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Infosys Announces Results for the Quarter Ended December 31, 2012

BANGALORE, India, January 11, 2013 /PRNewswire/ --

Q3 Revenues Grow by 6.3% Quarter on Quarter

Financial Highlights

Consolidated results under International Financial Reporting Standards (IFRS) for the quarter ended December 31, 2012

  • Revenues were $1,911 million for the quarter ended December 31, 2012;
    QoQ growth was 6.3%
    YoY growth was 5.8%
  • Revenues excluding Lodestone were $1,872 million;
    QoQ growth was 4.2%
    YoY growth was 3.7%
  • Net income after tax was $434 million for the quarter ended December 31, 2012 against $431 million for the quarter ended September 30, 2012
  • Earnings per American Depositary Share (EPADS) was $0.76 for the quarter ended December 31, 2012 against $0.75 for the quarter ended September 30, 2012
  • Liquid assets including cash and cash equivalents, current available-for-sale financial assets, investment in certificates of deposits and government bonds were $4.1 billion versus $4.3 billion as on September 30, 2012

Other highlights:

  • The company won 8 large outsourcing deals amounting to US$ 731 million of total contract value
  • 14 new wins for Infosys' products and platforms
  • Infosys and its subsidiaries added 53 clients during the quarter
  • Gross addition of 7,499 employees (net addition of 977) for the quarter by Infosys and its subsidiaries.
  • 155,629 employees as on December 31, 2012 for Infosys and its subsidiaries
  • Completed the acquisition of Lodestone Holding AG, a leading management consultancy based in Switzerland
  • Infosys American Depositary Shares (ADS) have started trading on the New York Stock Exchange (NYSE) under the ticker symbol 'INFY'. The company is in the process of listing its ADS on the Paris and London exchanges of NYSE Euronext.

"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

Business Highlights

  • The company won 8 large outsourcing deals amounting to US$ 731 Mn of total contract value
  • Our offerings in the Products and Platforms space continue to see good momentum. This quarter we had 14 wins across industries and geographies. Infosys products and platforms (excluding Finacle™) are now adopted by more than 70 global clients.
  • A Blue Cross Blue Shield Plan selected us as a strategic partner to provide enterprise-wide testing services and establish a Test CoE within its IT organization, aimed at creating testing processes and frameworks to support the company's ongoing transformation due to US healthcare reform. Another Blue Cross Blue Shield Plan is leveraging Infosys iTransform™ product and services to help its ICD-10 migration, mandated by the U.S. federal government.
  • Our focus on Cloud as a new growth area continues to yield results and the Cloud business currently has more than 190 engagements and 3,500 experts. Over the last quarter, we won more than 15 engagements across Cloud services, Big Data and Security. Our vision of being a Cloud Ecosystem Integrator has gained increasing acceptance with clients and we are working with more than 30 partners to help clients create and manage their unified hybrid cloud environments.
  • During the third quarter, Infosys applied for seven patent applications in India and the U.S. With this, it has 525 patent applications in India, the U.S. and other jurisdictions, and has been granted 71 patents by the United States Patent and Trademark Office and two patents by the Luxembourg patent office.

Awards and Recognition

Infosys has been consistently honored by influencers

  • We were declared the winners of 2012 Asia's Most Admired Knowledge Enterprises (MAKE) study by Teleos, in association with The KNOW Network for the 10th time, for developing knowledge based products and services.
  • Infosys BPO Ltd. has been awarded the prestigious 2012 Optimas Award for 'Managing Change', recognizing exemplary achievements in workforce management and for successfully integrating new employees from around the globe into the organization.
  • Infosys BPO Ltd. won the Gold Award for Marketing Excellence in the category of 'Marketing with Social and Interactive Media' at the Information Technology Services Marketing Association (ITSMA) Awards 2012.
  • We have received the Microsoft Platform Modernization Award for sales achievement for our Legacy Modernization solution, which helps customers migrate to Microsoft platforms.
  • We were awarded the National Energy Conservation Award 2012 for our energy conservation efforts at our campuses in Jaipur and Pune.
  • We have been awarded the global No. 1 position for our corporate governance practices by IR Global Rankings (IRGR).
  • Finacle™ from Infosys has been ranked as a long-term leader in The Forrester Wave™: Global Banking Platforms, Q4 2012

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.

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, 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.

INR Press Release: http://www.multivu.prnewswire.com/mnr/prne/operations/INR-press-release-Version-4.pdf

Fact Sheet: http://www.multivu.prnewswire.com/mnr/prne/operations/Factsheet-Q3-2013.pdf


Infosys Limited and subsidiaries

Unaudited Condensed Consolidated Balance Sheets as of

(Dollars in millions except share data)

                                                    December 31,      March 31, 
                                                           2012           2012
    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
    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
    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

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