diff --git a/cmake/developer_package/version.cmake b/cmake/developer_package/version.cmake
index 1b71befe448..effb3200144 100644
--- a/cmake/developer_package/version.cmake
+++ b/cmake/developer_package/version.cmake
@@ -10,8 +10,11 @@ function(ov_branch_name VAR REPO_ROOT)
                 COMMAND ${GIT_EXECUTABLE} rev-parse --abbrev-ref HEAD
                 WORKING_DIRECTORY ${REPO_ROOT}
                 OUTPUT_VARIABLE GIT_BRANCH
+                RESULT_VARIABLE EXIT_CODE
                 OUTPUT_STRIP_TRAILING_WHITESPACE)
-        set (${VAR} ${GIT_BRANCH} PARENT_SCOPE)
+        if(EXIT_CODE EQUAL 0)
+            set(${VAR} ${GIT_BRANCH} PARENT_SCOPE)
+        endif()
     endif()
 endfunction()
 
@@ -21,22 +24,31 @@ function(ov_commit_hash VAR REPO_ROOT)
                 COMMAND ${GIT_EXECUTABLE} rev-parse --short=11 HEAD
                 WORKING_DIRECTORY ${REPO_ROOT}
                 OUTPUT_VARIABLE GIT_COMMIT_HASH
+                RESULT_VARIABLE EXIT_CODE
                 OUTPUT_STRIP_TRAILING_WHITESPACE)
-        set (${VAR} ${GIT_COMMIT_HASH} PARENT_SCOPE)
+        if(EXIT_CODE EQUAL 0)
+            set(${VAR} ${GIT_COMMIT_HASH} PARENT_SCOPE)
+        endif()
     endif()
 endfunction()
 
 function(ov_commit_number VAR REPO_ROOT)
+    set(GIT_COMMIT_NUMBER_FOUND OFF)
     if(GIT_FOUND)
         execute_process(
                 COMMAND ${GIT_EXECUTABLE} rev-list --count --first-parent HEAD
                 WORKING_DIRECTORY ${REPO_ROOT}
                 OUTPUT_VARIABLE GIT_COMMIT_NUMBER
+                RESULT_VARIABLE EXIT_CODE
                 OUTPUT_STRIP_TRAILING_WHITESPACE)
-        set (${VAR} ${GIT_COMMIT_NUMBER} PARENT_SCOPE)
-    else()
+        if(EXIT_CODE EQUAL 0)
+            set(GIT_COMMIT_NUMBER_FOUND ON)
+            set(${VAR} ${GIT_COMMIT_NUMBER} PARENT_SCOPE)
+        endif()
+    endif()
+    if(NOT GIT_COMMIT_NUMBER_FOUND)
         # set zeros since git is not available
-        set (${VAR} "000" PARENT_SCOPE)
+        set(${VAR} "000" PARENT_SCOPE)
     endif()
 endfunction()
 
@@ -140,7 +152,7 @@ macro(ov_parse_ci_build_number repo_root)
         ov_branch_name(GIT_BRANCH "${repo_root}")
         ov_commit_hash(GIT_COMMIT_HASH "${repo_root}")
 
-        if(NOT GIT_BRANCH STREQUAL "master")
+        if(NOT GIT_BRANCH MATCHES "^(master|HEAD)$")
             set(GIT_BRANCH_POSTFIX "-${GIT_BRANCH}")
         endif()
 
diff --git a/src/core/include/openvino/core/version.hpp b/src/core/include/openvino/core/version.hpp
index 33df7fe4ab3..53c1f307d8e 100644
--- a/src/core/include/openvino/core/version.hpp
+++ b/src/core/include/openvino/core/version.hpp
@@ -20,7 +20,7 @@
  */
 
 #define OPENVINO_VERSION_MAJOR 2023
-#define OPENVINO_VERSION_MINOR 2
+#define OPENVINO_VERSION_MINOR 3
 #define OPENVINO_VERSION_PATCH 0
 
 namespace ov {
diff --git a/src/inference/include/ie/ie_version.hpp b/src/inference/include/ie/ie_version.hpp
index b0de98fe9a3..08ab44f7bff 100644
--- a/src/inference/include/ie/ie_version.hpp
+++ b/src/inference/include/ie/ie_version.hpp
@@ -31,7 +31,7 @@
  */
 
 #define IE_VERSION_MAJOR 2023
-#define IE_VERSION_MINOR 2
+#define IE_VERSION_MINOR 3
 #define IE_VERSION_PATCH 0
 
 #include "ie_api.h"