BANGALORE, India, July 12, 2013 /PRNewswire/ --
Q1 revenues grew by 13.6% year-on-year; 2.7% quarter-on-quarter
Financial Highlights
Consolidated results under International Financial Reporting Standards (IFRS) for the quarter ended June 30, 2013
(Logo: http://photos.prnewswire.com/prnh/20130122/589162 )
Other highlights:
"Despite facing an uncertain macro environment, changing regulatory regime and a volatile currency environment, we have done well in Q1 and are cautiously optimistic about rest of the year," said S. D. Shibulal, CEO and Managing Director.
"We maintained our margins and continued making investments in the business," said Rajiv Bansal, Chief Financial Officer. "We have announced compensation increases for FY 14 effective July which will affect our margins in the future quarters."
Outlook
The company's outlook (consolidated) for the quarter ending fiscal year ending March 31, 2014, under IFRS is as follows:
Business Highlights
Awards and Recognition
Infosys has been consistently honored by influencers
About Infosys Ltd
Infosys is a global leader in business consulting and technology solutions. As a proven partner focused on building tomorrow's enterprise, Infosys enables clients in more than 30 countries to outperform the competition and stay ahead of the innovation curve.
Ranked in the top tier of Forbes' 100 most innovative companies, Infosys - with $7.4B in annual revenues and 150,000+ employees - provides enterprises with strategic insights on what lies ahead. We help enterprises transform and thrive in a changing world through strategic consulting, operational leadership and the co-creation of breakthrough solutions, including those in mobility, sustainability, big data and cloud computing.
Visit http://www.infosys.com to see how Infosys (NYSE: INFY) is Building Tomorrow's Enterprise® today.
Safe Harbor
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 quarters ended June 30, 2012, September 30, 2012 and December 31, 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 unless it is required by law.
Infosys Limited and subsidiaries
Unaudited Condensed Consolidated Balance Sheets as of
(Dollars in millions except share data)
June 30, 2013 March 31, 2013
ASSETS
Current assets
Cash and cash equivalents $3,556 $4,021
Available-for-sale financial assets 412 320
Trade receivables 1,375 1,305
Unbilled revenue 449 449
Prepayments and other current assets 412 391
Derivative financial instruments - 19
Total current assets 6,204 6,505
Non-current assets
Property, plant and equipment 1,124 1,191
Goodwill 350 364
Intangible assets 64 68
Available-for-sale financial assets 87 72
Deferred income tax assets 87 94
Income tax assets 186 201
Other non-current assets 28 44
Total non-current assets 1,926 2,034
Total assets $8,130 $8,539
LIABILITIES AND EQUITY
Current liabilities
Derivative financial instruments $46 -
Trade payables 12 35
Current income tax liabilities 288 245
Client deposits 4 6
Unearned revenue 140 152
Employee benefit obligations 116 113
Provisions 36 39
Other current liabilities 598 568
Total current liabilities 1,240 1,158
Non-current liabilities
Deferred income tax liabilities 24 23
Other non-current liabilities 34 27
Total liabilities 1,298 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 June
30, 2013 and March 31, 2013, respectively 64 64
Share premium 704 704
Retained earnings 7,776 7,666
Other components of equity (1,712) (1,103)
Total equity attributable to equity holders
of the company 6,832 7,331
Non-controlling interests - -
Total equity 6,832 7,331
Total liabilities and equity $8,130 $8,539
Infosys Limited and subsidiaries
Unaudited Condensed Consolidated Statements of Comprehensive Income
(Dollars in millions except share and per equity share data)
Three months Three months
ended June ended June
30, 2013 30, 2012
Revenues $1,991 $1,752
Cost of sales 1,296 1,059
Gross profit 695 693
Operating expenses:
Selling and marketing expenses 103 86
Administrative expenses 124 118
Total operating expenses 227 204
Operating profit 468 489
Other income, net 103 87
Profit before income taxes 571 576
Income tax expense 153 160
Net profit $418 $416
Other comprehensive income
Items that will not be reclassified to profit or
loss
Re-measurements of the net defined benefit
liability/asset 1 -
Items that may be reclassified subsequently to
profit or loss
Fair value changes on available-for-sale
financial asset, net of tax effect - (1)
Exchange differences on translating foreign
operations (619) (552)
Total other comprehensive income $(618) $(553)
Total comprehensive income $(200) $(137)
Profit attributable to:
Owners of the company $418 $416
Non-controlling interests - -
$418 $416
Total comprehensive income attributable to:
Owners of the company $(200) $(137)
Non-controlling interests - -
$(200) $(137)
Earnings per equity share
Basic ($) 0.73 0.73
Diluted ($) 0.73 0.73
Weighted average equity shares used in computing
earnings per equity share
Basic 571,402,566 571,396,551
Diluted 571,402,566 571,398,141
NOTE:
1. The unaudited Condensed Consolidated Balance sheets and Condensed Consolidated Statements of Comprehensive Income for the three months ended June 30, 2013 has been taken on record at the Board meeting held on July 12, 2013
2. A Fact Sheet providing the operating metrics of the company can be downloaded from http://www.infosys.com
Fact Sheet: http://www.multivu.prnewswire.com/mnr/prne/operations/fact-sheet.pdf
IFRS INR Press Release: http://www.multivu.prnewswire.com/mnr/prne/operations/IFRS-INR-press-release.pdf
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