Result Update: Q3 FY12 - - Personal finance India for

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SYNOPSIS

• Infosys Ltd. is a global leader company in

the "next generation" of IT and consulting

Services & is recognized for its world-class

management practices and work ethics.

• During the quarter ended, the robust

growth of Net Profit is increased by 33.26%

to Rs. 23720.00 million.

• During the quarter, 49 new clients were

added by Infosys and its subsidiaries.

• Infosys BPO becomes the first company in

India & the Third Company Globally, to be

Re-certified a Level 5 eSCM-SP Provider by

IT Services Qualification Center (ITSqc).

• Infosys subsidiary Infosys BPO Ltd has

signed a definitive agreement to acquire all

of the outstanding share capital in

Australia-based Portland Group Pty Ltd.

• Infosys has been awarded the Global

(MAKE) award 2011 for the 8th time.

• Net Sales & PAT of INFOSYS are expected

to grow at a CAGR at 21% and 16% over

2010 to 2013E respectively.

Years Net sales EBITDA Net Profit EPS P/E

FY 11 275010.00 93130.00 68230.00 119.28 22.33

FY 12E 342952.95 117354.89 84046.93 146.94 18.12

FY 13E 399197.24 135567.71 97134.26 169.82 15.68

Stock Data:

Sector: IT

Face Value Rs. 5.00

52 wk. High/Low (Rs.) 3332.00/2169.00

Volume (2 wk. Avg.) 255000.00

BSE Code 500209

Market Cap (Rs in mn) 1523236.00

Share Holding Pattern

1 Year Comparative Graph

INFOSYS LTD. BSE SENSEX

C.M.P: Rs. 2663.00 Target Price: Rs. 3009.00 Date: Jan. 21st 2012 BUY

INFOSYS LTD Result Update: Q3 FY12

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Peer Group Comparison

Name of the company CMP(Rs.) Market Cap. (Rs. mn.) EPS(Rs.) P/E(x) P/Bv(x) Dividend (%)

Infosys Ltd. 2663.00 1523236.00 119.28 22.33 5.86 1200.00

TCS 1104.50 216635.01 48.29 22.92 11.12 1400.00

HCL 425.20 29364.59 20.28 20.96 5.01 375.00

Wipro Technologies 415.00 102164.72 19.66 21.15 4.79 200.00

Investment Highlights

Q3 FY12 Results Update

INFOSYS Ltd. has reported net profit of Rs 23720.00 million for the quarter ended

on December 31, 2011 as against Rs 17800.00 million in the same quarter last

year, an increase of 33.26%. It has reported net sales of Rs 92980.00 million for

the quarter ended on December 31, 2011 as against Rs 71060.00 million in the

same quarter last year, a rise of 30.85%. Total income grew by 31.42% to

Rs.97200.00 million from Rs. 73960.00 million in the same quarter last year.

During the quarter, it reported earnings of Rs 41.47 a share.

Quarterly Results - Consolidated (Rs in mn)

As At Dec-11 Dec-10 %change

Net sales 92980.00 71060.00 30.85%

PAT 23720.00 17800.00 33.26%

Basic EPS 41.47 31.12 33.26%

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Net Sales & PAT Growth

During the quarter, Net sales rose by 30.85% to Rs. 92980.00 million from

Rs.71060.00 million in the same quarter last year and the Total Profit for the

quarter ended December 2011 was Rs. 23720.00 million grew by 33.26% from

Rs.17800.00 million compared to same quarter last year.

EPS Growth

The basic EPS of the company stood at Rs. 41.47 for the quarter ended December

2011 from Rs. 31.12 for the quarter ended December 2010.

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Break up of Expenditure

Segment Revenue

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• Infosys BPO signs Definitive Agreement to acquire Portland Group Pty Ltd in

Australia

Infosys BPO Ltd, the business process outsourcing subsidiary of Infosys Ltd. has

signed a definitive agreement to acquire all of the outstanding share capital in

Australia-based Portland Group Pty Ltd, a leading provider of strategic sourcing

and category management services. The purchase consideration for the deal is AUD

37 million, subject to customary post-completion adjustments. The acquisition is

expected to be completed by early January 2012. This acquisition would

significantly deepen its capabilities and domain expertise in Sourcing and

Procurement practice.

• Infosys BPO becomes the first company in India and the Third Company

Globally, to be Re-certified a Level 5 eSCM- SP Provider

Infosys BPO Ltd has been awarded the highest rating and has been re-certified at

capability Level 5, for the e-Sourcing Capability Model for Service Providers (eSCM-

SP) by IT Services Qualification Center (ITSqc). The eSCM-SP is a quality model

which addresses critical issues related to the BPO spectrum & is increasingly being

adopted by clients in the IT-enabled outsourcing industry worldwide to evaluate,

select and monitor service providers. Infosys BPO proactively enhances client value

across each of their delivery centres in Bangalore, Jaipur, and Pune in India & has

continued to sustain that delivery excellence over an extended period of time.

• Infosys unveils XBRL Filing Solution™

Infosys Ltd has launched of XBRL Filing Solution™, a solution for Indian

companies to file financial statements in XBRL (eXtensible Business Reporting

Language) format. This solution is aimed at addressing the requirements of Indian

companies who are required to file their financial statements in XBRL format

starting the financial year 2010-11 based on the Ministry of Corporate Affairs

(MCA) mandate. XBRL Filing solution™ developed by Infosys, is a 'Ready to Use'

tool, in which users can convert their excel-based financial information into XBRL

format in a few simple steps. This standalone solution can be easily integrated into

a Microsoft Excel format, post which it can be used immediately after installation.

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• Infosys wins 2011 Global Most Admired Knowledge Enterprises (MAKE) Award

Infosys Limited has been recognized as one of the winners of the esteemed Global

Most Admired Knowledge Enterprises (MAKE) Award 2011, by Teleos in association

with The KNOW Network. The 2011 MAKE Panel has recognized Infosys as a leader

in creating a learning organization amongst leading institutions worldwide. This is

the eighth time that the company has been awarded the Global MAKE award.

• Syngenta selects Infosys as its Global Transformation & Business IT Services

Partner

Infosys has signed a multi-year Transformation and Business IT services contract

with Syngenta AG, one of the world leading agribusiness companies based in

Switzerland. In a landmark contract that will provide consistency and predictability

of service delivery, Infosys will consolidate Syngenta’s Global Business IT services

landscape under a single shared services engagement. This engagement will enable

Syngenta to roll out standardized processes, platforms, tools and ways of working

across 90 countries.

• Revenue by Service Offering (Q3 FY12)

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• Revenue Mix (Q3 FY12)

• Geography Revenue Concentration (Q3 FY12)

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• Client Contribution to Revenue (Q3 FY12)

• Utilization (Q3 FY12)

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• Revenue by Industry (Q3 FY12)

Company Profile

Infosys Limited, formerly known as Infosys Technologies Limited is a global technology

Services Company headquartered in Bangalore, India. The company has changed its

name to Infosys Ltd. on June 16, 2011. It is the second largest IT exporter in India.

Infosys Limited was started in 1981 by seven people with US$ 250. Today, it is a

global leader in the "next generation" of IT and consulting with revenues of US$ 6.825

billion (LTM Q3-FY12). Infosys defines designs and delivers technology-enabled

business solutions for Global 2000 companies. Infosys also provides a complete range

of services by leveraging its domain and business expertise and strategic alliances with

leading technology providers.

Infosys pioneered the Global Delivery Model (GDM), which emerged as a disruptive

force in the industry leading to the rise of offshore outsourcing. The GDM is based on

the principle of taking work to the location where the best talent is available, where it

makes the best economic sense, with the least amount of acceptable risk.

Certification

The company constantly benchmarks its services and processes against globally

recognized quality standards. Our certifications include SEI-CMMI Level 5, CMM Level

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5, PCMM Level 5, TL 9000 and ISO 9001-2000. In February 2007, Infosys BPO was

certified for eSCM level 4.0, the eSourcing Capability Model for Service Providers

developed by a consortium led by Carnegie Mellon University's Information Technology

Services Qualification Centre.

Global presence

Infosys has a global footprint with 64 offices and 68 development centers in US, India,

China, Australia, Japan, Middle East, UK, Germany, France, Switzerland,

Netherlands, Poland, Canada and many other countries. Infosys and its subsidiaries

have 145,088 employees as on December 31, 2011.

Products and Services offered by the company:

The Company’s offerings span business & technology consulting, services, systems,

product engineering, custom software development, maintenance, re-engineering,

independent testing and validation services, IT infrastructure services & BPO.

IT Services

� Application Services

� Architecture Services

� Enterprise Quality Services

� Independent Validation Services

� Information Management

Services

� Infrastructure Services

� Packaged Application Services

� SOA Services

� Systems Integration Services

Engineering Services

� Mechanical Product Development

� Electronics/ Hardware Development

� Software Product Development

� Embedded Systems

� Value Analysis/ Engineering & Benchmarking

� Manufacturing Engineering & Digital Manufacturing

� Industrial Automation & Controls

� Tooling & Commodity Management

� Professional Services

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� Product Ownership & End of Life

� Product Lifecycle Management (PLM)

� Knowledge-based Engineering

� Manufacturing Execution Systems

� Contact Center & Unified Communications

� Engineering Consulting

Engineering Segments

� Aerospace

� Automotive

� Industrial Manufacturing

� High-Tech

� Software

� Energy

� Utilities

� Communication Services

� Retail

� Consumer Packaged Goods

� Life Sciences

� Financial Services

BPO Services

� Business Platforms

� Customer Service Outsourcing

� Finance and Accounting

� Human Resource Outsourcing

� Knowledge Services

� Legal Services

� Order Management

� Sourcing and Procurement

Outsourcing

Product and Platforms

� Finacle

� Flypp

� Infosys Edge

• Infosys CommerceEdge

• Infosys SocialEdge

• Infosys TalentEdge

� Infosys HIMI

� Infosys iProwe

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� Infosys MaskIT

� Infosys mConnect

� Infosys Research on Demand

� iTransform

� Supply Chain Visibility

� Infosys Unified Communications and Collaboration (UC)

Subsidiaries of the company:

� Infosys BPO Limited

� Infosys Technologies (Australia) Pty Limited

� Infosys Consulting Inc.

� Infosys Technologies (China) Company Limited

� Infosys Technologies S. De R.L. De C V., Mexico

� Infosys Technologies (Sweden)

� Infosys Tecnologia Do Brazil

� Infosys Public Services Inc.

� Infosys Technologies (Shanghai) Co Ltd

Alliances

• Global Alliance Partners

The partnership focuses on developing solutions that incorporate Infosys IP and

the alliance partners' technology and services. We jointly deliver and market

Infosys' solutions to clients across multiple industries and geographies.

� Microsoft

� Oracle

� SAP

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Alliance Partners

� CA Technologies

� Hewlett-Packard (HP)

� IBM

� Informatica

� Salesforce.com

� Schlumberger

� Siemens

� TIBCO Software Inc.

� Autonomy Corporation

� Sterling Commerce

� Pegasystems

� Xerox

� OSIsoft

Cloud

Cloud adoption is a complex process and the multiplicity of available options has led

to confusion over how to embark on a viable Cloud Journey. IT and business teams

follow different approaches to Cloud adoption. Infosys continues to see strong

momentum with its Cloud practice having delivered over 125 engagements till date. It

continues to strengthen Cloud ecosystem, with over 30 partners delivering a trusted

system for our clients. A large hi-tech client has selected Infosys to develop a Cloud-

based monitoring solution, using technologies such as Hadoop and Exadata, to

manage and meter its enterprise infrastructure. The company is working with a large

railroad client in North America on its strategy to move mainframe-based legacy

applications to the Cloud. A leading healthcare provider has selected Infosys as a

partner to migrate its existing workload to Microsoft Office 365 as its primary

messaging and collaboration platform. This provides the client productivity

improvement and high asset optimization. For large financial services major, it has

defined a technology modernization roadmap to migrate its mainframe-based loyalty

platform to the Cloud.

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Financial Results

12 Months Ended Profit & Loss Account (Consolidated)

Value(Rs.in.mn) FY10 FY11 FY12E FY13E

Description 12m 12m 12m 12m

Net Sales 227420.00 275010.00 342952.95 399197.24

Other Income 9340.00 12110.00 17795.00 20998.10

Total Income 236760.00 287120.00 360747.95 420195.34

Expenditure -148810.00 -193990.00 -243393.07 -284627.63

Operating Profit 87950.00 93130.00 117354.89 135567.71

Interest 0.00 0.00 0.00 0.00

Gross profit 87950.00 93130.00 117354.89 135567.71

Depreciation -9050.00 0.00 0.00 0.00

Exceptional Items 90.00 0.00 0.00 0.00

Profit Before Tax 78990.00 93130.00 117354.89 135567.71

Tax -16810.00 -24900.00 -33307.96 -38433.44

Profit after Tax 62180.00 68230.00 84046.93 97134.26

Extraordinary Items 480.00 0.00 0.00 0.00

Net Profit 62660.00 68230.00 84046.93 97134.26

Equity capital 2860.00 2860.00 2860.00 2860.00

Reserves 227630.00 256900.00 340946.93 438081.19

Face Value 5.00 5.00 5.00 5.00

EPS 109.55 119.28 146.94 169.82

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Quarterly Ended Profit & Loss Account (Consolidated)

Value(Rs.in.mn) 30-Jun-11 30-Sep-11 31-Dec-11 31-Mar-12E

Description 3m 3m 3m 3m

Net sales 74850.00 80990.00 92980.00 94132.95

Other income 4430.00 3870.00 4220.00 5275.00

Total Income 79280.00 84860.00 97200.00 99407.95

Expenditure -55330.00 -58180.00 -63990.00 -65893.07

Operating profit 23950.00 26680.00 33210.00 33514.89

Interest 0.00 0.00 0.00 0.00

Gross profit 23950.00 26680.00 33210.00 33514.89

Depreciation 0.00 0.00 0.00 0.00

Exceptional Items 0.00 0.00 0.00 0.00

Profit Before Tax 23950.00 26680.00 33210.00 33514.89

Tax -6730.00 -7620.00 -9490.00 -9467.96

Profit after Tax 17220.00 19060.00 23720.00 24046.93

Extraordinary Items 0.00 0.00 0.00 0.00

Net Profit 17220.00 19060.00 23720.00 24046.93

Equity capital 2860.00 2860.00 2860.00 2860.00

Face Value 5.00 5.00 5.00 5.00

EPS 30.10 33.32 41.47 42.04

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Key Ratios

Particulars FY10 FY11 FY12E FY13E

No. of Shares (in mn) 572.00 572.00 572.00 572.00

EBIDTA % 38.67% 33.86% 34.22% 33.96%

PBT (%) 34.73% 33.86% 34.22% 33.96%

PAT (%) 27.34% 24.81% 24.51% 24.33%

P/E ratio (x) 24.31 22.33 18.12 15.68

ROE (%) 26.98% 26.27% 24.45% 22.03%

ROCE (%) 35.60% 29.76% 29.36% 27.14%

Debt Equity Ratio 0.18 0.20 0.16 0.13

EV/EBIDITA (x) 17.32 16.36 12.98 11.24

Book Value (Rs.) 402.95 454.13 601.06 770.88

Price/Book Value 6.61 5.86 4.43 3.45

Charts:

• Net sales & PAT

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• P/E Ratio (x)

• Debt Equity Ratio

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• P/BV (X)

• EV/EBITDA(X)

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Outlook and Conclusion

• At the current market price of Rs. 2663.00, the stock is trading at 18.12 x

FY12E and 15.68 x FY13E respectively.

• Earning per share (EPS) of the company for the earnings for FY12E and FY13E

is seen at Rs.146.94 and Rs.169.82 respectively.

• Net Sales and PAT of the company are expected to grow at a CAGR of 21% and

16% over 2010 to 2013E respectively.

• On the basis of EV/EBITDA, the stock trades at 12.98 x for FY12E and 11.24 x

for FY13E.

• Price to Book Value of the stock is expected to be at 4.43 x and 3.45 x

respectively for FY12E and FY13E.

• We expect that the company will keep its growth story in the coming quarters

also. We recommend ‘BUY’ in this particular scrip with a target price of

Rs.3009.00 for Medium to Long term investment.

Industry Overview

Over the past few years, the Indian information technology (IT) and IT enabled Services

(ITeS) industry has been on a steady growth trajectory. The IT industry, alone, has

played a pivotal role in placing India on the world map as a major knowledge-based

economy and outsourcing hub. The major sub-segment, that entails Business Process

Outsourcing (BPO), is re-inventing itself and experiencing a paradigm shift from being

a volume-oriented proposition to a value-oriented proposition by expanding its scope

of services and providing substantial high-end solutions in the areas of Data Analytics,

Legal Process Outsourcing, etc.

The number of internet users in India crossed the 100-million mark in September

2011, growing 13 per cent over last year's figure of 87 million, according to the latest

report of the Internet and Mobile Association of India (IAMAI) co-prepared with

research firm IMRB. The study anticipates India's internet population to grow to 121

million by December 2011. Further, the country's broadband subscriber base stood at

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12.69 million in August 2011, according to data released by the Telecom Regulatory

Authority of India (TRAI).

Competitive Landscape

After personal computers (PCs) and laptops, tablets are mushrooming as a major

competitive avenue wherein vendors are striving hard to launch more affordable

devices for the Indian market. Second quarter of 2011experienced the release of the

iPad2 in India in less than 50 days after its US launch while Samsung is scouting for

40 per cent share of the Indian tablet market in 2011.

In the enterprise software segment, US giant Oracle claims to cater around 7,000

clients across the Indian government and private sectors; recent wins being Punjab

National Bank (PNB) - India's second-largest public sector bank and Hindustan

Petroleum Corporation (HPCL) - another Indian public sector organ. Meanwhile, Indian

IT companies like Wipro, Infosys, TCS, HCL and Mahindra Satyam are developing their

technologies to entail cloud computing applications and solutions for various

segments ranging from financial services and banking to manufacturing.

IT & ITeS - Key Developments and Investments

Between April 2000 and August 2011, the computer software and hardware sector

received cumulative foreign direct investment (FDI) of US$ 10,787 million, according to

the Department of Industrial Policy and Promotion (DIPP).

• Monster India has launched an online campus hiring initiative - 'Monster

College' – wherein it will collaborate with educational institutions across India

and connect them with over 20,000 employers for campus placements.

• Investor Relations Global Rankings (IRGR), a New York-based organisation, has

ranked Technology giant Infosys as the country's best company for corporate

governance practices, financial disclosure procedures, IR website and online

annual report. There were more than 80 companies that registered themselves

for the rankings.

• Tower infrastructure company Indus Tower is looking for a partner to provide

end-to-end IT solutions and Indian tech-biggies like Infosys, IBM and Wipro are

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in discussions with the former for the same. The contract, potentially in the

range of Rs 2,430-2,916 crore (US$ 500-US$ 600 million), would involve areas

such as infrastructure management, application development and other related

managed services and would span for 8-10 years. Indus Tower, a joint venture

firm between Bharti Group, Idea Cellular and Vodafone Essar, owns 110,000

towers and operates 16 out of the 22 telecom circles.

• Google, with its partner web hosting firm HostGator, has announced that it will

offer free web domain names to small and medium businesses (SMBs) in India

in order to boost internet usage in Asia's third largest economy. The company

will maintain the websites for a year without any charges and at the end of the

first year, users will be asked to pay a nominal fee if they wish to renew their

domain name. India is shelter to around 8 million SMBs of which about

400,000 have a website and 100,000 have active online presence, said Google.

Hence, the market poses a great potential for growth.

Cloud Computing – The Emerging Technology

The model of cloud computing has attracted attention of organizations of all sizes as

the technology offers lower operational costs, scalability and mobility at every level.

Indian companies are increasingly adopting 'hybrid cloud' (a mix of private and public

cloud) to address their concerns of data privacy as well.

Indian businesses and government agencies are expected to create huge demand for

guidance in the usage of cloud computing services. There are already more than 50

cloud computing service providers in the Indian market. Meanwhile, Indian internet

services providers (ISPs) and data centre service providers including Bharti Airtel, Sify,

Trimax, and NetMagic are investing applications and bandwidth to support new cloud

service offerings.

NTT Communications Corp plans to invest US$ 1.58 billion in Europe and India over

2011-15 to develop its cloud computing business at a faster pace while AWS, the

world's largest cloud-based service provider, that forms about 2 percent of Amazon's

revenues, is projected to become the online retail giant's next most-profitable business

in India.

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Soaring e-Commerce

The US$ 10 billion Indian e-commerce market is expanding exponentially (it grew 47

per cent in 2011 to reach the present size) as rising internet penetration is making

customers buy more and more stuff online. Investors are also betting high in the

industry; they poured around US$ 200 million into Indian e-commerce start-ups in

last couple of years.

As a result of such growth, e-retailers, who want to focus on their core functionalities,

are expected to outsource bulky back-end operations (such as customer care, order

processing, invoice processing, finance and accounts et al) and emerge as a

substantial source of revenue to BPOs.

Retail brands are expected to bring a great transformation in online space. Women's

apparel retail brand Biba and tyre brand Bridgestone have become available online

recently. IAMAI expects online advertising to increase by 30-40 per cent in 2011-12 on

back of increased internet usage by retailers.

Government Initiatives

The government of India is leaving no stone unturned to accelerate growth of IT & ITeS

sector in the country. Earlier in 2011, the ministry had revealed its intentions to

launch e-governance initiatives that would facilitate rolling out mobile governance and

electronic service delivery bill.

Sufficient funds have also been earmarked to connect Indian villages and classrooms

across the country with knowledge centres wherein the government aims to provide

broadband connectivity to all the village panchayats by 2012.

Mr Sachin Pilot, Minister of State for Communications and IT believes that broadening

connectivity in such a manner would improve the way government interacts with

people.

Further, the Ministry of Communications and Information Technology has revealed its

intentions to attract higher investments for IT sector in smaller cities and make

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software services sector grow more than three times to US$ 300 billion by 2020. The

government also wants to increase the IT exports from US$ 59 billion currently to US$

200 billion by 2020. The projections and focus areas were laid in a draft national

policy which also stated that the government will endorse innovation, research and

development (R&D) in advanced technologies and application development in areas

such as cloud computing, mobile value-added services and social media.

The policy also aimed at employing additional 10 million skilled people in the

information communication technology sector. The sector currently has manpower

strength of 2.5 million skilled people.

IT & ITeS in India - Road Ahead

The Indian market for IT products and services is expected to consolidate its growth

achieved in 2010 and increase from US$ 19.7 billion in 2010 to US$ 41.2 billion by

2015, according to India Information Technology Report for the third quarter of

2011by Business Monitor International (BMI). BMI estimates that the Indian market

for PCs (including notebooks and accessories) will be worth around US$ 8 billion in

2011, higher from US$ 6.8 billion in 2010 while it projects IT services market at

around US$ 7.5 billion in 2011 which would further swell to a size of US$ 16.9 billion

by 2015. The report has estimated a compounded annual growth rate (CAGR) of 18

per cent for Indian software market over the span of 2011-2015.

______________ ____ _________________________ Disclaimer:

This document prepared by our research analysts does not constitute an offer or solicitation

for the purchase or sale of any financial instrument or as an official confirmation of any

transaction. The information contained herein is from publicly available data or other

sources believed to be reliable but do not represent that it is accurate or complete and it

should not be relied on as such. Firstcall India Equity Advisors Pvt. Ltd. or any of it’s

affiliates shall not be in any way responsible for any loss or damage that may arise to any

person from any inadvertent error in the information contained in this report. This document

is provide for assistance only and is not intended to be and must not alone be taken as the

basis for an investment decision.

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Firstcall India Equity Research: Email – [email protected]

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