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12.04.2019 – 14:11


Infosys: Second Consecutive Quarter of Double Digit Growth in Constant Currency

India (ots/PRNewswire)

"We have completed the first year of our transformation journey with strong results on multiple dimensions including revenue growth, performance of our digital portfolio, large deal wins, and client metrics. This is a reflection of our increased client relevance stemming from our focus on digital, positioning, and long-standing client relationships," said Salil Parekh, CEO and MD. "Our planned investments have started yielding benefits. As we look ahead into fiscal 2020, we plan to deploy various measures of operational efficiencies across the business."

41.1% YoY 33.8% FY Digital CC growth 11.7% YoY 9.0% FY CC growth 
21.5% Q4 22.8% FY Operating margin 2.1% CC 2.4% Reported QoQ growth 
$1.57Bn Q4 $6.28Bn FY Large deal signings
- FY 19 revenues grew by 7.9% in USD; 9.0% in constant currency 
- FY 19 operating margin at 22.8% 
- Q4 19 revenues grew year-on-year by 9.1% in USD; 11.7% in constant 
- Q4 19 revenues grew sequentially by 2.4% in USD; 2.1% in constant 
- Q4 19 Digital revenues at $1,035 million (33.8% of total revenues),
  year-on-year growth of 41.1% and sequential growth of 9.7% in 
  constant currency 
- Announces final dividend of INR 10.50 per share 
- FY 20 revenue guidance in the range of 7.5%-9.5% in constant 
- FY 20 Operating margin guidance in the range of 21%-23%

1. Financial Highlights -Consolidated results under International Financial Reporting Standards (IFRS)

For the Quarter ended March 31, 2019

Revenues were $3,060 million, growth of 9.1% YoY and 2.4% QoQ 

Operating profit was $658 million, decline of 5.1% YoY and 2.6% QoQ# 

Basic EPS was $0.13, growth of 1.6% YoY and 15.5% QoQ

For the Year ended March 31, 2019

Revenues were $11,799 million, growth of 7.9% YoY 

Operating profit was $2,696 million, growth of 1.4% YoY 

Basic EPS was $0.51, decline of 8.2% YoY*@

# Includes additional depreciation and amortization expenses of $12 million for Panaya and Skava for the quarter ended December 31, 2018.

* Includes reduction in fair value and carrying value of Panaya and Skava, respectively which resulted in reduction in EPS by $0.02

@ Includes impact on account of conclusion of an APA with the US IRS which has led to increase in EPS of $0.05 for the year ended March 31, 2018.

"We had another quarter of over $1.5 bn large deal TCV in Q4, as a result of which FY 19 TCV doubled over FY 18. Realization per billed employee was steady which reflects increasing usage of automation in core services and faster growth in newer digital services," said Pravin Rao, COO. "Overall attrition remains high and we are continuing our focus on arresting the same."

"Cash generation in FY 19 was strong and Dividend Per Share increased by 4.5%. During the quarter, we completed the payout of special dividend in January and initiated the share buyback program," said Nilanjan Roy, CFO. "We had another quarter of forex gains thanks to our proactive hedging strategy."

2. Capital Allocation

- During Q4 19, completed payment of special dividend of INR 4 per 
  share announced in January, 2019. 
- Initiated buyback from March 20, 2019 after receiving all requisite
  approvals. Out of total buyback size of INR 8,260 crore, the 
  company has bought back shares worth INR 1,546 crore so far. 
- For the Financial Year 2019, the Board has recommended a final 
  dividend of INR 10.50 per share ($0.15 per ADR*). After including 
  the interim dividend of INR7 per share, the total dividend for 
  Financial Year 2019 will amount to INR17.50 per share. 

*US$1 = INR 69.16 as at March 31, 2019

3. Client wins & Testimonials

- Siemens Gamesa Renewable Energy (SGRE), a world leader and a 
  pioneer in the renewable energy industry, has signed a seven-year 
  global partnership with Infosys to enable an end-to-end IT 
  Transformation program towards a digital future and industry 

Alan Feeley, SGRE CIO, said, "Infrastructure & applications outsourcing deals are the norm in our business worlds already today. When considering our (SGRE) desired IT operating model for the future, we were looking for a partner that brings a careful balance of innovation, operational excellence and sustainable commercial viability. With Infosys, we are very confident that these attributes were at the core of their operating culture. We are very excited to partner with Infosys on this journey of modernization and were impressed by Infosys Next Generation Application & Infrastructure Management Framework, their agility & focus on delivery excellence, and a clear understanding of our business strategy."

- With a vision to provide safe and reliable utility services and 
  improve the customer service of about 800,000 people in the 
  Indianapolis area, Citizens will transform its customer service by 
  leveraging 'Infosys Preconfigured Accelerator for Customer 
  Experience (PACE)', an industry leading framework tuned for Oracle 
  Utilities Customer to Meter (C2M) platform.

Curtis Popp, Vice President of Customer Operations at Citizens Energy Group, said, "At Citizens Energy Group, we're excited to be working with Infosys and Oracle to implement a new CIS and accomplish our strategic goals, including improved customer satisfaction and employee engagement. The experience and expertise of Infosys employees is paramount to the success of this complex project."

- Kraft Heinz has selected Infosys to deliver rich digital experience
  for their recipes and brands to their consumers.

"Kraft Heinz has partnered with Infosys to launch new capabilities delivering rich consumer experience. We are becoming more relevant to our consumers by enabling capabilities like Shoppable Recipes, Rich Brand Experience, Personalized Recommendations, Seamless Social Media Integration. We are just getting started.," said,Leandro Balbinot, CIO Global Digital Growth, Kraft Heinz Company.

- "Movement Mortgage is committed to providing loan officers, real 
  estate agents and our borrowers with technology and a digital 
  infrastructure that delivers an innovative, user-friendly 
  experience on every platform and in every channel, both today and 
  in the future. We're pleased to have selected Infosys as our 
  strategic partner across these key business functions. Infosys' 
  expertise in Digital Transformation, Cloud Technologies and 
  Mortgage and Retail Lending will help Movement continue to 
  spearhead industrywide transformation that improves the mortgage 
  experience for everyone and makes the dream of homeownership more 
  accessible than ever before," said Casey Crawford, CEO, Movement 
- "In partnership with Infosys, we are modernizing our collection 
  processes with real-time insights into delinquency rates, better 
  risk segmentations and customized contact & calling strategies." 
  said Julie Signorille, Consumer Banking, Chief Operating Officer, 
  Citizens Bank.


- Infosys positioned in HFS Top 10 Healthcare Services 2019 
- Infosys positioned as a leader in SAP HANA and S/4 HANA Services - 
  NEAT 2019 
- Infosys positioned as a leader in RPA & AI in Banking - NEAT 2019 
- Infosys positioned in Customer Experience (CX) Shortlist 
  (Constellation ShortList(TM) Global Customer Experience (CX) 
- Infosys positioned as a leader in Gartner's Magic Quadrant for 
  Public Cloud Infrastructure Professional and Managed Services, 
- Infosys positioned as a leader in Advanced Digital Workplace 
  Services - NEAT 2019 
- Infosys Lex Wingspan shortlisted in Constellation ShortList(TM) 
  Learning Marketplaces for Q1 2019 
- Infosys positioned as a leader in IDC MarketScape: Worldwide IT 
  Service Management Implementation Services 2019 Vendor Assessment 
- Infosys positioned in HFS Top 10 High-tech sector service providers
- Infosys positioned in HFS Top 10 Microsoft AI Services 2019 
- Infosys positioned in HFS Top 10 Enterprise Blockchain Services 

About Infosys

Infosys is a global leader in next-generation digital services and consulting. We enable clients in 45 countries to navigate their digital transformation. With over three decades of experience in managing the systems and workings of global enterprises, we expertly steer our clients through their digital journey. We do it by enabling the enterprise with an AI-powered core that helps prioritize the execution of change. We also empower the business with agile digital at scale to deliver unprecedented levels of performance and customer delight. Our always-on learning agenda drives their continuous improvement through building and transferring digital skills, expertise, and ideas from our innovation ecosystem.

Visit to see how Infosys (NYSE: INFY) can help your enterprise navigate your next.

Safe Harbor

Certain statements mentioned in this release concerning our future growth prospects and our future business expectations are forward-looking statements intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2018. These filings are available at Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company unless it is required by law.

Infosys Limited and subsidiaries

Audited Condensed Consolidated Balance Sheet as at

(Dollars in millions except equity share data)

                 March   March  
                 31,     31,    
                 2019    2018   
Current assets                  
Cash and cash    2,829   3,041  
Current          958     982    
Trade            2,144   2,016  
Unbilled revenue 777     654    
Prepayments and  827     662    
other current                   
Income tax       61      -      
Derivative       48      2      
                 7,644   7,357  
Assets held for  -       316    
Total current    7,644   7,673  
Property, plant  1,931   1,863  
and equipment                   
Goodwill         512     339    
Intangible       100     38     
Investment in    -       -      
Non-current      670     883    
Deferred income  199     196    
tax assets                      
Income tax       914     931    
Other            282     332    
Total            4,608   4,582  
Total assets     12,252  12,255 
LIABILITIES AND                 
Trade payables   239     107    
Derivative       2       6      
Current income   227     314    
tax liabilities                 
Client deposits  4       6      
Unearned revenue 406     352    
Employee benefit 234     218    
Provisions       83      75     
Other current    1,498   1,036  
                 2,693   2,114  
Liabilities      -       50     
associated with                 
assets held for                 
Total current    2,693   2,164  
Deferred income  98      82     
tax liabilities                 
Employee benefit 6       7      
Other            55      42     
Total            2,852   2,295  
Share capital-   339     190    
INR 5 ($0.16)                   
par value                       
equity shares                   
issued and                      
net of                          
treasury shares                 
as at March 31,                 
2019 (March 31,                 
Share premium    277     247    
Retained         11,248  11,587 
Cash flow hedge  3       -      
Other reserves   384     244    
Capital          10      9      
Other components (2,870) (2,317)
of equity                       
Total equity     9,391   9,960  
attributable to                 
equity holders                  
of the company                  
Non-controlling  9       -      
Total equity     9,400   9,960  
Total            12,252  12,255 
liabilities and                 

Infosys Limited and subsidiaries

Audited Condensed Consolidated Statement of Comprehensive Income for the

(Dollars in millions except equity share and per equity share data)

                 Three months  Three months  Year ended    Year ended   
                 ended March   ended March   March 31,     March 31,    
                 31, 2019      31, 2018      2019          2018         
Revenues         3,060         2,805         11,799        10,939       
Cost of sales    2,028         1,793         7,687         7,001        
Gross profit     1,032         1,012         4,112         3,938        
Selling and      174           147           638           552          
                 200           172           778           727          
Total operating  374           319           1,416         1,279        
Operating profit 658           693           2,696         2,659        
Other income,    94            100           411           513          
Reduction in the -             (18)          (39)          (18)         
fair value of                                                           
Disposal Group                                                          
held for                                                                
Adjustment in    -             -             (65)          -            
respect of                                                              
excess of                                                               
carrying amount                                                         
over recoverable                                                        
amount on                                                               
from "Held for                                                          
Share in net     -             -             -             (11)         
profit/(loss) of                                                        
Profit before    752           775           3,003         3,143        
income taxes                                                            
Income tax       171           204           803           657          
Net profit       581           571           2,200         2,486        
Items that will                                                         
not be                                                                  
subsequently to                                                         
profit or loss:                                                         
Re-measurements  -             6             (3)           9            
of the net                                                              
defined benefit                                                         
Equity           -             1             10            1            
through other                                                           
income, net                                                             
Items that will                                                         
be reclassified                                                         
subsequently to                                                         
profit or loss:                                                         
Fair valuation   3             (2)           -             -            
of investments,                                                         
Fair value       (2)           -             3             (6)          
changes on                                                              
designated as                                                           
cash flow hedge,                                                        
Foreign currency 74            (164)         (560)         18           
Total other      75            (159)         (550)         22           
net of tax                                                              
Total            656           412           1,650         2,508        
attributable to:                                                        
Owners of the    580           571           2,199         2,486        
Non-controlling  1             -             1             -            
                 581           571           2,200         2,486        
attributable to:                                                        
Owners of the    655           412           1,649         2,508        
Non-controlling  1             -             1             -            
                 656           412           1,650         2,508        
Earnings per                                                            
equity share(A1)                                                        
Basic ($)        0.13          0.13          0.51          0.55         
Diluted ($)      0.13          0.13          0.51          0.55         
Weighted average                                                        
equity shares                                                           
used in                                                                 
earnings per                                                            
equity share(A5)                                                        
Basic            4,347,129,592 4,346,554,120 4,347,130,157 4,510,664,644
Diluted          4,353,023,863 4,349,617,024 4,353,420,772 4,515,147,740


A. Notes pertaining to previous quarters / periods

1. During the quarter ended December 31, 2017, on account of the 
   conclusion of an Advance Pricing Agreement ("APA") with the U.S. 
   Internal Revenue Service ("IRS"), the Company has reversed income 
   tax expense provision of $225 million which pertains to previous 
2. During the year ended March 31, 2018, the Company has written down
   the entire carrying value of $11 million in its associate DWA Nova
3. In the three months ended March 2018, Kallidus and Skava (together
   referred to as "Skava") and Panaya, were classified as "Held for 
   Sale" resulting in a reduction in the fair value amounting to $18 
   million and $39 million in respect of Panaya for the year ended 
   March 31, 2018 and three months ended June 30, 2018, respectively.
4. During the three months ended December 31, 2018, the Company 
   declassified Panaya and Skava from "Held for Sale" and recognized 
   an adjustment in respect of excess of carrying amount over 
   recoverable amount of $65 million in respect of Skava during the 
   year ended March 31, 2019. 
5. Share numbers and EPS have been adjusted for September 2018 bonus 

B. Notes pertaining to the current quarter

1. The audited condensed consolidated Balance sheet and Statement of 
   Comprehensive Income for the three months and year ended March 31,
   2019 have been taken on record at the Board meeting held on April 
   12, 2019. 
2. A Fact Sheet providing the operating metrics of the Company can be
   downloaded from 
3. Other income includes $7 million for each of the quarter and year 
   ended March 31, 2019, and $41 million for the year ended March 31,
   2018 towards interest on income tax refund. 
4. During the quarter ended March 31, 2019, on account of the 
   conclusion of an Advance Pricing Agreement ("APA") in an overseas 
   jurisdiction, the Company has reversed income tax expense 
   provision of $14 million which pertains to previous periods.
IFRS-INR Press Release:

Fact Sheet:



Sandeep Mahindroo

Media Relations: Sarah Vanita Gideon

Chiku Somaiya

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