Infosys Limited (INFY) Earnings Call Transcript & Summary

Welcome to the 45th Annual General Meeting. Hope all of you are safe and in good health. This meeting is being held through video conference in accordance with the circulars issued by the Ministry of Corporate Affairs and SEBI. Members participating through video conference are being considered for the purpose of quorum as per the circulars issued by the MCA and Section 103 of the Companies Act 2013. We have the requisite quorum present through video conference to conduct the proceedings of the meeting. Therefore, I call this meeting to order. Before we start the main proceedings of the meeting, I request my colleagues on the video conference to introduce themselves. Nitin?

This is Nitin Paranjpe. I'm the Vice Chairman and Independent Director of your company, and I'm calling in from the Netherlands. Salil?

Good evening. I am Salil Marek, CEO and Managing Director, joining in from Mumbai. Welcome to the 45th Annual General Meeting. I hope all of you are well. [Audio Gap]

Good evening. Members may note that this Annual General Meeting is being held through video conferencing in accordance with the Companies Act 2013 and circulars issued by the Ministry of Corporate Affairs and SEBI. The notice of the 45th AGM and the annual report for the financial year ended March 31, 2026, have been sent electronically to members whose e-mail addresses are registered with the company or with the depositories. In addition, physical copies of the annual report have been sent to members who have requested for the same. Further, the company has sent a letter to shareholders whose e-mail addresses are not registered with the company or depository participants, providing the web link for where the annual report can be accessed on the company's website. The facility for joining this meeting through video conference 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 key manager personnel, the register of contracts or arrangements, certificates as required under SEBI, share-based employee benefits and [indiscernible] equity regulations in 2021 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 the e-mail at [email protected]. As the AGM is being held through video conferencing, the facility for appointment of proxies was not applicable, and hence, the proxy register for inspection is not available. The company has received requests from a few members to register the mass speakers at this meeting. Accordingly, the floor will be open for those members to ask questions or express their views. We will facilitate this session once the Chairman opens the floor for questions and answers. Members can also post their views or questions on the Ask Question tab on the video conference screen before 4:30 p.m. IST. It may be noted that the company reserves the right to limit the number of members asking questions depending on the availability of the time at this AGM. The company has provided the facility to cast oats electronically on all resolutions set forth in the notice. Members who have not casted votes electronically and who are participating in this meeting will have an opportunity to cast their votes during the meeting through the e-voting system provided by NSDL. Members can click on the Vote tab on the video conference screen to make use of this facility. Members are requested to refer to the instructions provided in the notice are appearing on the video conference page for a seamless participation through the conference and also for voting. In case members face any difficulty, they may reach out on the helpline numbers. Members may note that this AGM is being recorded. Please do not disclose any sensitive personal information or personally identified information belonging to you or any other person that has no bearing on this meeting. Thank you very much. I now request Nandan Nilekani, Chairman to address the shareholders.

Dear shareholders, welcome to the 45th 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 2026 has been a year of disciplined execution and resilience for Infosys, even as the external environment continues to evolve, we delivered USD 2.2 billion in revenues, growing 3.1% in constant currency while maintaining a strong adjusted operating margin of 21% and generating USD 3.7 billion free cash, which is 112.6% of net profit. This is the second consecutive year when we have generated free cash flows of more than 100% of net profit. Large deal TCV for fiscal 2026 was at USD 14.9 billion, with 55% being net new. This reflects the strong trust that clients have in us and relevance of our strategy, and provides a robust foundation to build on in the months ahead. For fiscal 2026, the Board has recommended a final dividend of INR 25. Along with an interim dividend of [ INR 23 ] that is already paid, total dividend is INR 48, which is 11.6% growth year-on-year. The total payout for FY '25/'26, including the recently completed buyback will be 113.9% of free cash flow. With this, we have returned 82.1% of free cash flow cumulatively for 2 years under the capital allocation policy. Nitin Paranjpe, who is an independent Director, has been appointed as Vice Chairman of the company effective April 30, 2026. During fiscal 2026, no directors or KMP were appointed. However, post fiscal 2026, based on the recommendations of the Nomination, Remuneration Committee, the Board appointed Diane Jurgens as an Independent Director effective April 22, 2026, for a period of 3 years until April 21, 2029. The Nominations and Remuneration Committee has also recommended the reappointment of [indiscernible] for a second term of 5 years. Accordingly, post fiscal 2026 the Board approved a reappointment as an independent director from May 26, 2026 to May 25, 2031. Both the apartment of Diane Jurgens as an independent Director and reappointment of Elin Potier as Independent Director for the second term, have been approved by the shareholders via the recently concluded postal ballot. On the business front, the industry is going through a major technology transition and whenever there such a transition, questions are asked about our relevance leadership or ability to maintain growth and margins. Given that AI is a much larger and disruptive technology transition than ever before, the questions are louder and the doubts are more insistent. Moreover, the existential question that is being asked of us is, if [indiscernible] becomes automated, then why are we needed at all? Now more than 3 years after GenAI is launched, Infosys is more relevant than ever before and well positioned for the decade ahead. While we embrace the best coding tools and improve our productivity, there's much more to do in the software development life cycle. Enterprise context is paramount. Solutions must complement existing investments. The demand rigorous testing, resilient architecture and foundational cybersecurity. Data governance must reflect an organization's own obligations, not the convenience of any external platform or provider. The AI deployment gap in our large enterprise clients is real, and closing that gap is where the work is. AI will not replace companies like ours. It will amplify those who move with purpose and adapt with speed. The AI revolution has made legacy modernization urgent in a way nothing else has, and clients are moving to retire the technical debt accumulated over decades preference will be to build versus buy for software. All this creates even larger opportunities for us. The defining opportunity lies in integrating intelligent AI systems with mission-critical enterprise platforms. The greatest value will come from combining the world of models and agents with traditional transaction systems that continue to underpin enterprise operations. That convergence is where the next wave of opportunities will emerge. Our clients trust Infosys to bring hard-earned learning to help them navigate the complexity of enterprise AI. Infosys is fully prepared to deliver on that trust and help clients navigate their next. We're already collaborating with 90% of our top 200 clients on their AI journeys. Increasingly, they see Infosys as a trusted partner to unlock AI-led value across growth, efficiency and innovation. The strategic investments we have made and continue to make in Infosys Topaz, position us well to guide our clients as they navigate structural shift in technology. Combined with the cloud strength of Infosys Cobalt, we are enabling clients to scale AI with speed, confidence and enterprise relevance. We recently unveiled our AI-first value framework to help global enterprises unlock value -- AI value at scale. This positions Infosys to tap into an AI-first services opportunity of USD 300 billion to USD 400 billion by 2030. Continuous learning and talent transformation have been core to Infosys for many decades. The AI era requires fresh learning and new mental models. We are systematically preparing our talent for this new era, while redeploying those released to productivity gains towards new areas of growth. We recruited over 20,000 college graduates this fiscal year and ended with a workforce of over 325,000 employees. During the year, Infosys was recognized as a global top employer in 20 countries for best-in-class HR practices. We were also named one of India's Best Employers among nation builders 2025 by Great Place to Work. We have built a strong AI partnership ecosystem spanning compute and cloud platforms, model developers, data and analytics providers, applications and security technologies. This enables best-in-class AI solutions with the flexibility and resilience required for AI-native agent-driven enterprises. During fiscal 2026, we completed two acquisitions: MRE Consulting Limited, a leading energy and business consulting firm based in the United States and the Missing Link Group, a cybersecurity service provider base in Australia. During the year, the company also entered into definitive agreements on 3 strategic funds. Infosys will form a joint venture with Telstra acquiring a 75% stake in the [indiscernible] Group, Australia's leading digital transformation solutions provider and a wholly owned [indiscernible] Telstra Group Limited, Delving cloud and digital transformation services. We also agreed to acquire Stratus Global LLC, a leading insurance consulting and technology services company focused on guidewire services and headquartered in the United States, and Optimum Achieve Holdings, Inc., together with subsidiaries, including Optimum Health care IT LLC, a leading health care digital transformation and consulting company headquartered in the United States. Both these acquisitions are now complete. Long-term success must be responsible, inclusive and sustainable. Our ESG vision for 2030 reflects that conviction through positive climate action, inclusive and equitable practices and earning stakeholder trust through ethical governance. We have achieved carbon neutrality for the seventh consecutive year across our global operations through reduced consumption, renewable sourcing and high-quality carbon assets. Renewables now account for 81.8% of our India operations and our campuses recycle 100% of wastewater through large-scale rainwater harvesting and demand-side efficiency measures. 11 campuses have achieved true zero waste certification, reflecting the scale and consistency of our circular economy approach across geographies. At Infosys, our purpose is to employ human potential and create the next opportunity for people, businesses and communities. We continue to expand our social impact program through Infosys Foundation, Infosys Science Foundation, Infosys Prize and Infosys Foundation U.S.A., addressing education, skilling and livelihood training, health care, women empowerment, science and research and environmental sustainability. During this year, in India alone, Infosys Foundation undertook [ 200 projects ] impacting 7 million lives. We have reached 15 million people through digital skilling initiatives anchored by Infosys SpringBoard, our flagship digital learning platform. We have also been recognized as the world's most ethical company for the sixth consecutive year by Ethisphere, a reflection of our continued commitment to responsible growth. We have been ranked as the fastest-growing IT services brand over the past 6 years by Brand Finance. Infosys is a natural choice as an AI transformation partner. It is said that to anticipate the future should skate to where the puck is going. In this case, the puck is coming to where we have already positioned ourselves. On behalf of the Board, I want to thank our employees clients, co-founders and governments of the countries and states where we operate for their trust in us and generous support to all our shareholders it is your encouragement 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, shareholders, and welcome to the Annual General Meeting. Over the next few minutes, I will share with you some of the highlights of the financial year and what we are looking at as we go ahead. As we look at the next slide, the safe harbor provision, then the next slide. Financial year 2026 was a strong year for us. First, we had a revenue of over $20 million, constant currency growth was 3.1%, adjusted margin -- operating margin of 21%, very strong free cash flow, employees now at over 325,000 across the world. One of the key elements there was that we recruited 20,000 college graduates across India and in some other parts of the world as well, as we continue to scale in this new environment as we do more and more work within AI. Our clients with revenues of over $100 million, we're at [ 41 ] as we close the year. As we look at the next slide, if you look at the financial performance, we have shared this in this line in rupees. In many of the areas, we had a nice positive movement from the last year. In terms of cash flow, we had a positive movement, which was reflected after you adjust for some of the tax refunds that we got in the previous financial year. As we look at the next slide, we have now returned over INR 55,000 crores over the past 2 years through the capital return policy, both in the manner of dividends and also with the buyback that we completed. This continues with the approach we have for our capital return policy, which will be across a block of 5-year period where we returned 85% of our free cash flow. Our balance sheet remains extremely strong. It's debt-free. There's no debt. In fact, it's very liquid with a strong balance of cash and cash investments which we continue to maintain even as we provide the capital return to shareholders, and we continue with some acquisitions. As we look at the next slide, one of the most critical areas we have focused on in this past year has been to launch an AI approach within the market. Internally, we've been working on this for a number of years. We have built internally something which we refer to as Topaz fabric, which allows us to make very strong AI capabilities available to our clients in partnership with AI companies. As you look at the next slide, this is the approach that talks about how we go to market with all of that AI capability. We have seen today, there are 6 broad areas in which clients are looking to use AI to improve their business for growth or improve their business in terms of the quality service levels or improve their business in terms of efficiency and cost. The first area refers to really AI engineering and strategy, where we build agents across different platforms and tools. The second to data, which is a critical element of putting AI together. The third is process where a lot of new work is being done to first make the process more efficient and then use agents to make that process work better. The fourth is really modernization of technology using agents. This we see as one of the largest areas today that our clients are looking to Infosys to help them with. The fifth is the physical AI, which is you look at a real AI in manufacturing and put the software into those manufacturing elements where the products are there, whether it could be in medical, whether it could be in automotive or any of the other areas. And the sixth is the AI trust where we look at how do you make sure that it is secure and is also responsible AI. And when we look at this as a collective group, we see that this is approximately $300 billion of addressable market overall in those 6 areas, which is from today on to 2030. So over the next 5 years, and that's what gives us a real focus on how we drive the growth there. In this slide, we show what are the different clients that we are working with in each of the 6 buckets today. So these are actual projects, they're not the proof of the concept. They are large-scale programs, which our clients are trusting Infosys with to make sure that we deliver this sort of work for them today. On the next slide, we talk about as an overall journey, how are we helping our clients to move from where they are today to the future, which is really very much AI-driven -- because we have this really deep understanding of their environment, what is in a client environment, what is in a large enterprise environment? How is the technology set up? How does it interact with the business? What is the architecture landscape, what is the data landscape? -- that domain knowledge is really the value that we are bringing and which is why we are seeing a strong connect that our clients are having with us to make the AI successful. We also have extremely good engineering talent. We have shifted a lot of our training on to the AI training and we have more and more of our employees ready and certified on the different foundation models, coding tools, compute platforms that are available for the AI. And then we have built our own platform in IP, which is the Topaz fabric, which allows us to work with any AI foundation model for the benefit of the client. In doing that, we have built a very strong partner ecosystem. So all of the big AI foundation model companies, the compute companies are working with Infosys very closely to make it available for the clients based on what the situation is, which industry, what type of work, different foundation models become relevant for that. And we have a very strong partnership approach to driving that. As we look in the next slide, a year in Q3 of last year, we had shared this data that approximate -- that 5.5% of our revenue was in AI services, which is approximately $1 billion annualized. And this is growing at a quite fast pace, we had given that when we shared it in Q3. So we reconfirm that, that is how we are driving this, and we continue to see good growth in this AI services revenue. And then on the next slide, we show that also on the thought leadership, meaning how is the analyst community looking at Infosys, in any of the groupings, there are 16 areas across these 6 markets, where we have the leadership ranging for AI, which Infosys is being recognized for. Then I move on the next, there are two big foundational elements of AI. The first is the cloud. And here, we have built Cobalt over many years, and we have a very good first capability, the partnership and then the ability to use the cloud compute platform to make sure that the AI is working well and make sure the migration is working well. A lot of the different foundation models are working on multiple cloud platforms, and that's where the strength comes of Infosys having had that skill and capability from a long time. And the second is the data as you look at this slide, there is data within the enterprise, which is structured, which is unstructured. How is it? How can we make all of that become available for the AI model because the value for a large enterprise is to take its own data and make it populated in the model so that it becomes more intelligence for the company to benefit from the enterprise to benefit. And we then ensure that the data is also secure and trusted so that it's not something which the enterprise may feel not dependent upon. And so they can continue with the differentiation, which is coming from their own knowledge, their internal data and knowledge that comes together. And then we are now bringing enterprise -- bringing customer and supplier data also in addition to their own, which is enhancing how the models are working within large enterprises. Then as we look inside the company a little bit, we have been focused very much over the last several years on our own efficiency because we want to maintain, and as you saw in the previous financial year, we increased our operating margin. We want to make sure, despite the environment outside, we want to have a very strong operating approach. And there, we have driven a lot of the cost efficiency with the automation, with the pyramid, with the productivity, where we ourselves are using the AI in many places. For example, in finance, in marketing all of our internal functions, of course, in coding as well which is giving us productivity benefits then improving some certain portfolio elements and then reducing our Internet cost to make sure that we have the foundation for the good profitability. The strength of Infosys really comes, which are always well from a very much leading delivery organization, where we have excellent training and very well driven teams that make sure that what we are committing to our clients, we are able to deliver. And now more and more in multiservice offerings in complex programs, where there's a lot of trust from our clients and now in the 6 new areas of the AI, where we put even more attention and focus. Then on the brand, we have done, I think, quite well where a brand is recognized more associated on top 3 most valuable brand globally, one of the fastest-growing IT services brands, top 100 of any brand in the world in the last financial year and good perception with AI for Topaz and for cloud with Cobalt. Then we also took some time at the acquisitions. We had finished a few in the financial year. A couple of them got done just after the financial year, but before today, one was on the health care side, one was on the insurance side. So we want to make sure in the areas where we see a good opportunity and where we can scale up, we are doing more and more of those type of acquisitions, which we are then able to integrate into our business quite well. Then we wanted to share a little bit with how we are working across all the communities. We are in the part of -- we have created a lot of impact within India with the contributions the company is making 200 projects and 1 million people with Springboard, which is a training online capability, which we provide for free over 10 million people worldwide have benefited. And one example where we have worked with making sure that the water capacity in lakes within different parts of India is enhanced by providing sustainable solutions. All of this comes within the area of supporting the communities in the CSR work we are doing. One of the biggest difference is we are approaching the market is how we work internally as one Infosys, whether it's with the service lines, in the industries, in the geographies, making sure that the best capability of Infosys is available to every client, and all of the teams in sign are continuing to work well together. In conclusion, I would say, with a strong execution on the financial year. We have a good AI approach and strategy and already starting the execution. We already see approximately annualized $1 million of AI services revenue that we shared in Q3 and growing at a very good pace. Very strong AI partnerships, the foundation model companies are also approaching us, and we are working strongly with them. A good, stable organization, the one Infosys and the continued trust of our clients. So with that, I will conclude. Thank you once again for all your faith and trust in us, and we look forward to the coming year to be more and more AI-driven into the future. Thank you.

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

Thank you, Nandan. The statutory auditors, Deloitte Haskins and Sell LLP and the Secretary Auditor, Macron Joshin Company, have expressed unqualified opinion in their respective audit reports for the financial year 2026. There were no qualifications, observations or adverse comments on the financial statements and matters which have any material bearing on the functioning of the company. The statutory auditor's report on the stand-alone and consolidated financial statements are available on Page # 226 and 307 of the integrated annual report. The Secretary Auditor's report is enclosed as Annexure 5, to the Board's report on Page 91 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'm pleased to bring to your notice that as required under the Companies Act 2013, the company has provided you the facility to cast your vote electronically on all resolutions set forth in the notice. Members who have not cast their vote electronically but are participating in this meeting will have an opportunity to cast their vote through the stem provided by NSDL. Members may please note that there will be no voting by show of hands. We now take up the resolutions as fourth 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, 2026, including the reports of the Board of Directors and auditors have already been provided to the members. Item #2 of the notice, declaration of dividend. To declare a final dividend of INR 25 per share for the financial year ending March 31, 2026. You would recall that an interim dividend of INR 23 per equity share has already been paid for the financial year ending March 31, 2026. Item #3 of the notice, appointment of Nandan Nilekani as a Director liable to retire by rotation. The text of the resolution is provided in the notice circulated to the members. Item #4 of the notice, approval of the proposed amendment to the Infosys Expanded Stock option ownership program 2019, amended 2019 plan and grant of stock incentives to the eligible employees of the company under the amended 2019 plan. The text of the resolution is provided in the notice circulated to members. Item #5 of the notice approval for a proposed amendment of the Infosys Expanded Stock Ownership program that is 2019, the M&A 2019 plan and grant of stock incentives to the eligible employees of the company's subsidiaries under the M&A 2019 plan. The text of the resolution is provided in the notice circulated to the members. Item #6 of the notice Approval of the request for reclassification of certain members of the promoter and promoter group of company to public category. The text of the resolution is provided in the notice circulated to the members. The members may note that in accordance with SEBI regulations, the applicants and the persons related to them shall not vote on this resolution. 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 45th AGM today and for taking time to participate in the proceedings. Before we go live with the Q&A, here are some points to note for your convenience. When your name is called, and you are projected on the screen, please mention your name and location from where you are joining and proceed to ask your question. Each shareholder will have 2 minutes for the questions. To avoid repetition, the Board will respond to all 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 into our 3 sets depending on the number of questions on video. With that, I'll request the first shareholder, Mr. [indiscernible] to proceed with the question.

[Foreign Language] say and greetings of respected Chairman, good members and all the stakeholders of my company. It is indeed a privilege to attend this meeting. My name is Dr. Dara Vipul Jamadar from Surat Gujarat, proud shareholder of our company. Firstly, heartiest congratulations to all the stakeholders for such a robust performance consistently year-on-year. Respected sir, inevitably, there are some very challenging time, which not only our company, but the whole industry worldwide is going through. [indiscernible], that exists. So for many of which questions are very existence, but investors will have to have some patience as Rome wasn't built in a day. We do create a competitive moat in the coming times, like always we have done. So I fully understand and support my company in this daring and [indiscernible] Times. Certain questions which I would request our respected Chairman to address are: First, last year, despite many disruptions, we ended FY with an all-around robust performance, but the industry as a whole is either growing negatively or in a lower single digits range. So have we gone past those glory days when there was a double-digit growth rate? Are there any signs that the industry is coming out? And now in order to regain the past glory, we need something very heart breaking. Even in terms of our margins and ROCE, the path looks a bit hazy. As even during such times when our currency has been persistently and significantly getting depreciated we have not been able to convert those in margins expansion and increasing our ROCE. What are your views on these 3 aspects? Second, there have been disruptions of all kind from technology to geopolitics from east to west side of the globe. Each sector is getting severely impacted. So turning to geographies and industries, which geography and industry will be the most stable and grow at a robust pace and which one will be facing the most disruptions in the coming times? Third, in regards to global and national level macros, which are turning dynamic and volatile, some of them highlights out are El Nino happening this year, a fear of economy entering into higher interest rate cycle, rising inflationary pressure, highly volatile energy prices, currency persistently and significantly getting depreciated and much more. How do you see an uptick in public and private CapEx for IT services? Which counter of deal wins metrics will experience maximum growth and which one will see a drag in this FY? Fourth, our free cash flows and ROCE have always been industry-leading. But can you please elucidate on how are we planning to fund our next exploring segments like AI data centers, quantum computing and much more as it requires a lot of capital and worldwide, companies are raising lots of debt while leveraging that. So will our growth or the future funding of the growth will be highly leveraged? And how will our capital structure look like? What will its impact be on our dividend distribution policy and ROCE? Fifth, supposedly due to our large size, we are unable to transform or we take a bit more time and expand at a significant rate in AI, will it be wise enough to somehow invest in global AI jacks or even take M&A routes for some? Kindly share your views on the same. Lastly, our nation has legally secured many FDA packs with many developed nations worldwide. We already exist in many developing as well as develop patients globally, how do you believe a company like us will be taking its advantage? Furthermore, if you were to ask for some new relaxations or regulations for our industry from the government, what would they be? Thank you, sir, for providing this opportunity. It's an honor.

Thank you, Dr. [indiscernible]. We'll move to the next shareholder, Mr. Vipul Kumar Shah. Mr. Vipul kindly go ahead and ask your question.

Good evening to Chairman sir, Board of Directors and my fellow shareholders. So my first question is regarding the extension of tenure of our Mr. Salil Parekh, who has done a wonderful job since last so many years. If I am not mistaken, his term is coming for renewal next year, so it's more seized of the matter, he is more considering extension or Board is looking for any another candidate? This is an overhead of the companies, which needs to be clear as early as possible. So I would request you to add your views. My second query is regarding, we give guidance since decades, I am the shareholder since IPO. Of course, the intention is noble, but it has unintended consequences like too much volatility in the stock prices for minor bits or minor basis in particular quarter where one contract revenue may slip into another contract. So I would request the Board to seriously reconsider whether guidance is necessary. According to me, guidance should be scrapped because our larger peer is not giving any guidance. And I find that volatility in their stocks after results, albeit is generally less. So this is just my own view. So I request more to consider this matter as well. And second, what was our revenue contribution from AI-related offerings for last financial year and what type of growth we should expect from that offering? And what is the margin difference between AI-related services and normal services? That is my third query. And lastly, on Analyst Day, our Chairman, sir, Mr. Nandan Nilekani, on his opening remarks, have made one very interesting comment, which I found very interesting that in AI world opportunities are endless only risk is execution. So I would request sir to elaborate on his comments. And and how we are moving in that direction. Thank you, and all the best, sir.

Thank you, Mr. Vipul. Now I'll request the next shareholder, Santosh Kumar Saraf. Sir, kindly go ahead and ask your question.

Yes, yes. Good afternoon, Chairman and Board of Director and also those who are attending. I am Santosh Kumar from Calcutta. [Foreign Language].

Yes, sir, we can hear you.

Sir, I want to know Infosys successfully rose $20 million revenue milestone. What are the top 3 strategies that will help company reach to $30 million? Revenue and while maintaining industry-leading margin, creating superior shareholder returns. that is my one question,sir. Nothing to ask, and with finance year 2027 to all our Chairman, Director and employees, healthy, welathy and good year. Sir, I also wish to our monitors or good service. Thank you, sir.

Thank you, Mr. Santosh. Now I'll request the next shareholder [indiscernible], unmute yourself and ask the question.

[Foreign Language]

[Foreign Language] Thank you very much, sir, [Foreign Language]Thank you.

Thank you, Smitha Shah and Bharat Shah. Now I'll request the next shareholder Om Prakash Kejriwal.

Myself, Om Prakash Kejriwal equity shareholder from Calcutta. Thank you, sir, for providing the platform to speak something about you. Thanks to our [indiscernible], especially Manikantha for calling me taking my [indiscernible] this is my fifth AGM only due to virtual. So if possible, please follow this virtual AGM next year also so that more and more investors from different parts of the world can join our AGM and experience their views and company could take benefit from their views. So many, many thanks to your people for increasing our dividend from INR 43 to INR 48 [indiscernible]. It is very good distribution, sir. Sir, there is just saying, [Foreign Language] our share price is falling every day. Today, it is almost [indiscernible] 12-month low. Sir, do you know why it is falling, because we are not investing in futures. And so foreign investors are dumping our shares. Today, market cap of [indiscernible] is $4.5 billion, more than our whole Indian capital market. Sir, today, investors are looking for growth and growth will come from your investment in the future. You can see the growth of Taiwan and South Korea. This too a small country capital market cap is more than our country's capital market. It is only due to investment in future. Sir, it is a went-up not only for our complete but also for Government of India. Government is investing huge money as well as man hours in conducting [indiscernible] invest in skill development. Sir, today investors do not like buybacks. You can see the position of our company sales and with a shares after buyback. Sir, your people have destroyed INR 1,800 crores on buyback. At the time of buyback, I sent 3 mails for rectification in buybacks. If you follow my suggestions, our capital could be reduced up to 80%. You please go through my mails. From this buyback, no long-term investors, including promoters benefited. Sir, I think, I hold so many shares in our family members accounts but I did not participate in this buyback because our balance sheet would be destroyed if we participate in this buyback. [Foreign Language] sir , I respect you very much. you gave to our country at the time of Congress, which is today used widely in DVT schemes. Salil sir, I expect you very much you get new software to our income tax department. So please invest in futures, please invest in skill development. sir [indiscernible] my company, and so I'm always thinking for its betterment. [indiscernible] your smile in [indiscernible]. We are always with you as a long-term investor. Thank you.

Thank you, Mr. Om Prakash. Now I'll request the next shareholder, be Ram Kumar. Mr. Ram Kumar kindly go ahead and ask your question. I'll move to the next shareholder. Dinesh J. Bhatia, Mr. Bhatia kindly go ahead and ask your question. I'll request the next shareholder, Mr. Krishan Lal Chadha. Mr. Krishan Lal, if you are on kindly go ahead and ask your question. I'll move to the next shareholder, Mr. Reddappa Gundluru. Kindly go ahead and ask your question. Mr. Reddappa Gundluru, we can hear you.

Respected Chairman, Mr. Nandan Nilekani, Honorable CEO, Mr. MD Salil Parekh and all other directors and my company secretary, Mr. Manikantha and my fellow shareholders, good afternoon to everyone [Foreign Language]. Sir, myself, Reddappa Gundluru, and I am joining this AGM as a proud shareholder from Hyderabad. First of all, I would like to congratulate the Chairman of the Board, management team and all the employees of Infosys for the another year of the [indiscernible] performance, emerge, global economic challenges, unsated, my company has doing very good. The annual report presentation is very clearly reflects the company's commitment to the excellence, innovation, governance. The long term value creation, Chairman sir, Nandan sir, Salil sir, your speech is very wonderful, sir. Mr. Nandan, your visionary leadership continued to strengthen my company, Infosys position is as one of the India's most respectable global technology companies. Under your guidance, Infosys has been maintained high standards of the government, corporate governance, transparency and shareholder engagement. Mr. Salil, congratulations to you and your entire tea for delivering the good steady growth from the client relationships and the operational excellence. My company focus on AI, digital from transformation, cloud services, our next-generation technologies and helping Infosys to remain a trusted partner to the global customers. So, I would like to appreciate the company for the consistent corporate transparency world-class corporate [indiscernible] and ethical business purchases. And also CSR activities meaningful. The plan activity is benefiting the education [indiscernible] you are given the sort of the IT. Health care, sustainability and community development. So the rewarding the shareholders through the healthy dividend, the long-term value creation, so legacy around continuing to maintaining a strong balance sheet as the global, the reputation. Special thank [indiscernible] for the comp Secretary, an entire regular team to ensuring the smooth conduct AGM, meaningful through standard as communication. I would like to also especially thank you Mr. [indiscernible] from the CS team as reachable extend support. Sir, I have your question. Sir, what are the company, the key growth -- the priorities for the 2 to 3 years, I would like to know, especially in the areas of artificial and the generative AI? Second question, sir, how does the Infosys plan to improve the revenue growth and the current global economic environment? Third questions opportunities, does the management see from the increasing the digital transformation, spending by growth enterprises? Fourth one we have, only 5, last couple of sir. Can the management share the outlook on the employee retention of the talent development, skill development, emerging technologies? Final question, sir, is there a money company considering the new strategic actuation and seen its capabilities of an EA, cybersecurities and cloud services? Thank you, sir. Before Guy Cantone again, congrats, the Chairman of our Board, management team and how the employees of Infosys but the outstanding effort. I support the resolution place before the meeting. Infosys such as her grow and continue leadership on the global technology industry. Sir, finally, we have [Foreign Language] Directors. I pray got to give more resonance Board of Directors and Company Secretary. Thank you for giving the chance to [indiscernible],, I have very good memorable photograph. [indiscernible] sir. Thank you, sir.

Thank you, Mr. Reddappa. Now I'll request the next shareholder, Mr. Bharat Raj. Mr. Bharat, please go ahead and ask your question.

Yes, very greetings, Mr. Chairman [indiscernible]. Mr. Salil, I'm very happy in the [indiscernible] hope you come to the [indiscernible]. And thanks for the dividend payout. And Mr. Salil, my [indiscernible]. So please continue on bonus, liberal bonus. Mr. Salil, what is your plan regarding the ASF? Recently, price has come down 10%, so how we pay the [indiscernible] is totally changing now. AI, Chat GPT, a lot of patients are coming. So how do you sustain the recoring market -- and that is why only recess. I thank my many [indiscernible]. So I'm traveling here. I'm present in neo. Thank you, Mr. Manikantan gain this opportunity. And can maybe the [indiscernible] once again, Mr. Nandan. I request you one more [indiscernible] I request you to receive Mysore given sales. Now it is the fiscal -- it is a channel campus. All speaker shareholders squeeze a range in [indiscernible] campus so that we can do and see. That is only request from my reset. Thank you once again. I'm part signing up from [indiscernible].

Thank you, Mr. Bharat. Now I'll request the next shareholder, Vishak, Mr. Abhishek kindly go ahead and ask your question. The next shareholder, Mr. Sham Sundary sorry, P. Sham Sundary, please kindly go ahead and ask your question. Yes, sir, we can hear you. Please go ahead.

[indiscernible] Sir, how are we going to withstand the competition in coming future? What are our future plans to enhance the business? I hope the management consider connecting the physical AGM in the coming future. I hope the management -- is my time management give specific Manikantha. Thank you very much.

Thank you, sir. Now I request next shareholder Mr. Abhishek. Mr. Abhishek, kindly go ahead and ask your question.

First of all, I congratulate the management on the eve of Annual 45th Annual General Body Meeting. So trust all is well with you and your family in this challenging situation. Our company deserves more respect than the current market cap. After completing more than a decade of successful operations, profitability and becoming one of the strongest brand in the respective segment. First of all, I would like to know what are the new plans and new innovations that our company is bringing and which are our new projects and which are the next states that we have been focusing on? And our company has built a very large extent of Infosys campus in Pocharam at Hyderabad. So what is the present scenario, sir? Are we expanding that? Or it has been only functioning or it has not yet started because I have a property there. So I'm just interested in that particular business, whether the company has started and what is the upcoming base that has been going on. And as of now how many employees have been deployed over there, I would like to know from you. And most of our number and security is always reachable. So I don't have any further questions. I'd kindly try to give a opportunity to the shareholders and the relatives who are really eligible job opportunity in our company and nothing much to ask. I wish the company and the Board of Directors, a great success and [indiscernible] in the coming future, and thank you for giving this opportunity. I hope to see you in the upcoming hybrid AGM next year. Thank you very much.

Mr. Jaideep, please go ahead. Please go ahead with your question.

Yes. Very good evening, Chairman, MD and Board of Directors, myself, Jay Bakshi connecting from the city of Kolkata. First of all, I call by my thanks to our Company Secretary Manikantan for driving the opportunity to express my view and presenting a detailed and informative annual report and to the entire secretary team for keeping in touch with us. Sir, initial speeches, both the initial speeches was very much informative, shared about our company's happens with packs and figures and congrats once again goes to everybody involved for the good performance and the dividend we have passed on to us. Sir, we are the leaders in the providing in the AI consultancy and technology service to unlock the value. What are the thoughts for future use of this growth strategy and our growth strategy? Share our vision for building a global organization in this competitive market and what is our revenue book prospects in the coming years? kindly share about the attrition rate and how are we nurturing the talent for our future success. And what is our thought process for the cybersecurity? And that's all from my side. I wish the company all the best. And once again, congrats for the CSR activities, which we have done. And thanks for the opportunity. Thank you, sir, and continue with the BC in future so that we can get easily connected.

Thank you, sir. Now I request the next shareholder Mr. Atanu Saha, kindly go ahead and ask your question.

[indiscernible] Limited, is Chairman and Board of Directors and all of our shareholders of our company Secretary and our CFO; and all our share present in this around globe. It's -- we are arising its 45th Annual General Meeting, which is going on 23rd June 2026. It's great for me that chance to speak. My previous should [indiscernible] thank you very much to every of our shareholders a beautiful. So introduce presented is really very good and very interesting Sir, one thing, sir, what our future plan with [indiscernible] above the Infosys is collaborating with 90% of 200 clients on our AI journey and more than 1,600 projects underway. As a shareholder of an AI world company how long we have to wait for to get its profit from such use operation cost expensive? As far as I'm coming to our company, that is sustainable slowdown really but revenue growth is declining anyhow, and operating profits, it's before depreciation, interest and cap it's depreciating. But sir, one thing that matter of Page #52, whereas the AI, our employees is 84%. An employee satisfaction score is 79%. My question is that [indiscernible], it's more than 84%, as the book is unlocked -- already unlock book, which is in [indiscernible]'16, whereas it is published through our company and will report is to in [indiscernible] more [indiscernible] speech today is bad, but they after tomorrow, it's host, [indiscernible], good result and good dividend and good health to everybody although who are connecting with our -- connecting with our also thanks to our old MSME. Thank you very much, [indiscernible] to speak and thanks to our moderator and also our company secretary [indiscernible].

Now I'll request the next shareholder, Mr. Santos Chopra. Mr. Santos Chopra, kindly go ahead and ask your question.

[Foreign Language]

Thank you, sir. Now I'll request next shareholder [indiscernible] kindly go ahead and ask your question Mr. [indiscernible]. I'll move to the next shareholder, Vasudha Dakwe.

Very good evening, respected Chairman and Board of Directors and my fellow shareholders, myself Vasudha Vikas Dakwe. The opening page, given by the Chairperson is also very informative and excellent, I will also thankful to our Company Secretary and team for helping me a lot to join this platform very smoothly. Most of the question was asked by shareholder, I will not position by 1 question I would like to ask, why our attrition rate is too high and worst test, we are taking to maintain it. As in spite of all over the performance, our employee rate is why it is not less than other company? Thanking you. Wish you all the company for next coming financial years. Thank you very much, sir.

Thank you, Madam. I request the next shareholder [indiscernible].

[indiscernible] Board members and color for older would turn to all in with me invest pleasure to interact with you once again this year. I am [indiscernible] our CS, Mr. Manikantha for [indiscernible] with opportunity. I sincerely wish everyone in good health and complete success. Coming to query, with the rapid adoption of AI and generative AI across industries, broad percentage of poses telling this links to AI and [indiscernible] with the service and solutions? And what is the management is the management target contribution from AI related over the next 2 to 5 years? Suggestion, as shareholders, I would like to provide a humble suggestion and proceeds, we consider expanding its AI-led services and subscription base [indiscernible] for small and medium enterprises globally. This could create a recurring revenue stream, [indiscernible] client relations, ship and reduce dependence on [indiscernible] based revenues. On the lighter note, Infosys has automated so many business processes globally. And at the next innovation could be an AI-powered AGM assistance that tells shareholders exactly when their turn to speak is approaching. Before concluding, Chairman sir, I have returned to you on several occasions, seeking a [indiscernible] and support. I would recall if my request would [indiscernible] if personal analysts are the [indiscernible] of our GM, CFO or person official, who may be able to evaluate my proposal or advise that concern team collect it, as our company is in India, most respected company and is also known for its CSr activity. [indiscernible] met hopeful that the guidance or support may be extending to help make to my professional journey. Thank you for your patience and consideration. I will [indiscernible] employed and all the stakeholders conclude success, good health and prosperity. Thank you very much. I look forward to meeting you next year again. Thank you.

Thank you. Thank you, Mr. Kaushik. Now I'll request the next shareholder, Satish Shah. Kindly go ahead and ask your question. I'll move to the next shareholder, Mr. Yusuf Yunus kindly go ahead and ask your question.

Very good evening in a speaking from Mumbai. [Foreign Language], on a face value of this INR 5. Sir, very -- so why it is coming down, so what kind of reason I would like to do. [indiscernible] for our company at [indiscernible] your number is coming this now. So this so however companies are caring for the shareholders. So they are very small [indiscernible] company to shareholders of imported. I would like to act. Can you add effective [indiscernible], can you call me? [indiscernible], I would like to meet you, sir. I'm very proud of you sir. You're one of [indiscernible] you work in worlds. For example, all the foreign issues are saying these shares will go up. Today, it is a market down [indiscernible] [Foreign Language] you are not to worry. The time will come, we will have a put flower in the handset, and you will declare it that next [indiscernible], all the elements there. Sir, can you next year can you start on act pellet whether contrarian you start for to get together that very good for ourselves. [indiscernible] it and my speech, flower in your hand, power just like signing, flower signing flower side, but you smile we said there. I'm smiling skee please filing had not to all this market up and down things will join with our [indiscernible] my full family is at [indiscernible], what people like you could visit sir, and they pay for our company [indiscernible] Thank you very much. [Foreign Language]

Thank you, Mr. Yusuf. Now I'll request the next shareholder Hariram Chari; Mr. Hariram.

Now I'm opening my beauty also. Chairman [indiscernible] my name is Hariram [indiscernible], you are the father of [indiscernible]. Now our reliance is calling not [indiscernible] overages we called Infosys [indiscernible]. and you are the product of our [indiscernible], we can do that. Now Mr. Chairman, I give the complement a certainty for giving the very informative presentation and also the Company Secretary, [indiscernible] for bringing out a [indiscernible] report under the guidance of Chairman and main Director. Mr. [indiscernible] staff, including [indiscernible] also needs to be mentioned. Now [indiscernible], about the CSR. We are doing very good CSR activities and my compliments to them, let us know who is the Chairman of the CSR Committee and who are the members of the CSR Committee. Some very good suggestions are there. Next meeting may be also online for the [indiscernible] Bombay can attend it. And second [indiscernible] have a get topic of speaker share order in Bombay, many [indiscernible] so please hold get together in Bombay, sir. And now dedicated mobile or maybe in the [indiscernible] if we can change from time to time throughout the year, and we can maintain the personal relationship. And Mr. Chairman, about what in highways, we are doing, talk about solar [indiscernible] that also we talk to do that with are we using this? And who is your model officer? Are we helping that to you are going for share and [indiscernible] dividend even to IP. So is not a kind of [indiscernible] and with that, I thank [indiscernible] and our best employee and ethical companies. Thank you very much. My name is Hari Ram.

Thank you, Mr. Hari Ram. Now I'll request the next shareholder, Mr. Dilip Jain, Mr. Dilip kindly go ahead and ask your question.

[Foreign Language]

Thank you, Mr. Dilip. Now I'll request Mr. Shanik Mehta to kindly go ahead and ask your question.

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

Company Chairman, Mr. Nandan Nilekani, Board of Projectors, MD and Clarks; Company Secretary, [indiscernible] employee, my fellow brothers and Sister shareholders. First of all, as a shareholder, myself [indiscernible] of Jamnagar Vija, [indiscernible]. First of all, as a shareholder, I'm quite happy with the performance of the company for the margining complaint as far as working marking is there, dividend policy is there, no problem. [Foreign Language] as a minority seemed service as a company Chairman; and [indiscernible] is our CMD; and Mr. Manikantha is our Company Secretary. So please don't think of retiring. We put 50 years and even we do [indiscernible] after. [Foreign Language], I sold about 10% of my holding of Infosys, [Foreign Language] I sold 10% of Infosys. Again, I urge those [indiscernible] after the time we're able to slip. So I love that much Infosys company. come my sense. Thanks to all of you for giving me an opportunity to speak at a [indiscernible] and wish you happy year ahead, March '27. Thank you, sir.

Thank you, Mr. Srini. I'll move to the next shareholder. Kamenica. -- [indiscernible] kindly go ahead and ask your question.

As [indiscernible]. Mr. Chairman, noted to all those are listening to me. So he may be any nationalist. It is a great place to join you. It is a great company, setting 45-year journey. But this market is not a growth oriented or increasing. Some equation in mind, Mr. Nandan, please clarify because you are visionary. You know how the future will be at a difficult environment. how the company will open again the new market, apart from the U.S.A. is the company is taking a rest of the world, particularly the trouble in Middle East. How do you tackle that? And how the Europe and other market company are going to take to sustain the sustain the growth to how the prosper will remain is a $1 billion question, not $1 million. Please [indiscernible] any basis from Hiranand [indiscernible] luck.

Thank you, Mr. [indiscernible] I'll request the next shareholder Shweta Kamala to kindly go ahead and ask your question. St. I'll move to the next shareholder Prakashan [indiscernible]. Kindly go ahead and ask your question, ma'am. I'll move to the next shareholder, [indiscernible] Pankaj, if you are on kindly go ahead and ask your question.

Thank you so much for providing me an opportunity to speak at this area. I have only 2 small questions. First 1 is, sir, in light of workforce rationalization measures undertaken by several companies in the IT sector due to automation and AI adoption. Has the company assessed the potential impact of AI on its employee base? And does management foresee any material workforce reduction in the near to medium term? And the second question is, sir, given the rapid action of AI across the IT industry, what specific measures has the company taken to train and to reskill its employees for AI-enabled roles. And how does management plan to equip the workforce to adapt to technological changes while maintaining long-term viability. Thank you, sir.

Thank you, Mr. Pankaj. Now I'll request the next shareholder [indiscernible], kindly go ahead and ask your question. I'll move to the next shareholder, Pratik Sharma. Mr. Pratik Sharma kindly go ahead and ask your question. We can see you kindly unmute yourself and ask question. We'll move to the next shareholder, Sachin Single. Mr. Sachin kindly go ahead and ask your question.

Especially Mr. Manikantha, [indiscernible]. [Foreign Language]

Thank you, Mr. Sachin. Now I request the next shareholder Susan Modak. Sujan Moda, kindly go ahead and ask your question. I'll request the next shareholder to Patel. Madam, kindly go ahead and ask your question. Mrs. Patel, if you're on kindly go ahead and ask your question. I'll move to the next shareholder Manjit Sandip. Manji Ship kindly go ahead and ask your question. I'll move to the next shareholder. Palani Swamy. Mr. Palani for me, if you are on [indiscernible] kindly go ahead and ask your question. I'll move to the next shareholder Ashish Bansal. Mr. [indiscernible] Bansal kindly go ahead and ask your question. I'll move to the next shareholder, Suneet but Suneet, but kindly go ahead and ask your question.

Good evening. Our respected Chairman, [indiscernible], CEO; and FD, Mr. [indiscernible], distinguished members of the Board and fellow shareholders. Good evening to all. I'm Suneet, speaking from Sisi Karnataka and this meeting today [indiscernible] I want to thank Mr. [indiscernible], for organizing this compliant and transparent virtual platform, allowing us to participate [indiscernible]. Looking to the annual report for the financial year 2025, '26. I want to express my sincere happiness and satisfaction with the company's performance. Despite challenging global macroeconomic department, Infosys demonstrate remarkable residence the consistent revenue growth, strong pipelines and deep indication of advanced AI and digital capacities show that our company is not just navigating in the future, but leading [indiscernible] As an investor, I'm also deeply grateful to the Board for maintaining a robust capital allocation policy and declaring the final dividend. It reflects our continuous commitment to rewarding the faith of retail shareholders. Furthermore, you are unlevering focus on strong corporate governance and high ESG standards makes us incredibly proud to be associated with this enterprise. I would like to state my full support for all the resolutions listed in today's Annual General Meeting notice, including the adoption of the audited financial statements and reappointments on the Board. I extend heartist congatcongratulations to the entire leadership team and dedicated infotons across the globe for an excellent year. You have my absolute conference for the journey ahead. Thank you for giving me an opportunity to speak.

Thank you, Mr. Sunit. Now I'll request the next shareholder, Mahesh Kumar Bubna to kindly go ahead and ask the question. Mr. [indiscernible] kindly go ahead and ask your question. I'll move to the next shareholder. [indiscernible] kindly go ahead and ask your question. I'll move to the next shareholder, Fatima Angola. [indiscernible], kindly go ahead and ask your question. I'll move to the last speaker registered shareholder, [indiscernible]. Kindly go ahead and ask your question. Thank you all, the speaker shareholders. With this, we conclude the question session from all the shareholders. Now I hand over back to the 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 webcast and play videos which showcase the work done by Infosys during the last year. [Presentation]

We will now begin the answers to the questions. In this round, we are answering the questions that were raised in the web chat. And after one round of webcast questions, we will then come back with a round of questions from the video and audio questions. that were asked just now. I will start with my questions. I have a total of 5 questions. First one is from shareholder, [indiscernible], Kishida, Bartramesh and others. What -- please let us know your plans for issuing bonus shares? Answer is, Infosys has a rich history of rewarding shareholders bonus shares, issuing multiple bonuses since listing. The last bonus was given in 2019. We do not have any announcements in this regard as of now. Second question from Nandan what are the Board's strategic priorities for driving the next phase of growth? And how are you differentiating ourselves to maintain a competitive edge in the market. This question is also asked by Mr. Sudhir Jha Mr. Jayaraj, and Mr. Punit Singel. Our strategic priority remains to help our customers navigate their next and unlock their AI value. We believe we are well positioned to do that with our deep client relationships and our delivery capability. Our differentiators include the AI suite Topaz fabric and our collaborations with AI disruptors to deliver both AI-first and AI augmented services. Our platforms are designed to ensure that AI solutions are relevant and tightly linked to business outcomes. We are also expanding in sales and marketing in different geographies to expand our total addressable market. And where we find strategic fits, we are also doing mergers and acquisitions. And of course, we are doing a complete talent transformation to prepare our people for this new world of AI. Question number three, what are the risks you foresee to the current expectations that integrator like Infosys are more relevant than before because enterprise AI implementation requires client-specific and context-specific execution, which platforms cannot do without integrators like in [indiscernible], that's a question from Srinivas [indiscernible]. The AI deployment gap, as we said earlier, about Salil and I spoke about it, creates large opportunities for us. We see an addressable IT spend of close to $300 billion by 2030. In any enterprise implementation, the context is paramount, tools, our accelerators and agree to amplify our potential. Our biggest strength and opportunity lies in combining the new world of Agentic software with the traditional transaction system that companies have and make it AI useful and relevant to the client's business. Question #4 from Ramesh Gola, what is our road map on various items and of course, a request to visit the campus. Many questions have already been answered in the ESG road map for the coming year. We'll continue to shape our ESG vision. Our employee count today is 328,000 as of March end, and all these details are in our annual report. Our CSR efforts, including tech for good job creation and other efforts including employee voluntary health care innovations, health care interventions and women's empowerment. Question #5 from Ramesh Gala, CSR activities done by the company. Once again, the annual report and the foundation report and the interior annual report all have details about our CSR activities, which focus on digital skilling health care and environmental sustainability, we have many modern programs like Infosys springboard for digital learning, Cogna care programs as well as Lake rejuvenation and agroforestry projects supporting water conservation and climate resilience. All the information is there in great detail in our annual report. With this, I now hand over to Salil to take his questions.

Thanks, Nandan. There are a few questions I have from the WebChat part. And then as Nandan mentioned, we'll come later to the video and audio part. First question is from [indiscernible]. What are the future plans of Infosys? Is there any new projects upcoming year? So here, the big plans for us as we look ahead in the financial year '27 and even beyond, is in the AI services area. We continue to see outside of that competitive intensity and also the productivity impact on the revenues. With all that put together, we have given a guidance of 1.5% to 3.5% growth for the full year when we gave the guidance in the April results. For the long term, we are extremely enthusiastic about the AI services opportunities. What we shared earlier of the 6 big areas of AI services that we see the building of the agents or the modernization or looking at data and others. And that's an opportunity of around $300 million of addressable spend in the -- going into the year 2030. Second question is from [indiscernible] and also Netia Meta. A similar question. Given the rapid evolution of particularly agent AI capabilities, could the Board elaborate on the company's strategic road map for leveraging these technologies and how they expect to drive productivity cost optimization and long-term competitive advantage. Additionally, how is the Board benchmarking our AI majority and adoption against industry peers and what metrics are being used. What we had shared in Q3 around the time just after Q3, the data for Q3 was AI services is coming up with 55% of our revenue at that stage. Then we look at some other metrics. 90% of our employees are AI aware -- we also mentioned that of the 200 largest clients, again, 90% are where we do work, which is related to AI using Topaz, using fabric. We're currently working on over 4,800 AI projects, and we built over 600 agents. We are also scaling up a team which is of forward deployed engineers which team then works very closely with clients on making sure that AI is deployed into those client activities. We also have very good partnerships with foundation market companies with 2 companies and with compute companies across the entire AI ecosystem. And all of this then gets reflected in about 16 leadership rankings that we have within the AI ranking approach of all the analysts. Next question is from [indiscernible] many analysts say that Indian IT companies are just service companies that do not cater for R&D, Indian IT companies, just distribute cash and dividend through buyback and Indian IT companies are not investing in meaningful research. What do you say about Infosys in this regard? What is the future vision of the Infosys management where Infosys may lead in the next 5 or 10 years. Yes, we have a very structured approach in terms of innovation where we have a center for emerging technology and solutions a lot of the new technologies of AI, in fact, previously machine learning, digital cloud. And today, also new technologies of Quantum are being incubated in this group and that's where we see the earliest use. As a company, what we do is we take the new technology that are coming and we build the capabilities in skilling our people and then deploy them on to large clients. so that deployment becomes easier for our clients to use. We have also created something called the Infosys Living Labs, which is global innovation hubs with clients and partners and sometimes even start-ups and academic institutions where we can jointly develop some other technologies. For example, on AI, we have a joint work with a leading university in the U.K., a leading university in the U.S. where we are doing big work on AI innovation. Then we are doing work, which is ensuring that what we distribute through dividend or buyback is based on the capital return or capital allocation policy of the company that is being described. Question -- next question is from Sudhir Dulera, what is the strategy of the company for the development in Goja -- so what we have done across India is we've had many innovation hubs, nearshore centers, digital design studios and partnerships also with AI and GCCs in different cities in which we are operating and our clients are operating. We've also built a hybrid model where people can work flexibly from different locations, even today were come in for some other days and are working flexibly from their home locations for the rest of the time? With this strategy, we have set up location centers and cities like Amneal and making sure that, that gives a big support within Gujarat. And also in many other places, for example, in Hubli, for example, in bisazagaPutnam, for example, in Noida. All of those areas have been developed across the company. Next question is from [indiscernible] over the next 3 to 5 years, as Ganaden productivity improves software development efficiency, how does management expect economic value created by these productivity gains to be distributed among Infosys, its employees and its clients. Basically, do you expect AI to be margin accretive margin neutral or margin dilutive. So here, what we are seeing is there will be a lot of productivity improvements that are realized through AI, which will enable our clients to get some savings which they are typically investing in additional or new IT spends in different ways, which is expanding the addressable market that we see. We've also had our own internal project for margin attention and expansion where we've seen the revenue per employee is increasing over the last 3 years. Our revenues, therefore, have grown at a faster pace than our headcount. This helped us to improve our margin. If you look at the previous financial year 25 by 50 basis points. and in the financial year 2016, even with all the different macro negative environments, we were seeing that we were able to maintain our margin even as we put some more investments into sales and marketing. And our guidance for this coming year financial year 2027 for margin is 20% to 22%. In our medium term, with all of this activity and what we see in productivity benefits, our endeavor is to improve margins from the current levels as we go ahead. Those were the questions that I had. I will now request Jayesh to take his questions. Thank you all.

The first question is from Mr. Murugasen, when can we expect Infosys to grow double-digit growth? Can we expect to double the shareholder value by 50th AGM? As you know, we delivered a strong performance in financial year 2026, despite a challenging environment. We had a growth of 3.1% for the year in constant currency terms, despite lower third-party revenues and higher offshoring, which are headwinds to our revenue. On an organic basis, we have grown faster than our peers for over 7 years now. On other parameters, we had a very strong large deal wins, $15 billion with 55% net new. We generated $3.7 billion of free cash flows and all of that with a stable operating margin. despite investing in S&M and AI and talent related investments. The overall demand environment continues to be soft, and we see cautious behavior by clients due to macro concerns with growth also impacted due to inflation. As the client shift from siloed AI adoption to enterprise-wide AI adoption in the medium to long term, we expect them to increase the spend across 6 new AI value pools which should lead to expansion in addressable markets by $300 billion to $400 billion. Our guidance for the current year remains at a revenue guidance of 1.5% to 3.5%, excluding the Optimum acquisition that we completed during this quarter and at an operating margin of 20% to 22%. We do not give guidance for the future years. The next question is from [ Akash Sukheja ]. There are multiple questions: How are we going to utilize our excess cash on our balance sheet for future growth? Can we expect acquisition of major AI companies, likes of which we saw at HCL investing in Sarvam AI? Second question is, can we please start reporting AI revenue separately? This will help investors in this fearful market where every news flow causes panic. And the third question is, how would you measure and how would you reassure small shareholders who are scared now looking at the market performance? The utilization of excess cash, we have a very structured capital allocation policy as per which effective financial year '25, the company expects to continue its policy of returning approximately 85% of free cash flow cumulatively over a 5-year period through a combination of semiannual dividends and our share buybacks or special dividends subject to applicable laws and requisite approvals on. Under this policy, the company expects to progressively increase dividend per share. We have a very disciplined approach to our M&A and focus on tuck-in acquisitions, which will help us bridge white spaces in terms of capabilities or segments in which we operate as well as accelerate growth through synergies. This systematic approach and M&A has worked well for us over the years. We have a strong balance sheet and a clear cash allocation towards M&A, which puts us in a very advantageous position when it comes to making quick decisions on the acquisitions. On reporting on AI revenue separately, we disclosed the AI revenue in Q3 at 5.5% of our revenues, approximately $1 billion annualized, and growing faster than our company average. On how would you reassure shareholders? We will not be able to comment on share price at this point in time. Our aim is to focus on our business and create value for our clients and, therefore, our shareholders. We have right ingredients and reflect strong delivery capabilities, deep client capabilities, multiple AI recognitions and trained employee base to deliver on the same. The next question is from [indiscernible]. Overall stock returns have been very poor for shareholders over the last 5 years despite good dividend. There also has been no bonus issue in the last 8 years. Further, last buyback was at a time when individual tax returns on buybacks were very unfavorable. How does Infosys propose to enhance shareholders value in the next 5 years, especially in an environment where IT services are being written off due to AI? As I mentioned earlier, we have a well-defined capital allocation policy, which gives predictable returns to shareholders for the current block of [indiscernible] from FY '25 to FY '29, the policy is to return 85% of free cash flows through a combination of semiannual dividend or share buyback or special dividends. The company also expects to progressively increase annual dividend per share. The company has also announced multiple bonus issues. However, there is no announcement in this regard at this point in time. The currently concluded by share buyback of INR 18,000 crores resulted in EPS accretion to the shareholders. On the second part of the question, we believe that there are new 6 areas of the AI first services opportunity that will be around $300 billion to $400 billion of opportunities by 2030. We are investing in various areas, including sales and marketing, deepening our AI capabilities, growing our partnership ecosystem, et cetera, with aim to grow ahead of the market in the long term and execute on our strategy. The last question is from Ms. Mamta Rajesh Shah, why cash flow, both operating and free, have gone down as compared to the last year? Our operating and free cash flows are lower by approximately INR 1,400 crores in FY '26, primarily due to the higher income tax refunds in FY '25. These refunds are on account of orders received under Sections 250 and 254 Income Tax Act for certain assessment is relating to years prior to '25. With that, I will pass it on to Manikantha. Thank you.

Thank you, Jayesh. The first question by [indiscernible], Krishna Das Bhatt Ramesh, when are we starting physical AGM? The response: Ministry of Corporate Affairs and SEBI have allowed the companies to hold the AGM through video conference without the physical presence of members at a common venue. We will evaluate and keep the shareholders informed on the physical AGM, if any, in the future. The next question by shareholder is S. [indiscernible]. The question is how to buy Infosys' shares in the U.S.A. market? The response: Infosys areas are listed in NYSE. Members who intend to purchase these ADRs can contact the authorized bankers and brokers or the depositories following the due process for foreign investments. With that, I hand it back to the 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'll do it in the same order. I'll start with my questions. I have 3 questions. First question, Mr. Vipul. Sir, can you elaborate in a statement that there are no gaps in the opportunities available? The only limitation is execution risk. Yes, what I said was that the opportunities are very large because of the many new things that are possible with AI. So we do see a lot of work coming down in the coming years. Execution risk is our ability to reorient our service offerings to AI, to offer AI-first services and AI augmented services, to get our sales team and delivery team to be aligned with that, to do the talent transformation, to look at new models of pricing, including outcome-based pricing, and many other things that we have to do which we have -- which are required to achieve the goal of getting the best possible business from the new AI work. So that's what we meant by executing risk. Second question is, how can CSR proposals and suggestions be sent to the company? This is from Dilip. CSR proposals can be sent at [email protected],or submitted through the CSR grant application available on the Infosys Foundation Portal. All proposals are evaluated by the foundation based on alignment with focus areas and impact potential. Last question is, can the company consider increasing the work it is doing to adjust the water issues, including in Jamnagar? This is from Mr. [indiscernible] Meta. As a responsible corporate citizen, our water towards program extends beyond our operational efficiency to create a positive impact in the communities where we operate. We have taken up 11 large lake rejuvenation projects creating additional capacity of 4.2 billion liters, the total capacity of 10-plus billion liters for these lakes. These lake rejuvenation projects enhances water table, improving water access to communities. We'll continue to do this, but this would happen in areas where we have operations. So I want to keep that in mind. So with that, I hand over to Salil for his questions.

Thanks, Nandan. I have a few questions and read them the first from Mr. Gaurav Vibhu. Last year, there was robust performance, but the industry going through issues. We are now facing the low growth. When will we go back to high-growth? Despite ForEx depreciating, we do not see the increase in margin, disruptions in geopolitical issues, which industry and geography will grow? And which industry will be in a laggard? You see CapEx and OpEx spending change in public. New growth areas like AI Quantum computing is CapEx plan for these areas. Will we have new dividend policy because of this? So in the last few years, we have seen that a lot of the changes we have come with the changes in the macro environment and the interest rates, which have also led to some of the changes where the discretionary spending was affected with our clients. Now we had a strong performance in the financial year 2026, where we cost $20 billion in revenue overall and grew at 3.1% on a constant currency basis. One of the things we also mentioned in one of the answers, which was given by Jayesh, that over the last 7 years, we are, on an organic basis, the fastest growing amongst our peers. On FY '26, the communications manufacturing verticals and the Europe geography grew more than the company average significantly. In FS, financial services, and the grouping that we have, which is services, utilities, energy, resources, we grew above the average in constant currency terms. In terms of the outlook, we expect there will be an acceleration of growth in financial services. In energy, utility and resources and services grouping, those verticals will see that acceleration in the financial year 2027. Our margins, we have had them remained stable despite several changes in the past 3 years. There are some cost currency, which becomes sometimes negative. There was of course, the situations where we've seen changes in the pyramid, and we've also had some acquisitions which overall reduce the weighted margin, which comes into effect as the overall operating margin of the company. In terms of our capital allocation policy, it's well defined, and we will keep that policy as it's been defined over the next 5 years. So 3 more years are remaining in that grouping. And we have clearly 85%, which we return to shareholders in different forms, and the remaining 15% is available as we choose to do some strategic acquisitions to improve parts of our business. We are not -- there is no change on that capital allocation policy. The next question is from [ Santosh Kumar ]. What is the company's 3 priorities to reach $30 billion on revenue? A similar question is also asked by [ Mr. Bharat ] and [ Ms. Smita Shah ], [ Mr. Vipul ] and [ Mr. Bharat Raj ]. As AI adoption is growing, we will see that becoming more and more dominant into the revenue of our future. The current pace of change of that AI technology is also fast, and we look ahead, we see opportunities which are related to growth of port-related productivity improvements, and our objective is to make sure we leverage those growth opportunities and grow at a good pace. We also have good AI partnerships and a strong employee reskilling, which helps us to become part of the AI journey of our clients. In terms of AI services, we have sort of outlined 6 new areas, and those areas are where we see the most impact. One of the examples of that 6 is what we see, for example, in modernizing a lot of the technology state of our clients. The next question is from Mr. [indiscernible]. And a similar question was from Mr. [ Jaydeep Bakshi ] and [ Mrs. Basudha ]. Can management elaborate on the steps taken regarding talent retention? So first on attrition. Last year, we were at 12.6%, which was in terms of overall numbers and a very good outcome for the company. In the previous year, it was 14.1%. And the year before that, it was again 12.6%. For us, nurturing the talent is a critical point for future and continued success. Our employee value proposition is focused on providing employees with career, with rewards, with recognition, learning and development and wellness. So our total reward approach is sort of benchmarked into the competitive industry. And we have long established paths for employees for the upskilling, for the reskilling and for the career growth. We believe with all these measures and also the way we are ensuring that there's a flexible work environment for our employees, that helps us to make sure that our attrition numbers are low as we had in the previous year. and we plan to have those kind of measures on the future. Next question is from [indiscernible]. What is the company doing to increase its deal conversion? So in the deal conversion last year, we had approximately $15 billion of large deals, of which 55% were net new, and that was up by 24% from the previous year. So in addition to large deals, we have a portfolio of clients we have many medium and many are small deals as well. And even with all the changes in the macroeconomic headwinds, we see a distinct uptick in the IT spend, especially on AI services and on the modernization opportunities. Those are fairly large into our pipeline. And there, many of our clients are moving well beyond AI sort of pilot or small projects to really whole enterprise-wide AI project deployment. What we see there is that people are deploying large projects, IT projects, but they're also very cost efficient and making sure they're deploy it wisely. Here, we also see a lot of change on the GCCs where there's a lot of activity on AI-first GCCs where we have a good impact with our clients. The next question on the potential from [ Mr. Pankaj Manjani ]. Potential impact of AI on the workforce and what are the measures for the reskilling the workforce and equip the workforce in the new environment? So here, what we are seeing is that -- as we have more and more changes of AI coming in, we will also have agents that will be working with what we do as humans. And the overall work we expect will expand. So what we did last year, for example, with recruiting 20,000 new college graduates. We have a similar plan for this financial year, to increase the number of people that we will bring in. And that's how we will focus on different types of work, using agents, but also using the humans. AI adoption is still in a very early stage in many of our clients and industries. And so we will see a lot of expertise being developed both human and agent base, which are related to a deep understanding of the domain, and that's where we will see the benefit of the experience we have. One of the things we have done in terms of reskilling is making sure that we have employees who are AI aware, who are AI builders and who are AI masters and then we are collaborating with our partners who are foundation model companies and compute companies and tools companies to make sure that all of that latest learning is built into what our people know into the market. That's all the questions I had. And now I request Jayesh for his part.

Thank you, Salil. I have 3 questions. But before I get to the questions, I would like to thank the shareholders for the deep appreciation on the quality of annual report, CSR activities and the services provided by Manikantha and Secretarial team. Coming to the questions. First question is from [ Mr. Vipul ]. Whether the guidance is necessary according to giving guidance should it be scrapped? Our guidance reduces in our mind asymmetry of information between management and stakeholders. It is a global best practice that the company has adopted for years for the benefit of shareholders, to provide an anchor for the market expectation and to give a view to shareholders on current plans and likely performance. The second question is from [ Om Prakash Kejriwal ]. What is the plan to invest in our future and our scale development as our share price has gone down because we are not investing in future? The company has taken multiple initiatives to stay ahead of competition with respect to the ability to leverage AI for better outcomes internally and for clients. We have invested in developing an industry-leading comprehensive solution, Infosys Topaz fabric. We have also invested in building one of the best and most competitive partnership across the AI ecosystem. We are making significant investments in continuous learning and skilling to enable our workforce to stay ahead of AI-led transformation. Overall, we have very comprehensive approach to gain market share in this AI opportunity. The third and the last question is, why is company share going down after buyback? We will not be able to comment on the share price movement. However, the recently concluded tender offer buyback of INR 18,000 crores has resulted in EPS accretion for our shareholders and increasing return on equity while returning cash as per our capital allocation policy. With that, I'll turn it over to Manikantha. Thank you.

Thank you, Jayesh. There was one question in this round. The question was from [ Hariram Choudhary] . The details of nodal officers for the purpose of IEPF was asked. And also, what are the initiatives taken by the company with respect to EPF? With respect to the Nodal Officer, the Board has designated me as a nodal officer for the purpose IEPF. Therefore, the shareholders who have any claims for claiming their shares, which has gone to IEPF, can write to us. And there are detailed steps, which as mentioned in our website of how to claim the shares. Further, the shareholders can write to [email protected], and we will help them out how to claim the shares. And with respect to the initiatives taken by the company, the company sends out periodical intimations to the shareholders to encash their unclaimed dividend and update their bank account details either with the RTA or with the depository participants. The company also publishes unclaimed dividend and corresponding shares information on the website of the company. So therefore, the shareholders can look at these details and get to know if their shares have gone to IEPF authority. If it is so, it can reach out to the company for helping to claim those shares. In addition, the company also has an initiative to receive the information from depository and updating bank details based shareholder for processing the dividend directly without any specific request from the shareholder. So these are some of the initiatives which is taken by the company. Those were the questions. And with that, I will hand it back to the Chairman.

Thank you, Mani. Members may note that e-voting on the NSDL platform will continue to be available for the next 30 minutes. Therefore, I request members who have not casted votes yet to do so within the next 30 minutes. The Board of Directors has appointed B. Hemanth, Practicing Company Secretary, as a scrutinizer to supervise the voting process. Further, I hereby authorize Manikantha, the Company Secretary, to declare the results of the voting and place the results on the website of the company at the earliest. The resolutions as set forth in the notice shall be deemed to be passed today subject to the receipt of the requisite number of votes. We had 326 members participating in today's 45th Annual General Meeting. Thank you. for attending the meeting. I hereby declare the proceedings of Infosys Limited's 45th Annual General Meeting closed. Thank you, and see you next year.