose the utilizing the substantial saving from the virtual mode of meeting for benefit of shareholders. This could involve arranging site visits for shareholders for distributing a token of appreciation such as sweets or small gifts to our esteemed shareholder speakers during festivals. Thank you all for your attention. Thank you, sir.

Thank you, Mr. Kaushik. May I now request Mr. Anil. Mr. Anil Mehta, kindly go ahead and ask your question. Mr. Anil Mehta, can you hear us? Your line is unmuted. Kindly go ahead and ask your question.

Hello, am I audible?

Yes, sir, we can hear you. Sir, kindly unmute your line and ask the question. Sir, we can hear you. We can hear you. Please go ahead and ask the question. We'll move to the next shareholder, Mr. Dilip. Mr. Dilip, kindly go ahead and ask your question.

Hello. Audible I am?

Mr. Dilip, yes, we can hear you. Yes, please go ahead and ask your question.

[Foreign Language]. We can feel proud being a shareholder of the Infosys. And CSR activity, [Foreign Language] Thank you very much.

Thank you, Mr. Dilip. Now I request Mr. Yash. Mr. Yash, kindly go ahead and ask your question.

Hello? Am I unmuted? Hello?

Yes, sir. Yes, we can hear you. Please ask your question.

Okay. Myself, Yashpal Chopra, I am calling from Delhi. I'm a shareholder of the company for the last 3 decades and I have seen the ups and downs of the company. And I feel I am very lucky shareholder of this company. This is a company for which I can be proud of, ISO certified company, a debt-free company, and the company with pan-world presence in around 56 countries spreading from north; from China to South, Australia; from East, what you call, Japan; to West, Canada and North America. So this is a great, great company with a great name. So I'm very -- I feel that I am very proud of this company, sir. Sir, as regards the management team, they deserve kudos and they deserve congrats because out of the 9 person, 7 persons are with the financial background with a financial expertise, and that is why that the image of the company is just getting better and better every year. Because over the last 5 years, we have seen that the companies, which came far later or at a later stage, they are overtaking us, but now the time has come when our company is going to rein our old past glory. So I'm very, very proud of and I pray God for the pace at which the company is going on. As I watch the share price in the market for the growth of my investment, my portfolio, so this year, our company has risen from INR 1,252 low to a mid, high of INR 1,733, that itself certifies that our management and the performance of the company is excellent and that shows the confidence in the coming time, our company will definitely regain the leadership which it was having earlier. Sir, regarding your area of operation, I would just like to say only that whatever we are earning that is mostly from the foreign countries. From this country like North America and all that we are earning. Around 60% contribution is from that single country. And in our own country, we are contributing -- we are getting only just 2.5%. Why should not we concentrate on our company, our country as well because now our country is just going to get a -- is getting a big name under our dynamic PM, Mr. Modi. And I think that our country -- our company has got a great, great scope here and we must concentrate on that. And for that, as suggested by one of other speakers that if you want to make a separate company for India, that will be a welcome idea, sir. But at that same time, I would request you just to consider that consolidation of those subsidiaries, which have been just making losses and losses and losses only. So we have to just strengthen our company by closing those subsidiaries because that means lesser attention to that. We will conserve our attention. We will conserve our expenditure and all that is. Sir, I can speak a lot, but I will just now raise only two queries. First is that the tradition of bonus has gone along with Mr. Murthy. I want that to be revived because now the reserve position is around 40x of the capital and that makes us very much eligible to get bonus. The management must consider that. So this is one of the requests, sir. And finally, being a shareholder of the company for the last 30 years, and I would request that the company should come forward with some kind of memento at least to the supporters and the speakers of the company, the well-wishers who have been just associated with the company for the last so many, so many years. And before I wind up, I will applaud the company for the CSR activities they are doing, where they are making the people skillful. They are making the people competent for the jobs and all that. This is now the need of the hour because now as our politicians are distributing alms for getting the votes and all that, that is not a good practice. We have to move the people independent and workable, and for that, our Infosys is doing a great job under the category of CSR activity. So this is a very, very good thing, sir. And before I wind up, I must compliment our CFO, our Company Secretary and the team in the moderating department, which are working hard to get us reconnected because it is really a very difficult job because for our people, the people of the super senior citizen category because we do not know much of these digital operations and all that. And the pains these people have taken, that itself deserve kudos, sir. So sir, I would just like to remind you one thing, that my own son is working in your company at London by the name, Mr. Gaurav, where he had come from the university, and he said that he has got this offer. So I just told him, grab it. This is a company where you can spend your life and he is sticking with company for the last around 20 years. So I know that the concern how much concerned this company is for their employees, for their shareholders, for their customers, for the country. So this is a big, big achievement. This is a big thing for the pride. So I wish you best of luck. Pray God for the positivity and for the great, great system and name and fame and performance of the company. Best of luck to you. Thank you. Thank you.

Thank you, Mr. Yash. Now I'll request Vasudha to kindly go ahead and ask the question. Ms. Vasudha, Can you hear us? Ms. Vasudha, kindly go ahead and ask your question. Now we'll move to the next shareholder, Mr. Atanu . Mr. Atanu, kindly go ahead and ask your question.

Am I audible?

Yes, Mr. Atanu. Please go ahead.

Good evening. I, Atanu Shah, a shareholder of Infosys Limited. My respective Chairman, Nilekani ji and Board of Directors and all Independent Directors present in this virtual meeting, and all shareholders and our Company Secretary, Manikantha ji and our CFO and all present shareholders present in this virtual meeting. Today, it's 26th June 2024, our company is presenting its 43rd Annual General Meeting. And sir, my first question is, do you think about bonus issue after 2018? And my second one is, do you have any -- what do you think about our first quarter results, sir? And the third one is, do you have any plans to arrange any Investor Day? And my fourth one, on Q3, do you do have any plan or do we forwarding some funding to our [ previous ] foundation? Sir, I Atanu Shah, I wish a good year. I already casted my vote. I wish a good year ahead with good result and good health to every employee. It's Infosys, which is always navigating. It's Infosys, which is always navigating just for the next step. Thank you. Namaskar.

Thank you, Mr. Atanu. Now I request Mr. Sanjog to kindly go ahead and ask the question. Sanjog, can you hear us?

Respected Chairman and Board members, I am Sanjog from Bengaluru. I thank the management for their good result and also thanks to management receiving award and recognition for their good work. Hope next year, we continue to do VC meeting. Thank you.

Thank you, Mr. Sanjog. Thank you, Mr. Sanjog. Now may I request Yousuf, to kindly go ahead and ask the question. Yousuf, can you hear us? We'll move to the next shareholder, Mr. Vipul. Vipul, kindly go ahead and ask your question.

Audible?

Yes, we can hear you.

Yes. Thank you, first of all, Mr. Manikantha for adding my name to the list at the last moment. Thank you very much. My question is, we are disclosing only large deal wins with wins of more than $50 million. So why can't we disclose all deal wins, which are below $50 million? So I would like to know the total order backlog at the end of 31st March 2024, including all deals, which are below $50 million. I think our larger peers are also sharing this figure, and we should also share this figure. There should not be any problem with this. But I don't know why our company is not sharing this figure. And I would also like to know that due to uncertain macro conditions in U.S. and Europe, what is the amount of orders which were canceled for the whole of the last year? That is the point number two. I would also like to know the contribution from generative AI segment. I think Accenture has started sharing that figure, the revenue from that vertical in the latest quarterly result presentation, if I'm not mistaken. So we should also -- because a lot of emphasis has been made both by our Chairman, Mr. Nandan, sir, and Salil, on generative AI and if that is so crucial, so central to our future, we must share the revenue contribution from that particular vertical. And lastly, I would request, as some of the earlier participants have also mentioned, that please resort to this that a hybrid model of meeting where our physical meeting is held in Bengaluru and a digital meeting you can attend at Mumbai or any other places. So with this, I wish all the luck to the company. I'm a shareholder of the company since IPO and I've got very rich returns. So my thanks to all the founders and all the erstwhile management teams. Thank you very much.

Thank you, Mr. Vipul. Now I'll request Mr. Gaurav. Gaurav, kindly go ahead and ask your question. Mr. Gaurav, can you hear us?

Yes. Am I audible? Am I visible as well?

Please go ahead and ask your question, sir.

First of all, thank you so much for giving this opportunity. In the last discussion I was not able to share my thoughts. So thank you so much for giving the second option to share my thoughts. So I am Gaurav [Indiscernible], joining this meeting today from Berlin, Germany. And my folio number is [ 1208160020466975. ] So starting with the annual report, it is very enlightening and magnificent example of corporate governance. I would like to also mention that this year, SBI created a QR code to have their shareholders get the annual report easily. So I would like to request this to create a different experience to the people [ for doing this. ] Also, I would like to mention that Infosys this year really did a group thing where they included an option to include the picture in the Annual Report on front page. That was pretty magnificent for me. Simultaneously I would like to say that business will continue to grow. Loss and profit will be the part of the balance sheet. But I request company to do the CSR work as much as best of possible, which is the need of humanity. Simultaneously, as being an environmental engineer and with masters and my second masters I'm doing it here in Global Business Administration Project Management, I would like to request company to take the carbon footprint as much as low as possible and make it net zero as soon as possible. This will really make an impact for the longer term. Simultaneously, having multiple years of experience, my observations says that company spends huge amount of sums for the human resources to send them on site globally for the further organization development. As being located in Europe Union, I would like to show my interest to contribute towards the Indian company, especially Infosys and its subsidiaries. I would be more than happy to contribute towards a futuristic development. As my name is unique, you can find me on Google very easily. I also will be available to join via LinkedIn. Most of my other points were made by the other speakers. Lastly, I would thank you to give this opportunity and listening, and to all the attention. Thank you so much.

Thank you, Mr. Gaurav. Now I'll request Anil. Anil kindly go ahead and ask the question. Anil, can you hear us? Mr. Anil, kindly go ahead and ask your question. We will move to the next shareholder, Vasudha. Vasudha, kindly go ahead and ask your question.

Hello, can you hear me, sir?

Yes.

Myself Vasudha from Thane. I would like to congrats our Company Secretary and team for helping me to join this meeting very well. Most of the question was asked by my previous shareholder. I would like to ask only one question. What is your plans to reduce our huge unemployments in our India -- in our Maharashtra? With this, I support all resolutions. Thank you very much and wish the company all the best for coming financial year. Thank you, sir.

Thank you, Ms. Vasudha. With this, we'll conclude the question session from all the shareholders. With that, I'll hand over back to Mr. Chairman.

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

We will now begin the answers to the questions. In this round, we're answering the questions that are raised in the web chat. And after one round of web chat questions, we'll come back with a round of questions from the video and audio questions that were asked just now. I have 2 questions to answer. One is, how do you see GenAI reshaping the entire industry? And what will be the impact on the jobs in the IT sector? This is from Anuja Singhal. We believe that GenAI has enormous potential to solve business and society challenges. As we move forward, we will see more and more use cases of GenAI deployment to improve product, improve the customer relations and to make companies more productive. At the same time, we expect our productivity to go up with the use of tools that are like Copilot and so on, which will make a difference. Overall, we believe that while we will have productivity going up, at the same time, there will be a lot more opportunity for AI-led transformation in the world, and I believe that we are well placed to take advantage of that. Second question, congratulations to leadership to remain in front on GenAI. My question is, what will be the impact of GenAI on overall company revenue and employee count in the next 3 to 5 years? Will we see positive impact or will it be disruptive to business? This is from Majumdar Tejas Sharad Bhai. As I said just now, we believe that GenAI will create lots of potential to increase productivity, reduce cost, differentiate our clients and then help growth. The world is at the very early stages of the AI revolution. And unlike the consumer area, which will roll out quickly, enterprise AI requires companies to do major changes inside the companies, organize their data, build responsible systems, follow the laws of many countries and so on. So enterprise AI will take several years to unfold. And I think Infosys is well placed for that. As you know that topaz, Infosys Topaz has taken an early lead. So I'm very confident that we'll be able to deal with this transition. Thank you. With this I hand over to Salil to take his questions.

Thanks, Nandan. There are a few questions that I will address. First, with the intent of generative AI and next-generation technologies, how are we protecting the platforms and applications with respect to information technology security threats? This is a question from Ramesh Babu Satrasala. Here, we are in excellent position for protecting our platforms. We put in place responsible AI office. Our focus is on AI policies and principles that will ensure that information security is built into what we are creating for our clients. And this is part of the responsible AI actions that we have already put in place. Next, has Infosys started to see generative AI deals contributing to Infosys top line? Can you give us an approximate number of deal sizes? What is Infosys doing to increase the generative AI revenue? At this stage, we have shared externally that we are working on approximately 225 projects in generative AI. These projects are small in size. They are projects that clients are working on to help shape whether they can have growth, productivity benefit into their organization. All of this is part of our Topaz activity, which looks at both AI and also generative AI into the mix. We're also one of the first companies to have the global certification, which is for excellence in AI management. And we've been voted as a leader in AI by 7 of the leading 8 industry analysts in this area. Our next question is, when is Infosys planning the next compensation increase for employees? What are the parameters considered for the next increase? The question is from Sajith Chellappan as was the previous question also. Here, we have completed a compensation increase for financial year '24 in November. And currently, we are looking at other plans for '25. And the parameters always include what is going on within the environment in terms of inflation and where we see -- where the demand areas are. Next question from Rahul Sarkar. What are the key strategies that Infosys plans to implement to drive revenue growth over the next 5 years? So here, our focus is really on making sure first, what we see as a newly emerging area, generative AI. Then a lot of work is going on Infosys Cobalt, which is really all our cloud activity. In the previous financial year, it's grown rapidly, and we see more and more traction as it becomes a foundation. We then have focus on some other areas which make up the entirety of the company, for example, engineering services, SAP S/4HANA, what we see in growth in data, what we see as growth from large deals which are coming from efficiency, consolidation and cost savings. With all of this, we feel in a good position, these strategies help us in a good position for the next 5 years. Are there any new markets or regions the company is planning to enter in the coming years? How will these expansions contribute to overall profitability? Also from Rahul Sarkar. So today, we are in 56 countries where North America is the largest about 60%. We are growing well in Europe. We will continue to do that. Our focus in terms of new areas of markets, we will see more and more activity, for example, in the northern part of Europe. We've done -- we've had good success in the Nordic countries, in Denmark, Sweden, Norway, we will continue to grow there. We've had very good success in Germany, which will continue to expand. We are seeing good traction in Japan, which will also help us to grow in the future. We are seeing good traction in the Middle East region, which will continue to grow for us in the future. And then there are other industries, which we'll also look at in the North American market. For example, health care or life sciences where we'll see more traction. The next question is from Ashish Sharma. I request CSR Committee to allocate to eye hospital in Ludhiana from the CSR funds. Here, with CSR, we have presence across 28 states and 5 union territories within India, and we will evaluate all of the CSR program proposals. The trustees look at it and the person leading, Manisha, who is leading our CSR activities. And then they discuss it also with our CSR committees and make the recommendations on which ones we will support, aligned to the focus areas that the company has developed for CSR. Next is from Ramesh Babu Satrasala. Infosys is having 50% work from home options. Will that impact productivity for employees or customers? What are the steps taken? Here, we have followed a flexible approach in terms of return to work, making sure first, the client requirements are always kept in mind. So for many clients, all the work is done from the office and to keep flexibility for our employees where required. We are also very clear to build social capital where people are meeting each other and teams are working together, and people are learning through interactions as they come through different levels in the company. With that, today, about 84% of our employees in India who are residing within a delivery center, DC location, are already coming into the office in the hybrid mode. Our productivity and performance are constantly monitored and are at a good level. And if we see areas where we need to change, we will change that. But today, we're at a very good level. And the last question for me, from Sathyanarayan Bharadwaj Prakash. Despite having a large pool of CSR, why is the company not able to help governments to develop its aspirational areas and locations? In the financial year just finished, we covered 109 out of 112 aspirational districts as identified by the government. And here, our CSR is supporting many of those aspirational areas as identified government. Thank you. And with that, I'll pass it to Jayesh.

Thank you, Salil. My first question is from Shimjith Ambali on what is our capital allocation policy? If possible, please share the details. We completed the last 5 years of our first capital allocation policy and returned 85% of our free cash flows, totaling to around INR 88,400 crores to our shareholders. Our current renewed capital allocation policy, which is applicable for the years' FY '25 to FY '29. The company expects to return approximately 85% of free cash flows for cumulative 5-year period through the combination of semiannual dividends, share buyback, special dividends, subject to applicable laws and approvals. Under this policy, we expect to progressively increase dividend -- annual dividend per share. Next question is from Tejas Diwakar Gore. I've noticed significant and noticeable increase in the working capital days of the company. How do you plan to reduce working capital days for FY '24-'25? The working capital increased due to tax orders received towards the end of the year and which is expected to convert in cash in the coming years. Our free cash flow growth for FY '24 was 14%, significantly ahead of our revenue growth. We continue to focus on our improving working capital cycle and increased cash conversion. The next question is from Priya Ramakrishnan. How does Infosys foresee itself in environmental sustainability? Infosys is recognized globally as a leader in environment sustainability. We have been recognized for our climate leadership by CDP for the eighth year in a row, and have become a carbon neutral for fifth year now. Our efforts on climate advocacy has been well appreciated. Many of our deals with clients include climate change solutions. The next question is from Jahagir Hasmukh Vasudeva Rao. What measures are taken to reduce the subcontracting and improve -- improving employee utilization? Subcontracting has reduced significantly from the past levels by around 3% over the last 2 years. We think we can further optimize this spend and are working towards this. This is also part of one of the levers under our Project Maximus on margin expansion program. Similarly, our utilization has improved during the previous financial year, and we believe we have some headroom there as well to improve this further towards a comfortable level of 84%, 85%. What measures will be taken to improve the margin of large deals projects? There is a question again from Jahagir Hasmukh Vasudeva Rao. In terms of our large deal wins, we had an excellent year. For the full year, our large deals have been $17.7 billion, comprising of 90 large deals. We have a very comprehensive margin expansion program, running internally to monitor not only large deals, but across all deals and the large portfolio also will be catered under this new program. The next question again is from Mr. Jahagir Hasmukh Vasudeva Rao. Will you start again fresher recruitment from the campuses across the world? Fresher hiring is a decision we take after considering into the demand environment, the utilization, the growth outlook, et cetera. Over the last few years, we've also been hiring freshers of the market as and when we see more visibility in terms of our demand, and we will continue the same this year as well. How is Infosys looking at margin expansion in FY '25 and beyond? This is a question from Amrita Srikanth. We have a very focused margin expansion program. Program Maximus has been internally called it, which is where we have an endeavor to improve our margins in the medium term. There are 5 pillars under this program: Value-based selling, efficient pyramid, automation and Gen AI, improving critical portfolios and a reduction in indirect costs. We have also seen early benefits from this program in areas like utilization, RPP increase, optimization of overheads, et cetera. We are confident that this program will create a meaningful impact on the operating margin in the medium term. The next question, and the last question is from Rajinikanth Jain. Considering the prevailing price of our shares, in order to give a lift to our share price, can we expect buyback in near future? As per the company's capital allocation policy, the company expects to return approximately 85% of free cash flows over the next 5 years. As I said earlier, this is going to be a combination of semiannual dividend, share buyback, special dividend, subject to applicable laws and requisite approvals, that these decisions will be taken annually by the Board and recommendations will be placed to shareholders. The company expects to -- within this, the company expects to progressively increase its dividend annually. With that, let me pass it back to Manikantha.

Thank you, Jayesh. The first question is from Mr. Anantha Narayanan Vijayaraghavan. The question is why there is no face-to-face meeting arranged for AGM? There is a similar question from Mr. Vinayak Narasimha Bhat requesting for holding of an AGM in a physical mode. So the answer to the question is, as per the general circular issued by the Ministry of Corporate Affairs dated September 25 and October 7, issued by SEBI, companies are allowed to hold AGM through video conference without the physical presence of members and other participants at a common venue. Also by holding the AGM through video conference, we are enabling shareholders across the globe to join the AGM and participate in the proceedings. Accordingly, the company has decided to conduct the AGM through video conference. As you can witness, there are many shareholders who have joined this AGM from various countries as well. We had about 65 shareholders who have joined from outside of India. And we had a few shareholders who had actually asked questions during this meeting as well. The next question is from Mr. Vinayak Narasimha Bhat. The question is, as a member, I request the Board company to allow its member with his family to visit, see and stay at least 1 day in a year in the Mysore campus of Infosys. The answer is, the company had arranged a Mysore campus visit in the past. Future programs and campus visit, if any, will be informed to the shareholders in advance. Thank you. With that, I will hand over back to Mr. Chairman.

Thank you, Mani, and now we will come to the second round of questions. These are questions that were asked in the video conference, and we will do it in the same order. I have two questions. One is GenAI revolutions, negative impact. Is there any way to control these by creating a global monitoring group? There are many efforts around the world to address the issue of AI safety, but there's no one global initiative yet. We, at Infosys, take responsible AI very seriously. And when we develop software, we look at the guardrails of responsibility, the various rules and regulations around the world, be it the EU regulations or what's coming up in India and other countries. And we also have had our own Infosys Topaz responsible AI summit where we brought together experts, analysts and so on. So we are committed to the ethical risk development and deployment of AI, and we work actively with governments and regulators around the world to make sure that we are able to keep up with the latest standards. Second question is, can the company consider issuing bonus shares? The answer is -- this is from Santosh. And the answer is, we do not have any announcements in this regard as of now. Now I will hand over to Salil for questions.

Thanks, Nandan. I have a few questions that have come up in the second round. I'll go through those. First question from Dharav Jamadar. IT services is changing and evolving. How are we preparing for sustainable growth in the future? How long will IT spend be expected to be subdued? In terms of the future, our planning, our focus is quite a lot today on generative AI. With that, we have a lot of focus on a large growth area, which is on cloud through Cobalt, generative AI through Topaz and then more and more on the data foundations, which is part of our digital activity. And then we have focused in some other areas, which are also growing well. For example, engineering services, SAP S/4HANA or cybersecurity and areas such as that. For the second part of the question, I don't have a view on when the IT spend approach will change. What we shared at the last results announcement was the discretionary spend at the start of the quarter looked about the same as the end of the previous quarter, which was at that level from before. As we see the changes in the future, we will share those as well. Our next question is from Jaideep. What are the new areas of acquisitions? So for acquisitions, first, we just did 2, which we shared on engineering services in automotive and semiconductor. We have a portfolio of areas that we are looking at. We're looking at some SaaS areas. We're looking at more enterprise and cloud areas. We're looking at some geographies. So those are under evaluation as we look at different companies. We look at strategic fit, financial reasonableness and then cultural fit to how we can integrate. And based on that, we'll proceed on the acquisition as and when those come about. Next question also from Jaideep. We have 3.5 lakh employees. What's the plan for enriching their skill set? So here there are multiple things we have done. So first, of course, is the foundation training that everyone who joins Infosys from college goes through, which is probably the most comprehensive training in the industry. Then we have Lex, which is our internal training platform available on our cellphones to everyone where we have programs, which any one of us can take to improve or learn a new skill set. And then we have a continuous education program, which is based on reskilling of different employees when certain skill sets are more relevant in the market. Those are the ones that we look to migrate today. There's a lot of training going on in AI and generative AI in this area. Next question is from Hiranandan Kapoor. Women diversity share percentage. And how do we handle health issues of employees? So today, we have 39.3% of our employees are women employees. And in terms of employee well-being, we have a internal approach, a program called HALE - Health Assessment and Lifestyle Enrichment. And this is something which all of our employees have availability and access to. And our employee well-being scores reached an all-time high recently of 91% among our employees in across all our locations. Next, what is the future -- what is Infosys future growth plans? Similar to the discussion before, more and more focused on generative AI, on cloud and Cobalt, on data and digital, and then specialized areas on engineering services, cyber, S/4HANA and some of the other new SaaS areas. A similar question again, what are the future plans? From Sudeep Mahto and the previous was from Hiranandan Kapoor. Next question, on generative AI, how do you plan to upskill your employees? This is from Avni. Here, we have enabled the reskilling through our own platform on Lex and through our ongoing reskilling initiatives, the ability for all our employees to do the reskilling. Today, over 2.5 lakh employees have already participated in some level, the expert level, awareness level or managerial level of reskilling on generative AI platforms. The next question from Santosh. Can you elaborate on the steps taken by the company regarding cybersecurity? So here, we have embedded security in all of our service lines and the entire enterprise fabric to make sure that we are secure by design in anything that we build. We also have security operation centers, which monitor this for our clients and also for ourselves. And then we have partnerships with third-party security firms that provide this level of production support, both internally and externally with our clients. Next, from Redappa. Can you provide a business outlook in North America? Here, we had shared at the last earnings update. Essentially, the focus in the market where the discretionary spend was similar to what we were seeing in the previous quarter. We were seeing there, across different industries in North America, varying levels of focus. And overall, in the North American segment, as was globally focused on cost efficiency, automation and those type of large deal programs. Next, is there any update on mega deals? Also from Mr. Redappa. I think on large deals, we had a very successful outcome on the previous financial year. And the pipeline, as we stated at the beginning of this year is in good shape. More and more of those deals are more efficiency, cost savings, consolidation, automation, and we see not so many deals on digital transformation. But overall, it looks -- the pipeline for those type of deals on cost and efficiency still looks strong. Next is a question from Kaushik. What are the innovative products the company is planning to invest in and to remain competitive? So here, we of course, work with services and products. On products, we have a very good set of products first, for example, with Finacle in the banking area, which is constantly evolving, and today, very much a cloud-based product with more and more feature sets. We also have other product platforms that we built for e-commerce, for platforms, procurement, insurance and we continue the investment there. And then we have investments in service capability platform, for example, Cobalt for cloud or Topaz for AI. And those continue to be critical for what we look into the future in terms of our investments. A similar question, how does the company plan to invest in R&D and maintain its competitiveness? From Mr. Kaushik. In addition to what I shared, we also have Infosys center for emerging technologies and solutions. So that looks at some of the newest areas that are in the market. We were looking at AI for some time. Today, for example, we also look at quantum and other such areas, which we think will be more future orientated in terms of where the company will look at for these services in the future. Next question, also from Mr. Kaushik. Can Infosys develop some AI-enabled tool for specially-abled people to make their life better? Also, does Infosys have any plans to do something for differently-abled people like it did in Australia? So as part of our CSR focus, we have projects across India, which also includes projects for specially-abled people. We have technology-led projects which address the needs of the whole population. And the CSR efforts of the company are built with the CSR Committee within the company and the Board Committee of the CSR, which will look at this in its entirety. The next question, can we consider supporting education of underprivileged school students through CSR? So one of the focus -- this is from Mr. Dilip Kumar. One of the focus areas of CSR is to enhance education, and we are working to provide a path of education for those most in need with collaboration with government agencies and civil bodies. And we're working with initiatives, which are both in rural parts of India and in urban school environments. And these CSR approach is also reviewed by the Infosys Foundation trustees within the company and the CSR Committee of the Board. Last question from my side, does the company have plans to increase the share of India business revenue in the future? From Mr. Yashpal Chopra. So here, first, we -- our Finacle product works across a large number of banks in India, and it's something that is a platform of choice for the banking sector. In addition, we are looking at where we could support -- for example, we do a lot of work with the government in the income tax program, in the GST program, and that whole area is something that Infosys has built and supported the systems in making sure that the government's approach on digital India is supported. And we are continuing to look at which other areas we can work with to support the government's push on digital India and also the consumer large businesses, private sector in India as they leverage the technology. And that's all from my side. Over to you, Jayesh.

On details on recent acquisition and alignment of Infosys strategy. We have a strong capability in engineering and R&D services, and this acquisition solidifies our position. Intech is a leading engineering R&D service provider focused on German automotive industry with a large and reputed clients. This acquisition will help us build an end-to-end offering in this space. Europe has been a very strong area for Infosys contributing over 27% of our revenues and with several large deals. Our manufacturing segment within that has also witnessed strong double-digit growth for the last couple of years, and this acquisition will further accelerate the opportunity for us in this space. The next question is from Omprakash. Can Board consider share split? The Board of Directors evaluate decisions around splits and bonus from time to time after taking into account various factors, and they continue doing that. At this point in time, we have no recommendation from the Board on any share split or bonus for consideration. Next question is from Hiranandan. Can the company disclose the financial details of the subsidiaries? The summary performance of all our subsidiaries is in part Annexure-1 to the Board report. The information is available in Page 68 of the annual report as well. The next question is from Avni. How does the company plan to manage its wage cost in future? Infosys aims to deliver monetary, nonmonetary rewards to our employees on a holistic basis through fixed pay, performance bonuses, stock incentives, benefits and perquisites, which are integral part of our total reward strategy. Regarding your question on managing wage costs, we have been focusing on various levers like automation, lean, pyramid optimization, leveraging AI, et cetera, to bring in productivity improvements and manage our wage costs effectively. The next question is from Nagaraj Kini. The 91 subsidiaries opened, but over 30 of them are having negative returns. Can you share plan to revival of these subsidiaries? These subsidiaries are set up in various locations to meet group's objectives -- strategic and business objectives, strengthening service offerings and for servicing clients in various locations and part of the large deals expansion as well. We measure overall performance of these subsidiaries, taking into account various factors, including stand-alone performance, synergies, the offshore revenue and margins that they bring in and look at them on a holistic basis. The next question is from Abhishek. The company to consider doing regular investor meetings across the world. The company's quarterly earnings meetings and the AGM is currently accessible live at -- live from all parts of the world. We attend investor conferences and organize non-deal roadshows to meet investors across the globe on a regular basis. The details of which are filed with the exchanges in advance and are available on our website as well. The next question is from Vipul on why is company not considering providing details of deal wins, which are below $50 million? As you know, Infosys has always believed in going above and beyond the statutory requirement disclosures. Accordingly, we made disclosures that give incremental insights about company's performance regularly. The large deals in our mind is an important performance indicator, which gives indication towards company's performance in the medium term. The disclosure made by the company have periodically reviewed, and additional disclosures are made or discontinued as and when required, if they are no longer relevant. The next question again is from Vipul. Can you provide contribution from GenAI segment? I think partly covered by Salil and Nandan earlier. GenAI is an emerging technology that is likely to transform business and technology. We are currently working on 225-plus GenAI projects. These projects are currently small sized as clients are trying to develop their internal AI strategy. We are one of the IT services companies globally to achieve ISO 42000:2023 certification, testifying our commitment to excellence in AI management. Over 250,000 of our employees have been trained in AI and GenAI skills. The last question for me is from Gaurav. What are the steps taken -- that Infosys is taking to reduce carbon footprint to net zero as soon as possible? Infosys carbon neutral for fifth consecutive year in 2024. We are also signatories to the Amazon climate pledge to become net zero by 2040. Today, 67% of our electricity for our operations in India comes from renewables. And we have 60.2 megawatt installed solar capacity. With close to 30 million square feet of our highest rated green buildings, we have pioneered smart buildings technology globally. We are working with our suppliers to encourage CDP disclosures, while continuing to invest in mobility and technology solutions that reduce greenhouse gas emissions. That's the last question for me. With that, I will hand it over back to Manikantha. Thank you.

Thank you, Jayesh. There were two questions which are directed at me. The first question is from Mr. Mukesh. The question is please do not send annual reports. Allow for opt out for annual report. The answer is yes, the company is an agreement with this view. For FY '23, '24, the Ministry of Corporate Affairs has dispensed away with the requirement of sending physical copies of Annual Report. But however, the company sends the physical Annual Report who specifically requests for. The next question is also from Mr. Mukesh. Can the company arrange for a campus visit for shareholders once every quarter? The answer is the company had arranged the Mysore campus visit in the past. Future programs and campus visit, if any, will be informed to the shareholders in advance. With that, I will hand over to Mr. Chairman.

Thank you. 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 votes yet, to do so within the next 30 minutes. The Board of Directors has appointed B. Hemanth, Practicing Company Secretary, as the scrutinizer to supervise the e-voting process. Further, I hereby authorize Manikantha, the Company's Secretary, to declare the results of the voting and place the results on the website of the company at the earliest. The resolutions as set forth in the notice shall be deemed to be passed today subject to the receipt of the requisite number of votes. We had 290 members participating in today's 43rd Annual General Meeting. Thank you for attending the meeting. I hereby declare the proceedings of Infosys Limited's 43rd Annual General Meeting closed. Thank you very much. Have a nice day.