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Infosys (NYSE: INFY) Announces Results for the Quarter Ended June 30, 2013
Jul 11, 2013 (11:07 PM EDT)
BANGALORE, India, July 12, 2013 /PRNewswire/ --
Consolidated results under International Financial Reporting Standards (IFRS) for the quarter ended June 30, 2013
"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."
The company's outlook (consolidated) for the quarter ending fiscal year ending March 31, 2014, under IFRS is as follows:
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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.
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
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
IFRS INR Press Release: http://www.multivu.prnewswire.com/mnr/prne/operations/IFRS-INR-press-release.pdf