Wednesday, June 30, 2010

INFOSYS TECH RESULTS = FY10 GOOD = FY11 LIKELY TO BE MUCH BETTER



Infosys Technologies Limited
NSE Symbol      INFOSYSTCH
FY10 results
Comparison with FY09 & FY08

INFOSYS TECHNOLOGIES LIMITED, India’s premier software company, has produced another set of outstanding results for FY10. The consolidated and stand alone results for FY10 are compared below with those of FY09 and FY 08. The figures are available in the tables below:
Consolidated figures Review
Net Sales  at  Rs.22742 Cr is by 4.8% compared to FY 09 figures of Rs.21693 Cr and  by 36.2%, compared FY08 figures of Rs.16692 Cr.
Consolidated Net profit has grown to Rs.6266 compared to Rs.5988 Cr of FY09, an increase of 4.6% YOY and  compared to Rs.4659 Cr of FY08,an increase of  34.5%. Equity remains unchanged at Rs.286 Cr all the 3 years.
Basic EPS on the face value per share of Rs.5/- is  : For FY10 : Rs.108.99 compared to Rs.104.6 in FY09, an increase of 4.2%, and compared to Rs.81.53 in FY08, an increase of 33.7% . Reserves stand at Rs.22763 Cr – against the Equity of Rs.286 Cr and  the EPS of Rs.108.99.
Further, Infosys – has given a guidance (as per announcements made to the exchange – see below) as : “Fiscal 2011 revenues expected to grow by 9.0% to 11.0% in rupee terms; to grow by 16.0% to 18.0% in US dollar terms….. as per IFRS - USD "Fiscal 2011 revenues expected to grow by 16.0% to 18.0%;”. Infosys was always conservative in its annual and quarterly guidance. Hence, this announcement reflects huge confidence on its performance in FY11. It has won some big ticket clients in recent past – which adds to its long term revenue mining capability.
At the market price of Rs.2790/-, the PE Ratio on FY10 earnings of Rs.108.99 stands at 25.6 on the consolidated earnings.
Current Market price of TCS is Rs.761. On its consolidated EPS of Rs.35.67, the PE ratio works out to  21.33.
Both of them seem to be on a terrific growth path – as far as FY11 is concerned. In view of the guidance for FY11 by INFY – the price is not only justified – but may give decent returns on FY11 results. While TCS has been regularly issuing bonus, INFY has not done so in last 3 years. Hence, it may be ripe for a bonus -  on FY11 results.

FY10(lakhs)
Dif%
Dif%2
Net Sales / services
2274200
2169300
4.8
1669200
36.2
SIT & WIP
-
-

-
Raw Materials
1207100
1176500
2.6
920700
31.1
Traded goods
-
-

-
Other Expenditure
-
0

-
Gross Profit
1067100
992800
7.5
748500
42.6
General Admn
162600
162900
-0
133100
22.2
Selling and Distrib.
118400
110400
7.2
91600
29.3
Depreciation
90500
76100
19
59800
51.3
Operating Profit
695600
643400
8.1
464000
49.9
Interest
-
-

-
Exceptional Items
-
-

-
OPT after I& EI
695600
643400
8.1
464000
49.9
Other Income
94300
47300
99
70400
33.9
Profit before tax
789900
690700
14
534400
47.8
Tax Expense
168100
91900
83
68500
145.4
NPT after tax
621800
598800
3.8
465900
33.5
Extraordinary Items
-4800
-

-
Net Profit
626600
598800
4.6
465900
34.5
Minority Interest
-
-

-
Shares of Associates
-
-

-
Other Related Items
-
-

-
Consolidated NPT
626600
598800
4.6
465900
34.5
Dividend (%)
-
-

-
Face Value (in Rs.)
5
5
0
5
0
Paid-up Equity
28600
28600
0
28600
0
Reserves
2276300
1796800
27
1350900
68.5
Basic EPS bef EI
108.99
104.6
4.2
81.53
33.7
Dil.EPS before EI
108.87
104.43
4.3
81.26
34
Basic EPS after EI
109.84
104.6
5
81.53
34.7
Diluted EPS after EI
109.72
104.43
5.1
81.26
35
Public holding
374864267
3.69E+08
1.7
3.68E+08
1.9
Public holding (%)
65.32
64.37
1.5
64.31
1.6



STAND ALONE FIGURES

The stand alone results also reflect a similar trend as the consolidated figures.Net Sales is up by 4.3% compared to FY09 and 35.1% compared to FY08.
Net Profit  is at same level (down by 0.3%) compared to FY09, but up by 29.82% compared to FY08.
 Dividend is 500% in FY10 compared to 470% in FY09 and 665% in FY08 – on the face value of  Rs.5.
The stand alone Basic EPS for FY10 is Rs.100.37 compared to Rs.101.65 in FY09 and Rs.78.24 in FY08.

FY10(lakhs)
Dif%
Dif%2
Net sales / services
2114000
2026400
4.3
1564800
35.1
SIT & WIP
-
-

-
 Raw Materials
1155900
1114500
3.7
887600
30.23
 traded goods
-
-

-
Other Expenditure
-
-

-
Gross Profit
958100
911900
5.1
677200
41.48
General Admn
124700
128000
-2.6
107900
15.57
Selling and Distrib.
97400
93300
4.4
73000
33.42
Depreciation
80700
69400
16.3
54600
47.8
Operating Profit
655300
621200
5.5
441700
48.36
Interest
-
-

-
Exceptional Items
-
-

-
OPT after int &EI
655300
621200
5.5
441700
48.36
Other Income
91900
50200
83.1
68300
34.55
P B T
747200
671400
11.3
510000
46.51
Tax Expense
171700
89500
91.8
63000
172.54
NPT after tax
575500
581900
-1.1
447000
28.75
Extraordinary Items
-4800
-

-
Net Profit
580300
581900
-0.3
447000
29.82
Dividend (%)
500
470
6.4
665
-24.81
Face Value (in Rs.)
5
5
0
5
0
Paid-up Equity
28700
-

28600
0.35
Reserves
-
-

1320400
Basic EPS BEF. EI
100.37
101.65
-1.3
78.24
28.28
Diluted EPS bef. EI
100.26
101.48
-1.2
77.98
28.57
Basic EPS after EI
101.22
101.65
-0.4
78.24
29.37
Diluted EPS after EI
101.1
101.48
-0.4
77.98
29.65
Public holding-NO
374864267
3.7E+08
1.7
3.7E+08
1.91
Public holding (%)
65.32
64.37
1.5
64.31
1.57


ANNOUNCEMNETS
TO THE EXCHANGE

21-05-2010        Infosys Technologies Limited has informed the Exchange regarding a press release dated May 21, 2010, titled "Infosys Annual Report Available Online for ADS Holders". 
13-04-2010        Infosys Technologies Ltd. has informed the Exchange that the Board of Directors at its meeting held on April 13, 2010, transacted the following items of business :(1) The Annual General Meeting of the Members of the Company will be held on June 12, 2010. The Register of Members and Share Transfer Books will remain closed from May 29, 2010 to June 12, 2010 (both days inclusive) for the purpose of Annual General Meeting and Final Dividend.
13-04-2010        Infosys Technologies Ltd. has submitted to the Exchange a copy of Consolidated Financial Results of the Company and its subsidiaries for the quarter and year ended March 31, 2010 prepared in compliance with IFRS as issued by International Accounting Standards Board. A copy of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements).
13-04-2010        Infosys Technologies Ltd. has informed the Exchange regarding the standalone Results for the quarter ended on 31-MAR-2010 as follows: Net Sales of Rs. 550000 lacs for quarter ending on 31-MAR-2010 against Rs. 533500 lacs for the quarter ending on 31-DEC-2009. Net Profit / (Loss) of Rs. 143000 lacs for the quarter ending on 31-MAR-2010 against Rs. 147100 lacs for the quarter ending on 31-DEC-2009.
13-04-2010        Infosys Technologies Ltd. has informed the Exchange regarding the standalone Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 2114000 lacs for year ending on 31-MAR-2010 against Rs. 2026400 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 580300 lacs for the year ending on 31-MAR-2010 against Rs. 581900 lacs for the year ending on 31-MAR-2009.     -
13-04-2010        Infosys Technologies Ltd. has informed the Exchange regarding a press release dated April 13, 2010, titled as per IFRS - INR "Fiscal 2011 revenues expected to grow by 9.0% to 11.0% in rupee terms; to grow by 16.0% to 18.0% in US dollar terms; Q4 Revenue sequentially grew by 3.5 %; Fiscal 2010 revenue grew by 4.8%" and as per IFRS - USD "Fiscal 2011 revenues expected to grow by 16.0% to 18.0%; Q4 Revenue sequentially grew by 5.2%; fiscal 2010 revenues grew by 3.0% ." A copy of the press release shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here. -
13-04-2010        Infosys Technologies Ltd. has submitted to the Exchange a copy of the Fact Sheet - Consolidated Financial data, Fourth Quarter, 2009-10. A copy of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here.   -
13-04-2010        Infosys Technologies Ltd. has informed the Exchange regarding the consolidated Results for the quarter ended on 31-MAR-2010 as follows: Net Sales of Rs. 594400 lacs for quarter ending on 31-MAR-2010 against Rs. 574100 lacs for the quarter ending on 31-DEC-2009. Net Profit / (Loss) of Rs. 161700 lacs for the quarter ending on 31-MAR-2010 against Rs. 158200 lacs for the quarter ending on 31-DEC-2009.     -
13-04-2010        Infosys Technologies Ltd. has informed the Exchange that the Board, at its meeting held on April 13, 2010, has recommended final dividend of Rs.15/- per equity share.        -
13-04-2010        Infosys Technologies Ltd. has informed the Exchange regarding the consolidated Results for the year ended on 31-MAR-2010 as follows: Net Sales of Rs. 2274200 lacs for year ending on 31-MAR-2010 against Rs. 2169300 lacs for the year ending on 31-MAR-2009. Net Profit / (Loss) of Rs. 626600 lacs for the year ending on 31-MAR-2010 against Rs. 598800 lacs for the year ending on 31-MAR-2009.     -
11-03-2010        Infosys Technologies Ltd. has informed the Exchange regarding a press release dated March 11, 2010, titled "Infosys Launches Finacle Treasury-In-A-Box". A copy of the press release shall be available on the NSE website http://www.nseindia.com) under: Corporates > Latest announcements and on the Extranet Server (/Common/Corporate Announcements).

OTHER NEWS
ON INFOSYS

News dt July,01,2010 : Infosys  is planning to invest around Rs 120 crore at its facility in Mahindra World City, Chennai. The proposed investment is to expand company’s existing facility in the special economic zone. The company had said exports from this centre rose by 43 per cent.
The company had set up the facility in 130 acres, of which, around 2.1 million sq ft already constructed and another 680,000 sq.ft will be developed in the next 18 months.
News dt 27.06.2010 : Infosys's revenue growth is likely to be the strongest among the top three Indian vendors in the coming three financial years.
Some recent deal wins, like Telstra and British Petroleum, give INFY  new larger 'mineable' clients, which are expected to help the company in maintaining its sector-leading growth rate.
Infosys, has the highest exposure to clients from the US and, hence, is least vulnerable to a sharp depreciation in European currencies.
Moreover, the recovery in IT spending from US clients has been decidedly faster than that from European clients.
The company's Earnings Per Share (EPS) is also likely to register a Compound Annual Growth Rate (CAGR) of 23 per cent over FY 10-13 against the 18-20 per cent of those of its competitors.
June18th,2010 News : INFOSYS is likely to set up another big centre at Chennai – and has discussed its plans with T’Nadu Government.

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