Infosys Ltd. — Interim / Quarterly Report 2015

Oct 9, 2014

Fact Sheet Consolidated Financial Data - Second Quarter, Fiscal 2015 Infosys Building Tomorrow's Enterprise

Statement of Comprehensive Income for three months ended,

(As per IFRS) Inőrore, except share data

| Particulars | Sep 30, | | Growth (%) | June 30, 2014 | Growth % Q2 15 over Q1 15 | | --- | --- | --- | --- | --- | --- | | | 2014 | 2013 | | | | | Revenues | 13,342 | 12,965 | 2.9 | 12,770 | 4.5 | | Cost of sales | 8,201 | 8,384 | (2.2) | 8,046 | 1.9 | | Gross Profit | 5,141 | 4,581 | 12.2 | 4,724 | 8.8 | | Operating Expenses: | | | | | | | Selling and marketing expenses | 769 | 757 | 1.6 | 666 | 15.5 | | Administrative expenses* | 889 | 987 | (9.9) | 847 | 5.0 | | Total Operating Expenses | 1,658 | 1,744 | (4.9) | 1,513 | 9.6 | | Operating Profit | 3,483 | 2,837 | 22.8 | 3,211 | 8.5 | | Other Income, net | 877 | 510 | 72.0 | 829 | 5.8 | | Profit before income taxes | 4,360 | 3,347 | 30.3 | 4,040 | 7.9 | | Income tax expense | 1,264 | 940 | 34.5 | 1,154 | 9.5 | | Net Profit | 3,096 | 2,407 | 28.6 | 2,886 | 7.3 | | Earnings per equity share | | | | | | | Basic (₹) | 54.19 | 42.12 | 28.7 | 50.51 | 7.3 | | Diluted (₹) | 54.19 | 42.12 | 28.7 | 50.51 | 7.3 |

Administrative expenses for the three months ended September 30, 2013 includes a provision of ₹219 crore towards visa related matters.

Statement of Comprehensive Income for six months ended,

(As per IFRS) Inőrore, except share data

Particulars	Sep 30,		Growth (%)
	2014	2013
Revenues	26,112	24,232	7.8
Cost of sales	16,247	15,703	3.5
Gross Profit	9,865	8,529	15.7
Operating Expenses:
Selling and marketing expenses	1,435	1,341	7.0
Administrative expenses*	1,736	1,687	2.9
Total Operating Expenses	3,171	3,028	4.7
Operating Profit	6,694	5,501	21.7
Other Income, net	1,706	1,087	56.9
Profit before income taxes	8,400	6,588	27.5
Income tax expense	2,418	1,807	33.8
Net Profit	5,982	4,781	25.1
Earnings per equity share
Basic (₹)	104.70	83.66	25.1
Diluted (₹)	104.70	83.66	25.1

Administrative expenses for the six months ended September 30, 2013 includes a provision of ₹219 crore towards visa related matters.

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Fact Sheet Consolidated Financial Data - Second Quarter, Fiscal 2015 Infosys Building Tomorrow's Enterprise

Statement of Comprehensive Income for three months ended,

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

| Particulars | Sep 30, | | Growth (%) | June 30, 2014 | Growth % Q2 15 over Q1 15 | | --- | --- | --- | --- | --- | --- | | | 2014 | 2013 | | | | | Revenues | 2,201 | 2,066 | 6.5 | 2,133 | 3.1 | | Cost of sales | 1,353 | 1,337 | 1.2 | 1,344 | 0.7 | | Gross Profit | 848 | 729 | 16.3 | 789 | 7.5 | | Operating Expenses: | | | | | | | Selling and marketing expenses | 127 | 120 | 5.8 | 111 | 14.4 | | Administrative expenses* | 146 | 158 | (7.6) | 142 | 2.8 | | Total Operating Expenses | 273 | 278 | (1.8) | 253 | 7.9 | | Operating Profit | 575 | 451 | 27.5 | 536 | 7.3 | | Other Income, net | 144 | 81 | 77.8 | 139 | 3.6 | | Profit before income taxes | 719 | 532 | 35.2 | 675 | 6.5 | | Income tax expense | 208 | 149 | 39.6 | 193 | 7.8 | | Net Profit | 511 | 383 | 33.4 | 482 | 6.0 | | Earnings per equity share | | | | | | | Basic ($) | 0.89 | 0.67 | 32.8 | 0.84 | 6.0 | | Diluted ($) | 0.89 | 0.67 | 32.8 | 0.84 | 6.0 |

*Administrative expenses for the three months ended September 30, 2013 includes a provision of $ 35 million towards visa related matters.

Statement of Comprehensive Income for six months ended,

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

Particulars	Sep 30,		Growth (%)
	2014	2013
Revenues	4,334	4,057	6.8
Cost of sales	2,697	2,633	2.4
Gross Profit	1,637	1,424	15.0
Operating Expenses:
Selling and marketing expenses	238	223	6.7
Administrative expenses*	288	282	2.1
Total Operating Expenses	526	505	4.2
Operating Profit	1,111	919	20.9
Other Income, net	283	184	53.8
Profit before income taxes	1,394	1,103	26.4
Income tax expense	401	302	32.8
Net Profit	993	801	24.0
Earnings per equity share
Basic ($)	1.74	1.40	24.3
Diluted ($)	1.74	1.40	24.3

*Administrative expenses for the six months ended September 30, 2013 includes a provision of $ 35 million towards visa related matters.

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Fact Sheet Consolidated Financial Data - Second Quarter, Fiscal 2015 Infosys Building Tomorrow's Enterprise

Revenues by Geographical Segment

(in %)

	Quarter ended			LTM
	Sep 30, 2014	June 30, 2014	Sep 30, 2013	Sep 30, 2014	Sep 30, 2013
North America	60.8	60.8	61.5	60.3	61.0
Europe	24.7	24.5	24.0	24.8	24.1
India	2.2	2.4	2.4	2.5	2.5
Rest of the world	12.3	12.3	12.1	12.4	12.4
Total	100.0	100.0	100.0	100.0	100.0

Revenues by Service Offering

(in %)

	Quarter ended			LTM
	Sep 30, 2014	June 30, 2014	Sep 30, 2013	Sep 30, 2014	Sep 30, 2013
Business IT Services	63.0	62.9	61.4	62.4	61.5
Application Development	16.1	15.8	16.0	15.8	15.8
Application Maintenance	18.9	18.7	19.1	19.1	19.6
Infrastructure Management Services	7.9	7.9	7.2	7.5	7.1
Testing Services	9.4	9.5	8.4	9.2	8.4
Product Engineering Services	3.4	3.4	3.3	3.3	3.2
Business Process Management	5.1	5.3	5.1	5.3	5.1
Others	2.2	2.3	2.3	2.2	2.3
Consulting, Package Implementation & Others	32.4	32.3	33.3	32.6	33.1
Products, Platforms and Solutions	4.6	4.8	5.3	5.0	5.4
Products	2.9	3.2	3.7	3.3	3.8
BPM Platform	1.2	1.2	1.2	1.2	1.2
Others	0.5	0.4	0.4	0.5	0.4
Total	100.0	100.0	100.0	100.0	100.0

Revenues by Project Type

(in %)

	Quarter ended			LTM
	Sep 30, 2014	June 30, 2014	Sep 30, 2013	Sep 30, 2014	Sep 30, 2013
Fixed Price	41.4	40.1	40.2	41.0	40.5
Time & Materials	58.6	59.9	59.8	59.0	59.5
Total	100.0	100.0	100.0	100.0	100.0

• Excluding products

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Fact Sheet Consolidated Financial Data - Second Quarter, Fiscal 2015 Infosys Building Tomorrow's Enterprise

Revenues by Industry

(in %)

	Quarter ended			LTM
	Sep 30, 2014	June 30, 2014	Sep 30, 2013	Sep 30, 2014	Sep 30, 2013
Banking & Financial Services, Insurance	32.8	33.4	33.4	33.3	33.7
Banking & financial services	26.8	27.4	27.1	27.2	27.0
Insurance	6.0	6.0	6.3	6.1	6.7
Manufacturing	23.3	23.2	23.2	23.1	22.4
Retail & Life Sciences	23.4	23.8	24.2	23.9	24.2
Retail & CPG	15.3	15.8	15.7	15.7	15.7
Transport & Logistics	1.5	1.5	1.8	1.6	1.8
Life Sciences	4.7	4.6	4.6	4.7	4.7
Healthcare	1.9	1.9	2.1	1.9	2.0
Energy, Utilities, Communications & Services	20.5	19.6	19.2	19.7	19.7
Energy & Utilities	5.5	5.1	5.1	5.3	5.1
Telecom	8.9	8.7	8.3	8.5	8.9
Others	6.1	5.8	5.8	5.9	5.7
Total	100.0	100.0	100.0	100.0	100.0

Client Data

	Quarter ended			Year ended
	Sep 30, 2014	June 30, 2014	Sep 30, 2013	Mar 31, 2014	Mar 31, 2013
Number of Clients
Active	912	910	873	890	798
Added during the period (gross)	49	61	68	238	235
Number of million dollar clients*
1 Million dollar +	526	520	469	501	448
5 Million dollar +	237	235	221	232	213
10 Million dollar +	150	148	146	148	137
25 Million dollar +	83	78	77	78	69
50 Million dollar +	43	43	40	42	40
75 Million dollar +	27	24	24	24	23
100 Million dollar +	13	12	15	13	12
200 Million dollar +	3	3	3	3	3
300 Million dollar +	-	1	-	1	-
Client contribution to revenues
Top client	3.4%	3.4%	3.9%	3.8%	3.8%
Top 5 clients	13.6%	13.7%	15.0%	14.4%	15.2%
Top 10 clients	22.9%	22.9%	24.5%	23.8%	24.6%
Repeat business	98.1%	99.0%	98.3%	97.7%	97.8%
Account receivables-LTM(in days)#	63	67	62	62	64

*LTM (Last twelve months) Revenues

excluding Lodestone

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Fact Sheet Consolidated Financial Data - Second Quarter, Fiscal 2015 Infosys Building Tomorrow's Enterprise

Effort and Utilization - Consolidated IT Services

(in %)

	Quarter ended			LTM
	Sep 30, 2014	June 30, 2014	Sep 30, 2013	Sep 30, 2014	Sep 30, 2013
Effort
Onsite	28.7	29.2	31.2	29.3	31.3
Offshore	71.3	70.8	68.8	70.7	68.7
Revenues
Onsite	54.6	54.5	56.6	54.7	56.6
Offshore	45.4	45.5	43.4	45.3	43.4
Utilization
Including trainees	75.2	74.8	73.1	73.8	69.9
Excluding trainees	82.3	80.1	77.5	79.0	73.4

Person Months Data - Consolidated IT Services

	Quarter ended			LTM
	Sep 30, 2014	June 30, 2014	Sep 30, 2013	Sep 30, 2014	Sep 30, 2013
Billed – Onsite	80,965	80,066	82,156	318,734	314,477
– Offshore	201,333	193,980	181,107	768,938	690,335
TOTAL	282,298	274,046	263,263	1,087,672	1,004,812
Non Billable	60,742	68,098	76,565	289,171	363,572
Trainee	32,152	24,413	20,303	96,109	70,002
Sales & Support	22,770	22,344	23,252	90,120	93,592
TOTAL	397,962	388,901	383,383	1,563,072	1,531,978

Consolidated IT Services

	Quarter ended						LTM
	Sep 30, 2014	Sequential growth %	June 30, 2014	Sequential growth %	Sep 30, 2013	Sequential growth %	Sep 30, 2014	Year on Year growth %	Sep 30, 2013	Year on Year growth %
Effort - (Person months)
Onsite	80,965	1.1	80,066	2.2	82,156	0.7	318,734	1.4	314,477	15.0
Offshore	201,333	3.8	193,980	3.2	181,107	4.3	768,938	11.4	690,335	8.4
Total	282,298	3.0	274,046	2.9	263,263	3.1	1,087,672	8.2	1,004,812	10.4
Revenues - ($ million)
Onsite	1,089.94	3.8	1,050.43	2.1	1,053.10	2.1	4,208.64	4.8	4,017.08	16.0
Offshore	906.34	3.4	876.16	3.0	807.42	6.1	3,479.05	12.8	3,084.71	5.3
Total	1,996.28	3.6	1,926.59	2.5	1,860.52	3.8	7,687.69	8.2	7,101.79	11.1

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Fact Sheet Consolidated Financial Data - Second Quarter, Fiscal 2015 Infosys Building Tomorrow's Enterprise

Employee Metrics

(Nos.)

	Quarter ended			Year ended
	Sep 30, 2014	June 30, 2014	Sep 30, 2013	Mar 31, 2014	Mar 31, 2013
Total employees	1,65,411	1,61,284	1,60,227	1,60,405	1,56,688
S/W professionals	1,55,745	1,51,848	1,50,489	1,51,059	1,47,008
Billable	1,40,219	1,37,038	136,426	1,37,391	1,35,392
Banking product group	5,367	5,721	6,580	6,254	7,249
Trainees	10,159	9,089	7,483	7,414	4,367
Sales & Support	9,666	9,436	9,738	9,346	9,680
Gross addition	14,255	11,506	12,168	39,985	37,036
Of which lateral addition	4,774	3,954	3,806	12,247	16,781
Attrition	10,128	10,627	9,204	36,268	30,342
Net addition	4,127	879	2,964	3,717	6,694
Attrition % (LTM)*	20.1%	19.5%	17.3%	18.7%	16.3%

• Excluding subsidiaries

Infrastructure (as on Sep 30, 2014)

	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	51,75,125	35,509	-	-	5.0
Bhubaneswar	9,92,480	4,974	4,67,434	3,198
Chandigarh	11,93,052	6,500	-	-
Chennai	42,58,392	25,342	-	-
Delhi - NCR	1,28,043	988	1,50,174	1,000
Hyderabad	42,80,751	26,319	6,43,331	-
Jaipur	3,74,139	3,422	4,04,106	4,000
Mangalore	15,42,969	6,902	10,06,667	4,800
Mysore (including ILI)*	1,15,16,757	15,661	5,813	-
Pune	54,82,482	32,758	11,02,243	4,304	0.5
Thiruvananthapuram	9,83,255	8,126	16,68,542	4,894
Mohali	-	-	-	-	50.0
Global Centers	17,97,399	17,504	-	-
Total	3,77,24,844	1,84,005	54,48,310	22,196	55.5

*Infosys Leadership Institute

Rupee Dollar Rate (₹)

	Quarter ended			Year ended
	Sep 30, 2014	June 30, 2014	Sep 30, 2013	Mar 31, 2014	Mar 31, 2013
Period closing rate	61.75	60.18	62.61	59.92	54.29
Period average rate	60.63	59.85	62.77	60.75	54.54

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Fact Sheet Consolidated Financial Data - Second Quarter, Fiscal 2015 Infosys Building Tomorrow's Enterprise

Constant Currency Reporting

Reported revenues	Q2 15	Q1 15	Q4 14	Q3 14	Q2 14
Revenues ($ mn)	2,201	2,133	2,092	2,100	2,066
Sequential growth %	3.1	2.0	(0.4)	1.7	3.8
YoY growth %	6.5	7.1	7.9	9.9	15.0
Constant currency – Q o Q	Q2 15	Q1 15	Q4 14	Q3 14	Q2 14
---	---	---	---	---	---
Revenues ($ mn)	2,217	2,124	2,091	2,091	2,074
Sequential growth (%)	3.9	1.5	(0.4)	1.2	4.2
Constant currency – Y o Y	Q2 15	Q1 15	Q4 14	Q3 14	Q2 14
---	---	---	---	---	---
Revenues ($ mn)	2,197	2,123	2,109	2,122	2,086
YoY growth (%)	6.3	6.6	8.8	11.0	16.1

Notes:

Basis of computation

1. Foreign exchange rates are as per FEDAI.
2. Average rates for major global currencies:

Average rate of USD	Q2 15	Q1 15	FY 14	Q4 14	Q3 14	Q2 14
AUD	0.92	0.93	0.93	0.90	0.92	0.92
EURO	1.32	1.37	1.35	1.37	1.37	1.34
GBP	1.66	1.69	1.60	1.66	1.62	1.56

1. Proportion of revenues from major global currencies:

Revenues by currency (%)	Q2 15	Q1 15	FY 14	Q4 14	Q3 14	Q2 14
AUD	8.2	8.2	7.9	8.1	7.9	7.6
EURO	10.4	10.6	10.3	10.8	10.4	10.1
GBP	5.9	5.8	5.9	6.0	6.0	5.9

Q2 2015

Geographical segment - growth

North America grew by 3.1% sequentially; and 3.2% in constant currency. Europe grew by 4.2% sequentially; and 6.5% in constant currency. India declined by 5.1% sequentially; and 4.0% in constant currency. Rest of the world grew by 2.8% sequentially; and 4.2% in constant currency.

Industry segment - growth

FSI grew by 1.2% sequentially; and 2.0% in constant currency. MFG grew by 3.6% sequentially; and 4.5% in constant currency. RCL grew by 1.5% sequentially; and 2.0% in constant currency. ECS grew by 7.8% sequentially; and 8.8% in constant currency.

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