Infosys (NYSE: INFY) Announces Results for the Quarter and Year Ended March 31, 2017

PR68178

BANGALORE, Apr. 13, 2017 /PRNewswire=KYODO JBN/ --

1. Highlights

FY 17 revenues crossed $10 billion, at $10,208 million

FY 17 revenues grew 7.4% in USD terms; 8.3% in constant currency terms

FY 17 operating margin at 24.7% as compared to 25.0% in FY 16

FY 17 Basic EPS at $0.94, a growth of 4.3% YoY

Q4 revenues grew 0.7% QoQ in USD terms; flat in constant currency terms

Q4 operating margin at 24.7% and Basic EPS at $0.24

Liquid assets including cash & cash equivalents and investments at $5,979

million as on March 31, 2017

FY 18 revenue guidance at 6.5%-8.5% in constant currency. FY 18 operating

margin guidance at 23%-25%

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2. Dividend for Financial Year 2017

For Financial Year 2017, the Board announced a final dividend of `14.75 per

share ($0.23 per ADS*) amounting to `4,078 crore ($628 million). After

including the interim dividend of `11 per share ($0.17 per ADS), the aggregate

dividend for Financial Year 2017 amounts to `25.75 per share resulting in total

payout of `7,119 crore ($1,085 million). The total payout amounts to 49.6% of

post-tax profits and 63.0% of free cash flow** for Financial Year 2017.

3. Capital Allocation Policy

The Board reviewed and approved a revised Capital Allocation Policy of the

Company after taking into consideration the strategic and operational cash

requirements of the Company in the medium term.

The key aspects of the Capital Allocation Policy are:

1. The Company's current policy is to pay dividends of up to 50% of post-tax

profits of the Financial Year. Effective from Financial Year 2018, the Company

expects to payout up to 70% of the free cash flow** of the corresponding

Financial Year in such manner (including by way of dividend and/or share

buyback) as may be decided by the Board from time to time, subject to

applicable laws and requisite approvals, if any.

2. In addition to the above, the Board has identified an amount of up to

`13,000 crore ($2 billion)* to be paid out to shareholders during Financial

Year 2018, in such manner (including by way of dividend and/or share buyback),

to be decided by the Board, subject to applicable laws and requisite approvals,

if any.

Further announcements in this regard will be made, as appropriate, in due

course.

*USD/INR exchange rate as on March 31, 2017

** Free cash flow is defined as net cash provided by operating activities less

capital expenditure as per the consolidated statement of cash flows prepared

under IFRS

Dividend payout includes Dividend Distribution Tax

This announcement contains insider information

4. Board Changes

The Board, at its meeting held on 13th April, 2017 appointed Mr. Ravi

Venkatesan, Independent Director as Co-Chairman of the Board. Ravi Venkatesan,

who has been on the Board of Infosys since April, 2011 has made valuable

contribution to the development of strategic direction of the Company during

his tenure.

"Ravi will help me enhance the board engagement in supporting the Management in

execution of company's strategy," said R. Seshasayee, Chairman of the Board.

"This is an exciting time for the technology industry and I am delighted to

have the opportunity to work more closely with Sesh and with Vishal and his

leadership team in their transformational journey," said Ravi Venkatesan,

Co-Chairman.

5. Financial Highlights  

Consolidated results under International Financial Reporting Standards (IFRS)

for the quarter and year ended March 31, 2017.

Year ended March 31, 2017

Revenues were $10,208 million for the year ended March 31, 2017

YoY growth of 7.4% in reported terms; 8.3% in constant currency terms  

Operating profit was $2,520 million for the year ended March 31, 2017; YoY

growth of 6.1%

Net profit was $2,140 million for the year ended March 31, 2017; YOY growth of

4.3%

Quarter ended March 31, 2017

Revenues were $2,569 million for the quarter ended March 31, 2017

QoQ growth of 0.7% in reported terms; flat in constant currency terms

YoY growth of 5.0% in reported terms; 5.3% in constant currency terms  

Operating profit was $634 million for the quarter ended March 31, 2017

QoQ decline of 0.9%;YoY growth of 1.5%

Net profit was $543 million for the quarter ended March 31, 2017

QoQ decline of 0.8%;YoY growth of 1.8%

6. Outlook

The Company's outlook (consolidated) for the fiscal year ending March 31, 2018,

under IFRS is as follows:

Revenues are expected to grow 6.5%-8.5% in constant currency*;

Revenues are expected to grow 6.1%-8.1% in USD terms based on the exchange

rates as of March 31, 2017**

*FY 17 constant currency rates - AUD/USD - 0.75; Euro/USD - 1.09; GBP/USD -

1.30

**Currency rates as of March 31, 2017 - AUD/USD - 0.76; Euro/USD - 1.07;

GBP/USD - 1.25

"Unanticipated execution challenges and distractions in a seasonally soft

quarter affected our overall performance. At the same time, we continued to see

many positive signs of our strategy execution; our software-led offerings

continued to show strong momentum and client success, with continued adoption

of Mana, our AI platform; Zero Distance marked its 2-year anniversary as a

grassroots cultural movement for innovation with strong client resonance, and

our employee engagement continued to drive down attrition, especially with top

performers," said Dr. Vishal Sikka, CEO. "Looking ahead, it is imperative that

we increase our resilience to the dynamics of our environment and we remain

resolute in executing our strategy, our path to transform Infosys, and to drive

long term value for all stakeholders."

"Attrition declined during the quarter reflecting our focus on better employee

engagement. Utilization during Q4 reached 82% which is the highest in Q4 over

the past several years," said U. B. Pravin Rao, COO.

"In FY 17, operating margins were steady as we continued our sharp focus on

operational efficiencies. Cash provided by operating activities during the year

was robust and exceeded $2 billion, a new high," said M. D. Ranganath, CFO.

"Our capital allocation policy is aimed at balancing the strategic and

operational needs of the company as well as enhancing shareholder returns".

7. BUSINESS HIGHLIGHTS

In Q4, and in FY17, we continued to help clients drive automation and

innovation into the core of their businesses, through our renewed services, our

new software and services, and our culture of learning and education.

RENEW

In Q4, we worked closely with clients on their embrace of new digital and cloud

technologies, new data and analytics capabilities and modernizing their

mainframe landscapes. We also continued to drive grassroots innovation in every

project through our Zero Distance (ZD) initiative, and in doing so, we

continued to fuel the cultural transformation of Infosys. In March, we

celebrated the two-year anniversary of ZD, and the implementation of 2,000

innovation ideas - among these innovation ideas were key engagements with Aon

Affinity and Colony Brands.

"Infosys helped us focus on driving performance improvements to our annual

processes for PLUS, one of Aon's key business units, and some of our monthly

financial reconciliation processes. With Zero Distance, Infosys came up with an

idea to help us significantly reduce the entire process cycle time for PLUS

renewals by 80 percent, which was phenomenal. Additionally, Infosys developed

some in-house tools to partially automate some of the major finance processes

which earlier took an entire day to complete. These processes are now completed

in 90 minutes, which has resulted in highly impactful productivity improvements

for us and led to cost-saving due to effort-saving. We greatly appreciate the

support provided by Infosys for streamlining these key processes at AON

enabling us to complete the entire renewal processes well ahead of schedule." -

James Branan, IT PM Aon Affinity.

Colony Brands, a billion-dollar catalog and multi-channel marketing powerhouse,

has partnered with Infosys to migrate its mainframe applications to Amazon Web

Services cloud. "To boost elasticity, better scale to meet peak seasonal

demand, and drive down operational costs, we partnered with Infosys to define

our mainframe modernization approach and migration strategy to AWS cloud. This

strategy called for a combination of re-platforming and reengineering of core

business processes such as customer management, manufacturing, warehouse

management, mail-order processing and receivables. Now in the midst of

executing this migration, we have every confidence in Infosys' expertise,

capabilities, and performance, cementing a critical IT partnership for the

long-term," - Steve Cretney, VP/CIO, SC Data Center, Inc., an affiliate of

Colony Brands.

NEW  

In new software and services, we continued to drive new value for clients,

helping them to find new kinds of opportunities, leverage data in new ways,

drive measurable improvements in operational efficiencies through automation,

and capture the insights and knowledge of complex systems. In addition, we

continued to bring Design Thinking services to clients to help them find and

solve their most important business challenges.

"Intelligent applications based on cognitive computing, artificial

intelligence, and deep learning are the next wave of technology transforming

how consumers and enterprises work, learn, and play. The release of Infosys

Mana and its use by a wide-ranging variety of clients and customers is showing

that the cognitive/AI industry is transforming from research only to

commercialization, and Infosys Mana is a commercially viable platform for

cognitive/AI-enabled solutions within the marketplace. IDC recommends that

organizations actively evaluate cognitive/AI software platforms like Infosys

Mana for suitability and feasibility in areas such as process automation,

digital transformation, automated customer service, IT automation, and

automated advisory services," - Dave Schubmehl, Research Director and Lead

Analyst, IDC's Cognitive Systems and Content Analytics research, in the report

Infosys Mana: An Integrated AI Platform for the Enterprise.

With a vision to improve the experience of a world in motion, Adient is the

global leader in multi industrial seating, producing seats and components for

25,000,000 vehicles each year across all major automakers and vehicle classes.

"We are creating a digital ecosystem to accelerate growth and deliver more

value to our automotive customers. Infosys Mana, a knowledge-based Artificial

Intelligence Platform, will help us with robotic process automation and

cognitive automation. By identifying and capturing the know-how within our

complex systems, Infosys Mana will help us further improve agility and boost

innovation, efficiency, and excellence across our enterprise," Randy Urban,

Vice President, Digital Office, Adient.

CSX, a leading US transportation and logistics provider, is committed to being

the safest and most progressive railroad in North America. As part of its

business transformation strategy to create the CSX of Tomorrow, CSX has

partnered with Infosys to implement innovative, leading-edge IT infrastructure

solutions that drive the company's competitive advantage. "We have collaborated

with our strategic partner, Infosys, to deliver infrastructure solutions that

will modernize and optimize our IT operations. These solutions will enable us

to transform our IT Infrastructure, delivering process simplification and

efficiencies in our core IT operations, as Technology supports CSX in becoming

a highly automated railroad and further improving its safety, resource

efficiency and service," - Caroline Crawford, Assistant Vice President and head

of IT Infrastructure, CSX.

"Globe is at the forefront of transforming the telecoms industry in the

Philippines by being a Digital Service Provider, well-equipped to serve the

needs of Filipinos in living out their digital lifestyle. Once again we are

changing the game by adopting Artificial Intelligence concepts and technologies

that would give more than 68 million customers of Globe improved service while

being cost-efficient. When we decided to demonstrate the potential and

applicability of Cognitive Digital Agent through TM Forum's Catalyst program,

we partnered with Infosys because of its leadership position in Telco industry

and the richness of Infosys' Artificial Intelligence and Machine Learning

platform. I am happy to see that our partner ecosystem with Infosys, Amdocs and

Huawei were able to demonstrate this potential value to our industry and what

it can do for our customers which has been appreciated by TMF," - Pebbles

Sy-Manalang, Chief Information Officer, Globe Telecom.

In EdgeVerve, we delivered strong performance with 30 wins and 26 go-lives from

Finacle and Edge suite of solutions across various regions.

The Housing Bank, one of the most respected banks in the Middle East, selected

the Finacle suite of solutions to power the bank's operations in Algeria. "As a

private bank in the Algerian market, we are continuously looking to offer our

customers with new products and services. We recognize today's challenges and

competition. Our strategy is to benefit from information technology evolvement

by empowering and complementing the bank's business, sales and marketing. We

believe that these Finacle Solutions will support us in our mission and help us

enhance our customer's banking experience, and above all inspire us to

innovate," - Houcine Hannachi, General Manager, Housing Bank Algeria.

Among other offerings, a South Asia-based farming and agriculture major chose

the EdgeVerve Blockchain Framework to bring transparency into its supply chain

processes. A leading global fashion brand chose TradeEdge to gain visibility

into sales data across its channel partners in North America.

INVESTMENTS & ECOSYSTEM  

We continue to deepen our partnerships, invest in technology and expertise that

complements our strategy, and participate with clients and partners in the

technical communities that drive value for clients and create new opportunities

for Infosys.

Together with Salesforce, Infosys recently announced plans to create a new

practice focused on building and providing implementation services for

Salesforce's Analytics Cloud applications. This implementation partnership will

help business users access, explore and act on their organizational

intelligence faster. Infosys will be among the first Analytics Cloud partners

to bring both systems integrator leadership as well as a proven independent

software vendor (ISV) capability. "Salesforce Analytics Cloud is seeing rapid

global adoption, as companies everywhere look to transform the way they explore

data, find answers and take action. Partners such as Infosys provide the best

practices, industry experience and expertise that make it easier than ever for

Salesforce customers to extend Analytics Cloud for every business need," - Bob

Stutz, CEO of Marketing Cloud and Chief Analytics Officer at Salesforce.

Infosys achieved Cloud Elite status in the Oracle PartnerNetwork (OPN), to help

Oracle customers achieve their cloud transformation roadmaps non-disruptively.

"Infosys' achievement of the Oracle PartnerNetwork Cloud Elite designation is a

demonstration of its commitment to delivering industry leading use case

solutions that reduce our joint customers' implementation timelines in their

journey to the cloud. Infosys' industry-led cloud offerings deliver pre-built

integrations, enhanced customer experience, personalization and ROI-based

outcomes that simplify these companies' cloud transformations," - Camillo

Speroni, Vice President, Worldwide Strategic Alliances, Oracle.

CULTURE

Education continues to be the foundation for driving Infosys' strategy of

Automation and Innovation, while enabling its transformation as a company.

Through this quarter, we have advanced our investments in our infrastructure

for life-long learning among our employees. We continue to enhance our

capabilities, beginning with the ongoing adoption of Design Thinking and the

innovator's mindset, which has now covered 134,738 employees across the

organization. Beyond this, we are bringing new, immersive, hands-on approaches

to learning across our curricula, such as in the launch of a new class for

Power Programmers on Scala/AKKA using the 'flight simulator' model. And we

continue to expand our learning for the digital age through digital platforms:

both the Digital Tutor social learning platform (which has now been made

available on cloud and is accessible on mobile devices) and the Infosys

Learning Platform have gained momentum with additional courses added on various

topics across technologies and business effectiveness.

AWARDS & RECOGNITION  

Leader In Gartner Magic Quadrant for SAP(R) Application Services, North America

Leader In Gartner Magic Quadrant for SAP(R) Application Services, EMEA

Leader In Gartner Magic Quadrant for Oracle Application Services, North America

Leader In Gartner Magic Quadrant for Oracle Application Services, EMEA

Leader in NelsonHall NEAT Big Data and Analytics

Winner's Circle in the Horses for Sources Blueprint on Managed Security Service

Providers

Leader in IDC MarketScape: Worldwide Omni-Channel Engagement IT Implementation

Services 2017 Vendor Assessment

Leader, Infosys Finacle, in Digital Banking Solutions, rated by Ovum

Finacle won the Best Core Banking Project - Africa with United Bank of Africa,

and Best Core Banking Project - Middle East with Emirates Islamic Bank at the

Asian Banker Technology Innovation Awards, 2017

Infosys won the 2017 IBM Beacon Award, which recognizes partners delivering

exceptional solutions to drive business value and transform the way clients and

industries operate.

In the recent report: The Forrester Wave(TM): Robotic Process Automation, Q1

2017, AssistEdge was ranked among the Strong Performers with competitive

options. According to Forrester: 'EdgeVerve Systems brings a combined services

and product approach. AssistEdge takes a broader services approach compared

with the rest of the field.

Infosys Mana is positioned as a leading player in the HfS Research Intelligent

Automation Continuum. Source: Augmenting Automation Through AI (Webinar)March

2017

BEYOND BUSINESS  

In fiscal 2017, we have invested our resources and applied our expertise to

bring about a meaningful difference to the communities around us.

In Q4, Infosys Foundation committed to the construction of sanitation

facilities at Government schools and training centers in Tamil Nadu, Telangana

and Karnataka. It also partnered with The Akshaya Patra Foundation to provide

sanitation kits along with counselling to 20,000 school going girl children in

Jaipur for a year. An endowment to Sri Ramakrishna Sevashrama during this

quarter by the Foundation has provided drinking water and fodder to remote

villages in and around Pavagada, Karnataka.

During the quarter, Infosys Science Foundation (ISF) honored six top

researchers in science and humanities with the Infosys Prize 2016 at an awards

ceremony in Bangalore and celebrated their inspiring journey and contributions

to science and research.

Infosys Foundation USA announced new teacher training grants for Bootstrap,

Exploring Computer Science, UTeach, Beauty and Joy of Computing, and Mobile CS

Principles. This will enable 500 public school educators nationwide to attend

free high quality computer science (CS) professional development in the US.

Including earlier commitments to Code.org and DonorsChoose.org, the 1,000

educators supported in summer 2017 will double the number of teachers we helped

in 2016 and bring Computer Science education to tens of thousands of new

students. In addition, the Foundation will continue to support Hispanic

Heritage Foundation (HHF) and its summer 2017 LOFT Coder Summit at Stanford

University, enabling more Latinx students and young professionals to explore

careers in computing.

About Infosys Ltd.

Infosys is a global leader in technology services and consulting. We enable

clients in more than 50 countries to create and execute strategies for their

digital transformation. From engineering to application development, knowledge

management and business process management, we help our clients find the right

problems to solve, and to solve these effectively. Our team of 200,000+

innovators, across the globe, is differentiated by the imagination, knowledge

and experience, across industries and technologies that we bring to every

project we undertake.

Visit http://www.infosys.com to see how Infosys (NYSE: INFY) can help your

enterprise thrive in the digital age.

Safe Harbor  

Certain statements in this release concerning our future growth prospects are

forward-looking statements regarding our future business expectations intended

to qualify for the 'safe harbor' under the Private Securities Litigation Reform

Act of 1995, which 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, 2016. These filings are available at http://www.sec.gov. 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. In addition, please note

that the date of this press release is mentioned at the beginning of the

release, and any forward-looking statements contained herein are based on

assumptions that we believe to be reasonable as of this date. 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  

Unaudited Condensed Consolidated Balance Sheets as of

   (Dollars in millions except equity share data)

                         March 31, 2017              March 31, 2016

                                ASSETS

                              Current assets

Cash and cash equivalents            3,489             4,935

      Current investments            1,538                11

        Trade receivables            1,900             1,710

         Unbilled revenue              562                45

Prepayments and other current assets   749               672

Derivative financial instruments        44                17

     Total current assets            8,282             7,802

       Non-current assets

Property, plant and equipment         1,807             1,589

                  Goodwill              563               568

         Intangible assets              120               149

   Investment in Associate               11                16

   Non-current investments              984               273

Deferred income tax assets               83                81

         Income tax assets              881               789

  Other non-current assets              123               111

  Total non-current assets            4,572             3,576

              Total assets           12,854            11,378

                                 LIABILITIES AND EQUITY

                                   Current liabilities

           

Trade payables                          57                58

Derivative Financial Instruments         -                 1

Current income tax liabilities          599              515

                  Client deposits          5                4

           Unearned revenue              274              201

Employee benefit obligations             209              202

                 Provisions               63               77

  Other current liabilities              954              940

   Total current liabilities           2,161            1,998

                                Non-current liabilities

Deferred income tax liabilities           32               39

Other non-current liabilities             24                17

          Total liabilities            2,217             2,054

                                 Equity

Share capital`5 ($0.16) par value 2,400,000,000     (2,400,000,000)

equity shares authorized, issued

and outstanding 2,285,655,150 (2,285,621,088), net

of 11,289,514 (11,323,576) treasury shares as of

March 31, 2017 (March 31, 2016), respectively

                                     199               199

          Share premium              587               570

      Retained earnings           12,190             11,08

Cash flow hedge reserve                6                 -

         Other reserves                -                 -

Other components of equity        (2,345)           (2,528)

Total equity attributable to equity holders of the

                company           10,637             9,324

Non-controlling interests             -                 -

           Total equity           10,637             9,324

Total liabilities and equity      12,854            11,378

Infosys Limited and subsidiaries  

Unaudited Condensed Consolidated Interim Statements of Comprehensive Income

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

                     Three months Three months   Year ended   Year ended

                      ended March  ended March    March 31,    March 31,

                        31, 2017     31, 2016         2017         2016

           Revenues        2,569        2,446       10,208        9,501

      Cost of sales        1,614        1,516        6,446        5,950

       Gross profit          955          930        3,762        3,551   

Operating expenses:

Selling and marketing

           expenses          133          134          535          522

Administrative expenses      188          171          707          654

Total operating expenses     321          305        1,242        1,176

        Operating profit     634          625        2,520        2,375

       Other income, net     112          114          459          476

  Share in associate's profit /

        (loss) and others    (4)            -          (5)            -

Profit before income taxes  742          739        2,974        2,851

         Income tax expense  199          206          834          799

         Net profit          543          533        2,140        2,052

Other comprehensive income

     Items that will not be

reclassified subsequently to

             profit or loss:

Re-measurements of the net defined

    benefit liability/asset     3           -         (7)          (2)

Cumulative impact on reversal of

    unrealized gain on quoted debt

securities on adoption of

                    IFRS 9      -           -          (5)          -

Equity instruments through other

    comprehensive incoome      (1)          -          (1)           -

       Items that will be reclassified

subsequently to profit or loss:

Fair valuation of investments     (2)            3          (2)            6

Fair value changes on derivatives

designated as cash flow hedge, net  2            -            6            -

Foreign currency translation      441           11          198        (436)

      Total other comprehensive income,

                   net of tax      443           14          189        (432)

Total comprehensive income        986          547        2,329        1,620

      Profit attributable to:

       Owners of the company       543          533        2,140        2,052

     Non-controlling interests       -            -            -            -

                                   543          533        2,140        2,052

    Total comprehensive income

              attributable to:

         Owners of the company     986          547        2,329        1,620

     Non-controlling interests       -            -            -            -

                                   986          547        2,329        1,620

     Earnings per equity share

                     Basic ($)    0.24         0.23         0.94         0.90

                   Diluted ($)    0.24         0.23         0.94         0.90

  Weighted average equity shares

  used in computing earnings per

                    equity share

                      Basic  2,285,654,88 2,285,620,95 2,285,639,44 2,285,616,16

                                       1            7            7            0

                    Diluted  2,286,652,00 2,285,750,31 2,286,396,74 2,285,718,89

                                       3            6            5            4

NOTE:  

1. The unaudited Condensed Consolidated Balance sheets and Condensed Interim

Consolidated Statements of Comprehensive Income for the three months and year

ended March 31, 2017 have been taken on record at the Board meeting held on

April 13, 2017  

2. A Fact Sheet providing the operating metrics of the company can be

downloaded from http://www.infosys.com

IFRS-INR Press Release:

https://www.infosys.com/investors/reports-filings/quarterly-results/2016-2017/q4/Documents/IFRS-INR-press-release.pdf

Fact Sheet:

https://www.infosys.com/investors/reports-filings/quarterly-results/2016-2017/q4/Documents/fact-sheet.pdf

Contact

Investor Relations

Sandeep Mahindroo

+91-80-3980-1018

Sandeep_Mahindroo@infosys.com

Media Relations

Sarah Vanita Gideon

+91-80-4156-3998

Sarah_Gideon@infosys.com

Chiku Somaiya

+1-408-375-2722

Chiku.Somaiya@infosys.com

SOURCE: Infosys