SUBSCRIBE TO TMCnet
TMCnet - World's Largest Communications and Technology Community

TMC NEWS

TMCNET eNEWSLETTER SIGNUP

Infosys Announces Results for the Quarter Ended December 31, 2012
[January 11, 2013]

Infosys Announces Results for the Quarter Ended December 31, 2012

(Canada Newswire Via Acquire Media NewsEdge) Q3 Revenues Grow by 6.3% Quarter on Quarter BANGALORE, India, Jan. 11, 2013 /CNW/ - 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.  Outlook* 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 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                                              $7,955       $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     1,030     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 NOTE: 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

[ Back To TMCnet.com's Homepage ]





LATEST VIDEOS

DOWNLOAD CENTER

UPCOMING WEBINARS

MOST POPULAR STORIES





Technology Marketing Corporation

800 Connecticut Ave, 1st Floor East, Norwalk, CT 06854 USA
Ph: 800-243-6002, 203-852-6800
Fx: 203-866-3326

General comments: tmc@tmcnet.com.
Comments about this site: webmaster@tmcnet.com.

STAY CURRENT YOUR WAY

© 2014 Technology Marketing Corporation. All rights reserved | Privacy Policy