Infosys (NYSE: INFY) Announces Results for the Quarter Ended December 31, 2013

Mysore, India (ots/PRNewswire) -

- Q3 revenues grew by 1.7% quarter-on-quarter; 9.9% year-on-year
- Net profit grew by 20.9% quarter-on-quarter; 6.7% year-on-year

Financial Highlights

Consolidated results under International Financial Reporting
Standards (IFRS) for the quarter ended December 31, 2013

- Revenues were $2,100 million for the quarter ended December 31, 2013
QoQ growth was 1.7%
YoY growth was 9.9%
- Net profit was $463 million for the quarter ended December 31, 2013
QoQ growth was 20.9%*
YoY growth was 6.7%
- Earnings per American Depositary Share (EPADS) was $0.81 for the quarter ended
December 31, 2013 QoQ growth was 20.9%*
YoY growth was 6.6%
- Liquid assets including cash and cash equivalents, available-for-sale
financial assets, certificates of deposits and government bonds were $4.4 billion as
on December 31, 2013 versus $4.3 billion as on September 30, 2013
* including the provision for visa related matters made in quarter ended September
30, 2013

(Logo: http://photos.prnewswire.com/prnh/20130122/589162 )

Other highlights:

- Infosys and its subsidiaries added 54 clients during the quarter
- Gross addition of 6,682 employees for the quarter by Infosys and its
subsidiaries
- 158,404 employees as on December 31, 2013 for Infosys and its subsidiaries

"The year ahead looks exciting for the IT services industry. We
believe the global economic environment has improved and our clients
are gaining confidence to invest in their strategic initiatives,"
said S. D. Shibulal, CEO and Managing Director. "We continue to
differentiate ourselves to seize growth opportunities. The recent
changes in organizational structure will enable us to strengthen
client relationships and increase market share."

"During the quarter, we saw early but promising results of our
initiatives to increase efficiency in our operations," said Rajiv
Bansal, Chief Financial Officer. "We continue to remain focused on
making investments necessary to secure and grow our future."

Outlook

The company's outlook (consolidated) for the fiscal year ending
March 31, 2014, under IFRS is as follows:

- Revenues are expected to grow 11.5%-12.0%

Business Highlights

- We have partnered with a leading manufacturer, Diebold, to further its
transformation journey and streamline its service, supply chain management, and
financial operations processes.
- Our focus on Cloud and Big Data as new growth areas continues to yield
results. We have executed more than 200 engagements and have won more than 20 deals
this quarter. We have been formally inducted as a member of the steering committee of
the global Open Data Center Alliance (ODCA) to help define the next generation of
enterprise-ready Cloud and Big Data implementations.
- We are partnering with clients to create innovative solutions around the
mobile device. This quarter we started more than 25 engagements across mobile field
service, device management and enterprise productivity.
- Our Engineering Services business continues to see strong growth. With over
150 active clients, we had 52 wins this quarter across industries.
- Infosys Edge continues its momentum in the market as we invest in technologies
like Social, Mobile, Analytics and Cloud. This quarter we had 14 wins - eight for
platforms and six for products. We also launched TradeEdge, an insights-driven sales
platform that help brands accurately sense and fulfill consumer demand while
significantly improving sales and operational performance.
- Infosys Finacle(TM) sustained its business momentum in the quarter with eight
new wins; 11 banks went live on the platform across India, Africa, Middle East and
South East Asia.
- The District of Columbia's new online health insurance marketplace, DC Health
Link, designed and implemented by Infosys Public Services Inc, successfully went live
on October 1, 2013.
- To keep pace with the business momentum in the region, we expanded our
presence in Australia with a new office in Sydney. Infosys BPO opened a new delivery
center in Eindhoven, the Netherlands to strengthen its global footprint and reinforce
its presence in Europe.
- During the third quarter, Infosys applied for 22 unique patent applications in
India and the U.S. With this, we have 533 patent applications undergoing various
stages of patent prosecution in India, the U.S. and other jurisdictions. We have been
granted 143 patents by the United States Patent and Trademark Office, one patent by
Australian Patent Office and three patents by the Luxembourg patent office.

Awards and Recognition

- We have been positioned in the winner's circle in HfS Enterprise Analytics
Services Blueprint 2013. The report recognizes Infosys for its significant scale in
analytics, execution excellence across service areas, and responsiveness to clients.
- Oracle has awarded us with its 2013 Oracle Excellence Award for 'Specialized
Partner of the Year' - North America in the Services Partner of the Year, and Business
Intelligence Partner of the Year categories. In addition, we were also awarded 2013
Oracle Excellence Award Honorable Mentions for 'Specialized Partner of the Year' -
North America for Communications, Media and Entertainment; Energy & Utilities; and
Financial Services. We were also awarded the 2013 APAC Oracle Excellence Award for
'Specialized Partner of the Year' - Industry.
- Avivia Health from Kaiser Permanente, recognized Infosys Public Services as a
strategic partner to develop its innovative gamification platform to improve consumer
engagement.
- The National Outsourcing Association (NOA) has presented Infosys and British
Telecom with the 2013 award for excellence in telecommunication, utilities and hi-tech
outsourcing.
- The CEB TowerGroup Mobile Banking Solutions Technology Analysis report and the
Core Banking Systems for the Large Bank Market report, both recognized Infosys
Finacle(TM) as a 'Best-in-Class' provider.
- Gartner's International Retail Core Banking report positioned Infosys
Finacle(TM) as a Leader in its Magic Quadrant for International Retail Core Banking*
for the seventh time in a row.
*Source: Gartner, Inc., "Magic Quadrant for International Retail Core Banking,"
Don Free and Ethan Wang, October 8, 2013. Gartner does not endorse any vendor, product
or service depicted in its research publications, and does not advise technology users
to select only those vendors with the highest ratings.
- Infosys BPO has been positioned in the Leaders category in Everest Group's
Procurement Outsourcing (PO) Service Provider Landscape with PEAK Matrix Assessment
2013 report.
- We have won the prestigious Global Most Admired Knowledge Enterprise (MAKE)
Award for the ninth time. We have also won the Asian MAKE Award eleven times in a row.
- At Asiamoney's annual Corporate Governance Poll 2013, we were recognized as
the Best Overall for Corporate Governance, Responsibilities of Management and the
Board of Directors, Disclosure and Transparency, Shareholders' Rights and Equitable
Treatment, and Investor Relations.
- We received the 'Platinum' award at 'The Asset' Excellence in Management and
Corporate Awards 2013.
- The IR global rankings 2013 ranked us third globally for corporate governance
practices and second for IR website in India.

Board Changes

Induction of U.B. Pravin Rao and Kiran Mazumdar-Shaw

The Board of Directors appointed Mr. U B Pravin Rao as an
Additional and Whole-time Director and Ms. Kiran Mazumdar-Shaw as an
Additional (Independent) Director.

Mr. Pravin Rao is currently the President of the Company. He is
responsible for driving growth and differentiation across a portfolio
of businesses. These include Retail, Consumer Packaged Goods and
Logistics, Life Sciences, Resources & Utilities, Services, Growth
Markets, Cloud & Mobility, and Quality & Productivity. In addition,
he is responsible for Global Delivery and Service Innovation. Pravin
is also the Director of the Infosys Leadership Institute (ILI)
globally. ILI is responsible for the selection, development, research
and succession of senior and high-potential leaders. He has over 25
years of experience, working on engagements with clients, primarily
in retail and financial services. Since joining Infosys in 1986, he
has held a number of senior leadership roles such as Head of
Infrastructure Management Services, Delivery Head for Europe, and
Head of Retail, Consumer Packaged Goods, Logistics and Life Sciences.
Pravin holds a degree in electrical engineering from Bangalore
University, India.

Ms. Kiran Mazumdar-Shaw is the Chairman & Managing Director of
Biocon Limited a biotechnology company based in Bangalore, India.
Kiran is highly respected in the corporate world and has been named
among TIME magazine's 100 most influential people in the world.
Recently, Economic Times placed her at India Inc's top 10 most
powerful women CEO for the year 2012. Her pioneering efforts in
biotechnology have drawn global recognition both for Indian Industry
and Biocon. She received a graduate honors degree in Zoology from
Bangalore University (1973) and qualified as a Master Brewer from
Ballarat University, Australia (1975). Kiran has also received many
honorary Doctorates in recognition of her pre-eminent contributions
to the field of biotechnology.

Retirement of David Boyles

In accordance with the retirement policy for the company's Board
of Directors (attainment of 65 years of age for Independent Directors
appointed to the Infosys Board prior to October 15, 2010), David L.
Boyles, Independent Director, will retire from the Board effective
January 17, 2014. David L. Boyles joined the Infosys Board in July
2005.

N. R. Narayana Murthy, Executive Chairman of the Board, said,
"David has played an important role on the Board. His insights on
Risk Management have benefitted the Company immensely and have helped
us strengthen our approach to Risk Management. We thank David for his
contribution to the Board and in particular to the Risk Management
Committee, in his capacity as the Chair of the Committee. We will
miss his knowledge and unique insights."

David L. Boyles thanked the Board and said, "I have had a
rewarding association with Infosys over the past eight years. I would
like to thank the Board of Directors for giving me an opportunity to
be a part of the journey of this iconic company. I wish the company
and its leaders the very best."

David L. Boyles has held senior leadership positions at large
multinational corporations, including American Express, Bank of
America and ANZ Banking Group. He retired from the ANZ and full-time
corporate life in December 2003. David's most recent corporate
position was that of Chief Operations Officer at ANZ Banking Group
where he was responsible for Technology, Payments, Property,
Strategic Sourcing and other shared services. He was also on the
Board of ANZ Bank New Zealand and chaired the ANZ Group Operating
Risks Executive Committee. Prior to ANZ, he was Senior Vice
President, e-Commerce, at American Express. In this role, he was
responsible for state-of-the-art online services and emerging
technologies. His early roles with AMEXCO included Senior Vice
President, Global Systems and Operations, Travellers Cheque Group.
Earlier leadership positions include Downey Financial (Executive Vice
President & Chief Operating Officer) and Bank of America (Senior Vice
President, Consumer Markets). David has an MBA from Washington State
University and an MA and BA (summa cum laude) in Psychology from UNC,
Greeley and authored a book Maximising the Business Value of your
Technology Investment [http://www.infosys.com/infosys-labs/publicatio
ns/books/Pages/index.aspx#businessvalue ] ((c)2005, Infosys and
Microsoft).

About Infosys Ltd

Infosys is a global leader in consulting, technology and
outsourcing solutions. We enable clients, in more than 30 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 http://www.infosys.com
[http://www.infosys.com/Pages/index.aspx ] to see how Infosys , with
US$7.4 billion in annual revenues and 158,000+ employees, is Building
Tomorrow's Enterprise(R) today.

Safe Harbor

Certain statements in this release concerning our future growth
prospects are forward-looking statements, 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, 2013 and on Form 6-K for the
quarter ended September 30, 2013. 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. 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 share data)

December March 31,
31, 2013 2013
ASSETS
Current assets
Cash and cash equivalents $ 3,712 $4,021
Available-for-sale financial assets 418 320
Investment in certificates of deposit 106 -
Trade receivables 1,447 1,305
Unbilled revenue 423 449
Derivative financial instruments - 19
Prepayments and other current assets 428 391
Total current assets 6,534 6,505
Non-current assets
Property, plant and equipment 1,202 1,191
Goodwill 354 364
Intangible assets 60 68
Available-for-sale financial assets 203 72
Deferred income tax assets 98 94
Income tax assets 241 201
Other non-current assets 41 44
Total non-current assets 2,199 2,034
Total assets $8,733 $8,539
LIABILITIES AND EQUITY
Current liabilities
Derivative financial instruments $16 -
Trade payables 29 35
Current income tax liabilities 318 245
Client deposits 7 6
Unearned revenue 142 152
Employee benefit obligations 148 113
Provisions 49 39
Other current liabilities 733 568
Total current liabilities 1,442 1,158
Non-current liabilities
Deferred income tax liabilities 11 23
Other non-current liabilities 49 27
Total liabilities 1,502 1,208
Equity
Share capital - `5 ($0.16) par value 600,000,000 equity
shares authorized, issued and outstanding 571,402,566 each,
net of 2,833,600 treasury shares each as of December 31,
2013 and March 31, 2013, respectively 64 64
Share premium 704 704
Retained earnings 8,405 7,666
Other components of equity (1,942) (1,103)
Total equity attributable to equity holders of the company 7,231 7,331
Non-controlling interests - -
Total equity 7,231 7,331
Total liabilities and equity $8,733 $8,539

Infosys Limited and subsidiaries

Unaudited Condensed Consolidated Statements of Comprehensive
Income

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

Three Three Nine Nine
months months months months
ended ended ended ended
December December December December
31, 2013 31, 2012 31, 2013 31, 2012

Revenues $2,100 $1,911 $6,157 $5,460
Cost of sales 1,341 1,203 3,974 3,376
Gross profit 759 708 2,183 2,084
Operating expenses:
Selling and marketing
expenses 104 99 327 277
Administrative expenses* 129 118 411 355
Total operating expenses 233 217 738 632
Operating profit 526 491 1,445 1,452
Other income, net 117 92 301 308
Profit before income taxes 643 583 1,746 1,760
Income tax expense 180 149 482 479
Net profit $463 $434 $1,264 $1,281
Other comprehensive income
Items that will not be
reclassified to profit or loss:
Re-measurement of the net
defined benefit liability/(asset) 4 - 10 -
Items that may be
reclassified subsequently
to profit or loss:
Fair value changes on
available-for-sale
financial asset, net of
tax effect (10) - (14) -
Exchange differences on
translating foreign operations 91 (250) (844) (478)
Total other comprehensive income $85 ($250) ($848) ($478)
Total comprehensive income $548 $184 $416 $803
Profit attributable to:
Owners of the company $463 $434 $1,264 $1,281
Non-controlling interests - - - -
$463 $434 $1,264 $1,281
Total comprehensive income
attributable to:
Owners of the company $548 $184 $416 $803
Non-controlling interests - - - -
$548 $184 $416 $803
Earnings per equity share
Basic ($) 0.81 0.76 2.21 2.24
Diluted ($) 0.81 0.76 2.21 2.24
Weighted average equity
shares used in computing
earnings per equity share
Basic 571,402,566 571,400,086 571,402,566 571,398,129
Diluted 571,402,566 571,400,417 571,402,566 571,399,018

(*) Administrative expenses for nine months ended December 31,
2013 include a charge of $ 35 million towards visa related matters.

NOTE:

1. The unaudited Condensed Consolidated Balance sheets and
Condensed Consolidated Statements of Comprehensive Income for the
three months and nine months ended December 31, 2013 have been taken
on record at the Board meeting held on January 10, 2014

2. A Fact Sheet providing the operating metrics of the company can
be downloaded from http://www.infosys.com

Fact Sheet:
http://multivu.prnewswire.com/mnr/prne/operations/Fact-Sheet.pdf

INR Press Release: http://multivu.prnewswire.com/mnr/prne/operatio
ns/INR-Press-Release.pdf

Contact

Investor Relations

Gargi Ray
+91-80-4116-7747
gargi_ray@infosys.com

Sandeep Mahindroo
+91-80-3980-1018
Sandeep_Mahindroo@infosys.com

Media Relations

Sarah Vanita Gideon, India
+91-80-4156-3373
Sarah_Gideon@Infosys.com

Ken Montgomery, Golin Harris for Infosys, US
+1-415-318-4399
KMontgomery@GolinHarris.com

Photo:
http://photos.prnewswire.com/prnh/20130122/589162

ots Originaltext: Infosys Technologies Ltd.
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