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Infosys

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Directors Report Year End : Mar '16    « Mar 15
Dear members,
 
 The Board of Directors hereby submits the report of the business and
 operations of your Company (''the Company'' or ''Infosys''), along with the
 audited financial statements, for the financial year ended March 31,
 2016. The consolidated performance of the Company and its subsidiaries
 has been referred to wherever required.
 
 1.  Results of our operations
 
                             in Rs, crore, except per equity share data
 
 Particulars                           Standalone         Consolidated
 
                                       2016     2015     2016      2015
 
 Income from software 
 services and products               53,983   47,300   62,441    53,319
  
 Software development 
 expenses                            32,255   27,828   37,609    31,834
 
 Gross profit                        21,728   19,472   24,832    21,485
 
 Selling and marketing 
 expenses                             2,694    2,549    3,431     2,946
 
 General and administration 
 expenses                             3,271    2,961    4,281     3,668
 
 Operating profit 
 before depreciation                 15,763   13,962   17,120    14,871
 
 Depreciation and 
 amortization                         1,115      913    1,266     1,017
 
 Operating profit                    14,648   13,049   15,854    13,854
 
 Other income                         3,009    3,337    3,128     3,430
 
 Profit before exceptional 
 item and tax                        17,657   16,386   18,982    17,284
 
 Profit on transfer of 
 business (1)                         3,036      412      -        -
 
 Profit before tax                   20,693   16,798   18,982    17,284
 
 Tax expense                          4,907    4,634    5,301     4,911
 
 Profit before minority 
 interest and share in net 
 profit / (loss) of
 associate                           15,786   12,164   13,681    12,373
 
 Share in net profit / 
 (loss) of associate                   -        -         (3)       (1)
 
 Profit for the year                 15,786   12,164   13,678    12,372
 
 Surplus – opening balance           35,152   30,392   36,483    31,453
 
 Dividend eliminated on 
 consolidation of trust                -        -          28        21 
 Transfer from
 Special Economic Zone 
 Re-investment
 
 Reserve on utilization (2)             591     -         591      -
 
 Deconsolidation of trust (3)           -       (42)      -        -
 
 Amount available for 
 appropriation                       51,529   42,514   50,780    43,846 
 Dividend
 
 Interim                              2,297    1,723    2,297     1,723
 
 Final                                3,273    3,388    3,273     3,388
 
 Total dividend                       5,570    5,111    5,570     5,111
 
 Dividend tax                         1,134    1,034    1,134     1,034
 
 Amount transferred to 
 general reserve                      1,579    1,217    1,579     1,217
 
 Amount transferred to 
 other reserve (4)                     -        -           1         1
 
 Amount transferred to 
 Special Economic Zone 
 Re-investment Reserve (2)              591     -         591      -
 
 Surplus – closing balance           42,655   35,152   41,905    36,483 
 Earnings per
 share (EPS) before 
 exceptional item (5)(6)
 
 Basic                                55.51    51.17    59.85     54.13
 
 Diluted                              55.51    51.17    59.84     54.13 
 EPS after exceptional 
 item (5)(6)
 
 Basic                                68.73    52.96    59.85     54.13
 
 Diluted                              68.73    52.96    59.84     54.13
 
 Notes : The above figures are extracted from the standalone and
 consolidated financial statements as per Indian Generally Accepted
 Accounting Principles (GAAP).  1 crore = 10 million
 
 (1) On April 24, 2015, the Board of Directors of Infosys authorized the
 Company to execute a Business Transfer Agreement and related documents
 with EdgeVerve Systems Limited (EdgeVerve), to transfer the business of
 Finacle and Edge Services. Based on an enterprise valuation done by an
 independent valuer, the business was transferred for a consideration of
 Rs, 3,222 crore and Rs, 177 crore for Finale and Edge Services,
 respectively. Net assets amounting to Rs, 363 crore (including working
 capital amounting to Rs, 337 crore) have been transferred and accordingly
 a gain of Rs, 3,036 crore has been recorded as an exceptional item.
 
 During the year ended March 31, 2015, based on an enterprise valuation
 done by an independent valuer, the business was transferred for a
 consideration of Rs, 421 crore with effect from July 1, 2014. Net assets
 amounting to Rs, 9 crore have also been transferred and accordingly a
 gain of Rs, 412 crore has been recorded as an exceptional item.  The
 transfer of assets and liabilities has been accounted for at carrying
 values and does not have any impact on the consolidated financial
 statements.
 
 (2) The Special Economic Zone (SEZ) Re-investment Reserve has been
 created out of the profit of eligible SEZ units in terms of the
 provisions of Section 10AA(1)(ii) of the Income-tax Act,1961. The
 reserve should be utilized by the Company for acquiring new plant and
 machinery for the purpose of its business in the terms of the Section
 10AA(2) of the Income-tax Act, 1961.
 
 (3) Effective January 1, 2015, the Infosys Limited Employees'' Welfare
 Trust (''the Trust'') has been deconsolidated consequent to SEBI (Share
 Based Employee Benefits) Regulations, 2014 issued on October 28, 2014.
 
 (4) Under the Swiss Code of Obligation, a few Infosys Consulting
 Holding AG (formerly Lodestone Holding AG) subsidiaries are required to
 appropriate 5% of the annual profit to legal reserve until this equals
 20% of the paid-up share capital. To the extent it does not exceed one
 half of the share capital, the general reserve may be used only to
 cover losses or for measures designed to sustain the Company through
 difficult times, to prevent unemployment or to mitigate its
 consequences.
 
 (5) Equity shares are at par value of Rs, 5 per share.
 
 (6) The Company has allotted 1,14,84,72,332 fully-paid-up equity shares
 of face value of Rs, 5 each in June 2015, and 57,42,36,136 fully-paid-up
 equity shares were allotted on December 2014, pursuant to a bonus issue
 approved by the shareholders. For the bonus issue, a bonus share of one
 equity share for every equity share held, and a stock dividend of one
 American Depositary Share (ADS) for every ADS held, respectively, has
 been allotted. Consequently, the ratio of equity shares underlying the
 ADSs held by an American Depositary Receipt holder remains unchanged.
 Earnings per share (EPS) of the previous year has been adjusted for the
 bonus issue, in accordance with Accounting Standard (AS) 20 – Earnings
 Per Share.
 
 
 Revenues – standalone
 
 Our total income on a standalone basis increased to Rs, 53,983 crore from
 Rs, 47,300 crore in the previous year, at a growth rate of 14.1%.  Our
 software export revenues aggregated to Rs, 52,709 crore, up by 14.6% from
 Rs, 45,993 crore in the previous year. Out of the total revenue, 66.0%
 came from North America, 21.8% from Europe, 2.4% from India and 9.8%
 from the Rest of the World. On a standalone basis, our share of
 revenues from all parts of the world outside North America has
 decreased to 34.0% in the current year from 36.0% in the previous year.
 
 Revenues – consolidated
 
 Our total income on a consolidated basis increased to Rs, 62,441 crore
 from Rs, 53,319 crore in the previous year, at a growth rate of 17.1%.
 Our software export revenues aggregated to Rs, 60,818 crore, up by 16.9%
 from Rs, 52,035 crore in the previous year. Out of the total revenue,
 62.7% came from North America, 23.0% from Europe, 2.6% from India, and
 11.7% from the Rest of the World. On a consolidated basis, our share of
 revenues from all parts of the world outside North America decreased to
 37.3% in the current year from 38.5% in the previous year.
 
 Profits – standalone
 
 Our gross profit on a standalone basis amounted to Rs, 21,728 crore
 (40.2% of revenue), as against Rs, 19,472 crore (41.2% of revenue) in the
 previous year. Sales and marketing costs were 5.0% of our revenue for
 the year ended March 31, 2016 as compared to 5.4% for the year ended
 March 31, 2015. General and administration expenses were 6.1% and 6.3%
 of our revenues during the current year and previous year,
 respectively. The operating profit before depreciation amounted to Rs,
 15,763 crore (29.2% of revenue), as against Rs, 13,962 crore (29.5% of
 revenue) in the previous year. The profit before exceptional item and
 tax was Rs, 17,657 crore (32.7% of revenue), as against Rs, 16,386 crore
 (34.7% of revenue) in the previous year. Net profit was Rs, 15,786 crore
 (29.2% of revenue), as against Rs, 12,164 crore (25.8% of revenue) in the
 previous year.
 
 Profits – consolidated
 
 Our gross profit on a consolidated basis amounted to Rs, 24,832 crore
 (39.8% of revenue), as against Rs, 21,485 crore (40.3% of revenue) in the
 previous year. Sales and marketing costs were 5.5% of our revenue for
 the years ended March 31, 2016 and March 31, 2015.  General and
 administration expenses were 6.9% of our revenues each during the
 current year and previous year. The operating profit before
 depreciation amounted to Rs, 17,120 crore (27.4% of revenue), as against
 Rs, 14,871 crore (27.9% of revenue) in the previous year.  The profit
 before tax was Rs, 18,982 crore (30.4% of revenue), as against Rs, 17,284
 crore (32.4% of revenue) in the previous year. Net profit was Rs, 13,678
 crore (21.9% of revenue), as against Rs, 12,372 crore (23.2% of revenue)
 in the previous year.
 
 Capital expenditure on tangible assets – standalone
 
 This year, on a standalone basis, we capitalized Rs, 2,163 crore.  This
 comprises Rs, 945 crore for investment in computer equipment, Rs, 5 crore
 on vehicles and the balance of Rs, 1,213 crore on infrastructure.
 
 In the previous year, we capitalized Rs, 2,540 crore. This comprised Rs,
 694 crore for investment in computer equipment, Rs, 3 crore on vehicles
 and the balance of Rs, 1,843 crore on infrastructure.
 
 Capital expenditure on tangible assets – consolidated
 
 On a consolidated basis, we capitalized Rs, 2,379 crore including certain
 assets having gross book value of Rs, 4 crore taken over on acquisitions
 during the year. During the current year, Rs, 1,105 crore has been
 invested in computer equipment, Rs, 6 crore on vehicles, and the balance
 of Rs, 1,268 crore on infrastructure.
 
 In the previous year, we capitalized Rs, 2,673 crore including assets
 having gross book value of Rs, 22 crore taken over on an acquisition.
 
 During the year, Rs, 778 crore has been invested in computer equipment, Rs,
 6 crore on vehicles, and the balance of Rs, 1,889 crore in
 infrastructure.
 
 Liquidity
 
 We continue to be debt-free and maintain sufficient cash to meet our
 strategic objectives. We understand that liquidity in the Balance Sheet
 has to balance between earning adequate returns and the need to cover
 financial and business risks. Liquidity enables us to make a rapid
 shift in direction, if there is a market demand. We believe that our
 working capital is sufficient to meet our current requirements. As on
 March 31, 2016, on a standalone basis, we had liquid assets of Rs, 30,711
 crore, as against Rs, 29,705 crore at the previous year-end. On a
 consolidated basis, we had liquid assets of Rs, 34,371 crore at the
 current year-end, as against Rs, 32,543 crore at the previous year-end.
 These funds comprise deposits with banks and highly rated financial
 institutions, liquid mutual funds, fixed maturity plans, tax-free bonds
 and government bonds. The details of the tax-free bonds and government
 bonds are disclosed under the ''non-current and current investments''
 section in the financial statements in this Annual Report.
 
 Appropriations
 
 Dividend
 
 The Board, in its meeting held on October 12, 2015, declared an interim
 dividend of Rs, 10 per equity share. Further, the Board, in its meeting
 held on April 15, 2016, has recommended a final dividend of Rs, 14.25 per
 equity share for the financial year ended March 31, 2016.  The proposal
 is subject to the approval of shareholders at the ensuing Annual
 General Meeting to be held on June 18, 2016. The total dividend
 appropriation (excluding dividend tax) for the current year is Rs, 5,570
 crore, as against Rs, 5,111 crore in the previous year. Dividend
 (including dividend tax) as a percentage of consolidated net profit
 after tax is 49.7%, as compared to 49.8% in the previous year.
 
 The Register of Members and Share Transfer Books will remain closed on
 June 11, 2016 for the purpose of payment of the final dividend for the
 financial year ended March 31, 2016, and the Annual General Meeting.
 The Annual General Meeting is scheduled to be held on June 18, 2016.
 
 Bonus shares
 
 The Company has allotted 1,14,84,72,332 fully-paid-up equity shares of
 face value Rs, 5 each in June 2015 to the shareholders of the Company in
 proportion of 1:1 and consequently, the number of shares increased from
 1,14,84,72,332 to 2,29,69,44,664.
 
 The Company allotted 57,42,36,166 fully-paid-up equity shares of face
 value Rs, 5 each in December 2014 to the shareholders of the Company in
 proportion of 1:1 and consequently, the number of shares increased from
 57,42,36,166 to 1,14,84,72,332.
 
 Particulars of loans, guarantees or investments
 
 Loans, guarantees and investments covered under Section 186 of the
 Companies Act, 2013 form part of the Notes to the financial statements
 provided in this Annual Report.
 
 Transfer to reserves
 
 We propose to transfer Rs, 1,579 crore to the general reserve on account
 of declaration of dividend. An amount of Rs, 42,655 crore is proposed to
 be retained in the surplus at the standalone level.
 
 Fixed deposits
 
 We have not accepted any fixed deposits and, as such, no amount of
 principal or interest was outstanding as of the Balance Sheet date.
 
 Particulars of contracts or arrangements made with related parties
 
 Particulars of contracts or arrangements with related parties referred
 to in Section 188(1) of the Companies Act, 2013, in the prescribed Form
 AOC-2, is appended as Annexure 2 to the Board''s report.
 
 
 Material changes and commitments affecting financial position between
 the end of the financial year and date of the report
 
 The shareholders have approved the following resolutions through a
 postal ballot concluded on March 31, 2016 :
 
 - 2015 Stock Incentive Compensation Plan and grant of stock incentives
 to eligible employees of the Company under the Plan
 
 - 2015 Stock Incentive Compensation Plan and grant of stock incentives
 to eligible employees of the Company''s subsidiaries under the Plan
 
 - Re-appointment of Prof. Jeffrey S. Lehman, as an Independent Director
 
 - Appointment of Dr. Punita Kumar-Sinha, as an Independent Director
 
 - Re-appointment of Dr. Vishal Sikka, Chief Executive Officer and
 Managing Director, on the following terms and conditions :
 
 – Base pay : An annual base salary of US ,000,000 to be paid in
 accordance with the Company''s normal practices and subject to
 withholding taxes;
 
 – Variable pay : Annual performance-based variable pay at a target
 level of US ,000,000 less applicable tax and subject to the Company''s
 achievement of fiscal year performance targets set by the Board as
 described in the postal ballot;
 
 – Stock compensation : Eligible to receive an annual grant of 1) US
 ,000,000 of fair value in RSUs which vest over time (''time-based
 RSUs''), subject to continued service, and 2) US ,000,000 in
 performance-based equity and stock options upon achievement of certain
 performance targets as described in the postal ballot;
 
 – Employee benefits and paid vacation as applicable to other whole-time
 directors of the Company;
 
 – Minimum and maximum remuneration : Should Dr. Sikka fail to achieve
 minimum performance targets, his remuneration as proposed will fall to
 US ,000,000 annually, consisting of US ,000,000 of base salary and
 US ,000,000 of time-based RSUs. If Dr. Sikka''s performance targets
 are exceeded, the performance-based payments for variable components of
 his compensation (variable pay and performance equity) will be capped
 at 150% of the target compensation for such variable components.
 
 The details of the postal ballot result are provided in the Corporate
 governance report which forms part of this Annual Report.
 
 Variation in market capitalization
 
                            As at March 31,         Increase /
 
                             2016        2015      (decrease) in %
 
 Market capitalization
 
 (in Rs, crore)           2,79,837    2,54,771           9.8
 
 Price earnings 
 ratio (1)                    20.4        20.5          (0.5)
 
 Percentage increase 
 in the market price 
 of shares in com-
 parison with
 the last public 
 offer price (2)                                     6,56,600
 
 Notes : Data based on share prices quoted on NSE
 
 (1) Based on consolidated Indian GAAP financial statements
 
 (2) Last public offer price in India has been adjusted for bonus issues
 and stock split.
 
 Management''s discussion and analysis
 
 In terms of the provisions of Regulation 34 of the Securities and
 Exchange Board of India (Listing Obligations and Disclosure
 Requirements) Regulations, 2015, the Management''s discussion and
 analysis is set out in this Annual Report.
 
 2.  Business Strategy
 
 Our strategic objective is to build a sustainable organization that
 remains relevant to the agenda of our clients, while generating
 profitable growth for our investors. In order to do this, we will apply
 the priorities of ''renew'' and ''new'' to our own business and cascade it
 to everything we do.
 
 These translate to the following strategic focus areas :
 
 Build expansive, lasting relationships with our clients by delivering
 differentiated market offerings : Our strategy is to engage with
 clients on their large transformative programs, both in traditional IT
 areas as well as for their new digital business initiatives. We expand
 existing client relationships by providing them with a broad set of
 end-to-end service offerings and increase the size, nature and number
 of projects we do with them. Our specific industry, domain, process,
 and technology expertise allows us to enable clients to transform their
 businesses with innovative strategies and solutions. Through our
 transformation service offering, which we call ''Aikido'', we help our
 clients address key aspects of their business. Our ''Ai'' offering, a
 result of our investments in building intellectual property, helps
 clients leverage software-based platforms to dramatically boost
 productivity and to deliver next-generation experiences to their
 customers.  Our ''Ki'' offering captures the know-how of existing client
 technology landscapes, which we then leverage for process improvements
 and transformation. With our ''Do'' offering, which incorporates Design
 Thinking concepts, we help clients identify and prioritize their most
 significant problems and solve them in rapid, iterative and innovative
 ways. We offer an end-to-end suite of high-quality, highly-responsive
 and innovation-led services spanning business consulting, IT services,
 software platform-based services and business process management. This
 enables us to partner with our clients on large, multi-year
 engagements.
 
 Through our Zero Distance program, we help our clients innovate and
 derive more value from their projects. Zero Distance is the process of
 everyday innovation at Infosys whereby all employees are expected to
 innovate in their individual capacities and through their individual
 jobs. Zero Distance has a three-fold emphasis : to reduce the gap
 between us and the code we write, the gap between us and our clients,
 and the gap between us and the ultimate end-user.
 
 We also plan to acquire new clients and increase our presence in new
 geographies and market segments by investing in targeted business
 development and marketing. We will position our brand as
 differentiated, global and respected.
 
 Deliver solutions and services leveraging highly cost-effective models
 : Our strategy is to leverage software-based automation and our Global
 Delivery Model to deliver solutions and services to our clients in the
 most cost-effective manner, while at the same time optimizing our cost
 structure to remain competitive. We are embracing artificial
 intelligence-based automation techniques and software automation
 platforms to boost productivity of our projects. We are leveraging
 software process engineering and collaboration technologies to improve
 process productivity.
 
 Our Global Delivery Model provides scale, quality, expertise, cost and
 time-to-market advantages to our client projects. The model enables us
 to work at the location where the best talent is available and where it
 makes the best economic sense with the least amount of acceptable risk.
 Over the last 30 years, we have developed our distributed execution
 capabilities to deliver high-quality and scalable services.  This
 scalable infrastructure complements our ability to deliver project
 components that are executed round the clock and across time zones,
 enabling us to reduce project delivery times.
 
 Enhance our operational processes for agility and optimal cost : W e
 periodically assess the effectiveness of our organization structure and
 processes to optimize it for alignment with our strategic objectives
 and agility. We continually evaluate critical cross-functional
 processes and benchmark them with best-in-class practices to optimize
 costs and enable swift and effective response to our clients. We
 constantly monitor and optimize various operational parameters such as
 the cost and utilization of resources, distribution of employees around
 the world, cost of operating our campuses and whether we are optimally
 realizing the efficiencies of scale.
 
 Last year, we launched our Zero Bench program. This program allows us
 to effectively deploy our un-utilized resources into internal projects.
 Zero Bench enables employees to fulfill their professional aspirations
 while at the same time helping us to improve our employee engagement
 and our operational efficiency.
 
 Attract and retain a global, diverse, motivated and high-performing
 employee base : Our employees are our biggest assets. To meet the
 evolving needs of our clients, our priority is to attract and engage
 the best talent in the right locations with the right skills. We offer
 our employees challenging work assignments, benchmarked compensation
 and a collaborative, productive work environment. Our performance
 management system is objective and rewards performance. We invest
 substantially in employee engagement to motivate employees and
 encourage social communication and collaboration.
 
 Teaching and learning are central to the Infosys culture.  Our
 investments in our Global Education Center and in creating various
 learning opportunities for our employees help them stay abreast of new
 developments in software technologies, spur innovation and build a
 lifelong career at Infosys.
 
 We are guided by our value system which motivates our attitudes and
 actions. Our core values are Client value, Leadership by example,
 Integrity and transparency, Fairness and Excellence (C-LIFE).
 
 Pursue strategic alliances and acquisitions : We leverage alliances
 that complement our core competencies. We partner with leading
 technology software and hardware providers in creating, deploying,
 integrating and operating business solutions for our clients. We have
 also expanded the scope of our collaborations to encompass universities
 and research organizations.
 
 We will deploy our capital in making selective business acquisitions
 that augment our expertise, complement our presence in certain market
 segments and accelerate the execution of our strategies.
 
 We have an innovation fund with an outlay of US 0 million to tap
 into innovation networks of early-stage companies and universities to
 gain access to new thinking and business models.
 
 Organization
 
 Our go-to-market business units are organized as follows :
 
 - Financial Services
 
 - Manufacturing
 
 - Retail, CPG and Logistics
 
 - Energy, Utilities, Communications and Services
 
 - Hi-tech
 
 - Life Sciences, Healthcare and Insurance
 
 - China
 
 - Japan
 
 - India
 
 - Infosys Public Services
 
 Our service delivery is organized as horizontal centers of excellence :
 
 - Infosys Global Consulting
 
 - Global Delivery
 
 – Enterprise Solutions
 
 – Infosys Digital
 
 – Enterprise Mobility
 
 – Application Development Services
 
 – Application Management Services
 
 – Application Modernization Services
 
 – Independent Validation Solutions
 
 – Data and Analytics
 
 – Engineering Services
 
 – Cloud and Infrastructure Services
 
 – Infosys Center for Emerging Technology Solutions
 
 - Products
 
 – Finacle®
 
 – EdgeVerve
 
 - Platforms
 
 – Panaya
 
 - Skava
 
 - Infosys BPO
 
 Client base
 
 Our client-centric approach continues to bring us high levels of client
 satisfaction. We derived 97.1% of our consolidated revenues from repeat
 business this fiscal. We, along with our subsidiaries, added 325 new
 clients, including a substantial number of large global corporations.
 Our total client base at the end of the year stood at 1,092. The client
 segmentation for the current and previous years on a consolidated basis
 is as follows :
 
 Clients                       2016      2015
 
 1 million dollar               558       529
 
 5 million dollar               268       244
 
 10 million dollar              177       159
 
 25 million dollar               88        83
 
 50 million dollar               52        47
 
 75 million dollar               31        29
 
 100 million dollar              14        15
 
 200 million dollar               6         4
 
 300 million dollar               1         -
 
 Infrastructure
 
 We added 19.67 lakh sq. ft. of physical infrastructure space during the
 year. The total available space as on March 31, 2016 stands at 423.35
 lakh sq. ft. The number of marketing offices as on March 31, 2016 was
 85, the same as the previous year.
 
 Infosys Innovation Fund
 
 We have an innovation fund with an outlay of US 0 million to tap
 into innovation networks of early-stage companies and universities to
 gain access to new thinking and business models.
 
 Through the Infosys Innovation Fund, we have invested in six start-ups
 this year.
 
 Subsidiaries and associates
 
 We, along with our subsidiaries, provide consulting, technology,
 outsourcing and next-generation services. At the beginning of the year,
 we had 13 direct subsidiaries, 29 step-down subsidiaries and one
 associate. As on March 31, 2016, we have 16 direct subsidiaries, 30
 step-down subsidiaries and one associate.
 
 During the year, the Board of Directors (''the Board'') reviewed the
 affairs of the subsidiaries. In accordance with Section 129(3) of the
 Companies Act, 2013, we have prepared consolidated financial statements
 of the Company, which forms part of this Annual Report.  Further, a
 statement containing the salient features of the financial statement of
 our subsidiaries in the prescribed format AOC-1 is appended as Annexure
 1 to the Board''s report. The statement also provides the details of
 performance and financial positions of each of the subsidiaries.
 
 In accordance with Section 136 of the Companies Act, 2013, the audited
 financial statements, including the consolidated financial statements
 and related information of the Company and audited accounts of each of
 its subsidiaries, are available on our website, www.infosys.com. These
 documents will also be available for inspection during business hours
 at our registered office in Bangalore, India.
 
 
 During the year, investments were made in the following subsidiary and
 new acquisitions :
 
 - EdgeVerve Systems Limited (EdgeVerve) : On April 24, 2015, the Board
 of Directors of Infosys authorized the Company to execute a Business
 Transfer Agreement and related documents with EdgeVerve, to transfer
 the business of Finacle and Edge Services. Post the requisite approval
 from shareholders through postal ballot on June 4, 2015, a Business
 Transfer Agreement and other related documents were executed with
 EdgeVerve to transfer the business with effect from August 1, 2015. The
 Company has undertaken an enterprise valuation by an independent valuer
 and accordingly the businesses were transferred for a consideration of
 Rs, 3,222 crore and Rs, 177 crore for Finacle and Edge Services,
 respectively. The consideration was settled through the issue of
 85,00,00,000 equity shares amounting to Rs, 850 crore and 25,49,00,000
 non-convertible redeemable debentures amounting to Rs, 2,549 crore in
 EdgeVerve, post the requisite approval from shareholders on December
 11, 2015. The transfer of assets and liabilities was accounted for at
 carrying values and did not have any impact on the consolidated
 financial statements.
 
 - Kallidus Inc. and Skava Systems Pvt. Ltd. (Kallidus) : On June 2,
 2015, Infosys acquired 100% of the voting interests in Kallidus Inc.,
 (d.b.a Skava) (Kallidus), a leading provider of digital experience
 solutions, including mobile commerce and in-store shopping experiences
 to large retail clients, and 100% of the voting interests of Skava
 Systems Private Limited, India, an affiliate of Kallidus.  The business
 acquisition was conducted by entering into a share purchase agreement
 for a cash consideration of US  million (approximately Rs, 578 crore)
 and a contingent consideration of up to US  million (approximately Rs,
 128 crore on acquisition date), the payment of which is dependent upon
 the achievement of certain financial targets by Kallidus over a period
 of three years ending on December 31, 2017.
 
 - Noah Consulting LLC (Noah) : On November 16, 2015, Infosys acquired
 100% membership interest in Noah Consulting LLC, a leading provider of
 advanced information management consulting services for the oil and gas
 industry. The business acquisition was conducted by entering into a
 share purchase agreement for a cash consideration of US  million
 (approximately Rs, 216 crore) and a contingent consideration of up to US
  million (approximately Rs, 33 crore on acquisition date) and retention
 bonus of up to US  million (approximately Rs, 212 crore on acquisition
 date), referred to as retention bonus, payable to the employees of Noah
 at each anniversary following the acquisition date over the next three
 years, subject to their continuous employment with the Group at each
 anniversary. The payment of contingent consideration to the sellers of
 Noah was dependent upon the achievement of certain financial targets by
 Noah for the years ended December 31, 2015 and December 31, 2016.
 During the year ended March 31, 2016, based on the assessment of Noah
 achieving the targets for the respective periods, the entire contingent
 consideration was reversed.
 
 Products
 
 EdgeVerve Systems Limited, a wholly-owned subsidiary of Infosys,
 develops innovative software products and offers them on premise and on
 the cloud. Our products help businesses develop deeper connections with
 stakeholders, power continuous innovation and accelerate growth in the
 digital world. We power our clients'' growth in rapidly-evolving areas
 like banking, interactive commerce, distributive trade, credit
 servicing, customer service and enterprise buying.
 
 Today, EdgeVerve products and platforms are used by global corporations
 across industries such as financial services, insurance, retail and
 CPG, life sciences, manufacturing, and telecom. Our solutions are
 available in two broad categories – Edge suite and Finacle®.
 
 Finacle®, our universal banking solution suite, is the choice of
 financial institutions across 92 countries and serves over 839 million
 bank customers. Finacle® solutions address the core banking, e-banking,
 mobile banking, CRM, payments, treasury, origination, liquidity
 management, Islamic banking, wealth management, and analytics needs of
 financial institutions. Finacle® solutions are consistently rated as a
 leader in the market by top industry analysts and is proven to be the
 most scalable banking platform globally.
 
 Platforms
 
 An important part of our strategy is the creation of the ''Infosys
 Platform'' which consists of the Infosys Information Platform (IIP) and
 the Infosys Automation Platform (IAP). Our platforms leverage open
 source software components, and / or our proprietary software products,
 all of which can be deployed in the public or private cloud or on the
 customer''s premise.
 
 - IIP : Our IIP helps enterprises embark on their Big Data journey by
 providing a compelling price-performance ratio in data processing while
 also enabling them to take advantage of innovations happening in the
 open source community. IIP is based on an assembly of tested open
 source components and offers rapid deployment as a base for a broad
 variety of industry-specific scenarios.
 
 - IAP : Our IAP, which was built on top of IIP, enables improved
 efficiencies in IT operations. IAP helps ensure business outcomes by
 monitoring and analyzing in near real-time, the health of all layers of
 IT systems including business processes, applications and
 infrastructure leveraging stream processing and Big Data technologies.
 IAP aims to predict issues using knowledge models, machine learning
 algorithms and predictive analytics and prevent business disruptions
 through proactive interventions. IAP automates repetitive tasks in IT
 operations and leverages advanced capabilities like natural language
 processing and artificial intelligence.
 
 - Panaya : Panaya, an Infosys company, is a leader in ERP change
 analytics and cloud-based enterprise software testing. The Panaya
 CloudQuality™ Suite disrupts the risk, time and costs required to
 deliver all types of SAP® and Oracle® EBS changes. Powered by Big Data
 analytics and aggregating since 2008, Panaya Cloud Quality™ Suite
 delivers insights that tell organizations what will break, how to fix
 it and what to test. It is constantly improving and finding smarter
 ways to perform everything from day-to-day maintenance to major
 projects.
 
 Skava
 
 Skava, an Infosys company, powers the next generation of digital
 transformation for leading retailers worldwide by delivering the most
 versatile technology platform in the industry. Skava enables digital
 shopping experiences for global brands across mobile, tablet, desktop,
 in-store, and all emerging channels.
 
 Open Source
 
 OSSmosis, the Infosys Open Source program, was set up with an objective
 of ''nurturing innovation through Open Source adoption and
 contribution''. Through this program, over 25,000 employees have been
 trained on key Open source technologies; 12 key communities of
 practices, including BigData and DevOps, have been setup; new and
 existing partners are engaged for enablement, joint solutions and
 go-to-market. Over 100 key contributors have been contributing to
 forums like Spark, Selenium, Jenkins etc. Infosys'' POV on Open Source
 (https://www.infosys.com/information-platform/Documents/
 OSSmosis-open-source-journey.pdf) was acknowledged by several clients,
 and executives.
 
 Quality
 
 We continue our journey of delivering value to our clients through
 significant investments in quality programs. While sustaining existing
 external benchmarks and certifications, we have added new
 certifications and further enhanced our programs and initiatives to
 renew our commitment to the culture of quality, client value,
 innovation and productivity improvement.
 
 We continue to adhere to international quality standard certifications
 such as ISO 9001, ISO 22301, ISO 20000, ISO 27001, AS EN 9100, ISO
 13485, TL 9000 S V, OHSAS 18001 and ISO 14001. We have received an
 independent auditors'' assurance report on compliance to ISAE 3402 /
 SSAE16 and a certification of compliance on PCIDSS V 3.0 for Infosys
 BPO Limited. We also get assessed at CMMi Level 5.  According to the
 Process Maturity Profile published by the CMMi Institute of Carnegie
 Mellon University in December 2015, only 7% of 12,691 organizations
 globally are operating at Level 5, which is the highest level of
 process maturity.
 
 Our Quality department handles large change management initiatives to
 drive quality and productivity improvements across the Company, using
 various techniques such as Six Sigma, Lean methodology, and engineering
 levers like Reuse, Automation and Tools.
 
 Our Quality department partners with business units to help implement
 and sustain the Zero Distance program, an initiative to infuse
 grassroots innovation across all our projects, and effectively measure
 benefits to the client, and ensure substantial client impact.
 
 We continue to fine-tune our Client Value Survey to capture the voice
 of our customers, and to assess client expectations as an ongoing
 process. The data that is collected is analyzed around satisfaction,
 advocacy, loyalty, fulfillment and value for money, and helps us draw
 action plans to improve client experience.
 
 Branding
 
 The Infosys brand is a key intangible asset of the Company. It
 positions Infosys as the next-generation services company that would
 help enterprises renew themselves while also creating new avenues to
 generate value. Brand Infosys is being built around the premise that
 software, in a very fundamental way, is reshaping the world around us.
 And because of this, there is a duality that every business faces – on
 the one hand, the need to renew existing systems, to improve their
 effectiveness with new technologies and innovation, and on the other
 hand, the need to deliver completely new kinds of services and new
 solutions in new ways using next-generation technologies.  Infosys
 helps its clients achieve this dual agenda in a culture of learning and
 innovation at the grassroots level. The way Infosys connects with its
 clients, builds out great ideas and creates value from innovations is
 called Zero Distance – describing its approach to operating at the
 intersection of desirability, feasibility and viability.
 
 Our marketing reach extends globally through advertisements, public
 relations and digital marketing initiatives. We participate in premier
 business and industry events around the world. We also organize
 signature events and roundtables across geographies. ''Confluence'', our
 flagship client event, is consistently well-attended and rated highly
 by our clients and industry partners.
 
 Awards and recognition
 
 In fiscal 2016, we were conferred multiple awards and recognition, both
 international and national. The major ones among them are listed as
 follows :
 
 Business and management
 
 - We won the ''Corporate Citizen of the Year Award'' at the Economic
 Times Award 2015.
 
 - The Institute of Company Secretaries of India honored us with the
 certificate of recognition for adopting exemplary corporate governance
 practices at the National Awards for Excellence in Corporate
 Governance.
 
 - Our Annual Report 2014-15 received the Gold award in the IT category
 at the League of American Communications Professionals Vision Awards
 2014. In the Asia-Pacific region category, we were featured among the
 top 50 reports, while the letter to the shareholder was adjudged the
 ''Best Shareholder Letter''.
 
 - We were ranked among Asia''s Most Admired Brands of 2014 by World
 Consulting & Research Corporation, a leading brand rating and ranking
 company.
 
 Banking
 
 - Infosys Finacle® has been named a leader by Forrester Research, Inc.
 in The Forrester Wave™ : Mobile Banking Solutions, Q4 2015 report, and
 in The Forrester Wave™ : Omnichannel Banking Solutions, Q3 2015 report.
 
 - We were positioned as a Leader and Star Performer in 2015 Banking
 Application Outsourcing PEAK Matrix™ by Everest.
 
 - We received the Highest Product Score in ''Gartner Critical
 Capabilities for International Retail Core Banking'' Report. Finacle®
 emerged as the leading solution with the highest scores across all the
 use-cases presented.
 
 ERP services
 
 - We won the 2015 Oracle Excellence Award for the strategic focus areas
 of SaaS and PaaS, and Specialized Partner of the Year, North America,
 for CX Cloud as well as PaaS.
 
 - We were positioned as a Leader in Gartner''s Magic Quadrant for Oracle
 Application Management Services as well as for SAP Implementation
 Services Worldwide, 2015.
 
 Technology innovation
 
 - We were recognized as one of the ''most relevant'' service providers
 for digital strategy in North America by the Everest Group in a report
 titled ''North America Digital Adoption Survey – How Pervasive is Your
 Digital Strategy.''
 
 - IDC Energy Insights, a leading market intelligence and advisory
 services firm, positioned Infosys as a ''major player'' for providing
 professional services to the oil and gas industry.
 
 - We were positioned as a Leader in Gartner''s Magic Quadrant for
 Application Testing Services, Worldwide, 2015.
 
 - We were rated as ''Leaders'' in the Forrester Global Wave for Workplace
 Transformation.
 
 - We were positioned as a ''Major Player'' in the IDC MarketScape on
 Microsoft implementation services.
 
 - The IDC MarketScape report, ''Worldwide Manufacturing PLM Strategic
 Consulting 2015 Vendor Assessment'' positioned Infosys as a ''Leader'' in
 providing manufacturing product lifecycle management (PLM) strategic
 consulting.
 
 Sustainability awards
 
 - We were awarded the Leadership in Energy and Environment Design
 (LEED) India Platinum rating for two of our buildings in Pune and
 Bangalore.
 
 - At The Energy Award, London, we won the Innovative Technology of the
 Year award.
 
 - Infosys was placed third in the Industrial Water Use Efficiency
 category at the Federation of Indian Chambers of Commerce and Industry
 Water Awards.
 
 - We received the NDTV Property Award under the Most
 Environment-Friendly Commercial / Office Space category.
 
 - We also won the Golden Peacock Award under the Corporate Award for
 Sustainability – India category.
 
 - The Solar Energy Global Conference and Awards recognized Infosys
 under four categories : Best Company for Commercial Rooftop
 Installations, Best Company for Sustainability in Solar Energy, Company
 of the Year, and Best Company for Green Initiatives.
 
 For the complete list of awards and recognition won by Infosys, refer
 to https://www.infosys.com/about/awards
 
 
 3.  Human resources management
 
 We have set up a scalable recruitment and human resources management
 process. Over the last year, on a standalone basis, we received
 11,15,745 applications from prospective employees.  The Infosys Group
 added 17,857 (net) and 52,545 (gross) employees this year, taking the
 total strength to 1,94,044 from 1,76,187 at the end of the previous
 year.
 
 On a standalone basis, the attrition rate for fiscal 2016 stands at
 13.6%, compared to 18.9% for the previous year.
 
 Human resources management at Infosys goes beyond the set boundaries of
 compensation, performance reviews and development.  We look at the
 employee''s entire lifecycle, to ensure timely interventions that help
 build a long-lasting and fruitful career. With this in mind, we
 initiated several positive changes in our HR practice this year.
 
 A large part of our focus in fiscal 2015 was on listening to employee
 feedback to make the right changes. Zero Distance, a movement to bring
 innovation to every project at Infosys, facilitated by a five-point
 framework of innovation was an example of employee engagement built
 through ground-up involvement in organizational growth and strategy.
 Through the year, we gathered feedback from employees across all our
 communication channels and platforms, including our annual employee
 engagement survey (LITMUS 2016). From LITMUS, we identified a number of
 tracks to be act ionized, and invited employees to be a part of these.
 We also worked on an exercise to identify influencer groups within the
 organization, whose networks could be leveraged to spread ideas of
 innovation and collaboration.  To ensure that employees are able to be
 their productive best, we worked on simplifying internal processes
 through a collaborative effort with various teams. Rewards and
 recognition in terms of the annual awards for excellence, quarterly
 promotions, and unit awards continued.
 
 As part of the focus on human resources development during fiscal 2016,
 we introduced iCount, the renewed performance management system. We
 moved away from the bell curve, to focus on individual employee
 contribution and continuous feedback, and built a self-serviced
 platform to empower employees to design their own journey within the
 organization.
 
 To foster a positive workplace environment, free from harassment of any
 nature, we have institutionalized the Anti-Sexual Harassment Initiative
 (ASHI) framework, through which we address complaints of sexual
 harassment at the workplace. Our global policy assures discretion and
 guarantees non-retaliation to complainants. We follow a gender-neutral
 approach in handling complaints of sexual harassment and we are
 compliant with the law of the land wherever we operate.  We have also
 constituted an Internal Complaints Committee (ICC) in all locations
 across India to consider and address sexual harassment complaints in
 accordance with the Sexual Harassment of Women at Workplace
 (Prevention, Prohibition and Redressal) Act, 2013.
 
 The details of issues raised and resolved regarding sexual harassment
 of women at the workplace are available in the Enhancing employee value
 section in the Business Responsibility Report which forms part of this
 Annual Report.
 
 Talent fulfillment
 
 We continue to improve our talent supply chain processes to maintain a
 consistent high utilization throughout the year and effectively support
 our higher growth.
 
 In fiscal 2016, we launched an innovative program named ''Zero Bench'' to
 productively engage employees who are on bench (between client
 engagements) to create valuable outcomes for the organization.  Our
 employees can now leverage our training infrastructure to upgrade their
 skills during their bench period and also work on short, internal
 projects of their choice, to gain exposure, hone their skills, extend
 networks, while delivering value.
 
 To foster a culture of innovation and rapid problem-solving using
 technology, we launched the second season of the Infosys Global
 
 Hackathon. During this fiscal, we also launched Compass, a digital
 platform to mobilize opportunities in careers, learning and networks
 within the organization.
 
 Education, training and assessment
 
 Learning and education are at the foundation of Infosys. Competency
 development continues to be a key area of strategic focus for us.
 During fiscal 2016, the total training provided for Infoscions was over
 2.12 million person days. Many of our employees also took external
 certifications, creating a large pool of certified people.
 
 To enhance the innovation quotient among the workforce, we conducted
 the Design Thinking program, which trains individuals in an empathetic,
 customer-centric mode of problem-finding and problem-solving. The total
 number of participants benefiting from the Design Thinking training
 crossed 80,000 as of March 31, 2016.  The Design Thinking training has
 been imparted to client teams, leadership teams, Infoscions and fresh
 recruits.
 
 Our industry-academia partnership program, Campus Connect, made
 progress through the launch of electives to help engineering colleges
 run new programs within their curricula. During fiscal 2016, we engaged
 with 1,225 faculty members who in turn trained 40,996 students. With
 this, the total number of beneficiaries covered has reached 13,111
 faculty members and 3,71,639 students from 317 engineering
 institutions.
 
 Our knowledge management system set a new record by winning the Global
 Most Admired Knowledge Enterprise (MAKE) award for the 11th time, Asian
 MAKE award for the 13th time and Indian MAKE award for the 11th time.
 
 Infosys Leadership Institute
 
 The vision of the Infosys Leadership Institute (ILI) is to be
 recognized as a globally respected institution that is committed to
 developing leaders within Infosys. The primary purpose of the institute
 is to develop and prepare senior leaders of the organization for
 current and future executive leadership roles. ILI employs a wide range
 of developmental approaches including classroom training, coaching,
 ''leaders teach'' and experience-sharing sessions. Senior leaders from
 across Infosys and its subsidiaries are the beneficiaries of ILI''s
 programs.
 
 Particulars of employees
 
 The ratio of remuneration of each director to the median of employees''
 remuneration as per Section 197(12) of the Companies Act, 2013, read
 with Rule 5(1) of the Companies (Appointment and Remuneration of
 Managerial Personnel) Rules, 2014 forms part of the Board''s report
 (Annexure 3a).
 
 A statement containing the names of every employee posted in India
 throughout the financial year and in receipt of a remuneration of Rs, 60
 lakh or more, or posted for part of the year and in receipt of Rs, 5 lakh
 or more a month, under Rule 5(2) of the Companies (Appointment and
 Remuneration of Managerial Personnel) Rules,
 
 2014 forms part of the Board''s report (Annexure 3b). The details of
 employees posted outside India can be made available on request.
 
 Employees'' stock options / Restricted stock units
 
 2015 Stock Incentive Compensation Plan
 
 The shareholders approved the issuance of stock incentives to the
 employees of the Company and its subsidiaries under the 2015 Stock
 Incentive Compensation Plan (''the 2015 Plan'') in the recently concluded
 postal ballot on March 31, 2016. The 2015 plan is in compliance with
 the SEBI (Share Based Employee Benefits) Regulations, 2014 and the
 details are also available on our website
 (https://www.infosys.com/investors/corporate-governance). The purpose
 of the 2015 Plan is to :
 
 - Attract, retain and motivate talented and critical employees;
 
 - Encourage employees to align individual performance with Company
 objectives; and
 
 - Reward employee performance with ownership.
 
 
 The 2015 Plan provides for stock incentives to eligible employees such
 as Restricted Stock Units (RSU) and stock options (together ''Stock
 Incentives''). Subject to applicable law and conditions for exercise,
 eligible employees are entitled to receive equity shares, American
 Depositary Receipts (ADRs) or cash on exercise of the Stock Incentives.
 The Stock Incentives vest over a period of four years from the date of
 the grant, or such other period as decided in the sole discretion by
 the Administrator. The 2015 Plan shall be administered by the
 nomination and remuneration committee of the Board constituted by the
 Company pursuant to the provisions of Section 178 of the Companies Act,
 2013 (''the Administrator''). The Administrator''s decisions,
 determinations, and interpretations will be final and binding on all
 eligible employees and participants under the 2015 Plan. Each Stock
 Incentive shall be evidenced by an award agreement that will specify
 such terms and conditions as the Administrator will determine,
 including whether the eligible employees will get equity shares of the
 Company, ADRs of the Company or cash on exercise of the Stock
 Incentives.
 
 The Board had, in October 2015, recommended that the Company create a
 pool of up to 2% of the shares outstanding towards the 2015 Plan for
 employees of the Company. The Management has recommended to the Board
 that a budget of 1% of the shares outstanding be allocated at this time
 to the needs of the Plan, amounting to approximately 2,40,38,883 equity
 shares. This 1% pool includes 1,12,23,576 treasury shares of the
 Company that are currently held in trust towards the 2011 RSU Plan.
 Consequently, an additional 1,28,15,307 equity shares, amounting to
 0.56% of the shares outstanding, will be required to be set aside for
 the 2015 Plan.  We expect the pool of 2,40,38,883 shares to be granted
 over a period of four to seven years.
 
 To calculate the employee compensation cost, the Company uses the Fair
 Value Method for the valuation of the Stock Incentives granted.
 
 The exercise price for the restricted stock units will be equal to the
 par value of the shares and the exercise price of stock options would
 be market price as on the date of the grant.
 
 The total number of equity shares and ADRs to be allotted pursuant to
 the exercise of the Stock Incentives under the 2015 Plan to the
 employees of the Company and its subsidiaries shall not cumulatively
 exceed 2,40,38,883 equity shares (approximately 1% of the issued
 capital) of which 1,70,38,883 shares will be issued as RSUs at par
 value (including shares currently held under the RSU 2011 Plan
 amounting to 1,12,23,576 equity shares) and 70,00,000 will be issued as
 stock options at market price. The mix of RSUs, options or other equity
 rights under the Plan may be adjusted in the sole determination of the
 Administrator from time to time.
 
 In June 2015, the Company, based on the recommendation of the
 nomination and remuneration committee, made a grant of 1,24,061 RSUs to
 Dr. Vishal Sikka. The grant price was Rs, 5 per RSU and the RSUs would
 vest subject to the achievement of certain key performance indicators
 as set forth in the award agreement for each applicable year of the
 vesting tranche and continued employment through each vesting date.
 Further, the award granted to Dr. Vishal Sikka on June 22, 2015 was
 modified by the nomination and remuneration committee on April 14,
 2016. There is no modification or change in the total number of RSUs
 granted or the vesting period (which is four years).  The modifications
 relate to the criteria of vesting for each of the years.  Based on the
 modification, the first tranche of the RSUs will vest subject to
 achievement of certain key performance indicators for the year ended
 March 31, 2016.
 
 During fiscal 2016, Dr. Vishal Sikka exercised 10,824 options and held
 2,21,505 options outstanding as on March 31, 2016.
 
 The details of the employee stock options / RSU plan form part of the
 Notes to accounts of the financial statements in this Annual Report.
 
 4.  Corporate governance
 
 Our corporate governance philosophy
 
 Corporate governance is about maximizing shareholder value legally,
 ethically and sustainably. At Infosys, the goal of corporate governance
 is to ensure fairness for every stakeholder. We believe sound corporate
 governance is critical to enhance and retain investor trust. We always
 seek to ensure that our performance is driven by integrity. Our Board
 exercises its fiduciary responsibilities in the widest sense of the
 term. Our disclosures seek to attain the best practices in
 international corporate governance. We also endeavor to enhance
 long-term shareholder value and respect minority rights in all our
 business decisions.
 
 Our Corporate governance report for fiscal 2016 forms part of this
 Annual Report.
 
 Board diversity
 
 The Company recognizes and embraces the importance of a diverse board
 in its success. We believe that a truly diverse board will leverage
 differences in thought, perspective, knowledge, skill, regional and
 industry experience, cultural and geographical background, age,
 ethnicity, race and gender, which will help us retain our competitive
 advantage. The Board has adopted the Board Diversity Policy which sets
 out the approach to diversity of the Board of Directors.  The Board
 Diversity Policy is available on our website (https://www.
 infosys.com/investors/corporate-governance/Documents/board-diversity-
 policy.pdf). More detail on diversity is available in the Corporate
 governance report that forms part of this Annual Report.
 
 Number of meetings of the Board
 
 The Board met eight times during the financial year, the details of
 which are given in the Corporate governance report. The maximum
 interval between any two meetings did not exceed 120 days, as
 prescribed in the Companies Act, 2013.
 
 Policy on directors'' appointment and remuneration
 
 The current policy is to have an appropriate mix of executive and
 independent directors to maintain the independence of the Board, and
 separate its functions of governance and management. On March 31, 2016,
 the Board consists of nine members, two of whom are executive or
 whole-time directors, and seven are independent directors.
 
 The policy of the Company on directors'' appointment and remuneration,
 including criteria for determining qualifications, positive attributes,
 independence of a director and other matters, as required under
 sub-section (3) of Section 178 of the Companies Act, 2013, is available
 on our website (https://www.infosys.com/investors/corporate-
 governance/Documents/nomination-remuneration-policy.pdf). There has
 been no change in the policy since the last fiscal year. We affirm that
 the remuneration paid to the directors is as per the terms laid out in
 the nomination and remuneration policy of the Company.
 
 Declaration by independent directors
 
 The Company has received necessary declaration from each independent
 director under Section 149(7) of the Companies Act, 2013, that he / she
 meets the criteria of independence laid down in Section 149(6) of the
 Companies Act, 2013 and Regulation 25 of SEBI (Listing Obligations and
 Disclosure Requirements) Regulations, 2015.
 
 Board evaluation
 
 SEBI (Listing Obligations and Disclosure Requirements) Regulations,
 2015, mandates that the Board shall monitor and review the Board
 evaluation framework. The framework includes the evaluation of
 directors on various parameters such as :
 
 - Board dynamics and relationships
 
 - Information flows
 
 - Decision-making
 
 
 - Relationship with stakeholders
 
 - Company performance and strategy
 
 - Tracking Board and committees'' effectiveness
 
 - Peer evaluation
 
 The Companies Act, 2013 states that a formal annual evaluation needs to
 be made by the Board of its own performance and that of its committees
 and individual directors. Schedule IV of the Companies Act, 2013 states
 that the performance evaluation of independent directors shall be done
 by the entire Board of Directors, excluding the director being
 evaluated.
 
 The evaluation of all the directors and the Board as a whole was
 conducted based on the criteria and framework adopted by the Board.
 The evaluation process has been explained in the Corporate governance
 report. The Board approved the evaluation results as collated by the
 nomination and remuneration committee.
 
 Familiarization program for independent directors
 
 All new independent directors inducted into the Board attend an
 orientation program. The details of training and familiarization
 program are provided in the Corporate governance report and is also
 available on our website (https://www.infosys.com/investors/corporate-
 governance). Further, at the time of the appointment of an independent
 director, the Company issues a formal letter of appointment outlining
 his / her role, function, duties and responsibilities. The format of
 the letter of appointment is available on our website (https://www.
 infosys.com/investors/corporate-governance/Documents/appointment-
 independent-director.pdf).
 
 Infosys'' code of conduct for the prevention of insider trading
 
 The Board of Directors has adopted the Insider Trading Policy in
 accordance with the requirements of the SEBI (Prohibition of Insider
 Trading) Regulation, 2015 and the applicable US Securities laws.  The
 Insider Trading Policy of the Company lays down guidelines and
 procedures to be followed, and disclosures to be made while dealing
 with shares of the Company, as well as the consequences of violation.
 The policy has been formulated to regulate, monitor and ensure
 reporting of deals by employees and to maintain the highest ethical
 standards of dealing in Company securities.
 
 The Insider Trading Policy of the Company covering code of practices
 and procedures for fair disclosure of unpublished price sensitive
 information and code of conduct for the prevention of insider trading,
 is available on our website
 (https://www.infosys.com/investors/corporate-
 governance/Documents/insider-trading-policy.pdf)
 
 Listing Agreement
 
 The Securities and Exchange Board of India (SEBI), on September 2,
 2015, issued SEBI (Listing Obligations and Disclosure Requirements)
 Regulations, 2015 with the aim to consolidate and streamline the
 provisions of the Listing Agreement for different segments of capital
 markets to ensure better enforceability. The said regulations were
 effective December 1, 2015. Accordingly, all listed entities were
 required to enter into the Listing Agreement within six months from the
 effective date. The Company entered into Listing Agreement with BSE
 Limited and the National Stock Exchange of India Limited during
 December 2015.
 
 Policies
 
 We seek to promote and follow the highest level of ethical standards in
 all our business transactions guided by our value system. The SEBI
 (Listing Obligations and Disclosure Requirements) Regulations, 2015
 mandated the formulation of certain policies for all listed companies.
 All our corporate governance policies are available on our website
 (https://www.infosys.com/investors/corporate-governance/Pages/policies.aspx).
 The policies are reviewed periodically by the Board and updated based
 on need and new compliance requirement.
 
 In addition to its Code of Conduct and Ethics, key policies that have
 been adopted by the Company are as follows :
 
 Name of the policy Brief description
 
 Recoupment Policy The policy deals with the provisions if the Company
 restates
 
 its financial statements. It allows the Company to recover any
 incentive-based compensation received by an executive officer that is
 in excess of what would have been payable based on the restated and
 corrected financial statements.  Whistleblower Policy The Company has
 adopted the whistleblower mechanism for
 
 (Policy on vigil directors and employees to report concerns about
 unethical
 
 mechanism) behavior, actual or suspected fraud, or violation of the
 Company''s
 
 code of conduct and ethics. There has been no change to the
 Whistleblower Policy adopted by the Company during fiscal 2016.
 Nomination and This policy formulates the criteria for determining
 qualifications,
 
 Remuneration Policy competencies, positive attributes and independence
 for the
 
 appointment of a director (executive / non-executive) and also the
 criteria for determining the remuneration of the directors, key
 managerial personnel and other employees.  Corporate Social The policy
 outlines the Company''s strategy to bring about a
 
 Responsibility Policy positive impact on society through programs
 relating to hunger, poverty, education, healthcare, environment and
 lowering its resource footprint.  Policy on Material The policy is used
 to determine the material subsidiaries and Subsidiaries material
 non-listed Indian subsidiaries of the Company and to provide the
 governance framework for them.  Related Party The policy regulates all
 transactions between the Company and its Transaction Policy related
 parties
 
 Insider Trading Policy The policy provides the framework in dealing
 with securities of the Company.
 
 Web link
 
 https://www.infosys.com/investors/corporate-
 governance/Documents/recoupment-policy.pdf
 
 https://www.infosys.com/investors/corporate-
 governance/Documents/whistleblower-policy.pdf
 
 https://www.infosys.com/investors/corporate-
 governance/Documents/nomination- remuneration-policy.pdf
 
 https://www.infosys.com/investors/corporate-
 governance/Documents/corporate-social- responsibility-policy.pdf
 
 https://www.infosys.com/investors/corporate-
 governance/Documents/material-subsidiaries- policy.pdf
 
 https://www.infosys.com/investors/corporate-
 governance/Documents/related-party- transaction-policy.pdf
 
 https://www.infosys.com/investors/corporate-
 governance/Documents/insider-trading-policy.pdf
 
 
 Corporate Policy The policy is aimed at providing clear guidelines and
 procedures Statement on Investor for disclosing material information
 outside the Company in Relations order to provide accurate and timely
 communications to our shareholders and the financial markets.  Policy
 for Determining This policy applies to disclosures of material events
 affecting Materiality for Infosys and its subsidiaries. This policy is
 in addition to the
 
 Disclosures Company''s corporate policy statement on investor relations,
 which deals with the dissemination of unpublished, price-sensitive
 information. The Board amended the corporate policy statement on
 investor relations to make it consistent with the materiality policy
 and conform to the U.S. regulations.  Document Retention The policy
 deals with the retention and archival of corporate and Archival Policy
 records of Infosys Limited and all its subsidiaries.
 
 https://www.infosys.com/investors/corporate-
 governance/Documents/corporate-policy- statement-investor-relations.pdf
 
 https://www.infosys.com/investors/corporate-
 governance/Documents/policy-determining- materiality-disclosures.pdf
 
 https://www.infosys.com/investors/corporate-
 governance/Documents/document-retention- archival-policy.pdf
 
 Directors and Key Managerial Personnel
 
 Chairman of the Board
 
 K. V. Kamath stepped down as Chairman and Independent Director of the
 Company effective June 5, 2015 consequent to his appointment as the
 President of the New Development Bank promoted by BRICS nations. R.
 Seshasayee, an independent director, took over as the Chairman of the
 Board effective June 5, 2015.
 
 Inductions
 
 The Board made the following appointments / re-appointments based on
 the recommendations of the nomination and remuneration committee :
 
 - Re-appointment of Prof. Jeffrey S. Lehman as an Independent Director
 of the Board effective April 14, 2016.
 
 - Appointment of Dr. Punita Kumar-Sinha as an Independent Director of
 the Board effective January 14, 2016.
 
 - Re-appointment of Dr. Vishal Sikka as Chief Executive Officer and
 Managing Director of the Company with effect from April 1, 2016.
 
 We thank the shareholders for their support in confirming the
 above-mentioned appointments in the recently-concluded postal ballot on
 March 31, 2016.
 
 The Board, on the recommendations of the nomination and remuneration
 committee, also appointed :
 
 - M. D. Ranganath as the Chief Financial Officer effective October 12,
 2015.
 
 - A. G. S. Manikantha as Company Secretary effective June 22, 2015.
 Further, the Board appointed A. G. S. Manikantha as the Compliance
 Officer for SEBI Listing regulations with effect from December 1, 2015.
 
 Re-appointments
 
 As per the provisions of the Companies Act 2013, Dr. Vishal Sikka,
 retires by rotation at the ensuing Annual General Meeting and being
 eligible, seeks re-appointment. The Board recommends his
 re-appointment.
 
 Retirements and resignations
 
 K. V. Kamath resigned as Independent Director with effect from June 5,
 2015, consequent to his nomination as president of the BRICS New
 Development Bank. The Board places on record its appreciation for the
 services rendered by K. V. Kamath during his tenure with the Company.
 
 Carol M. Browner resigned as Independent Director with effect from
 November 23, 2015 due to personal reasons. The Board places on record
 its appreciation for the services rendered by Carol M. Browner during
 her tenure with the Company.
 
 Rajiv Bansal resigned as CFO with effect from October 12, 2015.  The
 Board places on record its appreciation for the services rendered by
 him during his tenure with the Company.
 
 Committees of the Board
 
 Currently, the Board has six committees : the audit committee, the
 nomination and remuneration committee, the corporate social
 responsibility committee, the stakeholders relationship committee, the
 risk and strategy committee, and the finance and investment committee.
 All committees, except the corporate social responsibility committee,
 consist entirely of independent directors. A detailed note on the
 composition of the Board and its committees is provided in the
 Corporate governance report section of this Annual Report.
 
 Internal financial control and its adequacy
 
 The Board has adopted policies and procedures for ensuring the orderly
 and efficient conduct of its business, including adherence to the
 Company''s policies, the safeguarding of its assets, the prevention and
 detection of frauds and errors, the accuracy and completeness of the
 accounting records, and the timely preparation of reliable financial
 disclosures.
 
 Significant and material orders
 
 There are no significant and material orders passed by the regulators
 or courts or tribunals impacting the going concern status and Company''s
 operations in future.
 
 Extract of annual return
 
 In accordance with Section 134(3)(a) of the Companies Act, 2013, an
 extract of the annual return in the prescribed format is appended as
 Annexure 6 to the Board''s report.
 
 Directors'' responsibility statement
 
 The financial statements are prepared in accordance with the Generally
 Accepted Accounting Principles (GAAP) under the historical cost
 convention on accrual basis except for certain financial instruments,
 which are measured at fair values. GAAP comprises mandatory accounting
 standards as prescribed under Section 133 of the Companies Act, 2013
 (''the Act''), read with Rule 7 of the Companies (Accounts) Rules, 2014,
 the provisions of the Act (to the extent notified) and guidelines
 issued by the Securities and Exchange Board of India (SEBI). There are
 no material departures from the prescribed accounting standards in the
 adoption of these standards.
 
 The directors confirm that :
 
 - In preparation of the annual accounts for the financial year ended
 March 31, 2016, the applicable accounting standards have been followed.
 
 - They have selected such accounting policies and applied them
 consistently and made judgments and estimates that are reasonable and
 prudent so as to give a true and fair view of the state of affairs of
 the Company at the end of the financial year and of the profit and loss
 of the Company for that period.
 
 
 - They have taken proper and sufficient care towards the maintenance of
 adequate accounting records in accordance with the provisions of this
 Act for safeguarding the assets of the Company and for preventing and
 detecting fraud and other irregularities.
 
 - They have prepared the annual accounts on a going concern basis.
 
 - They have laid down internal financial controls, which are adequate
 and are operating effectively.
 
 - They have devised proper systems to ensure compliance with the
 provisions of all applicable laws and such systems are adequate and
 operating effectively.
 
 5.  Auditors Statutory auditors
 
 At the Annual General Meeting held on June 14, 2014, B S R & Co.  LLP,
 Chartered Accountants, were appointed as statutory auditors of the
 Company to hold office till the conclusion of the Annual General
 Meeting to be held in the calendar year 2017. In terms of the first
 proviso to Section 139 of the Companies Act, 2013, the appointment of
 the auditors shall be placed for ratification at every Annual General
 Meeting. Accordingly, the appointment of B S R & Co. LLP, Chartered
 Accountants, as statutory auditors of the Company, is placed for
 ratification by the shareholders.
 
 The Auditors'' Report for fiscal 2016 does not contain any
 qualification, reservation or adverse remark. The Auditors'' Report is
 enclosed with the financial statements in this Annual Report.
 
 Secretarial auditor
 
 Parameshwar G. Hegde of Hegde & Hegde, Practicing Company Secretaries,
 was appointed to conduct the secretarial audit of the Company for the
 fiscal 2016, as required under Section 204 of the Companies Act, 2013
 and Rules thereunder. The secretarial audit report for fiscal 2016
 forms part of the Annual Report as Annexure 5 to the Board''s report.
 The Secretarial Audit Report does not contain any qualification,
 reservation or adverse remark.
 
 The Board has appointed Parameshwar G. Hegde, Hegde & Hegde, Practicing
 Company Secretaries, as secretarial auditor of the Company for fiscal
 2017.
 
 Auditors'' certificate on corporate governance
 
 As required by SEBI (Listing Obligations and Disclosure Requirements)
 Regulations, 2015, the auditors'' certificate on corporate governance is
 enclosed as Annexure 4 to the Board''s report. The auditors'' certificate
 for fiscal 2016 does not contain any qualification, reservation or
 adverse remark.
 
 6.  Corporate social responsibility
 
 Infosys has been an early adopter of corporate social responsibility
 (CSR) initiatives. The Company works primarily through its CSR trust,
 the Infosys Foundation, towards supporting projects in eradication of
 hunger and malnutrition, promoting education, art and culture,
 healthcare, destitute care and rehabilitation, environmental
 sustainability, disaster relief and rural development projects.
 
 As per the Companies Act, 2013, all companies having a net worth of Rs,
 500 crore or more, or a turnover of Rs, 1,000 crore or more or a net
 profit of Rs, 5 crore or more during any financial year are required to
 constitute a CSR committee of the Board of Directors comprising three
 or more directors, at least one of whom should be an independent
 director. All such companies are required to spend at least 2% of the
 average net profits of their three immediately preceding financial
 years on CSR-related activities. Accordingly, the Company was required
 to spend Rs, 256 crore towards CSR activities, out of which Rs, 202
 crore was utilized on activities specified in Schedule VII of the
 Companies Act, 2013. A few of the projects undertaken are multi-year
 projects.  In addition, as part of its ongoing CSR programs, the
 Company has spent Rs, 10 crore on Chennai flood relief and
 rehabilitation activities and Rs, 76 crore on multiple CSR initiatives
 – including environmental sustainability and conservation of natural
 resources aimed at long-term sustainability of the ecosystem – which
 were not covered under Schedule VII of the Companies Act, 2013. At the
 consolidated level, the total expenditure on CSR activities, as
 specified in Schedule VII of the Companies Act, 2013, was Rs, 216
 crore.
 
 Details of the CSR policy and initiatives adopted by the Company on CSR
 during the year is available on our website (https://www.
 infosys.com/investors/corporate-governance/Documents/corporate-social-
 responsibility-policy.pdf). The annual report on our CSR activities is
 appended as Annexure 7 to the Board''s report.
 
 Infosys Foundation
 
 Established in 1996 as a not-for-profit trust for social welfare
 activities, the Infosys Foundation has grown as a pioneer and guide in
 implementing programs in the areas of healthcare, education, hunger
 eradication, rural development, disaster relief, arts and culture, and
 destitute care across India.
 
 The highlights of the Foundation''s work in fiscal 2016 included setting
 up of a center for artificial intelligence at the Indraprastha
 Institute of Information Technology, Delhi, help in rebuilding
 communities in calamity-hit Visakhapatnam and flood-affected Chennai,
 aid in building toilets in schools in Odisha, conservation of the
 endangered Olive Ridley turtles and partnership with Bharatiya Vidya
 Bhavan in 11 states to promote underprivileged artists. The Foundation
 also supported the construction of water facility and enclosures for
 animals at the Bannerghatta National Park in Bangalore, and efforts to
 conserve India''s vast medical heritage.
 
 The Foundation has also been relentlessly continuing its pursuits to
 improve healthcare and education in rural India. For more details on
 the Foundation''s activities, refer to the website,
 https://www.infosys.com/infosys-foundation.
 
 It is with deep gratitude that we acknowledge the efforts of our
 employee volunteers. We also thank the trustees of the Foundation, who
 continue to devote their time and effort in planning, guiding and
 monitoring its activities.
 
 Infosys Foundation USA
 
 Infosys Foundation USA took on a leadership role in supporting and
 expanding access to Computer Science (CS) and Maker education across
 the U.S., especially in under-represented and underserved communities.
 In fiscal 2016, as part of its mission to prepare students for an
 increasingly digital future, Infosys Foundation USA engaged and
 invested in CS and Maker-related programs in the following key areas :
 
 - CS professional development : A shortage of trained teachers
 continues to be the most critical bottleneck for expanding CS in
 schools. By providing foundational support for organizations like
 Code.org and initiatives like CS PD Week, Infosys Foundation USA
 supported CS professional development (teacher training) opportunities
 for several thousand teachers nationwide, especially in high-poverty
 regions.
 
 - CS teacher support : Access to tools and infrastructure is another
 area where resources are required for teachers who seek to bring CS to
 their classrooms. Infosys Foundation USA supported teachers directly
 through organizations like DonorsChoose.org and Tynker by sponsoring CS
 classroom projects and education software.
 
 - CS diversity : Infosys Foundation USA believes free bootcamps,
 hackathons and after-school programs provide a much-needed on-ramp and
 early exposure to coding.
 
 - Making : With the Infy Maker awards and through partnerships with
 CREATE Lab at the Carnegie Mellon University, Infosys Foundation USA
 sought to give students the opportunity to develop the creative
 confidence to be Makers.
 
 - Research and curriculum development : Working with Stanford
 University and other leading research organizations, Infosys Foundation
 USA supported the larger CS education community in key areas.
 
 
 We thank our employee volunteers for their interest and dedication.  We
 also thank our trustees, who continue to guide and inspire us.
 
 Infosys Science Foundation
 
 The Infosys Science Foundation (ISF) was set up by Infosys and some of
 its management in 2009 to encourage the pursuit and practice of the
 sciences. The Infosys Prize, governed by the ISF, recognizes some of
 the finest research connected to India. The prize winners are awarded a
 purse of Rs, 65 lakh (tax-free in India) and a citation by a jury of
 global renown across six fields. The winners of the Infosys Prize 2015
 were Prof. Umesh Waghmare (Professor, Theoretical Sciences Unit,
 Jawaharlal Nehru Centre for Advanced Scientific Research, Bangalore) in
 Engineering and Computer Science, Prof. Jonardan Ganeri (Global Network
 Professor of Philosophy, New York University, New York, and Visiting
 Professor, Department of Philosophy, King''s College, London) in
 Humanities, Dr. Amit Sharma (Head, Structural and Computational Biology
 Group, International Centre for Genetic Engineering and Biotechnology,
 New Delhi) in Life Sciences, Prof. Mahan Mj (Professor, School of
 Mathematics, Tata Institute of Fundamental Research, Mumbai) in
 Mathematical Sciences, Prof. G. Ravindra Kumar (Senior Professor,
 Department of Nuclear and Atomic Physics, Tata Institute of Fundamental
 Research, Mumbai) in Physical Sciences, and Dr. Srinath Raghavan
 (Senior Fellow, Centre for Policy Research, New Delhi) in Social
 Sciences. The winners were felicitated by the President of India,
 Pranab Mukherjee, in a ceremony in New Delhi on February 13, 2016.
 
 The winners of the Infosys Prize serve as role models for young
 researchers and scholars. Jurors and winners of the prize give public
 talks around the country under the Infosys Science Foundation Lectures,
 to talk about their work and instill a love for science and research
 among young students. The ISF expanded Gnanadeepa, a program to train
 educators on how to impart science and math concepts so students will
 grasp them better. Apart from training teachers from government
 schools, the program now trains B.Ed and D.Ed teachers as well. The
 Foundation also hosts contests, school events and media debates to
 promote a healthy discussion around science and research in the
 country. For more details, visit www.infosys-science-foundation.com.
 
 We would like to express our gratitude to the trustees who take an
 active part in driving ISF''s activities through the year.
 
 The ACM – Infosys Foundation Award
 
 The Association for Computing Machinery (ACM), and the Infosys
 Foundation award set up in 2007 recognizes the finest recent
 innovations by young scientists and system developers in the computing
 field each year. An endowment from the Infosys Foundation provides
 financial support for the US 5,000 annual award. The winner of the
 2015 award is Stefan Savage, Professor in the Computer Science and
 Engineering department''s Systems and Networking Group at UC San Diego''s
 Jacobs School of Engineering.
 
 Sustainability initiatives
 
 Our sustainability charter is driven by our core values and ethics.
 Our sustainability actions encompass economic, social and environmental
 dimensions.
 
 Through our organization-led projects such as Campus Connect, Rural
 Reach and SPARK, we support students from underprivileged backgrounds
 to pursue higher education, provide infrastructure for government
 schools, and train faculty across schools and colleges.  For more
 information about our industry-academia partnerships, visit our
 website, www.infosys.com.
 
 We have been persistent in our efforts to ensure reuse, recycling and
 responsible disposal of waste to minimize the amount of waste going to
 landfills. In our efforts to achieve our goal of sourcing 100% of our
 electricity requirements from renewables, we have continued to invest
 in solar energy across our campuses. In fiscal 2016, we launched a
 solar farm at our Hyderabad campus. The energy generated in the farm
 has helped the campus get off the grid and run 100% on renewable
 energy. Details of our environmental sustainability actions are
 available in Annexure 8 to the Board''s report and in the Environment
 section of the Business Responsibility Report.
 
 Conservation of energy, research and development, technology
 absorption, foreign exchange earnings and outgo
 
 The particulars as prescribed under sub-section (3)(m) of Section 134
 of the Companies Act, 2013, read with the Companies (Accounts) Rules,
 2014, are enclosed as Annexure 8 to the Board''s report.
 
 Business Responsibility Report
 
 The SEBI (Listing Obligations and Disclosure Requirements) Regulations,
 2015 (''Regulations'') mandates inclusion of the Business Responsibility
 Report (BRR) as part of the Annual Report for top 100 listed entities
 based on market capitalization. In compliance with the regulation, we
 have provided the BRR as part of our Annual Report.
 
 We also publish the Sustainability Report annually. Our report follows
 the Global Reporting Initiative''s G4 framework. This is a comprehensive
 report that covers all aspects of our sustainability activities. The
 report is audited by an external auditor, DNV GL.
 
 Green initiatives
 
 As in the previous years, this year too, we are publishing only the
 statutory disclosures in the print version of the Annual Report.
 Electronic copies of the Annual Report 2015-16 and Notice of the 35th
 Annual General Meeting are sent to all members whose email addresses
 are registered with the Company / Depository Participant(s).  For
 members who have not registered their email addresses, physical copies
 are sent in the permitted mode.
 
 Acknowledgments
 
 We thank our customers, vendors, investors, bankers and the ministry of
 labor for their continued support during the year. We place on record
 our appreciation of the contribution made by our employees at all
 levels. Our consistent growth was made possible by their hard work,
 solidarity, cooperation and support.
 
 We thank the governments of various countries where we have our
 operations. We also thank the Government of India, particularly the
 Ministry of Communication and Information Technology, the Ministry of
 Commerce, the Ministry of Finance, the Ministry of Corporate Affairs,
 the Customs and Excise Departments, the Income Tax Department, the
 Reserve Bank of India, the State Governments, the Software Technology
 Parks (STPs) / Special Economic Zones (SEZs) – Bangalore, Bhubaneswar,
 Chandigarh, Chennai, Gurgaon, Hyderabad, Indore, Jaipur, Mangalore,
 Mysore, Nagpur, Noida, Pune, Mumbai, Kochi and Thiruvananthapuram and
 other government agencies for their support, and look forward to their
 continued support in the future.
 
                            for and on behalf of the Board of Directors
 
 
 
                            R. Seshasayee   Dr. Vishal Sikka
 
 Bangalore                  Chairman        Chief Executive Officer and
 
 April 15, 2016                             Managing Director
Source : Dion Global Solutions Limited
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