Infosys Ltd (INFO IN) - Adjusted

In Millions of INR except Per Share FY 2012 FY 2013

12 Months Ending 03/31/2012 03/31/2013
Revenue 337,340.0 403,520.0
+ Sales & Services Revenue 337,340.0 403,520.0
- Cost of Revenue 198,080.0 252,800.0
+ Cost of Goods & Services 198,080.0 252,800.0
Gross Profit 139,260.0 150,720.0
+ Other Operating Income 0.0 0.0
- Operating Expenses 42,010.0 48,470.0
+ Selling, General & Admin 41,470.0 46,430.0
+ Selling & Marketing 17,570.0 20,340.0
+ General & Administrative 23,900.0 26,090.0
+ Research & Development — —
+ Depreciation & Amortization — —
+ Prov For Doubtful Accts 0.0 0.0
+ Other Operating Expense 540.0 2,040.0
Operating Income (Loss) 97,250.0 102,250.0
- Non-Operating (Income) Loss -19,560.0 -26,170.0
+ Interest Expense, Net -18,070.0 -17,920.0
+ Interest Expense 0.0 0.0
- Interest Income 18,070.0 17,920.0
+ Other Investment (Inc) Loss — —
+ Foreign Exch (Gain) Loss -520.0 -2,580.0
+ (Income) Loss from Affiliates 0.0 0.0
+ Other Non-Op (Income) Loss -970.0 -5,670.0
Pretax Income (Loss), Adjusted 116,810.0 128,420.0
- Abnormal Losses (Gains) -20.0 540.0
+ Merger/Acquisition Expense — 550.0
+ Disposal of Assets -20.0 -10.0
+ Asset Write-Down — —
+ Sale of Investments — —
+ Unrealized Investments — —
Pretax Income (Loss), GAAP 116,830.0 127,880.0
- Income Tax Expense (Benefit) 33,670.0 33,670.0
+ Current Income Tax — —
+ Deferred Income Tax — —
- (Income) Loss from Affiliates — —
Income (Loss) from Cont Ops 83,160.0 94,210.0
- Net Extraordinary Losses (Gains) 0.0 0.0
+ Discontinued Operations 0.0 0.0
+ XO & Accounting Changes 0.0 0.0
Income (Loss) Incl. MI 83,160.0 94,210.0
 - Minority Interest 0.0 0.0
Net Income, GAAP 83,160.0 94,210.0
- Preferred Dividends 0.0 0.0
- Other Adjustments 0.0 0.0
Net Income Avail to Common, GAAP 83,160.0 94,210.0

Net Income Avail to Common, Adj 83,146.5 94,566.5

Net Abnormal Losses (Gains) -13.5 356.5
Net Extraordinary Losses (Gains) 0.0 0.0

Basic Weighted Avg Shares 4,570.9 4,571.2

Basic EPS, GAAP 18.19 20.61
Basic EPS from Cont Ops 18.19 20.61
Basic EPS from Cont Ops, Adjusted 18.19 20.69

Diluted Weighted Avg Shares 4,571.2 4,571.2

Diluted EPS, GAAP 18.19 20.61
Diluted EPS from Cont Ops 18.19 20.61
Diluted EPS from Cont Ops, Adjusted 18.19 20.69

Reference Items
Accounting Standard IAS/IFRS IAS/IFRS
EBITDA 106,620.0 113,540.0
EBITDA Margin (T12M) 31.61 28.14
EBITA — —
EBIT 97,250.0 102,250.0
Gross Margin 41.28 37.35
Operating Margin 28.83 25.34
Profit Margin 24.65 23.44
Sales per Employee 2,249,023.29 2,575,308.89
Dividends per Share 4.63 5.25
Total Cash Common Dividends 26,990.0 24,120.0
Capitalized Interest Expense 0.0 0.0
Personnel Expenses 183,400.0 225,660.0
Export Sales 0.0 —
Depreciation Expense — —
Rental Expense 1,900.0 610.0
Source: Bloomberg Right click to show data transparency (not supported for all values)
 FY 2014 FY 2015 FY 2016 FY 2017
03/31/2014 03/31/2015 03/31/2016 03/31/2017
501,330.0 533,190.0 624,410.0 684,840.0
501,330.0 533,190.0 624,410.0 684,840.0
321,410.0 328,830.0 — 432,530.0
321,410.0 328,830.0 — 432,530.0
179,920.0 204,360.0 — 252,310.0
0.0 0.0 0.0 0.0
60,220.0 68,270.0 467,180.0 81,900.0
59,510.0 66,040.0 45,080.0 83,300.0
26,250.0 29,410.0 1,980.0 35,910.0
33,260.0 36,630.0 43,100.0 47,390.0
— — — —
— — 14,590.0 —
0.0 — — —
710.0 2,230.0 407,510.0 -1,400.0
119,700.0 136,090.0 157,230.0 170,410.0
-28,990.0 -39,010.0 -31,200.0 -29,310.0
-21,560.0 -26,310.0 -26,340.0 -25,510.0
0.0 0.0 0.0 0.0
21,560.0 26,310.0 26,340.0 25,510.0
— — -640.0 -290.0
-2,300.0 -4,750.0 -1,690.0 -2,320.0
0.0 10.0 30.0 300.0
-5,130.0 -7,960.0 -2,560.0 -1,490.0
148,690.0 175,100.0 188,430.0 199,720.0
1,590.0 2,520.0 1,030.0 210.0
1,590.0 2,520.0 1,490.0 —
— — — —
— — — —
— — — -1,190.0
— — -460.0 1,400.0
147,100.0 172,580.0 187,400.0 199,510.0
40,620.0 49,290.0 52,510.0 55,980.0
— — 53,180.0 —
— — -670.0 —
— 0.0 — —
106,480.0 123,290.0 134,890.0 143,530.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
106,480.0 123,290.0 134,890.0 143,530.0
 0.0 0.0 0.0 0.0
106,480.0 123,290.0 134,890.0 143,530.0
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
106,480.0 123,290.0 134,890.0 143,530.0

107,529.6 124,937.8 135,563.5 143,677.0

1,049.6 1,647.8 673.5 147.0
0.0 0.0 0.0 0.0

4,571.2 4,571.2 4,571.2 4,571.3

23.29 26.97 29.51 31.40
23.29 26.97 29.51 31.40
23.52 27.33 29.66 31.43

4,571.2 4,571.3 4,571.4 4,572.8

23.29 26.97 29.51 31.39
23.29 26.97 29.51 31.39
23.52 27.33 29.66 31.42

IAS/IFRS IAS/IFRS IN GAAP IAS/IFRS

133,440.0 146,780.0 171,820.0 187,440.0
26.62 27.53 27.52 27.37
— — — —
119,700.0 136,090.0 157,230.0 170,410.0
35.89 38.33 — 36.84
23.88 25.52 25.18 24.88
21.45 23.43 21.71 20.98
3,125,401.33 3,026,273.22 3,217,878.42 3,417,979.28
7.88 14.88 12.13 12.88
36,180.0 51,110.0 55,426.3 58,855.6
0.0 0.0 0.0 0.0
320,230.0 297,420.0 344,060.0 376,590.0
— — — —
— — — —
3,190.0 3,090.0 3,600.0 4,910.0
or all values)
 FY 2018 Last 12M FY 2019 Est FY 2020 Est
03/31/2018 12/31/2018 03/31/2019 03/31/2020
705,220.0 792,200.0 827,377.1 918,074.6
705,220.0 792,200.0
451,300.0 511,390.0
451,300.0 507,030.0
253,920.0 280,810.0 300,230.3 330,681.3
0.0 0.0
82,440.0 91,170.0
82,440.0 93,480.0
35,600.0 41,960.0
46,840.0 51,520.0
—
—
—
0.0 -2,310.0
171,480.0 189,640.0 229,836.0 254,491.0
-29,870.0 -22,760.0
-23,560.0
0.0
23,560.0 20,670.0
-40.0 -20.0
-2,340.0 -3,160.0
710.0
-4,640.0 1,090.0
201,350.0 212,400.0 218,571.1 241,776.8
-1,350.0 4,760.0
—
—
1,180.0
-2,530.0
— 1,760.0
202,700.0 207,640.0 218,571.1 241,776.8
42,410.0 57,420.0
45,810.0 60,000.0
-3,400.0 -2,580.0
—
160,290.0 150,220.0 158,637.4 177,128.0
0.0 0.0
0.0 0.0
0.0 0.0
160,290.0 150,220.0
 0.0 10.0
160,290.0 150,210.0 158,637.4 177,128.0
0.0 0.0
0.0 0.0
160,290.0 150,210.0 158,637.4 177,128.0

159,345.0 153,542.0 159,017.6 176,484.4

-945.0 3,332.0
0.0 0.0

4,510.7 4,347.7
35.54 34.55 36.67 41.36
35.54 34.55 36.67 41.36
35.33 35.32 36.58 40.93

4,515.1 4,352.7
35.50 34.52 36.67 41.36
35.50 34.52 36.67 41.36
35.29 35.28 36.58 40.93

IAS/IFRS
190,110.0 209,030.0 212,232.3 236,738.5
26.96 26.39 25.65 25.79
— 191,810.0
171,480.0 189,640.0 229,836.0 254,491.0
36.01 35.45 36.29 36.02
24.32 23.94 27.78 27.72
22.60 19.38 19.22 19.22
3,455,148.53 3,628,464.92
16.75 24.14 22.04
94,539.1
0.0 0.0
750,450.0
—
— 17,220.0
10,560.0 1,290.0
Infosys Ltd (INFO IN) - Standardized
In Millions of INR except Per Share FY 2009 FY 2010 FY 2011 FY 2012
12 Months Ending 03/31/2009 03/31/2010 03/31/2011 03/31/2012
Total Assets
+ Cash, Cash Equivalents & STI 96,950.0 121,110.0 168,060.0 209,360.0
+ Cash & Cash Equivalents 96,950.0 121,110.0 166,660.0 205,910.0
+ ST Investments 0.0 0.0 1,400.0 3,450.0
+ Accounts & Notes Receiv 36,720.0 — 46,530.0 58,820.0
+ Accounts Receivable, Net 36,720.0 — 46,530.0 58,820.0
+ Notes Receivable, Net 0.0 — 0.0 0.0
+ Unbilled Revenues — — — 18,730.0
+ Inventories 0.0 0.0 0.0 0.0
+ Raw Materials 0.0 0.0 0.0 0.0
+ Work In Process 0.0 0.0 0.0 0.0
+ Finished Goods 0.0 0.0 0.0 0.0
+ Other Inventory 0.0 0.0 0.0 0.0
+ Other ST Assets 32,790.0 88,170.0 25,440.0 15,550.0
+ Prepaid Expenses — — — —
+ Derivative & Hedging Assets — 950.0 — 0.0
+ Assets Held-for-Sale — — — —
+ Misc ST Assets 32,790.0 87,220.0 25,440.0 15,550.0
Total Current Assets 166,460.0 209,280.0 240,030.0 302,460.0
+ Property, Plant & Equip, Net 46,650.0 44,390.0 45,830.0 54,090.0
+ Property, Plant & Equip 70,690.0 73,200.0 78,370.0 90,300.0
- Accumulated Depreciation 24,040.0 28,810.0 32,540.0 36,210.0
+ LT Investments & Receivables 0.0 0.0 40.0 0.0
+ LT Investments — — 40.0 —
+ Other LT Assets 8,520.0 22,450.0 27,030.0 26,930.0
+ Total Intangible Assets 6,890.0 8,850.0 9,160.0 11,660.0
+ Goodwill 6,890.0 8,290.0 9,160.0 9,930.0
+ Other Intangible Assets 0.0 560.0 0.0 1,730.0
+ Prepaid Expense — — — —
+ Deferred Tax Assets 1,630.0 3,460.0 3,210.0 3,160.0
+ Investments in Affiliates 0.0 0.0 0.0 0.0
+ Misc LT Assets 0.0 10,140.0 14,660.0 12,110.0
Total Noncurrent Assets 55,170.0 66,840.0 72,900.0 81,020.0
Total Assets 221,630.0 276,120.0 312,930.0 383,480.0

Liabilities & Shareholders' Equity

+ Payables & Accruals 0.0 100.0 — 15,750.0
+ Accounts Payable 0.0 — — 230.0
+ Accrued Taxes — — — 10,540.0
+ Interest & Dividends Payable — — — —
 + Other Payables & Accruals — 100.0 — 4,980.0
+ ST Debt 0.0 0.0 0.0 0.0
+ ST Borrowings 0.0 0.0 0.0 0.0
+ ST Capital Leases 0.0 0.0 0.0 0.0
+ Other ST Liabilities 38,720.0 31,830.0 52,240.0 31,910.0
+ Deferred Revenue — 5,310.0 0.0 5,450.0
+ Derivatives & Hedging — — — 420.0
+ Deferred Tax Liabilities — 7,240.0 — —
+ Misc ST Liabilities 38,720.0 19,280.0 52,240.0 26,040.0
Total Current Liabilities 38,720.0 31,930.0 52,240.0 47,660.0
+ LT Debt 0.0 0.0 0.0 0.0
+ LT Borrowings 0.0 0.0 0.0 0.0
+ LT Capital Leases 0.0 0.0 0.0 0.0
+ Other LT Liabilities 370.0 3,460.0 930.0 1,210.0
+ Accrued Liabilities — 0.0 0.0 0.0
+ Pension Liabilities — 1,710.0 — —
+ Deferred Revenue — 0.0 0.0 0.0
+ Deferred Tax Liabilities 370.0 1,140.0 — 120.0
+ Misc LT Liabilities 0.0 610.0 930.0 1,090.0
Total Noncurrent Liabilities 370.0 3,460.0 930.0 1,210.0
Total Liabilities 39,090.0 35,390.0 53,170.0 48,870.0
+ Preferred Equity and Hybrid Capital 0.0 0.0 0.0 0.0
+ Share Capital & APIC 32,110.0 33,330.0 33,480.0 33,750.0
+ Common Stock 2,860.0 2,860.0 2,860.0 2,860.0
+ Additional Paid in Capital 29,250.0 30,470.0 30,620.0 30,890.0
- Treasury Stock 0.0 0.0 0.0 0.0
+ Retained Earnings 105,600.0 206,680.0 159,640.0 298,160.0
+ Other Equity 44,830.00 720.00 66,640.00 2,700.00
Equity Before Minority Interest 182,540.0 240,730.0 259,760.0 334,610.0
+ Minority/Non Controlling Interest 0.0 0.0 0.0 0.0
Total Equity 182,540.0 240,730.0 259,760.0 334,610.0
Total Liabilities & Equity 221,630.0 276,120.0 312,930.0 383,480.0

Reference Items
Accounting Standard IN GAAP IAS/IFRS IN GAAP IAS/IFRS
Shares Outstanding 4,582.6 4,567.9 4,570.5 4,571.2
Number of Treasury Shares 0.0 0.0 0.0 0.0
Pension Obligations — 1,710.0 — —
Future Minimum Operating Lease Obligatio 3,750.0 2,210.0 4,310.0 5,140.0
Capital Leases - Total 0.0 0.0 0.0 0.0
Percent Of Foreign Ownership 35.74 — — —
Number Of Shareholders 496,907.00 — 416,623.00 —
Options Granted During Period — — — —
Options Outstanding at Period End 14.7 3.6 0.8 0.1
Net Debt -96,950.0 -121,110.0 -168,060.0 -209,360.0
Net Debt to Equity -53.11 -50.31 -64.70 -62.57
Tangible Common Equity Ratio 81.80 86.76 82.50 86.86
Current Ratio 4.30 6.55 4.59 6.35
Number of Employees 85,851.00 113,800.00 130,820.00 149,994.00
Source: Bloomberg Right click to show data transparency (not supported for all values)
 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018

218,320.0 259,500.0 303,670.0 327,720.0 325,950.0 262,250.0

218,320.0 259,500.0 303,670.0 326,970.0 226,250.0 198,180.0
0.0 0.0 0.0 750.0 99,700.0 64,070.0
70,830.0 83,510.0 97,130.0 113,300.0 123,220.0 131,420.0
70,830.0 83,510.0 97,130.0 113,300.0 123,220.0 131,420.0
0.0 0.0 0.0 0.0 0.0 0.0
24,350.0 28,110.0 28,450.0 30,290.0 36,480.0 42,610.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
39,630.0 59,070.0 42,710.0 46,220.0 51,400.0 63,890.0
— — — 3,110.0 — 5,910.0
1,010.0 2,150.0 1,010.0 — 2,840.0 160.0
— — — — — 20,600.0
38,620.0 56,920.0 41,700.0 43,110.0 48,560.0 37,220.0
353,130.0 430,190.0 471,960.0 517,530.0 537,050.0 500,170.0
64,680.0 78,870.0 91,250.0 95,970.0 117,160.0 121,430.0
106,760.0 134,120.0 155,470.0 170,500.0 202,970.0 222,060.0
42,080.0 55,250.0 64,220.0 74,530.0 85,810.0 100,630.0
0.0 0.0 0.0 17,140.0 63,820.0 57,560.0
— — — 17,140.0 63,820.0 57,560.0
45,700.0 61,490.0 100,310.0 122,860.0 115,520.0 119,740.0
23,440.0 24,990.0 37,290.0 47,490.0 44,280.0 24,580.0
19,760.0 21,570.0 30,910.0 37,640.0 36,520.0 22,110.0
3,680.0 3,420.0 6,380.0 9,850.0 7,760.0 2,470.0
— — — 10,200.0 — 1,540.0
5,030.0 6,560.0 5,370.0 5,360.0 5,400.0 12,820.0
0.0 0.0 930.0 1,030.0 710.0 —
17,230.0 29,940.0 56,720.0 58,780.0 65,130.0 80,800.0
110,380.0 140,360.0 191,560.0 235,970.0 296,500.0 298,730.0
463,510.0 570,550.0 663,520.0 753,500.0 833,550.0 798,900.0

21,320.0 33,140.0 40,270.0 99,840.0 56,110.0 91,190.0

1,890.0 1,730.0 1,400.0 3,860.0 3,670.0 6,940.0
13,290.0 21,870.0 28,180.0 34,100.0 38,850.0 20,430.0
— — — 50.0 — —
 6,140.0 9,540.0 10,690.0 61,830.0 13,590.0 63,820.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
41,540.0 58,240.0 73,560.0 32,550.0 84,020.0 49,860.0
8,230.0 6,600.0 10,520.0 13,330.0 — 330.0
— — 30.0 — 20.0 840.0
— — — — — —
33,310.0 51,640.0 63,010.0 19,220.0 84,000.0 48,690.0
62,860.0 91,380.0 113,830.0 132,390.0 140,130.0 141,050.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
2,680.0 3,870.0 2,060.0 3,670.0 3,600.0 8,610.0
0.0 0.0 0.0 — — —
— — — 330.0 — 480.0
0.0 0.0 0.0 — — —
1,190.0 640.0 1,600.0 2,520.0 2,070.0 5,410.0
1,490.0 3,230.0 460.0 820.0 1,530.0 2,720.0
2,680.0 3,870.0 2,060.0 3,670.0 3,600.0 8,610.0
65,540.0 95,250.0 115,890.0 136,060.0 143,730.0 149,660.0
0.0 0.0 0.0 0.0 0.0 0.0
33,760.0 33,760.0 33,780.0 33,570.0 35,000.0 12,740.0
2,860.0 2,860.0 5,720.0 11,440.0 11,440.0 10,880.0
30,900.0 30,900.0 28,060.0 22,130.0 23,560.0 1,860.0
0.0 0.0 0.0 0.0 0.0 0.0
361,140.0 435,840.0 509,780.0 470,630.0 650,560.0 612,410.0
3,070.00 5,700.00 4,070.00 113,240.00 4,260.00 24,080.00
397,970.0 475,300.0 547,630.0 617,440.0 689,820.0 649,230.0
0.0 0.0 0.0 0.0 0.0 10.0
397,970.0 475,300.0 547,630.0 617,440.0 689,820.0 649,240.0
463,510.0 570,550.0 663,520.0 753,500.0 833,550.0 798,900.0

IAS/IFRS IAS/IFRS IAS/IFRS IN GAAP IAS/IFRS IAS/IFRS

4,571.2 4,571.2 4,571.2 4,571.2 4,571.3 4,346.6
0.0 0.0 0.0 0.0 0.0 0.0
— — — 330.0 — 480.0
7,650.0 11,020.0 7,310.0 16,870.0 26,240.0 27,180.0
0.0 0.0 0.0 0.0 0.0 0.0
41.80 43.25 44.64 39.49 38.82 35.80
415,844.00 376,380.00 439,861.00 586,741.00 711,129.00 753,025.00
— 0.0 0.2 0.2 8.2 5.5
0.0 0.0 0.2 0.4 8.3 9.4
-218,320.0 -259,500.0 -303,670.0 -327,720.0 -325,950.0 -262,250.0
 -54.86 -54.60 -55.45 -53.08 -47.25 -40.39
85.11 82.54 81.49 80.73 81.79 80.67
5.62 4.71 4.15 3.91 3.83 3.55
156,688.00 160,405.00 176,187.00 194,044.00 200,364.00 204,107.00
ported for all values)