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Regd. Office: Electronics City, Hosur Road Bangalore 560 100, India Tel : 91 80 2852 0261 Fax : 91 80 2852 0362
S. Gopalakrishnan
Chief Executive Officer and Managing Director
S. D. Shibulal
Chief Operating Officer
June 30, 2007 Income from software services, products and business process management Software development and business process management expenses Gross profit Selling and marketing expenses General and administration expenses Operating profit before interest, depreciation, exceptional items and minority interest Interest Depreciation Operating profit before tax , exceptional items and minority interest Other income, net Provision for investments Net profit before tax, exceptional items and minority interest Provision for taxation* Net profit after tax and before exceptional items and minority interest Income on sale of investments (net of taxes) Net profit after tax, exceptional items and before minority interest Minority interest Net profit after tax , exceptional items and minority interest Earnings per share (Equity shares, par value Rs. 5/- each)** Before exceptional items Basic Diluted After exceptional items Basic Diluted 3,773 2,169 1,604 205 315 1,084 144 940 253 1,193 114 1,079 1,079 1,079
June 30, 2006 3,015 1,666 1,349 204 256 889 106 783 128 3 908 106 802 6 808 8 800
Year-on-year Growth (%) 25.1 30.2 18.9 0.5 23.0 21.9 35.9 20.1 97.7 31.4 7.5 34.5 33.5 34.9
March 31, 2007 3,772 2,021 1,751 268 286 1,197 145 1,052 119 (1) 1,172 27 1,145 1,145 1 1,144
Sequential Growth (%) 7.3 (8.4) (23.5) 10.1 (9.4) (0.7) (10.6) 112.6 1.8 322.2 (5.8) (5.8) (5.7)
* The net profit for the quarter ended March 31 2007 and June 30, 2007 includes reversal of tax provisions amounting to Rs. 124 crore and Rs. 51 crore respectively. ** Adjusted for issue of bonus shares in the ratio of 1:1 allotted on July 15, 2006
Balance sheet
in Rs. crore
June 30, 2007 Sources of funds Shareholders funds Minority interest Application of funds Fixed assets Investments Sundry debtors Cash and bank balances Deferred tax assets Other net current assets 12,339 4 12,343 3,963 2,496 5,133 99 652 12,343
March 31, 2007 11,255 4 11,259 3,771 25 2,436 5,871 92 (936) 11,259
June 30, 2007 Revenues Cost of revenues Gross profit Operating expenses Selling and marketing expenses General and administrative expenses Amortization of intangible assets Total operating expenses Operating income Gain on sale of long term investment Other income, net Income before income taxes and minority interest Provision for income taxes* Income before minority interest Minority interest Net income Earnings per equity share** Basic Diluted 928 569 359 51 77 2 130 229 62 291 28 263 263 0.46 0.46
June 30, 2006 660 389 271 45 56 101 170 1 28 199 23 176 2 174 0.32 0.31
Year-on-year Growth (%) 40.6 46.3 32.5 13.3 37.5 28.7 34.7 121.4 46.2 21.7 49.4 51.1 43.8 48.4
March 31, 2007 863 497 366 62 66 1 129 237 28 265 6 259 259 0.46 0.45
Sequential Growth (%) 7.5 14.5 (1.9) (17.7) 16.7 100.0 0.8 (3.4) 121.4 9.8 366.7 1.5 1.5 2.2
* The net income for the quarter ended March 31 2007 and June 30, 2007 includes reversal of tax provisions amounting to $29 million and $13 million respectively. ** Adjusted for stock split
Cash and cash equivalents Investments in liquid mutual fund units Trade accounts receivable, net of allowances Property plant and equipment Other assets Total assets Other liabilities Total stockholders equity Total liabilities and stockholders equity
June 30, 2007 1,587 615 832 386 3,420 375 3,045 3,420
March 31, 2007 1,403 6 565 738 361 3,073 356 2,717 3,073
Software development expenses / total revenue (%) Gross profit / total revenue (%) SG&A expenses / total revenue (%) Operating profit / total revenue (%) Tax / PBT (%)**** Days sales outstanding (DSO) Cash and cash equivalents / total assets (%) *** ROCE (PBIT / average capital employed) (%) (LTM) Return on average invested capital (%) (LTM)***
*** Investments in liquid mutual fund units have been considered as cash and cash equivalents for the above ratio analysis **** The effective tax rate for the quarter ended March 31 2007 and June 30, 2007 has been calculated excluding the reversal of tax provisions amounting to Rs. 124 crore and Rs. 51 crore respectively. LTM - Last Twelve Months
Additional Information
The following information for the quarter ended June 30, 2007 is available in the Investors section of our website (www.infosys.com) 1. Audited balance sheet, profit & loss account, cash flow statement, schedules, significant accounting policies and notes on accounts for the quarter ended June 30, 2007 and the related auditors report : Indian GAAP standalone and Indian GAAP consolidated 2. Quarterly report on Form 6-K for the quarter ended June 30, 2007 filed with the United States Securities and Exchange Commission, including the US GAAP financial statements, managements discussion and analysis of financial condition and results of operations, and risk factors 3. Ratio analysis and shareholder information This Report is furnished to investors for informational purposes only. Investors should continue to rely on the official filed versions of financial statements and related information and not rely on this report while making investment decisions. Investors in our securities registered and traded in the United States of America should rely on official filings with the United States Securities and Exchange Commission.
Safe Harbor
Certain statements in this report are forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended, including statements related to our expectations regarding revenues and consolidated earnings per American Depositary Share. Such statements 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 the success of our investments, risks and uncertainties regarding fluctuations in earnings, 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 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, 2007, and our other recent filings. These filings are available at www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the companys 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.