The global macro environment has been uncertain and volatile. Key highlights include the economy entering a higher interest rate cycle, rising inflationary pressure, highly volatile energy prices, and significant currency depreciation. How do you see an uptick in public and private capex for IT services? Which deal win segments will experience maximum growth and which will see a drag? Our free cash flows and ROC have always been industry-leading, but how are we planning to fund our next growth segments like AI, data centers, quantum computing and more, as these require significant capital? Will our future growth funding be highly leveraged, and how will our capital structure look? What impact will this have on our dividend distribution policy and ROC? If due to our large size, we are unable to transform or take more time to expand in AI at a significant rate, will it be wise to invest in global AI giants or take M&A routes? Furthermore, India has lately secured many free trade agreements with developed nations. How will a company like ours take advantage? 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 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.
Good evening to Chairman sir, board of directors, and my fellow shareholders. 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. Is the board seized of the matter? Is the board considering an extension, or is it looking for another candidate? This is an overhang that needs to be cleared as early as possible, so I would request you to air your views. My second query is regarding guidance. We have given 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 stock prices for minor misses in a particular quarter where one contract's revenue may slip into another. I would request the board to seriously reconsider whether guidance is necessary. According to me, guidance should be scrapped because our larger peer does not give any guidance, and I find that volatility in their stock after results is generally less. This is my own view, and I request the board to consider this. And my third question: what was our revenue contribution from AI-related offerings for the last financial year, what type of growth should we expect, and what is the margin difference between AI-related services and normal services? Lastly, on Analyst Day, our Chairman sir, Mr. Nandan Nilekani, in his opening remarks made one very interesting comment that in the AI world, opportunities are endless, only risk is execution. I would request sir to elaborate on this comment and how we are moving in that direction. Thank you and all the best, sir.
Thank you, Mr. Vipul. Now I'll request the next shareholder, Santosh Kumar Saraf. Sir, kindly go ahead and ask your question.
Yes, sir, we can hear you.
Good afternoon, Chairman and board of directors, and also those who are attending. I am Santosh from Kolkata. Sir, I want to know, Infosys has successfully crossed the $20 billion revenue milestone. What are the top three strategies that will help the company reach $30 billion revenue while maintaining industry-leading margins and creating superior shareholder returns? That is my question. I wish all the best to our Chairman, directors, and employees for the financial year 2026-27 — a healthy, wealthy, and good year. I also wish our moderators for good service. Thank you, sir. Namaskar.
Thank you, Mr. Santosh. Now I'll request the next shareholder, Bharat Sha. Sir, kindly unmute yourself and ask the question.
Yes, ma'am.
Yes, madam, we can hear you. Is that Smita Sha?
Yeah. Smita Sha and Bharat Sha, sir.
Yes, madam. Please go ahead and ask your question.
Thank you so much, sir. Chairman Sri Nandan Nilekani, MD Sri Salil Parekh, directors — good work and good nature, always hard workers. Company secretary, very good, excellent, best investor service, excellent performance, very excellent performance, new excellent technology, Chairman, excellent work, new technology, Nandan and Salil. Respect, request, sir. Thank you very much, sir. Thank you.
Thank you, Smita and Bharat. Now I'll request the next shareholder, Om Prakash Krial.
Yes, sir, we can hear you.
Good evening, sir. This is Om Prakash Krial from Kolkata. Thank you, sir, for providing me the platform to speak. Thanks to the secretary department, especially Manikanji sir, for calling me. This is my fifth AGM, only due to virtual. If possible, please follow this virtual AGM next year also so that more investors from different parts of the world could join and express their views. Sir, many, many thanks for increasing our dividend from Rs. 43 to Rs. 48 on a face value of Rs. 5. It is a very good distribution, sir. There is a saying. Sir, our share price is falling every day. Today it is almost at a 12-month low. Sir, do you know why it is falling? Because we are not investing in the future, so foreign investors are dumping our shares. Today, the 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 investment in the 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 the future. Sir, it is a wake-up call not only for our company but also for the Government of India. The government is investing huge money in conducting elections; it should invest in skill development. Sir, today investors do not like buyback. You can see the position of our company's shares after buyback. Sir, you people destroyed Rs. 1,800 crore on buyback. At the time of buyback, I sent three emails for rectification. If you had followed my suggestions, our capital could have been reduced by up to 80%. Sir, from this buyback, no long-term investors, including promoters, benefited. I hold so many shares in our family members' accounts, but I did not participate in this buyback because our balance sheet would have been destroyed. Sir, I respect you very much. You gave our country Aadhaar, which is today used widely in DBT schemes. Sir, you gave new software to our income tax department. Sir, please invest in the future. Please invest in skill development. Sir, Infosys is my company, and I am always thinking for its betterment. Sir, please maintain your smile and be cheerful. We are always with you as long-term investors. Thank you.
Thank you very much. Thank you, Mr. Om Prakash. Now I'll request the next shareholder, B. Ramkumar.
I'll move to the next shareholder, Din Batya. 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 Nilekani, sir; honorable CEO and MD, Mr. Salil Parekh; and all other directors and company secretary Mr. Manikanji and my fellow shareholders. Good afternoon to everyone. Namaste, sir. Sir, myself Redapuru, and I am joining this as a proud shareholder from Hyderabad. First of all, I would like to congratulate the Chairman, board, management team, and all the employees of Infosys for another year of resilient performance amidst immense global economic challenges and uncertainties. My company is doing very well. The annual report and presentation very clearly reflect the company's commitment to excellence, innovation, governance, and long-term value creation. Chairman Nilekani, sir, your speech was wonderful, sir. Mr. Nandan Nilekani, sir, your visionary leadership continues to strengthen Infosys' position as one of India's most respected 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 steady growth, strong client relationships, and operational excellence. My company's focus on AI, digital transformation, cloud services, and next-generation technologies helps Infosys remain a trusted partner to global customers. Sir, I appreciate the company for consistent corporate transparency, world-class corporate governance, ethical business practices, and meaningful CSR activities benefiting education, healthcare, sustainability, and community development. Sir, Nilekani, sir; Salil, sir, you are rewarding shareholders through healthy dividends and long-term value creation. Sir, maintaining a strong balance sheet and global reputation. I especially thank the company secretary and entire secretary team for ensuring smooth conduct with high standards of shareholder communication. I would also especially thank Mr. Ayes from the CS team for always being reachable and providing excellent support. Sir, I have a few questions. First, what are the company's key growth priorities for the next two to three years, especially in the areas of artificial intelligence and generative AI? Second, how does Infosys plan to improve revenue growth and deal conversion in the current global economic environment? Third, what opportunities does management see from increasing digital transformation spending by global enterprises? Fourth, can management share the outlook on employee retention, talent development, and skill development in emerging technologies? Finally, is the company considering new strategic acquisitions to strengthen its capabilities in AI, cybersecurity, and cloud services? Thank you, sir. Before I conclude, once again, congratulations to the Chairman, board, management team, and all the employees for the outstanding effort. I support the resolutions placed before the meeting. Infosys, greater success, higher growth, and continued leadership in the global technology industry. Sir, we have faith in Salil, faith in Nilekani sir, and all the board of directors. I pray to God to give more wisdom, strength, and power to the entire board of directors and company secretary. Thank you for giving me the chance, a proud shareholder from Hyderabad. Nandan sir, Salil sir, I respect you, sir. God bless you, sir.
Thank you, Mr. Redapa. Now I'll request the next shareholder, Mr. Bharat Raj. Mr. Bharat Raj, please go ahead and ask your question.
Very good, Mr. Chairman, board of directors. I'm from Hyderabad. Sir, I am very happy. In my company, around about 75 years. I hope you'll come to 100 years also. Thanks for the dividend. Mr. Salil, sir, my request: under your leadership, we never received any dividend bonus, sir. Can we accept a bonus from your leadership? Only the CEO gets a bonus, but I never received one bonus. So please consider a liberal bonus. Mr. Salil, what are your plans regarding AI, sir? Because recently the price has come down 10%. How do you face the challenge, sir? The world is totally changing now. ChatGPT and a lot of issues are coming. How do you sustain in the coming market? That is my only request, sir. I thank Manikanji for sending me the link and putting me in front. I'm traveling, I'm at the airport. Thank you for this opportunity, sir. Once again, Mr. Nandan, sir, I have one more request: when I asked you to visit, you sanctioned it, sir. Now it is a sanctioned manual campus. All shareholders, please arrange a manual campus visit so that we can go and see. That is my only request from a shareholder. Thank you once again. Take care. I'm signing off from Hyderabad.
Thank you, Mr. Bharat. Now I'll request the next shareholder, J. Abhishek. Mr. Abhishek, kindly go ahead and ask your question.
The next shareholder, Mr. Sham Sundari — sorry, P.J. Sham Sundari. Please kindly go ahead and ask your question.
Yes, sir, we can hear you.
Good evening, sir, I'm audible.
Yes, sir, we can hear you. Please go ahead.
Good evening, respected Chairman, Managing Director, board of directors, secretary and his team, and my fellow shareholders. Sir, I am a joint holder. My name is P.J., along with my sister P. Sham Sundari. Sir, can you hear me? Am I audible?
Yes, sir, we can hear you. Please continue.
Yes, sir. First of all, I congratulate the management on the eve of this 45th AGM on its wonderful performance. I request the management to be cost-effective by minimizing the staff expenditure. The corporate governance is good. The CSR activities are good. I request the management to consider a bonus issue, if not a rights issue. It is the right time to reward the shareholders, which has been long pending due. Sir, I hope the management will not let down the shareholders who have stood behind in thick and thin. The shareholders' blessing is also very important, sir. Please kindly look into the matter, sir, regarding the share price slightly falling. Sir, how are we going to withstand the tough competition in the coming future? What are our future plans to enhance our business? I hope the management will consider conducting a physical AGM in the coming future. I thank the management for giving the opportunity, especially Manikanji, sir. Thank you very much, sir.
Thank you, sir. Now I'll request the next shareholder, Mr. Abhishek. Mr. Abhishek, kindly go ahead and ask your question.
Yes, sir, we can hear you. Please go ahead.
Yes, sir. Just a second. First of all, I congratulate the management on the eve of the 45th Annual General Body Meeting. Trust all is well with you and your family in this challenging situation. Our company deserves much more respect than the current market cap. After completing more than a decade of successful operations, profitability, and becoming one of the strongest brands in its respective segment. First, I would like to know what are the new plans and innovations our company is bringing, what are our new projects, and which are the next states we have been focusing on. Our company has built a very large Infosys campus in Pocharam at Hyderabad. What is the present scenario, sir? Are we expanding it, or is it fully functional, or has it not yet started? Because I have a property there, so I'm interested in that particular business. Has the company started? What is the upcoming phase? How many employees have been deployed over there? I would like to know from you, sir. Most company secretary is always reachable, so I don't have further questions. Kindly try to give opportunities to shareholders or relatives who are really eligible for job opportunities in our company, sir. Nothing much to ask. I wish the company and the board of directors great success and prosperity in the coming future. Thank you for giving this opportunity, sir. Hope to see you in the upcoming hybrid AGM next year. Thank you, sir.
Thank you. Have a good day. Mr. Jay Bakshi, please go ahead with your question.
Very good evening, Chairman, MD, and board of directors. Myself Jay Bakshi, connecting from the city of Kolkata. First of all, I convey my thanks to our company secretary Manikanji for giving me the opportunity to express my view and for presenting a detailed and informative annual report, and to the entire secretary team for keeping in touch with us. Sir, the initial speeches were very much informative, shared about our company's performance with facts and figures. Congrats once again to everybody involved for the good performance and the dividend you have passed on to us. Sir, we are leaders in providing AI consultancy and technology services to unlock value. What are your thoughts for future use of this growth strategy? Share our vision for building a global organization in this competitive market. What are our revenue growth prospects in the coming years? Kindly share about the attrition rate and how are we nurturing the talent for our future success. What is our thought process for cybersecurity? That's all from my side. I wish the company all the best and once again congrats for the CSR activities. Thank you, sir, and please continue with the virtual meeting in the future so that we can easily connect.
Thank you, sir. Now I'll request the next shareholder, Atanu Saha. Mr. Atanu Saha, kindly go ahead and ask your question.
Namaskar.
Hi, Atanu.
Sir, please go ahead and ask your question.
Good day, my respective Chairman, sir, and board of directors, and all our shareholders, company secretary, CFO, and all shareholders present around the globe. Sir, it's great to organize the 45th annual general meeting on 23rd June. It's a great chance for me to speak. My previous shareholders have already raised their queries. Thank you very much to every shareholder for the beautiful queries, sir. The introductory presentation was really very good and very interesting. Sir, one thing — what is our future plan with artificial intelligence? Infosys is collaborating with 90% of the top 200 clients on our AI journey, and more than 4,600 AI projects are underway. Sir, as a shareholder of an AI-first company, how long do we have to wait to get a profit from such a huge operation cost and expenses? Sir, as far as I see, the company's revenue growth is declining, and operating profits before depreciation, interest, and tax are depreciating. But one thing, sir, on page 52, AI employees — it's 84%. And the employee satisfaction score is 79%. My query is, why is it not more than 84%? Sir, this is the book that is already unlocked, from 2015-16, published through our company annual report. Why is it written 'Being Infosys and Being More Successful'? Thank you very much. I, Atanu Saha, give me the chance to speak. Thanks to our moderator and also our company secretary. Namaskar.
Now I'll request the next shareholder, Mr. Santos Chopra. Mr. Santos Chopra, kindly go ahead and ask your question.
Hello, sir. Namaskar, sir. Thank you, sir. Infosys, Y2K.com, AI first people, skill at speed, AI for a billion, Chairman, namaskar. Thank you, sir.
Now I'll request the next shareholder, Gautam Nandi. Gautam Nandi, kindly go ahead and ask your question. Mr. Gautam. I'll move to the next shareholder, Vasuda Dwe. Madam, kindly go ahead and ask your question. Miss Vasuda, please.
Very good evening, respected Chairman, sir, board of directors, and my fellow shareholders. Myself Vasuda Dwe from Thane. The opening speech given by the chairperson was also very informative and excellent. I am also thankful to our company secretary and team for helping me a lot to join this platform very smoothly. Most of the questions were asked by previous shareholders. I will not repeat them again. Only one question I would like to ask: Why is our attrition rate so high, and what steps are we taking to maintain it? In spite of all over the performance, our employee attrition rate is why it is not less than other companies. Thanking you. Wish all the best to the company for the next coming financial year. Thank you very much, sir.
Thank you, madam. I request the next shareholder, Kaushik Sahukar.
Yes, sir.
Yeah, respected Chairman, esteemed board members, and fellow shareholders. Good afternoon to all. It gives me immense pleasure to interact with you once again this year. I am deeply grateful to our CS, Mr. Manikanji, for guaranteeing this opportunity. I sincerely wish everyone good health and continued success. Coming to my query: with the rapid adoption of AI and generative AI across industries, what percentage of Infosys' current revenue is linked to AI-enabled business services and solutions? What is the management's target contribution from AI-related business over the next three to five years? I hope I'm audible, sir.
Yes, sir, we can hear. Please go ahead.
Suggestions as a bond shareholder: I would like to provide a humble suggestion. The company should consider expanding its AI-led managed services and subscription-based digital platforms for small and medium enterprises globally. This could create a recurring revenue stream, deepen client relationships, and reduce dependence on traditional project-based revenues. On a lighter note, perhaps the next innovation could be an AI-powered AGM assistant that tells shareholders exactly when their turn to speak is approaching. Before I conclude, Nilekani sir, I have written to you on several occasions seeking your guidance and support. I would be grateful if my request could receive consideration. If possible, kindly share the email ID of our GM, CFO, or concerned official who may be able to evaluate my proposal or advise the concerned team to connect with me. As our company is one of India's most respected companies and is also known for its CSR activities, I remain hopeful that some guidance or support may be extended to help me continue my professional journey. Thank you for your patience and consideration. I wish the company, its leadership, employees, and all stakeholders continued success, good health, and prosperity. Thank you very much. I look forward to meeting you next year again. Thank you, sir.
Thank you. Thank you, Mr. Kaushik. Now I'll request the next shareholder, Satish Sha. Mr. Satish Sha, kindly go ahead and ask your question.
I'll move to the next shareholder, Mr. Yu Eunas. Kindly go ahead and ask your question.
Yes, sir, we can hear you. Please go ahead with your question.
Sir, 45 years, sir, 45 years, sir. After 45 years, you gave Rs. 25 dividend — very good, very excellent, on the face value of Rs. 5, sir. Very good, sir. Why is the share price coming down, sir? What is the reason? I would like to know, sir. The annual copy our company secretary printed was very good. I am thankful to our company secretary department for calling us. Your number is coming on the phone also. This shows how the company is caring for shareholders, sir. They are very few companies that care about shareholders. Sir, I would like to visit the factory, sir. Can you arrange a factory visit in Bangalore, sir? Can you call me, Chairman, sir? I would like to meet you, sir. I am very proud of you, sir. You are one of the excellent chairmen, sir, and your work is world-famous, sir. For example, all the foreign institutes will go up. Today the market is down 30, but not to worry. Why is it so? Nothing to worry, sir, when you are on the board. The time will come, we will have a good flower in your hand, sir, and you will declare the next dividend. Sir, next year, sir, can you start one get-together for the shareholders? That will be great, sir. Nothing else. I end my speech. Flower in your hand, sir, flower, just like a signing flower. But your smile will be there. I'm smiling, sir. Keep smiling, sir. Not to worry. Market is up and down, sir. Nothing to worry. We are with you, sir. I will join you, sir. My full family — Rangala and Marangala — all people are giving good wishes and they pray for our company's best wishes. Thank you very much.
Thank you, Mr. Yu Eunas. Now I'll request the next shareholder, Hariram Chowri.
Mr. Hari Ram, I'm unmuted now. I'm opening my video also.
Chairman, sir, and my name is Hariram Chowri. I'm speaking from Santa, Bombay. Sir, you are the father of the IT system. Now our Reliance is calling it not Artificial Intelligence but Reliance Intelligence. Let our intelligence be called Infosys Intelligence, and you are the father — you can do that. Now, Mr. Chairman, I give the compliment to Salil sir for giving the very informative presentation, and also the company secretary Manikanji for bringing out a voluminous report under the guidance of the Chairman and Managing Director. The secretary staff, including Vishita Puja, also needs to be mentioned. Mr. Chairman, regarding CSR, we are doing very good CSR activities, and my compliments to them. Please let us know who is the chairman of the CSR committee and who are the members. Some very good suggestions are there. The next meeting may also be online so that shareholders from Bombay can attend. Second suggestion: have a get-together of shareholders in Bombay. Many shareholders are from Bombay only, so please hold the get-together in Bombay itself. And maybe a dedicated mobile phone for the secretary staff so that we can send messages from time to time throughout the year and maintain a personal relationship. Mr. Chairman, about water harvesting, we are doing very good work. What about solar energy? Are we using that? And who is your nodal officer for helping those whose shares and dividends have gone to IEPF? Kindly let us know. With that, I thank Chairman Nilekani and our best, best employee and ethical company. Compliments to them. Thank you very much. My name is Hariram Chowri.
Thank you, Mr. Hari. Now I'll request the next shareholder, Mr. Dip Jain. Mr. Dip, kindly go ahead and ask your question.
