|By PR Newswire||
|January 10, 2014 04:44 AM EST||
MYSORE, India, January 10, 2014 /PRNewswire/ --
- Q3 revenues grew by 1.7% quarter-on-quarter; 9.9% year-on-year
- Net profit grew by 20.9% quarter-on-quarter; 6.7% year-on-year
Consolidated results under International Financial Reporting Standards (IFRS) for the quarter ended December 31, 2013
- Revenues were $2,100 million for the quarter ended December 31, 2013
QoQ growth was 1.7%
YoY growth was 9.9%
- Net profit was $463 million for the quarter ended December 31, 2013
QoQ growth was 20.9%*
YoY growth was 6.7%
- Earnings per American Depositary Share (EPADS) was $0.81 for the quarter ended December 31, 2013
QoQ growth was 20.9%*
YoY growth was 6.6%
- Liquid assets including cash and cash equivalents, available-for-sale financial assets, certificates of deposits and government bonds were $4.4 billion as on December 31, 2013 versus $4.3 billion as on September 30, 2013
* including the provision for visa related matters made in quarter ended September 30, 2013
- Infosys and its subsidiaries added 54 clients during the quarter
- Gross addition of 6,682 employees for the quarter by Infosys and its subsidiaries
- 158,404 employees as on December 31, 2013 for Infosys and its subsidiaries
"The year ahead looks exciting for the IT services industry. We believe the global economic environment has improved and our clients are gaining confidence to invest in their strategic initiatives," said S. D. Shibulal, CEO and Managing Director. "We continue to differentiate ourselves to seize growth opportunities. The recent changes in organizational structure will enable us to strengthen client relationships and increase market share."
"During the quarter, we saw early but promising results of our initiatives to increase efficiency in our operations," said Rajiv Bansal, Chief Financial Officer. "We continue to remain focused on making investments necessary to secure and grow our future."
The company's outlook (consolidated) for the fiscal year ending March 31, 2014, under IFRS is as follows:
- Revenues are expected to grow 11.5%-12.0%
- We have partnered with a leading manufacturer, Diebold, to further its transformation journey and streamline its service, supply chain management, and financial operations processes.
- Our focus on Cloud and Big Data as new growth areas continues to yield results. We have executed more than 200 engagements and have won more than 20 deals this quarter. We have been formally inducted as a member of the steering committee of the global Open Data Center Alliance (ODCA) to help define the next generation of enterprise-ready Cloud and Big Data implementations.
- We are partnering with clients to create innovative solutions around the mobile device. This quarter we started more than 25 engagements across mobile field service, device management and enterprise productivity.
- Our Engineering Services business continues to see strong growth. With over 150 active clients, we had 52 wins this quarter across industries.
- Infosys Edge continues its momentum in the market as we invest in technologies like Social, Mobile, Analytics and Cloud. This quarter we had 14 wins - eight for platforms and six for products. We also launched TradeEdge, an insights-driven sales platform that help brands accurately sense and fulfill consumer demand while significantly improving sales and operational performance.
- Infosys Finacle™ sustained its business momentum in the quarter with eight new wins; 11 banks went live on the platform across India, Africa, Middle East and South East Asia.
- The District of Columbia's new online health insurance marketplace, DC Health Link, designed and implemented by Infosys Public Services Inc, successfully went live on October 1, 2013.
- To keep pace with the business momentum in the region, we expanded our presence in Australia with a new office in Sydney. Infosys BPO opened a new delivery center in Eindhoven, the Netherlands to strengthen its global footprint and reinforce its presence in Europe.
- During the third quarter, Infosys applied for 22 unique patent applications in India and the U.S. With this, we have 533 patent applications undergoing various stages of patent prosecution in India, the U.S. and other jurisdictions. We have been granted 143 patents by the United States Patent and Trademark Office, one patent by Australian Patent Office and three patents by the Luxembourg patent office.
Awards and Recognition
- We have been positioned in the winner's circle in HfS Enterprise Analytics Services Blueprint 2013. The report recognizes Infosys for its significant scale in analytics, execution excellence across service areas, and responsiveness to clients.
- Oracle has awarded us with its 2013 Oracle Excellence Award for 'Specialized Partner of the Year' - North America in the Services Partner of the Year, and Business Intelligence Partner of the Year categories. In addition, we were also awarded 2013 Oracle Excellence Award Honorable Mentions for 'Specialized Partner of the Year' - North America for Communications, Media and Entertainment; Energy & Utilities; and Financial Services. We were also awarded the 2013 APAC Oracle Excellence Award for 'Specialized Partner of the Year' - Industry.
- Avivia Health from Kaiser Permanente, recognized Infosys Public Services as a strategic partner to develop its innovative gamification platform to improve consumer engagement.
- The National Outsourcing Association (NOA) has presented Infosys and British Telecom with the 2013 award for excellence in telecommunication, utilities and hi-tech outsourcing.
- The CEB TowerGroup Mobile Banking Solutions Technology Analysis report and the Core Banking Systems for the Large Bank Market report, both recognized Infosys Finacle™ as a 'Best-in-Class' provider.
- Gartner's International Retail Core Banking report positioned Infosys Finacle™ as a Leader in its Magic Quadrant for International Retail Core Banking* for the seventh time in a row.
*Source: Gartner, Inc., "Magic Quadrant for International Retail Core Banking," Don Free and Ethan Wang, October 8, 2013. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings.
- Infosys BPO has been positioned in the Leaders category in Everest Group's Procurement Outsourcing (PO) Service Provider Landscape with PEAK Matrix Assessment 2013 report.
- We have won the prestigious Global Most Admired Knowledge Enterprise (MAKE) Award for the ninth time. We have also won the Asian MAKE Award eleven times in a row.
- At Asiamoney's annual Corporate Governance Poll 2013, we were recognized as the Best Overall for Corporate Governance, Responsibilities of Management and the Board of Directors, Disclosure and Transparency, Shareholders' Rights and Equitable Treatment, and Investor Relations.
- We received the 'Platinum' award at 'The Asset' Excellence in Management and Corporate Awards 2013.
- The IR global rankings 2013 ranked us third globally for corporate governance practices and second for IR website in India.
Induction of U.B. Pravin Rao and Kiran Mazumdar-Shaw
The Board of Directors appointed Mr. U B Pravin Rao as an Additional and Whole-time Director and Ms. Kiran Mazumdar-Shaw as an Additional (Independent) Director.
Mr. Pravin Rao is currently the President of the Company. He is responsible for driving growth and differentiation across a portfolio of businesses. These include Retail, Consumer Packaged Goods and Logistics, Life Sciences, Resources & Utilities, Services, Growth Markets, Cloud & Mobility, and Quality & Productivity. In addition, he is responsible for Global Delivery and Service Innovation. Pravin is also the Director of the Infosys Leadership Institute (ILI) globally. ILI is responsible for the selection, development, research and succession of senior and high-potential leaders. He has over 25 years of experience, working on engagements with clients, primarily in retail and financial services. Since joining Infosys in 1986, he has held a number of senior leadership roles such as Head of Infrastructure Management Services, Delivery Head for Europe, and Head of Retail, Consumer Packaged Goods, Logistics and Life Sciences. Pravin holds a degree in electrical engineering from Bangalore University, India.
Ms. Kiran Mazumdar-Shaw is the Chairman & Managing Director of Biocon Limited a biotechnology company based in Bangalore, India. Kiran is highly respected in the corporate world and has been named among TIME magazine's 100 most influential people in the world. Recently, Economic Times placed her at India Inc's top 10 most powerful women CEO for the year 2012. Her pioneering efforts in biotechnology have drawn global recognition both for Indian Industry and Biocon. She received a graduate honors degree in Zoology from Bangalore University (1973) and qualified as a Master Brewer from Ballarat University, Australia (1975). Kiran has also received many honorary Doctorates in recognition of her pre-eminent contributions to the field of biotechnology.
Retirement of David Boyles
In accordance with the retirement policy for the company's Board of Directors (attainment of 65 years of age for Independent Directors appointed to the Infosys Board prior to October 15, 2010), David L. Boyles, Independent Director, will retire from the Board effective January 17, 2014. David L. Boyles joined the Infosys Board in July 2005.
N. R. Narayana Murthy, Executive Chairman of the Board, said, "David has played an important role on the Board. His insights on Risk Management have benefitted the Company immensely and have helped us strengthen our approach to Risk Management. We thank David for his contribution to the Board and in particular to the Risk Management Committee, in his capacity as the Chair of the Committee. We will miss his knowledge and unique insights."
David L. Boyles thanked the Board and said, "I have had a rewarding association with Infosys over the past eight years. I would like to thank the Board of Directors for giving me an opportunity to be a part of the journey of this iconic company. I wish the company and its leaders the very best."
David L. Boyles has held senior leadership positions at large multinational corporations, including American Express, Bank of America and ANZ Banking Group. He retired from the ANZ and full-time corporate life in December 2003. David's most recent corporate position was that of Chief Operations Officer at ANZ Banking Group where he was responsible for Technology, Payments, Property, Strategic Sourcing and other shared services. He was also on the Board of ANZ Bank New Zealand and chaired the ANZ Group Operating Risks Executive Committee. Prior to ANZ, he was Senior Vice President, e-Commerce, at American Express. In this role, he was responsible for state-of-the-art online services and emerging technologies. His early roles with AMEXCO included Senior Vice President, Global Systems and Operations, Travellers Cheque Group. Earlier leadership positions include Downey Financial (Executive Vice President & Chief Operating Officer) and Bank of America (Senior Vice President, Consumer Markets). David has an MBA from Washington State University and an MA and BA (summa cum laude) in Psychology from UNC, Greeley and authored a book Maximising the Business Value of your Technology Investment (©2005, Infosys and Microsoft).
About Infosys Ltd
Infosys is a global leader in consulting, technology and outsourcing solutions. We enable clients, in more than 30 countries, to stay a step ahead of emerging business trends and outperform the competition. We help them transform and thrive in a changing world by co-creating breakthrough solutions that combine strategic insights and execution excellence.
Visit http://www.infosys.com to see how Infosys (NYSE: INFY), with US$7.4 billion in annual revenues and 158,000+ employees, is Building Tomorrow's Enterprise® today.
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, 2013 and on Form 6-K for the quarter ended September 30, 2013. 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 unless it is required by law.
Infosys Limited and subsidiaries
Unaudited Condensed Consolidated Balance Sheets as of
(Dollars in millions except share data)
December March 31, 31, 2013 2013 ASSETS Current assets Cash and cash equivalents $ 3,712 $4,021 Available-for-sale financial assets 418 320 Investment in certificates of deposit 106 - Trade receivables 1,447 1,305 Unbilled revenue 423 449 Derivative financial instruments - 19 Prepayments and other current assets 428 391 Total current assets 6,534 6,505 Non-current assets Property, plant and equipment 1,202 1,191 Goodwill 354 364 Intangible assets 60 68 Available-for-sale financial assets 203 72 Deferred income tax assets 98 94 Income tax assets 241 201 Other non-current assets 41 44 Total non-current assets 2,199 2,034 Total assets $8,733 $8,539 LIABILITIES AND EQUITY Current liabilities Derivative financial instruments $16 - Trade payables 29 35 Current income tax liabilities 318 245 Client deposits 7 6 Unearned revenue 142 152 Employee benefit obligations 148 113 Provisions 49 39 Other current liabilities 733 568 Total current liabilities 1,442 1,158 Non-current liabilities Deferred income tax liabilities 11 23 Other non-current liabilities 49 27 Total liabilities 1,502 1,208 Equity Share capital - `5 ($0.16) par value 600,000,000 equity shares authorized, issued and outstanding 571,402,566 each, net of 2,833,600 treasury shares each as of December 31, 2013 and March 31, 2013, respectively 64 64 Share premium 704 704 Retained earnings 8,405 7,666 Other components of equity (1,942) (1,103) Total equity attributable to equity holders of the company 7,231 7,331 Non-controlling interests - - Total equity 7,231 7,331 Total liabilities and equity $8,733 $8,539
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, 2013 31, 2012 31, 2013 31, 2012 Revenues $2,100 $1,911 $6,157 $5,460 Cost of sales 1,341 1,203 3,974 3,376 Gross profit 759 708 2,183 2,084 Operating expenses: Selling and marketing expenses 104 99 327 277 Administrative expenses* 129 118 411 355 Total operating expenses 233 217 738 632 Operating profit 526 491 1,445 1,452 Other income, net 117 92 301 308 Profit before income taxes 643 583 1,746 1,760 Income tax expense 180 149 482 479 Net profit $463 $434 $1,264 $1,281 Other comprehensive income Items that will not be reclassified to profit or loss: Re-measurement of the net defined benefit liability/(asset) 4 - 10 - Items that may be reclassified subsequently to profit or loss: Fair value changes on available-for-sale financial asset, net of tax effect (10) - (14) - Exchange differences on translating foreign operations 91 (250) (844) (478) Total other comprehensive income $85 ($250) ($848) ($478) Total comprehensive income $548 $184 $416 $803 Profit attributable to: Owners of the company $463 $434 $1,264 $1,281 Non-controlling interests - - - - $463 $434 $1,264 $1,281 Total comprehensive income attributable to: Owners of the company $548 $184 $416 $803 Non-controlling interests - - - - $548 $184 $416 $803 Earnings per equity share Basic ($) 0.81 0.76 2.21 2.24 Diluted ($) 0.81 0.76 2.21 2.24 Weighted average equity shares used in computing earnings per equity share Basic 571,402,566 571,400,086 571,402,566 571,398,129 Diluted 571,402,566 571,400,417 571,402,566 571,399,018
(*) Administrative expenses for nine months ended December 31, 2013 include a charge of $ 35 million towards visa related matters.
1. The unaudited Condensed Consolidated Balance sheets and Condensed Consolidated Statements of Comprehensive Income for the three months and nine months ended December 31, 2013 have been taken on record at the Board meeting held on January 10, 2014
2. A Fact Sheet providing the operating metrics of the company can be downloaded from http://www.infosys.com
INR Press Release: http://multivu.prnewswire.com/mnr/prne/operations/INR-Press-Release.pdf
Sarah Vanita Gideon, India
Ken Montgomery, Golin Harris for Infosys, US
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, will demonstrate how to move beyond today's coding paradigm ...
Jun. 29, 2016 07:00 PM EDT Reads: 422
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
Jun. 29, 2016 05:30 PM EDT Reads: 1,031
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2016 Silicon Valley. The 19th Cloud Expo and 6th @ThingsExpo will take place on November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Interne...
Jun. 29, 2016 04:15 PM EDT Reads: 428
"We work in the area of Big Data analytics and Big Data analytics is a very crowded space - you have Hadoop, ETL, warehousing, visualization and there's a lot of effort trying to get these tools to talk to each other," explained Mukund Deshpande, head of the Analytics practice at Accelerite, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jun. 29, 2016 04:15 PM EDT Reads: 407
The idea of comparing data in motion (at the sensor level) to data at rest (in a Big Data server warehouse) with predictive analytics in the cloud is very appealing to the industrial IoT sector. The problem Big Data vendors have, however, is access to that data in motion at the sensor location. In his session at @ThingsExpo, Scott Allen, CMO of FreeWave, discussed how as IoT is increasingly adopted by industrial markets, there is going to be an increased demand for sensor data from the outermos...
Jun. 29, 2016 04:00 PM EDT Reads: 357
UAS, drones or unmanned aircraft, no matter what you call them — this was their week. Our news stream was flooded with updates on the newly announced rules and regulations for commercial UAS from the FAA. So, naturally we have dedicated this week’s top news round up to highlight some of our favorite UAS stories.
Jun. 29, 2016 03:02 PM EDT Reads: 275
Internet of @ThingsExpo has announced today that Chris Matthieu has been named tech chair of Internet of @ThingsExpo 2016 Silicon Valley. The 6thInternet of @ThingsExpo will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Jun. 29, 2016 03:00 PM EDT Reads: 357
CenturyLink has announced that application server solutions from GENBAND are now available as part of CenturyLink’s Networx contracts. The General Services Administration (GSA)’s Networx program includes the largest telecommunications contract vehicles ever awarded by the federal government. CenturyLink recently secured an extension through spring 2020 of its offerings available to federal government agencies via GSA’s Networx Universal and Enterprise contracts. GENBAND’s EXPERiUS™ Application...
Jun. 29, 2016 02:00 PM EDT Reads: 384
Basho Technologies has announced the latest release of Basho Riak TS, version 1.3. Riak TS is an enterprise-grade NoSQL database optimized for Internet of Things (IoT). The open source version enables developers to download the software for free and use it in production as well as make contributions to the code and develop applications around Riak TS. Enhancements to Riak TS make it quick, easy and cost-effective to spin up an instance to test new ideas and build IoT applications. In addition to...
Jun. 29, 2016 02:00 PM EDT Reads: 655
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
Jun. 29, 2016 01:15 PM EDT Reads: 345
When people aren’t talking about VMs and containers, they’re talking about serverless architecture. Serverless is about no maintenance. It means you are not worried about low-level infrastructural and operational details. An event-driven serverless platform is a great use case for IoT. In his session at @ThingsExpo, Animesh Singh, an STSM and Lead for IBM Cloud Platform and Infrastructure, will detail how to build a distributed serverless, polyglot, microservices framework using open source tec...
Jun. 29, 2016 12:30 PM EDT Reads: 557
Presidio has received the 2015 EMC Partner Services Quality Award from EMC Corporation for achieving outstanding service excellence and customer satisfaction as measured by the EMC Partner Services Quality (PSQ) program. Presidio was also honored as the 2015 EMC Americas Marketing Excellence Partner of the Year and 2015 Mid-Market East Partner of the Year. The EMC PSQ program is a project-specific survey program designed for partners with Service Partner designations to solicit customer feedbac...
Jun. 29, 2016 11:00 AM EDT Reads: 592
Apixio Inc. has raised $19.3 million in Series D venture capital funding led by SSM Partners with participation from First Analysis, Bain Capital Ventures and Apixio’s largest angel investor. Apixio will dedicate the proceeds toward advancing and scaling products powered by its cognitive computing platform, further enabling insights for optimal patient care. The Series D funding comes as Apixio experiences strong momentum and increasing demand for its HCC Profiler solution, which mines unstruc...
Jun. 29, 2016 11:00 AM EDT Reads: 516
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
Jun. 29, 2016 11:00 AM EDT Reads: 482
IoT offers a value of almost $4 trillion to the manufacturing industry through platforms that can improve margins, optimize operations & drive high performance work teams. By using IoT technologies as a foundation, manufacturing customers are integrating worker safety with manufacturing systems, driving deep collaboration and utilizing analytics to exponentially increased per-unit margins. However, as Benoit Lheureux, the VP for Research at Gartner points out, “IoT project implementers often ...
Jun. 29, 2016 10:45 AM EDT Reads: 564
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jun. 29, 2016 10:30 AM EDT Reads: 510
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Jun. 29, 2016 10:00 AM EDT Reads: 1,298
Connected devices and the industrial internet are growing exponentially every year with Cisco expecting 50 billion devices to be in operation by 2020. In this period of growth, location-based insights are becoming invaluable to many businesses as they adopt new connected technologies. Knowing when and where these devices connect from is critical for a number of scenarios in supply chain management, disaster management, emergency response, M2M, location marketing and more. In his session at @Th...
Jun. 29, 2016 09:45 AM EDT Reads: 1,260
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to imp...
Jun. 29, 2016 09:45 AM EDT Reads: 947
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
Jun. 29, 2016 09:15 AM EDT Reads: 1,461