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Infosys Ltd. Interim / Quarterly Report 2014

Jun 30, 2013

17843_10-q_2013-06-30_504b0b92-5e0d-4626-93bd-069fa72f78bd.pdf

Interim / Quarterly Report

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Fact Sheet Consolidated Financial Data - First Quarter, Fiscal 2014 Infosys Building Tomorrow's Enterprise

Statement of Comprehensive Income for three months ended,

(As per IFRS) In ₹ crore, except share data

| Particulars | June 30, | | Growth (%) | Mar 31, 2013 | Growth % Q1 14 over Q4 13 | | --- | --- | --- | --- | --- | --- | | | 2013 | 2012 | | | | | Revenues | 11,267 | 9,616 | 17.2 | 10,454 | 7.8 | | Cost of sales | 7,319 | 5,810 | 26.0 | 6,802 | 7.6 | | Gross Profit | 3,948 | 3,806 | 3.7 | 3,652 | 8.1 | | Operating Expenses: | | | | | | | Selling and marketing expenses | 584 | 469 | 24.5 | 518 | 12.7 | | Administrative expenses | 700 | 644 | 8.7 | 672 | 4.2 | | Total Operating Expenses | 1,284 | 1,113 | 15.4 | 1,190 | 7.9 | | Operating Profit | 2,664 | 2,693 | (1.1) | 2,462 | 8.2 | | Other Income, net | 577 | 476 | 21.2 | 674 | (14.4) | | Profit before income taxes | 3,241 | 3,169 | 2.3 | 3,136 | 3.3 | | Income tax expense | 867 | 880 | (1.5) | 742 | 16.8 | | Net Profit | 2,374 | 2,289 | 3.7 | 2,394 | (0.8) | | Earnings per equity share | | | | | | | Basic (₹) | 41.54 | 40.06 | 3.7 | 41.89 | (0.8) | | Diluted (₹) | 41.54 | 40.06 | 3.7 | 41.89 | (0.8) |

Statement of Comprehensive Income for three months ended,

(As per IFRS) in US $ million, except share data

| Particulars | June 30, | | Growth (%) | Mar 31, 2013 | Growth % Q1 14 over Q4 13 | | --- | --- | --- | --- | --- | --- | | | 2013 | 2012 | | | | | Revenues | 1,991 | 1,752 | 13.6 | 1,938 | 2.7 | | Cost of sales | 1,296 | 1,059 | 22.4 | 1,261 | 2.8 | | Gross Profit | 695 | 693 | 0.3 | 677 | 2.7 | | Operating Expenses: | | | | | | | Selling and marketing expenses | 103 | 86 | 19.8 | 96 | 7.3 | | Administrative expenses | 124 | 118 | 5.1 | 124 | 0.0 | | Total Operating Expenses | 227 | 204 | 11.3 | 220 | 3.2 | | Operating Profit | 468 | 489 | (4.3) | 457 | 2.4 | | Other Income, net | 103 | 87 | 18.4 | 125 | (17.6) | | Profit before income taxes | 571 | 576 | (0.9) | 582 | (1.9) | | Income tax expense | 153 | 160 | (4.4) | 138 | 10.9 | | Net Profit | 418 | 416 | 0.5 | 444 | (5.9) | | Earnings per equity share | | | | | | | Basic ($) | 0.73 | 0.73 | 0.0 | 0.78 | (6.4) | | Diluted ($) | 0.73 | 0.73 | 0.0 | 0.78 | (6.4) |

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Fact Sheet Consolidated Financial Data - First Quarter, Fiscal 2014 Infosys Building Tomorrow's Enterprise

Revenue by Geographical Segment

(in %)

Quarter ended LTM
June 30, 2013 Mar 31, 2013 June 30, 2012 June 30, 2013 June 30, 2012
North America 61.4 60.2 64.1 61.6 63.8
Europe 23.6 25.0 21.4 23.7 21.9
India 2.6 2.4 2.0 2.2 2.1
Rest of the world 12.4 12.4 12.5 12.5 12.2
Total 100.0 100.0 100.0 100.0 100.0

Revenue by Service Offering

(in %)

Quarter ended LTM
June 30, 2013 Mar 31, 2013 June 30, 2012 June 30, 2013 June 30, 2012
Business IT Services 61.0 61.6 64.0 62.2 63.4
Application Development 15.7 15.5 17.1 16.0 17.0
Application Maintenance 19.3 19.9 20.9 20.1 21.3
Infrastructure Management Services 7.0 7.2 6.6 7.0 6.2
Testing Services 8.4 8.3 8.3 8.4 8.1
Product Engineering Services 3.2 3.2 3.5 3.3 3.4
Business Process Management 5.1 5.2 4.9 5.0 4.7
Others 2.3 2.3 2.7 2.4 2.7
Consulting, Package Implementation & Others 33.6 32.7 29.9 32.3 30.7
Products, Platforms and Solutions 5.4 5.7 6.1 5.5 5.9
Products 3.7 4.0 4.5 3.8 4.5
BPM Platform 1.2 1.3 1.3 1.3 1.1
Others 0.5 0.4 0.3 0.4 0.3
Total 100.0 100.0 100.0 100.0 100.0

Revenue by Project Type

(in %)

Quarter ended LTM
June 30, 2013 Mar 31, 2013 June 30, 2012 June 30, 2013 June 30, 2012
Fixed Price 40.1 40.2 38.0 40.5 39.0
Time & Materials 59.9 59.8 62.0 59.5 61.0
Total 100.0 100.0 100.0 100.0 100.0
  • Excluding products

www.infosys.com Building Tomorrow's Enterprise

Fact Sheet Consolidated Financial Data - First Quarter, Fiscal 2014 Infosys Building Tomorrow's Enterprise

Revenue by Industry

(in %)

Quarter ended LTM
June 30, 2013 Mar 31, 2013 June 30, 2012 June 30, 2013 June 30, 2012
Insurance, Banking & Financial Services 33.7 33.9 34.3 33.8 34.8
Banking & financial services 27.0 27.2 27.7 27.0 27.8
Insurance 6.7 6.7 6.6 6.8 7.0
Manufacturing 22.5 22.2 22.0 22.1 21.0
Retail & Life Sciences 24.7 23.9 23.7 24.2 23.2
Retail & CPG 15.8 15.4 16.9 16.0 15.9
Transport & Logistics 1.8 1.8 1.7 1.8 1.8
Life Sciences 4.7 4.8 3.7 4.6 3.9
Healthcare 2.4 1.9 1.4 1.8 1.6
Energy, Utilities, Communications & Services 19.1 20.0 20.0 19.9 21.0
Energy & Utilities 4.9 5.2 4.6 5.2 5.6
Telecom 8.5 9.3 10.1 9.3 10.1
Others 5.7 5.5 5.3 5.4 5.3
Total 100.0 100.0 100.0 100.0 100.0

Client Data

Quarter ended Year ended
June 30, 2013 Mar 31, 2013 June 30, 2012 Mar 31, 2013 Mar 31, 2012
Number of Clients
Active 836 798 711 798 694
Added during the period (gross) 66 56 51 235 172
Number of million dollar clients*
1 Million dollar + 466 448 403 448 399
5 Million dollar + 215 213 199 213 190
10 Million dollar + 139 137 132 137 132
20 Million dollar + 82 80 83 80 79
30 Million dollar + 64 62 64 62 64
40 Million dollar + 49 49 53 49 50
50 Million dollar + 41 40 41 40 40
60 Million dollar + 35 33 31 33 28
70 Million dollar + 29 28 24 28 23
80 Million dollar + 22 19 18 19 17
90 Million dollar + 17 17 16 17 16
100 Million dollar + 15 12 12 12 13
200 Million dollar + 3 3 3 3 2
300 Million dollar + - - 1 - 1
Client contribution to revenue
Top client 3.9% 3.6% 4.1% 3.8% 4.3%
Top 5 clients 14.9% 14.7% 16.2% 15.2% 15.5%
Top 10 clients 24.0% 24.0% 25.3% 24.6% 24.6%
Repeat business 99.0% 96.5% 99.1% 97.8% 97.8%
Account receivables-LTM(in days)# 65 64 64 64 60

*LTM (Last twelve months) Revenues

excluding Lodestone

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Fact Sheet Consolidated Financial Data - First Quarter, Fiscal 2014 Infosys Building Tomorrow's Enterprise

Effort and Utilization

(in %)

Quarter ended LTM
June 30, 2013 Mar 31, 2013 June 30, 2012 June 30, 2013 June 30, 2012
Effort
Onsite 26.0 25.4 24.7 25.1 24.8
Offshore 74.0 74.6 75.3 74.9 75.2
Revenue
Onsite 53.2 52.1 49.7 51.9 49.7
Offshore 46.8 47.9 50.3 48.1 50.3
Utilization
Including trainees 72.4 70.9 67.2 70.8 68.6
Excluding trainees 75.9 73.9 71.6 74.1 74.7

Person Months Data

Quarter ended LTM
June 30, 2013 Mar 31, 2013 June 30, 2012 June 30, 2013 June 30, 2012
Billed – Onsite 86,551 81,794 71,615 321,362 280,827
– Offshore 245,856 239,756 218,839 957,435 852,043
TOTAL 332,407 321,550 290,454 1,278,797 1,132,870
Non Billable 105,473 113,794 115,081 447,264 384,077
Trainee 21,486 17,931 26,705 81,265 135,424
Sales & Support 27,490 26,511 24,401 105,866 94,404
TOTAL 486,856 479,786 456,641 1,913,192 1,746,775

Consolidated IT Services

Quarter ended LTM
June 30, 2013 Sequential growth % Mar 31, 2013 Sequential growth % June 30, 2012 Sequential growth % June 30, 2013 Year on Year growth % June 30, 2012 Year on Year growth %
Effort - (Person months)
Onsite 81,609 5.8 77,109 4.8 67,983 2.3 303,323 12.6 269,381 11.1
Offshore 173,691 3.3 168,217 0.5 159,500 2.9 674,423 8.3 622,646 9.6
Total 255,300 4.1 245,326 1.8 227,483 2.7 977,746 9.6 892,027 10.0
Revenue - ($ million)
Onsite 1,031.49 5.3 979.79 2.8 845.53 (1.2) 3,850.33 12.3 3,430.08 10.8
Offshore 761.35 0.9 754.38 (0.9) 719.21 (1.0) 3,012.24 3.2 2,918.75 12.6
Total 1,792.84 3.4 1,734.17 1.2 1,564.74 (1.1) 6,862.57 8.1 6,348.83 11.6

www.infosys.com Building Tomorrow's Enterprise

Fact Sheet Consolidated Financial Data - First Quarter, Fiscal 2014 Infosys Building Tomorrow's Enterprise

Employee Metrics

(Nos.)

Quarter ended Year ended
June 30, 2013 Mar 31, 2013 June 30, 2012 Mar 31, 2013 Mar 31, 2012
Total employees 1,57,263 1,56,688 1,51,151 1,56,688 1,49,994
S/W professionals 1,47,576 1,47,008 1,42,369 1,47,008 1,41,788
Billable 1,34,266 1,35,392 128,887 1,35,392 1,24,953
Banking product group 7,004 7,249 8,097 7,249 8,139
Trainees 6,306 4,367 5,385 4,367 8,696
Sales & Support 9,687 9,680 8,782 9,680 8,206
Gross addition 10,138 8,990 9,236 37,036 45,605
Of which lateral addition 3,008 3,545 5,233 16,781 14,966
Attrition 9,563 7,931 8,079 30,342 26,431
Net addition 575 1,059 1,157 6,694 19,174
Attrition % (LTM)* 16.9% 16.3% 14.9% 16.3% 14.7%
  • Excluding subsidiaries

Employee Metrics – Subsidiaries

(Nos.)

Quarter ended Year ended
June 30, 2013 Mar 31, 2013 June 30, 2012 Mar 31, 2013 Mar 31, 2012
Infosys BPO Limited – consolidated 26,207 24,634 22,321 24,634 20,523
Infosys Technologies (Australia) Pty. Ltd.* - - 2 - 674
Infosys Technologies (China) Company Ltd. 3,032 3,073 3,030 3,073 3,092
Infosys Technologies S.De R.L. De C. V., Mexico 824 797 651 797 631
Infosys Technologies (Sweden) AB 3 4 9 4 11
Infosys Tecnologia DO Brasil LTDA 508 393 250 393 210
Infosys Public Services Inc. 185 182 184 182 33
Infosys Technologies (Shanghai) Company Ltd. 8 17 31 17 31
Lodestone Holding AG 1,307 1191 - 1,191 -
  • Employees of Infosys Australia were transferred to Infosys Limited consequent to merger of its operations with the parent company

Infrastructure (as on June 30, 2013)

Completed Work in progress Land acquired during the Quarter (acres)
Built-up area (sq. Ft.) No. of seats Built-up area (sq. Ft.) No. of seats
Bangalore 45,42,894 32,120 5,29,364 4,107 -
Bhubaneswar 8,79,721 3,974 5,15,620 4,320 -
Chandigarh 12,26,033 6,754 - - -
Chennai 35,11,164 22,530 25,54,633 3,070 -
Gurgaon 1,01,183 988 1,35,209 1,250 -
Hyderabad 35,00,477 17,628 14,53,077 8,296 -
Jaipur 4,52,139 4,412 4,04,106 4,000 -
Mangalore 12,14,969 6,885 12,78,400 6,000 -
Mysore (including ILI)* 93,49,259 11,792 21,02,634 3,864 -
Pune 49,57,702 28,069 18,63,467 8,630 -
Thiruvananthapuram 6,18,201 5,085 21,39,267 8,479 -
Global Centers 15,75,064 14,808 12,910 110 -
Total 3,19,28,806 1,55,045 1,29,88,687 52,126 -

*Infosys Leadership Institute

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Fact Sheet Consolidated Financial Data - First Quarter, Fiscal 2014 Infosys Building Tomorrow's Enterprise

Subsidiaries Performance - Standalone financial statements

(US $ Mn)

Subsidiaries Quarter ended Year ended
June 30, 2013 Mar 31, 2013 June 30, 2012 Mar 31, 2013
Revenue Net income Revenue Net income Revenue Net income Revenue Net income
Infosys BPO Limited – consolidated 127.26 15.39 125.69 21.55 109.34 16.60 471.22 79.04
Infosys Technologies (Australia) Pty. Ltd.* – 0.10 – (0.20) 0.38 (0.36) 0.42 0.31
Infosys Technologies (China) Company Ltd 28.33 (0.94) 26.47 (0.23) 25.44 (0.78) 104.37 (1.88)
Infosys Technologies S.de R.L. de C V., Mexico 9.07 0.58 7.39 (1.13) 6.95 0.38 30.12 (0.37)
Infosys Technologies (Sweden) AB 0.12 0.01 0.17 (0.02) 0.36 0.01 1.11 (0.01)
Infosys Tecnologia DO Brasil LTDA 8.02 (1.56) 7.07 (1.63) 5.25 0.63 23.59 (3.11)
Infosys Public Services Inc. 45.63 4.97 34.85 0.96 23.87 (0.98) 110.40 (1.90)
Infosys Technologies (Shanghai) Co Ltd – (0.36) – (0.43) 0.05 (0.38) 0.14 (2.85)
Lodestone Holding AG 90.67 1.88 70.33 (3.44) – – 109.64 (0.90)
  • Employees of Infosys Australia were transferred to Infosys Limited consequent to merger of its operations with the parent company

Rupee Dollar Rate (₹)

Quarter ended Year ended
June 30, 2013 Mar 31, 2013 June 30, 2012 Mar 31, 2013 Mar 31, 2012
Period closing rate 59.39 54.29 55.62 54.29 50.88
Period average rate 56.56 53.93 54.83 54.54 48.10

Constant Currency Reporting

Reported revenues Q1 13 Q2 13 Q3 13 Q4 13 Q1 14
Revenue ($ mn) 1,752 1,797 1,911 1,938 1,991
Sequential growth % (1.1) 2.6 6.3 1.4 2.7
YoY growth % 4.8 2.9 5.8 9.4 13.6
Constant currency – Q o Q Q1 13 Q2 13 Q3 13 Q4 13 Q1 14
--- --- --- --- --- ---
Revenue ($ mn) 1,763 1,794 1,902 1,944 2,005
Sequential growth (%) (0.4) 2.4 5.8 1.7 3.4
Constant currency – Y o Y Q1 13 Q2 13 Q3 13 Q4 13 Q1 14
--- --- --- --- --- ---
Revenue ($ mn) 1,784 1,820 1,910 1,946 1,999
YoY growth (%) 6.8 4.2 5.8 9.9 14.1

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Fact Sheet Consolidated Financial Data - First Quarter, Fiscal 2014 Infosys Building Tomorrow's Enterprise

Notes:

Basis of computation

  1. Foreign exchange rates are as per FEDAI.
  2. Average rates for major global currencies:
Average rate of USD Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14
AUD 1.01 1.04 1.04 1.03 1.03 0.98
EURO 1.28 1.26 1.30 1.32 1.29 1.31
GBP 1.58 1.59 1.61 1.54 1.58 1.54
  1. Proportion of revenues from major global currencies:
Revenue by currency (%) Q1 13 Q2 13 Q3 13 Q4 13 FY 13 Q1 14
AUD 8.4 8.3 8.3 8.1 8.3 7.9
EURO 6.7 8.3 9.6 10.4 8.8 9.8
GBP 6.9 6.3 6.2 6.1 6.4 5.6

Q1 2014

Geographical segment - growth

North America grew by 4.9% sequentially, and 5% in constant currency.

Europe declined by 3% sequentially; and 2.4% in constant currency.

India grew by 10.4% sequentially.

Rest of the world grew by 2.4% sequentially and 6.5% in constant currency.

Industry segment - growth

FSI grew by 1.9% sequentially; and 2.9% in constant currency.

MFG grew by 4% sequentially; and 4.5% in constant currency.

RCL grew by 6.3% sequentially; and 6.7% in constant currency.

ECS declined by 1.6% sequentially; and 0.6% in constant currency.

www.infosys.com Building Tomorrow's Enterprise

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