Infosys Ltd. — Interim / Quarterly Report 2016

Jan 14, 2016

Fact Sheet Consolidated Financial Data - Third Quarter, Fiscal 2016 Infosys

Statement of Comprehensive Income for three months ended,

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

Particulars	Dec 31,		Growth (%)	Sep 30, 2015	Growth % Q3 16 over Q2 16
	2015	2014
Revenues	15,902	13,796	15.3	15,635	1.7
Cost of sales	9,990	8,462	18.1	9,724	2.7
Gross Profit	5,912	5,334	10.8	5,911	0.0
Operating Expenses:
Selling and marketing expenses	859	770	11.6	843	1.9
Administrative expenses	1,094	875	25.0	1,075	1.8
Total Operating Expenses	1,953	1,645	18.7	1,918	1.8
Operating Profit	3,959	3,689	7.3	3,993	(0.9)
Other income, net	802	840	(4.5)	793	1.1
Share in associate's profit/(loss)	-	-	-	(1)	-
Profit before income taxes	4,761	4,529	5.1	4,785	(0.5)
Income tax expense	1,296	1,279	1.3	1,387	(6.6)
Net Profit	3,465	3,250	6.6	3,398	2.0
Earnings per equity share
Basic (₹)	15.16	14.22	6.6	14.87	2.0
Diluted (₹)	15.16	14.22	6.6	14.87	2.0

Note – Previous period EPS numbers have been restated due to issue of bonus shares in Jun-15

Statement of Comprehensive Income for nine months ended,

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

Particulars	Dec 31,		Growth (%)
	2015	2014
Revenues	45,891	39,908	15.0
Cost of sales	28,837	24,709	16.7
Gross Profit	17,054	15,199	12.2
Operating Expenses:
Selling and marketing expenses	2,522	2,205	14.4
Administrative expenses	3,132	2,611	20.0
Total Operating Expenses	5,654	4,816	17.4
Operating Profit	11,400	10,383	9.8
Other income, net	2,353	2,546	(7.6)
Share in associate's profit/(loss)	(2)	-	-
Profit before income taxes	13,751	12,929	6.4
Income tax expense	3,857	3,697	4.3
Net Profit	9,894	9,232	7.2
Earnings per equity share
Basic (₹)	43.29	40.39	7.2
Diluted (₹)	43.29	40.39	7.2

Note – Previous period EPS numbers have been restated due to issue of bonus shares in Jun-15

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Fact Sheet Consolidated Financial Data - Third Quarter, Fiscal 2016 Infosys

Statement of Comprehensive Income for three months ended,

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

Particulars	Dec 31,		Growth (%)	Sep 30, 2015	Growth % Q3 16 over Q2 16
	2015	2014
Revenues	2,407	2,218	8.5	2,392	0.6
Cost of sales	1,512	1,360	11.2	1,488	1.6
Gross Profit	895	858	4.3	904	(1.0)
Operating Expenses:
Selling and marketing expenses	130	124	4.8	129	0.8
Administrative expenses	166	142	16.9	165	0.6
Total Operating Expenses	296	266	11.3	294	0.7
Operating Profit	599	592	1.2	610	(1.8)
Other income, net	121	136	(11.0)	121	0.0
Share in associate's profit/(loss)	-	-	-	-	-
Profit before income taxes	720	728	(1.1)	731	(1.5)
Income tax expense	196	206	(4.9)	212	(7.5)
Net Profit	524	522	0.4	519	0.9
Earnings per equity share
Basic ($)	0.23	0.23	0.4	0.23	0.9
Diluted ($)	0.23	0.23	0.4	0.23	0.9

Note – Previous period EPS numbers have been restated due to issue of bonus shares in Jun-15

Statement of Comprehensive Income for nine months ended,

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

Particulars	Dec 31,		Growth (%)
	2015	2014
Revenues	7,055	6,552	7.7
Cost of sales	4,435	4,057	9.3
Gross Profit	2,620	2,495	5.0
Operating Expenses:
Selling and marketing expenses	388	362	7.2
Administrative expenses	482	430	12.1
Total Operating Expenses	870	792	9.8
Operating Profit	1,750	1,703	2.8
Other income, net	362	419	(13.6)
Share in associate's profit/(loss)	-	-	-
Profit before income taxes	2,112	2,122	(0.5)
Income tax expense	593	607	(2.3)
Net Profit	1,519	1,515	0.3
Earnings per equity share
Basic ($)	0.66	0.66	0.3
Diluted ($)	0.66	0.66	0.3

Note – Previous period EPS numbers have been restated due to issue of bonus shares in Jun-15

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Fact Sheet Consolidated Financial Data - Third Quarter, Fiscal 2016 Infosys

Revenues by Geographical Segment

(In %)

	Quarter ended			LTM
	Dec 31, 2015	Sep 30, 2015	Dec 31, 2014	Dec 31, 2015	Dec 31, 2014
North America	62.5	63.3	61.6	63.0	60.8
Europe	23.2	22.9	24.0	22.9	24.6
India	2.8	2.3	2.5	2.4	2.4
Rest of the World	11.5	11.5	11.9	11.7	12.2
Total	100.0	100.0	100.0	100.0	100.0

Revenues by Service Offering

(in %)

	Quarter ended			LTM
	Dec 31, 2015	Sep 30, 2015	Dec 31, 2014	Dec 31, 2015	Dec 31, 2014
Business IT Services	61.2	62.3	62.8	62.0	62.8
Application Development	14.1	14.0	14.9	14.1	15.6
Application Maintenance	19.1	19.6	19.5	19.6	19.1
Infrastructure Management Services	7.5	8.7	8.2	8.2	7.8
Testing Services	9.2	9.0	9.1	9.0	9.3
Product Engineering Services	3.4	3.3	3.4	3.4	3.4
Business Process Management	4.9	4.9	5.4	5.0	5.3
Others	3.0	2.8	2.3	2.7	2.3
Consulting, Package Implementation & Others	33.8	32.8	32.6	33.0	32.4
Products, Platforms and Solutions	5.0	4.9	4.6	5.0	4.8
Products	3.0	2.8	2.9	3.1	3.1
BPM Platform	0.9	1.0	1.1	1.0	1.2
Others	1.1	1.1	0.6	0.9	0.5
Total	100.0	100.0	100.0	100.0	100.0

Revenues by Project Type*

(in %)

	Quarter ended			LTM
	Dec 31, 2015	Sep 30, 2015	Dec 31, 2014	Dec 31, 2015	Dec 31, 2014
Fixed Price	44.6	44.0	42.9	43.7	41.5
Time & Material	55.4	56.0	57.1	56.3	58.5
Total	100.0	100.0	100.0	100.0	100.0

• Excluding products

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Fact Sheet Consolidated Financial Data - Third Quarter, Fiscal 2016 Infosys

Revenues by Industry

(in %)

	Quarter ended			LTM
	Dec 31, 2015	Sep 30, 2015	Dec 31, 2014	Dec 31, 2015	Dec 31, 2014
Banking & Financial Services, Insurance	33.5	32.8	33.1	33.2	33.2
Banking & financial services	27.6	27.2	26.8	27.3	27.1
Insurance	5.9	5.6	6.3	5.9	6.1
Manufacturing	22.8	23.8	23.4	23.6	23.2
Retail & Life Sciences	24.3	24.6	23.5	24.2	23.7
Retail & CPG	14.7	14.9	14.9	15.0	15.4
Transport & Logistics	1.9	1.9	1.5	1.7	1.6
Life Sciences	5.8	5.9	5.1	5.6	4.8
Healthcare	1.9	1.9	2.0	1.9	1.9
Energy, Utilities, Communications & Services	19.4	18.8	20.0	19.0	19.9
Energy & Utilities	5.1	4.7	4.9	4.7	5.2
Telecom	8.0	7.9	8.7	8.1	8.7
Others	6.3	6.2	6.4	6.2	6.0
Total	100.0	100.0	100.0	100.0	100.0

Client Data

	Quarter ended			Year ended
	Dec 31, 2015	Sep 30, 2015	Dec 31, 2014	March 31, 2015	March 31, 2014
Number of Clients
Active	1045	1011	932	950	890
Added during the period (gross)	75	82	59	221	238
Number of million dollar clients*
1 Million dollar +	555	542	532	529	501
5 Million dollar +	261	258	240	244	232
10 Million dollar +	171	169	154	159	148
25 Million dollar +	89	85	83	83	78
50 Million dollar +	51	50	46	47	42
75 Million dollar +	28	31	29	29	24
100 Million dollar +	13	14	14	15	13
200 Million dollar +	6	6	4	4	3
300 Million dollar +	1	1	-	-	1
Client contribution to revenues
Top client	3.5%	3.7%	3.2%	3.3%	3.8%
Top 5 clients	13.9%	14.0%	13.3%	13.5%	14.4%
Top 10 clients	22.6%	22.8%	22.4%	22.7%	23.8%
Repeat business	96.8%	97.6%	97.4%	97.8%	97.7%
Days Sales Outstanding	65	64	61	65	62

*LTM (Last twelve months) Revenues

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Fact Sheet Consolidated Financial Data - Third Quarter, Fiscal 2016 Infosys

Effort and Utilization - Consolidated IT Services

(in %)

	Quarter ended			LTM
	Dec 31, 2015	Sep 30, 2015	Dec 31, 2014	Dec 31, 2015	Dec 31, 2014
Effort
Onsite	29.5	29.2	28.5	29.2	28.9
Offshore	70.5	70.8	71.5	70.8	71.1
Revenues
Onsite	56.5	56.1	54.8	56.0	54.7
Offshore	43.5	43.9	45.2	44.0	45.3
Utilization
Including trainees	74.2	75.4	75.7	74.6	74.7
Excluding trainees	80.6	81.3	82.7	80.2	80.5

Person Months Data - Consolidated IT Services

	Quarter ended			LTM
	Dec 31, 2015	Sep 30, 2015	Dec 31, 2014	Dec 31, 2015	Dec 31, 2014
Billed – Onsite	98,799	94,593	83,943	370,562	323,302
– Offshore	235,562	229,737	210,273	897,793	793,467
TOTAL	334,361	324,330	294,216	1,268,355	1,116,769
Non Billable	80,249	74,492	61,564	313,217	271,117
Trainee	35,797	31,280	32,902	119,529	107,854
Sales & Support	26,778	26,015	23,115	101,311	90,512
TOTAL	477,185	456,117	411,797	1,802,412	1,586,252

Consolidated IT Services

	Quarter ended						LTM
	Dec 31, 2015	Sequential growth %	Sep 30, 2015	Sequential growth %	Dec 31, 2014	Sequential growth %	Dec 31, 2015	Year on Year growth %	Dec 31, 2014	Year on Year growth %
Effort - (Person months)
Onsite	98,799	4.4	94,593	3.5	83,943	3.7	370,562	14.6	323,302	1.0
Offshore	235,562	2.5	229,737	3.7	210,273	4.4	897,793	13.1	793,467	12.0
Total	334,361	3.1	324,330	3.7	294,216	4.2	1,268,355	13.6	1,116,769	8.5
Revenues - ($ million)
Onsite	1,233.00	1.3	1,217.56	6.5	1,101.80	1.1	4,670.07	9.4	4,270.56	4.1
Offshore	948.13	(0.4)	951.65	6.2	907.82	0.2	3,669.35	3.6	3,540.72	11.7
Total	2,181.13	0.5	2,169.21	6.3	2,009.62	0.7	8,339.42	6.8	7,811.28	7.4

Revenue per FTE

(In US $ '000)

	Quarter ended			Year Ended
	Dec 31, 2015	Sep 30, 2015	Dec 31, 2014	March 31, 2015	March 31, 2014
Revenue per FTE - Consolidated	50.5	51.2	52.7	52.3	51.9

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Fact Sheet Consolidated Financial Data - Third Quarter, Fiscal 2016 Infosys

Employee Metrics

(Nos.)

	Quarter ended			Year ended
	Dec 31, 2015	Sep 30, 2015	Dec 31, 2014	March 31, 2015	March 31, 2014
Total employees	1,93,383	1,87,976	1,69,638	1,76,187	1,60,405
S/W professionals	1,82,045	1,77,110	1,59,772	1,66,046	1,51,059
Billable	1,67,013	1,62,758	147,125	1,54,504	1,37,391
Banking product group	5,199	5,369	5,345	5,357	6,254
Trainees	9,833	8,983	7,302	6,185	7,414
Sales & Support	11,338	10,866	9,866	10,141	9,346
Gross addition	14,027	17,595	13,154	53,386	39,985
Of which lateral addition	6,115	7,452	6,094	23,156	12,247
Attrition	8,620	9,142	8,927	37,604	36,268
Net addition	5,407	8,453	4,227	15,782	3,717
Attrition % (Annualized Standalone)	13.4%	14.1%	18.2%	18.9%	18.7%
Attrition % (Annualized Consolidated)	18.1%	19.9%	21.3%	22.3%	22.9%

Infrastructure (as on Dec 31, 2015)

	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	5,488,293	38,121	96,484	190	1.0
Pune	6,713,222	36,786	-	-	-
Chennai	4,276,536	25,293	-	-	-
Hyderabad	4,924,082	25,985	169,616	-	-
Bhubaneshwar	1,205,410	6,168	724,796	2,592	-
Mangalore	1,945,636	6,821	604,000	4,800	-
Mysore (including ILI)*	11,541,909	15,576	546,000	5,000	-
Chandigarh	1,193,052	6,525	-	-	-
Trivandrum	2,031,866	7,595	810,978	6,995	-
Delhi/ NCR	128,043	986	173,235	1,300	-
Jaipur	778,245	6,955	-	-	-
Global centers	2,071,232	20,037	847,420	4,500	-
Total	42,297,526	196,848	3,972,529	25,377	1.0

*Infosys Leadership Institute

Rupee Dollar Rate (₹)

	Quarter ended			Year ended
	Dec 31, 2015	Sep 30, 2015	Dec 31, 2014	March 31, 2015	March 31, 2014
Period closing rate	66.16	65.59	63.04	62.50	59.92
Period average rate	66.05	65.36	62.16	61.18	60.75

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Fact Sheet Consolidated Financial Data - Third Quarter, Fiscal 2016 Infosys

Constant Currency Reporting

Reported revenues	Q3 16	Q2 16	Q1 16	Q4 15	Q3 15
Revenues ($ mn)	2,407	2,392	2,256	2,159	2,218
Sequential growth %	0.6	6.0	4.5	(2.6)	0.8
YoY growth %	8.5	8.7	5.7	3.2	5.6
Constant currency – Q o Q	Q3 16	Q2 16	Q1 16	Q4 15	Q3 15
---	---	---	---	---	---
Revenues ($ mn)	2,418	2,412	2,254	2,208	2,258
Sequential growth (%)	1.1	6.9	4.4	(0.4)	2.6
Constant currency – Y o Y	Q3 16	Q2 16	Q1 16	Q4 15	Q3 15
---	---	---	---	---	---
Revenues ($ mn)	2,495	2,513	2,365	2,256	2,265
YoY growth (%)	12.5	14.2	10.9	7.8	7.9

Notes:

Basis of computation

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

Average rate of USD	Q3 16	Q2 16	Q1 16	FY 15	Q4 15	Q3 15
AUD	0.72	0.71	0.78	0.87	0.78	0.85
EURO	1.09	1.11	1.11	1.26	1.11	1.25
GBP	1.51	1.54	1.55	1.61	1.51	1.58

1. Proportion of revenues from major global currencies:

Revenue by currency (%)	Q3 16	Q2 16	Q1 16	FY 15	Q4 15	Q3 15
AUD	6.6	6.8	7.3	7.6	6.6	7.4
EURO	9.4	9.5	8.9	10.2	9.4	10.3
GBP	6.7	6.6	6.3	5.9	5.9	5.8

Q3 2016

Geographical segment - growth

North America declined by 0.6% sequentially; and 0.5% in constant currency

Europe grew by 2.1% sequentially; and 3.9% in constant currency

India grew by 23.1% sequentially; and 24.3% in constant currency

Rest of the world declined by 0.1% sequentially; and 0.3% in constant currency

Industry segment - growth

FSI grew by 2.7% sequentially; and 3.1% in constant currency

MFG declined by 3.7% sequentially; and 3.2% in constant currency

RCL declined by 0.5% sequentially; and 0.1% in constant currency

ECS grew by 4.2% sequentially; and 4.6% in constant currency

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