Audited Consolidated financial results of Infosys Limited and its subsidiaries for the quarter ended June 30, 2011 prepared in compliance with International Financial Reporting Standards as issued by International Accounting Standards Board (IFRS)
(in  crore, except per share data) |
| Particulars | Quarter ended June 30, | Year ended March 31, |
| | 2011 | 2010 | 2011 |
| Revenues | 7,485 | 6,198 | 27,501 |
| Cost of sales | 4,577 | 3,648 | 15,916 |
| Gross profit | 2,908 | 2,550 | 11,585 |
| Selling and marketing expenses | 398 | 339 | 1,512 |
| Administrative expenses | 558 | 456 | 1,971 |
| Operating profit | 1,952 | 1,755 | 8,102 |
| Other income | 443 | 239 | 1,211 |
| Profit before income taxes | 2,395 | 1,994 | 9,313 |
| Income tax expense | 673 | 506 | 2,490 |
| Net profit | 1,722 | 1,488 | 6,823 |
Paid-up equity share capital (par value 5/- each, fully paid) | 286 | 286 | 286 |
| Share premium, retained earnings and other components of equity | 27,466 | 24,256 | 27,017 |
Earnings per share (par value 5/- each) | | | |
| Basic | 30.14 | 26.06 | 119.45 |
| Diluted | 30.14 | 26.05 | 119.41 |
Total Public Shareholding # | | | |
| Number of shares | 39,79,13,381 | 37,49,91,027 | 38,10,16,460 |
| Percentage of shareholding | 69.30 | 65.34 | 66.36 |
| 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 | 9,20,85,078 | 9,20,84,978 | 9,20,85,078 |
| 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) | 16.40 | 16.05 | 16.04 |
# 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 consolidated financial statements have been taken on record by the Board of Directors at its meeting held at Narayana Murthy Center of Excellence, Mysore on July 12, 2011. 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 Exchange Board of India (SEBI) vide its circular dated April 5, 2010 permitted listed entities having subsidiaries to voluntarily submit the consolidated financial statements as per IFRS. Consequent to this, the company has voluntarily prepared and published audited consolidated IFRS Financial Statements for the quarter ended June 30, 2011 and June 30, 2010 as well as for fiscal year 2011. |
| 3. | Effective June 16, 2011, the name of the company has changed from Infosys Technologies Limited to Infosys Limited. |
| | (i) | On April 30, 2011, the Board of Directors announced that effective August 21, 2011, Mr. N. R. Narayana Murthy will assume the role of Chairman Emeritus; Mr. K. V. Kamath will be the Chairman of the Board; Mr. S. Gopalakrishnan will be the Executive Co-Chairman of the Board; and Mr. S. D. Shibulal will be the Chief Executive Officer and Managing Director. |
| | (ii) | On June 11, 2011, the Board of Directors appointed Mr. V. Balakrishnan, Mr. Ashok Vemuri and Mr. B. G. Srinivas as Additional and Whole-time Directors. |
| | (iii) | On June 11, 2011, the Board of Directors appointed Ms. Ann Fudge as Additional Director (Independent) of the Company effective October 1, 2011. |
| Information on dividends for the quarter ended June 30, 2011 |
| (in ) |
| Particulars | Quarter ended June 30, | Year ended March 31, |
| | 2011 | 2010 | 2011 |
Dividend per share (par value 5/- each) | | | |
| Interim dividend | – | – | 10.00 |
30th year special dividend | – | – | 30.00 |
| Final dividend | – | – | 20.00 |
| Total dividend | – | – | 60.00 |
The final dividend of 20.00 per share for fiscal 2011 was approved by the shareholders at the Annual General Meeting of the company held on June 11, 2011 and the same was paid on June 13, 2011.
| Other information (Consolidated - Audited) |
| (in crore) |
| Particulars | Quarter ended June 30, | Year ended March 31, |
| | 2011 | 2010 | 2011 |
| Staff costs | 4,245 | 3,382 | 14,856 |
| Items exceeding 10% of aggregate expenditure | – | – | – |
| Details of other income: | | | |
| Interest on deposits with banks and others | 387 | 237 | 1,133 |
| Income from available-for-sale financial assets/investments | 5 | 20 | 23 |
| Miscellaneous income, net | 6 | 2 | 13 |
| Gains/(losses) on foreign currency | 45 | (20) | 42 |
| Total | 443 | 239 | 1,211 |
| Audited Financial Results of Infosys Limited (Stand alone Information) |
(in crore) |
| Particulars | Quarter ended June 30, | Year ended March 31, |
| | 2011 | 2010 | 2011 |
| Revenues | 6,905 | 5,758 | 25,385 |
| Profit before tax and exceptional item | 2,298 | 1,919 | 8,821 |
| Profit after tax before exceptional item | 1,654 | 1,431 | 6,443 |
| Profit after tax and exceptional item | 1,654 | 1,431 | 6,443 |
Note: The audited results of Infosys Limited for the quarter ended June 30, 2011 is available on our website www.infosys.com. The information above has been extracted from the audited financial statements as stated.
| 8. | Information on investor complaints pursuant to Clause 41 of the Listing Agreement for the quarter ended June 30, 2011 |
| | | | | |
| Nature of complaints received | Opening balance | Additions | Disposal | Closing balance |
| Non receipt of dividend/Annual report related | – | 143 | 143 | – |
| 9. | During the quarter ended June 30, 2011, additional investments of 58 crore (USD 13 million) was made in Infosys Technologies (Shanghai) Company Limited, a wholly-owned subsidiary. As of June 30, 2011 the company had invested an aggregate of 69 crore (USD 16 million) in the subsidiary. |
(in crore) |
| Particulars | Quarter ended June 30, | Year ended March 31, |
| | 2011 | 2010 | 2011 |
| Revenue by industry segment | | | |
| Financial services and insurance (FSI) | 2,648 | 2,238 | 9,862 |
| Manufacturing enterprises (MFG) | 1,523 | 1,208 | 5,393 |
| Energy, utilities and telecommunication services (ECS) | 1,615 | 1,555 | 6,614 |
| Retail, logistics, consumer product group, life sciences and health care enterprises (RCL) | 1,699 | 1,197 | 5,632 |
| Total | 7,485 | 6,198 | 27,501 |
Less: Inter-segment revenue | – | – | – |
| Net revenue from operations | 7,485 | 6,198 | 27,501 |
| Segment profit before tax and depreciation: | | | |
| Financial services and insurance (FSI) | 767 | 741 | 3,284 |
| Manufacturing enterprises (MFG) | 420 | 379 | 1,712 |
| Energy, utilities and telecommunication services (ECS) | 487 | 483 | 2,169 |
| Retail, logistics, consumer product group, life sciences and health care enterprises (RCL) | 502 | 360 | 1,803 |
| Total | 2,176 | 1,963 | 8,968 |
Less: Other un-allocable expenditure | 224 | 208 | 866 |
Add: Un-allocable other income | 443 | 239 | 1,211 |
| Profit before tax and non-controlling interest | 2,395 | 1,994 | 9,313 |
Notes on segment information
Principal segments
The company’s operations predominantly relate to providing end-to-end business solutions, delivered to customers 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
Assets and liabilities used in the company’s business are not identified to any of the reportable segments, as these are used interchangeably between segments. Management believes that it is currently not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.
The previous period figures, extracted from audited financial statements have been presented after incorporating the necessary reclassification adjustments pursuant to the changes in reportable segments.
| | | By order of the Board for Infosys Limited |
| | | |
Mysore, India
July 12, 2011 | 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 Limited and its subsidiaries for the quarter ended June 30, 2011, 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, |
| | 2011 | 2010 | 2011 |
| Revenues | 1,671 | 1,358 | 6,041 |
| Cost of sales | 1,022 | 800 | 3,497 |
| Gross profit | 649 | 558 | 2,544 |
| Net profit | 384 | 326 | 1,499 |
| Earnings per American Depositary Share (ADS) | | | |
| Basic | 0.67 | 0.57 | 2.62 |
| Diluted | 0.67 | 0.57 | 2.62 |
| Total assets | 7,146 | 6,115 | 7,010 |
| Cash and cash equivalents including available-for-sale financial assets and certificates of deposit | 3,795 | 3,446 | 3,769 |
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, 2011, 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.
