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Infosys Limited

Headquarters in Bengaluru
Trade name	Infosys
Company type	Public
Traded as	BSE: 500209 NSE: INFY NYSE: INFY BSE SENSEX constituent NSE NIFTY 50 constituent
ISIN	INE009A010321
Industry	Information technology Consulting Outsourcing
Founded	2 July 1981; 43 years ago (2 July 1981) in Pune, India
Founders	N. R. Narayana Murthy Nandan Nilekani Kris Gopalakrishnan S. D. Shibulal K. Dinesh N. S. Raghavan Ashok Arora
Headquarters	Bengaluru, Karnataka, India
Area served	Worldwide
Key people	Nandan Nilekani (Chairman) Salil Parekh (MD & CEO)
Products	Finacle Panaya
Revenue	₹158,381 crore (US$19 billion) (2024)
Operating income	₹35,988 crore (US$4.2 billion) (2024)
Net income	₹26,248 crore (US$3.1 billion) (2024)
Total assets	₹137,814 crore (US$16 billion) (2024)
Total equity	₹88,461 crore (US$10 billion) (2024)
Number of employees	317,240 (March 2024)
Divisions	Infosys Consulting Infosys BPM EdgeVerve Systems
Website	infosys.com
Footnotes / references Financials as of 31 March 2024.

Infosys Limited is an Indian multinational technology company that offers business consulting, information technology, and outsourcing services. Founded in 1981, the company is headquartered in Bengaluru.

On 24 August 2021, Infosys became the fourth Indian company to achieve a market capitalization of US$100 billion. As of 2024, Infosys is the second-largest Indian Big Tech company by revenue and market capitalization.

Infosys has also attracted controversies due to allegations of visa and tax fraud in the United States and for creating malfunctioning government websites.

History

Infosys was founded by seven engineers in Pune, with an initial capital of $250. It was registered as Infosys Consultants Private Limited on 2 July 1981. In 1983, it relocated to Bangalore.

The company changed its name to Infosys Technologies Private Limited in April 1992 and became Infosys Technologies Limited when it became a public limited company in June 1992.

In February 1993, Infosys launched its initial public offering (IPO) with an offer price of ₹95 per share, compared to a book value of ₹20 per share. The IPO was initially undersubscribed but was "bailed out" by US investment bank Morgan Stanley, which acquired a 13% equity stake at the offer price. When trading began in June 1993, the share price opened at ₹145 per share.

Infosys shares were listed on the Nasdaq stock exchange in 1999 as American depositary receipts (ADRs), making it the first Indian company to be listed on Nasdaq. The share price rose to ₹8,100 by 1999, making it the most expensive share on the market at the time. Infosys was then among the top 20 companies by market capitalization on the Nasdaq. The ADR listing was later transferred from Nasdaq to NYSE Euronext to provide European investors with better access to the company's shares.

In July 2010, then-British Prime Minister David Cameron visited Infosys headquarters in Bangalore and addressed the company's employees. In June 2011, the company was renamed Infosys Limited.

In 2012, Infosys announced the opening of a new office in Milwaukee, Wisconsin, to serve Harley-Davidson. In 2011, Infosys hired 1,200 U.S. employees, and by 2012, it had expanded its workforce by an additional 2,000 employees.

In July 2014, Infosys launched a product subsidiary named EdgeVerve Systems, focusing on enterprise software products for business operations, customer service, procurement, and commerce network domains. In August 2015, Infosys transferred assets of Finacle to EdgeVerve Systems.

Infosys surpassed US$10 million in annual revenue in FY 1995, US$100 million in FY 1999, US$1 billion in FY 2004, and US$10 billion in FY 2017. In FY 2023, its revenue stood at US$18 billion.

Infosys announced the launch of Aster in June 2024, an AI-powered platform designed to improve marketing efficiency through the use of artificial intelligence.

Services and products

Infosys offers software development, maintenance, and independent validation services across industries such as finance, insurance, manufacturing, among others. Through its subsidiary Infosys Consulting, it provides consulting services in digital experience, cloud, data analytics, artificial intelligence, engineering, and sustainability. Its subsidiary Infosys BPM provides outsourcing services for business processes such as finance, procurement, customer service, and HR.

Infosys offers digital products and platforms for digital transformation, including Finacle, Panaya, Infosys Equinox, Infosys Meridian, EdgeVerve and Infosys Cortex. Finacle is a banking solution that supports financial institutions in improving their customer service capabilities. Panaya is a platform that assists organizations in accelerating application delivery and innovation. Infosys Equinox is a digital commerce platform designed for facilitating user-friendly and personalized shopping experiences. Infosys Meridian is a workplace platform for increased productivity in remote and hybrid work environments.

Acquisitions

Listing and shareholding pattern

In India, Infosys shares are listed on the BSE, where it is a part of the BSE SENSEX, and on the NSE, where it is included in the NIFTY 50 index. Infosys also trades its shares through American depositary receipts (ADRs) on the New York Stock Exchange.

Over the years, the shareholding of Infosys's promoters has steadily decreased. This trend began in June 1993, when Infosys first listed its shares. The promoter holdings further declined when Infosys became the first Indian-registered company to list Employee Stock Options Schemes and ADRs on NASDAQ on 11 March 1999.

Operations

Geographical presence

As of 31 March 2024, Infosys operates 94 sales and marketing offices and 139 development centers globally. The company's operations are spread across key regions, including India, the United States, Canada, China, Australia, Japan, the Middle East, and Europe.

In the fiscal year 2023-2024, Infosys generated approximately 61% of its revenue from North America, 25% from Europe, 3% from India, and 11% from other regions, including the Middle East, Australia, and Japan.

Infosys faced scrutiny following the invasion of Ukraine on 24 February 2022. The company clarified that it had no active relationships with Russian firms. By November 2022, only administrative staff remained, handling the transfer of contracts to other contractors.

Employees

As of 31 March 2024, Infosys employed a total of 343,234 people, commonly referred to as "Infoscions," with 40.1% of them being women. Of this workforce, 302,850 are software professionals, while the remaining 40,384 are engaged in support and sales roles. In 2023, 85% of Infosys' employees were located in India.

Training centre in Mysore

As the world's largest corporate university, the Infosys Global Education Centre, located on a 337-acre campus, features 400 instructors and over 200 classrooms, adhering to international benchmarks. Established in 2002, it had trained approximately 125,000 engineering graduates by June 2015. The centre can accommodate and train up to 14,000 employees at any given time across various technologies.

The Infosys Leadership Institute (ILI), located in Mysore, features 196 rooms and trains approximately 4,000 trainees annually. Its primary objective is to cultivate and develop senior leaders within Infosys, preparing them for both current and future executive roles.

Additionally, the Infosys Training Centre in Mysore offers a range of extracurricular facilities, including tennis courts, badminton and basketball courts, a swimming pool, a gym, and a bowling alley. The campus also features an international-standard cricket ground, approved by the BCCI.

CEOs

From its establishment in 1981 until 2014, Infosys' CEOs were its founders, with N. R. Narayana Murthy leading the company for the initial 21 years. Dr. Vishal Sikka was the first external CEO, serving for approximately three years. Sikka resigned in August 2017. Following his departure, UB Pravin Rao was appointed as Interim CEO and Managing Director of the company. Infosys appointed Salil Parekh as Chief Executive Officer (CEO) and Managing Director (MD), effective from 2 January 2018.

List of CEOs

Controversies

Settlement of tax fraud in the US

In December 2019, the Attorney General of California, Xavier Becerra, announced an $800,000 settlement involving Infosys and its BPM (Business Process Management) subsidiary. Between 2006 and 2017, nearly 500 Infosys employees were found to be working in the state on Infosys-sponsored B-1 visas instead of the required H-1B visas, according to an official statement on the State of California’s website.

This misclassification enabled Infosys to avoid paying California payroll taxes, including unemployment insurance, disability insurance, and employment training taxes.

Accusation of visa fraud in the US

In 2011, Infosys was accused of visa fraud for using B-1 (visitor) visas for work that required H-1B (work) visas. The allegations originated from an internal complaint by an American employee of Infosys, who subsequently filed a lawsuit against the company, claiming harassment and marginalization after raising the issue. Although the lawsuit was dismissed, along with another similar case, these allegations were brought to the attention of U.S. authorities, leading to investigations by the U.S. Department of Homeland Security and a federal grand jury.

In October 2013, Infosys agreed to settle the civil suit with U.S. authorities by paying $34 million. While the company did not admit guilt, it stated that it settled to avoid the complications of "prolonged litigation". Infosys asserted that, "As reflected in the settlement, Infosys denies and disputes any claims of systemic visa fraud, misuse of visas for competitive advantage, or immigration abuse. Those claims are untrue and are assertions that remain unproven."

Malfunctioning government portals

In 2013, technical issues emerged after Infosys took over the MCA21 portal from Tata Consultancy Services. Similar problems arose in 2016 after a system migration and version update.

In 2020, the finance ministry identified glitches in the GSTN portal, leading to a summons for Infosys executives. In 2022, chartered accountants and tax professionals raised concerns over technical issues with the GSTN portal.

In 2021, the newly launched Income Tax portal, developed by Infosys, encountered multiple glitches. Despite a summons for Infosys CEO Salil Parekh, the issues remained unresolved for months, forcing an extension of the tax filing deadline. In 2022, users continued to report malfunctions and issues on the first anniversary of the portal's launch.

See also

• List of IT consulting firms
• List of Indian IT companies

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External links

• Official website
• Business data for Infosys Ltd:
  • SEC filings

Links to related articles

v t e Infosys People (list) Founders N. R. Narayana Murthy Nandan Nilekani N. S. Raghavan S. Gopalakrishnan S. D. Shibulal K. Dinesh Ashok Arora Board of directors Salil Parekh (CEO & MD) U. B. Pravin Rao (COO) Carol M. Browner John Etchemendy Jeffrey S. Lehman Kiran Mazumdar-Shaw Ravi Venkatesan Divisions Infosys BPM Infosys Consulting EdgeVerve Systems Products Finacle Panaya Other Infosys Foundation Infosys Prize v t e NIFTY 200 companies NIFTY 200 NIFTY 100 NIFTY 50 Adani Enterprises Adani Ports Apollo Hospitals Asian Paints Axis Bank Bajaj Auto Bajaj Finance Bajaj Finserv BEL Bharat Petroleum Bharti Airtel Britannia Cipla Coal India Dr. Reddy's Labs Eicher Grasim HCLTech HDFC Bank HDFC Life Hero MotoCorp Hindalco HUL ICICI Bank IndusInd Bank Infosys ITC JSW Steel Kotak Mahindra L&T M&M Maruti Suzuki NTPC Nestlé ONGC Power Grid Reliance SBI Life SBI Shriram Finance Sun Pharma Tata Consultancy Services Tata Consumer Products Tata Motors Tata Steel Tech Mahindra Titan Trent UltraTech Wipro NIFTY Next 50 ABB India Adani Energy Solutions Adani Green Energy Adani Power Ambuja Cements Bank of Baroda BHEL Bosch Canara Bank Cholamandalam Dabur Divi's Labs DLF DMart GAIL Godrej Consumer Products Havells HAL ICICI Lombard ICICI Prudential Indian Oil IndiGo Info Edge IRCTC IRFC Jindal Steel Jio Financial Services JSW Energy LIC Lodha LTIMindtree NHPC Pidilite Power Finance PNB REC Samvardhana Motherson Shree Cement Siemens India Tata Power Torrent Pharma TVS Motors Union Bank United Spirits Varun Beverages Vedanta Zomato Zydus Lifesciences ACC Aditya Birla Fashion Alkem Labs Apollo Tyres Ashok Leyland Astral AU SFB Aurobindo Pharma Balkrishna Industries Bandhan Bank Bank of India Bank of Maharashtra Bharat Dynamics Bharat Forge Biocon BSE CBI Cochin Shipyard Coforge Container Corp CG Power Cummins India Delhivery Dixon Technologies Escorts Exide FACT Federal Bank GMR Airports Godrej Properties Hindustan Petroleum Hindustan Zinc HUDCO IDBI Bank IDFC First Bank Indian Bank Indian Hotels IOB Indraprastha Gas Indus Towers IRB Infrastructure IREDA Jubilant FoodWorks Kalyan Jewellers KPIT Technologies LIC Housing Finance Lupin M&M Finance Mankind Pharma Marico Max Financial Services Max Healthcare Mazagon Dock Shipbuilders Mphasis MRF MRPL Muthoot Finance NLC India NMDC Nykaa Oil India Oracle FSS Page Industries Patanjali Foods Paytm Persistent Systems Petronet LNG Policybazaar Polycab Poonawalla Fincorp Prestige Estates RVNL SAIL SBI Card SJVN SRF Sundaram Finance Supreme Industries Suzlon Tata Chemicals Tata Communications Tata Technologies Torrent Power Tube Investments UPL Voltas Yes Bank v t e BSE SENSEX companies of India Adani Ports & SEZ Asian Paints Axis Bank Bajaj Finserv Bajaj Finance Bharti Airtel HCLTech HDFC Bank HUL ICICI Bank IndusInd Bank Infosys ITC Kotak Mahindra Bank L&T Mahindra & Mahindra Maruti Suzuki Nestlé NTPC ONGC Power Grid Corporation of India Reliance Industries SBI Sun Pharma Tata Steel TCS Tech Mahindra Titan Company UltraTech Cement Zomato v t e NIFTY 50 companies of India Adani Enterprises Adani Ports Apollo Hospitals Asian Paints Axis Bank Bajaj Auto Bajaj Finance Bajaj Finserv Bharat Electronics Bharat Petroleum Bharti Airtel Britannia Cipla Coal India Dr. Reddy's Eicher Motors Grasim HCLTech HDFC Bank HDFC Life Hero MotoCorp Hindalco Hindustan Unilever ICICI Bank IndusInd Bank Infosys ITC JSW Steel Kotak Mahindra Bank Larsen & Toubro Mahindra & Mahindra Maruti Suzuki Nestlé India NTPC ONGC Power Grid Reliance SBI SBI Life Shriram Finance Sun Pharma TCS Tata Consumer Tata Motors Tata Steel Tech Mahindra Titan Trent UltraTech Cement Wipro v t e Major information technology consulting and outsourcing companies Companies with an annual revenue of over US$3 billion Accenture Atos Booz Allen Hamilton BMC Software BT Global Services CACI Capgemini CGI Cognizant Computacenter Conduent Deloitte Digital China DXC Technology Fujitsu HCL Technologies Hitachi Consulting IBM Consulting Indra Sistemas Infosys Infor KPMG Leidos NEC NTT Data Orange Business Services T-Systems Tata Consultancy Services Tech Mahindra Unisys Wipro v t e Contract research organization Clinical Research Alimentiv Calyx Cancer Trials Support Unit Charles River Laboratories CLARIO Craven Laboratories Dokumeds ePharmaSolutions Fortrea George Institute for Global Health ICON PLC Icosagen IQVIA KCR CRO Medpace Parexel PPD, Inc. PRA Health Sciences Retrogenix Syneos Health WIL Research Laboratories WNS Global Services Wolfe Laboratories Wuxi Apptec Clinical and Healthcare IT Accenture Clarivate Cytel HCLTech Indegene Informa Infosys LTIMindtree Medidata Solutions Merative Oracle Corporation Tata Consultancy Services Cognizant Tech Mahindra UnitedHealth Group Optum Veeva Systems Verily Wipro Manufacturing Cencora Cytiva Syngene International Thermo Fisher Scientific

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