|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
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Jul. 27, 2016 09:15 AM EDT Reads: 1,345
The best-practices for building IoT applications with Go Code that attendees can use to build their own IoT applications. In his session at @ThingsExpo, Indraneel Mitra, Senior Solutions Architect & Technology Evangelist at Cognizant, provided valuable information and resources for both novice and experienced developers on how to get started with IoT and Golang in a day. He also provided information on how to use Intel Arduino Kit, Go Robotics API and AWS IoT stack to build an application tha...
Jul. 27, 2016 09:15 AM EDT Reads: 1,107
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
Jul. 27, 2016 09:00 AM EDT Reads: 426
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Jul. 27, 2016 08:45 AM EDT Reads: 903
IoT generates lots of temporal data. But how do you unlock its value? You need to discover patterns that are repeatable in vast quantities of data, understand their meaning, and implement scalable monitoring across multiple data streams in order to monetize the discoveries and insights. Motif discovery and deep learning platforms are emerging to visualize sensor data, to search for patterns and to build application that can monitor real time streams efficiently. In his session at @ThingsExpo, ...
Jul. 27, 2016 08:45 AM EDT Reads: 1,048
Verizon Communications Inc. (NYSE, Nasdaq: VZ) and Yahoo! Inc. (Nasdaq: YHOO) have entered into a definitive agreement under which Verizon will acquire Yahoo's operating business for approximately $4.83 billion in cash, subject to customary closing adjustments. Yahoo informs, connects and entertains a global audience of more than 1 billion monthly active users** -- including 600 million monthly active mobile users*** through its search, communications and digital content products. Yahoo also co...
Jul. 27, 2016 08:00 AM EDT Reads: 586
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
Jul. 27, 2016 06:30 AM EDT Reads: 1,463
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.
Jul. 27, 2016 04:45 AM EDT Reads: 2,269
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...
Jul. 27, 2016 04:30 AM EDT Reads: 2,499
Large scale deployments present unique planning challenges, system commissioning hurdles between IT and OT and demand careful system hand-off orchestration. In his session at @ThingsExpo, Jeff Smith, Senior Director and a founding member of Incenergy, will discuss some of the key tactics to ensure delivery success based on his experience of the last two years deploying Industrial IoT systems across four continents.
Jul. 27, 2016 04:00 AM EDT Reads: 1,563
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Jul. 27, 2016 02:15 AM EDT Reads: 2,605
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. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
Jul. 27, 2016 02:15 AM EDT Reads: 1,463
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...
Jul. 27, 2016 12:00 AM EDT Reads: 1,945
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effi...
Jul. 26, 2016 11:00 PM EDT Reads: 2,014
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
Jul. 26, 2016 11:00 PM EDT Reads: 2,617
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 26, 2016 10:45 PM EDT Reads: 1,375
With 15% of enterprises adopting a hybrid IT strategy, you need to set a plan to integrate hybrid cloud throughout your infrastructure. In his session at 18th Cloud Expo, Steven Dreher, Director of Solutions Architecture at Green House Data, discussed how to plan for shifting resource requirements, overcome challenges, and implement hybrid IT alongside your existing data center assets. Highlights included anticipating workload, cost and resource calculations, integrating services on both sides...
Jul. 26, 2016 09:00 PM EDT Reads: 2,062
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet a...
Jul. 26, 2016 08:00 PM EDT Reads: 396
Big Data engines are powering a lot of service businesses right now. Data is collected from users from wearable technologies, web behaviors, purchase behavior as well as several arbitrary data points we’d never think of. The demand for faster and bigger engines to crunch and serve up the data to services is growing exponentially. You see a LOT of correlation between “Cloud” and “Big Data” but on Big Data and “Hybrid,” where hybrid hosting is the sanest approach to the Big Data Infrastructure pro...
Jul. 26, 2016 07:15 PM EDT Reads: 1,946
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 26, 2016 06:30 PM EDT Reads: 2,150