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Infosys Announces Results for the Quarter Ended December 31, 2014 | ||
Bangalore, Karnataka, India
Financial Highlights: Consolidated results under International Financial Reporting Standards (IFRS) for the quarter ended December 31, 2014
Quarter ended December 31, 2014
QoQ growth was 3.4% YoY growth was 5.9%
QoQ growth was 5.0% YoY growth was 13.0%
QoQ growth was 5.0% YoY growth was 13.0%
Other Highlights
“We are excited by several breakthrough results in Q3. Our “renew and new” strategy, is being received well by our clients and our ecosystem and we are already seeing its early adoption”, said Dr. Vishal Sikka, CEO and Managing Director. “Based on our strong performance, we are intensifying our efforts to deepen employee engagement, client ecosystem and strengthen our foundation of education as we build a nextgeneration services company that innovates for consistent profitable growth.”
“During the quarter, we saw broad-based volume growth, increased utilization and strong client additions”, said U. B. Pravin Rao, Chief Operating Officer. “We have made 100% variable payout for Q3 and haveseen a further decline in attrition as a result of multiple initiatives taken over the last few quarters.”
“Our sequential revenue growth in Q3 was adversely impacted to the extent of 1.8% due to USD appreciation against other major currencies”, said Rajiv Bansal, Chief Financial Officer. “We made required investments keeping in mind short-term priorities and long-term aspirations”
Business Highlights Over this quarter, we have been actively planning and executing the elements required to realize our strategy of renewing the core and innovating into new frontiers, based on a culture of learning and creativity.
We are seeing strong traction and acceptance of our new strategy with clients, as we continue to invest in strategic partnerships, education and automation.
Innovation Fund The company has expanded its innovation fund from the current $ 100 million to $ 500 million to support the creation of a global eco-system of strategic partners. The capital will be used to invest into young companies world-wide innovating in areas such as AI, Automation, Internet of Things, Collaboration and Design.
Awards and Recognition
Beyond Business Infosys has pledged Rs. 254 crore for FY 15 towards Corporate Social Responsibility (CSR) which is primarily being carried out through the Infosys Foundation, its philanthropic arm. Infosys and its subsidiaries donated Rs. 63 crore and Rs. 188 crore to Infosys Foundation and to Spark-IT for the quarter and nine-months ended December 31, 2014, respectively.
The Infosys Foundation is engaged in several programs aimed at alleviating hunger, promoting education, improving health, assisting rural development, supporting arts and helping the destitute. Spark-IT is a threemonth program launched by the Foundation, to enhance the skill levels of unemployed engineering graduates in the country. It has committed Rs. 20 crore for this program which will help train 3,000 graduates in the fiscal year 2015.
During the quarter, Infosys donated Rs. 12 crore ($ 2 million) to the Institute for Advanced Study (IAS) to create the Infosys Fund that will be used to support visiting scientists and scholars advance their research at the world-renowned institute in Princeton, New Jersey. Through this fund, two scholars across the Institute’s four Schools each year will receive support related to all aspects of the academic appointment and community life that are unique and fundamental aspects of the Institute for Advanced Study experience.
This quarter, Infosys expanded its Corporate Social Responsibility (CSR) activities in the Americas through its philanthropic arm, the Infosys foundation, USA. It will focus on making quality computer science education widely and easily accessible across communities in the Americas. The company also announced the appointment of Mrs. Sudha Murty, Mrs. Vandana Sikka and Mr. Sandeep Dadlani as the trustees of Infosys Foundation, USA. The initial outlay for Infosys Foundation, USA, will be $ 5 million per annum (Rs. 32 crore).IFRS – INR
Management changes The company announced that Mr. Parvatheesam Kanchinadham, Chief Risk & Compliance Officer and Company Secretary, will be leaving the company effective January 10, 2015. Mr. Parvatheesam has been with the company for the past 12 years and has contributed in multiple areas. The company thanks him for his contribution.
Mr. David Kennedy, General Counsel, will assume the role of Chief Compliance Officer. Mr. Manikantha A.G.S., will be the interim Company Secretary.
About Infosys Ltd. Infosys is a global leader in consulting, technology, outsourcing and next-generation services. We enable clients, in more than 50 countries, to stay a step ahead of emerging business trends and outperform the competition. We help them transform and thrive in a changing world by co-creating breakthrough solutions that combine strategic insights and execution excellence.
Visit www.infosys.com to see how Infosys (NYSE: INFY), with US$ 8.25 billion in annual revenues and 165,000+ employees, is helping enterprises renew themselves while also creating new avenues to generate value.
Safe Harbor Certain statements in this press 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, fixedtime 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, 2014 and our Forms 6- K for the quarters ended June 30, 2014 and September 30, 2014. These filings are available at 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 advertisement is January 9, 2015, 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.
Click here to view detailed INR press release and result tables
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Media Contact Details
Sandeep Mahindroo
91 8039801018 Sarah Vanita Gideon
91 8041563373 John Gallagher
Brunswick Group for Infosys, USA +1 415 316 8060 |
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