Infosys Q4 results: Highlights

NEW DELHI: Infosys Ltd, India's second-largest software services exporter reported 27.4% jump in consolidated net profit at Rs 2,316 crore for the fourth quarter ended March 31, 2012.

This is against a net profit of Rs 1,818 crore in the March quarter of the previous fiscal (2010-11), Infosys said in a filing to the BSE. However, on a quarter-on-quarter basis, the net profit was lower by 2.4 per cent.

The Bangalore-based IT behemoth forecasted lower-than-expected revenue growth for the current fiscal year due to an uncertain global economy and currency volatility.

Here are the highlights from Infosys' Q4 numbers

Other Metrics:

Cash and cash equivalents at $4.12 bn
Utilization excluding trainees at 73.0% in Q4 and 75.6% in FY12
Number of $1 mn clients - 399; $10 mn clients - 132; $50 mn clients - 40; $100 mn clients – 13
Q4 - Top client contributed 4.1% of revenues, top 5 contributed 15.4% and top 10 contributed 24.4%
694 clients as of March-12
52 news clients added in Q4 with 4 Global 500 and 8 US Fortune 500 companies; 172 during FY12

Service Metrics:

Q4 - Products, Platforms and Solutions contributed 6.2% of revenues, grew 2.7% QoQ
Q4 - Consulting and Systems Integration contributed 31.1% of revenues, declined 0.3% QoQ
Q4 - Business Operations contributed 62.7% of revenues, declined 3.1% QoQ

Vertical Metrics:

FY12 growth rates – FSI – 13.2%, Manufacturing - 21.3%, RCL - 29.3%, ECS - 3.5%
Q4 - ECS contributed 21.5% of revenues, declined 0.9 % QoQ (constant currency)
Q4 - RCL contributed 22.9% of revenues, declined 2.9% QoQ (constant currency)
Q4 - Manufacturing contributed 21.3% of revenues, grew 2.3% QoQ (constant currency)
Q4 - FSI contributed 34.3% of revenues, declined 5.0% QoQ (constant currency)

Geography Metrics:

FY12 growth rates - North America – 13.3%, Europe - 17.6%, Rest of the World - 26.5%, India – 17.5%
Q4 – India contributed 2.0% of revenues, declined 0.6% QoQ (constant currency)
Q4 - Rest of the World contributed 12.5% of revenues, grew 2.5% QoQ (constant currency)
Q4 - Europe contributed 23.1% of revenues, grew 0.8% QoQ (constant currency)
Q4 - North America contributed 62.4% of revenues, declined 4.1% QoQ (constant currency)

Revenue Metrics:

Q4 - 70.8% revenues billed in USD; 7.1% billed in GBP; 8.3% billed in EUR; 8.2% in AUD
Q4 - Fixed Price contributed 39.4% of revenues, T&M contributed 60.6%
Constant currency pricing declined 1.3% QoQ in Q4; increased 3.2% YoY in FY12
FY12 volumes grew 11.1%; onsite volumes grew 14.8%, offshore volumes grew 9.5%
Q4 volumes declined by 1.5% QoQ; onsite volumes declined 2.1%,offshore volumes declined 1.2%

Manpower Metrics:

LTM attrition at 14.7%
Gross additions of 10,676 employees during March quarter; 45,605 during FY12
149,994 employees as of March 31, 2012

FY 13 Guidance:

INR: EPS expected to be between Rs 158.76 – Rs 161.41, YoY growth of 9.1%-10.9%
USD: EPADS expected to be between $3.12-$3.17, YoY growth of 4.0%-5.7%
INR: Revenues expected to be between Rs 38,431 cr – Rs 39,136 cr, YoY growth of 13.9%-16.0%
USD: Revenues expected to be between $7.553 bn - $7.692 bn, YoY growth of 8.0%-10.0%

Q1 FY13 Guidance:

INR: EPS expected to be Rs 36.89, QoQ decline of 9.0%
USD: EPADS expected to be $0.73, QoQ decline of 10.0%
INR: Revenues expected to be between Rs 9,011 cr – Rs 9,100 cr, QoQ growth of 1.8%-2.8%
USD: Revenues expected to be between $1,771 mn - $1,789 mn, QoQ growth of 0%-1.0%

Q4 Highlights:

USD: EPADS of $0.81, QoQ increase of 1.3% and YoY increase of 15.7%
INR: Net income after tax of Rs 2,316 cr, QoQ decrease of 2.4% and YoY increase of 27.4%
USD: Net income after tax of $463 mn, QoQ increase of 1.1% and YoY increase of 15.2%
INR: EBIT margins declined by 130 bps QoQ and expanded by 90 bps YoY
USD: Operating margins declined by 120 bps QoQ and expanded by 80 bps YoY
INR: Q4 revenues declined 4.8% QoQ and increased 22.1% YoY
USD: Q4 revenues declined QoQ by 1.9% (reported basis) and by 2.1% (constant currency)
INR: Q4 revenues at Rs 8,852 cr vs guidance of Rs 9,391 cr – Rs 9,412 cr
USD: Q4 revenues at $1,771 mn vs guidance of $1,806 mn - $1,810 mn