-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Na3aV7mGooArsdscgsdFesDTUwUH4j5HI0qsvZY5ju3bER3eQDAnOfDtjP4NnSLW WW7jWtrLcSg9jskMBSr4xg== 0001067491-09-000032.txt : 20091009 0001067491-09-000032.hdr.sgml : 20091009 20091009131001 ACCESSION NUMBER: 0001067491-09-000032 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090930 FILED AS OF DATE: 20091009 DATE AS OF CHANGE: 20091009 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INFOSYS TECHNOLOGIES LTD CENTRAL INDEX KEY: 0001067491 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING SERVICES [7371] IRS NUMBER: 581760235 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25383 FILM NUMBER: 091113559 BUSINESS ADDRESS: STREET 1: ELECTRONICS CITY HOSUR RD STREET 2: BANGALORE KARNATAKA INDIA BUSINESS PHONE: 0119180852 MAIL ADDRESS: STREET 1: ELECTRONIC CITY HOSUR RD STREET 2: BANGALORE KARNATAKA INDIA STATE: K7 6-K 1 index.htm FORM 6K Form 6-K

 
 

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934

For the quarter ended September 30, 2009

Commission File Number 000-25383

Infosys Technologies Limited
(Exact name of Registrant as specified in its charter)

Not Applicable.
(Translation of Registrant's name into English)

Electronics City, Hosur Road, Bangalore - 560 100, Karnataka, India. +91-80-2852-0261
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:

Form 20-F þ Form 40-F o 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1) : o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7) : o

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

Yes o No þ

 

TABLE OF CONTENTS

DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION

SIGNATURES

INDEX TO EXHIBITS

EXHIBIT 99.1

 
 

DISCLOSURE OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION

We hereby furnish the United States Securities and Exchange Commission with copies of the following information concerning our public disclosures regarding our results of operations and financial condition for the quarter ended September 30, 2009. The following information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

On October 9, 2009, we announced our results of operations for the quarter ended September 30, 2009. We issued press releases announcing our results under International Financial Reporting Standards (“IFRS”), copies of which are attached to this Form 6-K as Exhibit 99.1.

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly organized.

 

Infosys Technologies Limited

 

/s/ S. Gopalakrishnan

 

 

 

S. Gopalakrishnan

Date: October 9, 2009

Chief Executive Officer

   
 

INDEX TO EXHIBITS

Exhibit No.

Description of Document

99.1

IFRS Press Release

   
 
 
EX-99.1 2 exv99w01.htm IFRS PRESS RELEASE exv99w01
Exhibit 99.1
IFRS Press Release
 
 

Infosys Technologies (NASDAQ: INFY) Announces Results for the Quarter ended September 30, 2009

Q2 revenues sequentially grew by 2.9%

Bangalore, India – October 09, 2009

Highlights

Consolidated results for the quarter ended September 30, 2009

Revenues were $ 1,154 million for the quarter ended September 30, 2009; YoY decline was 5.1%

  • Net income after tax was $ 317 million for the quarter ended September 30, 2009; YoY decline was 0.9%
  • Earnings per American Depositary Share (ADS) was 0.56 for the quarter ended September 30, 2009; YoY growth of 0.0%

“In the second quarter, the business climate has improved,” said S. Gopalakrishnan, CEO and Managing Director. “Clients are now looking to invest in a few strategic initiatives and relationships to maximize value from opportunities when the economic downturn ends.”

Business outlook

The company’s outlook (consolidated) for the quarter ending December 31, 2009 and for the fiscal year ending March 31, 2010, under International Financial Reporting Standards (IFRS), is as follows:

Outlook under IFRS#

Quarter ending December 31, 2009

  • Consolidated revenues are expected to be in the range of $ 1,155 million and $ 1,165 million; YoY decline of 1.4% to 0.5%
  • Consolidated earnings per American Depositary Share are expected to be $0.50; YoY decline of 13.8%

Fiscal year ending March 31, 2010

  • Consolidated revenues are expected to be in the range of $ 4.60 billion and $ 4.62 billion; YoY decline of 1.3% to 1.0%
  • Consolidated earnings per American Depositary Share are expected to be in the range of $ 2.09 and $ 2.10; YoY decline of 7.1% to 6.7%

# Exchange rates considered for quarters ending December 31, 2009 and March 31, 2010 for  major global currencies: AUD / USD – 0.87; GBP / USD – 1.60; Euro / USD – 1.46

Expansion of services and significant projects

Our strategy through the downturn has been to build our strengths rather than limit ourselves to navigating the challenges. Following this route, we are confident of emerging stronger when the economic environment improves and better poised to deliver enhanced value to all our stakeholders. We are sharpening focus on Research & Development, Intellectual Property-based solutions, and ‘New Engagement Models’ (NEMs) that offer flexible pricing and greater operational control and efficiency to clients. In addition, true to the spirit of our Global Delivery Model, we are continuing to invest and expand in regions such as India, Brazil, Mexico, and China. We have a sales group dedicated to large outsourcing deals that has helped us secure significant projects this year. We believe our expertise in large-scale transition management will differentiate us in the near future.

Clients have been impressed by our engineering services. An industrial products and services company is testing our ‘Enterprise Collaboration Platform’ to transform its intranet from an information repository into a next-generation content hub that engages employees better. A leading mobile service provider selected us as its strategic partner to run its ‘Bid Management Process’. The deal involves setting up our patent-pending ‘Infosys Sales Effectiveness Center’ that will own the bid process, pricing, and contract services. For an apparel manufacturer, we are implementing our ‘Product Master Syndication Solution’ that will support the entire product lifecycle and provide a single source of data. A power major sought our ‘Plant Design and Management System Solution’ that enables collaboration across distributed teams. A large manufacturer selected us as its prime systems integration partner to implement and support our Product Lif ecycle Management solution based on Siemens TeamCenter product.

We continue to focus on large transformational engagements, especially through our consulting and enterprise solution offerings. A broadcasting company partnered with us to develop new digital media services. A service provider for retailers engaged us to develop an Order Management System. A large bank selected us to conduct end-to-end testing as well as user-acceptance testing for the implementation of Finacle™, our core banking solution and integration with other applications. A large bank chose us for end-to-and systems integration in the transformation program of its corporate banking e-channel system. A provider of high-performance networking systems partnered with us for a transformational program to scale up its core engineering processes.

“The global currency markets continue to be extremely volatile, even though we have seen some stability in the rupee against the US dollar this quarter,” said V. Balakrishnan, Chief Financial Officer. “We continue to focus on high quality growth with superior margins. Our balance sheet has been further strengthened with cash and cash equivalents reaching US$ 2.8 billion.”

About Infosys Technologies Ltd.

Infosys (NASDAQ: INFY) defines, designs and delivers IT-enabled business solutions that help Global 2000 companies win in a Flat World. These solutions focus on providing strategic differentiation and operational superiority to clients. 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. Infosys has over 105,000 employees in over 50 offices worldwide. Infosys is part of the NASDAQ-100 Index and The Global Dow. For more information, visit www.infosys.com.

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, 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 potenti al acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal 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, 2009 and on Form 6-K for the quarter ended June 30, 2009. 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.

Unaudited Consolidated Financial Statements (Condensed) in compliance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS)

Infosys Technologies Limited and subsidiaries

Unaudited Consolidated Balance Sheets as of

(Dollars in millions except share data)

 

September 30, 2009

March 31,2009

ASSETS

 

 

Current assets

 

 

Cash and cash equivalents

$2,208

$2,167

Available-for-sale financial assets

670

Trade receivables

700

724

Unbilled revenue

164

148

Derivative financial instruments

5

Prepayments and other assets

108

81

Total current assets

$3,855

$3,120

Non-current assets

 

 

Property, plant and equipment

946

920

Goodwill

144

135

Intangible assets

6

7

Deferred income tax assets

109

88

Income tax assets

59

54

Other non-current assets

69

52

Total non-current assets

1,333

1,256

Total assets

$5,188

$4,376

LIABILITIES AND EQUITY

 

 

Current liabilities

 

 

Trade payables

$2

$5

Derivative financial instruments

22

Current income tax liabilities

137

115

Tax on dividend

Client deposits

1

1

Unearned revenue

  116

65

Employee benefit obligations

29

21

Provisions

22

18

Other current liabilities

354

290

Total current liabilities

661

537

Non-current liabilities

 

 

Deferred income tax liabilities

8

7

Employee benefit obligations

48

48

Total liabilities

717

592

Equity

 

 

Share capital – Rs. 5 ($0.16) par value 600,000,000 equity shares authorized, issued and outstanding 570,478,093 and 572,830,043 as of September 30, 2009 and March 31, 2009, respectively

64

64

Share premium

681

672

Retained earnings

4,070

3,618

Other components of equity

(344)

(570)

Total equity attributable to equity holders of the company

4,471

3,784

Total liabilities and equity

$5,188

$4,376

Infosys Technologies Limited and subsidiaries

Unaudited Consolidated Statements of Comprehensive Income

(Dollars in millions except share data)

 

Three months ended September 30,

Six months ended September 30,

 

2009

2008

2009

2008

Revenues

$1,154

$1,216

$2,276

$2,371

Cost of revenues 

662

691

1,305

1,388

Gross profit

492

525

971

983

Operating Expenses:

 

 

 

 

Selling and marketing expenses

57

68

110

129

General and administrative expenses

85

96

173

183

Total operating expenses

142

164

283

312

Operating Profit

350

361

688

671

Other income/(expense)

8

(28)

15

(46)

Finance income

41

43

89

89

Profit before income taxes

399

376

792

714

Income tax expense

82

56

162

86

Net Profit

$317

$320

$630

$628

Earnings per equity share

 

 

 

 

    Basic ($)

0.56

0.56

1.10

1.10

    Diluted ($)

0.56

0.56

1.10

1.10

Weighted average equity shares used in computing earnings per equity share

 

 

 

 

    Basic

570,343,178

569,592,198

570,229,204

569,479,023

    Diluted

571,046,545

570,721,306

570,948,478

570,723,017

Contact

Investor Relations

Shekar Narayanan, India
+91 (80) 4116 7744
shekarn@infosys.com

Sandeep Mahindroo, USA
+1 (646) 254 3133
sandeep_mahindroo@infosys.com

 

Media Relations

Sarah Vanita Gideon, India
+91 (80) 4156 4998
Sarah_Gideon@infosys.com

Peter McLaughlin, USA
+1 (213) 268 9363
Peter_McLaughlin@infosys.com


 
 
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