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Infosys Ltd.

BSE: 500209 Sector: IT
NSE: INFY ISIN Code: INE009A01021
BSE 00:00 | 19 Sep 720.40 1.25
(0.17%)
OPEN

725.00

HIGH

727.40

LOW

714.95

NSE 00:00 | 19 Sep 719.75 0.65
(0.09%)
OPEN

727.00

HIGH

727.00

LOW

713.20

OPEN 725.00
PREVIOUS CLOSE 719.15
VOLUME 151490
52-Week high 748.45
52-Week low 444.20
P/E 19.46
Mkt Cap.(Rs cr) 314,698
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 725.00
CLOSE 719.15
VOLUME 151490
52-Week high 748.45
52-Week low 444.20
P/E 19.46
Mkt Cap.(Rs cr) 314,698
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Infosys Ltd. (INFY) - Auditors Report

Company auditors report

TO THE BOARD OF DIRECTORS OF INFOSYS LIMITED

1. We have audited the accompanying Statement of Standalone FinancialResults of INFOSYS LIMITED ("the Company") for the quarter and year endedMarch 31 2018 ("the Statement") being submitted by the Company pursuant to therequirements of Regulation 33 of the SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 as modified by Circular No. CIR/CFD/FAC/62/2016 datedJuly 5 2016.

2. This Statement is the responsibility of the Company'sManagement and is approved by the Board of Directors. The Statement as it relates to thequarter ended March 31 2018 has been compiled from the related interim condensedstandalone financial statements prepared in accordance with Indian Accounting Standard 34"Interim Financial Reporting" ("Ind AS 34") and as it relates to theyear ended March 31 2018 has been compiled from the related annual standalone financialstatements prepared in accordance with Indian Accounting Standards prescribed underSection 133 of the Companies Act 2013 read with relevant rules issued thereunder andother accounting principles generally accepted in India. Our responsibility is to expressan opinion on the Statement based on our audits of such interim condensed standalonefinancial statements and annual standalone financial statements.

3. We conducted our audits in accordance with the Standards on Auditingissued by the Institute of Chartered Accountants of India. Those Standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the Statement is free from material misstatement.

An audit involves performing procedures to obtain audit evidence aboutthe amounts and the disclosures in the Statement. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement ofthe Statement whether due to fraud or error. In making those risk assessments theauditor considers internal financial controls relevant to the

Company's preparation and fair presentation of the Statement inorder to design audit procedures that are appropriate in the circumstances but not forthe purpose of expressing an opinion on the effectiveness of the Company's internalfinancial control. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Managementas well as evaluating the overall presentation of the Statement.

We believe that the audit evidence obtained by us is sufficient andappropriate to provide a basis for our audit opinion.

4. In our opinion and to the best of our information and according tothe explanations given to us the Statement:

(i) is presented in accordance with the requirements of Regulation 33of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 asmodified by Circular No. CIR/CFD/FAC/62/2016 dated July 5 2016; and

(ii) gives a true and fair view in conformity with the aforesaid IndianAccounting Standards and other accounting principles generally accepted in India of theprofit total comprehensive income and other financial information of the Company for thequarter and year ended March 31 2018.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants

(Firm's Registration No. 117366W/W-100018)

P. R. RAMESH

Partner

(Membership No.70928)

Bengaluru April 13 2018

INDEPENDENT AUDITOR'S REPORT

To The Members of INFOSYS LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of INFOSYSLIMITED ("the Company") which comprise the Balance Sheet as at March 312018 and the Statement of Profit and Loss (including Other Comprehensive Income) theStatement of Changes in Equity and the Statement of Cash Flows for the year then ended anda summary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone FinancialStatements

The Company's Board of Directors is responsible for the mattersstated in Section 134(5) of the Companies Act 2013 ("the Act") with respect tothe preparation of these standalone financial statements that give a true and fair view ofthe financial position financial performance including other comprehensive income cashflows and changes in equity of the Company in accordance with the Indian AccountingStandards (Ind AS) prescribed under section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015 as amended and other accounting principles generallyaccepted in India.

This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standalone financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalonefinancial statements based on our audit. In conducting our audit we have taken intoaccount the provisions of the Act the accounting and auditing standards and matters whichare required to be included in the audit report under the provisions of the Act and theRules made thereunder and the Order issued under section 143(11) of the Act.

We conducted our audit of the standalone financial statements inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the standalone financial statements arefree from material misstatement.

An audit involves performing procedures to obtain audit evidence aboutthe amounts and the disclosures in the standalone financial statements. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the standalone financial statements whether due to fraud orerror. In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the standalone financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by theCompany's Directors as well as evaluating the overall presentation of the standalonefinancial statements.

We believe that the audit evidence obtained by us is sufficient andappropriate to provide a basis for our audit opinion on the standalone financialstatements.

Opinion

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31 2018 and its profit total comprehensive incomethe changes in equity and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act based on our audit wereport that:

a) we have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

b) in our opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those books.

c) the Balance Sheet the Statement of Profit and Loss including OtherComprehensive Income Statement of Changes in Equity and the Statement of Cash Flow dealtwith by this Report are in agreement with the books of account.

d) in our opinion the aforesaid standalone financial statements complywith the Indian Accounting Standards prescribed under section 133 of the Act.

e) on the basis of the written representations received from thedirectors of the Company as on March 31 2018 taken on record by the Board of Directorsnone of the directors is disqualified as on March 31 2018 from being appointed as adirector in terms of Section 164(2) of the Act.

f) with respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in "Annexure A". Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Company's internalfinancial controls over financial reporting.

g) with respect to the other matters to be included in theAuditor's Report in accordance with Rule

11 of the Companies (Audit and Auditors) Rules 2014 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. The Company has disclosed the impact of pending litigations on itsfinancial position in its standalone financial statements.

ii. The Company has made provision as required under the applicablelaw or accounting standards for material foreseeable losses if any on long-termcontracts including derivative contracts.

iii. There has been no delay in transferring amounts required to betransferred to the Investor

Education and Protection Fund by the Company.

2. As required by the Companies (Auditor's Report) Order 2016("the Order") issued by the Central Government in terms of Section 143(11) ofthe Act we give in "Annexure B" a statement on the matters specified inparagraphs 3 and 4 of the Order.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants

(Firm's Registration No. 117366W/W-100018)

P.R. RAMESH

Partner

(Membership No. 70928)

Bengaluru April 13 2018

ANNEXURE "A" TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 1(f) under ‘Report on Other Legal andRegulatory Requirements' section of our report to the Members of Infosys Limited ofeven date)

Report on the Internal Financial Controls Over Financial Reportingunder Clause (i) of Subsection 3 of Section 143 of the Companies Act 2013 ("theAct")

We have audited the internal financial controls over financialreporting of INFOSYS LIMITED ("the Company") as of March 31 2018 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date.

Management's Responsibility for Internal Financial Controls

The Board of Directors of the Company is responsible for establishingand maintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the internal financialcontrols over financial reporting of the Company based on our audit. We conducted ouraudit in accordance with the Guidance Note on

Audit of Internal Financial Controls Over Financial Reporting (the"Guidance Note") issued by the

Institute of Chartered Accountants of India and the Standards onAuditing prescribed under Section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls overfinancial reporting was established and maintained and if such controls operatedeffectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgement including the assessment ofthe risks of material misstatement of the financial statements whether due to fraud orerror.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial reporting isa process designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial controlover financial reporting includes those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany; (2) provide reasonable assurance that transactions are recorded as necessary topermit preparation of financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorisations of management and directors of the company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorisedacquisition use or disposition of the company's assets that could have a materialeffect on the financial statements.

Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to theexplanations given to us the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2018 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants

(Firm Registration No.117366W / W-100018)

P.R. RAMESH

Partner

(Membership No.70928)

Bengaluru April 13 2018

ANNEXURE ‘B' TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 2 under ‘Report on Other Legal andRegulatory Requirements' section of our report to the Members of Infosys Limited ofeven date)

i. In respect of the Company's fixed assets:

(a) The Company has maintained proper records showing full particularsincluding quantitative details and situation of fixed assets. (b) The Company has aprogram of verification to cover all the items of fixed assets in a phased manner whichin our opinion is reasonable having regard to the size of the Company and the nature ofits assets. Pursuant to the program certain fixed assets were physically verified by themanagement during the year. According to the information and explanations given to us nomaterial discrepancies were noticed on such verification. (c) According to the informationand explanations given to us the records examined by us and based on the examination ofthe conveyance deeds provided to us we report that the title deeds comprising all theimmovable properties of land and buildings which are freehold are held in the name of theCompany as at the balance sheet date. In respect of immovable properties of land andbuilding that have been taken on lease and disclosed as fixed assets in the standalonefinancial statements the lease agreements are in the name of the Company.

ii. The Company is in the business of providing software services anddoes not have any physical inventories. Accordingly reporting under clause 3 (ii) of theOrder is not applicable to the Company.

iii. According to the information and explanations given to us theCompany has granted unsecured loans to three bodies corporate covered in the registermaintained under section 189 of the Companies Act 2013 in respect of which:

(a) The terms and conditions of the grant of such loans are in ouropinion prima facie not prejudicial to the Company's interest.

(b) The schedule of repayment of principal and payment of interest hasbeen stipulated and repayments or receipts of principal amounts and interest have beenregular as per stipulations. (c) There is no overdue amount remaining outstanding as atthe year-end.

iv. In our opinion and according to the information and explanationsgiven to us the Company has complied with the provisions of Sections 185 and 186 of theAct in respect of grant of loans making investments and providing guarantees andsecurities as applicable.

v. The Company has not accepted deposits during the year and does nothave any unclaimed deposits as at March 31 2018 and therefore the provisions of theclause 3 (v) of the Order are not applicable to the Company.

vi. The maintenance of cost records has not been specified by theCentral Government under section 148(1) of the Companies Act 2013 for the businessactivities carried out by the Company. Thus reporting under clause 3(vi) of the order isnot applicable to the Company.

vii. According to the information and explanations given to us inrespect of statutory dues:

(a) The Company has generally been regular in depositing undisputedstatutory dues including Provident Fund Employees' State Insurance Income TaxSales Tax Service Tax

Goods and Service Tax Value Added Tax Customs Duty Excise Duty Cessand other material statutory dues applicable to it with the appropriate authorities. (b)There were no undisputed amounts payable in respect of Provident Fund Employees'State

Insurance Income Tax Sales Tax Service Tax Value Added Tax Goodsand Service Tax Customs Duty Excise Duty Cess and other material statutory dues inarrears as at March 31 2018 for a period of more than six months from the date theybecame payable. (c) Details of dues of Income Tax Sales Tax Service Tax Excise Duty andValue Added Tax which have not been deposited as at March 31 2018 on account of disputeare given below:

Nature of the statute Nature of dues Forum where Dispute is Pending Period to which the Amount Relates

Amount Crores

The Income Tax Income Tax Appellate Tribunal A.Y. 2010-11 to A.Y. 2013-14 and AY 2016-17

1391

Act 1961
Income Tax Appellate Authority upto Commissioner's level A.Y. 2008-09 to A.Y. 2018-19

2192

Finance Act 1994 Service Tax Appellate Tribunal F.Y 2004-05 to F.Y 2014-15

60

Central Excise Act 1944 Excise Duty Appellate Tribunal F.Y 2005-16 to F.Y 2015-16

68

Sales Tax Act and Sales Tax and High Court F.Y. 2007-08

#

VAT Laws Interest Appellate Authority upto F.Y. 2007 to F.Y. 2010-11

22

Commissioner's level F.Y 2012-13 and F.Y 2014-15 to F.Y 2016-17
Specified Officer of SEZ F.Y 2008-09 to F.Y 2011-12

5

# - Less than 1 crore

viii. The Company has not taken any loans or borrowings from financialinstitutions banks and government or has not issued any debentures. Hence reporting underclause 3 (viii) of the Order is not applicable to the Company.

ix. The Company has not raised moneys by way of initial public offer orfurther public offer

(including debt instruments) or term loans and hence reporting underclause 3 (ix) of the Order is not applicable to the Company.

x. To the best of our knowledge and according to the information andexplanations given to us no fraud by the Company or no material fraud on the Company byits officers or employees has been noticed or reported during the year.

xi. In our opinion and according to the information and explanationsgiven to us the Company has paid/provided managerial remuneration in accordance with therequisite approvals mandated by the provisions of section 197 read with Schedule V to theAct.

xii. The Company is not a Nidhi Company and hence reporting underclause 3 (xii) of the Order is not applicable to the Company.

xiii. In our opinion and according to the information and explanationsgiven to us the Company is in compliance with Section 177 and 188 of the Companies Act2013 where applicable for all transactions with the related parties and the details ofrelated party transactions have been disclosed in the standalone financial statements asrequired by the applicable accounting standards.

xiv. During the year the Company has not made any preferentialallotment or private placement of shares or fully or partly paid convertible debenturesand hence reporting under clause 3 (xiv) of the Order is not applicable to the Company.

xv. In our opinion and according to the information and explanationsgiven to us during the year the Company has not entered into any non-cash transactionswith its Directors or persons connected to its directors and hence provisions of section192 of the Companies Act 2013 are not applicable to the Company.

xvi. The Company is not required to be registered under section 45-IAof the Reserve Bank of India

Act 1934.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants

(Firm Registration No. 117366W/W-100018)

P. R. RAMESH

Partner

(Membership No. 70928)

Bengaluru April 13 2018