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Infosys: Accelerated Double Digit Growth of 12.4%; Highest Ever Large Deal TCV at $ 2.7 Bn

12 luglio 2019 | 14.37

LETTURA: 11 minuti

BENGALURU, India, July 12, 2019 /PRNewswire/ -- "We had a strong start to FY 20 with constant currency growth accelerating to 12.4% on year over year basis and digital revenue growth of 41.9%. This was achieved through our consistent client focus and investments which have strengthened our client relationships," said Salil Parekh, CEO and MD. "Consequently, we are raising our revenue guidance for the year from 7.5%-9.5% to 8.5%-10%."

41.9% YoY	12.4% YoY	2.8% QoQ	20.50%	$2.7 bn
Digital CC growth	CC growth	CC growth	Operating margin	Large deal signings

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

Revenues were $3,131 million, growth of 10.6% YoY and 2.3% QoQ

Operating profit was $642 million, decline of 4.2% YoY and 2.3% QoQ. Operating margin was 20.5%.

"We had a good quarter as we continue to leverage our digital navigation framework to help our clients build and nurture their live enterprise," said Pravin Rao, COO. "Large deal TCV was highest ever at $2.7 bn. Segment growth was robust with all large regions and most verticals growing at double digits yoy in constant currency."

"Our first quarter results and continued focus on operational efficiencies gives us the confidence on our revenue and margin guidance for the year," said Nilanjan Roy, CFO. "Continuing our objective of improving shareholder returns, we have revised our capital allocation policy upwards to distribute ~ 85% of free cash flows cumulatively over a 5-year period."

2. Capital Allocation

3. Client wins & Testimonials

Recognitions

About Infosys

Infosys is a global leader in next-generation digital services and consulting. We enable clients to navigate their digital transformation, leveraging our teams from over 45 countries. 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 www.infosys.com to see how Infosys (NYSE: INFY) can help your enterprise navigate your next.

Safe Harbor

Certain statements mentioned in this presentation 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, 2019. 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. 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)

	June 30, 2019	March 31, 2019
ASSETS
Current assets
Cash and cash equivalents	2,266	2,829
Current investments	778	958
Trade receivables	2,290	2,144
Unbilled revenue	964	777
Prepayments and other current assets	851	827
Income tax assets	38	61
Derivative financial instruments	26	48
Total current assets	7,213	7,644
Non-current assets
Property, plant and equipment	1,903	1,931
Right-of-use assets^(B3)	540	-
Goodwill	589	512
Intangible assets	207	100
Non-current investments	548	670
Deferred income tax assets	204	199
Income tax assets	917	914
Other non-current assets	296	282
Total non-current assets	5,204	4,608
Total assets	12,417	12,252
LIABILITIES AND EQUITY
Current liabilities
Trade payables	317	239
Lease liabilities^(B3)	72	-
Derivative financial instruments	3	2
Current income tax liabilities	305	227
Client deposits	4	4
Unearned revenue	408	406
Employee benefit obligations	248	234
Provisions	84	83
Other current liabilities	2,022	1,498
Total current liabilities	3,463	2,693
Non-current liabilities
Lease liabilities^(B3)	483	-
Deferred income tax liabilities	112	98
Employee benefit obligations	7	6
Other non-current liabilities	115	55
Total liabilities	4,180	2,852
Equity
Share capital- INR 5 ($0.16) par value 4,800,000,000 (4,800,000,000) equity shares authorized, issued and outstanding 4,271,404,014 (4,335,954,462) equity shares fully paid up, net of 20,094,430 (20,324,982) treasury shares as at June 30, 2019 (March 31, 2019)	334	339
Share premium	286	277
Retained earnings	9,969	11,248
Cash flow hedge reserve	-	3
Other reserves	432	384
Capital redemption reserve	15	10
Other components of equity	(2,854)	(2,870)
Total equity attributable to equity holders of the company	8,182	9,391
Non-controlling interests	55	9
Total equity	8,237	9,400
Total liabilities and equity	12,417	12,252

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 ended June 30, 2019	Three months ended June 30, 2018
Revenues	3,131	2,831
Cost of sales	2,122	1,819
Gross profit	1,009	1,012
Operating expenses
Selling and marketing expenses	169	149
Administrative expenses	198	193
Total operating expenses	367	342
Operating profit	642	670
Other income, net	106	107
Finance cost^(B3)	(6)	-
Reduction in the fair value of Disposal Group held for sale^(A1)	-	(39)
Profit before income taxes	742	738
Income tax expense	196	204
Net profit	546	534
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss:
Re-measurements of the net defined benefit liability/asset, net	(3)	-
	(3)	-
Items that will be reclassified subsequently to profit or loss:
Fair valuation of investments, net	2	(7)
Fair value changes on derivatives designated as cash flow hedge, net	(3)	1
Foreign currency translation	17	(468)
	16	(474)
Total other comprehensive income/(loss), net of tax	13	(474)
Total comprehensive income	559	60

Profit attributable to:
Owners of the Company	546	534
Non-controlling interests	-	-
	546	534
Total comprehensive income attributable to:
Owners of the Company	559	60
Non-controlling interests	-	-
	559	60
Earnings per equity share^(A2)
Basic ($)	0.13	0.12
Diluted ($)	0.13	0.12
Weighted average equity shares used in computing earnings per equity share⁽ ^A2)
Basic	4,302,176,860	4,346,657,242
Diluted	4,308,286,160	4,350,710,356