Infosys Limited (NSE:INFY) Q3 2020 Earnings Conference Call - Final Transcript

Jan 10, 2020 • 07:45 am ET


Infosys Limited (NSE:INFY) Q3 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, good day and welcome to the Infosys Earnings Conference Call. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. [Operator Instructions]. Please note that this conference is being recorded.

I now hand the conference over to Mr Sandeep Mahindroo. Thank you, and over to you, sir.

Sandeep Mahindroo

Thanks very much. Hello everyone and welcome to Infosys earnings call to discuss Q3 FY '20 earnings release. Happy new year to everyone on the call. This is Sandeep from the Investor Relations team in Bangalore. Joining us today on the call is Chairman, Mr. Nandan Nilekani; CEO and MD, Mr. Salil Parekh; COO, Mr. Pravin Rao; CFO, Mr. Nilanjan Roy, along with other members of the senior management team.

This call will be for 90 minutes and will be divided into two parts. For the first 30 minutes, our Chairman, Mr. Nandan Nilekani will talk about and take questions on the Whistleblower Matters and the recently concluded investigation. That will be followed by the regular earnings call format in the next 60 minutes, with opening comments by Salil, Pravin and Nilanjan, followed by Q&A. Please note that anything which we say which refers to our outlook for the future is a forward-looking statement, which must be read in conjunction with the risks that the company faces. A full statement explanation of these risks is available in our filings with the SEC, which can be found on

I'd now like to pass it on to Nandan.

Nandan Nilekani

Thank you, Sandeep, and I'd like to welcome all of you to this call. I'm pleased to say that the Infosys Audit Committee did not find any evidence of financial impropriety or executive misconduct and there is absolutely no change in previously related financial statements. So everything has come out clean. We have had a very thorough investigation done, which was done by independent legal counsel, Shardul Amarchand Mangaldas along with PricewaterhouseCoopers. We also had Ernst and Young as our internal auditors, and as you know our certifying auditors are Deloitte. So this has gone through the scrutiny of all these various groups, and there is absolutely no issues of restatement or anything of that type.

The audit committee has taken this very seriously, and they have done a very thorough investigation. Just to give you a sense of the scale of the investigation, 128 interviews with 77 people, 46 custodians for data were nominated, and their review was over 210,000 documents with over 8 terabytes of data, which were processed. This investigation began on -- when we appointed Shardul Amarchand on October 21st and concluded today, and so it's been a very intense several weeks, which have occupied investigators as well as our people, our Board members, our management team and also our General Counsel, Inderpreet.

Now the investigation review was done for the period from Jan 1st, 2018 to September 30, 2019 and the investigative