TABLE OF CONTENTS
|
||
Note
|
December 31, 2009
|
March 31, 2009
|
|
ASSETS
|
|||
Current assets
|
|||
Cash and cash equivalents
|
2.1
|
$1,972
|
$2,167
|
Available-for-sale financial assets
|
1,133
|
-
|
|
Trade receivables
|
724
|
724
|
|
Unbilled revenue
|
173
|
148
|
|
Derivative financial instruments
|
2.6
|
16
|
-
|
Prepayments and other assets
|
2.3
|
117
|
81
|
Total current assets
|
4,135
|
3,120
|
|
Non-current assets
|
|||
Property, plant and equipment
|
2.4
|
961
|
920
|
Goodwill
|
2.5
|
178
|
135
|
Intangible assets
|
2.5
|
15
|
7
|
Deferred income tax assets
|
2.16
|
136
|
88
|
Income tax assets
|
2.16
|
80
|
54
|
Other non-current assets
|
2.3
|
73
|
52
|
Total non-current assets
|
1,443
|
1,256
|
|
Total assets
|
$5,578
|
$4,376
|
|
LIABILITIES AND EQUITY
|
|||
Current liabilities
|
|||
Trade payables
|
$3
|
$5
|
|
Derivative financial instruments
|
2.6
|
-
|
22
|
Current income tax liabilities
|
2.16
|
154
|
115
|
Client deposits
|
3
|
1
|
|
Unearned revenue
|
133
|
65
|
|
Employee benefit obligations
|
2.7
|
30
|
21
|
Provisions
|
2.8
|
16
|
18
|
Other liabilities
|
2.9
|
358
|
290
|
Total current liabilities
|
697
|
537
|
|
Non-current liabilities
|
|||
Deferred income tax liabilities
|
2.16
|
8
|
7
|
Employee benefit obligations
|
2.7
|
46
|
48
|
Other liabilities
|
2.9
|
9
|
-
|
Total liabilities
|
760
|
592
|
|
Equity
|
|||
Share capital-Rs. 5 ($0.16) par value 600,000,000 equity
shares authorized, issued and outstanding 570,701,633 and 572,830,043 as
of December 31, 2009 and March 31, 2009, respectively
|
64
|
64
|
|
Share premium
|
685
|
672
|
|
Retained earnings
|
4,262
|
3,618
|
|
Other components of equity
|
(193)
|
(570)
|
|
Total equity attributable to equity holders of the
company
|
4,818
|
3,784
|
|
Total liabilities and equity
|
$5,578
|
$4,376
|
Note
|
Three months ended December 31,
|
Nine months ended December 31,
|
|||
2009
|
2008
|
2009
|
2008
|
||
Revenues
|
$1,232
|
$1,171
|
$3,508
|
$3,542
|
|
Cost of sales
|
700
|
661
|
2,005
|
2,049
|
|
Gross profit
|
532
|
510
|
1,503
|
1,493
|
|
Operating expenses:
|
|||||
Selling and marketing expenses
|
68
|
55
|
178
|
184
|
|
Administrative expenses
|
82
|
82
|
255
|
265
|
|
Total operating expenses
|
150
|
137
|
433
|
449
|
|
Operating profit
|
382
|
373
|
1,070
|
1,044
|
|
Other income
|
2.13
|
50
|
7
|
154
|
50
|
Profit before income taxes
|
432
|
380
|
1,224
|
1,094
|
|
Income tax expense
|
2.16
|
98
|
48
|
260
|
134
|
Net profit
|
$334
|
$332
|
$964
|
$960
|
|
Other comprehensive income
|
|||||
Exchange differences on translating foreign
operations
|
$151
|
$(134)
|
$377
|
$(724)
|
|
Total other comprehensive income
|
$151
|
$(134)
|
$377
|
$(724)
|
|
Total comprehensive income
|
$485
|
$198
|
$1,341
|
$236
|
|
Profit attributable to:
|
|||||
Owners of the company
|
$334
|
$332
|
$964
|
$960
|
|
Non-controlling interest
|
-
|
-
|
-
|
-
|
|
$334
|
$332
|
$964
|
$960
|
||
Total comprehensive income attributable to:
|
|||||
Owners of the company
|
$485
|
$198
|
$1,341
|
$236
|
|
Non-controlling interest
|
-
|
-
|
-
|
-
|
|
$485
|
$198
|
$1,341
|
$236
|
||
Earnings per equity share
|
|||||
Basic ($)
|
0.59
|
0.58
|
1.69
|
1.69
|
|
Diluted ($)
|
0.59
|
0.58
|
1.69
|
1.68
|
|
Weighted average equity shares used in computing earnings per
equity share
|
2.17
|
||||
Basic
|
570,602,970
|
569,755,757
|
570,353,792
|
569,571,267
|
|
Diluted
|
571,183,310
|
570,449,069
|
571,039,216
|
570,650,033
|
Shares
|
Share capital
|
Share premium
|
Retained earnings
|
Other components of equity
|
Total equity attributable to
equity holders of the company
|
|
Balance as of April 1, 2008
|
571,995,758
|
$64
|
$655
|
$2,896
|
$301
|
$3,916
|
Changes in equity for the nine months ended December 31,
2008
|
||||||
Shares issued on exercise of employee stock options
|
645,745
|
—
|
10
|
—
|
—
|
10
|
Share-based compensation
|
—
|
—
|
1
|
—
|
—
|
1
|
Dividends (including corporate dividend tax)
|
—
|
—
|
—
|
(559)
|
—
|
(559)
|
Total comprehensive income
|
—
|
—
|
—
|
960
|
(724)
|
236
|
Balance as of December 31, 2008
|
572,641,503
|
$64
|
$666
|
$3,297
|
$(423)
|
$3,604
|
Balance as of April 1, 2009
|
572,830,043
|
$64
|
$672
|
$3,618
|
$(570)
|
$3,784
|
Changes in equity for the nine months ended December 31,
2009
|
||||||
Shares issued on exercise of employee stock options
|
705,190
|
—
|
13
|
—
|
—
|
13
|
Treasury shares*
|
(2,833,600)
|
—
|
—
|
—
|
—
|
—
|
Reserves on consolidation of trusts
|
—
|
—
|
—
|
10
|
—
|
10
|
Dividends (including corporate dividend tax)
|
—
|
—
|
—
|
(330)
|
—
|
(330)
|
Total comprehensive income
|
—
|
—
|
—
|
964
|
377
|
1,341
|
Balance as of December 31, 2009
|
570,701,633
|
$64
|
$685
|
$4,262
|
$(193)
|
$4,818
|
Note
|
Nine months ended December 31,
|
||
2009
|
2008
|
||
Operating activities:
|
|||
Net profit
|
$964
|
$960
|
|
Adjustments to reconcile net profit to net cash provided by
operating activities:
|
|||
Depreciation and amortization
|
2.4 and 2.5
|
149
|
120
|
Share based compensation
|
2.15
|
-
|
1
|
Income tax expense
|
2.16
|
260
|
134
|
Income on investments
|
2.6
|
(16)
|
-
|
Changes in working capital
|
|||
Trade receivables
|
66
|
(47)
|
|
Prepayments and other assets
|
(33)
|
21
|
|
Unbilled revenue
|
(11)
|
(70)
|
|
Trade payables
|
(3)
|
(8)
|
|
Client deposits
|
2
|
4
|
|
Unearned revenue
|
60
|
31
|
|
Other liabilities and provisions
|
(16)
|
73
|
|
Cash generated from operations
|
1,422
|
1,219
|
|
Income taxes paid
|
2.16
|
(290)
|
(123)
|
Net cash provided by operating activities
|
1,132
|
1,096
|
|
Investing activities:
|
|||
Payment for acquisition of business, net of cash
acquired
|
2.2
|
(37)
|
(3)
|
Expenditure on property, plant and equipment
|
2.4
|
(102)
|
(226)
|
Loans to employees
|
1
|
(2)
|
|
Non-current deposits placed with corporation
|
-
|
(16)
|
|
Income on investments
|
16
|
-
|
|
Investment in certificates of deposit
|
-
|
(43)
|
|
Investment in available-for-sale financial
assets
|
(1,774)
|
(60)
|
|
Redemption of available-for-sale financial
assets
|
673
|
76
|
|
Net cash used in investing activities
|
(1,223)
|
(274)
|
|
Financing activities:
|
|||
Proceeds from issuance of common stock on exercise of employee
stock options
|
13
|
10
|
|
Payment of dividends (including corporate dividend
tax)
|
(330)
|
(559)
|
|
Net cash used in financing activities
|
(317)
|
(549)
|
|
Effect of exchange rate changes on cash and cash
equivalents
|
203
|
(383)
|
|
Net (decrease)/ increase in cash and cash
equivalents
|
(408)
|
273
|
|
Cash and cash equivalents at the beginning
|
2.1
|
2,167
|
2,058
|
Opening balance of cash and cash equivalents of controlled
trusts
|
10
|
-
|
|
Cash and cash equivalents at the end
|
2.1
|
$1,972
|
$1,948
|
Supplementary information:
|
|||
Restricted cash balance
|
2.1
|
$15
|
$1
|
Buildings
|
15 years
|
Plant and machinery
|
5
years
|
Computer equipment
|
2-5 years
|
Furniture and fixtures
|
5
years
|
Vehicles
|
5
years
|
1.
|
IFRS 8, Operating Segments is applicable for annual periods
beginning on or after January 1, 2009. This standard was early adopted by
the company as at April 1, 2007. IFRS 8 replaces IAS 14, Segment
Reporting. The new standard requires a 'management approach', under which
segment information is presented on the same basis as that used for
internal reporting provided to the chief operating decision maker. The
application of this standard did not result in any change in the number of
reportable segments. Allocation of goodwill was not required under
Previous GAAP and hence goodwill has been allocated in accordance to the
requirements of this Standard.
|
2.
|
IFRS 3 (Revised), Business Combinations, as amended, is
applicable for annual periods beginning on or after July 1, 2009. This
standard was early adopted by the company as at April 1, 2009. Business
Combinations consummated after April 1, 2009 will be impacted by this
standard. IFRS 3 (Revised) primarily requires the acquisition-related
costs to be recognized as period expenses in accordance with the relevant
IFRS. Costs incurred to issue debt or equity securities are required to be
recognized in accordance with IAS 39. Consideration, after this amendment,
will include fair values of all interests previously held by the acquirer.
Re-measurement of such interests to fair value would be carried out
through net profit in the statement of comprehensive income. Contingent
consideration is required to be recognized at fair value even if not
deemed probable of payment at the date of
acquisition.
|
3.
|
IAS 27 Consolidated and Separate Financial Statements, as
amended, is applicable for annual periods beginning on or after July 1,
2009. This standard was early adopted by the company as at April 1, 2009.
It requires a mandatory adoption of economic entity model which treats all
providers of equity capital as shareholders of the entity. Consequently, a
partial disposal of interest in a subsidiary in which the parent company
retains control does not result in a gain or loss but in an increase or
decrease in equity. Additionally purchase of some or all of the NCI is
treated as treasury transaction and accounted for in equity and a partial
disposal of interest in a subsidiary in which the parent company loses
control triggers recognition of gain or loss on the entire interest. A
gain or loss is recognized on the portion that has been disposed off and a
further holding gain is recognized on the interest retained, being the
difference between the fair value and carrying value of the interest
retained. This Standard requires an entity to attribute their share of net
profit and reserves to the NCI even if this results in the NCI having a
deficit balance.
|
1.
|
IAS 1, Presentation of Financial Statements is applicable for
annual periods beginning on or after January 1, 2009. This Standard was
adopted by the company as at April 1, 2009. Consequent to the adoption of
the standard, title for cash flows has been changed to ‘Statement of Cash
Flow’. Further, the company has included in its complete set of financial
statements, a single ‘Statement of Comprehensive
Income’.
|
2.
|
IFRIC Interpretation 18, Transfers of Assets from Customers
defines the treatment for property, plant and equipment transferred by
customers to companies or for cash received to be invested in property,
plant and equipment that must be used either to connect the customer to a
network or to provide the customer with ongoing access to a supply of
goods or services, or to do both.
|
As of
|
||
December 31, 2009
|
March 31, 2009
|
|
Cash and bank deposits
|
$1,639
|
$1,911
|
Deposits with corporations
|
333
|
256
|
$1,972
|
$2,167
|
As of
|
|||
December 31, 2009
|
March 31, 2009
|
||
Current accounts
|
|||
ABN Amro Bank, China
|
$4
|
$1
|
|
ABN Amro Bank, China (U.S. dollar account)
|
6
|
3
|
|
Bank of America, USA
|
41
|
116
|
|
Bank of America, Mexico
|
5
|
-
|
|
Citibank N.A., Australia
|
5
|
7
|
|
Citibank N.A., Brazil
|
1
|
-
|
|
Citibank N.A., Czech Republic (Euro account)
|
-
|
1
|
|
Citibank N.A., Czech Republic (U.S. dollar
account)
|
-
|
1
|
|
Citibank N.A., Japan
|
1
|
-
|
|
Citibank N.A., New Zealand
|
1
|
-
|
|
Citibank N.A., Singapore
|
1
|
2
|
|
Deutsche Bank, Belgium
|
1
|
1
|
|
Deutsche Bank, Germany
|
1
|
1
|
|
Deutsche Bank, India
|
4
|
2
|
|
Deutsche Bank, Netherlands
|
1
|
-
|
|
Deutsche Bank, Switzerland
|
1
|
-
|
|
Deutsche Bank, Thailand
|
1
|
-
|
|
Deutsche Bank, Philippines (U.S. dollar
account)
|
1
|
-
|
|
Deutsche Bank, United Kingdom
|
8
|
11
|
|
Deutsche Bank-EEFC account in Euro, India
|
1
|
5
|
|
Deutsche Bank-EEFC account in Swiss Franc,
India
|
-
|
1
|
|
Deutsche Bank-EEFC account in U.S. dollars,
India
|
2
|
2
|
|
HSBC Bank, United Kingdom
|
-
|
2
|
|
ICICI Bank, India
|
10
|
4
|
|
ICICI Bank-EEFC account in United Kingdom Pound Sterling,
India
|
1
|
1
|
|
ICICI Bank-EEFC account in U.S. dollars, India
|
7
|
8
|
|
National Australia Bank Limited, Australia
|
5
|
6
|
|
National Australia Bank Limited, Australia (U.S. dollar
account)
|
2
|
2
|
|
Royal Bank of Canada, Canada
|
1
|
1
|
|
Wachovia Bank, USA
|
2
|
-
|
|
$114
|
$178
|
||
Deposit accounts
|
|||
Andhra Bank, India
|
$20
|
$16
|
|
Allahabad Bank
|
22
|
-
|
|
Bank of Baroda, India
|
183
|
163
|
|
Bank of Maharashtra, India
|
107
|
106
|
|
Barclays Bank, Plc. India
|
45
|
28
|
|
Canara Bank, India
|
191
|
157
|
|
Central Bank of India
|
22
|
-
|
|
Citibank N.A., Czech Republic
|
4
|
1
|
|
Corporation Bank, India
|
26
|
68
|
|
DBS Bank, India
|
11
|
5
|
|
Deutsche Bank , Poland
|
3
|
-
|
|
HSBC Bank, India
|
-
|
56
|
|
ICICI Bank, India
|
218
|
110
|
|
IDBI Bank, India
|
115
|
108
|
|
ING Vysya Bank, India
|
5
|
10
|
|
Indian Overseas Bank
|
45
|
-
|
|
National Australia Bank Limited, Australia
|
64
|
45
|
|
Oriental Bank of Commerce
|
20
|
-
|
|
Punjab National Bank, India
|
81
|
95
|
|
Standard Chartered Bank, India
|
-
|
7
|
|
State Bank of Hyderabad, India
|
55
|
39
|
|
State Bank of India, India
|
34
|
416
|
|
State Bank of Mysore, India
|
107
|
99
|
|
Syndicate Bank, India
|
107
|
99
|
|
The Bank of Nova Scotia, India
|
-
|
69
|
|
Union Bank of India, India
|
20
|
17
|
|
Vijaya Bank, India
|
20
|
19
|
|
$1,525
|
$1,733
|
||
Deposits with corporations
|
|||
HDFC Limited, India
|
$332
|
$256
|
|
Sundaram BNP Paribus Home Finance Limited
|
1
|
-
|
|
$333
|
$256
|
||
Total
|
$1,972
|
$2,167
|
Component
|
Acquiree's carrying amount
|
Fair value adjustments
|
Purchase price
allocated
|
Property, plant and equipment
|
$1
|
–
|
$1
|
Net current assets
|
2
|
–
|
2
|
Intangible assets-Customer contracts and
relationships
|
–
|
10
|
10
|
Intangible assets-Computer software platform
|
–
|
3
|
3
|
$3
|
$13
|
$16
|
|
Goodwill
|
30
|
||
Total purchase price
|
$46
|
Particulars
|
Consideration settled
|
Fair value of total consideration
|
|
Cash paid
|
$34
|
Liabilities settled in cash
|
3
|
Contingent consideration
|
9
|
Total
|
$46
|
|
As of
|
|
December 31, 2009
|
March 31, 2009
|
|
Current
|
||
Rental deposits
|
$7
|
$7
|
Security deposits with service providers
|
11
|
7
|
Loans to employees
|
18
|
22
|
Prepaid expenses
|
7
|
7
|
Interest accrued and not due
|
2
|
1
|
Withholding taxes
|
65
|
33
|
Advance payments to vendors for supply of
goods
|
3
|
3
|
Other assets
|
4
|
1
|
$117
|
$81
|
|
Non-current
|
||
Loans to employees
|
$6
|
$2
|
Deposit with corporation
|
67
|
50
|
$73
|
$52
|
|
$190
|
$133
|
|
Financial assets in prepayments and other
assets
|
$176
|
$122
|
Gross carrying value
|
Accumulated depreciation
|
Carrying value
|
|
Land
|
$70
|
-
|
$70
|
Buildings
|
688
|
(149)
|
539
|
Plant and machinery
|
292
|
(153)
|
139
|
Computer equipment
|
291
|
(245)
|
46
|
Furniture and fixtures
|
186
|
(111)
|
75
|
Vehicles
|
1
|
-
|
1
|
Capital work-in-progress
|
91
|
-
|
91
|
$1,619
|
$(658)
|
$961
|
Gross carrying value
|
Accumulated depreciation
|
Carrying value
|
|
Land
|
$56
|
-
|
$56
|
Buildings
|
574
|
(106)
|
468
|
Plant and machinery
|
233
|
(103)
|
130
|
Computer equipment
|
243
|
(189)
|
54
|
Furniture and fixtures
|
153
|
(76)
|
77
|
Vehicles
|
1
|
-
|
1
|
Capital work-in-progress
|
134
|
-
|
134
|
$1,394
|
$(474)
|
$920
|
Land
|
Buildings
|
Plant and machinery
|
Computer equipment
|
Furniture and fixtures
|
Vehicles
|
Capital work-in-progress
|
Total
|
|
Carrying value as at October 1, 2009
|
$68
|
$523
|
$141
|
$48
|
$78
|
$1
|
$87
|
$946
|
Translation differences
|
1
|
16
|
7
|
2
|
3
|
-
|
4
|
33
|
Additions/ (deletions)
|
1
|
12
|
6
|
9
|
3
|
-
|
-
|
31
|
Acquisition through business combination
|
-
|
-
|
-
|
1
|
-
|
-
|
-
|
1
|
Depreciation
|
-
|
(12)
|
(15)
|
(14)
|
(9)
|
-
|
-
|
(50)
|
Carrying value as at December 31, 2009
|
$70
|
$539
|
$139
|
$46
|
$75
|
$1
|
$91
|
$961
|
Land
|
Buildings
|
Plant and machinery
|
Computer equipment
|
Furniture and fixtures
|
Vehicles
|
Capital work-in-progress
|
Total
|
|
Carrying value as at October 1, 2008
|
$57
|
$381
|
$108
|
$47
|
$60
|
$1
|
$295
|
$949
|
Translation differences
|
(1)
|
(20)
|
(6)
|
-
|
-
|
-
|
(4)
|
(31)
|
Additions/ (deletions)
|
-
|
89
|
30
|
21
|
20
|
-
|
(102)
|
58
|
Depreciation
|
-
|
(9)
|
(7)
|
(15)
|
(7)
|
-
|
-
|
(38)
|
Carrying value as at December 31, 2008
|
$56
|
$441
|
$125
|
$53
|
$73
|
$1
|
$189
|
$938
|
Land
|
Buildings
|
Plant and machinery
|
Computer equipment
|
Furniture and fixtures
|
Vehicles
|
Capital work-in-progress
|
Total
|
|
Carrying value as at April 1, 2009
|
$56
|
$468
|
$130
|
$54
|
$77
|
$1
|
$134
|
$920
|
Translation differences
|
5
|
43
|
13
|
4
|
6
|
-
|
10
|
81
|
Additions/ (deletions)
|
9
|
61
|
37
|
30
|
18
|
-
|
(53)
|
102
|
Acquisition through business combination
|
-
|
-
|
-
|
1
|
-
|
-
|
-
|
1
|
Depreciation
|
-
|
(33)
|
(41)
|
(43)
|
(26)
|
-
|
-
|
(143)
|
Carrying value as at December 31, 2009
|
$70
|
$539
|
$139
|
$46
|
$75
|
$1
|
$91
|
$961
|
Land
|
Buildings
|
Plant and machinery
|
Computer equipment
|
Furniture and fixtures
|
Vehicles
|
Capital work-in-progress
|
Total
|
|
Carrying value as at April 1, 2008
|
$57
|
$395
|
$113
|
$58
|
$68
|
-
|
$331
|
$1,022
|
Translation differences
|
(10)
|
(80)
|
(24)
|
(13)
|
(12)
|
-
|
(53)
|
(192)
|
Additions/ (deletions)
|
9
|
151
|
64
|
52
|
38
|
1
|
(89)
|
226
|
Depreciation
|
-
|
(25)
|
(28)
|
(44)
|
(21)
|
-
|
-
|
(118)
|
Carrying value as at December 31, 2008
|
$56
|
$441
|
$125
|
$53
|
$73
|
$1
|
$189
|
$938
|
As of
|
||
December 31, 2009
|
March 31, 2009
|
|
Carrying value at the beginning
|
$135
|
$174
|
Goodwill recognized on acquisition (Refer Note
2.2)
|
30
|
-
|
Translation differences
|
13
|
(39)
|
Carrying value at the end
|
$178
|
$135
|
Segment
|
As of
|
|
December 31, 2009
|
March 31, 2009
|
|
Financial services
|
$87
|
$53
|
Manufacturing
|
20
|
18
|
Telecom
|
3
|
2
|
Retail
|
49
|
44
|
Others
|
19
|
18
|
Total
|
$178
|
$135
|
In %
|
|
Long term growth rate
|
8-10
|
Operating margins
|
17 -20
|
Discount rate
|
13.3
|
As of
|
||
December 31, 2009
|
March 31, 2009
|
|
Gross carrying value at the beginning
|
$11
|
$11
|
Intellectual property rights (Refer Note
2.2)
|
-
|
3
|
Customer contracts and relationships (Refer Note
2.2)
|
10
|
-
|
Computer software platform (Refer Note 2.2)
|
3
|
-
|
Translation differences
|
1
|
(3)
|
Gross carrying value at the end
|
$25
|
$11
|
Accumulated amortization at the beginning
|
$4
|
-
|
Amortization expense
|
6
|
4
|
Accumulated amortization at the end
|
$10
|
$4
|
Net carrying value
|
$15
|
$7
|
Loans and receivables
|
Financial assets/liabilities at fair value
through
profit and loss
|
Available for sale
|
Trade and other payables
|
Total carrying value/ fair value
|
|
Assets:
|
|||||
Cash and cash equivalents (Refer Note 2.1)
|
$1,972
|
-
|
-
|
-
|
$1,972
|
Available-for-sale financial assets
|
-
|
-
|
1,133
|
-
|
1,133
|
Trade receivables
|
724
|
-
|
-
|
-
|
724
|
Unbilled revenue
|
173
|
-
|
-
|
-
|
173
|
Derivative financial instruments
|
-
|
16
|
-
|
-
|
16
|
Prepayments and other assets (Refer Note 2.3)
|
176
|
-
|
-
|
-
|
176
|
Total
|
$3,045
|
$16
|
$1,133
|
-
|
$4,194
|
Liabilities:
|
|||||
Trade payables
|
-
|
-
|
-
|
$3
|
$3
|
Client deposits
|
-
|
-
|
-
|
3
|
3
|
Employee benefit obligations (Refer Note 2.7)
|
-
|
-
|
-
|
76
|
76
|
Other liabilities (Refer Note 2.9)
|
-
|
-
|
-
|
361
|
361
|
Total
|
-
|
-
|
-
|
$443
|
$443
|
Loans and receivables
|
Financial assets/liabilities at fair value through profit and
loss
|
Available for sale
|
Trade and other payables
|
Total carrying value/ fair value
|
|
Assets:
|
|||||
Cash and cash equivalents (Refer Note 2.1)
|
$2,167
|
-
|
-
|
-
|
$2,167
|
Trade receivables
|
724
|
-
|
-
|
-
|
724
|
Unbilled revenue
|
148
|
-
|
-
|
-
|
148
|
Prepayments and other assets (Refer Note 2.3)
|
122
|
-
|
-
|
-
|
122
|
Total
|
$3,161
|
-
|
-
|
-
|
$3,161
|
Liabilities:
|
|||||
Trade payables
|
-
|
-
|
-
|
$5
|
$5
|
Derivative financial instruments
|
-
|
22
|
-
|
-
|
22
|
Client deposits
|
-
|
-
|
-
|
1
|
1
|
Employee benefit obligations (Refer Note 2.7)
|
-
|
-
|
-
|
69
|
69
|
Other liabilities (Refer Note 2.9)
|
-
|
-
|
-
|
284
|
284
|
Total
|
-
|
$22
|
-
|
$359
|
$381
|
Three months ended December 31,
|
Nine months ended December 31,
|
|||
2009
|
2008
|
2009
|
2008
|
|
Interest income on deposits
|
$34
|
$46
|
$121
|
$135
|
Income from available-for-sale financial
assets
|
9
|
-
|
16
|
-
|
$43
|
$46
|
$137
|
$135
|
|
As of
|
|
|
December 31, 2009
|
March 31, 2009
|
Forward contracts
|
||
In U.S. dollars
|
380
|
278
|
In Euro
|
13
|
27
|
In United Kingdom Pound Sterling
|
10
|
21
|
Option contracts
|
||
In U.S. dollars
|
194
|
173
|
|
As of
|
|
|
December 31, 2009
|
March 31, 2009
|
Not later than one month
|
$105
|
$68
|
Later than one month and not later than three
months
|
230
|
197
|
Later than three months and not later than one
year
|
274
|
250
|
$609
|
$515
|
As of
|
||
December 31, 2009
|
March 31, 2009
|
|
Aggregate amount of outstanding forward and option
contracts
|
$609
|
$515
|
Gains / (losses) on outstanding forward and option
contracts
|
$16
|
$(22)
|
U.S. dollars
|
Euro
|
United Kingdom Pound Sterling
|
Australian dollars
|
Other currencies
|
Total
|
|
Cash and cash equivalents
|
$52
|
$4
|
$9
|
$76
|
$30
|
$171
|
Trade receivables
|
495
|
66
|
85
|
2
|
76
|
724
|
Unbilled revenue
|
109
|
18
|
28
|
7
|
8
|
170
|
Prepayments and other assets
|
25
|
1
|
2
|
1
|
3
|
32
|
Trade payables
|
-
|
-
|
-
|
-
|
(2)
|
(2)
|
Client deposits
|
(3)
|
-
|
-
|
-
|
-
|
(3)
|
Accrued expenses
|
(51)
|
(1)
|
-
|
(2)
|
(7)
|
(61)
|
Accrued compensation to employees
|
(33)
|
-
|
-
|
(3)
|
(7)
|
(43)
|
Other liabilities
|
(172)
|
(29)
|
(15)
|
(13)
|
(10)
|
(239)
|
Net assets / (liabilities)
|
$422
|
$59
|
$109
|
$68
|
$91
|
$749
|
U.S. dollars
|
Euro
|
United Kingdom Pound Sterling
|
Australian dollars
|
Other currencies
|
Total
|
|
Cash and cash equivalents
|
$125
|
$8
|
$14
|
$59
|
$11
|
$217
|
Trade receivables
|
481
|
58
|
116
|
3
|
61
|
719
|
Unbilled revenue
|
77
|
14
|
19
|
3
|
20
|
133
|
Prepayments and other assets
|
3
|
-
|
1
|
-
|
1
|
5
|
Trade payables
|
(3)
|
-
|
-
|
-
|
(1)
|
(4)
|
Client deposits
|
(1)
|
-
|
-
|
-
|
-
|
(1)
|
Accrued expenses
|
(41)
|
(1)
|
(3)
|
(1)
|
(34)
|
(80)
|
Accrued compensation to employees
|
(31)
|
-
|
-
|
(2)
|
(4)
|
(37)
|
Other liabilities
|
(73)
|
(35)
|
(18)
|
(10)
|
(16)
|
(152)
|
Net assets / (liabilities)
|
$537
|
$44
|
$129
|
$52
|
$38
|
$800
|
Three months ended December 31,
|
Nine months ended December 31,
|
||||||
2009
|
2008
|
2009
|
2008
|
||||
Revenue from top customer
|
4.7
|
6.2
|
4.6
|
7.2
|
|||
Revenue from top five customers
|
17.6
|
17.3
|
16.7
|
18.3
|
As of
|
||
Period (in days)
|
December 31, 2009
|
March 31, 2009
|
31 – 60
|
$197
|
$248
|
61 – 90
|
$54
|
$36
|
More than 90
|
$33
|
$10
|
Three months ended December 31,
|
Nine months ended December 31,
|
|||
2009
|
2008
|
2009
|
2008
|
|
Balance at the beginning
|
$32
|
$17
|
$21
|
$10
|
Translation differences
|
2
|
-
|
3
|
-
|
Impairment loss recognized
|
(5)
|
2
|
5
|
12
|
Trade receivables written off
|
-
|
-
|
-
|
(3)
|
Balance at the end
|
$29
|
$19
|
$29
|
$19
|
Particulars
|
Less than 1 year
|
1-2 years
|
2-4 years
|
4-7 years
|
Total
|
Trade payables
|
$3
|
-
|
-
|
-
|
$3
|
Client deposits
|
3
|
-
|
-
|
-
|
3
|
Incentive accruals (Refer Note 2.7)
|
5
|
-
|
6
|
-
|
11
|
Other liabilities (Refer Note 2.9)
|
$352
|
$1
|
$2
|
$6
|
$361
|
Particulars
|
Less than 1 year
|
1-2 years
|
2-4 years
|
4-7 years
|
Total
|
Trade payables
|
$5
|
-
|
-
|
-
|
$5
|
Client deposits
|
1
|
-
|
-
|
-
|
1
|
Incentive accruals (Refer Note 2.7)
|
-
|
5
|
6
|
-
|
11
|
Other liabilities (Refer Note 2.9)
|
$284
|
-
|
-
|
-
|
$284
|
As of
|
||
December 31, 2009
|
March 31, 2009
|
|
Current
|
||
Compensated absence
|
$25
|
$21
|
Incentive accruals
|
5
|
-
|
$30
|
$21
|
|
Non-current
|
||
Compensated absence
|
$40
|
$37
|
Incentive accruals
|
6
|
11
|
$46
|
$48
|
|
$76
|
$69
|
As of
|
||
December 31, 2009
|
March 31, 2009
|
|
Provision for post sales client support
|
$16
|
$18
|
Three months ended December 31,
|
Nine months ended December 31,
|
|||
2009
|
2008
|
2009
|
2008
|
|
Balance at the beginning
|
$22
|
$12
|
$18
|
$13
|
Translation differences
|
-
|
-
|
-
|
-
|
Provision recognized
|
(5)
|
3
|
(2)
|
4
|
Provision utilized
|
(1)
|
-
|
-
|
(2)
|
Balance at the end
|
$16
|
$15
|
$16
|
$15
|
As of
|
||
December 31, 2009
|
March 31, 2009
|
|
Current
|
||
Accrued compensation to employees
|
$111
|
$107
|
Accrued expenses
|
135
|
120
|
Withholding taxes payable
|
72
|
43
|
Retainage
|
15
|
11
|
Unamortized negative past service cost (Refer Note
2.11.1)
|
6
|
6
|
Liabilities arising on consolidation of trusts
|
15
|
-
|
Others
|
4
|
3
|
$358
|
$290
|
|
Non-current
|
||
Liability towards acquisition of business
|
$9
|
-
|
$9
|
-
|
|
$367
|
$290
|
|
Financial liabilities included in other
liabilities
|
$361
|
$284
|
Three months ended December 31,
|
Nine months ended December 31,
|
|||
2009
|
2008
|
2009
|
2008
|
|
Employee benefit costs (Refer Note 2.11.4)
|
$649
|
$607
|
$1,856
|
$1,858
|
Depreciation and amortization charges (Refer Note 2.4 and
2.5)
|
55
|
39
|
149
|
120
|
Travelling costs
|
42
|
42
|
106
|
152
|
Consultancy and professional charges
|
14
|
13
|
42
|
44
|
Cost of software packages
|
24
|
15
|
61
|
55
|
Communication costs
|
11
|
14
|
35
|
45
|
Cost of technical sub-contractors
|
17
|
20
|
49
|
66
|
Power and fuel
|
8
|
8
|
23
|
25
|
Repairs and maintenance
|
13
|
13
|
41
|
40
|
Commission
|
2
|
2
|
4
|
5
|
Branding and marketing expenses
|
3
|
3
|
11
|
17
|
Provision for post-sales client support (Refer Note
2.8)
|
(5)
|
3
|
(2)
|
4
|
Allowance for impairment of trade receivables (Refer Note
2.6)
|
(5)
|
2
|
5
|
12
|
Operating lease payments (Refer Note 2.14)
|
7
|
6
|
20
|
19
|
Others
|
15
|
11
|
38
|
36
|
Total cost of sales, selling and marketing expenses and
administrative expenses
|
$850
|
$798
|
$2,438
|
$2,498
|
As of
|
|||
December 31, 2009
|
March 31, 2009
|
March 31, 2008
|
|
Change in benefit obligations
|
|||
Benefit obligations at the beginning
|
$52
|
$56
|
$51
|
Actuarial gains
|
(1)
|
-
|
(2)
|
Service cost
|
13
|
11
|
14
|
Interest cost
|
3
|
3
|
4
|
Benefits paid
|
(5)
|
(5)
|
(6)
|
Plan amendments
|
-
|
-
|
(9)
|
Translation differences
|
6
|
(13)
|
4
|
Benefit obligations at the end
|
$68
|
$52
|
$56
|
Change in plan assets
|
|||
Fair value of plan assets at the beginning
|
$52
|
$59
|
$51
|
Expected return on plan assets
|
4
|
4
|
4
|
Actuarial gains
|
-
|
-
|
1
|
Employer contributions
|
11
|
7
|
4
|
Benefits paid
|
(5)
|
(5)
|
(6)
|
Translation differences
|
6
|
(13)
|
5
|
Fair value of plan assets at the end
|
$68
|
$52
|
$59
|
Funded status
|
-
|
-
|
$3
|
Prepaid benefit
|
-
|
-
|
$3
|
Three months ended December 31,
|
Nine months ended December 31,
|
|||
2009
|
2008
|
2009
|
2008
|
|
Service cost
|
$4
|
$5
|
$13
|
$9
|
Interest cost
|
1
|
-
|
3
|
2
|
Expected return on assets
|
(1)
|
-
|
(4)
|
(2)
|
Actuarial gains
|
(1)
|
-
|
(1)
|
-
|
Plan amendments
|
(1)
|
-
|
(1)
|
(1)
|
Net gratuity cost
|
$2
|
$5
|
$10
|
$8
|
Three months ended December 31,
|
Nine months ended December 31,
|
|||
2009
|
2008
|
2009
|
2008
|
|
Cost of sales
|
$2
|
$4
|
$9
|
$7
|
Selling and marketing expenses
|
-
|
1
|
1
|
1
|
Administrative expenses
|
-
|
-
|
-
|
-
|
$2
|
$5
|
$10
|
$8
|
As of
|
|||
December 31, 2009
|
March 31, 2009
|
March 31, 2008
|
|
Discount rate
|
7.6%
|
7.0%
|
7.9%
|
Weighted average rate of increase in compensation
levels
|
7.3%
|
5.1%
|
5.1%
|
Three months ended December 31,
|
Nine months ended December 31,
|
|||
2009
|
2008
|
2009
|
2008
|
|
Discount rate
|
7.0%
|
7.9%
|
7.0%
|
7.9%
|
Weighted average rate of increase in compensation
levels
|
7.3%
|
5.1%
|
7.3%
|
5.1%
|
Rate of return on plan assets
|
9.0%
|
7.9%
|
7.0%
|
7.9%
|
Three months ended December 31,
|
Nine months ended December 31,
|
|||
2009
|
2008
|
2009
|
2008
|
|
Cost of sales
|
$5
|
$4
|
$13
|
$12
|
Selling and marketing expenses
|
-
|
-
|
1
|
1
|
Administrative expenses
|
-
|
-
|
-
|
-
|
$5
|
$4
|
$14
|
$13
|
Three months ended December 31,
|
Nine months ended December 31,
|
|||
2009
|
2008
|
2009
|
2008
|
|
Cost of sales
|
$8
|
$7
|
$23
|
$22
|
Selling and marketing expenses
|
1
|
1
|
2
|
2
|
Administrative expenses
|
-
|
-
|
1
|
1
|
$9
|
$8
|
$26
|
$25
|
Three months ended December 31,
|
Nine months ended December 31,
|
|||
2009
|
2008
|
2009
|
2008
|
|
Salaries and bonus
|
$633
|
$589
|
$1,806
|
$1,811
|
Defined contribution plans
|
6
|
5
|
17
|
16
|
Defined benefit plans
|
10
|
12
|
33
|
30
|
Share-based compensation
|
-
|
1
|
-
|
1
|
$649
|
$607
|
$1,856
|
$1,858
|
Three months ended December 31,
|
Nine months ended December 31,
|
|||
2009
|
2008
|
2009
|
2008
|
|
Cost of sales
|
$567
|
$541
|
$1,633
|
$1,653
|
Selling and marketing expenses
|
52
|
42
|
140
|
132
|
Administrative expenses
|
30
|
24
|
83
|
73
|
$649
|
$607
|
$1,856
|
$1,858
|
Three months ended December 31,
|
Nine months ended December 31,
|
|||
2009
|
2008
|
2009
|
2008
|
|
Interest income on deposits
|
$34
|
$46
|
$121
|
$135
|
Exchange gains/ (losses) on forward and options
contracts
|
22
|
(28)
|
41
|
(144)
|
Exchange gains/ (losses) on translation of other assets and
liabilities
|
(18)
|
(16)
|
(28)
|
53
|
Income from available-for-sale financial assets/
investments
|
9
|
-
|
16
|
-
|
Others*
|
3
|
5
|
4
|
6
|
$50
|
$7
|
$154
|
$50
|
As of
|
||
December 31, 2009
|
March 31, 2009
|
|
Within one year of the balance sheet date
|
$18
|
$16
|
Due in a period between one year and five
years
|
$45
|
$44
|
Due after five years
|
$13
|
$14
|
Nine months ended December 31, 2009
|
Nine months ended December 31, 2008
|
|||
Shares arising
out of options
|
Weighted average
exercise price
|
Shares arising
out of options
|
Weighted average
exercise price
|
|
1998 Plan:
|
||||
Outstanding at the beginning
|
916,759
|
$18
|
1,530,447
|
$20
|
Forfeited and expired
|
(57,889)
|
$33
|
(67,122)
|
$43
|
Exercised
|
(441,058)
|
$17
|
(341,008)
|
$19
|
Outstanding at the end
|
417,812
|
$16
|
1,122,317
|
$19
|
Exercisable at the end
|
417,812
|
$16
|
1,122,317
|
$19
|
1999 Plan:
|
||||
Outstanding at the beginning
|
925,806
|
$25
|
1,494,693
|
$29
|
Forfeited and expired
|
(306,433)
|
$42
|
(180,201)
|
$40
|
Exercised
|
(264,132)
|
$15
|
(304,737)
|
$14
|
Outstanding at the end
|
355,241
|
$22
|
1,009,755
|
$25
|
Exercisable at the end
|
312,658
|
$18
|
652,885
|
$15
|
|
Options outstanding
|
Options exercisable
|
||||
Range of exercise prices
per share ($)
|
No. of shares arising
out of options
|
Weighted Average
remaining contractual life
|
Weighted average
exercise price
|
No. of shares arising
out of options
|
Weighted Average
remaining contractual life
|
Weighted average
exercise price
|
1998 Plan:
|
||||||
4-15
|
229,424
|
1.15
|
$12
|
229,424
|
1.15
|
$12
|
16-30
|
188,388
|
0.78
|
$21
|
188,388
|
0.78
|
$21
|
417,812
|
0.99
|
$16
|
417,812
|
0.99
|
$16
|
|
1999 Plan:
|
||||||
5-15
|
183,402
|
1.11
|
$9
|
183,402
|
1.11
|
$9
|
16-30
|
62,709
|
0.14
|
$16
|
62,709
|
0.14
|
$16
|
31-53
|
109,130
|
1.73
|
$46
|
66,547
|
1.61
|
$46
|
355,241
|
1.13
|
$22
|
312,658
|
1.02
|
$18
|
|
Options outstanding
|
Options exercisable
|
||||
Range of exercise prices
per share ($)
|
No. of shares arising
out of options
|
Weighted Average
remaining contractual life
|
Weighted average
exercise price
|
No. of shares arising
out of options
|
Weighted Average
remaining contractual life
|
Weighted average
exercise price
|
1998 Plan:
|
||||||
4-15
|
431,762
|
1.58
|
$12
|
431,762
|
1.58
|
$12
|
16-30
|
428,997
|
1.39
|
$21
|
428,997
|
1.39
|
$21
|
31-45
|
46,720
|
0.32
|
$37
|
46,720
|
0.32
|
$37
|
46-60
|
9,280
|
0.10
|
$51
|
9,280
|
0.10
|
$51
|
916,759
|
1.41
|
$18
|
916,759
|
1.41
|
$18
|
|
1999 Plan:
|
||||||
5-15
|
446,185
|
1.26
|
$10
|
446,185
|
1.26
|
$10
|
16-30
|
77,893
|
0.52
|
$19
|
77,893
|
0.52
|
$19
|
31-53
|
401,728
|
1.06
|
$42
|
327,223
|
0.75
|
$42
|
925,806
|
1.11
|
$25
|
851,301
|
1.00
|
$23
|
Three months ended December 31,
|
Nine months ended
December 31,
|
|||
2009
|
2008
|
2009
|
2008
|
|
Current taxes
|
||||
Domestic taxes
|
$106
|
$46
|
$246
|
$116
|
Foreign taxes
|
15
|
3
|
53
|
50
|
121
|
49
|
299
|
166
|
|
Deferred taxes
|
||||
Domestic taxes
|
(18)
|
-
|
(35)
|
(30)
|
Foreign taxes
|
(5)
|
(1)
|
(4)
|
(2)
|
(23)
|
(1)
|
(39)
|
(32)
|
|
Income tax expense
|
$98
|
$48
|
$260
|
$134
|
Three months ended December 31,
|
Nine months ended
December 31,
|
|||
2009
|
2008
|
2009
|
2008
|
|
Profit before income taxes
|
$432
|
$380
|
$1,224
|
$1,094
|
Enacted tax rates in India
|
33.99%
|
33.99%
|
33.99%
|
33.99%
|
Computed expected tax expense
|
$147
|
$129
|
$416
|
$372
|
Tax effect due to non-taxable income for Indian tax
purposes
|
(29)
|
(80)
|
(109)
|
(252)
|
Tax reversals, net
|
(16)
|
(12)
|
(36)
|
(19)
|
Effect of exempt income
|
1
|
-
|
(7)
|
-
|
Interest and penalties
|
1
|
1
|
3
|
5
|
Effect of unrecognized deferred tax assets
|
(2)
|
2
|
-
|
4
|
Effect of differential foreign tax rates
|
2
|
7
|
13
|
13
|
Effect of non-deductible expenses
|
5
|
4
|
6
|
9
|
Others
|
(11)
|
(3)
|
(26)
|
2
|
Income tax expense
|
$98
|
$48
|
$260
|
$134
|
Three months endedDecember 31,
|
Nine months ended December 31,
|
|||
2009
|
2008
|
2009
|
2008
|
|
Net current income tax asset/ (liability) at the
beginning
|
$(78)
|
$(80)
|
$(61)
|
$(46)
|
Translation differences
|
(1)
|
3
|
(4)
|
10
|
Income tax paid
|
126
|
47
|
290
|
123
|
Income tax expense
|
(121)
|
(49)
|
(299)
|
(166)
|
Net current income tax asset/ (liability) at the
end
|
$(74)
|
$(79)
|
$(74)
|
$(79)
|
As of
|
||
December 31, 2009
|
March 31, 2009
|
|
Deferred income tax assets
|
||
Property, plant and equipment
|
$42
|
$26
|
Minimum alternate tax credit carry-forwards
|
67
|
56
|
Deductible temporary difference on computer
software
|
4
|
-
|
Trade receivables
|
8
|
2
|
Compensated absences
|
10
|
2
|
Others
|
5
|
2
|
Total deferred income tax assets
|
136
|
88
|
Deferred income tax liabilities
|
||
Intangible asset
|
–
|
–
|
Temporary difference related to branch profits
|
(8)
|
(7)
|
Total deferred income tax liabilities
|
(8)
|
(7)
|
Total deferred income tax assets
|
$128
|
$81
|
Deferred income tax assets to be recovered after more than 12
months
|
$121
|
$81
|
Deferred income tax liability to be recovered after more than
12 months
|
-
|
-
|
Deferred income tax assets to be recovered within 12
months
|
15
|
7
|
Deferred income tax liability to be recovered within 12
months
|
(8)
|
(7)
|
$128
|
$81
|
Three months ended December 31,
|
Nine months ended December 31,
|
||||||
2009
|
2008
|
2009
|
2008
|
||||
Net deferred income tax asset at the beginning
|
$101
|
$93
|
$81
|
$73
|
|||
Translation differences
|
4
|
(5)
|
8
|
(16)
|
|||
Credits relating to temporary differences
|
23
|
1
|
39
|
32
|
|||
Net deferred income tax asset at the end
|
$128
|
$89
|
$128
|
$89
|
Three months ended December 31,
|
Nine months ended December 31,
|
|||
2009
|
2008
|
2009
|
2008
|
|
Basic earnings per equity share - weighted average number of
equity shares outstanding
|
570,602,970
|
569,755,757
|
570,353,792
|
569,571,267
|
Effect of dilutive common equivalent shares - share options
outstanding
|
580,340
|
693,312
|
685,424
|
1,078,766
|
Diluted earnings per equity share - weighted average number of
equity shares and common equivalent shares outstanding
|
571,183,310
|
570,449,069
|
571,039,216
|
570,650,033
|
|
|
Holding as at
|
|
Particulars
|
Country
|
December 31, 2009
|
March 31, 2009
|
Infosys BPO
|
India
|
99.98%
|
99.98%
|
Infosys Australia
|
Australia
|
100%
|
100%
|
Infosys China
|
China
|
100%
|
100%
|
Infosys Consulting
|
U.S.A
|
100%
|
100%
|
Infosys Mexico
|
Mexico
|
100%
|
100%
|
Infosys BPO s. r. o *
|
Czech Republic
|
99.98%
|
99.98%
|
Infosys BPO (Poland) Sp.Z.o.o *
|
Poland
|
99.98%
|
99.98%
|
Infosys BPO (Thailand) Limited *
|
Thailand
|
99.98%
|
99.98%
|
Mainstream Software Pty. Ltd **
|
Australia
|
100%
|
100%
|
Infosys Sweden ***
|
Sweden
|
100%
|
-
|
Infosys Brasil ****
|
Brazil
|
100%
|
-
|
Infosys Consulting India Limited*****
|
India
|
100%
|
-
|
Infosys Public Services, Inc. #
|
U.S.A
|
100%
|
-
|
McCamish Systems LLC* (Refer Note 2.2)
|
U.S.A
|
99.98%
|
-
|
Particulars
|
Country
|
Nature of relationship
|
Infosys Technologies Limited Employees' Gratuity Fund
Trust
|
India
|
Post-employment benefit plans of Infosys
|
Infosys Technologies Limited Employees' Provident Fund
Trust
|
India
|
Post-employment benefit plans of Infosys
|
Infosys Technologies Limited Employees' Superannuation Fund
Trust
|
India
|
Post-employment benefit plans of Infosys
|
Infosys BPO Limited Employees’ Superannuation Fund
Trust
|
India
|
Post-employment benefit plan of Infosys BPO
|
Infosys BPO Limited Employees’ Gratuity Fund
Trust
|
India
|
Post-employment benefit plan of Infosys BPO
|
Infosys Technologies Limited Employees’ Welfare
Trust
|
India
|
Employee Welfare Trust of Infosys
|
Infosys Science Foundation
|
India
|
Controlled trust
|
|
Three months ended December 31,
|
Nine months ended December 31,
|
||
2009
|
2008
|
2009
|
2008
|
|
Salaries and other short-term employee
benefits
|
$1
|
$1
|
$5
|
$5
|
Three months ended December 31, 2009
|
Financial services
|
Manufacturing
|
Telecom
|
Retail
|
Others
|
Total
|
Revenues
|
$425
|
$237
|
$200
|
$161
|
$209
|
$1,232
|
Identifiable operating expenses
|
165
|
106
|
67
|
68
|
86
|
492
|
Allocated expenses
|
104
|
58
|
50
|
40
|
51
|
303
|
Segment profit
|
156
|
73
|
83
|
53
|
72
|
437
|
Unallocable expenses
|
55
|
|||||
Operating profit
|
382
|
|||||
Other income
|
50
|
|||||
Profit before income taxes
|
432
|
|||||
Income tax expense
|
98
|
|||||
Net profit
|
$334
|
|||||
Depreciation and amortization
|
$55
|
|||||
Non-cash expenses other than depreciation and
amortization
|
-
|
Three months ended December 31, 2008
|
Financial services
|
Manufacturing
|
Telecom
|
Retail
|
Others
|
Total
|
Revenues
|
$409
|
$230
|
$196
|
$147
|
$189
|
$1,171
|
Identifiable operating expenses
|
163
|
97
|
74
|
61
|
74
|
469
|
Allocated expenses
|
101
|
57
|
48
|
36
|
49
|
291
|
Segment profit
|
145
|
76
|
74
|
50
|
66
|
411
|
Unallocable expenses
|
38
|
|||||
Operating profit
|
373
|
|||||
Other income
|
7
|
|||||
Profit before income taxes
|
380
|
|||||
Income tax expense
|
48
|
|||||
Net profit
|
$332
|
|||||
Depreciation and amortization
|
$39
|
|||||
Non-cash expenses other than depreciation and
amortization
|
$1
|
Nine months ended December 31, 2009
|
Financial services
|
Manufacturing
|
Telecom
|
Retail
|
Others
|
Total
|
Revenues
|
$1,182
|
$690
|
$575
|
$472
|
$589
|
$3,508
|
Identifiable operating expenses
|
470
|
308
|
198
|
192
|
232
|
1,400
|
Allocated expenses
|
299
|
175
|
146
|
120
|
149
|
889
|
Segment profit
|
413
|
207
|
231
|
160
|
208
|
1,219
|
Unallocable expenses
|
149
|
|||||
Operating profit
|
1,070
|
|||||
Other income
|
154
|
|||||
Profit before income taxes
|
1,224
|
|||||
Income tax expense
|
260
|
|||||
Net profit
|
$964
|
|||||
Depreciation and amortization
|
$149
|
|||||
Non-cash expenses other than depreciation and
amortization
|
-
|
Nine months ended December 31, 2008
|
Financial services
|
Manufacturing
|
Telecom
|
Retail
|
Others
|
Total
|
Revenues
|
$1,212
|
$687
|
$656
|
$434
|
$553
|
$3,542
|
Identifiable operating expenses
|
506
|
293
|
238
|
182
|
222
|
1,441
|
Allocated expenses
|
320
|
181
|
172
|
114
|
149
|
936
|
Segment profit
|
386
|
213
|
246
|
138
|
182
|
1,165
|
Unallocable expenses
|
121
|
|||||
Operating profit
|
1,044
|
|||||
Other income
|
50
|
|||||
Profit before income taxes
|
1,094
|
|||||
Income tax expense
|
134
|
|||||
Net profit
|
$960
|
|||||
Depreciation and amortization
|
$120
|
|||||
Non-cash expenses other than depreciation and
amortization
|
$1
|
2.19.2
|
Geographic segments
|
Three months ended December 31, 2009
|
North America
|
Europe
|
India
|
Rest of the World
|
Total
|
Revenues
|
$820
|
$269
|
$15
|
$128
|
$1,232
|
Identifiable operating expenses
|
328
|
112
|
4
|
48
|
492
|
Allocated expenses
|
201
|
66
|
4
|
32
|
303
|
Segment profit
|
291
|
91
|
7
|
48
|
437
|
Unallocable expenses
|
55
|
||||
Operating profit
|
382
|
||||
Other income
|
50
|
||||
Profit before income taxes
|
432
|
||||
Income tax expense
|
98
|
||||
Net profit
|
$334
|
||||
Depreciation and amortization
|
$55
|
||||
Non-cash expenses other than depreciation and
amortization
|
-
|
Three months ended December 31, 2008
|
North America
|
Europe
|
India
|
Rest of the World
|
Total
|
Revenues
|
$755
|
$299
|
$14
|
$103
|
$1,171
|
Identifiable operating expenses
|
310
|
122
|
2
|
35
|
469
|
Allocated expenses
|
187
|
74
|
3
|
27
|
291
|
Segment profit
|
258
|
103
|
9
|
41
|
411
|
Unallocable expenses
|
38
|
||||
Operating profit
|
373
|
||||
Other income
|
7
|
||||
Profit before income taxes
|
380
|
||||
Income tax expense
|
48
|
||||
Net profit
|
$332
|
||||
Depreciation and amortization
|
$39
|
||||
Non-cash expenses other than depreciation and
amortization
|
$1
|
Nine months ended December 31, 2009
|
North America
|
Europe
|
India
|
Rest of the World
|
Total
|
Revenues
|
$2,306
|
$814
|
$39
|
$349
|
$3,508
|
Identifiable operating expenses
|
921
|
329
|
12
|
138
|
1,400
|
Allocated expenses
|
584
|
206
|
10
|
89
|
889
|
Segment profit
|
801
|
279
|
17
|
122
|
1,219
|
Unallocable expenses
|
149
|
||||
Operating profit
|
1,070
|
||||
Other income
|
154
|
||||
Profit before income taxes
|
1,224
|
||||
Income tax expense
|
260
|
||||
Net profit
|
$964
|
||||
Depreciation and amortization
|
$149
|
||||
Non-cash expenses other than depreciation and
amortization
|
-
|
Nine months ended December 31, 2008
|
North America
|
Europe
|
India
|
Rest of the World
|
Total
|
Revenues
|
$2,225
|
$957
|
$43
|
$317
|
$3,542
|
Identifiable operating expenses
|
936
|
380
|
10
|
115
|
1,441
|
Allocated expenses
|
587
|
253
|
11
|
85
|
936
|
Segment profit
|
702
|
324
|
22
|
117
|
1,165
|
Unallocable expenses
|
121
|
||||
Operating profit
|
1,044
|
||||
Other income
|
50
|
||||
Profit before income taxes
|
1,094
|
||||
Income tax expense
|
134
|
||||
Net profit
|
$960
|
||||
Depreciation and amortization
|
$120
|
||||
Non-cash expenses other than depreciation and
amortization
|
$1
|
Nine months ended
December 31, 2009
|
Fiscal 2009
|
|
Revenues
|
$3,508
|
$4,663
|
Net profit
|
$964
|
$1,281
|
Earnings per equity share (Basic)
|
$1.69
|
$2.25
|
Earnings per equity share (Diluted)
|
$1.69
|
$2.25
|
·
|
sell it to an authorized dealer for rupees within seven days
from the date of receipt of the foreign
currency;
|
·
|
retain it in a foreign currency account such as an Exchange
Earners Foreign Currency, or EEFC, account with an authorized dealer;
or
|
·
|
use it for discharge of debt or liabilities denominated in
foreign currency.
|
(Dollars in millions)
|
||||
Three months ended December 31,
|
Change
|
Percentage Change
|
||
2009
|
2008
|
|||
Revenues
|
$1,232
|
$1,171
|
$61
|
5.2%
|
Percentage of revenues
|
||
|
Three months ended December 31,
|
|
Industry Segments
|
2009
|
2008
|
Financial services
|
34.6%
|
34.9%
|
Manufacturing
|
19.3%
|
19.6%
|
Telecommunication
|
16.2%
|
16.7%
|
Retail
|
13.1%
|
12.6%
|
Others including utilities, logistics and
services
|
16.8%
|
16.2%
|
Industry Segments
|
Three months ended December 31, 2009
|
Financial services
|
34.7%
|
Manufacturing
|
19.3%
|
Telecommunication
|
15.9%
|
Retail
|
13.2%
|
Others including utilities, logistics and
services
|
16.9%
|
Three months ended December 31,
|
||
Industry Segments
|
2009
|
2008
|
Financial services
|
36.7%
|
35.5%
|
Manufacturing
|
30.8%
|
33.0%
|
Telecommunication
|
41.5%
|
37.8%
|
Retail
|
32.9%
|
34.0%
|
Others including utilities, logistics and
services
|
34.4%
|
34.9%
|
Percentage of Revenues
|
||
Three months ended December 31,
|
||
2009
|
2008
|
|
Onsite
|
46.1%
|
45.8%
|
Offshore
|
53.9%
|
54.2%
|
Three months ended December 31,
|
||
2009
|
2008
|
|
Onsite
|
22.5%
|
23.1%
|
Offshore
|
77.5%
|
76.9%
|
Percentage of revenues
|
||
Three months ended December 31,
|
||
2009
|
2008
|
|
Fixed-price, fixed-time frame contracts
|
38.3%
|
36.3%
|
Time-and-materials contracts
|
61.7%
|
63.7%
|
Percentage of revenues
|
||
|
Three months ended December 31,
|
|
Geographic Segments
|
2009
|
2008
|
North America
|
66.6%
|
64.5%
|
Europe
|
21.9%
|
25.5%
|
India
|
1.2%
|
1.2%
|
Rest of the World
|
10.3%
|
8.8%
|
Geographic Segments
|
Three months ended December 31, 2009
|
North America
|
67.1%
|
Europe
|
21.9%
|
India
|
1.2%
|
Rest of the World
|
9.8%
|
Three months ended December 31,
|
||
Geographic Segments
|
2009
|
2008
|
North America
|
35.5%
|
34.2%
|
Europe
|
33.8%
|
34.4%
|
India
|
46.7%
|
64.3%
|
Rest of the World
|
37.5%
|
39.8%
|
(Dollars in millions)
|
||||
Three months ended December 31,
|
Change
|
Percentage Change
|
||
2009
|
2008
|
|||
Cost of sales
|
$700
|
$661
|
$39
|
5.9%
|
As a percentage of revenues
|
56.8%
|
56.4%
|
Three months ended December 31,
|
Change
|
||
2009
|
2008
|
||
Employee benefit costs
|
$567
|
$541
|
$26
|
Depreciation and amortization
|
55
|
39
|
16
|
Travelling costs
|
29
|
31
|
(2)
|
Cost of software packages
|
24
|
15
|
9
|
Provision for post-sales client support
|
(5)
|
3
|
(8)
|
Operating lease payments
|
4
|
3
|
1
|
Communication costs
|
4
|
4
|
-
|
Cost of technical sub-contractors
|
17
|
21
|
(4)
|
Consumables
|
4
|
1
|
3
|
Repairs and maintenance
|
1
|
1
|
-
|
Other expenses
|
-
|
2
|
(2)
|
Total
|
$700
|
$661
|
$39
|
(Dollars in millions)
|
||||
Three months ended December 31,
|
Change
|
Percentage Change
|
||
2009
|
2008
|
|||
Gross profit
|
$532
|
$510
|
$22
|
4.3%
|
As a percentage of revenues
|
43.2%
|
43.6%
|
|
Three months ended December 31,
|
|
2009
|
2008
|
|
Including trainees
|
68.0%
|
68.5%
|
Excluding trainees
|
76.2%
|
74.8%
|
(Dollars in millions)
|
||||
Three months ended December 31,
|
Change
|
Percentage Change
|
||
2009
|
2008
|
|||
Selling and marketing expenses
|
$68
|
$55
|
$13
|
23.6%
|
As a percentage of revenues
|
5.5%
|
4.7%
|
Three months ended December 31,
|
Change
|
||
2009
|
2008
|
||
Employee benefit costs
|
$52
|
$42
|
$10
|
Travelling costs
|
7
|
5
|
2
|
Branding and marketing
|
3
|
3
|
-
|
Commission
|
2
|
1
|
1
|
Operating lease payments
|
1
|
-
|
1
|
Communication costs
|
1
|
-
|
1
|
Consultancy and professional charges
|
2
|
1
|
1
|
Other expenses
|
-
|
3
|
(3)
|
Total
|
$68
|
$55
|
$13
|
(Dollars in millions)
|
||||
Three months ended December 31,
|
Change
|
Percentage Change
|
||
2009
|
2008
|
|||
Administrative expenses
|
$82
|
$82
|
-
|
-
|
As a percentage of revenues
|
6.7%
|
7.0%
|
Three months ended December 31,
|
Change
|
||
2009
|
2008
|
||
Employee benefit costs
|
$30
|
$24
|
$6
|
Consultancy and professional charges
|
12
|
12
|
-
|
Office maintenance
|
8
|
9
|
(1)
|
Repairs and maintenance
|
4
|
3
|
1
|
Power and fuel
|
8
|
8
|
-
|
Communication costs
|
6
|
9
|
(3)
|
Travelling costs
|
6
|
6
|
-
|
Allowance for impairment of trade receivables
|
(5)
|
2
|
(7)
|
Rates and taxes
|
2
|
1
|
1
|
Insurance charges
|
2
|
1
|
1
|
Operating lease payments
|
2
|
1
|
1
|
Printing and stationery
|
1
|
-
|
1
|
Postage and courier
|
1
|
1
|
-
|
Other expenses
|
5
|
5
|
-
|
Total
|
$82
|
$82
|
-
|
(Dollars in millions)
|
||||
Three months ended December 31,
|
Change
|
Percentage Change
|
||
2009
|
2008
|
|||
Operating profit
|
$382
|
$373
|
$9
|
2.4%
|
As a percentage of revenues
|
31.0%
|
31.9%
|
Three months ended December 31,
|
Change
|
Percentage Change
|
||
2009
|
2008
|
|||
Other income
|
$50
|
$7
|
$43
|
614.3%
|
Percentage of Revenues
|
||
Three months ended December 31,
|
||
Currency
|
2009
|
2008
|
U.S. dollar
|
73.9%
|
72.5%
|
United Kingdom Pound Sterling
|
8.4%
|
11.0%
|
Euro
|
6.6%
|
6.7%
|
Australian dollar
|
6.3%
|
4.2%
|
Others
|
4.8%
|
5.6%
|
Three months ended December 31,
|
Appreciation / (Depreciation) in percentage
|
||
2009(Rs.)
|
2008(Rs.)
|
||
Average exchange rate during the period:
|
|||
U.S. dollar
|
46.62
|
49.42
|
5.7%
|
United Kingdom Pound Sterling
|
76.25
|
75.87
|
(0.5)%
|
Euro
|
68.94
|
65.30
|
(5.6)%
|
Australian dollar
|
42.43
|
33.12
|
(28.1)%
|
Three months ended December 31,
|
||
2009 (Rs.)
|
2008 (Rs.)
|
|
Exchange rate at the beginning of the period:
|
||
U.S. dollar
|
48.11
|
46.97
|
United Kingdom Pound Sterling
|
76.85
|
84.68
|
Euro
|
70.01
|
67.41
|
Australian dollar
|
42.00
|
38.28
|
Exchange rate at the end of the period:
|
||
U.S. dollar
|
46.53
|
48.71
|
United Kingdom Pound Sterling
|
75.06
|
70.59
|
Euro
|
67.02
|
68.54
|
Australian dollar
|
41.85
|
33.73
|
Appreciation / (depreciation) of the rupee against the
relevant currency during the period (as a percentage):
|
||
U.S. dollar
|
3.3%
|
(3.7)%
|
United Kingdom Pound Sterling
|
2.3%
|
16.6%
|
Euro
|
4.3%
|
(1.7)%
|
Australian dollar
|
0.4%
|
11.9%
|
Three months ended December 31,
|
Appreciation / (Depreciation) in percentage
|
||
2009($)
|
2008($)
|
||
Average exchange rate during the period:
|
|||
United Kingdom Pound Sterling
|
1.64
|
1.54
|
(6.5)%
|
Euro
|
1.48
|
1.32
|
(12.1)%
|
Australian dollar
|
0.91
|
0.67
|
(35.8)%
|
Three months ended December 31,
|
||
2009 ($)
|
2008 ($)
|
|
Exchange rate at the beginning of the period:
|
||
United Kingdom Pound Sterling
|
1.60
|
1.80
|
Euro
|
1.46
|
1.44
|
Australian dollar
|
0.87
|
0.81
|
Exchange rate at the end of the period:
|
||
United Kingdom Pound Sterling
|
1.61
|
1.45
|
Euro
|
1.44
|
1.41
|
Australian dollar
|
0.90
|
0.69
|
Appreciation / (depreciation) of U.S. dollar against the
relevant currency during the period (as a percentage):
|
||
United Kingdom Pound Sterling
|
(0.6)%
|
19.4%
|
Euro
|
1.4%
|
2.1%
|
Australian dollar
|
(3.4)%
|
14.8%
|
Three months ended December 31,
|
Change
|
Percentage Change
|
||
2009
|
2008
|
|||
Income tax expense
|
$98
|
$48
|
$50
|
104.2%
|
Effective tax rate
|
22.7%
|
12.6%
|
Three months ended December 31,
|
Change
|
Percentage Change
|
||
2009
|
2008
|
|||
Net profit
|
$334
|
$332
|
$2
|
0.6%
|
As a percentage of revenues
|
27.1%
|
28.4%
|
(Dollars in millions)
|
||||
Nine months ended December 31,
|
Change
|
Percentage Change
|
||
2009
|
2008
|
|||
Revenues
|
$3,508
|
$3,542
|
$(34)
|
(1.0)%
|
Percentage of revenues
|
||
|
Nine months ended December 31,
|
|
Industry Segments
|
2009
|
2008
|
Financial services
|
33.7%
|
34.2%
|
Manufacturing
|
19.7%
|
19.4%
|
Telecommunication
|
16.4%
|
18.5%
|
Retail
|
13.5%
|
12.3%
|
Others including utilities, logistics and
services
|
16.7%
|
15.6%
|
Industry Segments
|
Nine months ended December 31, 2009
|
|
Financial services
|
33.6%
|
|
Manufacturing
|
19.6%
|
|
Telecommunication
|
16.7%
|
|
Retail
|
13.5%
|
|
Others including utilities, logistics and
services
|
16.6%
|
Nine months ended December 31,
|
||
Industry Segments
|
2009
|
2008
|
Financial services
|
34.9%
|
31.8%
|
Manufacturing
|
30.0%
|
31.0%
|
Telecommunication
|
40.2%
|
37.5%
|
Retail
|
33.9%
|
31.8%
|
Others including utilities, logistics and
services
|
35.3%
|
32.9%
|
Percentage of Revenues
|
||
Nine months ended December 31,
|
||
2009
|
2008
|
|
Onsite
|
46.2%
|
46.9%
|
Offshore
|
53.8%
|
53.1%
|
Nine months ended December 31,
|
||
2009
|
2008
|
|
Onsite
|
22.6%
|
23.8%
|
Offshore
|
77.4%
|
76.2%
|
Percentage of revenues
|
||
Nine months ended December 31,
|
||
2009
|
2008
|
|
Fixed-price, fixed-time frame contracts
|
38.1%
|
34.4%
|
Time-and-materials contracts
|
61.9%
|
65.6%
|
Percentage of revenues
|
||
|
Nine months ended December 31,
|
|
Geographic Segments
|
2009
|
2008
|
North America
|
65.7%
|
62.8%
|
Europe
|
23.2%
|
27.0%
|
India
|
1.1%
|
1.2%
|
Rest of the World
|
10.0%
|
9.0%
|
Geographic Segments
|
Nine months ended December 31, 2009
|
North America
|
64.9%
|
Europe
|
24.1%
|
India
|
1.2%
|
Rest of the World
|
9.8%
|
Nine months ended December 31,
|
||
Geographic Segments
|
2009
|
2008
|
North America
|
34.7%
|
31.6%
|
Europe
|
34.3%
|
33.9%
|
India
|
43.6%
|
51.2%
|
Rest of the World
|
35.0%
|
36.9%
|
(Dollars in millions)
|
||||
Nine months ended December 31,
|
Change
|
Percentage Change
|
||
2009
|
2008
|
|||
Cost of sales
|
$2,005
|
$2,049
|
$(44)
|
(2.1)%
|
As a percentage of revenues
|
57.2%
|
57.8%
|
Nine months ended December 31,
|
Change
|
||
2009
|
2008
|
||
Employee benefit costs
|
$1,633
|
$1,653
|
$(20)
|
Depreciation and amortization
|
149
|
120
|
29
|
Travelling costs
|
76
|
109
|
(33)
|
Cost of software packages
|
61
|
55
|
6
|
Provision for post-sales client support
|
(2)
|
4
|
(6)
|
Operating lease payments
|
12
|
12
|
-
|
Communication costs
|
13
|
15
|
(2)
|
Cost of technical sub-contractors
|
49
|
66
|
(17)
|
Consumables
|
4
|
4
|
-
|
Repairs and maintenance
|
4
|
4
|
-
|
Other expenses
|
6
|
7
|
(1)
|
Total
|
$2,005
|
$2,049
|
$(44)
|
(Dollars in millions)
|
||||
Nine months ended December 31,
|
Change
|
Percentage Change
|
||
2009
|
2008
|
|||
Gross profit
|
$1,503
|
$1,493
|
$10
|
0.7%
|
As a percentage of revenues
|
42.8%
|
42.2%
|
|
Nine months ended December 31,
|
|
2009
|
2008
|
|
Including trainees
|
66.9%
|
69.6%
|
Excluding trainees
|
73.1%
|
73.8%
|
(Dollars in millions)
|
||||
Nine months ended December 31,
|
Change
|
Percentage Change
|
||
2009
|
2008
|
|||
Selling and marketing expenses
|
$178
|
$184
|
$(6)
|
(3.3)%
|
As a percentage of revenues
|
5.1%
|
5.2%
|
Nine months ended December 31,
|
Change
|
||
2009
|
2008
|
||
Employee benefit costs
|
$140
|
$132
|
$8
|
Travelling costs
|
16
|
21
|
(5)
|
Branding and marketing
|
11
|
16
|
(5)
|
Commission
|
3
|
4
|
(1)
|
Operating lease payments
|
2
|
-
|
2
|
Communication costs
|
2
|
-
|
2
|
Consultancy and professional charges
|
4
|
4
|
-
|
Other expenses
|
-
|
7
|
(7)
|
Total
|
$178
|
$184
|
$(6)
|
(Dollars in millions)
|
||||
Nine months ended December 31,
|
Change
|
Percentage Change
|
||
2009
|
2008
|
|||
Administrative expenses
|
$255
|
$265
|
$(10)
|
(3.8)%
|
As a percentage of revenues
|
7.3%
|
7.5%
|
Nine months ended December 31,
|
Change
|
||
2009
|
2008
|
||
Employee benefit costs
|
$83
|
$73
|
$10
|
Consultancy and professional charges
|
38
|
40
|
(2)
|
Repairs and maintenance
|
11
|
9
|
2
|
Office maintenance
|
26
|
27
|
(1)
|
Power and fuel
|
23
|
25
|
(2)
|
Communication costs
|
20
|
27
|
(7)
|
Commission
|
1
|
-
|
1
|
Travelling costs
|
14
|
22
|
(8)
|
Allowance for impairment of trade receivables
|
5
|
12
|
(7)
|
Rates and taxes
|
5
|
5
|
-
|
Insurance charges
|
5
|
4
|
1
|
Operating lease payments
|
6
|
4
|
2
|
Postage and courier
|
2
|
2
|
-
|
Printing and stationery
|
2
|
2
|
-
|
Other expenses
|
14
|
13
|
1
|
Total
|
$255
|
$265
|
$(10)
|
(Dollars in millions)
|
||||
Nine months ended December 31,
|
Change
|
Percentage Change
|
||
2009
|
2008
|
|||
Operating profit
|
$1,070
|
$1,044
|
$26
|
2.5%
|
As a percentage of revenues
|
30.5%
|
29.5%
|
Nine months ended December 31,
|
Change
|
Percentage Change
|
||
2009
|
2008
|
|||
Other income
|
$154
|
$50
|
$104
|
208%
|
Percentage of Revenues
|
||
Nine months ended December 31,
|
||
Currency
|
2009
|
2008
|
U.S. dollar
|
73.2%
|
70.4%
|
United Kingdom Pound Sterling
|
9.4%
|
13.6%
|
Euro
|
7.2%
|
7.0%
|
Australian dollar
|
5.8%
|
4.5%
|
Others
|
4.4%
|
4.5%
|
Nine months ended December 31,
|
Appreciation / (Depreciation) in percentage
|
||
2009(Rs.)
|
2008(Rs.)
|
||
Average exchange rate during the period:
|
|||
U.S. dollar
|
47.94
|
45.31
|
(5.8)%
|
United Kingdom Pound Sterling
|
77.08
|
80.69
|
4.5%
|
Euro
|
68.17
|
65.71
|
(3.7)%
|
Australian dollar
|
39.91
|
37.31
|
(7.0)%
|
Nine months ended December 31,
|
||
2009 (Rs.)
|
2008 (Rs.)
|
|
Exchange rate at the beginning of the period:
|
||
U.S. dollar
|
50.72
|
40.02
|
United Kingdom Pound Sterling
|
72.49
|
79.46
|
Euro
|
67.44
|
63.25
|
Australian dollar
|
35.03
|
36.55
|
Exchange rate at the end of the period:
|
||
U.S. dollar
|
46.53
|
48.71
|
United Kingdom Pound Sterling
|
75.06
|
70.59
|
Euro
|
67.02
|
68.54
|
Australian dollar
|
41.85
|
33.73
|
Appreciation / (depreciation) of the rupee against the
relevant currency during the period (as a percentage):
|
||
U.S. dollar
|
8.3%
|
(21.7)%
|
United Kingdom Pound Sterling
|
(3.5)%
|
11.2%
|
Euro
|
0.6%
|
(8.4)%
|
Australian dollar
|
(19.5)%
|
7.7%
|
Nine months ended December 31,
|
Appreciation / (Depreciation) in percentage
|
||
2009($)
|
2008($)
|
||
Average exchange rate during the period:
|
|||
United Kingdom Pound Sterling
|
1.61
|
1.78
|
9.7%
|
Euro
|
1.42
|
1.45
|
1.9%
|
Australian dollar
|
0.83
|
0.82
|
(1.1)%
|
Nine months ended December 31,
|
||
2009 ($)
|
2008 ($)
|
|
Exchange rate at the beginning of the period:
|
||
United Kingdom Pound Sterling
|
1.43
|
1.99
|
Euro
|
1.33
|
1.58
|
Australian dollar
|
0.69
|
0.91
|
Exchange rate at the end of the period:
|
||
United Kingdom Pound Sterling
|
1.61
|
1.45
|
Euro
|
1.44
|
1.41
|
Australian dollar
|
0.90
|
0.69
|
Appreciation / (depreciation) of U.S. dollar against the
relevant currency during the period (as a percentage):
|
||
United Kingdom Pound Sterling
|
(12.6)%
|
27.1%
|
Euro
|
(8.3)%
|
10.8%
|
Australian dollar
|
(30.4)%
|
24.2%
|
Nine months ended December 31,
|
Change
|
Percentage Change
|
||
2009
|
2008
|
|||
Income tax expense
|
$260
|
$134
|
$126
|
94.0%
|
Effective tax rate
|
21.2%
|
12.2%
|
Nine months ended December 31,
|
Change
|
Percentage Change
|
||
2009
|
2008
|
|||
Net profit
|
$964
|
$960
|
$4
|
0.4%
|
As a percentage of revenues
|
27.5%
|
27.1%
|
Nine months ended December 31,
|
||
2009
|
2008
|
|
Net cash provided by operating activities
|
$1,132
|
$1,096
|
Net cash used in investing activities
|
$(1,223)
|
$(274)
|
Net cash used in financing activities
|
$(317)
|
$(549)
|
12 months ending December 31,
|
Repayment
|
2010
|
$18
|
2011
|
6
|
$24
|
Nine months ended December 31,
|
||
2009
|
2008
|
|
Net profit as per Indian GAAP
|
$970
|
$963
|
Share-based compensation
|
-
|
(1)
|
Amortization of intangible assets and others
|
(6)
|
(2)
|
Net profit as per IFRS
|
$964
|
$960
|
1.
|
IFRS 8, Operating Segments is applicable for annual periods
beginning on or after January 1, 2009. We have early adopted this standard
as at April 1, 2007. IFRS 8 replaces IAS 14, Segment Reporting. The new
standard requires a 'management approach', under which segment information
is presented on the same basis as that used for internal reporting
provided to the chief operating decision maker. The application of this
standard did not result in any change in the number of reportable
segments. Allocation of goodwill was not required under Previous GAAP and
hence goodwill has been allocated in accordance to the requirements of
this Standard.
|
2.
|
IFRS 3 (Revised), Business Combinations, as amended, is
applicable for annual periods beginning on or after July 1, 2009. We have
early adopted this standard as at April 1, 2009. Business Combinations
consummated after April 1, 2009 will be impacted by this standard. IFRS 3
(Revised) primarily requires the acquisition-related costs to be
recognized as period expenses in accordance with the relevant IFRS. Costs
incurred to issue debt or equity securities are required to be recognized
in accordance with IAS 39. Consideration, after this amendment, will
include fair values of all interests previously held by the acquirer.
Re-measurement of such interests to fair value would be carried out
through net profit in the statement of comprehensive income. Contingent
consideration is required to be recognized at fair value even if not
deemed probable of payment at the date of
acquisition.
|
3.
|
IAS 27, as amended, is applicable for annual periods beginning
on or after July 1, 2009. We have early adopted this standard as at April
1, 2009. It requires a mandatory adoption of economic entity model which
treats all providers of equity capital as shareholders of the entity.
Consequently, a partial disposal of interest in a subsidiary in which the
parent company retains control does not result in a gain or loss but in an
increase or decrease in equity. Additionally purchase of some or all of
the NCI is treated as treasury transaction and accounted for in equity and
a partial disposal of interest in a subsidiary in which the parent company
loses control triggers recognition of gain or loss on the entire interest.
A gain or loss is recognized on the portion that has been disposed off and
a further holding gain is recognized on the interest retained, being the
difference between the fair value and carrying value of the interest
retained. This Standard requires an entity to attribute their share of net
profit and reserves to the NCI even if this results in the NCI having a
deficit balance.
|
1.
|
IAS 1, Presentation of Financial Statements is applicable for
annual periods beginning on or after January 1, 2009. We have adopted this
standard as at April 1, 2009. Consequent to the adoption of the standard,
title for cash flows has been changed to ‘Statement of cash flows’.
Further, we have included in our complete set of financial statements, a
single ‘Statement of comprehensive
income’.
|
2.
|
IFRIC Interpretation 18, Transfers of Assets from Customers
defines the treatment for property, plant and equipment transferred by
customers to companies or for cash received to be invested in property,
plant and equipment that must be used either to connect the customer to a
network or to provide the customer with ongoing access to a supply of
goods or services, or to do both.
|
Date: January 25, 2010
|
Infosys Technologies Limited
/s/ S. Gopalakrishnan
S. Gopalakrishnan
Chief Executive Officer
|
Exhibit Number
|
Description of Document
|
31.1
|
Certification of Chief Executive Officer and Chief Financial
Officer pursuant to Section 302 of the Sarbanes Oxley Act of
2002.
|
32.1
|
Certification of Chief Executive Officer and Chief Financial
Officer pursuant to Section 906 of the Sarbanes Oxley Act of
2002.
|
99.1
|
Independent Auditors' Report on Review of Unaudited
Consolidated Interim Financial
Statements.
|