UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 6-K

 

Report of Foreign Private Issuer

 

Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934

 

For the quarter ended June 30, 2020

 

Commission File Number 001-35754

 

Infosys Limited

(Exact name of Registrant as specified in its charter)

 

Not Applicable

(Translation of Registrant's name into English)

 

Electronics City, Hosur Road, Bangalore - 560 100, Karnataka, India. +91-80-2852-0261

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:

 

Form 20-F þ Form 40-F o

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1) : o

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7) : o

 

 

 

TABLE OF CONTENTS

 

DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION
SIGNATURES
INDEX TO EXHIBITS
EXHIBIT 99.1
EXHIBIT 99.2
EXHIBIT 99.3

 

 

 

DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION

 

Infosys Limited (“we” or “the Company”) hereby furnishes the United States Securities and Exchange Commission with copies of the following information concerning our public disclosures regarding our results of operations and financial condition for the quarter ended June 30, 2020.

 

The following information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

On July 15, 2020, we announced our results of operations for the quarter ended June 30, 2020. We issued press releases announcing our results under International Financial Reporting Standards ("IFRS"), copies of which are attached to this Form 6-K as Exhibit 99.2.

 

We have placed the form of release to stock exchanges concerning our results of operations for the quarter ended June 30, 2020 under Ind-AS. A copy of the release to stock exchanges is attached to this Form 6-K as Exhibit 99.3

 

The Board of Directors of the Company amongst other matters, also announced the appointment of Bobby Parikh as an independent director effective July 15, 2020. A copy of the outcome of the board meeting and press release pertaining to the appointment is attached to this Form 6-K as Exhibit 99.1.

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

Infosys Limited

/s/ Inderpreet Sawhney

   
Date: July 15, 2020

Inderpreet Sawhney

General Counsel and Chief Compliance Officer

 

 

 

INDEX TO EXHIBITS

 

Exhibit No. Description of Document
99.1 Outcome of the Board Meeting
99.2 IFRS USD press release
99.3 Form of Release to Stock Exchanges

 

 

  

 

 

 Exhibit 99.1
Outcome of the Board meeting

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Exhibit 99.2
IFRS USD Press Release

 

 

High quality growth of 1.5% year-on-year (constant currency) with expanded operating margin at 22.7%

 

Bengaluru, India – July 15, 2020

 

“Our Q1 results, especially growth, are a clear testimony to the relevance of our service offerings and deep understanding of clients’ business priorities which is resonating with them in these times. It also demonstrates the remarkable dedication of our employees and leadership during this period”, said Salil Parekh, CEO and MD. “Our confidence and visibility for the rest of the year is improving driven by our Q1 performance and large deal wins.”

 

 

 

·Revenues declined year-on-year by 0.3% in USD; grew by 1.5% in constant currency
·Digital revenues at $1,389 million (44.5% of total revenues), year-on-year growth of 25.5% in constant currency
·Operating margin at 22.7%, increase of 220 basis points year-on-year
·Free Cash Flow at $728 million; year-on-year growth of 50.1%
·Voluntary attrition for IT services declined to 11.7% from 20.2% in Q1 20
·FY 21 Revenue growth guidance in the range of 0%-2% in constant currency
·Operating margin for FY 21 to be in the range of 21%-23%

 

1.Financial Highlights – Consolidated results under International Financial Reporting Standards (IFRS)

 

For the quarter ended June 30, 2020

 

Revenues were $3,121 million, decline of 0.3% YoY and 2.4% QoQ

 

Operating profit was $708 million, growth of 10.1% YoY and 4.9% QoQ. Operating margin was 22.7%

 

Basic EPS was $0.13, growth of 3.8% YoY and decline of 5.4% QoQ

 

“During the last few months, we took multiple steps aimed at employee safety and well-being while providing seamless services to our clients. Clients have recognized us for the speed, security and effectiveness of our remote enablement efforts”, said Pravin Rao, COO. “The strength and diversity of our portfolio was evident in good revenue performance, sizeable large deal wins, high focus on operating metrics and significant decline in attrition.”

 

“Operating margin expanded to 22.7% driven by preemptive deployment of our strategic cost levers along with tactical opportunities triggered by the COVID situation”, said Nilanjan Roy, CFO. “Collections were robust and capex was focused, which led to 50% year on year increase in Free Cash Flows. Our liquid and debt free Balance Sheet is a huge source of strength in these times.”

 

2.Board changes

 

The Board, based on the recommendation of the Nomination and Remuneration Committee, appointed Bobby Parikh as an additional and Independent Director of the Company effective July 15, 2020 for a period of 3 years, subject to the approval of the shareholders.

 

3.Client wins & Testimonials

 

·Infosys partnered with the State of Rhode Island in launching a privacy-first contact tracing solution to help Rhode Islanders and state officials slow the spread of coronavirus throughout the state. The application, called “CRUSH COVID RI,” will utilize Infosys’ Location Based Services platform to create individualized location diaries, while protecting user privacy.
·Infosys was selected by GlobalFoundries (GF), the world’s leading specialty foundry, as its partner for the company’s Digital Transformation program. Through this partnership, Infosys will provide expertise and analytical solutions to optimize the overall efficiency and agility of GF’s manufacturing and business operations.
·FE CREDIT, a subsidiary of VP Bank, the market leader in consumer lending in Vietnam, upgraded its Finacle Digital Banking solution suite to the latest version and migrated it from an on-premise deployment to a Software-as-a-Service (SaaS) model. Finacle’s cloud-native, microservices-based digital banking solution suite will run on the AWS cloud.
·A large CPG company selected Infosys as the strategic transformation partner for IT services. With this engagement Infosys will provide end-to-end support for enabling integrated operations across Applications, Infrastructure and Cybersecurity.

 

4.Recognitions
   
·Positioned as a leader in IDC MarketScape: EMEA Digital Transformation Service Providers for Oil and Gas Industry 2020 Vendor Assessment
·Ranked as a leader in IDC MarketScape: Worldwide Blockchain Services 2020 Vendor Assessment
·Ranked as a leader in IDC MarketScape: Worldwide Business Analytics Consulting and Systems Integration Services 2020 Vendor Assessment
·Ranked as a leader in IDC MarketScape: Worldwide Cloud Business Analytics Services 2020 Vendor Assessment
·Positioned as a leader in Everest Group's Open Banking IT Services PEAK Matrix Assessment 2020
·Positioned as a leader in Everest Group’s Risk & Compliance PEAK Matrix Assessment 2020
·Ranked number one in HFS Top 10: Agile Software Development, 2020
·Recognized as a leader in HFS Top 10: Enterprise Blockchain Services 2020
·Recognized as a leader in NelsonHall Mortgage & Loan Services NEAT 2020
·EdgeVerve Systems was positioned as a Leader in Process Discovery and Mining in NelsonHall NEAT 2020
·Won the award for 2020 Microsoft Datacenter Migration Partner of the Year
·Won the “2020 BEST Awards” by The Association for Talent Development (ATD), USA
·Won the Pega Partner Award for Excellence in Growth and Delivery.
·Awarded the 2020 IBM Beacon Award for our Cognitive Digital Commerce platform
·Celent recognized Emirates NBD’s millennial focused digital-only bank Liv as ‘The Best Digital Bank’ for driving a compelling digital-only proposition leveraging Finacle Core Banking solution
·Infosys’ Investor Relations (IR) function was recognized as the top IR functions amongst Indian companies in an annual survey conducted by FinanceAsia
·Adjudged as the company most committed to social causes and amongst top three in environmental stewardship in India by FinanceAsia

 

About Infosys

 

Infosys is a global leader in next-generation digital services and consulting. We enable clients in 46 countries to navigate their digital transformation. With nearly four decades of experience in managing the systems and workings of global enterprises, we expertly steer our clients through their digital journey. We do it by enabling the enterprise with an AI-powered core that helps prioritize the execution of change. We also empower the business with agile digital at scale to deliver unprecedented levels of performance and customer delight. Our always-on learning agenda drives their continuous improvement through building and transferring digital skills, expertise, and ideas from our innovation ecosystem.

 

Visit www.infosys.com to see how Infosys (NYSE: INFY) can help your enterprise navigate your next.

  

 

Safe Harbor

 

Certain statements in this release concerning our future growth prospects, financial expectations and plans for navigating the COVID-19 impact on our employees, clients and stakeholders are forward-looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding COVID-19 and the effects of government and other measures seeking to contain its spread, risks related to an economic downturn or recession in India, the United States and other countries around the world, changes in political, business, and economic conditions, fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our industry and the outcome of pending litigation and government investigation. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2020. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

 

Contact

 

Investor Relations

Sandeep Mahindroo

+91 80 3980 1018

Sandeep_Mahindroo@infosys.com

  
Media Relations

Mehak Chawla
+91 80 4156 3998

Mehak.Chawla@infosys.com

Chiku Somaiya
+1 71367 06752

Chiku.Somaiya@infosys.com

 

 

Infosys Limited and subsidiaries

 

Extracted from the condensed consolidated Balance Sheet under IFRS as at:

(Dollars in millions)

  June 30, 2020 March 31, 2020
ASSETS    
Current assets    
Cash and cash equivalents 2,515 2,465
Earmarked bank balance for dividend (3) 536 –
Current investments 371 615
Trade receivables 2,487 2,443
Unbilled revenue 949 941
Other Current assets (4) 865 748
Total current assets 7,723 7,212
Non-current assets    
Property, plant and equipment and Right-of-use assets 2,354 2,361
Goodwill and other Intangible assets 956 950
Non-current investments 853 547
Other non-current assets 1,151 1,190
Total non-current assets 5,314 5,048
Total assets 13,037 12,260
LIABILITIES AND EQUITY    
Current liabilities    
Trade payables 366 377
Unearned revenue 410 395
Employee benefit obligations 253 242
Other current liabilities and provisions 2,400 1,743
Total current liabilities 3,429 2,757
Non-current liabilities    
Lease liabilities 512 530
Other non-current liabilities 288 272
Total non-current liabilities 800 802
Total liabilities 4,229 3,559
Total equity attributable to equity holders of the company 8,747 8,646
Non-controlling interests 61 55
Total equity 8,808 8,701
Total liabilities and equity 13,037 12,260

 

Extracted from the condensed consolidated statement of comprehensive income under IFRS for:

 

(Dollars in millions except per equity share data)

  3 months ended June 30, 2020 3 months ended June 30, 2019
Revenues 3,121 3,131
Cost of sales 2,071 2,122
Gross profit 1,050 1,009
Operating expenses:    
 Selling and marketing expenses 151 169
 Administrative expenses 191 198
Total operating expenses 342 367
Operating profit 708 642
Other income, net(5) 57 100
Profit before income taxes 765 742
Income tax expense 201 196
Net profit (before minority interest) 564 546
Net profit (after minority interest) 558 546
Basic EPS ($) 0.13 0.13
Diluted EPS ($) 0.13 0.13

 

NOTES: 

 

1.The above information is extracted from the audited condensed consolidated Balance sheet and Statement of Comprehensive Income for the quarter ended June 30, 2020 which have been taken on record at the Board meeting held on July 15, 2020.
2.A Fact Sheet providing the operating metrics of the Company can be downloaded from www.infosys.com
3.Represents bank balance earmarked for final dividend. Payment date for dividend was July 3, 2020.
4.Other receivables include $80 million towards redemption of mutual funds.
5.Other Income includes Finance Cost.

 

 

 

 

 

 

 

 

Exhibit 99.3
Form of Release to Stock Exchanges

 

 

 

Infosys Limited

Regd. office: Electronics City, Hosur Road,
Bengaluru – 560 100, India

CIN : L85110KA1981PLC013115

Website: www.infosys.com

email: investors@infosys.com

T: 91 80 2852 0261, F: 91 80 2852 0362 

 

Statement of Consolidated Audited Results of Infosys Limited and its subsidiaries for the quarter ended June 30, 2020 prepared in compliance with the Indian Accounting Standards (Ind-AS)

 

(in crore, except per equity share data)

Particulars  Quarter
ended
June 30,		  Quarter
ended
March 31,		  Quarter
ended
June 30,		 Year ended
March 31,
2020 2020 2019 2020
Audited Audited Audited Audited
Revenue from operations  23,665  23,267  21,803  90,791
Other income, net  475  614  736  2,803
Total Income  24,140  23,881  22,539  93,594
Expenses        
Employee benefit expenses  13,604  12,916  12,302  50,887
Cost of technical sub-contractors  1,626  1,704  1,640  6,714
Travel expenses  116  667  827  2,710
Cost of software packages and others  893  755  617  2,703
Communication expenses  163  139  127  528
Consultancy and professional charges  262  339  291  1,326
Depreciation and amortisation expenses  756  749  681  2,893
Finance cost  48  45  40  170
Other expenses  880  1,071  847  3,656
Total expenses  18,348  18,385  17,372  71,587
Profit before tax  5,792  5,496  5,167  22,007
Tax expense:        
Current tax  1,321  1,335  1,460  5,775
Deferred tax  199  (174)  (95)  (407)
Profit for the period  4,272  4,335  3,802  16,639
Other comprehensive income        
Items that will not be reclassified subsequently to profit or loss        
Remeasurement of the net defined benefit liability/asset, net  147  (21)  (17)  (180)
Equity instruments through other comprehensive income, net  (1)  (2)  3  (33)
Items that will be reclassified subsequently to profit or loss        
Fair value changes on derivatives designated as cash flow hedges, net  (6) –  (24)  (36)
Exchange differences on translation of foreign operations  164  237  25  378
Fair value changes on investments, net  54  15  16  22
Total other comprehensive income/(loss), net of tax  358  229  3  151
Total comprehensive income for the period  4,630  4,564  3,805  16,790
Profit attributable to:        
Owners of the company  4,233  4,321  3,798  16,594
Non-controlling interest  39  14  4  45
   4,272  4,335  3,802  16,639
Total comprehensive income attributable to:        
Owners of the company  4,586  4,545  3,798  16,732
Non-controlling interest  44  19  7  58
   4,630  4,564  3,805  16,790
Paid up share capital (par value 5/- each, fully paid)  2,122  2,122  2,137  2,122
Other equity *#  63,328  63,328  62,778  63,328
Earnings per equity share (par value 5/- each)**        
Basic ()  9.98  10.19  8.83  38.97
Diluted ()  9.97  10.18  8.82  38.91

 

* Balances for the quarter ended June 30, 2020 and June 30, 2019 represents balances as per the audited Balance Sheet for the year ended March 31, 2020 and March 31, 2019 respectively as required by SEBI (Listing and Other Disclosure Requirements) Regulations, 2015
   
** EPS is not annualized for the quarter ended June 30, 2020, March 31, 2020, and June 30, 2019
   
# Excludes non-controlling interest

 

1. Notes pertaining to the current quarter

 

a) The audited interim condensed consolidated financial statements for the quarter ended June 30, 2020 have been taken on record by the Board of Directors at its meeting held on July 15, 2020. The statutory auditors, Deloitte Haskins & Sells LLP have expressed an unmodified audit opinion. The information presented above is extracted from the audited interim condensed consolidated financial statements. These interim condensed consolidated financial statements are prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules thereafter.
   
b) Board appointment:
   
  The Board, based on the recommendation of the Nomination and Remuneration Committee, appointed Bobby Parikh as an additional and Independent Director of the Company effective July 15, 2020 for a period of 3 years, subject to the approval of the shareholders.
   
c) Estimation of uncertainties relating to the global health pandemic from COVID-19 ( COVID-19):
   
  The Group has considered the possible effects that may result from COVID-19 in the preparation of these interim condensed consolidated financial statements including the recoverability of carrying amounts of financial and non financial assets. In developing the assumptions relating to the possible future uncertainties in the global economic conditions because of COVID-19, the Group has, at the date of approval of these condensed financial statements, used internal and external sources of information including credit reports and related information and economic forecasts and expects that the carrying amount of these assets will be recovered. The impact of COVID-19 on the Group's financial statements may differ from that estimated as at the date of approval of these interim condensed consolidated financial statements.
   
d) Update on the whistleblower matter
   
  On the matters pertaining to the whistle blower allegations, previously disclosed by the Company on October 22, 2019, the Company has responded to all the inquires received from the Indian regulatory authorities. Additionally, on the matter pertaining to the shareholder class action suit, as previously disclosed by the Company in October 2019, the plaintiff voluntarily dismissed the lawsuit without prejudice on May 21, 2020.

 

2. Information on dividends for the quarter ended June 30, 2020

 

For financial year 2020, the Board recommended a final dividend of 9.50/- per equity share. The same was approved by the shareholders in the Annual General Meeting of the company held on June 27, 2020 and was paid on July 3, 2020. 

(in )

Particulars

 

  Quarter
ended
June 30,		  Quarter
ended
March 31,		  Quarter
ended
June 30,		 Year tended
March 31,
2020 2020 2019 2020
Dividend per share (par value 5/- each)        
 Interim dividend – – –  8.00
 Final dividend –  9.50 –  9.50

 

3. Segment reporting (Consolidated - Audited)

(in crore)

Particulars

 

  Quarter
ended
June 30,		  Quarter
ended
March 31,		  Quarter
ended
June 30,		 Year ended
March 31,
2020 2020 2019 2020
Revenue by business segment        
Financial Services (1)  7,457  7,282  6,856  28,625
Retail (2)  3,391  3,622  3,435  14,035
Communication (3)  3,165  3,017  3,004  11,984
Energy, Utilities, Resources and Services  3,027  2,992  2,833  11,736
Manufacturing  2,256  2,363  2,099  9,131
Hi-Tech  2,063  1,831  1,679  6,972
Life Sciences (4)  1,575  1,484  1,341  5,837
All other segments (5)  731  676  556  2,471
Total  23,665  23,267  21,803  90,791
Less: Inter-segment revenue – – – –
Net revenue from operations  23,665  23,267  21,803  90,791
Segment profit before tax, depreciation and non-controlling interests:        
Financial Services (1)  2,001  1,863 1,714 7,306
Retail (2)  1,048  1,058 1,032 4,212
Communication (3)  621  560 622 2,424
Energy, Utilities , Resources and Services  851  856 724 3,216
Manufacturing  506  557 413 2,059
Hi-Tech  598  431 370 1,604
Life Sciences (4)  476  344 278 1,431
All other segments (5)  20  37 5 64
Total  6,121  5,706  5,158  22,316
Less: Other Unallocable expenditure  756  779 687 2,942
Add: Unallocable other income  475  614 736 2,803
Less: Finance cost  48  45  40  170
Profit before tax and non-controlling interests  5,792  5,496  5,167  22,007

 

(1) Financial Services include enterprises in Financial Services and Insurance

(2) Retail includes enterprises in Retail, Consumer Packaged Goods and Logistics

(3) Communication includes enterprises in Communication, Telecom OEM and Media

(4) Life Sciences includes enterprises in Life sciences and Health care

(5) All other segments include operating segments of businesses in India, Japan, China, Infosys Public Services & other enterprises in Public Services

 

Notes on segment information

 

Business segments

 

Based on the "management approach" as defined in Ind-AS 108 - Operating Segments, the Chief Operating Decision Maker evaluates the Group's performance and allocates resources based on an analysis of various performance indicators by business segments. Accordingly, information has been presented along these business segments. The accounting principles used in the preparation of the financial statements are consistently applied to record revenue and expenditure in individual segments.

 

Segmental capital employed

 

Assets and liabilities used in the Group's business are not identified to any of the reportable segments, as these are used interchangeably between segments. The Management believes that it is not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.

 

4. Audited financial results of Infosys Limited (Standalone Information)

(in crore)

Particulars

 

  Quarter
ended
June 30,		  Quarter
ended
March 31,		  Quarter
ended
June 30,		 Year ended
March 31,
2020 2020 2019 2020
Revenue from operations  20,325  20,187  19,131  79,047
Profit before tax  5,378  5,128  4,821  20,477
Profit for the period  4,008  4,069  3,569  15,543

 

The audited results of Infosys Limited for the above mentioned periods are available on our website, www.infosys.com and on the Stock Exchange website www.nseindia.com and www.bseindia.com. The information above has been extracted from the audited interim standalone condensed financial statements as stated.

 

  By order of the Board
for Infosys Limited
   
Bengaluru, India
July 15, 2020		 U.B. Pravin Rao
Chief Operating Officer and Whole-time Director

 

The Board has also taken on record the condensed consolidated results of Infosys Limited and its subsidiaries for the quarter ended June 30, 2020, prepared as per International Financial Reporting Standards (IFRS) and reported in US dollars. A summary of the financial statements is as follows:

 

(in US$ million, except per equity share data)

Particulars  Quarter
ended
June 30,		  Quarter
ended
March 31,		  Quarter
ended
June 30,		 Year ended
March 31,
2020 2020 2019 2020
Audited Unaudited Audited Audited
Revenues 3,121 3,197 3,131 12,780
Cost of sales  2,071  2,133  2,122  8,552
Gross profit  1,050  1,064  1,009  4,228
Operating expenses  342  390  367  1,504
Operating profit  708  674  642  2,724
Other income, net  63  84  106  395
Finance cost  6  6  6  24
Profit before income taxes  765  752  742  3,095
Income tax expense  201  160  196  757
Net profit  564  592  546  2,338
Earnings per equity share *        
 Basic  0.13  0.14  0.13  0.55
 Diluted  0.13  0.14  0.13  0.55
Total assets  13,037  12,260  12,417  12,260
Cash and cash equivalents and current investments  2,886  3,080  3,044  3,080

 

* EPS is not annualized for the quarter ended June 30, 2020, March 31, 2020, and June 30, 2019.

 

Certain statements in this release concerning our future growth prospects, financial expectations and plans for navigating the COVID-19 impact on our employees, clients and stakeholders are forward-looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding COVID-19 and the effects of government and other measures seeking to contain its spread, risks related to an economic downturn or recession in India, the United States and other countries around the world, changes in political, business, and economic conditions, fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our industry and the outcome of pending litigation and government investigation. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2020. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the Company's filings with the Securities and Exchange Commission and our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.