Exhibit 99.6
Form of Release to Stock Exchanges and Advertisement
Infosys Limited
CIN : L85110KA1981PLC013115 Regd.
Office: Electronics City, Hosur Road, Bengaluru 560 100, India.
Website: www.infosys.com; Email: investors@infosys.com; Telephone: 91 80 2852 0261; Fax: 91 80 2852 0362
Statement of Consolidated Audited Results of Infosys Limited and its subsidiaries for the quarter and year ended March 31, 2019 prepared in compliance with the Indian Accounting Standards (Ind-AS)
(in crore, except per equity share data)
Particulars | Quarter ended March 31, | Quarter ended December 31, | Quarter ended March 31, | Year ended March 31, | |
2019 | 2018 | 2018 | 2019 | 2018 | |
Audited | Audited | Audited | Audited | Audited | |
Revenue from operations | 21,539 | 21,400 | 18,083 | 82,675 | 70,522 |
Other income, net (Refer Note 1(b))# | 665 | 753 | 652 | 2,882 | 3,311 |
Total Income | 22,204 | 22,153 | 18,735 | 85,557 | 73,833 |
Expenses | |||||
Employee benefit expenses | 12,074 | 11,622 | 10,054 | 45,315 | 38,893 |
Cost of technical sub-contractors | 1,601 | 1,618 | 1,107 | 6,033 | 4,297 |
Travel expenses | 603 | 625 | 492 | 2,433 | 1,995 |
Cost of software packages and others | 689 | 712 | 466 | 2,553 | 1,870 |
Communication expenses | 115 | 113 | 113 | 471 | 489 |
Consultancy and professional charges | 376 | 354 | 282 | 1,324 | 1,043 |
Depreciation and amortisation expenses | 531 | 580 | 458 | 2,011 | 1,863 |
Other expenses | 932 | 946 | 639 | 3,655 | 2,924 |
Reduction in the fair value of Disposal Group Held for Sale (Refer Note 1(e)) | – | – | 118 | 270 | 118 |
Adjustment in respect of excess of carrying amount over recoverable amount on reclassification from "Held For Sale" (Refer Note 1(e)) | – | 451 | – | 451 | – |
Total expenses | 16,921 | 17,021 | 13,729 | 64,516 | 53,492 |
Profit before non-controlling interest / share in net profit / (loss) of associate | 5,283 | 5,132 | 5,006 | 21,041 | 20,341 |
Share in net profit/(loss) of associate, including impairment (Refer Note 1(c )) | – | – | – | – | (71) |
Profit before tax | 5,283 | 5,132 | 5,006 | 21,041 | 20,270 |
Tax expense: (Refer Note 1(a)) | |||||
Current tax | 1,193 | 1,472 | 1,466 | 5,727 | 4,581 |
Deferred tax | 12 | 50 | (150) | (96) | (340) |
Profit for the period | 4,078 | 3,610 | 3,690 | 15,410 | 16,029 |
Other comprehensive income | |||||
Items that will not be reclassified subsequently to profit or loss | |||||
Remeasurement of the net defined benefit liability/asset, net | (3) | (23) | 34 | (22) | 55 |
Equity instruments through other comprehensive income, net | 1 | 57 | 9 | 70 | 7 |
Items that will be reclassified subsequently to profit or loss | |||||
Fair value changes on derivatives designated as cash flow hedges, net | (15) | 56 | 2 | 21 | (39) |
Exchange differences on translation of foreign operations | (70) | (288) | 200 | 63 | 321 |
Fair value changes on investments, net | 25 | 37 | (15) | 2 | (1) |
Total other comprehensive income, net of tax | (62) | (161) | 230 | 134 | 343 |
Total comprehensive income for the period | 4,016 | 3,449 | 3,920 | 15,544 | 16,372 |
Profit attributable to: | |||||
Owners of the company | 4,074 | 3,609 | 3,690 | 15,404 | 16,029 |
Non-controlling interest | 4 | 1 | – | 6 | – |
4,078 | 3,610 | 3,690 | 15,410 | 16,029 | |
Total comprehensive income attributable to: | |||||
Owners of the company | 4,012 | 3,448 | 3,920 | 15,538 | 16,372 |
Non-controlling interest | 4 | 1 | – | 6 | – |
4,016 | 3,449 | 3,920 | 15,544 | 16,372 | |
Paid up share capital (par value5/- each, fully paid) (Refer Note 1(d)) | 2,170 | 2,176 | 1,088 | 2,170 | 1,088 |
Other equity* | 62,778 | 63,835 | 63,835 | 62,778 | 63,835 |
Earnings per equity share (par value5/- each) (Refer Note 1(d) & 1(e))** | |||||
Basic () | 9.37 | 8.30 | 8.49 | 35.44 | 35.53 |
Diluted () | 9.36 | 8.29 | 8.48 | 35.38 | 35.50 |
* | Balances for the quarter ended December 31, 2018 represents balance as per the audited Balance Sheet for the year ended March 31, 2018 as required by SEBI (Listing and Other Disclosure Requirements) Regulations, 2015 | |
** | EPS is not annualized for the quarter ended March 31, 2019, December 31, 2018 and March 31, 2018. | |
# | Other income includes51 crore for the quarter and year ended March 31, 2019 and262 crore for year ended March 31, 2018 towards the interest on income tax refund. |
1. Notes pertaining to the previous quarters / periods
a) | In December 2017, on conclusion of an Advance Pricing Agreement (“APA”) with the U.S. Internal Revenue Service (“IRS”), the Company had reversed income tax expense provision of $225 million (1,432 crore), which pertained to previous periods. |
b) | During the quarter ended June 30, 2017, the Company had written down the entire carrying value of the investment in its associate DWA Nova LLC amounting to71 crore. |
c) | The Company has allotted 2,18,41,91,490 fully paid up equity shares (including treasury shares) of face value5/- each during the three months ended September 30, 2018 pursuant to a bonus issue approved by the shareholders. Consequent to this bonus issue, the earnings per share has been adjusted for previous periods presented in accordance with Ind AS 33, Earnings per share. |
d) | Reclassification of Disposal Group "Held for Sale'' |
Inthe three months ended March 31, 2018, the Company had classified its subsidiaries, Kallidus and Skava (together referred to as "Skava”) and Panaya, collectively referred to as the “Disposal Group” as "Held for Sale" and recorded a reduction in the fair value amounting to118 crore for the three months and year ended March 31, 2018 and270 crore for the three months ended June 30, 2018 in respect of Panaya. | ||
During the three months ended December 31, 2018, in accordance with Ind AS 105 -" Non current Assets held for Sale and Discontinued Operations", the Company concluded that the Disposal Group did not meet the criteria for "Held for Sale" classification and accordingly the assets and liabilities of Panaya and Skava have been included on a line by line basis in the consolidated financial statements for the period and as at December 31, 2018 and March 31, 2019. | ||
On reclassification from “Held for Sale”, the Company recorded additional depreciation and amortization expenses of88 crore and an adjustment in respect of excess of carrying amount over recoverable amount of451 crore (comprising of358 crore towards goodwill and93 crore towards value of customer relationships) in respect of Skava in the consolidated statement of Profit and Loss for the three months ended December 31, 2018. |
2. Notes pertaining to the current quarter
a) | The audited interim consolidated financial statements for the quarter and year ended March 31, 2019 and the audited consolidated financial statements for the year ended March 31, 2019 have been taken on record by the Board of Directors at its meeting held on April 12, 2019.The statutory auditors, Deloitte Haskins & Sells LLP have expressed an unqualified audit opinion. The information for the year ended March 31, 2019 presented above is extracted from the audited consolidated financial statements and the information for quarter ended March 31, 2019 are extracted from the audited interim consolidated financial statements. These consolidated financial statements are prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules thereafter. |
b) | Buyback of equity shares of the Company | |
The shareholders approved the proposal of buyback of Equity Shares recommended by the Board of Directors,in its meeting held on January 11, 2019, through the postal ballot that concluded on March 12, 2019. At the Maximum buyback price of800/- per equity share and the Maximum buyback size of8,260 crore the maximum indicative number of Equity shares bought back would be 10,32,50,000 Equity Shares (Maximum buyback shares) comprising approximately 2.36% of the paid-up equity share capital of the Company. | ||
The buyback was offered to all eligible equity shareholders of the Company (other than the Promoters, the Promoter Group and Persons in Control of the Company) under the open market route through the stock exchange. The Company will fund the buyback from its free reserves. The buyback of equity shares through the stock exchange commenced on March 20, 2019 and is expected to be completed by September, 2019. During the year ended March 31, 2019, 1,26,52,000 equity shares were purchased from the stock exchange which include 18,18,000 shares which have been purchased but not extinguished as of March 31, 2019 and 36,36,000 shares which have been purchased but have not been settled and therefore not extinguished as of March 31, 2019. In accordance with section 69 of the Companies Act, 2013, during the year ended March 31, 2019, the Company has created ‘Capital Redemption Reserve’ of5 crore equal to the nominal value of the shares bought back as an appropriation from general reserve. Subsequent to the year ended March 31, 2019, the Company has additionally purchased 81,31,000 shares; total number of shares purchased till date is 2,07,83,000 amounting to1,546 crore (net of transaction costs). |
c) | Management change |
a. | The Board has appointed Nilanjan Roy as the Chief Financial Officer of the Company effective March 1, 2019. | |
b. | Jayesh Sanghrajka was appointed as the Interim Chief Financial Officer effective November 17, 2018. He resumed his responsibilities as Deputy Chief Financial Officer effective March 1, 2019. |
d) | Grant of Stock options/RSU's | |
The Board, on April 12, 2019, based on the recommendations of the Nominations and Remuneration Committee approved, the performance based grant of RSUs amounting to13 crore for the financial year 2020 to Salil Parekh, CEO and Managing Director under the 2015 Stock Incentive Compensation Plan (2015 plan). This was pursuant to the approval from the shareholders through postal ballot concluded on February 20, 2018. These RSU's will vest in line with the current employment agreement. The RSUs will be granted w.e.f May 2, 2019 and the number of RSU's will be calculated based on the market price at the close of trading on May 2, 2019. The Board, on April 12, 2019, under the 2015 plan, based on the recommendations of the Nominations and Remuneration Committee approved : |
a) | The grant of annual time based RSU’s of fair value1.75 crore to Nilanjan Roy, CFO, in accordance with his employment agreement. These RSU's will vest equally over a period of 4 years from the date of grant. The Committee also approved an annual performance based RSU of fair value0.75 crore which will vest equally over a period of 3 years subject to achievement of performance targets. The RSUs will be granted w.e.f May 2, 2019 and the number of RSU's will be calculated based on the market price at the close of trading on May 2, 2019. | |
b) | Grant of 12,200 RSU's to an eligible employee of the Company under the 2015 plan. These RSUs shall vest equally over a period of 4 years from the date of grant. The RSUs will be granted w.e.f May 2, 2019. |
e) | Acquisitions |
Hitachi Procurement Service Co. Ltd | ||
On April 1, 2019, Infosys Consulting Pte Limited (a wholly owned subsidiary of Infosys Limited) acquired 81% of voting interests in Hitachi Procurement Service Co., Ltd., (HIPUS), Japan, a wholly owned subsidiary of Hitachi Ltd, Japan, for a total cash consideration of JPY 3.29 billion (approximately206 crore) on fulfilment of closing conditions. | ||
Proposed acquisition - Stater N.V. | ||
On March 28, 2019, Infosys Consulting Pte Limited (a wholly owned subsidiary of Infosys Limited) entered into a definitive agreement to acquire 75% of the shareholding in Stater N.V., a wholly-owned subsidiary of ABN AMRO Bank N.V., Netherlands, for a consideration including base purchase price of up to EUR 127.5 million (approximately990 crore) and customary closing adjustments, subject to regulatory approvals and fulfilment of closing conditions. |
f) | As previously disclosed to the Stock exchanges on February 15, 2019, the Securities and Exchange Board of India (SEBI) has passed a settlement order in respect of a settlement application pertaining to matters related to the severance agreement entered into with a former CFO of the Company and based on the same, the Company has paid a settlement amount of34 lakhs to SEBI. |
3. | Information on dividends for the quarter and year ended March 31, 2019 |
For financial year 2019, the Board recommended a final dividend of10.50/- per equity share. The payment is subject to the approval of the shareholders in the ensuing Annual General Meeting of the Company to be held on June 22, 2019. The book closure date for the purpose of the Annual General Meeting and payment of final dividend is June 15, 2019. A special dividend of4/- per equity share was declared on January 11, 2019 and the same was paid on January 28, 2019. For the financial year ended 2018, the Company declared a special dividend of5/- per share (adjusted for September 2018 bonus issue) and a final dividend of10.25/- per share (adjusted for September 2018 bonus issue) An interim dividend of7/- per equity share was declared on October 16, 2018 and the same was paid on October 30, 2018. |
(in)
Particulars | Quarter ended March 31, | Quarter ended December 31, | Quarter ended March 31, | Year ended March 31, | |
2019 | 2018 | 2018 | 2019 | 2018 | |
Dividend per share (par value5/- each) | |||||
Interim dividend | – | – | – | 7.00 | 6.50 |
Final dividend | 10.50 | – | 10.25 | 10.50 | 10.25 |
Special dividend | – | 4.00 | 5.00 | 4.00 | 5.00 |
Note: Dividend per equity share disclosed for quarter and year ended March 31, 2018 in the above table represents dividends declared previously, retrospectively adjusted for September 2018 bonus issue.
4. Audited Consolidated Balance Sheet
(in crore)
Particulars | As at | |
March 31, 2019 | March 31, 2018 | |
ASSETS | ||
Non-current assets | ||
Property, plant and equipment | 11,479 | 10,116 |
Capital work-in-progress | 1,388 | 1,606 |
Goodwill | 3,540 | 2,211 |
Other Intangible assets | 691 | 247 |
Investment in associate | – | – |
Financial assets: | ||
Investments | 4,634 | 5,756 |
Loans | 19 | 36 |
Other financial assets | 312 | 284 |
Deferred tax assets (net) | 1,372 | 1,282 |
Income tax assets (net) | 6,320 | 6,070 |
Other non-current assets | 2,105 | 2,265 |
Total non-current assets | 31,860 | 29,873 |
Current assets | ||
Financial assets | ||
Investments | 6,627 | 6,407 |
Trade receivables | 14,827 | 13,142 |
Cash and cash equivalents | 19,568 | 19,818 |
Loans | 241 | 239 |
Other financial assets | 5,505 | 6,684 |
Income tax assets (net) | 423 | – |
Other current assets | 5,687 | 1,667 |
52,878 | 47,957 | |
Assets held for sale | – | 2,060 |
Total current assets | 52,878 | 50,017 |
Total Assets | 84,738 | 79,890 |
EQUITY AND LIABILITIES | ||
Equity | ||
Equity share capital | 2,170 | 1,088 |
Other equity | 62,778 | 63,835 |
Total equity attributable to equity holders of the Company | 64,948 | 64,923 |
Non-controlling interests | 58 | 1 |
Total equity | 65,006 | 64,924 |
Liabilities | ||
Non-current liabilities | ||
Financial liabilities | ||
Other financial liabilities | 147 | 61 |
Deferred tax liabilities (net) | 672 | 541 |
Other non-current liabilities | 275 | 259 |
Total non-current liabilities | 1,094 | 861 |
Current liabilities | ||
Financial liabilities | ||
Trade payables | 1,655 | 694 |
Other financial liabilities | 10,452 | 6,946 |
Other Current Liabilities | 4,388 | 3,606 |
Provisions | 576 | 492 |
Income tax liabilities (net) | 1,567 | 2,043 |
18,638 | 13,781 | |
Liabilities directly associated with assets held for sale | – | 324 |
Total current liabilities | 18,638 | 14,105 |
Total equity and liabilities | 84,738 | 79,890 |
The disclosure is an extract of the audited Consolidated Balance Sheet as at March 31, 2019 and March 31, 2018 prepared in compliance with the Indian Accounting Standards (Ind-AS).
5. Segment reporting (Consolidated - Audited)
(in crore)
Particulars | Quarter ended March 31, | Quarter ended December 31, | Quarter ended March 31, | Year ended March 31, | |
2019 | 2018 | 2018 | 2019 | 2018 | |
Revenue by business segment | |||||
Financial Services(1) | 6,805 | 6,953 | 5,886 | 26,477 | 23,172 |
Retail(2) | 3,416 | 3,503 | 2,879 | 13,556 | 11,345 |
Communication(3) | 2,921 | 2,547 | 2,334 | 10,426 | 8,883 |
Energy, Utilities, Resources and Services | 2,747 | 2,741 | 2,172 | 10,390 | 8,297 |
Manufacturing | 2,161 | 2,166 | 1,735 | 8,152 | 6,671 |
Hi Tech | 1,650 | 1,569 | 1,335 | 6,177 | 5,131 |
Life Sciences(4) | 1,287 | 1,335 | 1,213 | 5,203 | 4,698 |
All other segments(5) | 552 | 586 | 529 | 2,294 | 2,325 |
Total | 21,539 | 21,400 | 18,083 | 82,675 | 70,522 |
Less: Inter-segment revenue | – | – | – | – | – |
Net revenue from operations | 21,539 | 21,400 | 18,083 | 82,675 | 70,522 |
Segment profit before tax, depreciation and non-controlling interests: | |||||
Financial Services(1) | 1,721 | 1,820 | 1,638 | 6,878 | 6,370 |
Retail(2) | 1,017 | 1,037 | 834 | 4,034 | 3,303 |
Communication(3) | 578 | 607 | 697 | 2,517 | 2,619 |
Energy, Utilities , Resources and Services | 634 | 687 | 635 | 2,542 | 2,411 |
Manufacturing | 471 | 508 | 342 | 1,853 | 1,274 |
Hi-Tech | 376 | 367 | 392 | 1,548 | 1,446 |
Life Sciences(4) | 323 | 365 | 348 | 1,419 | 1,391 |
All other segments(5) | 37 | 26 | 42 | 116 | 199 |
Total | 5,157 | 5,417 | 4,928 | 20,907 | 19,013 |
Less: Other unallocable expenditure | 539 | 587 | 456 | 2,027 | 1,865 |
Add: Unallocable other income | 665 | 753 | 652 | 2,882 | 3,311 |
Less: Reduction in the fair value of Disposal Group Held for Sale | – | – | 118 | 270 | 118 |
Less: Adjustment in respect of excess of carrying amount over recoverable amount on reclassification from "Held For Sale" | – | 451 | – | 451 | – |
Add: Share in net profit/(loss) of associate, including impairment of associate | – | – | – | – | (71) |
Profit before tax and non-controlling interests | 5,283 | 5,132 | 5,006 | 21,041 | 20,270 |
(1)Financial Services include enterprises in Financial Services and Insurance
(2)Retail includes enterprises in Retail, Consumer Packaged Goods and Logistics
(3)Communication includes enterprises in Communication, Telecom OEM and Media
(4)Life Sciences includes enterprises in Life sciences and Health care
(5) | All other segments include operating segments of businesses in India, Japan, China, Infosys Public Services & other enterprises in Public Services |
Notes on segment information
Business segments
During the quarter ended June 30, 2018, the Group internally reorganized some of its business segments to deepen customer relationships, improve focus of sales investments and increase management oversight. Consequent to the internal reorganization, there were changes in the reportable business segments based on “Management approach” as defined under Ind AS 108, Operating Segments. Enterprises in Insurance which was earlier considered under the Life Sciences, Healthcare and Insurance business segment are now considered under the Financial Services business segment and enterprises in Communication, Telecom OEM and Media which was earlier under Energy & Utilities, Communication and Services is now shown as a separate business segment. Allocated expenses of segments include expenses incurred for rendering services from the Company's offshore software development centres and on-site expenses, which are categorized in relation to the associated efforts of the segment. Segmental operating income has changed in line with the internal reorganization as well as changes in the allocation method. The previous period figures, extracted from the audited consolidated financial statements of the respective period/year, have been presented after incorporating necessary reclassification adjustments pursuant to changes in the reportable segments.
Segmental capital employed
Assets and liabilities used in the Group's business are not identified to any of the reportable segments, as these are used interchangeably between segments. The Management believes that it is not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.
6. Audited financial results of Infosys Limited (Standalone Information)
(in crore)
Particulars | Quarter ended March 31, | Quarter ended December 31, | Quarter ended March 31, | Year ended March 31, | |
2019 | 2018 | 2018 | 2019 | 2018 | |
Revenue from operations | 18,935 | 18,819 | 15,984 | 73,107 | 61,941 |
Profit before tax (Refer note below) | 4,953 | 4,942 | 4,390 | 19,927 | 19,908 |
Profit for the period (Refer note below) | 3,820 | 3,501 | 3,157 | 14,702 | 16,155 |
The audited results of Infosys Limited for the above mentioned periods are available on our website, www.infosys.com and on the Stock Exchange website www.nseindia.com and www.bseindia.com. The information above has been extracted from the audited interim condensed financial statements as stated.
Note:In the three months ended March 2018, the Company classified and presented investments in subsidiaries Kallidus and Skava (together referred to as "Skava”) and Panaya separately as “Held for Sale” and recognized a reduction in the fair value of investment amounting to589 crore during the three months and year ended March 31, 2018 and265 crore for the three months ended June 30, 2018 in respect of Panaya in the standalone Statement of Profit and Loss of Infosys. During the three months ended December 31, 2018, the Company, in accordance with Ind AS 105 -" Non current Assets held for Sale and Discontinued Operations", reclassified the investment in subsidiaries from“Held for Sale” and recorded an adjustment in respect of excess of carrying amount over recoverable amount amounting to469 crore in respect of Skava in the standalone Statement of Profit and Loss.
By order of the Board for Infosys Limited | |
Bengaluru, India April 12, 2019 | Salil Parekh Chief Executive Officer and Managing Director |
The Board has also taken on record the condensed consolidated results of Infosys Limited and its subsidiaries for the quarter and year ended March 31, 2019, prepared as per International Financial Reporting Standards (IFRS) and reported in US dollars. A summary of the financial statements is as follows:
(in US$ million, except per equity share data)
Particulars | Quarter ended March 31, | Quarter ended December 31, | Quarter ended March 31, | Year ended March 31, | |
2019 | 2018 | 2018 | 2019 | 2018 | |
Unaudited | Audited | Unaudited | Audited | Audited | |
Revenues | 3,060 | 2,987 | 2,805 | 11,799 | 10,939 |
Cost of sales | 2,028 | 1,956 | 1,793 | 7,687 | 7,001 |
Gross profit | 1,032 | 1,031 | 1,012 | 4,112 | 3,938 |
Operating expenses | 374 | 356 | 319 | 1,416 | 1,279 |
Operating profit | 658 | 675 | 693 | 2,696 | 2,659 |
Other income, net | 94 | 105 | 100 | 411 | 513 |
Reduction in the fair value of Disposal Group held for sale (Refer Note a below) | – | – | (18) | (39) | (18) |
Adjustment in respect of excess of carrying amount over recoverable amount on reclassification from "Held for Sale" (Refer Note a below) | – | (65) | – | (65) | – |
Share in net profit/(loss) of associate, including impairment | – | – | – | – | (11) |
Profit before income taxes | 752 | 715 | 775 | 3,003 | 3,143 |
Income tax expense | 171 | 213 | 204 | 803 | 657 |
Net profit | 581 | 502 | 571 | 2,200 | 2,486 |
Earnings per equity share * | |||||
Basic | 0.13 | 0.12 | 0.13 | 0.51 | 0.55 |
Diluted | 0.13 | 0.12 | 0.13 | 0.51 | 0.55 |
Total assets | 12,252 | 11,872 | 12,255 | 12,252 | 12,255 |
Cash and cash equivalents and current investments | 3,787 | 3,764 | 4,023 | 3,787 | 4,023 |
* EPS is not annualized for the quarter ended March 31, 2019, December 31, 2018 and March 31, 2018.
Note | a) | In the three months ended March 31, 2018, the Company had classified its subsidiaries, Kallidus and Skava (together referred to as "Skava”) and Panaya, collectively referred to as the “Disposal Group” as "Held for sale" and recorded a reduction in the fair value amounting to $18 million for the three months and year ended March 31, 2018 and $39 million for the three months ended June 30, 2018 in respect of Panaya. |
During the three months ended December 31, 2018, in accordance with IFRS 5 -" Non current Assets held for Sale and Discontinued Operations", the Company concluded that the Disposal Group does not meet the criteria for "Held for Sale" classification and accordingly the assets and liabilities of Panaya and Skava have been included on a line by line basis in the consolidated financial statements for the period and as at December 31, 2018 and March 31, 2019.
On reclassification from “Held for Sale”, the Company recorded additional depreciation and amortization expenses of $12 million and an adjustment in respect of excess of carrying amount over recoverable amount of $65 million (comprising of $52 million towards goodwill and $13 million towards value of customer relationships) in respect of Skava in the consolidated Statement of Comprehensive Income for the three months ended December 31, 2018.
Certain statements mentioned in this release concerning our future growth prospects and our future business expectations are forward-looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995. Such statements 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, 2018. These filings are available at 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
CIN : L85110KA1981PLC013115 Regd.
Office: Electronics City, Hosur Road, Bengaluru 560 100, India.
Website: www.infosys.com; Email: investors@infosys.com; Telephone: 91 80 2852 0261; Fax: 91 80 2852 0362
Extract of Consolidated Audited Financial Results of Infosys Limited and its subsidiaries for the quarter
and year ended March 31, 2019 prepared in compliance with the Indian Accounting Standards (Ind-AS)
( in crore except per equity share data)
Particulars | Quarter ended March 31, | Year ended March 31, | Quarter ended March 31, |
2019 | 2019 | 2018 | |
Revenue from operations | 21,539 | 82,675 | 18,083 |
Profit before tax (Refer Note 1(a) and 1(c)) | 5,283 | 21,041 | 5,006 |
Profit for the period (Refer Note 1(a) and 1(c)) | 4,078 | 15,410 | 3,690 |
Total comprehensive income for the period (comprising profit for the period after tax and other comprehensive income after tax) | 4,016 | 15,544 | 3,920 |
Profit attributable to: | |||
Owners of the company | 4,074 | 15,404 | 3,690 |
Non-controlling interest | 4 | 6 | – |
4,078 | 15,410 | 3,690 | |
Total comprehensive income attributable to: | |||
Owners of the company | 4,012 | 15,538 | 3,920 |
Non-controlling interest | 4 | 6 | – |
4,016 | 15,544 | 3,920 | |
Paid-up equity share capital (par value5/- each, fully paid) (Refer Note 1(b)) | 2,170 | 2,170 | 1,088 |
Other equity | 62,778 | 62,778 | 63,835 |
Earnings per share (par value5/- each) (Refer note 1(b) and 1(c))* | |||
Basic () | 9.37 | 35.44 | 8.49 |
Diluted () | 9.36 | 35.38 | 8.48 |
* EPS is not annualized for the quarter ended March 31, 2019 and March 31, 2018.
1. Notes pertaining to the previous quarters / periods
a) | In December 2017, on account of the conclusion of an Advance Pricing Agreement (“APA”) with the U.S. Internal Revenue Service (“IRS”), the Company had reversed income tax expense provision of $225 million (1,432 crore), which pertained to previous periods. |
b) | The Company has allotted 2,18,41,91,490 fully paid up equity shares (including treasury shares) of face value5/- each during the three months ended September 30, 2018 pursuant to a bonus issue approved by the shareholders. Consequent to this bonus issue, the earnings per share has been adjusted for previous periods presented in accordance with Ind AS 33, Earnings per share. |
c) | Reclassification of Disposal Group "Held for Sale'' | |
In the three months ended March 31, 2018, the Company had classified its subsidiaries, Kallidus and Skava (together referred to as "Skava”) and Panaya, collectively referred to as the “Disposal Group” as "Held for sale" and recorded a reduction in the fair value amounting to118 crore for the three months and year ended March 31, 2018 and270 crore for the three months ended June 30, 2018 in respect of Panaya.
During the three months ended December 31, 2018, in accordance with Ind AS 105 -" Non current Assets held for Sale and Discontinued Operations", the Company concluded that the Disposal Group did not meet the criteria for "Held for Sale" classification and accordingly the assets and liabilities of Panaya and Skava have been included on a line by line basis in the consolidated financial statements for the period and as at December 31, 2018 and March 31, 2019. |
2. | Notes pertaining to the current quarter |
a) | The audited interim consolidated financial statements for the quarter and year ended March 31, 2019 and the audited consolidated financial statements for the year ended March 31, 2019 have been taken on record by the Board of Directors at its meeting held on April 12, 2019.The statutory auditors, Deloitte Haskins & Sells LLP have expressed an unqualified audit opinion. The information for the year ended March 31, 2019 presented above is extracted from the audited consolidated financial statements and the information for quarter ended March 31, 2019 are extracted from the audited interim consolidated financial statements. These consolidated financial statements are prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules thereafter. |
b) | Buyback of equity shares of the Company | |
The shareholders approved the proposal of buyback of Equity Shares recommended by the Board of Directors,in its meeting held on January 11, 2019, through the postal ballot that concluded on March 12, 2019. At the Maximum buyback price of800/- per equity share and the Maximum buyback size of8,260 crore the maximum indicative number of Equity shares bought back would be 10,32,50,000 Equity Shares (Maximum buyback shares) comprising approximately 2.36% of the paid-up equity share capital of the Company. The buyback was offered to all eligible equity shareholders of the Company (other than the Promoters, the Promoter Group and Persons in Control of the Company) under the open market route through the stock exchange. The Company will fund the buyback from its free reserves. The buyback of equity shares through the stock exchange commenced on March 20, 2019 and is expected to be completed by September, 2019. During the year ended March 31, 2019, 1,26,52,000 equity shares were purchased from the stock exchange which include 18,18,000 shares which have been purchased but not extinguished as of March 31, 2019 and 36,36,000 shares which have been purchased but have not been settled and therefore not extinguished as of March 31, 2019. In accordance with section 69 of the Companies Act, 2013, during the year ended March 31, 2019 , the Company has created ‘Capital Redemption Reserve’ of5 crore equal to the nominal value of the shares bought back as an appropriation from general reserve. Subsequent to the year ended March 31, 2019, the Company has purchased additionally 81,31,000 shares; total number of shares purchased till date is 2,07,83,000 amounting to1,546 crore (net of transaction costs). |
c) | Management change |
a. | The Board has appointed Nilanjan Roy as the Chief Financial Officer of the Company effective March 1, 2019. |
b. | Jayesh Sanghrajka was appointed as the Interim Chief Financial Officer effective November 17, 2018. He resumed his responsibilities as Deputy Chief Financial Officer effective March 1, 2019. |
d) | Grant of Stock options/RSU's | |
The Board, on April 12, 2019, based on the recommendations of the Nominations and Remuneration Committee approved, the performance based grant of RSUs amounting to13 crore for the financial year 2020 to Salil Parekh, CEO and Managing Director under the 2015 Stock Incentive Compensation Plan (2015 plan). This was pursuant to the approval from the shareholders through postal ballot concluded on February 20, 2018. These RSU's will vest in line with the current employment agreement. The RSUs will be granted w.e.f May 2, 2019 and the number of RSU's will be calculated based on the market price at the close of trading on May 2, 2019. The Board, on April 12, 2019, under the 2015 plan, based on the recommendations of the Nominations and Remuneration Committee approved : |
a) | The grant of annual time based RSU’s of fair value1.75 crore to Nilanjan Roy, CFO, in accordance with his employment agreement. These RSU's will vest equally over a period of 4 years from the date of grant. The Committee also approved an annual performance based RSU of fair value0.75 crore which will vest equally over a period of 3 years subject to achievement of performance targets. The RSUs will be granted w.e.f May 2, 2019 and the number of RSU's will be calculated based on the market price at the close of trading on May 2, 2019. | |
b) Grant of 12,200 RSU's to an eligible employee of the Company under the 2015 plan. These RSUs shall vest equally over a period of 4 years from the date of grant. The RSUs will be granted w.e.f May 2, 2019. |
e) | Acquisitions |
Hitachi Procurement Service Co. Ltd | ||
On April 1, 2019, Infosys Consulting Pte Limited (a wholly owned subsidiary of Infosys Limited) acquired 81% of voting interests in Hitachi Procurement Service Co., Ltd., (HIPUS), Japan, a wholly owned subsidiary of Hitachi Ltd, Japan, for a total cash consideration of JPY 3.29 billion (approximately206 crore) on fulfilment of closing conditions. | ||
Proposed acquisition - Stater N.V. | ||
On March 28, 2019, Infosys Consulting Pte Limited (a wholly owned subsidiary of Infosys Limited) entered into a definitive agreement to acquire 75% of the shareholding in Stater N.V., a wholly-owned subsidiary of ABN AMRO Bank N.V., Netherlands, for a consideration including base purchase price of up to EUR 127.5 million (approximately990 crore) and customary closing adjustments, subject to regulatory approvals and fulfilment of closing conditions. | ||
f) | As previously disclosed to the Stock exchanges on February 15, 2019, the Securities and Exchange Board of India (SEBI) has passed a settlement order in respect of a settlement application pertaining to matters related to the severance agreement entered into with a former CFO of the Company and based on the same, the company has paid a settlement amount of34 lakhs to SEBI. | |
3. Information on dividends for the quarter and year ended March 31, 2019
For financial year 2019, the Board recommended a final dividend of10.50/- per equity share. The payment is subject to the approval of the shareholders in the ensuing Annual General Meeting of the Company to be held on June 22, 2019. The book closure date for the purpose of the Annual General Meeting and payment of final dividend is June 15, 2019. A special dividend of4/- per equity share was declared on January 11, 2019 and the same was paid on January 28, 2019. For the financial year ended 2018, the Company declared a special dividend of5/- per share (adjusted for September 2018 bonus issue) and a final dividend of10.25/- per share (adjusted for September 2018 bonus issue)
An interim dividend of7/- per equity share was declared on October 16, 2018 and the same was paid on October 30, 2018.
(in)
Particulars | Quarter ended March 31, | Year ended March 31, | Quarter ended March 31, |
2019 | 2019 | 2018 | |
Dividend per share (par value5/- each) | |||
Interim dividend | – | 7.00 | – |
Final dividend | 10.50 | 10.50 | 10.25 |
Special dividend | – | 4.00 | 5.00 |
Note: Dividend per equity share disclosed for quarter ended March 31, 2018 in the above table represents dividend declared previously, retrospectively adjusted for September 2018 bonus issue.
4. Audited financial results of Infosys Limited (Standalone information)
(in crore)
Particulars | Quarter ended March 31, | Year ended March 31, | Quarter ended March 31, |
2019 | 2019 | 2018 | |
Revenue from operations | 18,935 | 73,107 | 15,984 |
Profit before tax (Refer note below) | 4,953 | 19,927 | 4,390 |
Profit for the period (Refer note below) | 3,820 | 14,702 | 3,157 |
Note:
In the three months ended March 2018, the Company classified and presented investments in subsidiaries Kallidus and Skava (together referred to as "Skava”) and Panaya separately as “Held for Sale” and recognized a reduction in the fair value of investment amounting to589 crore during the three months and year ended March 31, 2018 and265 crore for the three months ended June 30, 2018 in respect of Panaya in the standalone Statement of Profit and Loss of Infosys. During the three months ended December 31, 2018, the Company, in accordance with Ind AS 105 -" Non current Assets held for Sale and Discontinued Operations", reclassified the investment in subsidiaries from“Held for Sale” and recorded an adjustment in respect of excess of carrying amount over recoverable amount amounting to469 crore in respect of Skava in the standalone Statement of Profit and Loss.
The above is an extract of the detailed format of Quarterly audited financial results filed with Stock Exchanges under Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015. The full format of the Quarterly Financial Results are available on the Stock Exchange websites, www.nseindia.com and www.bseindia.com, and on the Company's website, www.infosys.com.
Certain statements mentioned in this release concerning our future growth prospects and our future business expectations are forward-looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995. Such statements 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, 2018. These filings are available at 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.
By order of the Board for Infosys Limited | |
Bengaluru, India April 12, 2019 | Salil Parekh Chief Executive Officer and Managing Director |
Infosys Limited
CIN : L85110KA1981PLC013115 Regd.
Office: Electronics City, Hosur Road, Bengaluru 560 100, India.
Website: www.infosys.com; Email: investors@infosys.com; Telephone: 91 80 2852 0261; Fax: 91 80 2852 0362
Statement of Audited results of Infosys Limited for the quarter and year ended March 31, 2019
prepared in compliance with the Indian Accounting Standards (Ind-AS)
(in crore, except per equity share data)
Particulars | Quarter ended March 31, | Quarter ended December 31, | Quarter ended March 31, | Year ended March 31, | |
2019 | 2018 | 2018 | 2019 | 2018 | |
Audited | Audited | Audited | Audited | Audited | |
Revenue from operations | 18,935 | 18,819 | 15,984 | 73,107 | 61,941 |
Other income, net (Refer note 1(b) and 1(c ))# | 639 | 756 | 636 | 2,852 | 4,019 |
Total income | 19,574 | 19,575 | 16,620 | 75,959 | 65,960 |
Expenses | |||||
Employee benefit expenses | 10,198 | 9,784 | 8,418 | 38,296 | 32,472 |
Cost of technical sub-contractors | 2,040 | 2,037 | 1,434 | 7,646 | 5,494 |
Travel expenses | 486 | 483 | 369 | 1,906 | 1,479 |
Cost of software packages and others | 392 | 392 | 320 | 1,646 | 1,270 |
Communication expenses | 87 | 81 | 75 | 339 | 330 |
Consultancy and professional charges | 312 | 291 | 233 | 1,096 | 826 |
Depreciation and amortisation expense | 429 | 406 | 363 | 1,599 | 1,408 |
Other expenses | 677 | 690 | 429 | 2,770 | 2,184 |
Reduction in the fair value of assets held for sale (Refer Note 1(e)) | – | – | 589 | 265 | 589 |
Adjustment in respect of excess of carrying amount over recoverable amount on reclassification from "Held for Sale" (Refer Note 1(e)) | – | 469 | – | 469 | – |
Total expenses | 14,621 | 14,633 | 12,230 | 56,032 | 46,052 |
Profit before tax | 4,953 | 4,942 | 4,390 | 19,927 | 19,908 |
Tax expense: (Refer note 1(a)) | |||||
Current tax | 1,053 | 1,340 | 1,397 | 5,189 | 4,003 |
Deferred tax | 80 | 101 | (164) | 36 | (250) |
Profit for the period | 3,820 | 3,501 | 3,157 | 14,702 | 16,155 |
Other comprehensive income | |||||
Items that will not be reclassified subsequently to profit or loss | |||||
Remeasurement of the net defined benefit liability / asset, net | (3) | (20) | 31 | (21) | 52 |
Equity instruments through other comprehensive income, net | 9 | 57 | 7 | 78 | 7 |
Items that will be reclassified subsequently to profit or loss | |||||
Fair value changes on derivatives designated as cash flow hedges, net | (15) | 56 | 2 | 21 | (39) |
Fair value changes on investments, net | 22 | 33 | (12) | 1 | 1 |
Total other comprehensive income/ (loss), net of tax | 13 | 126 | 28 | 79 | 21 |
Total comprehensive income for the period | 3,833 | 3,627 | 3,185 | 14,781 | 16,176 |
Paid-up share capital (par value5/- each fully paid) (Refer Note 1(d)) | 2,178 | 2,184 | 1,092 | 2,178 | 1,092 |
Other Equity* | 60,533 | 62,410 | 62,410 | 60,533 | 62,410 |
Earnings per equity share ( par value5 /- each) (Refer Note 1(d) and 1(e))** | |||||
Basic () | 8.75 | 8.01 | 7.23 | 33.66 | 35.64 |
Diluted () | 8.74 | 8.01 | 7.22 | 33.64 | 35.62 |
* | Balances for the quarter ended December 31, 2018 represents balance as per the audited Balance Sheet for the year ended March 31, 2018 as required by SEBI (Listing and Other Disclosure Requirements) Regulations, 2015 |
** | EPS is not annualized for the quarter ended March 31, 2019, December 31, 2018 and March 31, 2018. |
# | Other income includes50 crore each for the quarter and year ended March 31, 2019 and257 crore for the year ended March 31, 2018 towards the interest on income tax refund. |
1. Notes pertaining to the previous quarters / periods
a) | In December 2017, on conclusion of an Advance Pricing Agreement (“APA”) with the U.S. Internal Revenue Service (“IRS”), the Company had reversed income tax expense provision of $225 million (1,432 crore), which pertained to previous periods. |
b) | During the quarter ended June 30, 2017, the Company had written down the entire carrying value of the investment in its subsidiary Infosys Nova Holding LLC, amounting to 94 crore. |
c) | The Company has allotted 2,18,41,91,490 fully paid up equity shares (including treasury shares) of face value5/- each during the three months ended September 30, 2018 pursuant to a bonus issue approved by the shareholders. Consequent to this bonus issue, the earnings per share has been adjusted for previous periods presented in accordance with Ind AS 33, Earnings per share. |
d) | Reclassification of assets "Held for Sale'' | |
In the three months ended March 2018, the Company classified and presented investments in subsidiaries Kallidus and Skava (together referred to as "Skava”) and Panaya separately as “Held for Sale” and recorded a reduction in the fair value of investment amounting to589 crore for the three months and year ended March 31, 2018 and265 crore for the three months ended June 30, 2018 in respect of Panaya in the standalone Statement of Profit and Loss of Infosys. During the three months ended December 31, 2018, in accordance with Ind AS 105 -" Non current Assets held for Sale and Discontinued Operations", the Company reclassified the investment in subsidiaries from“Held for Sale” and recorded an adjustment in respect of excess of carrying amount over recoverable amount amounting to469 crore in respect of Skava in the standalone Statement of Profit and Loss. |
2. | Notes pertaining to the current quarter |
a) | The audited interim condensed standalone financial statements for the quarter and year ended March 31, 2019 and the audited standalone financial statements for the year ended March 31, 2019 have been taken on record by the Board of Directors at its meeting held on April 12, 2019.The statutory auditors,Deloitte Haskins & Sells LLP have expressed an unqualified audit opinion. The information for the year ended March 31, 2019 presented above is extracted from the audited standalone financial statements and the information for quarter ended March 31, 2019 is extracted from the audited interim condensed standalone financial statements. The standalone financial statements are prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and relevant amendment rules thereafter. | |
b) | Buyback of equity shares of the Company | |
The shareholders approved the proposal of buyback of Equity Shares recommended by the Board of Directors, in its meeting held on January 11, 2019, through the postal ballot that concluded on March 12, 2019. At the Maximum buyback price of800/- per equity share and the Maximum buyback size of8,260 crore the maximum indicative number of Equity shares bought back would be 10,32,50,000 Equity Shares (Maximum buyback shares) comprising approximately 2.36% of the paid-up equity share capital of the Company. The buyback was offered to all eligible equity shareholders of the Company (other than the Promoters, the Promoter Group and Persons in Control of the Company) under the open market route through the stock exchange. The Company will fund the buyback from its free reserves. The buyback of equity shares through the stock exchange commenced on March 20, 2019 and is expected to be completed by September, 2019. During the year ended March 31, 2019, 1,26,52,000 equity shares were purchased from the stock exchange which include 18,18,000 shares which have been purchased but not extinguished as of March 31, 2019 and 36,36,000 shares which have been purchased but have not been settled and therefore not extinguished as of March 31, 2019. In accordance with section 69 of the Companies Act, 2013, during the year ended March 31, 2019 , the Company has created ‘Capital Redemption Reserve’ of5 crore equal to the nominal value of the shares bought back as an appropriation from general reserve. Subsequent to the year ended March 31, 2019, the Company has purchased additionally 81,31,000 shares; total number of shares purchased till date is 2,07,83,000 amounting to1,546 crore (net of transaction costs). | ||
c) | Management change | |
a. The Board has appointed Nilanjan Roy as the Chief Financial Officer of the Company effective March 1, 2019. | ||
b. Jayesh Sanghrajka was appointed as the Interim Chief Financial Officer effective November 17, 2018. He resumed his responsibilities as Deputy Chief Financial Officer effective March 1, 2019. | ||
d) | Grant of Stock options/RSU's | |
The Board, on April 12, 2019, based on the recommendations of the Nominations and Remuneration Committee approved, the performance based grant of RSUs amounting to13 crore for the financial year 2020 to Salil Parekh, CEO and Managing Director under the 2015 Stock Incentive Compensation Plan (2015 plan). This was pursuant to the approval from the shareholders through postal ballot concluded on February 20, 2018. These RSU's will vest in line with the current employment agreement. The RSUs will be granted w.e.f May 2, 2019 and the number of RSU's will be calculated based on the market price at the close of trading on May 2, 2019. The Board, on April 12, 2019, under the 2015 plan, based on the recommendations of the Nominations and Remuneration Committee approved : | ||
a) The grant of annual time based RSU’s of fair value1.75 crore to Nilanjan Roy, CFO, in accordance with his employment agreement. These RSU's will vest equally over a period of 4 years from the date of grant. The Committee also approved an annual performance based RSU of fair value0.75 crore which will vest equally over a period of 3 years subject to achievement of performance targets. The RSUs will be granted w.e.f May 2, 2019 and the number of RSU's will be calculated based on the market price at the close of trading on May 2, 2019. b) Grant of 12,200 RSU's to an eligible employee of the Company under the 2015 plan. These RSUs shall vest equally over a period of 4 years from the date of grant. The RSUs will be granted w.e.f May 2, 2019. |
e) | As previously disclosed to the Stock exchanges on February 15, 2019, the Securities and Exchange Board of India (SEBI) has passed a settlement order in respect of a settlement application pertaining to matters related to the severance agreement entered into with a former CFO of the Company and based on the same, the company has paid a settlement amount of34 lakhs to SEBI. |
3. Information on dividends for the quarter and year ended March 31, 2019
For financial year 2019, the Board recommended a final dividend of10.50/- per equity share. The payment is subject to the approval of the shareholders in the ensuing Annual General Meeting of the Company to be held on June 22, 2019. The book closure date for the purpose of the Annual General Meeting and payment of final dividend is June 15, 2019. A special dividend of4/- per equity share was declared on January 11, 2019 and the same was paid on January 28, 2019. For the financial year ended 2018, the Company declared a special dividend of5/- per share (adjusted for September 2018 bonus issue) and a final dividend of10.25/- per share (adjusted for September 2018 bonus issue)
An interim dividend of7/- per equity share was declared on October 16, 2018 and the same was paid on October 30, 2018.
(in)
Particulars | Quarter ended March 31, | Quarter ended December 31, | Quarter ended March 31, | Year ended March 31, | |
2019 | 2018 | 2018 | 2019 | 2018 | |
Dividend per share (par value5/- each) | |||||
Interim dividend | – | – | – | 7.00 | 6.50 |
Final dividend | 10.50 | – | 10.25 | 10.50 | 10.25 |
Special dividend | – | 4.00 | 5.00 | 4.00 | 5.00 |
Note: | Dividend per equity share disclosed for quarter and year ended March 31, 2018 in the above table represents dividends declared previously, retrospectively adjusted for September 2018 bonus issue. |
4. Audited Standalone Balance Sheet
(in crore)
Particulars | As at | |
March 31, 2019 | March 31, 2018 | |
ASSETS | ||
Non-current assets | ||
Property, plant and equipment | 10,394 | 9,027 |
Capital work-in-progress | 1,212 | 1,442 |
Goodwill | 29 | 29 |
Other Intangible assets | 74 | 101 |
Financial assets | ||
Investments | 12,062 | 11,993 |
Loans | 16 | 19 |
Other financial assets | 196 | 177 |
Deferred tax assets (net) | 1,114 | 1,128 |
Income tax assets (net) | 5,870 | 5,710 |
Other non-current assets | 1,740 | 2,161 |
Total non - current assets | 32,707 | 31,787 |
Current assets | ||
Financial assets | ||
Investments | 6,077 | 5,906 |
Trade receivables | 13,370 | 12,151 |
Cash and cash equivalents | 15,551 | 16,770 |
Loans | 1,048 | 393 |
Other financial assets | 4,834 | 5,906 |
Income tax assets (net) | 423 | – |
Other current assets | 4,920 | 1,439 |
46,223 | 42,565 | |
Assets held for sale | – | 1,525 |
Total current assets | 46,223 | 44,090 |
Total assets | 78,930 | 75,877 |
EQUITY AND LIABILITIES | ||
Equity | ||
Equity share capital | 2,178 | 1,092 |
Other equity | 60,533 | 62,410 |
Total equity | 62,711 | 63,502 |
LIABILITIES | ||
Non-current liabilities | ||
Financial liabilities | ||
Other financial liabilities | 79 | 55 |
Deferred tax liabilities (net) | 541 | 505 |
Other non-current liabilities | 169 | 153 |
Total non - current liabilities | 789 | 713 |
Current liabilities | ||
Financial liabilities | ||
Trade payables | ||
Total outstanding dues of micro enterprises and small enterprises | – | – |
Total outstanding dues of creditors other than micro enterprises and small enterprises | 1,604 | 738 |
Other financial liabilities | 8,528 | 5,540 |
Other current liabilities | 3,335 | 2,972 |
Provisions | 505 | 436 |
Income tax liabilities (net) | 1,458 | 1,976 |
Total current liabilities | 15,430 | 11,662 |
Total equity and liabilities | 78,930 | 75,877 |
The disclosure is an extract of the audited Balance Sheet as at March 31, 2019 and March 31, 2018 prepared in compliance with the Indian Accounting Standards (Ind-AS).
5. Segment Reporting
The Company publishes standalone financial statements along with the consolidated financial statements. In accordance with Ind AS 108, Operating Segments, the company has disclosed the segment information in the audited consolidated financial statements. Accordingly, the segment information is given in the audited consolidated financial results of Infosys Limited and its subsidiaries for the quarter and year ended March 31, 2019.
By order of the Board for Infosys Limited | |
Bengaluru, India April 12, 2019 | Salil Parekh Chief Executive Officer and Managing Director |
Certain statements mentioned in this release concerning our future growth prospects and our future business expectations are forward-looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995. Such statements 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, 2018. These filings are available at 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.