EX-99.12 TAX OPINION 9 exv99w08.htm FORM OF ADVERTISMENT exv99w08.htm
Exhibit 99.8
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Infosys Limited
Registered Office : Electronics City, Hosur Road, Bangalore – 560 100, India.
 
  
Audited consolidated financial results of Infosys Limited and its subsidiaries for the quarter and nine months ended December 31, 2012, prepared in compliance with the International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS)
 
(in rupee-symbolcrore, except share and per equity share data)
Particulars
Quarter ended December 31,
Quarter ended September 30,
Quarter ended December 31,
Nine months ended
December 31,
Year ended March 31,
 
2012
2012
2011
2012
2011
2012
Revenues
 10,424
 9,858
 9,298
 29,898
 24,882
 33,734
Cost of sales
 6,566
 6,102
 5,288
 18,478
 14,609
 19,808
Gross profit
 3,858
 3,756
 4,010
 11,420
 10,273
 13,926
Selling and marketing expenses
 541
 506
 451
 1,516
 1,305
 1,757
Administrative expenses
 640
 653
 660
 1,937
 1,836
 2,390
Operating profit
 2,677
 2,597
 2,899
 7,967
 7,132
 9,779
Other income
 503
 706
 422
 1,685
 1,252
 1,904
Profit before income tax
 3,180
 3,303
 3,321
 9,652
 8,384
 11,683
Income tax expense
 811
 934
 949
 2,625
 2,384
 3,367
Net profit
 2,369
 2,369
 2,372
 7,027
 6,000
 8,316
Paid-up equity share capital (par value rupee-symbol5/- each, fully paid)
 286
 286
 286
 286
 286
 286
Share premium, retained earnings and other components of equity (1)
 33,175
 33,175
 27,017
 33,175
 27,017
 27,017
Earnings per share (par value rupee-symbol5/- each)
            
Basic
 41.47
 41.46
 41.51
 122.99
 105.01
 145.55
Diluted
 41.47
 41.46
 41.51
 122.99
 105.01
 145.54
Total Public Shareholding (2)
            
Number of shares
42,36,93,242
41,54,08,755
40,10,65,985
42,36,93,242
40,10,65,985
40,47,81,601
Percentage of shareholding
 73.78
 72.34
 69.84
 73.78
 69.84
 70.49
Promoters and Promoter Group Shareholding
            
Pledged / Encumbered
            
Number of shares
 –
 –
 –
 –
 –
 –
Percentage of shares (as a % of the total shareholding of promoter and promoter group)
 –
 –
 –
 –
 –
 –
Percentage of shares (as a % of the total share capital of the company)
 –
 –
 –
 –
 –
 –
Non-encumbered
            
Number of shares
 9,20,85,078
9,20,85,078
9,20,85,078
 9,20,85,078
9,20,85,078
9,20,85,078
Percentage of shares (as a % of the total shareholding of promoter and promoter group)
 100.00
 100.00
 100.00
 100.00
 100.00
 100.00
Percentage of shares (as a % of the total share capital of the company)
 16.04
 16.04
 16.04
 16.04
 16.04
 16.04
 

(1)
Represents the previous accounting year balance as required under Clause 41 of the Listing Agreement.
(2)
Total Public Shareholding as defined under Clause 40A of the Listing Agreement, excludes shares held by founders and American Depository Receipt Holders.
 
 
1. The audited consolidated financial statements for the quarter and nine months ended December 31, 2012 have been taken on record by the Board of Directors at its meeting held on January 11, 2013. The statutory auditors have expressed an unqualified audit opinion. The information presented above is extracted from the audited consolidated financial statements. The consolidated financial statements are prepared in accordance with International Financial Reporting Standards as issued by International Accounting Standards Board (IFRS).
2.
On October 22, 2012, Infosys acquired 100% of the voting interests in Lodestone Holding AG, a global management consultancy firm headquartered in Zurich for a cash consideration of rupee-symbol1,187 crore. Further, approximately rupee-symbol608 crore is payable as deferred consideration to the selling shareholders of Lodestone Holding AG at the third anniversary of the acquisition subject to their continuous employment with the Lodestone Group.
3.
The consolidated financial statements for the quarter and nine months ended December 31, 2012 includes revenue of rupee-symbol214 crore and net income of rupee-symbol8 crore arising out of acquisition of Lodestone Holding AG.
4.  
On December 11, 2012, Infosys changed its listing from NASDAQ Global Select Market and the stocks started trading on December 12, 2012, in New York Stock Exchange (NYSE).
 
5. Information on dividends for the quarter and nine months ended December 31, 2012
 
An interim dividend of rupee-symbol15/- per equity share was declared on October 12, 2012 and paid on October 22, 2012. The interim dividend declared in the previous year was rupee-symbol15/- per equity share.
(in rupee-symbol)
Particulars
Quarter ended December 31,
Quarter ended September 30,
Quarter ended December 31,
Nine months ended
December 31,
Year ended March 31,
 
2012
2012
2011
2012
2011
2012
Dividend per share (par value rupee-symbol5/- each)
            
Interim dividend
 –
 15.00
 –
 15.00
 15.00
 15.00
Special dividend – 10 years of Infosys BPO operations
 –
 –
 –
 –
 –
 10.00
Final dividend
 –
 –
 –
 –
 –
 22.00
Total dividend
 –
 15.00
 –
 15.00
 15.00
 47.00
 
6. Other information (Consolidated – Audited)
(in rupee-symbolcrore)
Particulars
Quarter ended December 31,
Quarter ended September 30,
Quarter ended December 31,
Nine months ended
December 31,
Year ended March 31,
 
2012
2012
2011
2012
2011
2012
Staff costs
 5,809
 5,432
 4,840
 16,501
 13,553
 18,340
Items exceeding 10% of aggregate expenditure
 –
 –
 –
 –
 –
 –
Details of other income
            
Interest on deposits with banks and others
 390
 432
 426
 1,302
 1,223
 1,807
Income from available-for-sale financial assets / investments
 87
 63
 11
 176
 23
 27
Miscellaneous income, net
 14
 54
 5
 72
 14
 18
Gains / (losses) on foreign currency
 12
 157
 (20)
 135
 (8)
 52
Total
 503
 706
 422
 1,685
 1,252
 1,904
 
7.  Audited financial results of Infosys Limited (Standalone information)
(in rupee-symbolcrore)
Particulars
Quarter ended December 31,
Quarter ended September 30,
Quarter ended December 31,
Nine months ended
December 31,
Year ended March 31,
 
2012
2012
2011
2012
2011
2012
Revenues
 9,398
 9,129
 8,696
 27,436
 23,071
 31,254
Profit before tax and exceptional item
 3,050
3,155
 3,146
 9,252
 7,985
 11,096
Profit after tax before exceptional item
 2,265
 2,273
 2,235
 6,742
 5,711
 7,986
Profit after tax and exceptional item
 2,265
 2,342
 2,235
 6,811
 5,711
 8,470
 
Note:
The audited results of Infosys Limited for the above mentioned periods are available on our website www.infosys.com. The information above has been extracted from the audited financial statements as stated.
 
8. Information on investor complaints pursuant to Clause 41 of the Listing Agreement for the quarter ended December 31, 2012
 
Nature of complaints received
Opening balance
Additions
Disposal
Closing balance
Non receipt of dividend / Annual report related
 –
 172
 172
 –
 
9. Segment reporting (Consolidated – Audited)
(in rupee-symbolcrore)
Particulars
Quarter ended December 31,
Quarter ended September 30,
Quarter ended December 31,
Nine months ended
December 31,
Year ended March 31,
 
2012
2012
2011
2012
2011
2012
Revenue by industry segment
            
Financial services and insurance (FSI)
 3,511
 3,317
 3,281
 10,130
 8,793
 11,830
Manufacturing enterprises (MFG)
 2,265
 2,178
 1,897
 6,563
 5,050
 6,933
Energy, utilities and telecommunication services (ECS)
 2,136
 1,994
 1,967
 6,045
 5,330
 7,232
Retail, logistics, consumer product group, life sciences and health care enterprises (RCL)
 2,512
 2,369
 2,153
 7,160
 5,709
 7,739
Total
 10,424
 9,858
 9,298
 29,898
 24,882
 33,734
Less: Inter-segment revenue
 –
 –
 –
 –
 –
 –
Net revenue from operations
 10,424
 9,858
 9,298
 29,898
 24,882
 33,734
Segment profit before tax, depreciation and non-controlling interest:
            
Financial services and insurance (FSI)
 1,022
 1,040
 1,141
 3,089
 2,805
 3,840
Manufacturing enterprises (MFG)
 559
 607
 602
 1,801
 1,489
 2,076
Energy, utilities and telecommunication services (ECS)
 642
 487
 651
 1,675
 1,714
 2,318
Retail, logistics, consumer product group, life sciences and health care enterprises (RCL)
 748
 739
 743
 2,227
 1,823
 2,489
Total
 2,971
 2,873
 3,137
 8,792
 7,831
 10,723
Less: Other un-allocable expenditure
 294
 276
 238
 825
 699
 944
Add: Other un-allocable income
 503
 706
 422
 1,685
 1,252
 1,904
Profit before tax and non-controlling interest
 3,180
 3,303
 3,321
 9,652
 8,384
 11,683
 
Notes on segment information
 
Principal segments
 
The company's operations predominantly relate to providing technology services, delivered to clients globally, operating in various industry segments. Accordingly, revenues represented along industries served to constitute the primary basis of the segmental information set out above.
 
Segmental capital employed
 
Assets and liabilities used in the company's business are not identified to any of the reportable segments, as these are used interchangeably between segments. The Management believes that it is not practicable to provide segment disclosures relating to total assets and liabilities since a meaningful segregation of the available data is onerous.
 
Bangalore, India
January 11, 2013
By order of the Board
for Infosys Limited
S. D. Shibulal
Chief Executive Officer
and Managing Director
 
The Board has also taken on record the unaudited consolidated results of Infosys Limited and its subsidiaries for the three months and nine months ended December 31, 2012, prepared as per International Financial Reporting Standards (IFRS). A summary of the financial statements is as follows:
 
(in US$ million, except per ADS data)
Particulars
Quarter ended December 31,
Quarter ended September 30,
Quarter ended December 31,
Nine months ended
December 31,
Year ended March 31,
 
2012
2012
2011
2012
2011
2012
Revenues
1,911
1,797
1,806
5,460
5,223
6,994
Cost of sales
 1,203
 1,114
 1,030
 3,376
 3,077
 4,118
Gross profit
 708
 683
 776
 2,084
 2,146
 2,876
Net profit
 434
 431
 458
 1,281
 1,253
 1,716
Earnings per equity share
            
Basic
 0.76
 0.75
 0.80
 2.24
 2.19
 3.00
Diluted
 0.76
 0.75
 0.80
 2.24
 2.19
 3.00
Total assets
7,955
7,879
6,836
7,955
6,836
7,537
Cash and cash equivalents including available-for-sale financial assets (current) and certificates of deposit
4,079
4,257
3,719
4,079
3,719
4,121
 
Statements in connection with this release may include forward-looking statements within the meaning of U.S. securities laws intended to qualify for the ‘safe harbor’ under the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks and uncertainties including those described in our SEC filings available at www.sec.gov including our Annual Report on Form 20-F for the year ended March 31, 2012, and our other recent filings, and actual results may differ materially from those projected by forward-looking statements. We may make additional written and oral forward-looking statements but do not undertake, and disclaim any obligation, to update them.