Audited Consolidated financial results of Infosys Technologies Limited and its subsidiaries for the quarter ended June 30, 2010 prepared in compliance with International Financial Reporting Standards as issued by International Accounting Standards Board (IFRS)
| (in Rs. crore, except per share data) |
| Particulars | Quarter ended June 30, | Year ended March 31, |
| | 2010 | 2009 | 2010 |
| Revenues | 6,198 | 5,472 | 22,742 |
| Cost of sales | 3,648 | 3,139 | 13,020 |
| Gross profit | 2,550 | 2,333 | 9,722 |
| Selling and marketing expenses | 339 | 261 | 1,184 |
| Administrative expenses | 456 | 428 | 1,628 |
| Operating profit | 1,755 | 1,644 | 6,910 |
| Other income | 239 | 269 | 990 |
| Profit before income taxes | 1,994 | 1,913 | 7,900 |
| Income tax expense | 506 | 388 | 1,681 |
| Net profit | 1,488 | 1,525 | 6,219 |
| Paid-up equity share capital (par value Rs. 5/- each, fully paid) | 286 | 287 | 286 |
| Share premium, retained earnings and other components of equity | 24,256 | 19,585 | 23,787 |
| Earnings per share (par value Rs. 5/- each) | | | |
| Basic | 26.06 | 26.76 | 109.02 |
| Diluted | 26.05 | 26.73 | 108.90 |
| Dividend per share (par value Rs. 5/- each) (Refer Note 5) | | | |
| Interim dividend | – | – | 10.00 |
| Final dividend | – | – | 15.00 |
| Total dividend | – | – | 25.00 |
Total Public Shareholding # | | | |
| Number of shares | 37,49,91,027 | 37,38,41,312 | 37,48,64,267 |
| Percentage of shareholding | 65.34 | 65.24 | 65.32 |
| Promoters and Promoter Group Shareholding | | | |
| Pledged / Encumbered | | | |
| Number of shares | – | – | – |
| Percentage of shares (as a % of the total shareholding of promoter and promoter group) | – | – | – |
| Percentage of shares (as a % of the total share capital of the company) | – | – | – |
| Non-encumbered | | | |
| Number of shares | 9,20,84,978 | 9,44,84,978 | 9,20,84,978 |
| Percentage of shares (as a % of the total shareholding of promoter and promoter group) | 100.00 | 100.00 | 100.00 |
| Percentage of shares (as a % of the total share capital of the company) | 16.05 | 16.49 | 16.05 |
# Total Public Shareholding as defined under Clause 40A of the Listing Agreement (excludes shares held by founders and American Depository Receipt Holders)
| 1. | The audited financial statements have been taken on record by the Board of Directors at its meeting held on July 13, 2010. The statutory auditors have expressed an unqualified audit opinion. The information presented above is extracted from the audited financial statements as stated. The financial statements are prepared in accordance with International Financial Reporting Standards as issued by International Accounting Standards Board (IFRS). |
| 2. | The Securities and Exchange Board of India (SEBI) had on November 9, 2009 issued a press release permitting listed entities having subsidiaries to voluntarily submit the consolidated financial statements as per IFRS. Further, the SEBI issued a circular, dated April 5, 2010, wherein the Listing Agreement has been modified to this effect from March 31, 2010. Consequent to this, the company has voluntarily prepared and published audited consolidated IFRS Financial Statements for the quarter ended June 30, 2010. |
| 3. | Other information (Consolidated - Audited) |
| (in Rs. crore) |
| Particulars | Quarter ended June 30, | Year ended March 31, |
| | 2010 | 2009 | 2010 |
| Staff costs | 3,382 | 2,878 | 12,093 |
| Items exceeding 10% of aggregate expenditure | – | – | – |
| Details of other income: | | | |
| Interest on deposits with banks and others | 237 | 226 | 779 |
| Income from available-for-sale financial assets/investments | 20 | 10 | 160 |
| Miscellaneous income, net | 2 | 2 | 21 |
| Gains/(losses) on foreign currency | (20) | 31 | 30 |
| Total | 239 | 269 | 990 |
| 4. | Audited Financial Results of Infosys Technologies Limited (Stand alone Information) |
| (in Rs. crore) |
| Particulars | Quarter ended June 30, | Year ended March 31, |
| | 2010 | 2009 | 2010 |
| Revenues | 5,758 | 5,104 | 21,140 |
| Profit before tax and exceptional item | 1,919 | 1,837 | 7,472 |
| Profit after tax before exceptional item | 1,431 | 1,464 | 5,755 |
| Profit after tax and exceptional item | 1,431 | 1,464 | 5,803 |
| 5. | The final dividend of Rs. 15.00 per share for fiscal 2010 was approved by the shareholders at the Annual General Meeting of the company held on June 12, 2010 and the same was paid subsequently. |
| 6. | Information on investor complaints pursuant to Clause 41 of the Listing Agreement for the quarter ended June 30, 2010 |
| | | | | |
| Nature of complaints received | Opening balance | Additions | Disposal | Closing balance |
| Dividend/Annual report related | – | 170 | 170 | – |
| 7. | Segment reporting (Consolidated - Audited) |
| (in Rs. crore) |
| Particulars | Quarter ended June 30, | Year ended March 31, |
| | 2010 | 2009 | 2010 |
| Revenue by industry segment | | | |
| Financial services | 2,238 | 1,807 | 7,731 |
| Manufacturing | 1,208 | 1,121 | 4,506 |
| Telecom | 876 | 922 | 3,661 |
| Retail | 815 | 723 | 3,035 |
| Others | 1,061 | 899 | 3,809 |
| Total | 6,198 | 5,472 | 22,742 |
Less: Inter-segment revenue | – | – | - |
| Net revenue from operations | 6,198 | 5,472 | 22,742 |
| Segment profit before tax, depreciation and non-controlling interest: | | | |
| Financial services | 741 | 599 | 2,710 |
| Manufacturing | 379 | 350 | 1,374 |
| Telecom | 272 | 367 | 1,451 |
| Retail | 228 | 240 | 1,025 |
| Others | 343 | 312 | 1,301 |
| Total | 1,963 | 1,868 | 7,861 |
Less: Other un-allocable expenditure | 208 | 224 | 951 |
| (excluding un-allocable income) | | | |
| Operating profit before tax and non-controlling interest | 1,755 | 1,644 | 6,910 |
Notes on segment information
Principal segments
The company’s operations predominantly relate to providing technology services, delivered to clients globally, operating in various industry segments. Accordingly, revenues represented along industries served constitute the primary basis of the segmental information set out above.
Segmental capital employed
Fixed assets used in the company’s business or liabilities contracted have not been identified to any of the reportable segments, as the fixed assets and support services are used interchangeably between segments. Accordingly, no disclosure relating to total segment assets and liabilities has been made.
By order of the Board
for Infosys Technologies Limited
| Bangalore, India July 13, 2010 | S. D. Shibulal
Chief Operating Officer
and Director | S. Gopalakrishnan
Chief Executive Officer
and Managing Director |
The Board has also taken on record the unaudited consolidated results of Infosys Technologies Limited and its subsidiaries for the quarter ended June 30, 2010, prepared as per International Financial Reporting Standards (IFRS). A summary of the financial statements is as follows:
| (in US$ million, except per ADS data) |
| Particulars | Quarter ended June 30, | Year ended March 31, |
| | 2010 | 2009 | 2010 |
| Revenues | 1,358 | 1,122 | 4,804 |
| Cost of sales | 800 | 643 | 2,749 |
| Gross profit | 558 | 479 | 2,055 |
| Net profit | 326 | 313 | 1,313 |
| Earnings per American Depositary Share (ADS) | | | |
| Basic | 0.57 | 0.55 | 2.30 |
| Diluted | 0.57 | 0.55 | 2.30 |
| Total assets | 6,115 | 4,825 | 6,148 |
| Cash and cash equivalents including available-for-sale financial assets and certificates of deposit | 3,446 | 2,510 | 3,532 |
Statements in connection with this release may include forward-looking statements within the meaning of U.S. Securities laws intended to qualify for the ‘safe harbor’ under the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks and uncertainties including those described in our SEC filings available at www.sec.gov including our Annual Report on Form 20-F for the year ended March 31, 2010, and our other recent filings, and actual results may differ materially from those projected by forward-looking statements. We may make additional written and oral forward-looking statements but do not undertake, and disclaim any obligation, to update them.
