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Infosys Announces Results For The Quarter Ended December 31, 2012

Stocks in this article: INFY

Infosys Limited and subsidiaries

Unaudited Condensed Consolidated Balance Sheets as of

(Dollars in millions except share data)

                                                    December 31,      March 31, 
                                                           2012           2012
    ASSETS
    Current assets
    Cash and cash equivalents                            $2,740         $4,047
    Available-for-sale financial assets                   1,339              6
    Investment in certificates of deposit                     -             68
    Trade receivables                                     1,266          1,156
    Unbilled revenue                                        405            368
    Prepayments and other current assets                    335            300
    Total current assets                                  6,085          5,945
    Non-current assets
    Property, plant and equipment                         1,115          1,063
    Goodwill                                                368            195
    Intangible assets                                        72             34
    Available-for-sale financial assets                       2              2
    Investment in government bonds                           12              -
    Deferred income tax assets                               77             62
    Income tax assets                                       191            204
    Other non-current assets                                 33             32
    Total non-current assets                              1,870          1,592
    Total assets                                          $7955         $7,537
    LIABILITIES AND EQUITY
    Current liabilities
    Derivative financial instruments                          -             $9
    Trade payables                                           13              5
    Current income tax liabilities                          227            207
    Client deposits                                          12              3
    Unearned revenue                                        146            107
    Employee benefit obligations                            109             98
    Provisions                                               39             26
    Other current liabilities                               562            482
    Total current liabilities                             1,108            937
    Non-current liabilities
    Deferred income tax liabilities                          16              2
    Other non-current liabilities                            18             22
    Total liabilities                                     1,142            961
    Equity
    Share capital- `5 ($0.16) par value
    600,000,000 equity shares authorized, issued
    and outstanding 571,402,566 and 571,396,410,
    net of 2,833,600 treasury shares each as of
    December 31, 2012 and March 31, 2012,
    respectively                                             64             64
    Share premium                                           704            703
    Retained earnings                                     7,223          6,509
    Other components of equity                          (1,178)          (700)
    Total equity attributable to equity holders
    of the company                                        6,813          6,576
    Non-controlling interests                                 -              -
    Total equity                                          6,813          6,576
    Total liabilities and equity                         $7,955         $7,537

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, 2012     31, 2011     31, 2012     31, 2011

    Revenues                        $1,911       $1,806       $5,460       $5,233
    Cost of sales                    1,203         1030        3,376        3,077
    Gross profit                       708          776        2,084        2,146
    Operating expenses:
    Selling and marketing
    expenses                            99           88          277          275
    Administrative expenses            118          128          355          386
    Total operating expenses           217          216          632          661
    Operating profit                   491          560        1,452        1,485
    Other income, net                   92           82          308          266
    Profit before income taxes         583          642        1,760        1,751
    Income tax expense                 149          184          479          498
    Net profit                        $434         $458       $1,281       $1,253
    Other comprehensive income
    Fair value changes on
    available - for-sale
    financial asset, net of
    tax effect                           -            -            -          $(2)
    Exchange differences on
    translating foreign
    operations                        (250)        (442)        (478)      (1,004)
    Total other comprehensive
    income                           $(250)       $(442)       $(478)     $(1,006)
 
    Total comprehensive income        $184          $16         $803         $247
 
    Profit attributable to:
    Owners of the company             $434         $458       $1,281       $1,253
    Non-controlling interests            -            -            -            -
                                      $434         $458       $1,281       $1,253
    Total comprehensive income
    attributable to:
    Owners of the company             $184          $16         $803         $247
    Non-controlling interests            -            -            -            -
                                      $184          $16         $803         $247
 
    Earnings per equity share
    Basic ($)                         0.76         0.80         2.24         2.19
    Diluted ($)                       0.76         0.80         2.24         2.19
    Weighted average equity
    shares used in computing
    earnings per equity share
    Basic                      571,400,086  571,377,084  571,398,129  571,356,602
    Diluted                    571,400,417  571,396,560  571,399,018  571,394,949

NOTE:

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