BANGALORE, India, October 11, 2013 /PRNewswire/ --
Q2 revenues grew by 15.0% year-on-year; 3.8% quarter-on-quarter
(Logo: http://photos.prnewswire.com/prnh/20130122/589162 )
Financial Highlights
Consolidated results under International Financial Reporting Standards (IFRS) for the quarter ended September 30, 2013
Business Highlights
Other highlights:
"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.
Outlook
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%;
Business Highlights
Awards and Recognition
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 | |||||
NOTE:
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
Fact Sheet: http://multivu.prnewswire.com/mnr/prne/operations/InfosysFactSheet.pdf
INR: http://multivu.prnewswire.com/mnr/prne/operations/InfosysINR.pdf