BANGALORE, India, April 12, 2013 /PRNewswire/ --
Q4 revenues grew by 1.4% sequentially; FY13 revenues grew by 5.8%
Financial Highlights
Consolidated results under International Financial Reporting Standards (IFRS) for the quarter ended March 31, 2013
Other highlights:
"Global economic uncertainties remain challenging for the IT industry," said S. D. Shibulal, CEO and Managing Director. "We are progressing well on our strategic direction of building a high-quality company which is relevant to our clients. We are making all the investments necessary to differentiate ourselves in the market place while positioning ourselves as a partner of choice for our clients."
"The global currency market continues to be volatile reflecting the uncertain economic environment. Our hedging strategy helps us to minimize the volatility impact," said Rajiv Bansal, Chief Financial Officer. "We have a healthy balance sheet with our cash and cash equivalents at US$ 4.4 billion."
(Logo: http://photos.prnewswire.com/prnh/20130122/589162 )
Outlook*
The company's outlook (consolidated) for the fiscal year ending March 31, 2014, under IFRS is as follows:
Revenues are expected to grow 6% to 10.0%;
* Exchange rates considered for major global currencies: AUD / USD - 1.04; GBP / USD - 1.51; Euro / USD - 1.28
Business Highlights
Awards and Recognition
Board of Directors
Mr. Leo Puri has been appointed Additional Director of the Company with effect from April 11, 2013.
He will hold office up to the date of the Annual General Meeting, when his appointment as a director will be placed for the approval of the shareholders.
Mr. Puri is a Senior Advisor to McKinsey & Company's Asia-Pacific Financial Institution Practice. He has served as a Senior Partner of the firm, and has 25 years of experience of working in consulting to financial institutions. Between 2007 and 2011, he was a Managing Director with Warburg Pincus & Company, a leading Private Equity Firm, responsible for investments in India and financial institutions in relevant Asian markets.
Welcoming Leo Puri to the Board, K. V. Kamath, Chairman said, "Leo Puri is one of the best known leaders of corporate India. He brings enormous value with his vast experience in the consulting field."
About Infosys Ltd
Infosys partners with global enterprises to drive their innovation-led growth. That's why Forbes ranked Infosys #19 among the top 100 most innovative companies. As a leading provider of next-generation consulting, technology and outsourcing solutions, Infosys helps clients in more than 30 countries realize their goals.
Visit http://www.infosys.com and see how Infosys (NYSE: INFY), with its 156,000+ people, is Building Tomorrow's Enterprise® today.
Safe Harbor
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2012 and on Form 6-K for the quarter ended June 30, 2012, September 30, 2012 and December 31, 2012. These filings are available at http://www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company unless it is required by law.
Infosys Limited and subsidiaries
Unaudited Condensed Consolidated Balance Sheets as of
(Dollars in millions except share data)
March 31, 2013 March 31, 2012
ASSETS
Current assets
Cash and cash equivalents $4,021 $4,047
Available-for-sale financial assets 320 6
Investment in certificates of deposit - 68
Trade receivables 1,305 1,156
Unbilled revenue 449 368
Prepayments and other current assets 391 300
Derivative financial instruments 19 -
Total current assets 6,505 5,945
Non-current assets
Property, plant and equipment 1,191 1,063
Goodwill 364 195
Intangible assets 68 34
Available-for-sale financial assets 72 2
Deferred income tax assets 94 62
Income tax assets 201 204
Other non-current assets 44 32
Total non-current assets 2,034 1,592
Total assets $8,539 $7,537
LIABILITIES AND EQUITY
Current liabilities
Derivative financial instruments - $9
Trade payables 35 5
Current income tax liabilities 245 207
Client deposits 6 3
Unearned revenue 152 107
Employee benefit obligations 113 98
Provisions 39 26
Other current liabilities 568 482
Total current liabilities 1,158 937
Non-current liabilities
Deferred income tax liabilities 23 2
Other non-current liabilities 27 22
Total liabilities 1,208 961
Equity
Share capital-5 ($0.16) par value
600,000,000 equity shares authorized, issued
and outstanding 571,402,566 and 571,396,401,
net of 2,833,600 treasury shares each as of
March 31, 2013 and March 31, 2012,
respectively 64 64
Share premium 704 703
Retained earnings 7,666 6,509
Other components of equity (1,103) (700)
Total equity attributable to equity holders
of the company 7,331 6,576
Non-controlling interests - -
Total equity 7,331 6,576
Total liabilities and equity $8,539 $7,537
Infosys Limited and subsidiaries
Unaudited Condensed Consolidated Statements of Comprehensive Income
(Dollars in millions except share and per equity share data)
Three Three
months months Year ended Year ended
ended March ended March March 31, March 31,
31, 2013 31, 2012 2013 2012
Revenues $1,938 $1,771 $7,398 $6,994
Cost of sales 1,261 1,041 4,637 4,118
Gross profit 677 730 2,761 2,876
Operating expenses:
Selling and marketing
expenses 96 91 373 366
Administrative expenses 124 111 479 497
Total operating expenses 220 202 852 863
Operating profit 457 528 1,909 2,013
Other income 125 131 433 397
Profit before income taxes 582 659 2,342 2,410
Income tax expense 138 196 617 694
Net profit $444 $463 $1,725 $1,716
Other comprehensive income
Fair value changes on
available-for-sale
financial asset, net of
tax effect 1 - 1 (2)
Exchange differences on
translating foreign
operations 74 244 (404) (760)
Total other comprehensive
income $75 $244 $(403) $(762)
Total comprehensive income $519 $707 $1,322 $954
Profit attributable to:
Owners of the company $444 $463 $1,725 $1,716
Non-controlling interests - - - -
$444 $463 $1,725 $1,716
Total comprehensive income
attributable to:
Owners of the company $519 $707 $1,322 $954
Non-controlling interests - - - -
$519 $707 $1,322 $954
Earnings per equity share
Basic ($) 0.78 0.81 3.02 3.00
Diluted ($) 0.78 0.81 3.02 3.00
Weighted average equity
shares used in computing
earnings per equity share
Basic 571,402,566 571,392,171 571,399,238 571,365,494
Diluted 571,402,566 571,399,573 571,400,091 571,396,142
NOTE:
1. The unaudited Condensed Consolidated Balance sheets and Condensed Consolidated Statements of Comprehensive Income for the three months and year ended March 31, 2013 has been taken on record at the Board meeting held on April 12, 2013
2. A Fact Sheet providing the operating metrics of the company can be downloaded from http://www.infosys.com
Fact Sheet: http://multivu.prnewswire.com/mnr/prne/operations/Fact-sheet-Q4-2013.pdf
INR Press Release: http://multivu.prnewswire.com/mnr/prne/operations/INR-press-release-Q4.pdf
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