We are delighted to present the report on our business and operations
for the year ended March 31, 2014.
1. Results of our operations
in Rs. crore, except per share data
Particulars Standalone Consolidated
2014 2013 2014 2013
Income from software
services and products 44,341 36,765 50,133 40,352
expenses 26,738 21,662 30,804 24,179
Gross profit 17,603 15,103 19,329 16,173
Selling and marketing
expenses 2,390 1,870 2,625 2,034
General and administration
expenses 2,686 2,218 3,323 2,606
Operating Profit Before
Depreciation 12,527 11,015 13,381 11,533
amortization 1,101 956 1,317 1,099
Operating profit 11,426 10,059 12,064 10,434
Other income 2,576 2,215 2,664 2,365
Profit before exceptional
item and tax 14,002 12,274 14,728 12,799
Dividend income (1) – 83 – –
Profit before tax 14,002 12,357 14,728 12,799
Tax expense 3,808 3,241 4,072 3,370
Profit for the period 10,194 9,116 10,656 9,429
Surplus – opening balance 25,383 19,993 26,041 20,323
Dividend eliminated on
consolidation of trust 13 – 13 15
Reserves on transfer of
assets and liabilities
of Infosys Consulting
India Limited 6 – – –
Reserves on consolidation
of trust 50 – – –
Amount available for
appropriation 35,646 29,109 36,710 29,767
Interim 1,149 862 1,149 862
Final 2,469 1,550 2,469 1,550
Total dividend 3,618 2,412 3,618 2,412
Dividend tax 615 403 615 403
Amount transferred to
general reserve 1,021 911 1,021 911
Amount transferred to
legal reserve – – 3 –
Surplus – closing balance 30,392 25,383 31,453 26,041
Earnings Per Share (EPS)
Basic 178.39 157.55 186.49 165.01
Diluted 178.39 157.55 186.49 165.01
EPS after exceptional
Basic 178.39 158.76 186.49 165.01
Diluted 178.39 158.76 186.49 165.01
Notes : The above figures are extracted from the standalone and
consolidated financial statements as per Indian GAAP. 1 crore = 10
(1) Dividend received of Rs. 83 crore from the wholly-owned subsidiary,
Infosys Technologies Australia Pty. Limited, during the year ended
March 31, 2013.
(2) Equity shares are at par value of Rs. 5/- each.
Revenues – standalone
Our total income on a standalone basis increased to Rs. 44,341 crore from
Rs. 36,765 crore in the previous year, at a growth rate of 20.6%. Our
software export revenues aggregated to Rs. 43,063 crore, up by 19.8% from
Rs. 35,932 crore in the previous year. Out of the total revenue, 63.1%
came from North America, 22.1% from Europe, 2.9% from India and 11.9%
from the Rest of the World. On a standalone basis, our share of
revenues from all parts of the world outside of North America increased
to 36.9% in the current year from 36.2% in the previous year.
Revenues – consolidated
Our total income on a consolidated basis increased to Rs. 50,133 crore
from Rs. 40,352 crore in the previous year, at a growth rate of 24.2%.
Our software export revenues aggregated to Rs. 48,839 crore, up by 23.6%
from Rs. 39,511 crore in the previous year. Out of the total revenue,
60.7% came from North America, 24.4% from Europe, 2.6% from India, and
12.3% from the Rest of the World. A focus of our growth strategy is to
expand our business to parts of the world outside North America to
diversify our revenues. On a consolidated basis, our share of revenues
from all parts of the world outside North America increased to 39.3% in
the current year from 37.8% in the previous year.
Profits – standalone
Our gross profit on a standalone basis amounted to Rs. 17,603 crore
(39.7% of revenue) as against Rs. 15,103 crore (41.1% of revenue) in the
previous year. The Operating Profit Before Depreciation amounted to Rs.
12,527 crore (28.2% of revenue) as against Rs. 11,015 crore (30.0% of
revenue) in the previous year. Sales and marketing costs were 5.4% and
5.1% of our revenue for the years ended March 31, 2014 and March 31,
2013, respectively. General and administration expenses were 6.1% and
6.0% of our revenues during the current year and previous year,
respectively. The net profit before exceptional item and tax was Rs.
14,002 crore (31.6% of revenue) as against Rs. 12,274 crore (33.4% of
revenue) in the previous year.
Profits – consolidated
Our gross profit on a consolidated basis amounted to Rs. 19,329 crore
(38.5% of revenue) as against Rs. 16,173 crore (40.1% of revenue) in the
previous year. The Operating Profit Before Depreciation amounted to Rs.
13,381 crore (26.7% of revenue) as against Rs. 11,533 crore (28.6% of
revenue) in the previous year. Sales and marketing costs were 5.2% and
5.0% of our revenue for the years ended March 31, 2014 and March 31,
2013, respectively. General and administration expenses were 6.6% and
6.5% of our revenues during the current year and previous year,
respectively. The net profit before tax was Rs. 14,728 crore (29.4% of
revenue) as against Rs. 12,799 crore (31.7% of revenue) in the previous
Capital expenditure – standalone
This year, on a standalone basis, we capitalized Rs. 2,381 crore. This
comprises Rs. 672 crore for investment in computer equipment, Rs. 3 crore
on vehicles and the balance of Rs. 1,706 crore on infrastructure
In the previous year, we added Rs. 1,422 crore including Rs. 96 crore
transferred from Infosys Technologies Australia Pty. Limited to our
gross block. This comprises Rs. 640 crore for investment in computer
equipment, Rs. 30 crore in Intellectual Property Rights, Rs. 1 crore on
vehicles, and the balance of Rs. 751 crore on infrastructure investments.
Capital expenditure – consolidated
On a consolidated basis, we capitalized Rs. 2,533 crore in the current
year. This comprises Rs. 759 crore for investment in computer equipment,
Rs. 11 crore on vehicles, and the balance of Rs. 1,763 crore on
In the previous year, we added Rs. 1,556 crore (excluding goodwill of Rs.
1,153 crore) to our gross block. This comprises Rs. 702 crore for
investment in computer equipment, Rs. 9 crore in Intellectual Property
Rights, Rs. 19 crore on vehicles, and the balance of Rs. 826 crore on
We continue to be debt-free and maintain sufficient cash to meet our
strategic objectives. We understand that liquidity in the Balance Sheet
has to balance between earning adequate returns and the need to cover
financial and business risks. Liquidity enables us to make a rapid
shift in direction, should the market so demand. During fiscal year
2014, internal cash flows have more than adequately covered working
capital requirements, capital expenditure, investment in subsidiaries
and dividend payments. As on March 31, 2014, on a standalone basis, we
had liquid assets of Rs. 28,149 crore as against Rs. 22,289 crore at the
previous year-end. On a consolidated basis, we had liquid assets of Rs.
30,277 crore at the current year-end as against Rs. 23,944 crore at the
previous year-end. These funds comprise deposits with banks,
highly-rated financial institutions, liquid mutual funds, fixed
maturity plans, certificates of deposit, tax-free bonds and government
bonds. The tax-free bonds and government bonds are disclosed under
Our earlier policy was to pay dividend of up to 30% of the post-tax
profits. At the Board meeting held on April 15, 2014, the Board decided
to increase the dividend pay-out ratio to up to 40% of post-tax profits
effective fiscal year 2014. In October 2013, we paid an interim
dividend of Rs. 20/- per share (par value of Rs. 5/- each). We recommended
a final dividend of Rs. 43/- per share (par value of Rs. 5/- each), making
in all Rs. 63/- per share (par value of Rs. 5/- each), as dividend for the
The total dividend pay-out (excluding dividend tax) for the current
year is Rs. 3,618 crore as against Rs. 2,412 crore in the previous year.
Dividend (including dividend tax) as a percentage of consolidated net
profit after tax is 39.7% as compared to 29.9% in the previous year.
The Register of Members and Share Transfer Books will remain closed
from May 31, 2014 to June 14, 2014 (both days inclusive) for the
purpose of payment of the final dividend for the financial year ended
March 31, 2014 and the Annual General Meeting (AGM). The AGM is
scheduled to be held on June 14, 2014.
Transfer to reserves
We propose to transfer Rs. 1,021 crore (10% of the standalone net profit
for the year) to the general reserve. An amount of Rs. 30,392 crore is
proposed to be retained in the Surplus.
We have not accepted any fixed deposits and, as such, no amount of
principal or interest was outstanding as of the Balance Sheet date.
Management''s discussion and analysis
In terms of the provisions of Clause 49 of the Listing Agreement, the
Management''s discussion and analysis is set out in this Annual Report.
2. Business Strategy
During the year, we continued to work on the vision articulated in the
Infosys 3.0 strategy and also strengthened focus on our core competence
area of Business IT Services (BITS). We also continued to explore and
invest in the products and platforms space. Given the very different
R&D environment demanded by products and platforms, and the objective
of delinking revenues from person-month effort, the Board approved the
transfer of the existing Products, Platforms and Solutions business
(excluding Finacle) to a wholly-owned subsidiary of Infosys Limited.
The new subsidiary has been named Edgeverve Systems Limited. Edgeverve
Systems Limited is a related party as defined under the Companies Act,
2013. The transaction requires members'' approval by way of special
resolution and hence the Board has decided to seek the members''
approval at the ensuing AGM.
We also introduced a number of strategic initiatives during the fiscal
year to spur overall growth and productivity in the Company. The
following are some of the broad areas covered by these initiatives :
Cost optimization : A series of measures have been initiated to yield
high levels of cost optimization. These include focusing on location
optimization, increasing offshore effort ratios, deploying people in
the right jobs and eliminating unnecessary costs.
Enhancing sales productivity : We are focusing on reinvigorating our
sales teams and enabling them with better systems, training, processes
and metrics. This will help us in winning large revenue yielding
multi-year outsourcing projects.
Improving delivery effectiveness : Our software delivery has always
been of a high order, and we want to re-focus on strengthening it
further. We are developing intellectual property (IP)-based solutions
to delink revenue from effort and focusing on improving individual work
Dynamic challenges faced by businesses today require companies to
evolve with changing times to remain competitive. As part of the
organizational changes that were implemented during fiscal year 2014,
our Board adopted a two-president governance structure for the Company
and appointed B. G. Srinivas and U. B. Pravin Rao as Presidents of the
Company, reporting to the Chief Executive Officer and Managing
Director, S. D. Shibulal, effective January 3, 2014. Following the
appointment of the Presidents, the Executive Council ceased to exist
with effect from April 1, 2014.
The existing business portfolios have been realigned under the two
Presidents. To strengthen our focus on growing existing client
relationships and increasing market share through service
differentiation and operational agility, changes have been made in our
organizational structure. In order to retain industry focus and
strengthen client-centric delivery, the operating segments have been
provided with integrated sales and delivery functions.
The following are the operating segments : Energy, Communications and
- Financial Services
- Growth Markets
- Life Sciences and Healthcare
- Resources and Utilities
- Retail, Consumer Packaged Goods and Logistics
Our client-centric approach has continued to result in high levels of
client satisfaction. We derived 97.7% of our consolidated revenues from
repeat business. We, along with our subsidiaries, added 238 new
clients, including a substantial number of large global corporations.
Our total client base at the end of the year stood at 890. The client
segmentation for the current and previous years on a consolidated basis
is as follows :
Clients 2014 2013
1 million dollar 501 448
5 million dollar 232 213
10 million dollar 148 137
20 million dollar 91 80
30 million dollar 70 62
40 million dollar 57 49
50 million dollar 42 40
60 million dollar 38 33
70 million dollar 30 28
80 million dollar 20 19
90 million dollar 17 17
100 million dollar 13 12
200 million dollar 3 3
300 million dollar 1 –
During the year, we added 51.62 lakh sq. ft. of physical infrastructure
space. The total available space as on March 31, 2014 stands at 368.06
lakh sq. ft. The number of marketing offices as on March 31, 2014 was
73, compared to 69 in the previous year.
We are a global IT services and consulting company. Our subsidiaries
help us deliver end-to-end services to maximize value for our clients.
At the beginning of the year, we had 10 direct subsidiaries. During the
year, we incorporated Edgeverve Systems Limited and Infosys Americas,
Inc. The Honorable High Court of Karnataka sanctioned the scheme of
amalgamation of Infosys Consulting India Limited with Infosys Limited
with an effective date of August 23, 2013 and an appointed date of
January 12, 2012. As on March 31, 2014, we have 11 direct subsidiaries
and 25 step-down subsidiaries.
During the year, the Board of Directors reviewed the affairs of the
subsidiary companies. As per Section 212 of the Companies Act, 1956, we
are required to attach the Balance Sheet, Statement of Profit and Loss
and other documents of our subsidiaries. The Ministry of Corporate
Affairs, Government of India vide its Circular No. 2/2011 dated
February 8, 2011, exempted companies from complying with Section 212,
provided such companies publish the audited consolidated financial
statements in the Annual Report. The Company has published the audited
consolidated financial statements for the fiscal year 2014 and the same
forms part of this Annual Report. Accordingly, this Annual Report does
not contain the financial statements of our subsidiaries. The Statement
pursuant to Section 212 of the Companies Act, 1956, highlighting the
summary of the financial performance of our subsidiaries is annexed to
The audited financial statements and related information of
subsidiaries are available on our website, www.infosys.com. These
documents will also be available for inspection during business hours
at our registered office in Bangalore, India.
Products, platforms and solutions
In November 2013, Gartner analyst Susan Tan, in her report, Market
Insight : Integrated Platform Solutions are the Next Frontier for IT
Services Providers, stated, Infosys is perhaps the most aggressive of
IT services providers in going after the integrated platform solution
market. This is a strong endorsement for our Products, Platforms and
Solutions group, which operates under the Infosys Edge umbrella. The
report also highlights the strengths of our Edge Platform Solutions —
providing the client with end-to-end solutions, bundling
infrastructure, software license, operations and business process
With seven Edge products / platforms and six other product-based
solutions and nearly 90 clients, Infosys Edge has developed a key
portfolio of strategic investments in products and platforms and has a
good mix of horizontal and vertical offerings. This has helped us
establish ourselves as a credible IP owner.
Offerings from Infosys Edge
Infosys AssistEdge : This is a customer service experience product for
contact centers that provides an integrated service experience across
all customer service channels including web, chat, phone and social
media. It enables organizations to realize a faster return on
investment through improved agent efficiency, reduced call volumes, and
quicker go-live periods.
Infosys BrandEdge : This simplifies digital marketing through a
comprehensive cloud-based platform that helps enterprises build digital
assets and launch marketing campaigns to listen, analyze, and act on
customer insights. BrandEdge improves the efficiency of marketing teams
and helps drive deeper customer relationships through effective
Infosys Credit Servicing Platform : This solution helps financial
institutions manage multiple loans and asset classes across the globe.
It manages multiple credit types and asset classes through the complete
life cycle — from on-boarding to resolution and closure. Infosys
DigitizeEdge : This offering helps enterprises enrich and deliver
digital assets through a variety of business models. It helps in
conversion, enrichment, and normalization of digital assets to
proactively engage with consumers across digital channels, including
mobiles and television. This includes Infosys Flypp™ and Digital
Infosys InteractEdge : This solution enhances consumer experience for
brands and enterprises across all digital touchpoints. It helps them
create and manage content, democratize access to content, personalize
recommendation of content and products, and finally, build transaction
capability from anywhere and for anyone. Infosys ProcureEdge : This
helps enterprises realize rapid and sustainable savings across their
source-to-pay lifecycle. Delivered in the cloud, ProcureEdge can be
deployed rapidly, enabling enterprises to enhance savings, reduce total
cost of ownership, and improve supplier performance and compliance.
Infosys TradeEdge : An insight-driven sales platform for global brands
to accelerate profitable growth in emerging markets, TradeEdge helps
brands know markets better, reach customers faster and drive costs
lower. It helps global companies reach billions of new consumers, and
increase revenues while reducing non-productive inventory.
Other products and solutions
Our strategic approach to non-linear business growth has resulted in
significant investments in products and solutions that generate I P.
While our investments in IP have enabled us to accelerate delivery of
services, clients have seen huge productivity and time-to-market
improvements. Digital services covering cloud, big data, mobility and
functional areas such as HR and Commerce are the focus areas for our
products and solutions. Some of these are as follows : Infosys
BigDataEdge : This solution empowers IT and business teams to quickly
discover, analyze and act on information to drive real-time business
decisions. It enables real-time discovery of data across both internal
systems and external sources.
Infosys Cloud Ecosystem Hub : This helps enterprises create, adopt and
manage their hybrid cloud ecosystem. It helps in rapid creation,
adoption, and governance of cloud services across the ecosystem.
Infosys Commerce Solution : This solution drives multi-channel commerce
by enhancing consumer experience, increasing traffic and order value.
It enables enterprises to use social interactions to predict,
personalize, and enhance the customers'' overall shopping experience.
Infosys Talent Management Solution : Our talent management solution
enables enterprises to deepen employee engagement and simplify the
entire hire-to-retire lifecycle of the human resource function.
Infosys mConnect : This is a multi-channel mobile middleware that is
designed to optimize user experience across channels and platforms.
Infosys Mobile Wallet Solution : This popular product enables the
financial ecosystem of consumers, merchants, telecoms, banks,
governments and enterprises to process payments.
Finacle partners with banks to simplify banking and arm them with
accelerated innovation to build tomorrow''s banks, today. Our solutions
address the core banking, e-banking, mobile banking, CRM, payments,
treasury, origination, liquidity management, wealth management and
Islamic banking requirements of retail, corporate and universal banks
In 2013, Infosys was positioned as a leader in Gartner''s International
Retail Core Banking report for the seventh time in a row for its
Finacle® core banking solution. Finacle 11E is the latest release of
the award-winning Finacle® universal banking solution. The solution''s
component-based deployment offers banks extreme agility to
progressively modernize and meet business priorities, thus helping them
realize modernization benefits faster.
As on March 31, 2014, Finacle® is the choice of 183 banks across 84
countries and powers operations across 56,000 branches and enables its
customer banks to serve over 599 million accounts and 437 million
We continue our journey of delivering value to our clients through
significant investments in quality programs. While sustaining existing
external benchmarks and certifications, we have added new
certifications to deliver greater value to our clients'' businesses.
Infosys is certified under various standards to meet client demands and
enhance delivery value. Infosys Limited and Infosys BPO Limited are
certified for ISO 22301:2012 Societal Security, Business Continuity
Management Systems standards. As part of Infosys'' contract, the Central
Processing Center of the Government of India''s Income Tax department
was certified for the ISO 15489 Record Management System Standards,
making it the first government organization in Asia to attain this
We continue to demonstrate process excellence by adhering to various
international quality standard certifications, including ISO 9001:2008,
ISO 27001, ISO 20000, AS EN 9100, ISO 13485, TL 9000-SV, OHSAS 18001
and ISO 14001. We have also received an independent auditor''s assurance
report on compliance to ISAE 3402 / SSAE16 and a certification of
compliance on PCIDSS V 2.0 for Infosys BPO Limited. Infosys McCamish
Systems LLC has completed SOC 1 Type II Statement on SSAE 16. This
certification confirms that the delivery of operations and IT services
for Infosys McCamish''s clients is done with the highest level of
security and controls. Apart from this, we continue to get assessed at
CMMI level 5. According to the Process Maturity Profile published by
the CMMI Institute of Carnegie Mellon
University in September 2013, only 6.6% of 5,944 organizations most
recently appraised are operating at Level 5, which is the highest level
of CMMI assessment.
Our Quality department handles large change management initiatives to
drive quality and productivity improvements across the Company. It is
managed through the Balanced Scorecard and Infosys Scaling Outstanding
Performance (iSOP) program adopted from the Malcolm Baldridge National
Quality Award (MBNQA) framework.
Our Business Value Articulation (BVA) framework ensures alignment of
our approaches to deliver and maximize value to our clients. Our
Business Value Realization (BVR) program is an initiative comprising
frameworks, methodologies, processes and systems to promote
articulation and assurance of business value for various engagements.
The BVA program helped us have a substantial impact on our clients. We
continue to fine-tune our Client Value Survey to capture the voice of
our customers, and to assess client expectations as an ongoing process.
The data that is collected is analyzed around satisfaction, advocacy,
loyalty, fulfillment and value for money. This information is used to
draw action plans to improve client experience on an ongoing basis.
Our research and development efforts focus on the twin goals of
improving productivity and quality of our services, alongside working
towards technology-driven innovation and differentiation that will
deliver greater value to our clients.
At Infosys Labs, service innovation is being achieved through enhanced
automation, optimization, prevention and effective collaboration among
Infosys Labs has established a set of service innovation groups focused
on enhancing quality and productivity of six dominant Infosys services
— Business Process Outsourcing; Infrastructure Management Services;
Independent Validation Services; Application Development and
Maintenance including Large Deals; Consulting and Systems Integration;
and Modernization. These groups work on service platforms with a focus
on automation, optimization, consolidation, and on enhancing the
effectiveness of contextual collaboration for distributed teams.
Under its Client Innovation umbrella, Infosys Labs has established six
Centers of Excellence (CoE), namely Modernization, Advanced Analytics,
Security and Dependability, Advanced Mobility, Experience, and
Innovation Co-Creation. The CoEs work towards establishing
technology-based client innovation and differentiation through the
establishment of Client Innovation Centers, publishing focused
technology points of view, implementing proofs of concepts driven by
our focus on client value, and conducting client workshops.
Additionally, we have set up innovation centers with a number of our
clients, university partners, and industry research consortia to drive
Infosys Labs focuses on developing significant new intellectual
property to enhance the productivity and quality of our services while
enabling differentiation in client offerings. During fiscal year 2014,
Infosys Labs filed 79 unique patent applications in the United States
Patent and Trademark Office (USPTO), the Indian Patent Office and other
jurisdictions. On a standalone basis, our research and development
expenses for fiscal years 2014, 2013 and 2012 were Rs. 873 crore, Rs. 907
crore and Rs. 655 crore, respectively.
The Infosys brand is a key intangible asset of the Company. Our brand
promise – Building Tomorrow''s Enterprise – communicates the value we
bring to our clients. It is the expression of how we provide insights
on what is ahead and partner with clients to help them succeed amidst
change. We do this by uncovering opportunities to drive new sources of
business value through consulting and the co-creation of breakthrough
solutions. We enable clients to sustain the advantage by delivering
services that drive smarter, more efficient operations. It is the
delivery of our brand promise that makes us the right technology
partner for clients in over 30 countries. ''Powered by intellect and
driven by values'', brand Infosys has been recognized by leading
publications and independent industry bodies globally We are regularly
rated by global industry analysts as a leader in key services and
solutions across domains. Refer to the Awards and recognition section
below for more details.
Our marketing reach extends globally through advertisements, web
initiatives and social media conversations. We promote our brand
through trade and general publications. We participate in premier
business and industry events around the world. ''Confluence'', our
flagship client event, is consistently well-attended and highly-rated
by our clients and industry partners.
Awards and recognition
In fiscal year 2014, as in the previous years, we received a number of
awards and recognition from national and international industry bodies
and media houses. The significant ones among them are as follows :
Corporate governance and investor relations
- We were voted the best in several categories, including ''Best Overall
for Corporate Governance'' and ''Best for Investor Relations'', in
Asiamoney''s Annual Corporate Governance Poll 2013.
- We were ranked third globally for corporate governance practices and
second best for IR websites in India by IR Global Rankings 2013.
- We topped the 2013 Institutional Investor Rankings among all Indian
companies across sectors.
- We were honored in the 2013 Institutional Investor All Asia Rankings.
- Our flagship banking product, Finacle®, was recognized as a ''Best in
Class'' provider by the CEB TowerGroup Mobile Banking Solutions
Technology Analysis report.
Finacle® won the prestigious ''Best Core Banking Technology'' award at
the Innovation in Technology and Transaction Banking Awards 2013,
organized by The Banker.
- Gartner''s International Retail Core Banking report positioned us as a
leader for the seventh time in a row for Finacle®.
- Infosys Public Services, Inc. was recognized by Avivia Health from
Kaiser Permanente as a strategic partner to develop its innovative
gamification platform to improve consumer engagement.
- Infosys Public Services, Inc. has been named in the ''Healthcare''s
Hottest Companies for 2013'' list by Modern Healthcare, a leading
healthcare publication for senior decision makers.
- We were positioned as a leader in the Gartner Magic Quadrant for
Oracle Applications Management Service Providers worldwide.
- We were named a leader in Gartner''s Magic Quadrant for SAP
Application Management Services worldwide.
- We were positioned in the winners'' circle in HfS Enterprise Analytics
Services Blueprint 2013, and recognized for our significant scale in
analytics, execution excellence across service areas, and
responsiveness to clients.
- We won the Global Telecoms Business Innovation Award with British
- We won the 2013 Simulating Reality contest, a global contest for
excellence in biomedical engineering, organized by MSC Software. The
contest recognized Infosys for its use of next generation technologies
for innovation in the area of engineering design.
- We were ranked as a leader in The Forrester Wave™ – Enterprise
Mobility Services, Q1 2013 report.
Business process management
- Along with our partners, British Telecom, we won the award for
excellence in telecommunication, utilities and hi-tech outsourcing for
2013, given by the National Outsourcing Association (NOA).
- Infosys BPO Limited was positioned in the Leaders category in Everest
Group''s Procurement Outsourcing Service Provider Landscape with PEAK
Business and management
- Infosys Edge received the NASSCOM Business Innovation Award 2013.
- We received the Platinum Award at the Asset Excellence in Management
and Corporate Awards 2013.
- Infosys China was recognized among the ''Top 10 Global Services
Providers'' of 2013 in China at the fifth Annual China Sourcing Summit.
- We were recognized by IBM as Smarter Commerce Business Partner of the
Year for Australia and New Zealand.
- We were ranked No. 1 among the best managed companies in Asia Pacific
for 2013 in the annual Euromoney ''Best Managed Companies in Asia''
Corporate learning and talent development
- We won the prestigious Global Most Admired Knowledge Enterprise
(MAKE) Award 2013 for the ninth successive time. We have won the Asian
MAKE Award 11 times in a row.
- We received CorpU''s Learning Excellence and Innovation Award 2013 for
our ''Connect Architecture'' program.
- InStep, our global internship program, won the National Council for
Work Experience (NCWE) Award.
Our sustainability efforts won us several awards and accolades in
fiscal year 2014 :
- We won the 2013 Ian Kiernan Award for Corporate Social Responsibility
given by the Australian Human Resources Institute. The award
recognizes us for our success in enhancing our corporate social
responsibility program and becoming more inclusive and meaningful for
our staff, beneficiaries and the Australian community
- We were adjudged the runners up at the Green IT Awards 2013 in three
categories — Sustainable Design Project of the Year, Team of the Year,
and Green IT Magazine Company of the Year.
- We won the Federation of Indian Chambers of Commerce and Industry
(FICCI) Business Responsibility Award 2013 in the ''Best Green building''
category for the Software Development Block-1 building in our Hyderabad
- The GreenCo Summit by Confederation of Indian Industry (CII)
recognized our outstanding contribution to the Indian Green Building
Council initiatives in 2013.
- The Bangalore Chamber of Industry and Commerce honored us for our
adoption of best practices in effective management of solid waste in
the field of ''Innovation in knowledge sharing on Solid Waste
- We won the CII National Award, 2013 for Excellence in Energy
Management in two categories — Innovative Project and Energy Efficient
- We won the award for ''Corporate Sustainability Stewardship'' at the
2013 Parivartan Sustainability Leadership Awards.
- We were given the ''Excellence Award'' for the Retrofit Category -
Metropolitan City at the Emerson Cup Awards 2013.
- We received a commendation certificate for Significant Achievement at
the CII-ITC Sustainability Awards 2013.
- We won the first prize in the buildings category at the National
Energy Conservation Awards, 2013.
- We were named a ''2013 Environmental Tracking (ET) Carbon Ranking
Leader'' for our disclosure practices and for achieving significant
reduction in greenhouse gas emissions.
3. Human resources management
We firmly believe that employee motivation, development, and engagement
are key aspects of good human resources management. We provide several
forums and communication channels for our employees to not only share
their points of view and feedback related to our business, but also
share feedback on self-development and career advancement. These forums
have helped us identify and implement a number of structural changes
during the year. These included compensation revision across the
organization, streamlining of compensation structure, quarterly cycles
of promotion and progression, and rotation of onsite assignments.
Providing opportunities for employees to interact with senior
management through innovative interventions such as ''Just-a-Minute''
(JAM) with the Management, town hall events across campuses and
priority mailers notifying employees about every organizational change
and development are a few of the measures taken to boost communication
with employees. Rewarding and recognizing consistent superior
performance is essential to build a stronger Infosys. This year, we
introduced the ''Fast Track'' program, which is designed exclusively to
identify high performers and provide them challenging opportunities to
grow faster within the organization.
We have set up a scalable recruitment and human resources management
process. Over the last year, we received 9,11,220 applications from
prospective employees. We added 24,517 (gross) and 801 (net) employees
this year, taking our total strength to 1,27,198 from 1,26,397 at the
end of the previous year for Infosys Limited. The Infosys Group added
3,717 (net) and 39,985 (gross) employees this year, taking the total
strength to 1,60,405 from 1,56,688 at the end of the previous year.
The attrition rate stands at 18.7% compared to 16.3% for the previous
year for Infosys Limited.
During the year, a new function has been established for identifying
talent required for new opportunities and recruiting based on
competence and performance. Focused training and creating a flexible
system for timely placement of the best-fit talent within projects are
the main goals of this initiative, which aims ultimately to build a
robust supply chain that will yield dividends in the years to come.
Particulars of employees
The table containing the names and other particulars of employees in
accordance with the provisions of Section 217 (2A) of the Companies
Act, 1956, read with the Companies (Particulars of Employees) Rules,
1975, is annexed to this report.
Education, Training and Assessment
Competency development continues to be a key area of strategic focus
for us. During fiscal year 2014, the total training provided for
Infoscions was over 2.13 million person days. Many of our employees
also took external certifications, creating a large pool of certified
Our flagship industry-academia partnership program, Campus Connect,
made significant progress through the launch of electives to help
engineering colleges run new programs within their curricula. During
fiscal year 2014, we engaged with 1,476 faculty members who in turn
trained over 41,000 students. With this, the total number of
beneficiaries covered has reached over 10,400 faculty members and over
2,92,000 students from 372 engineering institutions.
SPARK is an academia connect program that exposes students in schools
and colleges to the current opportunities and developments in IT and
aims to inspire them and raise their aspirations. As part of this
program, we engaged with over 36,000 students during the year. Since
its launch in 2008, the program has reached over 8,78,000 students.
Over 65,000 students participated in Aspirations2020 in fiscal year
2014, the coding contest we conduct for engineering students.
Our knowledge management system set a new record by winning the Global
Most Acknowledged Knowledge Enterprise (MAKE) award for the ninth time,
the Asian MAKE Award for the 11th time and the Indian MAKE Award for
the ninth time.
Infosys Limited is a proud winner in the American Society for Training
and Development''s (ASTD) 2013 Best Awards program. We were among 28
organizations from five countries (Canada, India, Taiwan, Turkey and
the U.S.) to receive the 2013 Best Award. As in previous years, our
researchers continued to demonstrate their thought leadership through
their publications / presentations at global conferences and
contributions to books and journals.
Infosys Leadership Institute
Our vision for the Infosys Leadership Institute (ILI) is to be a
globally recognized institute that promotes and advances the field of
leadership development. Over the years, ILI has created several
proprietary methodologies, actionable development programs and
interventions for leadership development that have been benchmarked
with the best. ILI works towards executing business strategies and
ensuring that Infosys has ready leaders to take on senior leadership
4. Corporate governance
We continue to benchmark our corporate governance policies with the
best in the world. Our efforts are widely recognized by investors in
India and overseas. We have undergone the corporate governance audit by
ICRA and Credit Rating Information Services of India Limited (CRISIL).
ICRA has rated our corporate governance practices at CGR 1 and CRISIL
has assigned CRISIL GVC Level 1 rating to us.
We comply with the recommendations of the Narayana Murthy Committee on
Corporate Governance constituted by the Securities and Exchange Board
of India (SEBI) in 2002. Our Corporate Governance Report for the fiscal
year 2014 forms part of this Annual Report.
We have documented our internal policies on corporate governance.
During the year, we continued to comply with the U.S. Sarbanes-Oxley
Act, 2002. Several aspects of the Act, such as the Whistleblower Policy
and Code of Conduct and Ethics, have been incorporated in our policy.
Board of Directors Inductions
On June 1, 2013, the Board appointed Narayana Murthy as Executive
Chairman of the Board. K. V. Kamath stepped down as Chairman of the
Board to take up the position of Lead Independent Director. We thank
the shareholders for their support in confirming Narayana Murthy''s
appointment at the AGM on June 15, 2013.
The Board also re-designated S. Gopalakrishnan as the Executive Vice
Chairman of the Board, while S. D. Shibulal continued as the Chief
Executive Officer and Managing Director (CEO and MD). On December 20,
2013, the nominations and governance committee recommended the
induction of U. B. Pravin Rao as a whole-time director and Kiran
Mazumdar-Shaw as an independent member of the Board. U. B. Pravin Rao
has been with Infosys Limited since 1986. He has been the Senior Vice
President and Global Head of Retail, Consumer Packaged Goods, Logistics
and Life Sciences, as well as a member of the Board of Lodestone
Holding AG, and heads the ILI. Kiran Mazumdar-Shaw is a globally
recognized corporate leader and the Chairman and Managing Director of
Biocon Limited. She has been named among TIME magazine''s 100 most
influential people in the world.
On April 15, 2014, the nominations and governance committee recommended
the induction of Carol M. Browner to the Board. Carol M. Browner is an
expert in environmental policy and law and has served as Director of
the White House Office of Energy and Climate Change Policy under the
Obama administration and before that, in the Environmental Protection
Agency under the Clinton administration. We seek your support in
confirming the appointments of U. B. Pravin Rao, Kiran Mazumdar-Shaw
and Carol M. Browner.
As per the provisions of the Companies Act, 2013, B. G. Srinivas and S.
Gopalakrishnan will retire in the ensuing AGM and being eligible, seek
re-appointment. The Board of Directors recommend their re-appointment.
The Companies Act, 2013 provides for appointment of independent
directors. Sub-section (10) of Section 149 of the Companies Act, 2013
(effective April 1, 2014) provides that independent directors shall
hold office for a term of up to five consecutive years on the Board of
a company; and shall be eligible for re-appointment on passing a
special resolution by the shareholders of the company.
Sub-section (11) states that no independent director shall be eligible
for more than two consecutive terms of five years. Sub-section (13)
states that the provisions of retirement by rotation as defined in
sub-sections (6) and (7) of Section 152 of the Act shall not apply to
such independent directors.
Our non-executive (independent) directors (except for Kiran
Mazumdar-Shaw and Carol M. Browner) were appointed as directors liable
to retire by rotation under the provisions of the erstwhile Companies
Act, 1956. The Board of Directors has been advised that non-executive
(independent) directors so appointed would continue to serve the term
that was ascertained at the time of appointment as per the resolution
pursuant to which they were appointed. Therefore, it stands to reason
that only those non-executive (independent) directors who will complete
their present term at the ensuing AGM of the Company in June 2014,
being eligible and seeking re-appointment, be considered by the
shareholders for re-appointment for a term of up to five consecutive
Non-executive (independent) directors who do not complete their term at
the ensuing AGM, will continue to hold office till the expiry of their
term (based on retirement period calculation) and thereafter would be
eligible for re-appointment for a fixed term in accordance with the
Companies Act, 2013.
The nominations and governance committee has begun the search to select
the successor to S. D. Shibulal, CEO and MD, who has expressed his
desire to retire as the CEO and MD of the Company and as a member of
the Board either on the date of the last Board meeting before his
superannuation — January 9, 2015, or when his successor is ready to
assume office, whichever is earlier. The nominations and governance
committee is open to evaluating internal and external candidates based
on merit. It has appointed Development Dimensions International, a
company specializing in internal corporate executive evaluations and
Egon Zehnder, an executive search firm, to assist in identifying
internal and external candidates respectively.
Retirements and resignations
Leo Puri stepped down as independent member of the Board, with effect
from August 14, 2013. This is pursuant to his appointment as Managing
Director of UTI Asset Management Co. Ltd. The Board places on record
its appreciation for the services rendered by Leo Puri to the Board and
Ashok Vemuri, Member of the Board, resigned from the services of the
Company effective September 12, 2013. The Board would like to thank and
record its appreciation for his contribution in building the Company''s
market leadership in the Financial Services, Manufacturing verticals
and in North America.
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 Board prior to October 15, 2010), Deepak M.
Satwalekar, Independent Director, retired from the Board effective
November 13, 2013. Deepak M. Satwalekar had joined the Board in October
1997 and the Board would like to thank him for his long and fruitful
association with the Company.
V. Balakrishnan resigned from the services of the Company, effective
December 31, 2013. V. Balakrishnan had been part of the Infosys journey
for 22 years, and the Board conveys its deep sense of appreciation for
the services rendered by him during his tenure as the Chief Financial
Officer, and then as the Member of the Board in charge of Infosys BPO
Limited, Lodestone Holding AG, Finacle, India Business Unit and Global
David L. Boyles retired from the Board effective January 17, 2014.
David L. Boyles had joined the Board in July 2005 and played an
important role, especially in strengthening the Company''s Risk
Management framework. The Board thanks him for his insights that have
helped the Company immensely.
Directors'' responsibility statement as required under Section 217 (2AA)
of the Companies Act, 1956
The financial statements are prepared in accordance with the Indian
Generally Accepted Accounting Principles (GAAP) under the historical
cost convention on the accrual basis except for certain financial
instruments, which are measured at fair values. GAAP comprises
mandatory accounting standards as prescribed by the Companies
(Accounting Standards) Rules, 2006, the provisions of the Companies
Act, 2013 (to the extent notified), the Companies Act, 1956 (to the
extent applicable), and guidelines issued by SEBI. There are no
material departures from prescribed accounting standards in the
adoption of these standards.
The Board of Directors accepts responsibility for the integrity and
objectivity of these financial statements. The accounting policies used
in the preparation of financial statements have been consistently
applied except as otherwise stated in the notes accompanying the
respective tables. The estimates and judgments related to the financial
statements have been made on a prudent and reasonable basis, so that
the financial statements reflect in a true and fair manner the form and
substance of transactions, and reasonably present our state of affairs
and profits for the year.
The Board of Directors has taken sufficient care to maintain adequate
accounting records in accordance with the provisions of the Companies
Act, 1956 (to the extent applicable) and the Companies Act, 2013 (to
the extent notified), to safeguard the assets of the Company and to
prevent and detect fraud and other irregularities.
The auditors, B S R & Co. LLP, Chartered Accountants, retire at the
ensuing AGM and have confirmed their eligibility and willingness to
accept office, if re-appointed.
6. Civil settlements
During the year, the Company completed a civil settlement with the U.S.
Department of State, Immigrations and Customs Enforcement and the U.S.
Department of Homeland Security relating to I-9 paperwork errors and
visa matters that were the subject of investigation by the U.S.
Attorney''s Office for the Eastern District of Texas. In the settlement,
Infosys agreed to pay Rs. 213 crore (US million) to resolve all
allegations. The Company categorically denied claims of systemic visa
fraud, misuse of visas for competitive advantage or immigration abuse,
and the U.S. Government acknowledged the Company''s commitment to
compliance with the immigration laws through its current visa and I-9
practices. No criminal charges or court rulings were brought against
the Company. Nor have any limitations been imposed on the Company''s
eligibility for federal contracts or access to U.S. visa programs. The
Company continues to adhere to all laws, rules and regulations wherever
it operates, and take compliance obligations seriously. The Board is
happy that the settlement removes the uncertainty of litigation and
allows the Company to continue to focus on delivering measurable
results for clients.
7. Corporate social responsibility
Over the years, we have been striving to achieve a fine balance of
economic, environmental and social imperatives, while also paying
attention to the needs and expectations of our internal as well as
external stakeholders. Our corporate social responsibility is not
limited to philanthropy, but encompasses holistic community
development, institution building and sustainability-related
As per the Companies Act, 2013, all companies having net worth of Rs.500
crore or more, or turnover of Rs. 1,000 crore or more or a net profit of
Rs.5 crore or more during any financial year will be required to
constitute a corporate social responsibility (CSR) committee of the
Board of Directors comprising three or more directors, at least one of
whom will be an independent director.
Aligning with the guidelines, we have constituted a committee
comprising K. V Kamath (Chairperson), R. Seshasayee, Kiran
Mazumdar-Shaw and S. D. Shibulal. The committee is responsible for
formulating and monitoring the CSR policy of the Company The committee
has adopted a policy that intends to :
- Strive for economic development that positively impacts the society
at large with a minimal resource footprint.
- Be responsible for the corporation''s actions and encourage a positive
impact through its activities on the environment, communities and
CSR activities, as per the provisions of the Companies Act, 2013, can
be undertaken by the Company through a registered trust or a registered
society In 1996, Infosys set up the Infosys Foundation (''the
Foundation'') as a not-for-profit trust. The Foundation will work
closely with and support the Board and the committee in our CSR
activities. The Foundation will assist the committee in identifying
the areas of CSR activities, programs and execution of initiatives as
per predefined guidelines. The Foundation will also assist the Board
and the committee in reporting progress of deployed initiatives and in
making appropriate disclosures (internal / external) on a periodic
Infosys Foundation was established in 1996 as a not-for-profit trust
through which we could channelize our social welfare initiatives. Over
the years, the Foundation has initiated, guided and conducted several
programs in education, healthcare, disaster relief and rural
development, and has been successful in bringing about a positive
change in the lives of the underprivileged sections of society. The
Foundation has also been a major patron of the arts and has supported
several endangered art forms.
In fiscal year 2014, the Foundation''s work spanned a wide range of
development areas, including offering scholarships to disadvantaged
students, funding school buildings and libraries, aiding drinking water
projects in remote villages and rehabilitating street children and
devadasis (a marginalized community in South India). The Foundation
received Rs.9 crore as grant from Infosys Limited in fiscal year 2014. A
more detailed report on the Foundation''s activities during fiscal year
2014 forms part of our Sustainability Report, available on our website,
We would like to thank the honorary trustees of the Foundation, who
continue to devote their valuable time and energy to planning,
directing and monitoring its activities.
The Association for Computing Machinery - Infosys Foundation Award
The Association for Computing Machinery – Infosys Foundation Award in
Computing Sciences was established in August 2007. ACM (www.acm.org)
is the world''s largest educational and scientific computing society,
uniting computing educators, researchers and professionals. The Infosys
Foundation made an endowment to institute this award, which carries a
prize of US 5,000.
David Blei, Associate Professor in the Department of Computer Science
at Princeton University, is the recipient of the 2013 ACM-Infosys
Foundation Award in Computing Sciences. Prof. Blei initiated an
approach to analyzing large collections of data using innovative
statistical methods, known as ''topic modeling'', that make it possible
to organize and summarize digital archives on a scale that would be
impossible through human annotation.
Our sustainability charter is driven by our core values and ethics.
Our sustainability actions are streamlined on the three themes — Social
contract, Resource intensity and Green innovation. The highlights of
our initiatives on the three themes are as follows :
- Fostering innovation in the societies where we operate is important
to inspire and celebrate innovators and their innovations. We
partnered with TV18, a leading provider of business news on Indian
television, to present Innovating for a Better Tomorrow, a unique
tele-series that showcased 14 exemplary innovations that have not only
transformed the lives of millions of Indians but have made indelible
- Our unique initiative, Health Assessment and Lifestyle Enrichment
(HALE) received the silver recognition at the ''Express IT Awards'' 2013.
The Infosys Foundation supported the construction of Isha Vidyalaya
School in Tamil Nadu and KIMS Hospital in Hubli, Karnataka, during
fiscal year 2014.
- We launched a policy advocacy statement last fiscal year to influence
positive and affirmative sustainability actions across the globe.
- We have set up robust processes to manage greenhouse gases (GHG)
effectively. Through constant monitoring and rigorous sustainability
practices, we have been able to reduce the Scope 1 and Scope 2
emissions by 59.3% as compared to fiscal year 2008.
Note: Scope 1 covers fuel, hydrochloroflurocarbons, SF6 and emissions
from company-owned vehicles and Scope 2 covers electricity.
- We achieved a reduction by 43.6% in our per capita electricity
consumption as compared to fiscal year 2008.
- We were able to reduce our water intensity by 34.5% as compared to
fiscal year 2008.
- We used 75.6 million units of electricity from renewable sources in
fiscal year 2014.
10.1 MW in connected load was reduced through retrofits over the last
- As of fiscal year 2014, 3.4 million sq. ft. of our built-up area has
received the highest level of green building rating.
- We installed 2MW of solar photovoltaic plants at our campuses between
2012 and 2014.
- We deployed a Dynamic Storage Tier technology which helped us limit
storage infrastructure, accompanying data center power and cooling
requirements while increasing the capacity. In addition, it helped
improve our enterprise storage performance by 95% with cost savings and
- Our research labs, Infosys Labs, developed the Infosys Electronic
Signature Solution (iESS) that enables easy and seamless integration of
digital signature support into enterprise approval workflows replacing
the need for manual signatures. This has not only reduced paper usage
for some of our government and banking clients, but has also enhanced
security and regulatory compliance.
- We also revisited our model of handling customer-loaned assets
constituting equipment to the tune of US .5 billion, which
traditionally had to be shipped back at the end of project closure. By
liaising with the government for necessary policy changes and building
internal processes and checks, we were able to change the utilization
drastically. The cost of shipping the assets back was eliminated for
the client, and our ability to scale infrastructure was improved. We
were able to enhance our loaned asset reconciliation for disposal as
e-waste, and achieve reduction in energy and fuel expenditure.
- Our investments on research on Internet of Things (IoT), along with
COMMIT, a public-private research community, has helped in creating
wearable technology that can potentially be used in areas such as
assisted living, remote monitoring of the elderly and monitoring safety
of personnel working in hazardous environments.
A detailed report on our sustainability initiatives and actions is
available on our website, www.infosys.com.
Conservation of energy, research and development, technology
absorption, foreign exchange earnings and outgo
The particulars as prescribed under Sub-section (1)(e) of Section 217
of the Companies Act, 1956, read with the Companies (Disclosure of
particulars in the report of the Board of Directors) Rules, 1988, are
annexed to this report.
Business Responsibility Report
SEBI, vide its circular CIR/CFD/DIL/8/2012 dated August 13, 2012,
mandated inclusion of the Business Responsibility Report (BRR) as part
of the Annual Report for listed entities. In compliance with the said
circular, we have provided the BRR and the same forms part of this
We also publish the Infosys Sustainability Report annually. Our report
follows the Global Reporting Initiative (GRI) framework. This is a
comprehensive report that covers all aspects of our sustainability
activities divided into the three focus areas — Social contract,
Resource intensity and Green innovation. The report is audited by an
external auditor, Det Norske Veritas Germanischer Lloyd (DNV GL).
During fiscal year 2011, we started a sustainability initiative with
the aim of going green and minimizing our impact on the environment.
Like the previous years, this year too, we are publishing only the
statutory disclosures in the print version of the Annual Report.
Additional information is available on our website, www.infosys.com.
Electronic copies of the Annual Report 2014 and Notice of the 33rd AGM
are sent to all members whose email addresses are registered with the
Company / Depository Participant(s). For members who have not
registered their email addresses, physical copies of the Annual Report
2014 and the Notice of the 33rd AGM are sent in the permitted mode.
Members requiring physical copies can send a request to the Company
The Company is providing e-voting facility to all members to enable
them to cast their votes electronically on all resolutions set forth in
the Notice. This is pursuant to section 108 of the Companies Act, 2013
and Rule 20 of the Companies (Management and Administration) Rules,
2014. The instructions for e-voting is provided in the Notice.
Infosys Science Foundation
The Infosys Science Foundation (ISF), a not-for-profit trust, was set
up in 2009 by Infosys, its Founders and a few of its management
personnel to promote research in the sciences. The ISF celebrated its
fifth anniversary this year. The Infosys Prize, instituted by the ISF,
recognizes exemplary research by scholars and scientists connected to
India. It hopes to inspire young Indians to choose a vocation in
The prize categories and the names of the winners for 2013 in each
category are as follows :
Category Subjects 2013 Winners
Computer Science All branches of Engineering Dr. V Ramgopal Rao
Humanities Archaeology, History,
Philosophy, Legal Theory Prof. Nayanjot Lahiri
and Literary Studies Prof. Ayesha Kidwai
Life Sciences Biology, Medicine and Plant
Science Dr. Rajesh Gokhale
Sciences Mathematics and Statistics Prof. Rahul Pandharipande
Sciences Earth Sciences, Physics
and Chemistry Prof. Shiraz Naval
Social Sciences Anthropology, Economics,
Political Science, Prof. Aninhalli R.
Psychology and Sociology
The Infosys Prize 2013 presentation was held in Bangalore on February
8, 2014. Kofi A. Annan, former Secretary-General of the United Nations
(1997-2006), felicitated the laureates with a 22-karat gold medallion
and a citation each and a prize purse of Rs.55 lakh per category (the
prize money was increased from Rs.50 lakh to Rs.55 lakh this year). Kofi
Annan released a book, Encouraging the Spirit of Research, compiled by
the ISF to commemorate the five-year milestone and celebrate the work
of 31 laureates. The simple language and the graphic story concept used
in the book are intended to help students and non-academic people
understand and access groundbreaking and seminal research.
ISF also hosts lectures by its laureates and jury members to spread
awareness about the interesting research they are working on. They also
host school events and contests to capture the attention and
imagination of the youth. For more details, visit
We thank our customers, vendors, investors and bankers for their
continued support during the year. We place on record our appreciation
of the contribution made by our employees at all levels. Our consistent
growth was made possible by their hard work, solidarity, cooperation
We thank the governments of various countries where we have our
operations. We also thank the Government of India, particularly the
Ministry of Communication and Information Technology, the Ministry of
Commerce, the Ministry of Finance, the Ministry of Corporate Affairs,
the Customs and Excise Departments, the Income Tax Department, the
Reserve Bank of India, the State Governments, the Software Technology
Parks (STPs) / Special Economic Zones (SEZs) – Bangalore, Bhubaneswar,
Chandigarh, Chennai, Gurgaon, Hyderabad, Indore, Jaipur, Mangalore,
Mysore, Nagpur, Pune, and Thiruvananthapuram and other government
agencies for their support, and look forward to their continued support
in the future.
for and on behalf of the Board of Directors
S. Gopalakrishnan S. D. Shibulal
Bangalore Executive Vice
Chairman Chief Executive Officer and
April 15, 2014 of the Board Managing Director