INFOSYS TECHNOLOGIES
LIMITED
NSE Symbol INFOSYSTCH
Infosys Technologies has Announced Results for Quarter ended September 30, 2010
Highlights
Consolidated results under IFRS for the quarter ended September 30, 2010
· Revenues were `6,947 crore for the quarter ended September 30, 2010; QoQ growth was 12.1%; YoY growth was 24.4%
· Net profit after tax was `1,737 crore for the quarter ended September 30, 2010; QoQ growth was 16.7%; YoY growth was 13.2%
· Earnings per share was `30.41 for the quarter ended September 30,2010; QoQ growth was 16.7%; YoY growth was 13.0%
· 27 clients were added during the quarter by Infosys and its subsidiaries
· Gross addition of 14,264 employees (net addition of 7,646) for the quarter by Infosys and its subsidiaries
· 1,22,468 employees as on September 30, 2010 for Infosys and its subsidiaries
· Declared an interim dividend of `10 per share and a 30th year special dividend of `30 per share (previous year interim dividend of `10 per share). The record date for the payment of dividend is October 22, 2010.
Business outlook
The company’s outlook (consolidated) for the quarter ending December 31, 2010 and for the fiscal year ending March 31, 2011, under International Financial Reporting Standards (IFRS) is as follows:
Outlook under IFRS – consolidated*
Quarter ending December 31, 2010
· Revenues are expected to be in the range of `6,884 crore and `6,953 crore; YoY growth of 19.9% to 21.1%
· Earnings per share (EPS) is expected to be in the range of `29.37 and `29.89; YoY growth of 7.5% to 9.4%
Fiscal year ending March 31, 2011**
· Revenues are expected to be in the range of `26,951 crore and `27,165 crore; YoY growth of 18.5% to 19.4%
· Earnings per share (EPS) is expected to be in the range of `115.07 and `117.07; YoY growth of 5.5% to 7.4%
* Conversion 1 US$ = `44.50
** Excluding the income from the sale of our investment in OnMobile Systems, Inc. of `48 crore in fiscal 2010, the EPS growth is expected to be in the range of 6.4% to 8.2%
Outlook under IFRS – consolidated#
Quarter ending December 31, 2010
· Revenues are expected to be in the range of $1,547 million and $1,562 million; YoY growth of 25.6% to 26.8%
· Earnings per American Depositary Share(EPADS) is expected to be in the range of $0.66 and $0.67; YoY growth of 11.9% to 13.6%
Fiscal year ending March 31, 2011##
· Revenues are expected to be in the range of $5.95 billion and $6.00 billion; YoY growth of 24.0% to 25.0%
· Earnings per American Depositary Share(EPADS) is expected to be in the range of $2.54 and $2.58;YoY growth of 10.4% to 12.2%
# Exchange rates considered for major global currencies: AUD / USD – 0.97; GBP / USD – 1.58; Euro / USD – 1.36
## Excluding the income from the sale of our investment in OnMobile Systems, Inc. of USD 11mn in fiscal 2010, the EPADS growth is expected to be in the range of 11.4% to 13.2%
Process Innovation
During the second quarter, Infosys applied for 18 patent applications in India and the US. With this, Infosys has an aggregate of 256 patent applications (pending) in India and the US and has been granted 15 patents by the United States Patent and Trademark Office.
Liquidity
As on September 30, 2010, cash and cash equivalents, including investments in available-for-sale financial assets and certificates of deposits was `17,388 crore (`13,846 crore as on September 30, 2009).
Consolidated financial data,
second quarter, Fiscal 2011
Statement of Comprehensive Income for three months ended,
(As per IFRS)
| IN CRORES | SEP 2010 | SEP 2009 | GROWTH% | JUNE 2010 | GROWTH% |
| Revenues | 6,947 | 5,585 | 24.4 | 6,198 | 12.1 |
| Cost of sales | 3,971 | 3,203 | 24.0 | 3,648 | 8.9 |
| Gross profit | 2,976 | 2,382 | 24.9 | 2,550 | 16.7 |
| Operational expenses: | |||||
| Selling and marketing expenses | 380 | 276 | 37.7 | 339 | 12.1 |
| Administrative expenses | 498 | 413 | 20.6 | 456 | 9.2 |
| Total operating expenses | 878 | 689 | 27.4 | 795 | 10.4 |
| Operating profit | 2,098 | 1,693 | 23.9 | 1,755 | 19.5 |
| Other income, net | 267 | 239 | 11.7 | 239 | 11.7 |
| Profit before income taxes | 2,365 | 1,932 | 22.4 | 1,994 | 18.6 |
| Income tax expense | 628 | 397 | 58.2 | 506 | 24.1 |
| Net profit | 1,737 | 1,535 | 13.2 | 1,488 | 16.7 |
| Earnings per equity share | |||||
| Basic (`) | 30.41 | 26.91 | 13.0 | 26.06 | 16.7 |
| Diluted (`) | 30.40 | 26.87 | 13.1 | 26.05 | 16.7 |
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