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Infosys (NYSE: INFY) Announces Results For The Quarter And Year Ended March 31, 2013

Stocks in this article: INFY

Unaudited Condensed Consolidated Balance Sheets as of

(Dollars in millions except share data)

                                                 March 31, 2013 March 31, 2012
    ASSETS
    Current assets
    Cash and cash equivalents                            $4,021         $4,047
    Available-for-sale financial assets                     320              6
    Investment in certificates of deposit                     -             68
    Trade receivables                                     1,305          1,156
    Unbilled revenue                                        449            368
    Prepayments and other current assets                    391            300
    Derivative financial instruments                         19              -
    Total current assets                                  6,505          5,945
    Non-current assets
    Property, plant and equipment                         1,191          1,063
    Goodwill                                                364            195
    Intangible assets                                        68             34
    Available-for-sale financial assets                      72              2
    Deferred income tax assets                               94             62
    Income tax assets                                       201            204
    Other non-current assets                                 44             32
    Total non-current assets                              2,034          1,592
    Total assets                                         $8,539         $7,537
    LIABILITIES AND EQUITY
    Current liabilities
    Derivative financial instruments                          -             $9
    Trade payables                                           35              5
    Current income tax liabilities                          245            207
    Client deposits                                           6              3
    Unearned revenue                                        152            107
    Employee benefit obligations                            113             98
    Provisions                                               39             26
    Other current liabilities                               568            482
    Total current liabilities                             1,158            937
    Non-current liabilities
    Deferred income tax liabilities                          23              2
    Other non-current liabilities                            27             22
    Total liabilities                                     1,208            961
    Equity
    Share capital-5 ($0.16) par value
    600,000,000 equity shares authorized, issued
    and outstanding 571,402,566 and 571,396,401,
    net of 2,833,600 treasury shares each as of
    March 31, 2013 and March 31, 2012,
    respectively                                             64             64
    Share premium                                           704            703
    Retained earnings                                     7,666          6,509
    Other components of equity                          (1,103)          (700)
    Total equity attributable to equity holders
    of the company                                        7,331          6,576
    Non-controlling interests                                 -              -
    Total equity                                          7,331          6,576
    Total liabilities and equity                         $8,539         $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
                                    months      months  Year ended  Year ended
                               ended March ended March   March 31,   March 31,
                                  31, 2013    31, 2012        2013        2012
    Revenues                        $1,938      $1,771      $7,398      $6,994
    Cost of sales                    1,261       1,041       4,637       4,118
    Gross profit                       677         730       2,761       2,876
    Operating expenses:
    Selling and marketing
    expenses                            96          91         373         366
    Administrative expenses            124         111         479         497
    Total operating expenses           220         202         852         863
    Operating profit                   457         528       1,909       2,013
    Other income                       125         131         433         397
    Profit before income taxes         582         659       2,342       2,410
    Income tax expense                 138         196         617         694
    Net profit                        $444        $463      $1,725      $1,716
    Other comprehensive income
    Fair value changes on
    available-for-sale
    financial asset, net of
    tax effect                           1           -           1         (2)
    Exchange differences on
    translating foreign
    operations                          74         244       (404)       (760)
    Total other comprehensive
    income                             $75        $244      $(403)      $(762)

    Total comprehensive income        $519        $707      $1,322        $954

    Profit attributable to:
    Owners of the company             $444        $463      $1,725      $1,716
    Non-controlling interests            -           -           -           -
                                      $444        $463      $1,725      $1,716
    Total comprehensive income
    attributable to:
    Owners of the company             $519        $707      $1,322        $954
    Non-controlling interests            -           -           -           -
                                      $519        $707      $1,322        $954
    Earnings per equity share
    Basic ($)                         0.78        0.81        3.02        3.00
    Diluted ($)                       0.78        0.81        3.02        3.00
    Weighted average equity
    shares used in computing
    earnings per equity share
    Basic                      571,402,566 571,392,171 571,399,238 571,365,494
    Diluted                    571,402,566 571,399,573 571,400,091 571,396,142

NOTE:

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