Professional Documents
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About Infosys
Infosys Technologies Ltd. (NASDAQ: INFY) was started in 1981 by seven people with US$
250. Today, we are a global leader in the "next generation" of IT and consulting with
revenues of over US$ 4 billion.
Infosys defines designs and delivers technology-enabled business solutions that help Global
2000 companies win in a Flat World. Infosys also provides a complete range of services by
leveraging our domain and business expertise and strategic alliances with leading technology
providers.
Infosys' offerings span business and technology consulting, application services, systems
integration, product engineering, custom software development, maintenance, re-engineering,
independent testing and validation services, IT infrastructure services and business process
outsourcing
Infosys pioneered the Global Delivery Model (GDM), which emerged as a disruptive force in
the industry leading to the rise of offshore outsourcing. The GDM is based on the principle of
taking work to the location where the best talent is available, where it makes the best
economic sense, with the least amount of acceptable risk.
Infosys has a global footprint with over 50 offices and development centres in India, China,
Australia, the Czech Republic, Poland, the UK, Canada and Japan. Infosys and its
subsidiaries have 105,453 employees as on September 30, 2009
Infosys takes pride in building strategic long-term client relationships. Over 97% of our
revenues come from existing customers.
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Infosys Ltd:
Infosys was started in 1981 by seven people with US$ 250. Many of the world’s
most successful organizations rely on Infosys to deliver measurable business
value. Infosys provides business consulting, technology, engineering and
outsourcing services to help clients in over 30 countries build tomorrow’s
enterprise. Infosys Labs and its breakthrough intellectual property can be
leveraged as a co-creation engine to accelerate innovation across the enterprise.
Infosys pioneered the Global Delivery Model (GDM), based on the principle of
taking work to the location where the best talent is available, where it makes the
best economic sense, with the least amount of acceptable risk. Continued
leadership around GDM enables Infosys to drive extraordinary efficiencies and
free up clients’ resources for strategic transformation or innovation initiatives.
Infosys has a global footprint with 68 offices and 70 development centers in US,
India, China, Australia, Japan, Middle East, UK, Germany, France, Switzerland,
Netherlands, Poland, Canada and many other countries. Infosys and its
subsidiaries have 151,151 employees as on June 30, 2012.
Infosys gives back to the community through the Infosys Foundation that funds
learning and education.
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Strengths
Since the company is based in India its competitive advantage is
enhanced. The Indian economy, despite weak economic indicators such
as relatively high rates of inflation, has low labor costs. The workforce
has relatively high skills levels in Information Technology. Couple these
two elementstogether and you have an operational basis that offers low-
cost based, highly skilled competitive advantage. Trained Indian
personnel often speak very good English and are sensitive to Western
culture, underpinned by India's colonial past.
Infosys is in a strong financial position. The business turned over more
than $4 billion in 2008. This means that it has the capital to expand, and
also the basis to leverage potential investors.
Weaknesses
Infosys on occasion struggles in the US markets, and has particular
problems in securing United States Federal Government contracts in
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North America. Since these contracts are highly profitable and tend to
run for long periods of time, Infosys is missing out on lucrative business.
Added to this is the fact that its competitors do well in terms of securing
the same Federal business (and one should also take into account that
many of its competitors are domiciled in the US and there could be
political pressure on the US Government to award contracts to domestic
organizations).
Opportunities
At a time of recession in the global economy, it may appear that some
companies will reduce take up of services that Infosys offers. However,
in tough times clients tend to focus upon cost reduction and outsourcing -
with are strategies that Infosys offers. So hard times could be profitable
for Infosys.
There has been a trend over recent years for European and North
American companies to base some or all of their operation in India. This
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Threats
India is not the only country that is undergoing rapid industrial
expansion. Competitors may come from countries such as China or
Korea where there are large pools of low-cost labor, and developing
educational infrastructures such as universities and technology colleges.
Customers may switch to other offshore service companies in other
countries such as China or Korea.
Other global players have realised that India has the benefit of low-cost,
highly-skilled labor that often speaks English and is culturally sensitive
to Western practices. As with all global IT players, Infosys has to
compete for skilled labor and this may have the effect of driving up wage
levels, and making it more difficult to recruit and retain staff.
With Infosys, clients are assured of a transparent business partner, world-class processes,
speed of execution and the power to stretch their IT budget by leveraging the Global Delivery
Model that Infosys pioneered.
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Infosys has a global footprint with sales offices in 30 countries and development centres in
India, US, China, Australia, UK, Canada, Japan and many other countries. Infosys has over
105,000 employees of 73 nationalities.
Key Facts
Senior Executives
IFRS
Revenues: US$ 4,568 million
Net Income after taxes: US$ 1,283 million
Earnings per ADS: US$ 2.25 (basic)
Total assets: US$ 5,188 million
Cash and cash equivalents: US$ 2,878 million
INTRODUCTION
Infosys Established in 1981, Infosys is a NASDAQ listed global consulting and IT services
company with more than 145,000 employees. From a capital of US$ 250, we have grown to
become a US$ 6.825 billion (LTM Q3- FY12 revenues) company with a market
capitalization of approximately US$ 30 billion.
In our journey of over 29 years, we have catalysed some of the major changes that have led to
India's emergence as the global destination for software services talent. We pioneered the
Global Delivery Model and became the first IT company from India to be listed on
NASDAQ. Our employee stock options program created some of India's first salaried
millionaires.
OBJECTIVES
To study the financial results of “INFOSYS”.
To know the financial solvency of the company.
To make comparative study with other year.
To know the capacity of payment of dividend &interest.
To know the managerial capacity.
To know the financial strengths &weakness of the company.
To know the profitability of the company in the form of ratios.
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LIMITATIONS
METHODS TO BE USED
The data should be derived from the secondary source due to lack of time. The figures given
in financial statement are not of much use to the decision maker. These figures are to be
analysed over a period of time or in relation to other figures, so that significant conclusions
could be drawn regarding the strengths and witness of a business enterprise. The tools of
financial analysis help in this regard. The analysis and interpretation of financial statement is
used to determine the financial position & results of operation as well. The numbers of
devices or tools are used to study the relationship between different statements. An effort is
made to use the devices to which clearly analyse the position of the enterprise. The tools or
devices are:
Comparative statement.
Common size statement.
Ratio analysis.
Trend analysis.
Cash flow statement.
Fund flow statement
Cost volume profit analysis
OBJECTIVE:
firm and thereby enabling the financial analyst to take different decisions regarding the
operations of the firm.
RATIO ANALYSIS:
Fundamental Analysis has a very broad scope. One aspect looks at the general
(qualitative) factors of a company. The other side considers tangible and measurable factors
(quantitative). This means crunching and analyzing numbers from the financial statements. If
used in conjunction with other methods, quantitative analysis can produce excellent results.
Ratio analysis isn't just comparing different numbers from the balance sheet, income
statement, and cash flow statement. It's comparing the number against previous years, other
companies, the industry, or even the economy in general. Ratios look at the relationships
between individual values and relate them to how a company has performed in the past, and
might perform in the future.
MEANING OF RATIO:
A ratio is one figure express in terms of another figure. It is a mathematical yardstick that
measures the relationship two figures, which are related to each other and mutually
interdependent. Ratio is express by dividing one figure by the other related figure. Thus a
ratio is an expression relating one number to another. It is simply the quotient of two
numbers. It can be expressed as a fraction or as a decimal or as a pure ratio or in absolute
figures as “so many times”. As accounting ratio is an expression relating two figures or
accounts or two sets of account heads or group contain in the financial statements.
While a detailed explanation of ratio analysis is beyond the scope of this section, we will
focus on a technique, which is easy to use. It can provide you with a valuable investment
analysis tool.
However, you must be careful not to place too much importance on one ratio. You obtain a
better indication of the direction in which a company is moving when several ratios are taken
as a group.
OBJECTIVE OF RATIOS
Long term
Short term
Immediate
Stability
Profitability
Operational efficiency
Credit standing
Structural analysis
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FORMS OF RATIO:
A] As a pure ratio:
For example the equity share capital of a company is Rs. 20,00,000 & the preference
share capital is Rs. 5,00,000, the ratio of equity share capital to preference share capital is
20,00,000: 5,00,000 or simply 4:1.
B] As a rate of times:
In the above case the equity share capital may also be described as 4 times that of
preference share capital. Similarly, the cash sales of a firm are
Rs. 12,00,000 & credit sales are Rs. 30,00,000. so the ratio of credit sales to cash sales can be
described as 2.5 [30,00,000/12,00,000] or simply by saying that the credit sales are 2.5 times
that of cash sales.
C] As a percentage:
In such a case, one item may be expressed as a percentage of some other item. For
example, net sales of the firm are Rs.50,00,000 & the amount of the gross profit is Rs.
10,00,000, then the gross profit may be described as 20% of sales [ 10,00,000/50,00,000]
1] Calculation of ratio
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2] Comparing the ratio with some predetermined standards. The standard ratio may be the
past ratio of the same firm or industry’s average ratio or a projected ratio or the ratio of the
most successful firm in the industry. In interpreting the ratio of a particular firm, the analyst
cannot reach any fruitful conclusion unless the calculated ratio is compared with some
predetermined standard. The importance of a correct standard is oblivious as the conclusion is
going to be based on the standard itself.
Share holders/Investors:
Investor in the company will like to access the financial position of company where he is
going to invest. The first concern would be the security of the investment and then the return
on the investment in the form of interest and dividends. So, Investors concentrate on the
firm’s financial structure to the extent that influences the firm’s earning ability and risk.
Trade creditors:
They are interested in firm’s ability to meet its claims over a short period of time. So, their
analysis is usually confined to evaluation of firm’s liquidity position.
Employees:
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Employees are interested in financial position the concern especially profitability. Their
wages and amount of fringe benefits are related to the volume of profits earned by the
concern. The employees make use of the information available in the financial statements.
Government:
Government is interested to know the overall financial health of the company. Various
financial statements published by the industrial units are used to calculate the ratios for
determining short-term, long-term and overall financial position of the firm. Government
may base its future policies on the basis of industrial information available from various
units.
Management:
Management of the firm requires these statements for its own evaluation and decision
making. Moreover, it is responsible for the overall performances of the firm maintaining its
solvency so as to be able to meets short-term and long-term obligations to the creditors and at
the same time ensuring an adequate rate of return, consistent with safety of funds of its
owner. Financial analysis may not provide exact answer to the questions but it will be an
indication of forthcoming future.
Case studies
(a) Earnings Per Share (Rs)
Meaning:
Earnings per Share are calculated to find out overall profitability of the organization.
Earnings per Share represent earning of the company whether or not dividends are declared.
If there is only one class of shares, the earning per share are determined by dividing net profit
by the number of equity shares. EPS measures the profits available to the equity shareholders
on each share held.
Formula:
NPAT
Earnings per share =
Number of equity share
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The higher EPS will attract more investors to acquire shares in the company as it indicates
that the business is more profitable enough to pay the dividends in time. But remember not all
profit earned is going to be distributed as dividends the company also retains some profits for
the business.
For Infosys the variance of EPS ratio for 5 years is -
Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05
Formula:
Total equity
DPS shows how much is paid as dividend to the shareholders on each share held.
Formula:
An expression for net asset value that represents a fund's (mutual, exchange-traded, and
closed-end) value per share. It is calculated by dividing the total net asset value of the fund or
company by the number of shares outstanding. It is also referred to as "book value per share".
Calculated as
2- Margin Ratios
(a) Core EBITDA Margin ratio :
EBITDA is the acronym for Earnings before Interest, Taxes, Depreciation, and Amortization.
EBITDA Margin refers to EBITDA divided by total revenue. EBITDA margin measures the
extent to which cash operating expenses use up revenue.
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In financial and business accounting, earnings before interest and taxes (EBIT) or operating
income is a measure of a firm's profitability that excludes interest and income tax expenses.
[1]
EBIT = Operating Revenue – Operating Expenses (OPEX) + Non-operating Income
Operating Income = Operating Revenue – Operating Expenses
The Pre tax Margin measures how well a company can generate before-tax profits at the
current level of sales. Importance of Pretax Margin:
As with any margin, a high or increasing Pretax Margin is usually a positive sign, showing
the company is able to keep its operations costs low, while being able to pull in strong
earnings. The Pretax Margin varies greatly between industries, so you will have to compare
the results for the company you are analyzing to industry averages.
The after tax profit margin ratio tells you the profit per sales dollar after all expenses are
deducted from sales. In other words, the after tax profit margin ratio shows you the
percentage of net sales that remains after deducting the cost of goods sold and all other
expenses including income tax expense. The calculation is: Net Income after Tax /Net Sales.
The profit margin ratio is most useful when it is compared to 1) the same company’s profit
margin ratios from earlier accounting periods, 2) the same company’s targeted or planned
profit margin ratio for the current accounting period, and 3) the profit margin ratios of other
companies in the same industry during the same accounting period.
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3- Performance Ratios
(a) ROA ratio :
The return on assets (ROA) percentage shows how profitable a company's assets are in
generating revenue.ROA can be computed as:
This number tells you what the company can do with what it has, i.e. how many dollars of
earnings they derive from each dollar of assets they control. Its a useful number for
comparing competing companies in the same industry. The number will vary widely across
different industries. Return on assets gives an indication of the capital intensity of the
company, which will depend on the industry; companies that require large initial investments
will generally have lower return on assets.
Return on Equity (ROE, Return on average common equity, return on net worth, Return on
ordinary shareholders' funds) (equity) measures the rate of return on the ownership interest
(shareholders' equity) of the common stock owners. It measures a firm's efficiency at
generating profits from every unit of shareholders' equity (also known as net assets or assets
minus liabilities). ROE shows how well a company uses investment funds to generate
earnings growth.
Return on Capital Employed (ROCE) is used in finance as a measure of the returns that a
company is realising from its capital employed. It is commonly used as a measure for
comparing the performance between businesses and for assessing whether a business
generates enough returns to pay for its cost of capital.
(d)Asset Turnover:
Asset turnover is a financial ratio that measures the efficiency of a company's use of its assets
in generating sales revenue or sales income to the company.[1]
• "Sales" is the value of "Net Sales" or "Sales" from the company's income statement
• "Average Total Assets" is the value of "Total assets" from the company's balance
sheet in the beginning and the end of the fiscal period divided by 2.
(f)Working Capital/Sales(x)
The Working Capital Productivity Ratio helps explain how well the company is using its
working capital. Historically this has been a useful guide to investors or stakeholders seeking
to assess a company’s ability to manage cash. Any measure of cash management is important
to understand since a business needs cash to operate, this is the oxygen that businesses need
to live. This ratio is purported to have been established by the US management consultant
George Stalk while working in Japan. The ratio gives a possible indication of the relationship
between financial performance and process improvement.
The Working Capital Productivity ratio can be defined as:
Revenue
Working Capital Productivity Ratio =
(Current Assets – Current Liabilities)
3- Efficiency Ratios
(a)Fixed Capital/Sales(x)
(b)Receivable days
This ratio shows how many days it takes to pay accounts payable. This ratio is similar to
accounts payable turnover (above.) The business may be losing valuable creditor discounts
by not paying promptly.
The formula is:
365 days
_____________________
The P/E ratio (price-to-earnings ratio) of a stock (also called its "P/E", "PER", "earnings
multiple," or simply "multiple") is a measure of the price paid for a share relative to the
annual net income or profit earned by the firm per share.[2] It is a financial ratio used for
valuation: a higher P/E ratio means that investors are paying more for each unit of net
income, so the stock is more expensive compared to one with lower P/E ratio There are
various P/E ratios, all defined as:
(e)PCE ratio
A measure of price changes in consumer goods and services. Personal consumption
expenditures consist of the actual and imputed expenditures of households; the
measure includes data pertaining to durables, non-durables and services. It is essentially a
measure of goods and services targeted toward individuals and consumed by individuals
A ratio used to compare a stock's market value to its book value. It is calculated by dividing
the current closing price of the stock by the latest quarter's book value per share.
It is also known as the "price-equity ratio". Calculated as:
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It is a comparison of the expected yield of one bond to the expected yield of another. A yield
ratio is important when deciding whether to invest in one bond or another; generally, the one
with the higher yield wins out. However, it is important to take into account the after tax
basis when taking the yield ratio of a corporate bond and a tax-exempt municipal bond. A
corporate bond yields less than its stated interest rate because of taxation, whereas a tax-
exempt municipal bond does not. Thus, a municipal bond paying a lower interest rate will
often net the bondholder more than a corporate bond with a slightly higher interest rate,
depending upon one's tax bracket.
EBITDA is essentially Net Income with interest, taxes, depreciation, and amortization added
back to it. EBITDA can be used to analyze and compare profitability between companies and
industries because it eliminates the effects of financing and accounting decisions. However,
this is a non-GAAP measure that allows a greater amount of discretion as to what is (and is
not) included in the calculation. This also means that companies often change the items
included in their EBITDA calculation from one reporting period to the next. When a
company is valued using EBITDA - it is known as a EBITDA Valuation.
(j) EV/EBIT(x)
(k) EV/CE(x)
Also known as "liquidity ratio", "cash asset ratio" and "cash ratio".
1- Sales amount increase by 19% but Cost of sales increase by 22% (bcoz salaries
paid to software development employees increase by 26% ). This has resulted in a
less proportionate increase by in Gross profit (15%).
2- Sales increase by 19% but debtors increase by significant 35%.
It is due to the increase in Debtors collection period from 64 to 72 days i.e. debtors
are given more credit period. This has resulted in decrease of Debtors turnover ratio.
3- As it is a Service oriented company , it does not have any stock kept with it. So there
is no amount blocked in stock.So the investment required in working capital is less.
4- Gross Profit Amount increase by approx 15% and Operating Net profit amount
increase by approx 18 %.This means that Operating activities of Infosys is more
efficient as compared to Software development activities(production activities).
5- But if we see ,ultimately its Operating net profit ratio has still decrease from 32.13 to
31.72.This is due to a significant increase in Cost of sales by 22%.
6- Therefore we analyze that its Cost of sales has so much material affect that it is
reducing both GP Ratio & operating profit ratio.
7- As we will see further there is a healthy % increase in Net profit amount by approx
18% (as compared to Gross Profit Amount by approx 15% ).
This improvement in its performance is majorly due to improvement in Extra-
ordinary items like interest received on deposits from banks (increase by 257 % ).
8- Funds available with the company has increases by approx 21% . In 2007-08
company has not issued any new equity or debt .Therefore the company has raised its
funds only through its Reserves & Surplus which is approx 21%.
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ADVANTAGES :
Not dependent on External Borrowers
DISADVANTAGE:
Gives lower E.P.S. for Shareholders.
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Conclusions:
1- Company needs to reduce its cost of sales i.e. Software Development related
expenses, to increase its Gross Profit ratio and Operating net ratio.
2- Company needs to have stringent credit policy, to reduce the funds required for
working capital.
3- Do efficient utilization of shareholders funds to improve its ROI & ROE to
maintain its goodwill in investors mind.
4- May go for some Debt borrowing to increase E.P.S. for shareholders.
Data analysis
Balance sheet
Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05
Sources of funds
Owner's fund
Equity share capital 286 286 286 138 135.29
Share application money - - - - -
Preference share capital - - - - -
17,523.0 13,204.0 10,876.0
Reserves & surplus 0 0 0 6,759.00 5,106.44
Loan funds
Secured loans - - - - -
Unsecured loans - - - - -
17,809.0 13,490.0 11,162.0
Total 0 0 0 6,897.00 5,241.73
Uses of funds
Fixed assets
Gross block 5,986.00 4,508.00 3,889.00 2,837.00 2,182.72
Less : revaluation reserve - - - - -
Less : accumulated depreciation 2,187.00 1,837.00 1,739.00 1,275.00 1,005.82
Net block 3,799.00 2,671.00 2,150.00 1,562.00 1,176.90
Capital work-in-progress 615 1,260.00 957 571 317.52
Investments 1,005.00 964 839 876 1,328.70
Less : current liabilities & provisions 3,342.00 3,731.00 1,824.00 2,217.00 1,346.04
12,390.0
Total net current assets 0 8,595.00 7,216.00 3,888.00 2,418.61
Miscellaneous expenses not written - - - - -
17,809.0 13,490.0 11,162.0
Total 0 0 0 6,897.00 5,241.73
Notes:
Annexure- 2
Profit loss
account
Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05
Income
20,264.0 15,648.0 13,149.0
Operating income 0 0 0 9,028.00 6,859.66
Expenses
Material consumed 20 18 22 16 13.55
Manufacturing expenses 1,822.00 1,549.00 1,378.00 854 603.67
Personnel expenses 9,975.00 7,771.00 6,316.00 4,274.00 3,183.25
Selling expenses 83 89 63 55 82.34
Adminstrative expenses 1,456.00 1,257.00 1,144.00 839 650.65
Expenses capitalised - - - - -
13,356.0 10,684.0
Cost of sales 0 0 8,923.00 6,038.00 4,533.46
Operating profit 6,908.00 4,964.00 4,226.00 2,990.00 2,326.20
Other recurring income 874 678 333 221 118.68
Adjusted PBDIT 7,782.00 5,642.00 4,559.00 3,211.00 2,444.88
Financial expenses 2 1 1 1 1.09
Depreciation 694 546 469 409 268.22
Other write offs - - - - -
Adjusted PBT 7,086.00 5,095.00 4,089.00 2,801.00 2,175.57
Tax charges 895 630 352 303 325.3
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INFOSYS:
(b) The fixed assets are physically verified by the Management according to a
phased programme designed to cover all the items over a period of 2 years
which, in our opinion, is reasonable having regard to the size of the Company
and the nature of its assets. Pursuant to the programme, a portion of the fixed
assets has been physically verified by the Management during the year and no
material discrepancies between the book records and the physical inventory
have been noticed.
(c) According to the information and explanation given to us, the Company
procures inventories specifically for the purpose of executing certain contracts
and no inventory is held at any point of time during the year. Accordingly
clauses (ii)(a) and (ii)(b) of Paragraph 4 of the order are not applicable to the
Company.
(d) The Company has granted a loan to body corporate covered in the register
maintained under Section 301 of the Act. The maximum outstanding amount
is26,95,65,993 and the body has never defaulted in payments.
(e) The Company has not taken any loans, secured or unsecured, from
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(f) The company has no material dues but have income tax dues due to some
disputes.The exact figure can be found out in company’s annual report.
INFOSYS:
The financial statements have been prepared in compliance with the companies
act 1956, guidelines by the SEBI and Generally Accepted Accounting
Principles(GAAP )in India.
Financial Condition:
The sources of funds were identified as:
Share capital
Reserves and surplus
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Applications of funds were on fixed assets and investment like increasing stake
in Infosys BPO and other investments on various subsidies.
Organization
Our go-to-market business units are organized as:
• Financial Services and Insurance
• Life Sciences and Healthcare
• Retail, Consumer Packaged Goods and Logistics
• Communications, Telecom OEM and Media
• Energy, Utilities, Resources and Services
• Manufacturing
• Hi-tech
• Others, which includes India, Japan, China, Infosys Public
Services and other Public Service enterprises
Our solutions have been primarily classified as digital
and core.
Digital:
• Experience
• Insight
• Innovate
• Accelerate
• Assure
Core:
• Application management services
• Proprietary application development services
• Independent validation solutions
• Product engineering and management
• Infrastructure management services
• Traditional enterprise application implementation
• Support and integration services
Our products and platforms include:
• Finacle®
• Edge Suite
• Infosys NIA®
• Infosys McCamish
• Panaya®
• Skava®
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Infrastructure
We added 0.86 million sq. ft. of physical infrastructure space
during the year. The total available space as on March 31,
2021 stands at 52.83 million sq. ft. We have presence in more
than 50 countries across 234 locations as on March 31, 2021.
Subsidiaries
We, along with our subsidiaries, provide consulting,
technology, outsourcing and next-generation digital services.
At the beginning of the year, we had 23 direct subsidiaries and
52 step-down subsidiaries. As on March 31, 2021, we have 24
direct subsidiaries and 62 step-down subsidiaries. The changes
in subsidiaries during the year is included in the Standalone
financial statements of the Company. During the year, the
Board of Directors reviewed the affairs of the subsidiaries. In
accordance with Section 129(3) of the Companies Act, 2013,
we have prepared the Consolidated financial statements of the
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Particulars of employees
The Company had 2,04,396 employees on standalone basis
and 2,59,619 employees on consolidated basis as of March 31,
2021. The percentage increase in remuneration, ratio of
remuneration of each director and key managerial personnel
(KMP) (as required under the Companies Act, 2013) to the
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CONCLUSION
INFOSYS:
REFERENCES
[1] www.nseindia.com
[2] www.infosys.com
[3] www.wikipedia.org
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