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SOURCE Infosys Ltd
Q2 revenues grew by 15.0% year-on-year; 3.8% quarter-on-quarter
BANGALORE, India, October 11, 2013 /PRNewswire/ --
Consolidated results under International Financial Reporting Standards (IFRS) for the quarter ended September 30, 2013
"During the quarter we witnessed broad-based volume growth, robust client additions, five large deal wins and increased sales momentum of our big data and cloud offerings. This growth is a result of our focus on execution, which helps our clients achieve their objectives," said S. D. Shibulal, CEO and Managing Director. "We will continue with planned investments and initiatives to explore new avenues of growth. We remain watchful of the sustainability of improving global economic fundamentals," he added.
"The global currency market remains volatile with the Indian Rupee depreciating by 11% during the quarter. We have an active hedging program to minimize its impact on our margins. We will continue our focus on optimizing costs and enhancing the efficiency of our operations," said Rajiv Bansal, Chief Financial Officer.
The company's outlook (consolidated) for the fiscal year ending March 31, 2014, under IFRS is as follows:
Revenues are expected to grow 9% to 10%;
Awards and Recognition
About Infosys Ltd
Infosys is a global leader in consulting, technology and outsourcing solutions. We enable clients, in more than 30 countries, to stay a step ahead of emerging business trends and outperform the competition. We help them transform and thrive in a changing world by co-creating breakthrough solutions that combine strategic insights and execution excellence.
Visit http://www.infosys.com to see how Infosys (NYSE: INFY), with US$7.4 billion in annual revenues and 155,000+ employees, is Building Tomorrow's Enterprise® today.
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, 2013 and on Form 6-K for the quarter ended June 30, 2013. 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)
September 30, March 31, 2013 2013 ASSETS Current assets Cash and cash equivalents $3,601 $4,021 Available-for-sale financial assets 448 320 Investment in certificates of deposit 84 - Trade receivables 1,333 1,305 Unbilled revenue 503 449 Derivative financial instruments - 19 Prepayments and other current assets 389 391 Total current assets 6,358 6,505 Non-current assets Property, plant and equipment 1,120 1,191 Goodwill 352 364 Intangible assets 62 68 Available-for-sale financial assets 165 72 Deferred income tax assets 88 94 Income tax assets 222 201 Other non-current assets 30 44 Total non-current assets 2,039 2,034 Total assets $8,397 $8,539 LIABILITIES AND EQUITY Current liabilities Derivative financial instruments $72 - Trade payables 16 35 Current income tax liabilities 305 245 Client deposits 3 6 Unearned revenue 135 152 Employee benefit obligations 142 113 Provisions 71 39 Other current liabilities 698 568 Total current liabilities 1,442 1,158 Non-current liabilities Deferred income tax liabilities 11 23 Other non-current liabilities 44 27 Total liabilities 1,497 1,208 Equity Share capital- `5 ($0.16) par value 600,000,000 equity shares authorized, issued and outstanding 571,402,566 each, net of 2,833,600 treasury shares each as of September 30, 2013 and March 31, 2013, respectively 64 64 Share premium 704 704 Retained earnings 8,159 7,666 Other components of equity (2,027) (1,103) Total equity attributable to equity holders of the company 6,900 7,331 Non-controlling interests - - Total equity 6,900 7,331 Total liabilities and equity $8,397 $8,539
Infosys Limited and subsidiaries
Unaudited Condensed Consolidated Statements of Comprehensive Income
(Dollars in millions except share and per equity share data)
Three Three Six Six months months months months ended ended ended ended September September September September 30, 2013 30, 2012 30, 2013 30, 2012 Revenues $2,066 $1,797 $4,057 $3,549 Cost of sales 1,337 1,114 2,633 2,173 Gross profit 729 683 1,424 1,376 Operating expenses: Selling and marketing expenses 120 92 223 178 Administrative expenses* 158 119 282 237 Total operating expenses 278 211 505 415 Operating profit 451 472 919 961 Other income, net 81 129 184 216 Profit before income taxes 532 601 1,103 1,177 Income tax expense 149 170 302 330 Net profit $383 $431 $801 $847 Other comprehensive income Items that will not be reclassified to profit or loss Re-measurement of the net defined benefit liability/(asset) $5 - $6 - Items that may be reclassified subsequently to profit or loss Fair value changes on available-for-sale financial asset, net of tax effect ($4) $1 ($4) - Exchange differences on translating foreign operations (316) 324 (935) (228) Total other comprehensive income ($315) $325 ($933) ($228) Total comprehensive income $68 $756 ($132) $619 Profit attributable to: Owners of the company $383 $431 $801 $847 Non-controlling interests - - - - $383 $431 $801 $847 Total comprehensive income attributable to: Owners of the company $68 $756 ($132) $619 Non-controlling interests - - - - $68 $756 ($132) $619 Earnings per equity share Basic ($) 0.67 0.75 1.40 1.48 Diluted ($) 0.67 0.75 1.40 1.48
(*) Administrative expenses for quarter and half year ended September 30, 2013 include a provision of $ 35 million towards visa related matters.
1. The unaudited Condensed Consolidated Balance sheets and Condensed Consolidated Statements of Comprehensive Income for the three months and six months ended September 30, 2013 has been taken on record at the Board meeting held on October 11, 2013
2. A Fact Sheet providing the operating metrics of the company can be downloaded from http://www.infosys.com
Gargi Ray, India
Sandeep Mahindroo, US
Sarah Vanita Gideon, India
Ken Montgomery, Golin Harris, US
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