Oh. Hey. Hey. Oh. Oh. All right. Thanks. It's tricky out here. You're telling me. I can help you reach the top. Okay, come on. Let's go.
I welcome the members to the 45th annual general meeting. Hope all of you are safe and in good health. This meeting is being held through video conference in accordance with the circulars issued by the Ministry of Corporate Affairs and SEBI. Members participating through video conference are being considered for the purpose of quorum as per the circulars issued by MCA and section 103 of the Companies Act 2013. We have the requisite quorum present through video conference to conduct the proceedings of the meeting. Therefore, I call this meeting to order. Before we start the main proceedings of the meeting, I request my colleagues on the video conference to introduce themselves. Nathan.
Hi, this is Nathan Paranspe. I'm the vice chairman and independent director of your company and I'm calling in from the Netherlands.
Good evening. Hi, I'm Sal, CEO and managing director joining in from Mumbai. Welcome to the 45th annual general meeting. I hope all of you are well. Sundaram,
You're on mute. Sundaram.
Hi, good afternoon. This is Sundram, lead independent director and the chairperson of the nomination remuneration committee and risk management committee. I'm joining the meeting from Mumbai. Thank you.
Good morning, good evening. This is Michael Gibbs, independent director. I'm the chairperson of the stakeholder relationship committee in the cyber security subcommittee. I'm joining this meeting from Houston, Texas in the USA.
Hi, good evening. I'm Bobby Parik, independent director. I'm the chairperson of the audit committee of the company and I'm joining this meeting from Mumbai.
Hello. This is Chitra Nyak, independent director and chair of the ESG committee joining from San Francisco, California.
Hi, this is Goven Da, independent director and chairperson of the CSR committee joining in from Mumbai.
Good evening. I'm Elen Poier, independent director joining in from France.
Hello and good evening. This is Diane Jurgens. I'm an independent director. I joined the board in April and today I'm joining the AGM from Greece.
Hi, good evening. This is Jeska, chief financial officer. I'm joining in from Bangalore. Thank you.
Hi, good evening everyone. I am Manika, company secretary of the company joining from Bangalore. Thank you.
Apart from them, we also have key executives and senior management joining from their respective locations. Statutory auditors and secretarial auditors have also joined this meeting. The company has taken all feasible efforts to enable members to participate through video conference and vote at the AGM. I thank all the members, colleagues on the board, auditors and the management team for joining this meeting over video conference. I now request Manika, company secretary to provide general instructions to the members regarding participation in this meeting.
Hi, good evening. Members may note that this annual general meeting is being held through video conferencing in accordance with the Companies Act 2013 and circulars issued by the Ministry of Corporate Affairs and SEBI. The notice of the 45th AGM and the annual report for the financial year ended March 31st, 2026 have been sent electronically to members whose email addresses are registered with the company or with the depositories. In addition, physical copies of the annual report have been sent to members who have requested for the same. Further, the company has sent a letter to shareholders whose email addresses are not registered with the company or depository participants providing them the web link for where the annual report can be accessed on the company's website. The facility for joining this meeting through video conference is made available for the members on a first come first served basis. The company has also provided a webcast facility to view the live proceedings of this meeting on the company's website. The register of directors and key managerial personnel, the register of contracts or arrangements, certificates as required under SEBI share-based employee benefits and sweat equity regulations 2021 and other documents mentioned in the AGM notice have been made available electronically for inspection during this AGM. Members seeking to inspect any of these documents can send their requests to the email id
[email protected]. As the EGM is being held through video conferencing, the facility for appointment of proxies was not applicable and hence the proxy register for inspection is not available. The company has received requests from a few members to register them as speakers at this meeting. Accordingly, the floor will be open for those members to ask questions or express their views. We will facilitate this session once the chairman opens the floor for questions and answers. Members can also post their views or questions on the ask a question tab on the video conference screens before 4:30 p.m. IST. It may be noted that the company reserves the right to limit the number of members asking questions depending on the availability of time at this AGM. The company has provided the facility to cast votes electronically on all resolutions set forth in the notice. Members who have not cast their votes yet electronically and who are participating in this meeting will have an opportunity to cast their votes during the meeting through the e voting system provided by NSDL. Members can click on the vote tab on the video conference screen to make use of this facility. Members are requested to refer to the instructions provided in the notice or appearing on the video conference page for a seamless participation through video conference and also for voting. In case members face any difficulty, they may reach out on the helpline numbers. Members may note that this AGM is being recorded. Please do not disclose any sensitive personal information or personally identifiable information belonging to you or any other persons that has no bearing on this meeting. Thank you very much. I now request Nandan Nilekani chairman to address the shareholders.
Dear shareholders, welcome to the 45th annual general meeting of Infosys. On behalf of the Infosys Board of Directors, I appreciate your support for the company and thank you for taking the time to join us today. Fiscal 2026 has been a year of disciplined execution and resilience for Infosys. Even as the external environment continues to evolve, we delivered US $20.2 billion in revenues, growing 3.1% in constant currency while maintaining a strong adjusted operating margin of 21% and generating US dollars 3.7 billion free cash which is 112.6% of net profit. This is the second consecutive year when we have generated free cash flows of more than 100% of net profit. Large deal TCV for fiscal 2026 was at US 14.9 billion with 55% being net new. This reflects the strong trust our clients have in us and relevance of our strategy and provides a robust foundation to build on in the months ahead. For fiscal 2026, the board has recommended a final dividend of rupees 25 along with an interim dividend of rupees 20 that is already paid. Total dividend is rupees 48 which is 11.6% growth year on year. The total payout for FY 2526 including the recently completed buyback will be 113.9% of free cash flow. With this we have returned 82.1% of free cash flow cumulatively for two years under the capital allocation policy. Nitin Paranspe who is an independent director has been appointed as vice chairman of the company effective April 30th 2026. During fiscal 2026 no directors or KMP were appointed. However, post fiscal 2026 based on the recommendations of the nomination remuneration committee, the board appointed Diane Jurgens as an independent director effective April 22nd, 2026 for a period of 3 years till April 21st, 2029. The nominations and remuneration committee has also recommended the reappoint of Elen Portier for a second term of 5 years. Accordingly, post fiscal 2026, the board approved a reappointment as an independent director from May 26, 2026 to May 25th, 2031. Both the appointment of Diane Jurgens as an independent director and reappointment of Elen Portier as an independent director for the second term have been approved by the shareholders via the recently concluded postal ballot. On the business front, the industry is going through a major technology transition and whenever there is such a transition, questions are asked about our relevance, leadership or ability to maintain growth and margins. Given that AI is a much larger and disruptive technology transition than ever before, the questions are louder and the doubts are more insistent. Moreover the existential question that is being asked of us is if coding becomes automated then why are we needed at all. More now more than 3 years after GenAI's launch, Infosys is more relevant than ever before and well positioned for the decade ahead. While we embrace the best coding tools and improve our productivity, there's much more to do in the software development life cycle. Enterprise context is paramount. Solutions must complement existing investments. They demand rigorous testing, resilient architecture and foundational cyber security. Data governance must reflect an organization's own obligations, not the convenience of any external platform or provider. The AI deployment gap in large enterprise clients is real and closing that gap is where the work is. AI will not replace companies like ours. It will amplify those who move with purpose and adapt with speed. The AI revolution has made legacy modernization urgent in a way nothing else has and clients are moving to retire the technical debt accumulated over decades. The preference will be to build versus buy for software. All this creates even larger opportunities for us. The defining opportunity lies in integrating intelligent AI systems with mission-critical enterprise platforms. The greatest value will come from combining the world of models and agents with traditional transaction systems that continue to underpin enterprise operations. That convergence is where the next wave of opportunities will emerge. Our clients trust Infosys to bring hard earned learning to help them navigate the complexities of enterprise AI. Infosys is fully prepared to deliver on that trust and help our clients navigate the next. We're already collaborating with 90% of our top 200 clients on their AI journeys. Increasingly they see Infosys as a trusted partner to unlock AI value across growth, efficiency and innovation. The strategic investments we have made and continue to make in Infosys Topaz position us well to guide our clients as they navigate this structural shift in technology. Combined with the cloud strength of Infosys Cobalt, we are enabling clients to scale AI with speed, confidence and enterprise relevance. We recently unveiled our AI first value framework to help global enterprises unlock AI value at scale. This positions Infosys to tap into an AI first services opportunity of US dollars 300 to 400 billion by 2030. Continuous learning and talent transformation have been core to Infosys for many decades. The AI era requires fresh learning and new mental models. We are systematically preparing our talent for this new era while redeploying those released to productivity gains towards new areas of growth. We recruited over 20,000 college graduates this fiscal year and ended with a workforce of over 325,000 employees. During the year, Infosys was recognized as a global top employer in 20 countries for best-in-class HR practices. We were also named one of India's best employers among nation builders 2025 by Great Place to Work. We have built a strong AI partnership ecosystem spanning compute and cloud platforms, model developers, data and analytics providers, applications and security technologies. This enables best-in-class AI solutions with the flexibility and resilience required for AI native agent-driven enterprises. During fiscal 2026, we completed two acquisitions. Mi Consulting Limited, a leading energy and business consulting firm based in the United States, and the Missing Link Group, a cyber security service provider based in Australia. During the year, the company also entered into definitive agreements on three strategic fronts. Infosys will form a joint venture with Telstra, acquiring a 75% stake in the Versend Group, Australia's leading digital transformation solutions provider and a wholly owned subsidiary of Telstra Group Limited delivering cloud and digital transformation services. We also agreed to acquire Status Global LLC, a leading insurance consulting and technology services company focused on Guidewire services and headquartered in the United States, and Optimum Achieve Holdings Inc. together with subsidiaries including Optimum Healthcare IT LLC, a leading healthcare digital transformation and consulting company headquartered in the United States. Both these acquisitions are now complete. Long-term success must be responsible, inclusive, and sustainable. Our ESG vision for 2030 reflects that conviction through positive climate action, inclusive and equitable practices, and earning stakeholder trust through ethical governance. We have achieved carbon neutrality for the seventh consecutive year across our global operations through reduced consumption, renewable sourcing and high-quality carbon offsets. Renewables now account for 81.8% of our India operations and our campuses recycle 100% of waste water through large scale rainwater harvesting and demand side efficiency measures. 11 campuses have achieved true zero-waste certification reflecting the scale and consistency of our circular economy approach across geographies. At Infosys our purpose is to amplify human potential and create the next opportunity for people, businesses and communities. We continue to expand our social impact program through Infosys Foundation, Infosys Science Foundation, Infosys Prize and Infosys Foundation USA addressing education, skilling and livelihood training, healthcare, women empowerment, science and research and environmental sustainability. During this year in India alone, Infosys Foundation undertook 200 projects impacting 7 million lives. We have reached 15 million people through digital skilling initiatives anchored by Infosys Springboard, our flagship digital learning platform. We have also been recognized as the world's most ethical company for the sixth consecutive year by Ethisphere, a reflection of our continued commitment to responsible growth. We have been ranked as the fastest growing IT services brand over the past six years by Brand Finance. Infosys is a natural choice as an AI transformation partner. It is said that to anticipate the future, we should skate to where the puck is going. In this case, the puck is coming to where we have already positioned ourselves. On behalf of the board, I want to thank our employees, clients, co-founders, and governments of the countries and states where we operate for their trust in us and generous support. To all our shareholders, it is your encouragement that drives us to deliver our best every day. Our heartfelt thanks to all of you. I now request Salil Parekh, CEO and managing director to address the shareholders.
Thank you Nandan. Good evening shareholders and welcome to the annual general meeting. Over the next few minutes I will share with you some of the highlights of the financial year and what we are looking at as we go ahead. As we look at the next slide, the safe harbor provision. Then the next slide. Financial year 2026 was a strong year for us. First we had a revenue of over $20 billion. Constant currency growth was 3.1% adjusted operating margin of 21%. Very strong free cash flow. Employees now at over 325,000 across the world. One of the key elements there was that we recruited 20,000 college graduates across India and in some other parts of the world as we continue to scale in this new environment as we do more and more work within AI. Our clients with revenues of over $100 million were at 41 as we close the year. As we look at the next slide to look at the financial performance, we have shared this in this slide in rupees. In many of the areas we had a nice positive movement from the last year. In terms of cash flow, we had a positive movement which was reflected after you adjust for some of the tax refunds that we got in the previous financial year. As we look at the next slide, we have now returned over 55,000 crore over the past two years through the capital return policy, both in the manner of dividends and also with the buyback that we completed. This continues with the approach we have for our capital return policy which will be across a block of five-year period where we return 85% of our free cash flow. Our balance sheet remains extremely strong. It's debt-free. In fact, it's very liquid with a strong balance of cash and cash investments which we continue to maintain even as we provide the capital return to shareholders and we continue with some acquisitions. As we look at the next slide, one of the most critical areas we have focused on in this past year has been to launch our AI approach within the market. Internally, we've been working on this for a number of years. We have built internally something which we refer to as Topaz and fabric which allows us to make very strong AI capabilities available to our clients in partnership with AI companies. As you look at the next slide, this is the approach that talks about how we go to market with all of that AI capability. We have seen today there are six broad areas in which clients are looking to use AI to improve their business for growth or improve their business in terms of the quality service levels or improve their business in terms of efficiency and cost. The first area refers to AI engineering and strategy where we build agents across different platforms and tools. The second to data which is the critical element of putting AI together. The third is process where a lot of new work is being done to first make the process more efficient and then use agents to make that process work better. The fourth is really modernization of technology using agents. This we see as one of the largest areas today that our clients are looking to Infosys to help them with. The fifth is the physical AI which is you look at real AI in manufacturing and put the software into those manufacturing elements where the products are there whether it could be in medical, automotive or any of the other areas. And the sixth is the AI trust where we look at how do you make sure that it is secure and is also responsible AI. And when we look at this as a collective group we see that this is approximately $300 billion of addressable market overall in those six areas from today onto 2030. So over the next five years and that's what gives us a real focus on how we drive the growth there. In this slide, we show what are the different clients that we are working with in each of those six buckets today. So these are actual projects. These are not proof of concept. They are large scale programs which our clients are trusting Infosys with to make sure that we deliver this sort of work for them today. On the next slide, we talk about as an overall journey, how are we helping our clients to move from where they are today to the future which is really very much AI-driven because we have this really deep understanding of their environment. What is in a client environment? What is in a large enterprise environment? How is the technology set up? How does it interact with the business? What is the architecture landscape? What is the data landscape? That domain knowledge is really the value that we are bringing and which is why we are seeing a strong connect that our clients are having with us to make the AI successful. We also have extremely good engineering talent. We have shifted a lot of our training onto the AI training and we have more and more of our employees ready and certified on the different foundation models, coding tools, compute platforms that are available for the AI and then we have built our own platform and IP which is the Topaz fabric which allows us to work with any AI foundation model for the benefit of the client. In doing that, we built a very strong partner ecosystem. So all of the big AI foundation model companies, the compute companies are working with Infosys very closely to make it available for the clients based on what the situation is, which industry, what type of work, different foundation models become relevant for that. And we have a very strong partnership approach to driving that. As we look in the next slide here in Q3 of last year, we had shared this data that approximately 5.5% of our revenue was in AI services which is approximately $1 billion annualized and this is growing at a quite fast pace. We had given that when we shared it in Q3. So we reconfirm that that is how we are driving this and we continue to see good growth in this AI services revenue. And then on the next slide we show that also on the thought leadership meaning how is the analyst community looking at Infosys in any of the groupings. There are 16 areas across these six buckets where we have the leadership rating for AI which Infosys is being recognized for. Then move on the next there are two big foundational elements of AI. The first is the cloud and here we have built Cobalt over many years and we have a very good first capability, then partnership and then the ability to use the cloud compute platform to make sure that the AI is working well and make sure that the migration is working well. A lot of the different foundation models are working on multiple cloud platforms and that's where the strength comes of Infosys having had that skill and capability from a long time. And the second is the data. As you look at this slide, there is data within the enterprise which is structured, which is unstructured. How can we make all of that become available for the AI model? Because the value for a large enterprise is to take its own data and make it populated in the model so that it becomes more intelligence for the company to benefit, for the enterprise to benefit. And we then ensure that the data is also secure and trusted so that it's not something that the enterprise may feel not dependent upon and so they can continue with the differentiation which is coming from their own knowledge, their internal data and knowledge that comes together and then we are now bringing or enterprises are bringing customer and supplier data also in addition to their own which is enhancing how the models are working within large enterprises. Then as we look inside the company a little bit, we have been focused very much over the last several years on our own efficiency because we want to maintain and as you saw in the previous financial year, we increased our operating margin. We want to make sure despite the environment outside we want to have a very strong operating approach and there we have driven a lot of the cost efficiency with the automation, with the pyramid, with the productivity where we are ourselves using the AI in many places for example in finance, in marketing, all of our internal functions, of course in coding as well which is giving us productivity benefits, then improving some certain portfolio elements and then reducing our indirect cost to make sure that we have the foundation for a good profitability. The strength of Infosys really comes which I've always felt from a very much leading delivery organization where we have excellent training and very well driven teams that make sure that what we're committing to our clients we are able to deliver. And now more and more in multi-service offerings in complex programs where there's a lot of trust from our clients and now in these six new areas of the AI where we put even more attention and focus. Then on the brand we have done I think quite well where a brand is recognized more associated on AI top three most valuable brand globally, one of the fastest growing IT services brands, top 100 of any brands in the world in the last financial year and good perception with AI for Topaz and for cloud with Cobalt. Then we also took some time at the acquisitions we had finished a few in the financial year, a couple of them got done just after the financial year but before today. One was on healthcare side, one was on the insurance side. So we want to make sure in the areas where we see a good opportunity and where we can scale up, we're doing more and more of those type of acquisitions which we are then able to integrate into our business quite well. Then we wanted to share a little bit with how we are working across all the communities we are a part of. We have created a lot of impact within India with the contributions the company's making, 200 projects, 7 million people, with Springboard which is a training online capability which we provide for free, over 10 million people worldwide have benefited and one example where we have worked with making sure that the water capacity in lakes within different parts of India is enhanced by providing sustainable solutions. All of this comes within the area of supporting the communities in the CSR work we are doing. One of the biggest difference ways we are approaching the market is how we work internally as one Infosys whether it's with the service lines, in the industries, in the geographies, making sure that the best capability of Infosys is available to every client and all of the teams inside are continuing to work well together. In conclusion, I would say it was a strong execution on the financial year. We have a good AI approach and strategy and already starting the execution. We already see approximately annualized $1 billion of AI services revenue that we shared in Q3 and growing at a very good pace. Very strong AI partnerships. The foundation model companies are also approaching us and we are working strongly with them. A good stable organization, the one Infosys, and a continued trust of our clients. So with that I will conclude. Thank you once again for all your faith and trust in us and we look forward to the coming year to be more and more AI-driven into the future. Thank you.
Thank you Salil. I now request Manika company secretary to provide a summary of the auditor's report.
Thank you Nandan. The statutory auditors Deloitte Haskins and Sells LLP and the secretarial auditor Makarand M. Joshi and company have expressed unqualified opinion in their respective audit reports for the financial year 2025-26. There were no qualifications, observations or adverse comments on the financial statements and matters which have any material bearing on the functioning of the company. The statutory auditors reports on the standalone and consolidated financial statements are available on page numbers 226 and 307 of the integrated annual report. The secretarial auditor's report is enclosed as annexure 5 to the board's report on page number 91 of the integrated annual report. Thank you.
Thank you Manika. As the notice is already circulated to all the members I take the notice convening the meeting as read. Before we proceed, I am pleased to bring to your notice that as required under the Companies Act 2013, the company has provided you the facility to cast your vote electronically on all resolutions set forth in the notice. Members who have not cast their vote electronically but are participating in this meeting will have an opportunity to cast their votes through the e voting system provided by NSDL. Members may please note that there will be no voting by show of hands. We now take up the resolutions as set forth in the notice. We will open the floor for any questions by members. After all the resolutions are tabled accordingly. I will now only read out the resolutions. Item number one of the notice adoption of the financial statements. The financial statements of the company including the consolidated financial statements for the financial year ending March 31st, 2026 including the reports for the board of directors and auditors have already been provided to the members. Item number two of the notice declaration of dividend to declare a final dividend of rupees 25 per share for the financial year ending March 31st 2026. You would recall that an interim dividend of rupees 23 per equity share has already been paid for the financial year ending March 31st 2026. Item number three of the notice appointment of Nandan M. Nilekani as a director liable to retire by rotation. The text of the resolution is provided in the notice circulated to the members. Item number four of the notice, approval of the proposed amendment to the Infosys expanded stock option ownership program 2019 amended 2019 plan and grant of stock incentives to the eligible employee of the company under the amended 2019 plan. The text of the resolution is provided in the notice circulated to the members. Item number five of the notice, approval for proposed amendment of the Infosys expanded stock ownership program that is 20209, the amended 2019 plan and grant of stock incentives to the eligible employees of the company's subsidiaries under the amended 2019 plan. The text of the resolution is provided in the notice circulated to the members. Item number six of the notice, approval of the request for reclassification of certain members of the promoter and promoter group of company to public category. The text of the resolution is provided in the notice circulated to the members. The members may note that in accordance with SEBI regulations, the applicants and the persons related to them shall not vote on this resolution. If any member desires to ask any question pertaining to any item on the notice, he or she may do so now. Members are requested to keep their questions brief and specific to avoid repetition. Answers to all the questions will be provided towards the end. Members may also note that the company reserves a right to limit the number of members asking questions depending on the availability of time. While members are queuing up to ask questions, may I request the team to play short videos of Infosys.
When you join hands with a sport, what do you play for? For 10 years, we've played for more. We've played for a billion fans to bring them experiences and closer to the game. We've played for every athlete taking serve with artificial intelligence that changes their game. We played for the sports storytellers with insight that uncovers the finest moments. We've kept playing beyond the court to inspire with icons of a new generation forging their legacy turning athletes into brand ambassadors. We've played across the globe under the Melbourne sky on the red clay by the historic glass. We've played where history is made. We've shared moments and memories, victories and breakthroughs. And we'll keep playing because this isn't just a sport. Because when it's love all, the best is yet to come. Change doesn't always begin with a big idea. Sometimes it starts with noticing what others overlook. Feeling what others feel and asking what can I do? That's what it takes to innovate from the heart. India is home to countless communities, places, challenges and social innovators today are stepping in with solutions shaped by what they've lived and more importantly by the empathy they feel for others. And that's what innovations from the heart is really all about. At Infosys Foundation, we recognize, celebrate, and support these innovations through the Arohan Social Innovation Awards. Over three editions, Arohan has helped more than 30 social innovations grow. Each one making life a little better, a little fairer. In its fourth edition, the journey continued with more voices, more hope, and more heart, and a total prize purse of rupees 2 crores, plus mentorship and incubation to help them go further. We went into the heart of India and what came back was incredible. Over 265 innovations from all 28 states and each one rooted in the struggles people face. 30 innovations made it to the short list. Each one shaped by bold thinking and the courage to solve them. Proof that when empathy guides action, change becomes real, one idea at a time. To choose the winners, our jury looked for three things. Is the problem real? Is the solution strong? And is the heart behind it steady? I mean the few startups which came today and yesterday showed us the depth of the work and the passion they are bringing to make the change much more effective and efficient at the same time affordable. The solutions that click the most are the simplest ones but it is 1% the idea and 99% implementation for success and that's really what matters. What's also important is innovation being part of these solutions. Use of technology because all of this will ensure that these solutions are not only scalable, they're accessible, they're affordable. There's been a range of entries this year across education, healthcare, and environmental sustainability. I think the quality has been very high and I think I've also been very impressed with the diversity of innovation and more importantly we saw the right mix of folks who are doing it primarily for social good. At the same time there are today's social innovators emerging who are running both for profit and not-for-profit versions of their social enterprise. For many, Arohan is a turning point, a moment when belief meets support. Arohan is just the beginning. We'll walk with our winners, help them scale, and achieve what they set out to accomplish. Infosys Foundation believes in technology with purpose and in people who care deeply. Arohan lifts those voices and helps them reach the last mile where change truly matters.
Dear shareholders, thank you for joining our 45th AGM today and for taking time to participate in the proceedings. Before we go live with the Q&A, here are some points to note for your convenience. When your name is called and you are projected on the screen, please mention your name and location from where you are joining and proceed to ask your question. Each shareholder will have two minutes for the questions. To avoid repetition, the board will respond to all questions at the end. Once you have asked your question, you can switch to watch the proceedings. The board will be taking questions from shareholders in two or three sets depending on the number of questions on video. With that, I'll request the first shareholder, Mr. Dharov, to proceed with the question.
Mr. Darov kindly unmute yourself and ask
Namaste and greetings of today to respected chairman, board members and all the stakeholders of my company. It is indeed a privilege to attend this meeting. My name is Dr. Dho Vipul Jamadar from Surat Gujarat, a proud shareholder of our company. Firstly, heartiest congratulations to all the stakeholders for such a robust performance consistently year on year. Respected sir, inevitably these are some very challenging times which not only our company but the whole industry worldwide is going through. There is a sort of mania which questions our very existence but investors will have to have some patience as Rome wasn't built in a day. We too will create a competitive mode in the coming times like always we have done. So I fully understand and support my company in these daring and adrift times. Certain questions which I would request our respected chairman to address are: First, last year despite many disruptions we ended up FYI with an all round robust performance but the industry as a whole is either growing negatively or in a lower single digits range. So have we gone past those glory days when there was a double-digit growth rate? Are there any signs that the industry is coming out and now in order to regain the past glory we need something very path-breaking even in terms of our margins and ROC? The path looks a bit hazy as even during such times when our currency has been persistently and significantly getting depreciated, we have not been able to convert those into margins expansion and increasing our ROE. What are your views on these three aspects? Second, there have been disruptions of all kind from technology to geopolitics from east to west side of the globe. Each sector is getting severely impacted. So turning to geographies and industries, which geography and industry we serve will be the most stable and grow at a robust pace and which one will be facing the most disruptions in the coming times. Third, in regards to global and national level macros which are turning dynamic
Some of the highlights are the El Niño happening this year, fear of the economy entering into a higher interest rate cycle, rising inflationary pressure, highly volatile energy prices, and currency persistently and significantly depreciating, and much more. How do you see an uptick in public and private capex for IT services? Which counter of deal wins matrix will experience maximum growth and which one will see drag in this FY? Fourth, our free cash flows and ROC have always been industry-leading. But can you please elucidate on how we are planning to fund our next or exploring segments like AI, data centers, quantum computing, and much more, as it requires a lot of capital and worldwide companies are raising lots of debt while leveraging debt. So will our growth or the future funding of the growth be highly leveraged, and how will our capital structure look like? What will its impact be on our dividend distribution policy and ROC? Fifth, supposedly due to our large size, we are unable to transform or we take a bit more time to expand at a significant rate in AI. Will it be wise enough to somehow invest in global AI giants or even take M&A routes for some? Kindly share your views on the same. Lastly, our nation has lately secured many FTAs with many developed nations worldwide. We already exist in many developing as well as developed nations globally. How do you believe a company like us will be taking its advantage? Furthermore, if you were to ask for some new relaxations or regulations for our industry from the government, what would they be? Thank you sir for providing this opportunity. It's an honor.
Thank you Dr. Daro. We'll move to the next shareholder, Mr. Vipul Kumar Sha. Mr. Vipul, kindly go ahead and ask your question.
Yes sir, we can hear you. Please go ahead.
Yeah, good evening to chairman sir, board of directors and my fellow shareholders. So my first question is regarding the extension of tenure of our CEO Mr. Salil who has done a wonderful job since last so many years. If I have not mistaken, his term is coming for renewal next year. So is the board seized of the matter? Is the board considering extension or is the board looking for any other candidate? This is an overhang on the company which needs to be cleared as early as possible. So I would request you to air your views. My second query is regarding we give guidance since decades. I am a shareholder since IPO. Of course, the intention is noble, but it has unintended consequences like too much volatility in the stock prices for minor bits or minor misses in a particular quarter where one contract revenue may slip into another contract. So I would request the board to seriously reconsider whether guidance is necessary. According to me, guidance should be scrapped because our larger peer is not giving any guidance and I find that volatility in their stocks after results is generally less. So this is just my own view. So I request the board to consider this matter as well. And second, what was our revenue contribution from AI related offerings for last financial year and what type of growth we should expect from that offerings and what is the margin difference between AI related services and normal services. That is my third query. And lastly, on analyst day, our chairman sir Mr. Nandan Nilekani in his opening remarks had made one very interesting comment which I found very interesting: that in AI world, opportunities are endless, only risk is execution. So I would request the sir to elaborate on his comments and how we are moving in that direction. Thank you and all the best sir.
Thank you Mr. Vipul. Now I'll request the next shareholder Santosh Kumar Saraf sir, kindly go ahead and ask your question.
Yeah here. Good afternoon chairman and board of directors and also those who are attending. I am Santos from Kolkata.
Sir, I want to know, Infosys successfully crossed 20 million revenue milestone. What are the top three strategies that will help the company reach $30 billion revenue and while maintaining industry leading margin, creating superior shareholder return? Sir, that is my one question, nothing else. And wish for financial year 2027 to all our chairman, director and employee a healthy, wealthy and good year sir. Sir, I also wish to our moderators for good service sir. Thank you sir. Namaskar.
Thank you Mr. Santosh. Now I'll request the next shareholder Barat Sha sir, kindly unmute yourself and ask the question.
Yes ma'am.
Yes madam we can hear you. Is that Smita Sha?
Yeah. Yeah. Smita Sha and Barat Sha sir.
Yes madam. Please go ahead. Please go ahead and ask your question.
Thank you so much sir. Thank you so much. Chairman Sri Nandan and MD Sri Salil, directors. Good work and good nature and always hard worker. Many company secretary, very good investor. Excellent. Best investor service. Excellent performance. Very excellent performance. Work. New excellent technology. Chairman 45. Excellent work. Foreign! Foreign! Foreign! New technology. Nandan and MD Sri Salil, respect. Request. Sir, KGS money. Sir, thank you very much sir. Thank you sir. Thank you.
Thank you Sasha and Barata. Now I'll request the next shareholder whom Prakash Krial.
Yes sir, we can hear you.
Good evening sir and good attending this myself from Kolkata. Thank you sir for providing me the platform to speak something for you. Thanks our secretary department especially Manikant sir for calling me and taking my number. This is my fifth AGM only due to virtual. So if possible please follow this virtual AGM in next year also so that more and more investors from different parts of the world could join our AGM and express their views and company could take benefit from their views. Sir, many many thanks to you people for increasing our dividend from rupees 43 to rupees 48 on face value of rupees 5. It is very good distribution sir. There is a saying, our share price is falling every day. Today it is almost 1030, 12 month low. Sir, do you know why it is falling? Because we are not investing in futures and so foreign investors are dumping our shares. Today market cap of Google is $4.5 trillion, more than our whole Indian capital market. Sir, today investors are looking for growth and growth will come from your investment in future. You can see the growth of Taiwan and South Korea. These two small countries' capital market cap is more than our country's capital market cap. It is only due to investment in future. Sir, it is a wakeup call not only for our company but also for government of India. Government is investing huge money as well as man hours in conducting Asia though it should invest in skill development. Sir, today investors do not like buyback. You can see the position of our company shares and withdrawal sales after buyback. Sir, you people had destroyed rupees 1,800 crore on buyback. At the time of buyback I sent three mails for rectification in buyback. If you follow my suggestions, our capital could be reduced up to 80%. You please go through my mails. From this buyback, no long-term investors, including promoters, benefited. Sir, I think I hold so many shares in our family members accounts, but I did not participate in this buyback because our balance sheet would destroy if we participate in this buyback. Participate in market. Sir, I respect you very much. You gave to our country at the time of Congress which is today used widely in DBT schemes. Sir, I respect you very much. You gave new software to our income tax department. Sir, please invest in futures. Please invest in skill development. Sir, Infosys is my company and so I am always thinking for its betterment. Atlas sir, please maintain your smile and be cheerful. We are always with you as a long-term investor. Thank you. Thank you sir.
Thank you very much.
Thank you Mr. W Praash. Now I'll request the next shareholder be Ramkumar. Mr. Ramkumar kindly go ahead and ask your question.
I'll move to the next shareholder Din Gatya. Mr. Batya kindly go ahead and ask your question.
I'll request the next shareholder Krishnan Lal Chedda. Mr. Krishnan Lal if you are on kindly go ahead and ask your question.
I'll move to the next shareholder Mr. Redapa Gunduru. Kindly go ahead and ask your question.
Hi Mr. Redapa. We can hear you sir.
Yeah I'm visible and audible sir.
Yes we can see and hear you. Kindly go ahead with your question.
Thank you respected chairman Mr. Nandan sir, honorable CEO and MD Salil Parekh sir and all other directors and my company secretary Mr. Manikant ji and my fellow shareholders. Good afternoon to everyone. Namaste sir. Sir myself Redapa and I am joining this as a proud shareholder from Hyderabad. First of all, I would like to congratulate the chairman, the board, management team and all the employees of Infosys for another year of resilient performance despite immense global economic challenges and uncertainties. My company is doing very good. The annual report presentation very clearly reflects the company's commitment to excellence, innovation, governance and long-term value creation. Chairman Nandan sir, your speech is very wonderful sir. Mr. Nandan sir, your visionary leadership continues to strengthen my company Infosys' position as one of India's most respectable global technology companies. Under your guidance, Infosys has maintained high standards of corporate governance, transparency and shareholder engagement. Mr. Salil sir, congratulations to you and your entire team for delivering good steady growth, strong client relationships and operational excellence. My company's focus on AI, digital transformation, cloud services and next generation technologies is helping Infosys to remain a trusted partner to global customers. Sir, I would like to appreciate the company for consistent corporate transparency, world-class corporate governance and ethical business practices and also CSR activities, meaningful philanthropy activities benefiting education. Sir, Nandan sir, Salil sir, you have given support to the IIT sir, healthcare, sustainability and community development sir. Rewarding shareholders through healthy dividend and long-term value creation sir. Legacy, your continuing sir. Maintaining strong balance sheet and global reputation sir. I specially thank the company secretary and entire secretary team for ensuring smooth conduct through high standards of shareholder communication. I would like to also especially thank Mr. A from the CS team, always reachable, excellent support. Sir, I have few questions sir. First question is sir, what are the company's key growth priorities for the next two to three years? I would like to know especially in the areas of artificial intelligence and generative AI. Second question sir, how does Infosys plan to improve revenue growth and deal conversion in the current global economic environment? Third question sir, what opportunities does the management see from increasing digital transformation spending by global enterprises? Fourth one sir, we have only five last couple of sir. Can the management share the outlook on employee retention, talent development, skill development in emerging technologies? Final question sir, is the company considering new strategic acquisitions to strengthen its capabilities in AI, cyber security and cloud services? Thank you sir. Before I conclude, once again congratulate the chairman, board, management team and all employees of Infosys for outstanding effort. I support the resolutions placed before the meeting. Infosys greater success, I hear growth and contribute leadership on the global technology industry. Sir, finally we have faith on Salil sir, faith on Nandan sir, all the board of directors. I pray God to give more wisdom, strength, power to the entire board of directors and company secretary. Thank you for giving the chance to me, Redapa, a proud shareholder from Hyderabad. I have very good memorable photographs. Nandan sir is filing photos of Salil sir. I respect you sir. God bless you sir.
Thank you Mr. Redapa. Now I'll request the next shareholder Mr. Barat Raj. Mr. Barat Raj please go ahead and ask your question.
Yeah, very good Mr. Chairman, board of directors. I'm from Hyderabad. Mr. S, I'm very happy in my company around about 75 years. I hope you'll come to the 10 years also. Thanks for the dividend and Mr. S. My request: under your leadership we never received any dividend bonus sir. Can we accept bonus from your leadership sir? Only bonus CEO but I never received one bonus. So please consider one bonus, liberal bonus. Mr. S, what is your plans regarding AI sir? Because recently your price has come down 10%. Regarding the so how you face the challenge sir? Global totally changing now, ChatGPT, lot of issues are coming. So how you sustain sir in coming market? And that is my only request sir. I thank my man for time, he sent me the link and I request him to put me in front so I'm traveling, I present in airport. Thank you Mr. gave me this opportunity and send link sir. Once again Mr. Nandan, I request you one more request sir: when I request you to visit my, you gave sanction sir, now it is a fiscal no, it is a sanction manual campus. All speaker shareholders please arrange a manual campus so that we can go and see. That is only request from my shareholders. Thank you once again. You take care. I'm signing off from Hyderabad.
Thank you Mr. Barat. Now I'll request the next shareholder J Abhishek. Mr. Abishek kindly go ahead and ask your question.
The next shareholder Mr. Sham Sundari sorry P. Sham Sundari please kindly go ahead and ask your question.
