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Infosys Directors Report, Infosys Reports by Directors
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Download Annual Report PDF Format 2013 | 2012 | 2011
Directors Report Year End : Mar '13    Mar 12
To the members,
 The are delighted to present the report on our business and operations
 for the year ended March 31, 2013.
 1.  Results of our operations
                                   in Rs. crore, except per share data
                                                       2013      2012
 Income from software services and products          36,765    31,254
 Software development expenses                       21,662    17,835
 Gross profit                                        15,103    13,419
 Selling and marketing expenses                       1,870     1,453
 General and administration expenses                  2,218     1,905 
 Operating Profit Before Interest,
 Depreciation, Taxes and Amortization (PBIDTA)       11,015    10,061
 Interest                                                 -         -
 Depreciation                                           956       794
 Operating profit                                    10,059     9,267
 Other income                                         2,215     1,829
 Net profit before exceptional item and tax          12,274    11,096
 Dividend income (1)                                     83       578
 Net profit before tax                               12,357    11,674
 Provision for taxation                               3,241     3,204
 Net profit after tax and exceptional item            9,116     8,470 
 Profit and Loss account balance brought
 forward                                             19,993    15,591
 Intercompany dividend                                    -         - 
 Reserves on termination of Infosys Consulting Inc.       -       (84)
 Amount available for appropriation                  29,109    23,977 
 Interim                                                862       862
 Special dividend                                         -       574
 Final                                                1,550     1,263
 Total dividend                                       2,412     2,699
 Dividend tax                                           403       438
 Amount transferred to general reserve                  911       847
 Balance in Profit and Loss account                  25,383    19,993 
 Earnings Per Share (EPS) before exceptional 
 item (2)
 Basic                                               157.55    139.07
 Diluted                                             157.55    139.06 
 EPS after exceptional item (2)
 Basic                                               158.76    147.51
 Diluted                                             158.76    147.50
 Notes: 1 crore = 10 million
 (1) Dividend received of Rs. 83 crore and Rs. 578 crore from the
 wholly-owned subsidiary, Infosys Australia Pty Limited, during the
 years ended March 31, 2013 and March 31, 2012, respectively
 (2) Equity shares are at par value of Rs.5/- each.
 2.  Business
 Our total income increased to Rs. 36,765 crore from Rs. 31,254 crore in
 the previous year, at a growth rate of 17.6%. Our software export
 revenues aggregated to Rs. 35,932 crore, up by 17.8% from Rs. 30,514
 crore in the previous year. Out of the total revenue, 63.8% came from
 North America, 21.8% from Europe, 2.3% from India and 12.1% from the
 Rest of the World. Our revenues from India have increased to Rs. 833
 crore from Rs. 740 crore, with a growth rate of 12.6%. The share of the
 fixed-price component of the business was 40.0%, compared to 39.3%
 during the previous year.
 Our gross profit amounted to Rs. 15,103 crore (41.1% of revenue) as
 against Rs. 13,419 crore (42.9% of revenue) in the previous year.  The
 Profit Before Interest, Depreciation, Taxes and Amortization (PBIDTA)
 amounted to Rs. 11,015 crore (30.0% of revenue) as against Rs. 10,061
 crore (32.2% of revenue) in the previous year. Sales and marketing
 costs were 5.1% and 4.6% of our revenue for the years ended March 31,
 2013 and March 31, 2012, respectively. General and administration
 expenses were 6.0% and 6.1% of our revenues during the current year and
 previous year, respectively. The net profit before exceptional item and
 tax was Rs. 12,274 crore (33.4% of revenue) as against Rs. 11,096 crore
 (35.5% of revenue) in the previous year.  We seek long-term
 partnerships with our clients that will enhance their value while
 addressing their IT requirements. Our client-centric approach has
 resulted in high levels of client satisfaction. We derived 97.8% of our
 consolidated revenues from repeat business. We, along with our
 subsidiaries, added 235 new clients, including a substantial number of
 large global corporations. The total client base at the end of the year
 stood at 798. The client list for the current and previous years on a
 consolidated basis are as follows :
                                                       in Nos.
                                               2013      2012
 Million-dollar clients                         448       399
 Five-million-dollar clients                    213       190
 Ten-million-dollar clients                     137       132
 Twenty-million-dollar clients                   80        79
 Thirty-million-dollar clients                   62        64
 Forty-million-dollar clients                    49        50
 Fifty-million-dollar clients                    40        40
 Sixty-million-dollar clients                    33        28
 Seventy-million-dollar clients                  28        23
 Eighty-million-dollar clients                   19        17
 Ninety-million-dollar clients                   17        16
 Hundred-million-dollar clients                  12        13
 Two Hundred-million-dollar clients               3         2
 Three Hundred-million-dollar clients             -         1
 During the year 2012-13, we added 23.11 lakh sq. ft. of physical
 infrastructure space. The total available space as on March 31, 2013
 stands at 316.44 lakh sq. ft. The number of marketing offices as at
 March 31, 2013 was 69 as compared to 65 in the previous year.
 3.  Subsidiaries
 During the year under review, we entered into share purchase agreement
 with Lodestone Holding AG to purchase 100% shareholding in Lodestone
 Holding AG, as a result of which Lodestone Holding AG has become a 100%
 wholly-owned subsidiary of Infosys Limited.  The cost of acquisition is
 CHF 311 million. Lodestone Holding AG, headquartered in Zurich, is a
 global consulting firm advising international companies on strategy and
 process optimization as well as IT transformation. With a
 value-integration approach, Lodestone Holding AG pursues a combination
 of management and IT consulting.  Founded in 2005, the firm has
 presence in 17 countries across five continents. Lodestone Holding AG''s
 advisory services are primarily geared to the life science, chemical
 and financial services industries along with the investment, automotive
 and consumer goods sectors.  We have 10 subsidiaries (excluding
 step-down subsidiaries) : Infosys BPO Limited; Infosys Technologies
 (Australia) Pty Limited; Infosys Technologies (China) Co. Limited;
 Infosys Consulting India Limited; Infosys Technologies S. de R. L. de
 C. V; Infosys Technologies (Sweden) AB; Infosys Tecnologia do Brasil
 Ltda; Infosys Public Services Inc.; Infosys Technologies (Shanghai) Co.
 Limited; and Lodestone Holding AG. We have 26 step-down subsidiaries :
 Infosys BPO s.r.o.; Infosys BPO (Poland) Sp.Z.o.o; McCamish Systems
 Portland Procurement Services Pty. Limited; Portland Group Pty.
 Limited; Lodestone Management Consultants (Canada) Inc.; Lodestone
 Management Consultants Inc.; Lodestone Management Consultants Pty
 Limited; Lodestone Management Consultants (Asia Pacific) Limited
 (liquidated); Lodestone Management Consultants AG; Lodestone Augmentis
 AG; Hafner Bauer & Odman GmbH; Lodestone Management Consultants
 (Belgium) S.A.; Lodestone Management Consultants GmbH, Austria;
 Lodestone Management Consultants Pte Ltd.; Lodestone Management
 Consultants SAS; Lodestone Management Consultants s.r.o; Lodestone
 Management Consultants GmbH, Germany; Lodestone Management Consultants
 China Co., Ltd; Lodestone Management Consultants Ltd; Lodestone
 Management Consultants B.V; Lodestone Management Consultants Ltda;
 Lodestone Management Consultants sp. z.o.o.; Lodestone Management
 Consultants Portugal, Unipessoal, Lda; S.C. Lodestone Management
 Consultants S.R.L; and Lodestone Management Consultants S.R.L.
 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, has provided an exemption to companies from complying with
 Section 212, provided such companies publish the audited consolidated
 financial statements in the Annual Report. Accordingly the Annual
 Report 2012-13 does not contain the financial statements of our
 subsidiaries. Please refer statement pursuant to Section 212 of the
 Companies Act, 1956 for the summary financial performance of our
 subsidiaries. The audited financial statements and related information
 of subsidiaries will be 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.
 4.  Products and platforms
 Infosys Products, Platforms and Solutions (PPS) are geared to drive
 innovation-led growth for our clients that will power tomorrow''s
 enterprise, today Combining our market-leading products - Cloud-based
 hosting and platform operations - our offerings help enterprises
 accelerate growth, maximize profitability and increase asset efficiency
 Our PPS offerings have been recognized as an industry best practice for
 developing and managing software assets by Forrester Research, in a
 July 2012 report Asset-Based IT Services Shift Service Vendors''
 Operating Models.
 Our PPS portfolio includes :
 Finacle partners with banks to transform process, product and customer
 experience, arming them with ''accelerated innovation'' that is key
 to building tomorrow''s bank. Our solutions address the core banking,
 e-banking, mobile banking, customer relationship management, wealth
 management, treasury, and Islamic banking requirements of retail,
 corporate and universal banks worldwide.  Keeping up with global
 trends, Finacle also offers new-age solutions like digital commerce
 for enabling cashless transactions and financial inclusion for banking
 the unbanked. With these offerings Finacle enables banks to stay
 ahead of changing customer demands, competition and mounting global
 regulations as they transform into tomorrow''s banks. The Finacle R&D
 unit is engaged in research and development of new technologies in the
 banking domain.
 Today Finacle is the choice of 168 banks across 81 countries and
 powers operations across 49,600 branches globally It enables its
 customer banks to serve 447 million accounts and 359 million consumers
 worldwide. Finacle is regarded as a leader in the core banking market
 space by industry analysts for years now. 44% of the banks leveraging
 Finacle are among the World''s Top 1000.
 Infosys Edge suite of Products and Platforms
 Infosys Edge suite of products, platforms and solutions caters to
 next-generation market needs driven by global trends, including digital
 consumers, emerging economies, new commerce and healthcare. Our
 offerings leverage technologies in the areas of cloud computing,
 mobility, Big Data, rich media and social media.  By combining products
 from us and our partners, Cloud-based hosting and platform operations,
 we help clients achieve the business outcomes they seek. Infosys Edge
 is adopted by more than 75 global clients across industries and has
 also won key industry recognitions.
 Our products include :
 Infosys AssistEdge : A customer service experience product for contact
 centers and provides an integrated service experience across channels
 including web, chat, phone and social media.
 Infosys BigDataEdge : Empowers IT and business teams to quickly
 discover, analyze and act on information to drive real-time business
 Flypp : A digital experience product that includes a white-labeled
 application marketplace which helps our partners actively engage with
 their consumers across digital channels.
 Infosys Customer Self-Service Energy Manager : Helps utilities ensure
 customer delight through sustainable energy management and revitalized
 customer service.
 SpeedSolve : A collaborative, chat-based customer support product from
 Infosys and AT&T to reduce call transfer rates, call handle time, and
 call volumes.
 Infosys Digital Transformation : Helps publishers provide their digital
 consumers with a rich, integrated and seamless content experience.
 Infosys Meter Data Management Appliance : An out-of-the-box meter data
 management solution that helps utilities streamline their meter-to-cash
 process and realize value from their advanced metering infrastructure.
 Infosys Account Origination System : Enables enterprise-class customer
 onboarding with data capture and due diligence capabilities across
 multiple regulations.
 Infosys Alert and Case Management System : Supports end-to-end
 management of cases, alerts, and exceptions across departments for
 Infosys Forward Compliance System : Enables enterprises to effectively
 manage and monitor complex regulatory compliance requirements around
 Foreign Account Tax Compliance Act (FATCA) and its various
 Inter-Government Agreements (IGA).
 Infosys Trade Origination System : Helps companies strategically
 differentiate their brokerage services by providing their customers
 with a superior trading experience.
 Infosys Transaction Reconciliation System : Provides end-to-end
 capabilities for managing the diverse reconciliation needs of an
 enterprise, from source-loading to exception management and resolution.
 Infosys Health Benefit Exchange : A novel, transparent, and competitive
 insurance hub designed for individuals and small businesses to buy
 qualified plans.
 Infosys iTransform - ICD-10 Migration Suite : A suite designed to
 automate all stages of migration to ICD-10 and help organizations turn
 compliance into a competitive advantage.
 Note: ICD-10 is the 10th revision of the International Statistical
 Classification of Diseases and Related Health Problems (ICD), a medical
 classification list by the World Health Organization (WHO).
 Infosys mConnect - Multi-channel Mobile Middleware : A middleware that
 is designed to optimize user experience through its context-aware
 mobile multimode middleware across channels and platforms.  Infosys
 Omni-channel Personalization Engine : Helps retailers foster consumer
 relationship by presenting personalized content to their consumers
 across channels.
 Infosys Cloud Ecosystem Hub : Helps enterprises create, adopt and
 manage their hybrid cloud ecosystem.
 Our suite of business platforms are built around specific themes that
 provide significant opportunities to enterprises. This suite drives
 deeper engagement with digital consumers, builds smarter organizations
 and addresses the needs of emerging markets. Our offerings are powered
 by best-in-class domain expertise, IP and cloud computing. Our focus is
 on delivering guaranteed business outcomes that impact our client''s
 top-line or bottom-line. We host, operate and manage these business
 platforms on a subscription-based pricing model, providing our clients
 with rapid time-to-value.
 Our platforms include :
 Infosys BrandEdge : Simplifies digital marketing across the
 organization through a comprehensive Cloud-based platform.
 Infosys CommerceEdge : Drives multi-channel commerce by enhancing
 consumer experience, driving traffic and increasing order value.
 Infosys Credit Servicing Platform : An integrated credit servicing and
 asset management platform, for managing multiple loans and asset
 classes across the globe for financial institutions.
 Infosys IT Asset Performance Management Platform : Maximizes return on
 IT asset investments by enhancing performance, and mitigating risks
 while optimizing costs.
 Infosys SocialEdge : Helps in monetizing digital demand by harnessing
 the power of social media to deepen consumer and employee engagement
 for enterprises.
 Infosys Source-to-Pay Platform : Helps enterprises realize rapid and
 sustainable savings across their source-to-pay lifecycle.
 Infosys TalentEdge : Enables enterprises to deepen employee engagement
 and simplify the entire hire-to-retire lifecycle of the human resource
 Infosys TradeEdge : Facilitates global companies to accelerate
 long-term growth and profitability in emerging markets.
 Infosys WalletEdge : Enables the financial ecosystem of consumers,
 merchants, telecoms, banks, governments, and enterprises, to process
 Infosys Edge suite of products and platforms has won key industry
 recognitions. Infosys Cloud Ecosystem Hub won the 2012 Golden Peacock
 Award for the most innovative product / service. Our Edge suite of
 platforms won the NASSCOM Business Innovation Award for 2013.
 5.  Quality
 We continue our journey of delivering value to our clients through
 significant investments in quality programs. We have adopted several
 external benchmarks and certifications. Infosys is certified under
 various standards to meet client demands and enhance value delivery.
 These include TL 9000-SV, ISO 9001, AS EN 9100, ISO 20000, OHSAS 18001,
 ISO 14001, ISO 27001 and ISO 13485 and SEI CMMi Level 5. Infosys is the
 first ''IT Services / BPO organization'' in India, covering multiple
 locations across India, to receive the ISO 22301 accredited
 certification awarded by British Standards Institution. In addition,
 Infosys BPO has been certified for SSAE 16 audit standard and PCI-DSS
 2.0 standard across different delivery centers. Data centers in India,
 U.S. and Australia which cater hosting services to us and our clients
 have been certified for ISO 27001.
 Our Quality department handles large change management initiatives to
 drive quality and productivity improvements across our Company.  It is
 managed through the Balanced Scorecard and Infosys Scaling Outstanding
 Performance (iSOP) program adopted from the Malcolm Baldrige National
 Quality Award (MBNQA).
 Our Quality department has ensured that process and technology
 capability is built to deliver the offerings in alignment with our
 Company strategy. The Quality department has been instrumental in
 building capability for program management of business transformation,
 PPS, cloud and mobility service, etc. Further, Quality department has
 developed accelerators and enablers with integrated methodology, tools
 and reusable assets. It has also provided service delivery platforms
 for key offerings.
 We continue to fine-tune our ''Business Value Articulation'' (BVA)
 framework, which ensures alignment of our approaches to deliver and
 maximize value to our clients. Our ''Business Value Realization''
 program is an initiative comprising frameworks, methodologies,
 processes and systems, to promote articulation and assurance of
 business value for various engagements. We leveraged this BVA program
 extensively across services / domains and were able to make a
 substantial impact on our clients'' business value. The process
 excellence and transformation program has delivered significant benefit
 across multiple service lines.
 Our Quality department is spearheading various key initiatives and
 driving excellence across the organization. We proactively adopted the
 latest external and internal industry best practices. We have
 institutionalized the incremental and breakthrough improvements by
 adopting customized programs on Six-sigma and lean methodologies for
 IT. This has resulted in improving the efficiency and impacted
 effectiveness in IT services / operations leading to significant
 savings for our clients.
 6.  Infosys Labs
 Infosys Labs focuses on defining and driving the research and
 innovation agenda for us. It is a dedicated research group comprising
 technology and domain-focused members. At Infosys Labs, we have
 identified large, multidisciplinary problem spaces that embody the
 challenges faced by our clients and we are creating technology
 solutions to solve them.
 Infosys Labs has set up a ''Center of Innovation for Tomorrow''s
 Enterprise'' (CITE) which manages the research on the seven core
 themes for Building Tomorrow''s Enterprise. The themes are focused on
 Digital Consumers, Emerging Economies, Healthcare Economy, Sustainable
 Tomorrow, New Commerce, Smarter Organizations and Pervasive Computing.
 Our Enterprise Technology Research group focuses on topics such as
 semantic technology, context aware systems, intelligent sensing,
 multi-channel convergence, large data modeling and simulation, next
 generation computing platform visualization, and immersive experiences.
 Our Center for Services Innovation focuses on software engineering
 aspects like software dependability, preventive maintenance,
 distributed service delivery, modernization and automation and
 Infosys Labs is structured to deliver value to clients and Infosys
 business groups along the dimensions of Optimization, Transformation
 and Innovation.
 We have set up innovation centers with a number of our clients,
 university partners, technology partners and industry research
 We focus on developing Intellectual Property (IP) assets that will
 enable new and differentiated products, platforms, solutions and
 services for our business groups.
 This year, over 334 articles were published by Infosys Labs''
 researchers in leading journals, magazines, books and conference
 proceedings.  Infosys Labs Briefings, our highly respected
 peer-reviewed journal, published issues in areas such as Big Data and
 model-based software engineering.
 We collaborate with leading national and international universities
 such as the University of Southern California, University of Cambridge,
 University of Illinois at Urbana-Champaign, Indian Institute of
 Technology Bombay - Monash Research Academy, Purdue University, Queens
 University Belfast, Indraprastha Institute of Information Technology,
 Delhi, Indian Institute of Science, Bangalore, Indian Institute of
 Information Technology, Bangalore. Last year, we collaborated with
 institutions like National ICT Australia (NICTA) and Office of the
 Chief Scientist of Israel. We are a member of several global research
 consortia, including India-U.K. Advanced Technology Centre of
 Excellence in Next Generation Networks, Systems and Services, and Smart
 Services Cooperative Research Consortium, Australia.
 This fiscal, Infosys Labs'' IP Cell filed 97 unique patent applications
 in the U.S. Patent and Trademark Office (USPTO), the Indian Patent
 Office and other jurisdictions. The aggregate unique patent
 applications filed stand at 532 and are under various stages of
 processing. The total number of patents granted is 87.
 7.  Branding
 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 insight on
 what''s ahead and then partner with clients to help them transform and
 thrive in a changing world. We do this by uncovering opportunities for
 innovation-led growth through strategic consulting and co-creating
 disruptive solutions. We then enable clients to sustain that advantage
 with smarter operations. It is the unfailing delivery of our brand
 promise that makes us the right technology partner for clients, from
 over 30 countries. The Infosys brand has been recognized by leading
 publications and independent industry bodies globally. To name just a
 few, we are :
 - Ranked 19 th position in a survey of innovative companies based on
 an ''innovation premium'' principle of stock market valuation
 - Ranked first globally for our corporate governance practices by IR
 Global Rankings (IRGR)
 - Accorded the top position in the National Council for Work
 Experience (NCWE) Awards 2013, making us one of the U.K.''s best
 internship providers
 - Recognized as one of the ''Achievers 50 Most Engaged
 Workplaces'' in the United States (U.S.)
 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
 client and industry attendees.
 8.  Awards and recognition
 In 2012-13, as in the years preceding, we earned a number of awards and
 honors from various industry bodies and media organizations across the
 globe. Some of the significant awards are :
 - Infosys and British Telecom jointly won the prestigious Global
 Telecoms Business Innovation Award 2012 under the Business Service
 Innovation category.
 - The Infosys - RioTinto relationship won the Outsourcing Excellence
 Award, for Best New Process / Application from Outsourcing Center, an
 Alsbridge company
 - We were awarded the Pegasystems Excellence in Solution Development
 Award for the best-in-class insurance service delivery platform.
 - Spirit AeroSystems recognized Infosys with the Platinum Award for
 consistent high-quality engineering services.
 - We received the 2012 IT Partner of the Year Award from Analog
 Devices, a global leader in high-performance semiconductors for signal
 processing applications.
 - The Asian Banker Technology Implementation Awards 2012 awarded
 Finacle along with DBS Bank as the Best Core Banking Implementation
 for Regional and International Banks Award.
 - Another Finacle client, ING Vysya Bank won the Best Corporate
 Internet Banking Initiative Award.
 - Finacle also jointly won first place in the Core Banking
 Technology Provider of the Year category at the Banker''s Innovation in
 Banking Technology Awards, 2012.
 - We have been identified as one of the top 25 performers in the
 Caring for Climate Initiative by United Nations Global Compact (UNGC)
 and UN Environment Program.
 - We have also been recognized as an innovation leader in India in
 KPMG''s 2012 Global Technology Innovation Survey
 - We were recognized as one of the Achievers 50 Most Engaged
 Workplaces in the U.S. for our leadership and innovation towards
 engaging employees.
 - We were ranked second in the 2012 Global Outsourcing 100 List
 compiled annually by the International Association of Outsourcing
 Professionals (IAOP) for our performance across all four survey
 assessment categories, namely, size and growth, customer references,
 organizational competencies, and management capabilities.
 - For the second consecutive year, we have won the P&G Global
 Business Services Organization''s External Business Partner Excellence
 Award for the quality of our execution, commitment to relationship and
 work with P&G''s ecosystem of partners and co-creating innovation.
 - Infosys China has been listed among the Top 10 Global Service
 Providers in China by the China Council for International Investment
 Promotion for the second consecutive year.
 - Infosys BPO won the Award for Innovation in Learning at the Best
 Learning and Development Awards 2012.
 - Infosys BPO won the Golden Peacock HR Excellence Award 2012.
 - Infosys BPO won the Award for Institution Building at the Asia
 Pacific HRM Congress Awards - 2012.
 - We were declared the winners of 2012 Asia''s Most Admired Knowledge
 Enterprises (MAKE) study by Teleos, in association with the KNOW
 Network for the 10th time, for developing knowledge-based products and
 - Infosys BPO has been awarded the prestigious 2012 Optimas Award for
 ''Managing Change'', recognizing exemplary achievements in workforce
 management and for successfully integrating new employees from around
 the globe into the organization.
 - Infosys BPO won the Gold Award for Marketing Excellence in the
 category of ''Marketing with Social and Interactive Media'' at the
 Information Technology Services Marketing Association (ITSMA) Awards
 - We have received the Microsoft Platform Modernization Award for
 sales achievement for our Legacy Modernization solution, which helps
 customers migrate to Microsoft platforms.
 - We were awarded the National Energy Conservation Award 2012 for our
 energy conservation efforts at our campuses in Jaipur and Pune.
 - Finacle has been ranked as a long-term leader in the Forrester
 Wave, Global Banking Platforms, Q4 2012.
 - The Institute of Directors, India, conferred the prestigious Golden
 Peacock Award to Infosys Cloud Ecosystem Hub, recognizing the Hub as
 the ''Most Innovative Product / Service'' of 2012.
 - The National Association of Software and Services Companies
 (NASSCOM) presented their prestigious Business Innovation Award for
 2013 to Infosys Edge for its original concept, business viability,
 scalability, R&D investments, and overall impact on the industry.
 9.  Capital expenditure
 This year, we capitalized Rs. 1,422 crore. This comprises Rs. 640 crore
 (includes Rs. 62 crore transferred from Infosys Australia) for
 investment in computer equipment, Rs. 30 crore (includes Rs. 21 crore
 transferred from Infosys Australia) in Intellectual Property rights,
 Rs. 1 crore on vehicles and the balance of Rs. 751 crore (includes Rs.
 13 crore transferred from Infosys Australia) on infrastructure
 investments. We invested Rs. 145 crore to acquire 119.35 acres of land
 in Bangalore, Hubli, Mysore, and Thiruvananthapuram.
 Last year, we added Rs. 807 crore to our gross block. This comprises
 Rs. 245 crore for investment in computer equipment (includes Rs. 10
 crore transferred from Infosys Consulting Inc., on its termination),
 Rs. 17 crore in Intellectual Property rights, Rs. 2 crore on vehicles
 and the balance of Rs. 543 crore on infrastructure investments. We
 invested Rs. 158 crore to acquire 371 acres of land in Bangalore,
 Bhubaneswar, Mangalore, Nagpur and Indore.
 10.  Liquidity
 We continue to be debt-free and maintain sufficient cash to meet our
 strategic objectives. We clearly understand that the liquidity in the
 Balance Sheet has to balance between earning adequate returns and the
 need to cover financial and business risks. Liquidity also enables us
 to make a rapid shift in direction, should the market so demand.
 During fiscal 2013, internal cash flows have more than adequately
 covered working capital requirements, capital expenditure, investment
 in subsidiaries and dividend payments. As at March 31, 2013, we had
 liquid assets of Rs. 22,289 crore as against Rs. 19,898 crore at the
 previous year-end. These funds have been invested in deposits with
 banks, highly-rated financial institutions, liquid mutual funds,
 certificates of deposit and tax free bonds. The tax free bonds are
 disclosed under non-current investments.
 11.  Increase in share capital
 During the year, we issued 6,165 shares on the exercise of stock
 options under the 1999 Employee Stock Option Plans. As a result of
 this, the outstanding issued, subscribed and paid-up equity shares
 increased from 57,42,30,001 as at March 31, 2012 to 57,42,36,166 shares
 as at March 31, 2013.
 12.  Appropriations Dividend
 Our policy is to pay dividend of up to 30% of the consolidated net
 profit after tax. In October 2012, we paid an interim dividend of Rs.
 15/- per share. We recommended a final dividend of Rs. 27/- per share
 (par value of Rs. 5/- each), making in all Rs. 42/- per share as
 dividend for the year.
 The total dividend amount pay out (excluding dividend tax) for the
 current year is Rs. 2,412 crore, as against Rs. 2,699 crore in the
 previous year. The dividend for the previous year includes a special
 dividend of Rs. 10/- per share for the completion of 10 years of
 Infosys BPO operations amounting to Rs. 574 crore. Dividend (including
 dividend tax) as a percentage of consolidated net profit after tax is
 29.9% as compared to 29.7% in the previous year.
 The register of members and share transfer books will remain closed
 from June 1, 2013 to June 15, 2013 (both days inclusive). Our Annual
 General Meeting is scheduled to be held on June 15, 2013.
 Transfer to reserves
 We propose to transfer Rs. 911 crore (10% of the standalone net profit
 for the year) to the general reserve. An amount of Rs. 25,383 crore is
 proposed to be retained in the Statement of Profit and Loss.
 13.  Corporate governance
 We continue to be a pioneer in benchmarking 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 N. R. Narayana Murthy
 Committee on Corporate Governance constituted by the Securities and
 Exchange Board of India (SEBI). For fiscal 2013, the compliance report
 is provided in the Corporate governance report section of the Annual
 Report. The auditors'' certificate on compliance with the mandatory
 recommendations of the committee is provided in the Annexure to the
 directors'' report section.
 We have documented our internal policies on corporate governance.  In
 line with the committee''s recommendations, the Management''s discussion
 and analysis of the financial position of the Company is provided in
 this Annual Report.
 During the year, we continued to fully comply with the U.S.
 Sarbanes-Oxley Act of 2002. Several aspects of the Act, such as the
 Whistleblower Policy and Code of Conduct and Ethics, have been
 incorporated in our Company policy.
 14.  Listing in NYSE
 During the year, we withdrew the listing of our American Depositary
 Shares (ADSs) from NASDAQ and listed the same in the New York Stock
 Exchange (NYSE) and NYSE Euronext - London and Paris. The delisting and
 listing is to leverage the NYSE-Euronext partnership to seek listing in
 Paris and London stock exchanges which are home to many of our
 investors, clients and employees. This will also empower our investor
 base and increase the trading window available for our global
 investors. We believe this will support our aspirational and strategic
 goals to grow the Company
 15.  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
 provided in the Annexure to the directors'' report section.
 16.  Particulars of employees
 In terms of the provisions of Section 217 (2A) of the Companies Act,
 1956, read with the Companies (Particulars of Employees) Rules, 1975,
 the names and other particulars of employees are set out in the
 Annexure to the directors'' report section. However, as per the
 provisions of Section 219 (1)(b)(iv) of the Companies Act, 1956, the
 Annual Report excluding the aforesaid information is being sent to all
 the members of the Company and others entitled thereto. Any member
 interested in obtaining such particulars may write to the Company
 Secretary at the registered office of the Company The same will also be
 published on our website, www.infosys.com
 17.  Directors'' responsibility statement as required under Section 217
 (2AA) of the Companies Act, 1956
 The financial statements are prepared in accordance with the accounting
 standards issued by the Institute of Chartered Accountants of India and
 the requirements of the Companies Act, 1956, to the extent applicable
 to us, and guidelines issued by SEBI on the historical cost convention
 as a going concern and on the accrual basis. There are no material
 departures from prescribed accounting standards in the adoption of the
 accounting standards.
 The Board of Directors accepts responsibility for the integrity and
 objectivity of these financial statements. The accounting policies used
 in the preparation of the 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, in order
 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.
 We have taken sufficient care to maintain adequate accounting records
 in accordance with the provisions of the Companies Act, 1956, to
 safeguard the assets of the Company and to prevent and detect fraud and
 other irregularities.
 18.  Directors
 The Board inducted Leo Puri as Additional Director with effect from
 April 11, 2013. We seek your support in confirming his appointment as
 director liable to retire by rotation.
 In accordance with the retirement policy for the Company''s Board,
 Sridar A. Iyengar retired from the Board effective August 13, 2012.  We
 place on record our deep sense of appreciation for the services
 rendered by Sridar A. Iyengar during his tenure as a Board member.
 As per Article 122 of the Articles of Association, S. D. Shibulal,
 Srinath Batni, Deepak M. Satwalekar, Dr. Omkar Goswami and R Seshasayee
 retire by rotation in the forthcoming Annual General Meeting. All of
 them, being eligible, seek re-appointment.
 19.  Auditors
 The auditors, B S R & Co., Chartered Accountants, retire at the ensuing
 Annual General Meeting and have confirmed their eligibility and
 willingness to accept office, if re-appointed.
 20.  Fixed deposits
 We have not accepted any fixed deposits and, as such, no amount of
 principal or interest was outstanding as of the Balance Sheet date.
 21.  Human resources management
 Our employees are the most valuable assets of the Company.  We
 encourage innovation, meritocracy and the pursuit of excellence.  We
 have set up a scalable recruitment and human resources management
 process. We added 22,019 (gross) and 1,333 (net) employees this year
 (excluding employees transferred within Infosys group companies),
 taking our total strength to 1,26,397 from 1,24,789 at the end of the
 previous year. The Infosys Group added 6,694 (net) and 37,036 (gross)
 employees this year, taking the total strength to 1,56,688 from
 1,49,994 at the end of the previous year. Our attrition rate stands at
 16.3% compared to 14.7% for the previous year. Over the last year, we
 received 3,78,994 applications from prospective employees and we
 continue to remain an employer of choice in the industry.
 22.  Education and Research
 Competency development continues to be a key area of strategic focus
 for us. We launched new programs for our employees in keeping with the
 changes in the use of technology in education. We enhanced our
 technology led training efforts in multiple areas. With over 1,000
 videos on various topics and many multimedia artifacts for learning, we
 now have a rich repository of technology-assisted learning.
 During fiscal 2013, the total training provided for Infoscions was over
 1.4 million person days. Many of our employees also took external
 certifications creating a large pool of certified people.
 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.  This has
 been very well received by the academia.
 During fiscal 2013, we engaged with 1,700 faculty members who in turn
 trained 60,800 students. With this, the total number of beneficiaries
 covered are over 8,970 faculty members and 2,51,800 students from 358
 engineering institutions.
 Another program that is a testimony to our commitment to education is
 SPARK, a 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 1,59,800 students during the year. From its launch in 2008, the
 program has reached over 8,42,000 students. Over 96,570 students
 participated in Aspirations 2020 in fiscal 2013, 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.
 Like previous years, our researchers continued to demonstrate their
 thought leadership in several areas through their publications at
 global conferences and through contributions to book chapters and
 23.  Infosys Leadership Institute
 The Infosys Leadership Institute (ILI) was established with an aim to
 develop world-class corporate leaders. The institute identifies
 potential candidates and supports the development required to take on
 key leadership positions within the Company ILI aims to be a globally
 recognized institution that remains relevant to Infosys while advancing
 the field with original thought leadership.
 Over the last year, ILI has ramped up the team to 15 members in both
 the Leadership and Organizational Development and Decision Solutions
 In fiscal 2013, ILI also showcased thought leadership through
 collaborations with leading researchers across the globe including
 pioneering a new evidence-based Charismatic Leadership course in
 partnership with academic partners.
 24.  Sustainability initiatives
 Our sustainability charter is driven by our core values and ethics.
 Our sustainability themes and actions are inextricably intertwined in
 our everyday business practices. Our sustainability actions rest on
 three pillars viz., Social contract, Resource intensity and Green
 Social contract
 Today, businesses have an extended set of stakeholders - local
 communities, social organizations and the society - with the ability to
 influence the future of business. These stakeholders have ethical,
 social and environmental expectations that extend beyond financial
 goals and legal expectations - implicit social contracts that
 enterprises must honor. We believe that these social covenants are
 fundamental to nurturing stakeholder trust and ensuring business
 Campus Connect Program : This Infosys-academia flagship program, is
 focused on a partnership with engineering colleges, to enhance the pool
 of highly capable talent for growth requirements in the IT space.
 Launched in 2004, the Campus Connect program has enabled over 8,970
 faculty members and 2,51,800 students across 358 engineering colleges,
 till date.
 Project Genesis : It is an industry-academia partnership program,
 focused on degree colleges, that enables academicians to handle queries
 and apprehensions of students about a career in the BPO industry. The
 objective of this program is to help academicians interact with the
 student community, informing and updating them on trends and
 technologies in the IT domain. It covers students from Tier 2 and Tier
 3 cities in India, helping to bridge the skill gap between industry
 requirements and graduate education. Project Genesis has covered 3,200
 faculty in 1,700 institutes, involving 1,00,000 students in fiscal
 SPARK Program : SPARK is a volunteer-driven program that aims at
 raising the aspirations of students and has the following offerings -
 SPARK-Rural Reach Program, SPARK-Catch Them Young, SPARK- On Campus
 Events and SPARK-Guru. The nation-wide program creates excitement
 amongst students about Information Technology (IT), educates them about
 the role of IT in business, and prepares them for the opportunities
 that the industry has to offer to the youth in the country. Over
 8,42,000 students have benefited from this program since its inception
 in 2008. The program has involved 35,644 Infosys employees as
 volunteers, who invested their personal time on Saturdays for these
 offerings. This year, the SPARK program covered the following
 beneficiaries :
 Particulars                      FY 2013     Total (1)
 Events completed                     607     3,577
 Students                        1,59,827  8,42,167 
 Girl students                     76,212  3,40,802 
 Rural students                    81,757  4,77,904 
 Faculty enabled                    4,613    27,814 
 Employee volunteers                4,388    35,644
 1 The cumulative total since the start of the program until fiscal
 Infosys won NASSCOM''s NExT Practices Awards 2012, the top honor for
 designing and implementing innovative programs in creating capacity and
 capabilities for IT and ITeS talent, through its Campus Connect and
 Project Genesis programs. The award recognizes companies that have been
 leaders in bridging the industry''s demand-supply gap and addressing
 employability concerns.
 Community development
 Promoting the cause of health and hygiene in rural India, the Infosys
 Foundation invested Rs. 10 crore and started the Parishudh Initiative.
 We collaborated with over 10 Non-governmental Organizations (NGO) in
 North Karnataka since its inception 18 months ago.  The Parishudh
 initiative has helped 10,000 families build toilets in over 300
 villages and has created opportunities for economic development through
 entrepreneurial development. Over 20 entrepreneurs have been encouraged
 to run their own business through this initiative.  Over 50,000 people
 have been benefited by the Parishudh Initiative.  We have also been
 conducting awareness sessions to educate over three lakh families on
 the need for good hygiene and sanitation. Many policy related changes
 aimed at the welfare of rural communities have been submitted to the
 governments of Karnataka and India. Our team has also developed an
 easily replicable model of project management to scale up this program.
 Resource intensity
 In the face of accelerated depletion of natural resources, incremental
 increases in resource efficiency are not sufficient and beyond a point,
 optimization gets prohibitively expensive. Resource intensity is about
 doing far more with far less. It is about finding transformational ways
 to de-intensify and achieve the same or better outcome using fewer
 In 2007, we launched our environmental sustainability initiatives and
 have since taken great strides towards becoming a sustainable
 organization. We are committed to becoming carbon neutral by 2017.  As
 part of this initiative, the Company has committed to reduce its per
 capita electricity consumption by 50% over 2007-08 levels by 2017 and
 source 100% of electricity requirement from renewable resources.  In
 recognition of this, we were listed among top 25 performers in Caring
 for Climate initiative. Launched by the United Nations Secretary
 General Ban Ki-moon in 2007, Caring for Climate is the UN Global
 Compact (UNGC) and UN Environment Programme''s initiative aimed at
 advancing the role of business in addressing climate change. Caring for
 Climate is endorsed by nearly 400 companies from 65 countries.  We are
 the only global consulting and technology company to make it into the
 top 25 performers list. For more information, refer to : http://
 Green innovation
 Business imperatives like environmental sustenance and resource
 conservation are providing new opportunities for enterprises to
 leverage and stimulate innovation and spur business growth. Green
 innovation is about addressing sustainability challenges through
 innovation, differentiation, driving efficiencies and creating new
 avenues for growth to become trendsetters.
 Infosys Labs, our research and innovation department continues to drive
 innovation across the seven themes of our strategic direction, Building
 Tomorrow''s Enterprise through the ''Center for Innovation for
 Tomorrow''s Enterprise'' (CITE). The institute for research on
 sustainability is part of CITE and focuses on business research in the
 area of enterprise sustainability; collaborates with universities and
 research bodies to bring the latest developments and thinking to our
 clients; partners with our business units to bring in sustainability
 aspects in their offerings; and designs new offerings to address
 enterprise sustainability challenges.
 A detailed report on our sustainability initiatives and actions is
 published in the Business Responsibility Report 2012-13 and
 Sustainability Report 2012-13. For more details, visit our website,
 25.  Employee Stock Option Plan (ESOP)
 We had introduced various stock option plans for our employees. The
 details of options granted under the 1998 Stock Option Plan (the 1998
 Plan) and the 1999 Stock Option Plan (the 1999 Plan) are as follows :
                               1998 Plan              1999 Plan
 Total grants authorized 
 by the plan (No.)             1,17,60,000 ADS        5,28,00,000 shares
 Pricing formula on date 
 of grant                      Not less than 90% of
                               fair market value      Fair market value
 Variation in terms            NA                     NA
 Ratio of ADS to equity shares 1 ADS = 1 equity share NA
 Options granted during the 
 year (No.)                    -                      -
 Weighted average price per 
 option granted (Rs.)          NA                     NA
 Options vested as at March 
 31, 2013 (No.)                -                      -
 Options exercised during 
 the year (No.)                -                      6,165
 Total number of shares 
 arising as a result of
 exercise of options           -                      6,165
 Money raised on exercise of 
 options (Rs. crore)           -                      1.31
 Options forfeited and 
 lapsed during the year (No.)  -                      5,518
 Total number of options in 
 force at the end of the
 year (No.)                    -                      -
 Grant to senior management    -                      -
 Employees receiving 5% or 
 more of the total number of 
 options granted during 
 the year                      -                      -
 Employees granted options 
 equal to or exceeding 1% 
 of the issued capital         -                      - 
 Diluted EPS on issue of 
 shares on exercise 
 calculated in accordance 
 with AS 20
 (Before exceptional items)    157.55                 157.55 
 Diluted EPS on issue of 
 shares on exercise 
 calculated in accordance 
 with AS 20 (After 
 exceptional items)            158.76                 158.76
 SEBI has issued the Employee Stock Option Scheme and Employee Stock
 Purchase Scheme Guidelines, 1999. This is effective for all stock
 option schemes established after June 19, 1999. In accordance with
 these guidelines, the excess of the market price of the underlying
 equity shares as of the date of the grant over the exercise price of
 the option, including up-front payments, if any, is to be recognized
 and amortized on a straight-line basis over the vesting period.
 We have the 1998 Stock Option Plan and 1999 Stock Option Plan, where
 the options are issued to the employees at an exercise price not less
 than the fair market value. For fiscal 2013 and 2012 there was no stock
 compensation cost. During fiscal 2013 and 2012, stock options under the
 1998 Plan and 1999 Plan have not been granted. Hence, the weighted
 average fair values of grant during these years are nil.
 All stock options under the 1998 and 1999 Employees Stock Option Plans
 were granted at the prevalent market price on the date of grant.
 Accordingly, we have calculated the compensation cost arising on
 account of stock options granted using the intrinsic value method.
 Hence, the disclosure in terms of Clause 12.1 (n) of SEBI (Employees
 Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines,
 1999, is not applicable.
                                        2013                  2012
                                No. of 
                                options   Weighted  
                                          average    No. of
                                                     options    Weighted 
                                           (Rs.)                exercise
 1998 Plan
 Outstanding at the beginning 
 of the year                          -         -      50,070       683
 Forfeited                            -         -        (480)      862
 Exercised                            -         -     (49,590)      734
 Outstanding at the end 
 of the year                        Nil         -         Nil         -
 Vested at the end of the year      Nil         -         Nil         -
 1999 Plan
 Outstanding at the beginning 
 of the year                     11,683     2,121      48,720       962
 Forfeited                       (5,518)    2,121      (8,185)      430
 Exercised                       (6,165)    2,121     (28,852)      643
 Outstanding at the end
 of the year                        Nil         -      11,683     2,121
 Vested at the end of the year      Nil         -       7,429     2,121
 Restricted Stock Unit (RSU) Plan
 We have received the approval of our shareholders, through a postal
 ballot, to implement a RSU Plan. The plan permits the grant of RSU, to
 certain eligible employees of the Company. The purpose of the RSU Plan
 is to motivate key employees and encourage them to align their
 individual aspiration with the objectives of the Company. We have not
 yet issued any units under the plan during the year ended March 31,
 26.  Infosys Science Foundation
 The Infosys Science Foundation, a not-for-profit trust, was set up in
 2009 by Infosys and some of its management to promote research in the
 sciences. The Infosys Prize, instituted by the foundation, recognizes
 exemplary research by scholars and scientists connected to India. It
 hopes to inspire young Indians to choose a vocation in scientific
 The prize is given annually across six categories :
 Category                          Areas of accomplishment
 Physical Sciences                 Earth Sciences, Physics and Chemistry
 Mathematical Sciences             Mathematics and Statistics 
 Engineering and Computer          All branches of Engineering 
 Life Sciences                     Biology, Medicine and Plant Science
 Social Sciences                   Anthropology, Economics, Political 
                                   Science, Psychology and Sociology
 Humanities                        Archeology, History, Philosophy, Legal
                                   Theory and Literary Studies
 The Infosys Prize 2012 presentation was held in New Delhi on January 3,
 2013. Dr. Gro Harlem Brundtland, former Prime Minister of Norway and
 former Director General of the World Health Organization, felicitated
 the laureates with a 22 karat gold medallion and a citation each and a
 prize purse of Rs. 50 lakh per category The inaugural Humanities Prize
 was given jointly in Literary Studies and History For more details
 about the Infosys Science Foundation, visit our website,
 27.  Infosys Foundation
 We established the Infosys Foundation in 1996, as a not-for-profit
 trust to support our social initiatives. The Foundation supports
 programs and organizations devoted to the welfare of the destitute,
 rural poor, and economically disadvantaged sections of the society.
 The Infosys USA Foundation is active in the areas of Science,
 Technology, Engineering and Math (STEM) education, and the promotion of
 arts and culture. The Foundation has committed a grant of US 0,000
 for the New York City Science Education Initiative of the New York
 Academy of Sciences (NYAS). The program is developed in association
 with the New York City Department of Youth and Community Development
 (DYCD) to train and mentor students of underserved communities of New
 York and Citizen Schools of New Jersey in STEM. We have also worked
 with the Wayne County Community College District (WCCCD) to offer our
 world-renowned software development training program to grow Detroit''s
 technology talent pool.
 A summary of the work done by the Foundation is provided in the
 Additional information section in the Annual Report published on our
 website, www.infosys.com
 We express our gratitude to the honorary trustees of the Foundation for
 contributing their valuable time and energy to its activities.
 28.  Green initiatives
 During fiscal 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 along with the
 Abridged standalone financial statements prepared in compliance with
 Section 219 of the Companies Act, 1956 and Clause 32 of the Listing
 Agreement. Additional details are available on our website,
 29.  Business Responsibility Report
 SEBI, vide its circular CIR/CFD/DIL/8/2012 dated August 13, 2012, had
 proposed to mandate inclusion of Business Responsibility Reports as
 part of the Annual Report for listed entities. According to the
 proposal, the report should describe measures taken by the listed
 companies along with key principles enunciated in the ''National
 Voluntary Guidelines on Social, Environmental and Economic
 Responsibilities of Business'' framed by the Ministry of Corporate
 Affairs. This is intended to be adopted by companies in India to report
 their Corporate Social Responsibility (CSR) activities and initiatives.
 We have always been at the forefront of voluntary disclosures to ensure
 transparent reporting on all matters related to our Company''s
 governance and business operations. We had voluntarily published our
 first Business Responsibility Report 2011-12 based on SEBI''s proposal.
 This year too, we are publishing the report to cover aspects related to
 our strategy on CSR, green initiatives and activities taken up for the
 year 2012-13.  The Infosys Business Responsibility Report is available
 on our website, www.infosys.com
 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 pertaining to our Social contract, Resource intensity and
 Green innovation. The report is audited by an external auditor, Det
 Norske Veritas AS (DNV). We have been consistently receiving an A 
 rating from GRI and DNV for our Sustainability Reports. For more
 details on the Infosys Sustainability Report, visit www.infosys.com
 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
 and support.
 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 Customs and Excise Departments,
 the Income Tax Department, the Reserve Bank of India, the State
 Governments, the Software Technology Parks (STPs) - Bangalore,
 Bhubaneswar, Chandigarh, Chennai, Gurgaon, Hyderabad, Jaipur,
 Mangalore, Mysore, 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. D. Shibulal                S. Gopalakrishnan
 Bangalore           Chief Executive Officer and   Executive Co-Chairman
 April 12, 2013      Managing Director             of the Board
Source : Dion Global Solutions Limited
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