From the Wires
Infosys Announces Results for the Quarter Ended December 31, 2012
By: PR Newswire
Jan. 11, 2013 03:00 AM
BANGALORE, India, January 11, 2013 /PRNewswire/ --
Q3 Revenues Grow by 6.3% Quarter on Quarter
Consolidated results under International Financial Reporting Standards (IFRS) for the quarter ended December 31, 2012
"We have done well in this quarter despite an uncertain environment," said S. D. Shibulal, CEO and Managing Director. "We continue to gain confidence from a strong pipeline of large deals. However, the broader economic environment remains difficult. Even so, we remain cautiously optimistic about the January-March quarter," he added.
"We were able to maintain our margins through efficiency improvements despite increased operating expenses. We remain focused on making the right investments for profitable and sustainable growth in the longer term," said Rajiv Bansal, Chief Financial Officer.
The company's outlook (consolidated) for the fiscal year ending March 31, 2013, under IFRS is as follows:
Revenues** are expected to be at least $7,450 million;
Earnings per American Depositary Share (EPADS) is expected to be at least $2.97;
* Exchange rates considered for major global currencies: AUD / USD - 1.04; GBP / USD - 1.62; Euro / USD - 1.32 for rest of fiscal 2013
** Includes $104 million from Lodestone
Awards and Recognition
Infosys has been consistently honored by influencers
About Infosys Ltd
Infosys partners with global enterprises to drive their innovation-led growth. That's why Forbes ranked Infosys 19th 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 150,000+ people, 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, 2012 and on Form 6-K for the quarter ended December 31, 2011, June 30, 2012 and September 30, 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.
Infosys Limited and subsidiaries
Unaudited Condensed Consolidated Balance Sheets as of
(Dollars in millions except share data)
December 31, March 31, 2012 2012 ASSETS Current assets Cash and cash equivalents $2,740 $4,047 Available-for-sale financial assets 1,339 6 Investment in certificates of deposit - 68 Trade receivables 1,266 1,156 Unbilled revenue 405 368 Prepayments and other current assets 335 300 Total current assets 6,085 5,945 Non-current assets Property, plant and equipment 1,115 1,063 Goodwill 368 195 Intangible assets 72 34 Available-for-sale financial assets 2 2 Investment in government bonds 12 - Deferred income tax assets 77 62 Income tax assets 191 204 Other non-current assets 33 32 Total non-current assets 1,870 1,592 Total assets $7955 $7,537 LIABILITIES AND EQUITY Current liabilities Derivative financial instruments - $9 Trade payables 13 5 Current income tax liabilities 227 207 Client deposits 12 3 Unearned revenue 146 107 Employee benefit obligations 109 98 Provisions 39 26 Other current liabilities 562 482 Total current liabilities 1,108 937 Non-current liabilities Deferred income tax liabilities 16 2 Other non-current liabilities 18 22 Total liabilities 1,142 961 Equity Share capital- `5 ($0.16) par value 600,000,000 equity shares authorized, issued and outstanding 571,402,566 and 571,396,410, net of 2,833,600 treasury shares each as of December 31, 2012 and March 31, 2012, respectively 64 64 Share premium 704 703 Retained earnings 7,223 6,509 Other components of equity (1,178) (700) Total equity attributable to equity holders of the company 6,813 6,576 Non-controlling interests - - Total equity 6,813 6,576 Total liabilities and equity $7,955 $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 Nine Nine months months months months ended ended ended ended December December December December 31, 2012 31, 2011 31, 2012 31, 2011 Revenues $1,911 $1,806 $5,460 $5,233 Cost of sales 1,203 1030 3,376 3,077 Gross profit 708 776 2,084 2,146 Operating expenses: Selling and marketing expenses 99 88 277 275 Administrative expenses 118 128 355 386 Total operating expenses 217 216 632 661 Operating profit 491 560 1,452 1,485 Other income, net 92 82 308 266 Profit before income taxes 583 642 1,760 1,751 Income tax expense 149 184 479 498 Net profit $434 $458 $1,281 $1,253 Other comprehensive income Fair value changes on available - for-sale financial asset, net of tax effect - - - $(2) Exchange differences on translating foreign operations (250) (442) (478) (1,004) Total other comprehensive income $(250) $(442) $(478) $(1,006) Total comprehensive income $184 $16 $803 $247 Profit attributable to: Owners of the company $434 $458 $1,281 $1,253 Non-controlling interests - - - - $434 $458 $1,281 $1,253 Total comprehensive income attributable to: Owners of the company $184 $16 $803 $247 Non-controlling interests - - - - $184 $16 $803 $247 Earnings per equity share Basic ($) 0.76 0.80 2.24 2.19 Diluted ($) 0.76 0.80 2.24 2.19 Weighted average equity shares used in computing earnings per equity share Basic 571,400,086 571,377,084 571,398,129 571,356,602 Diluted 571,400,417 571,396,560 571,399,018 571,394,949
1. The unaudited Condensed Consolidated Balance sheets and Condensed Consolidated Statements of Comprehensive Income for the three months and nine months ended December 31, 2012 has been taken on record at the Board meeting held on January 11, 2013
2. A Fact Sheet providing the operating metrics of the company can be downloaded from http://www.infosys.com
Latest AJAXWorld RIA Stories
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
SYS-CON Featured Whitepapers
Most Read This Week