Statement of Cash Flows

Accounting policy
Cash flows are reported using the indirect method, whereby profit for the year is adjusted for the effects of transactions of a non-cash nature, any
deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing
cash flows. The cash flows from operating, investing and financing activities of the Company are segregated. The Company considers all highly
liquid investments that are readily convertible to known amounts of cash to be cash equivalents.
(In ₹ crore)

Particulars Note Year ended March 31,

2024 2023
Cash flow from operating activities:
Profit for the year 27,234 23,268
Adjustments to reconcile net profit to net cash provided by operating activities:
Depreciation and amortization 2.1, 2.2.2 and 2.3 2,944 2,753
Income tax expense 2.17 8,719 8,375
Impairment loss recognized / (reversed) under expected credit loss model 130 183
Finance cost 277 157
Interest and dividend income 2.19 (4,670) (3,028)
Stock compensation expense 2.12 575 460
Provision for post sale client support 77 121
Exchange differences on translation of assets and liabilities, net 63 (116)
Interest receivable on income tax refund (1,934) –
Other adjustments 235 34
Changes in assets and liabilities
Trade receivables and unbilled revenue (2,933) (5,065)
Loans, other financial assets and other assets (1,645) (2,171)
Trade payables 2.14 67 (243)
Other financial liabilities, other liabilities and provisions (117) 2,248
Cash generated from operations 29,022 26,976
Income taxes paid (8,235) (7,807)
Net cash generated by operating activities 20,787 19,169
Cash flow from investing activities:
Expenditure on property, plant and equipment (1,832) (2,130)
Deposits placed with corporation (688) (634)
Redemption of deposits placed with corporation 522 482
Interest and dividend received 1,441 1,299
Dividend received from subsidiary 2,976 1,463
Loan given to subsidiaries – (427)
Loan repaid by subsidiaries 4 393
Investment in subsidiaries (63) (1,530)
Receipt / (payment) towards business transfer for entities under common control 35 19
Receipt / (payment) from entities under liquidation 80 –
Escrow and other deposits pertaining to buyback – (483)
Redemption of escrow and other deposits pertaining to buyback – 483
Other receipts 123 61

Infosys Integrated Annual Report 2023-24 227

Standalone Financial Statements

Particulars Note Year ended March 31,

2024 2023
Payments to acquire investments
Liquid mutual fund units (57,606) (62,952)
Target maturity fund units – (400)
Tax-free bonds and government bonds – (14)
Commercial papers (9,405) (2,485)
Certificates of deposit (7,011) (8,909)
Government securities – (1,370)
Non-convertible debentures (1,526) –
Others (2) (4)
Proceeds on sale of investments
Tax-free bonds and government bonds 150 213
Liquid mutual fund units 56,124 64,168
Non-convertible debentures 955 395
Certificates of deposit 6,962 9,454
Commercial papers 5,475 2,098
Government securities 5 1,532
Others 20 99
Net cash (used in) / generated from investing activities (3,261) 821
Cash flow from financing activities:
Buyback of equity shares, including transaction costs and tax on buyback – (11,499)
Payment of lease liabilities 2.3 (850) (694)
Shares issued on exercise of employee stock options 1 30
Other receipts – 44
Other payments (243) (64)
Payment of dividends (14,733) (13,674)
Net cash used in financing activities (15,825) (25,857)
Net increase / (decrease) in cash and cash equivalents 1,701 (5,867)
Effect of exchange differences on translation of foreign currency cash and cash equivalents (44) 131
Cash and cash equivalents at the beginning of the year 2.9 6,534 12,270
Cash and cash equivalents at the end of the year 2.9 8,191 6,534
Supplementary information:
Restricted cash balance 2.9 44 46

The accompanying notes form an integral part of the Standalone financial statements.
As per our report of even date attached

for Deloitte Haskins & Sells LLP for and on behalf of the Board of Directors of Infosys Limited
Chartered Accountants
Firm’s Registration No:
117366W/ W-100018

Sanjiv V. Pilgaonkar D. Sundaram Salil Parekh Bobby Parikh

Partner Lead Independent Director Chief Executive Officer Director
Membership No. 039826 and Managing Director
DIN: 00016304 DIN: 00019437
DIN: 01876159

Bengaluru Jayesh Sanghrajka A.G.S. Manikantha

April 18, 2024 Chief Financial Officer Company Secretary
Membership No. A21918

228 Infosys Integrated Annual Report 2023-24