印孚瑟斯Infosys Ltd. (INFY) 2015年年度報告「NYSE」.pdf

《印孚瑟斯Infosys Ltd. (INFY) 2015年年度報告「NYSE」.pdf》由會員分享，可在線閱讀，更多相關《印孚瑟斯Infosys Ltd. (INFY) 2015年年度報告「NYSE」.pdf（194頁珍藏版）》請在三個皮匠報告上搜索。

1、Annual Report 2014-15Infosys Annual Report 2014-15K.DineshThe year 2014 was a milestone in our Companys history,when we bid farewell to three of our founders who held executive positions in the Company during the year Narayana Murthy,S.Gopalakrishnan and S.D.Shibulal.Narayana Murthy stepped down as

2、the Chairman of the Board on October 10,2014.His vision,leadership and guidance have been an inspiration to Infosys,the Indian IT industry and an entire generation of technology entrepreneurs.Hepropelled the Company into accomplishing many firsts and in setting industry benchmarks on several fronts.

3、He espoused the highest level of corporate governance standards that have defined Infosys over the years and made us a globally respected corporation.Between June 2013 and October 2014,he guided the Company through aperiod of stabilization and leadership transition.S.Gopalakrishnan stepped down as V

4、ice Chairman of the Board on October 10,2014.Kris,as he is popularly known,served the Company in several capacities over the last 33 years.As the Chief Executive Officer between 2007 and 2011,hesteered the Company at a time when the world was faced with economic crises.Ranked as a global thought lea

5、der,Kris has led the technological evolution of the Company.S.D.Shibulal stepped down as the Companys Chief Executive Officer on July 31,2014.Shibu,ashe is fondly called,was instrumental in the evolution of our Global Delivery Model,and pioneered initiatives to expand our business portfolio with con

6、sulting services and intellectual property creation.Earlier,as our Chief Operating Officer,he strengthened the Companys business model to cater to a broadening portfolio of services,expanded client relationships and scalable operations.In October 2014,at an event to celebrate them and the other foun

7、ders NandanM.Nilekani,K.Dinesh,N.S.Raghavan,and Ashok Arora the Company and its well-wishers paid tribute to the founders bold vision,generosity of character and phenomenal achievements,and thanked them for laying the foundation of values that still drive us today.Although they are no longer a part

8、of the day-to-day operations of the Company,we at Infosys are committed to continuing the journey that was started all those years ago.In the words of JohnF.Kennedy,“As we express our gratitude,wemust never forget that the highest appreciation isnotto utter words but to live by them.”In fiscal 2015,

9、we also bid farewell to executive directors Srinath Batni and B.G.Srinivas,who were an integral part of the Infosys journey.To these gentlemen and their families,on behalf of our employees and investors,we express our deepest appreciation and our fondest wishes for abright future.A tribute to our fo

10、undersN.S.RaghavanAshok Arora S.D.ShibulalNandan M.NilekaniS.GopalakrishnanNarayana MurthyA tribute toour foundersInfosys Annual Report 2014-15Renew.New.Culture of Learning and EducationWhen Dr.Negroponte made this observation more than 20 years ago,the digital revolution was in its infancy.Today,it

11、 is all around us,transforming every industry and walk of life in a fundamental way.The transformation creates value by dissolving intermediary layers,and bringing intelligence and empowerment directly to the end-points.What this means for us is an unprecedented opportunity to renew businesses,and a

12、lso to build completely new ones.Our corporate strategy focuses on both renew and new and we focus on how we are implementing these elements throughout this report.Renewal involves the re-thinking of existing business systems and processes by leveraging new technologies and platforms such as cloud,D

13、r.Vishal SikkaChief Executive Officer and Managing DirectorU.B.Pravin RaoChief Operating Officer and Whole-time DirectorThe change from atoms to bits is irrevocable and unstoppable Nicholas Negroponte,Being Digital,1994Renew.New.Culture of Learning and Education Infosys Annual Report 2014-15Renew.Ne

14、w.Culture of Learning and EducationOur culture of continuous learning and education is the fundamental enabler of our renew and new strategymobility,analytics,and sensor networks.For us,it implies a need to renew existing service lines,such as consulting,business process management,engineering servi

15、ces,application development and maintenance,infrastructure management,testing services,digital services,and package implementation.These services have potential for significant renewal through automation,innovation and operational excellence.New elements involve new ways of engaging with,and underst

16、anding customers and exploring new markets and business models.This opens up opportunities for us to build strategic partnerships with clients,and co-create innovative solutions by leveraging the power of Design Thinking.Itrequires developing excellence in areas such as artificial intelligence,big d

17、ata and analytics,open source software,and a deep engagement with the start-up community.Our culture of continuous learning and education is the fundamental enabler of our renew and new strategy.Since its founding,Infosys has always had a deep learning culture.This differentiated capability makes us

18、 uniquely equipped to embrace change,and to amplify and accelerate value creation for our clients and ourselves.Renew.New.Culture of Learning and EducationInfosys Annual Report 2014-15Ravi Kumar S.Executive Vice President and Global Head of DeliveryThe renew and new strategy has been the fundamental

19、 axis around which we have re-imagined all our core service lines.The goal is to enhance our competitive advantage to sharper service line differentiation.The most significant change made to renew the delivery organization is to restructure it around service line stacks globally.This will ensure cle

20、arer accountability for differentiating our service lines and thereby increase our market share.Here are a few examples on how we are renewing our currentservices:Cloud and Infrastructure:We have embraced extreme automation to significantly reduce total cost of ownership for our clients.Our deep exp

21、ertise in cloud services provides a compelling solution involving new areas of Information Technology Operation Technology(IT/OT),Internet of Things(IoT),big data and analytics.Independent Validation Services:In todays dynamic business world,the price of failure and,consequently,the price of rectifi

22、cation are going up exponentially.This means that verification and validation of products and services must upgrade and improve radically.Our Validation group is investing in automation tools and developing apartner ecosystem.We are also operationalizing innovative ideas,including crowd testing and

23、machine learning-enabled automation.Enterprise Intelligence:Business Intelligence(BI)today is no longer just a decision-making tool but a generator of deep insights for organizations Renewing our corebusinessInfosys Annual Report 2014-15Renew.New.Culture of Learning and EducationEngineering a soluti

24、on that has simplification and standardization,with a single source of engineering truth as its core.We have developed knowledge-based engineering automation tools that radically reduce the design development time.Our value engineering proposition enables our clients to achieve target manufactured c

25、ost,asagainst the target design cost.These renewed offerings spring directly from our investment in developing a learning culture in the unit.Our new Engineering Academy offers specific domain,technology and practical training to our 9,000-strong team.We have also benefited on this front by working

26、with start-ups in fiscal 2015.Sudip SinghVice President and HeadEngineering Servicesto gain an edge in the digital economy.Our business intelligence practice is embracing new technologies,offering real-time,in-memory visualization,and predictive and cognitive capabilities.The secret sauce in the suc

27、cessful transformation of our core services is the continuous education of people working across the execution chain.Having trained more than 25,000 employees in Design Thinking,we are witnessing its benefits already as we implement our Bringing Innovation Culture in Every Project(BICEP)initiative.R

28、enewal of our Engineering Services:AtEngineering Services,we are focusing on developing the gold standard for Systems We have restructured our delivery organization around service line stacks globally.This will ensure clearer accountability for differentiating our service lines and thereby increase

29、our marketshareInfosys Annual Report 2014-15Renew.New.Culture of Learning and EducationConsumer experience is evolving every day.Value chains are getting disintermediated,computing capability is scaling,and new business models are taking root even before previous ones stabilize.To stay relevant,our

30、clients need to develop new approaches for renewing their existing businesses and concurrently imagine and innovate completely new businesses.Our consultants,operating in over 20 key markets,are partnering with clients to rapidly design business models,develop business processes and adapt to technol

31、ogy footprints that address this new reality.We are doing this in three significant ways:Design:By leveraging Design Thinking,we are helping our clients gain a deeper understanding of their business and develop innovative responses to their most significant growth and cost challenges.Across industry

32、 segments,we are investing in educating our clients on Design Thinking,conducting design workshops to work on significant challenges,and extending rapid prototyping capabilities to develop innovativesolutions.Transcend:We are helping our clients transcend the limitations of traditional software pack

33、ages by combining new technologies,open source and start-up innovations with our core capabilities in Enterprise Resource Planning(ERP),digital,analytics and organizational change.We are leveraging our new platforms in this journey.Accelerate:The speed with which our clients respond to new realities

34、 is limited by their ability tochange complex current technology landscapes.We are helping clients address this challenge by capturing the knowledge embedded in current applications using Artificial Intelligence(AI).Further,we are simplifying their functioning using cloud technologies,improving oper

35、ational efficiency with automation,enhancing user experience by creating Application Programing Interfaces(APIs)and developing new applications.Learning and sharing are the foundations of our global consulting capability.Every week,our consultants are sharing new industry-specific points of view wit

36、h clients in innovative and immersive ways.As management consultants,we are aggressively working towards being the design partners of our clients rather than limiting ourselves to being traditional advisors and aggregators of past knowledge.Sanjay PurohitSenior Vice President and Global Head Consult

37、ingOur consultants are partnering with clients to rapidly design business models,develop business processes and adapt to technology footprints that address the new realityReshaping consulting servicesInfosys Annual Report 2014-15Management(BPM)and Business Process Outsourcing(BPO)portfolio to re-dra

38、w customer processes to discover problems rapidly,and to prototype and test through an iterative process.Our aim is to make our BPO practice the exemplar of how business processes should be run.Our BPO centers will be the places where the most modern and cutting-edge ideas on process improvements ar

39、e demonstrated.As we look ahead,we at Infosys BPO are ready to seize this moment to amplify our potential,widen our knowledge,expand our creative freedom,and use it all to create a better future for ourselves and our clients.Renew.New.Culture of Learning and EducationBusiness process,as we know it,m

40、ust be re-imagined in the digital world.On the one hand,all existing systems and the processes that they run must be renewed to help enterprises deal with change.On the other hand,next-generation business challenges need to be addressed.This,in essence,means that we are dealing with two complementar

41、y themes.The first is the renewal of the known bringing transformation improvements to our traditional process management,through automation,repeatability and artificial intelligence.Simultaneously,we need to focus our creativity and imagination on finding solutions for new kinds of business challen

42、ges.We are taking the Design Thinking approach to re-imagine our Business Process Anup UppadhayayChief Executive Officer and Managing Director,Infosys BPO Limited Our aim is to make our BPO practice the exemplarof how business processes shouldberunRe-imagining Business Process ManagementRenew.New.Cu

43、lture of Learning and EducationInfosys Annual Report 2014-15Enhance flexibility:Our componentized architecture and open APIs help clients decouple back-end capabilities from the front-end.Build great user experiences:We have embarked on a journey to deeply understand our end-users through the Design

44、 Thinking framework.This approach puts usability at the forefront of our solutions.For example,the Finacle Analytics Platform,along with Finacle Assure,amplifies opportunities for banks to design experience-oriented processes and applications that leverage mobile,analytical,and sensor access front-e

45、nds.Explore new business models:Finacle Youth Banking is a first-of-its kind solution designed to introduce young people to the world of banking.This innovative solution opens up new revenue streams for banks.While we do all this and more,it is important to remind ourselves that we are building this

46、 on our culture of innovation,purpose and learning.Wewill leverage inherent synergies by bringing our products to each of our clients,thereby helping the cross-pollination of best practices.By delivering pre-packaged cloud services in critical frontline areas,such as digital marketing,multi-channel

47、commerce and trade,we will enable networked business models and operations in the new digitaleconomy.Our product solutions from Finacle and EdgeVerve around procurement,supply chain,marketing,e-commerce and asset management are designed to bring about technology transformations for our clients.At Fi

48、nacle,we are helping banks use new technologies and business models,while our EdgeVerve solutions help enterprises transform into efficient and nimble organizations.We are doing this by enabling our clients to:Gain deep insights:Finacle Assure,our new preventive maintenance solution,helps banks moni

49、tor their IT systems 24/7.Finacle Assure detects and prevents system issues intelligently and empowers banks to gain a deeper insight into their technology usage.This drastically reduces the effort and time spent on maintenance and support,thus allowing banking leaders to focus on their innovation a

50、nd transformation agendas.Simplify:Technology operations,infrastructure and application landscapes can be significantly simplified by leveraging next-generation technologies and standardization.Michael RehSenior Vice President and GlobalHead Finacle,EdgeVerveAt Finacle,we are helping banks use new t

51、echnologies and business models,while our EdgeVerve solutions help enterprises transform into efficient and nimble organizationsRethinking our product paradigmInfosys Annual Report 2014-15Renew.New.Culture of Learning and Educationabout the acquisition of Panaya,which significantly enhances our auto

52、mation capabilities in our packaged software offerings.We have been using Design Thinking as aproblem-finding methodology,which has in turn led us to apply some of the advances in technology to business outcomes.These applications that we build not only give us new revenue streams but also strengthe

53、n our platforms and differentiate us from pure technology and service providers.The foundation for all this is the active culture of learning at Infosys that has made it easier for us to welcome new technologies to amplify our potential,and extend the learning to our employees and customers alike.We

54、 are injecting new ideas and processes into our existing platform offerings,and adopting new problem-solving techniques.This enables us to deliver next-generation solutions to our clients.We have narrowed our focus to three major areas that we believe will be critical in building the next big platfo

55、rm solution.These are data,automation and intelligence.Leveraging the power of open source,we have launched the Infosys Information Platform(IIP),a data analytics platform that enables businesses to operationalize their data assets and uncover new opportunities for rapid innovation and growth.IIP ha

56、s already helped a leading global agri-business client improve the performance of its management reporting system.We are consolidating reusable assets across all our customer engagements and driving efficiency in each of our service lines.In the operations of Infosys BPO,we are identifying repeatabl

57、e steps that can be automated both from the process and experience perspectives,and applying these learnings across industries.In a similar vein,in our infrastructure managed services,we are focusing on automation,particularly with the aim of reducing the number of tickets or alerts that are manuall

58、y handled,resulting in higher quality of service delivery,lower risk,and the ability todomore.We have been concentrating so far on operations management for our clients.But we want to get to a place where we will be managing exceptions,and not entire operations.We believe that the combined power of

59、data analytics,automation and intelligence will help us make the big leap from operations management to exception management.In this context,we are very excited We have narrowed our focus to three major areas that we believe will be critical in building the next big platform solution.These are data,

60、automation and intelligenceAbdul RazackSenior Vice President and Head Platforms,Big Data and AnalyticsLeveraging the power of platformsRenew.New.Culture of Learning and EducationInfosys Annual Report 2014-15Design Thinking is an important enabler for us to renew our existing business,and to pursue n

61、ew areas of innovation,by leveraging our foundation in learning and education.Design Thinking improves creative confidence,and the ability to proactively find problems,which are meaningful to clients,and provide innovative solutions to them.Design Thinking encourages us to re-frame problems from an

62、empathetic,human-centered perspective.It advocates rapid prototyping as away to experiment,to improve learning velocity and to find solutions quickly.The key feature of the exercise is that we need to work continuously at the intersection of desirability,feasibility andviability.On Desirability(D)Th

63、ink back to the last time you experienced delight.It could have been in the context of aproduct or a service,or during an interaction with a person.Delight can be a powerful and positive emotion.Product designers have always known that invoking delight in the person who interacts with the product is

64、 critical for commercial success.More recently,the understanding of the value in creating such delightful experiences has transcended the product world,and has been shown to apply equally to every function in services,in customer relationships,in operations,and in learning and education.Design Think

65、ing gives us a framework to engage with end-consumers of these products or services in rich,meaningful conversations early in the process and rapidly iterate towards the desirable solutions.On Feasibility(F)Available technology dictates what products and services we can possibly build at any time.Fo

66、rexample,the miniaturization of electronic circuits now makes it possible to create sensors so small that they can be injected into the blood stream of humans,leading to early detection of heart attacks and many other diseases.Something like this,even if desirable,may not have been technologically f

67、easible just a few years ago.The key feature of the Design Thinking exercise is that we need to work continuously at the intersection of desirability,feasibility and viabilityGaining an edgewith Design ThinkingInfosys Annual Report 2014-15Renew.New.Culture of Learning and EducationOn Innovative Team

68、s(D+F+V)The three principles above need to be applied simultaneously at every stage of the innovation process for it to be effective.A product or service that optimizes one of these factors,while ignoring the others,will fail in the marketplace.A T-shaped individual is someone who has depth in any o

69、ne of these three areas,and has a strong understanding and respect for the other two as well.The most successful teams are those that are made up of diverse and T-shaped people.It is for this reason that we at Infosys are focusing our efforts on establishing multi-disciplinary teams made up of stron

70、g innovators.Spurred by this thinking,weare rolling out exceptional training and education programs,which teach technologists and managers about design and business,and business experts about technology.In the early stages of any new endeavor,before any financial metrics exist,the only metric that i

71、ndicates progress is the velocity of learning.Thanks to the strong foundation in education put in place by our founders,we are uniquely prepared to take on this challenge.Ritika SuriVice President and Global Head Corporate DevelopmentNavin BudhirajaVice President and Head Architecture and Technology

72、Sanjay RajagopalanVice President and Head Design and ResearchDesign Thinking requires one to build early prototypes to validate the feasibility or the ability to implement using available technology of those ideas.These rapid iterations also allow one to try different possible solutions to the same

73、problem,thus increasing the likelihood of finding one that is both desirable and feasible.On Viability(V)The rapid,iterative,human-centric perspective in Design Thinking drives a deep understanding of the business needs of clients.This understanding,early in the process,steers focus on areas of grea

74、test impact,both in terms of business outcomes or economic returns.In the process,itunlocks new and more sources of value with agile and adaptive commercialization models.Infosys Annual Report 2014-15The year at a glanceThe year at a glanceIndian GAAP standalonein crore,except per share data20152014

75、Growth(%)Financial performanceIncome47,300 44,341 6.7Gross profit19,472 17,603 10.6Operating profit(PBIDTA)13,962 12,527 11.5Profit after tax(1)12,164 10,194 19.3EPS(par value of 5/-each)(1)(2):Basic105.91 89.20 18.7Diluted105.91 89.20 18.7Financial positionCash and cash equivalents27,722 24,100 15.

76、0Current investments749 2,749(72.8)Net current assets29,037 28,981 0.2Fixed assets8,1166,68621.4Non-current assets(excluding fixed assets)10,9456,78961.2Total assets 61,813 52,712 17.3Non-current liabilities30 364(91.8)Shareholders fund48,068 42,092 14.2(1)After exceptional items(2)Adjusted for bonu

77、s shares allotted in December 2014Indian GAAP consolidatedin crore,except per share data20152014Growth(%)Financial performanceIncome53,319 50,133 6.4Gross profit21,485 19,329 11.2Operating profit(PBIDTA)14,871 13,381 11.1Profit after tax(1)12,372 10,656 16.1EPS(par value of 5/-each)(2):Basic108.2693

78、.2516.1Diluted108.2593.2516.1Financial positionCash and cash equivalents30,367 25,950 17.0Current investments872 3,024(71.2)Net current assets31,739 31,047 2.2Fixed assets12,1229,33929.8Non-current assets(excluding fixed assets)6,9254,54952.2Total assets 66,289 56,966 16.4Non-current liabilities50 4

79、05(87.7)Shareholders fund50,736 44,530 13.9(1)After share in net profit/loss of associate(2)Adjusted for bonus shares allotted in December 2014IFRS consolidatedin crore,except per share data20152014Growth(%)Revenues53,319 50,133 6.4Gross profit20,436 17,992 13.6Operating profit13,832 12,041 14.9Net

80、profit 12,329 10,648 15.8EPS(par value of 5/-each)(1):Basic107.88 93.17 15.8Diluted107.88 93.17 15.8(1)Adjusted for bonus shares allotted in December 2014in US$million,except per share data20152014Growth(%)Revenues8,711 8,249 5.6Gross profit3,337 2,95712.9Operating profit2,258 1,97914.1Net profit2,0

81、13 1,75115.0EPS(par value of 5/-($0.16)each)(1):Basic1.76 1.53 15.0Diluted1.76 1.53 15.0(1)Adjusted for bonus shares allotted in December 2014Infosys Annual Report 2014-15ContentsLetter to the stakeholder.2Historical data.10Boards report.11Annexures to the Boards report.23Managements discussion and

82、analysis.56Risk management report.70CEO and CFO certification.73Standalone financial statements.74Consolidated financial statements.101Corporate governance report.125Shareholder information.137Business responsibility report.143Global presence.1632|Letter to the stakeholderDear Stakeholder,I am extre

83、mely proud and at the same time humbled to write to you for the first time as the CEO of Infosys.As someone who grew up in the world of technology and IT,I have tremendous respect for what Infosys founders have built.Mr.Murthy and his co-founders opened an entirely new industry and with that,an oppo

84、rtunity for businesses to operate in entirely new ways and to bring new value by leveraging IT services.They also opened an unprecedented opportunity for people to pursue new career paths and new beginnings inside and outside their native countries.Infosys helped to not only make the world flat but

85、articulated this in a way that opened imaginations worldwide.The Infosys founders were true entrepreneurs,but the unique things they brought to the company put Infosys in a different league a sense of responsibility and quality in serving clients,an unparalleled integrity and transparency in operati

86、ons,and a culture and a deeply held passion for education and training,scaling mountaintops only a rare few companies achieve in their entire history.When we look at Infosys today,we can see that it has been a year of great transition for the company.Our full-year performance was average.There were

87、hard-fought battles in a difficult climate,one in which clients expectations are changing,new emerging technologies are rapidly coming to market and where the landscape of services companies has become vastly more competitive.We also faced our own internal issues leading to lagging growth while high

88、 attrition rates and the departures of many key executives put tremendous pressure on our business and on performance.We were learning to work in a new environment and in new ways,and it has been a difficult learning experience.But,with learning comes the promise of renewing ourselves and the opport

89、unity to pursue entirely new horizons.As I look over the last year,I already see many promising signs for the future.For the year ended March 31,2015,consolidated revenues were 53,319 crore,which is a year-on-year growth of 6.4%.In U.S.dollar terms,consolidated revenues were US$8,711 million,which i

90、s a year-on-year growth of 5.6%.We saw significant cross-currency movements during the year,and our revenues grew by 7.1%in constant currency.Our focus on operational improvements led to an increase in offshore effort mix from 69.4%in fiscal 2014 to 71.2%in fiscal 2015.Additionally,utilization(exclu

91、ding trainees)improved from 76.4%in fiscal 2014 to 80.9%in fiscal 2015.These measures led to a significant improvement in operating margins to 25.9%in fiscal 2015 compared to 24.0%in fiscal 2014.This improvement was despite Letter to the stakeholderDr.Vishal SikkaChief Executive Officer and Managing

92、 DirectorWhen we look at Infosys today,we can see that it has been a year of great transition for the companyInfosys Annual Report 2014-15our strategy to achieve large-scale growth is the right one.We have taken several measures to improve our competitiveness in winning large deals in areas such as

93、application maintenance,software testing,infrastructure management and business process outsourcing.We realigned our organizational structure to increase focus on expanding client relationships while at the same time defragmenting our service lines to enable innovation and better solution building.W

94、econtinue to invest in automation solutions such as the Infosys Automation Platform and through our recent acquisition of Panaya.Wecontinue to sharpen accountability at all levels of the organization for delivering client value and for revenue growth.We are putting in place structures that enable us

95、 to leverage our consulting and technology strengths to proactively identify opportunities for innovative,high impact strategic projects.And we are simplifying and improving our processes to become a highly connected,agile and innovative organization,where accountability and empowerment go hand in h

96、and.In new areas,we are training our own internal teams in Design Thinking and bringing this powerful methodology of finding,defining and solving entirely new problems to our clients already reaching 25,000 employees and many clients.In big data and platforms,we introduced the Infosys Information Pl

97、atform to help our clients capture,analyze and act on data in new ways,allusing open source technologies that bring more security and agility,and an unprecedented price performance to enterprises.In artificial intelligence,we are working with clients to identify and build solutions for highly comple

98、x business problems.Going beyond automation,we are bringing artificial intelligence to more cognitive tasks that previously have not been solvable by software or stepped up investments in the business we gave compensation increases to our employees effective April1,2014 and followed it up with a sec

99、ond round of increases to over 20,000 employees in Q3;we promoted over 25,000 employees during fiscal 2015 and increased the variable salary payout to 86%in fiscal 2015 compared to 64%in fiscal 2014.During the year,employee headcount increased to 1,76,187 from 1,60,405 for Infosys and its subsidiari

100、es.The improvement in operating margins also reflected in net profits growing by 15.8%year on year to 12,329 crore for the year ended March 31,2015.Consequently,Earnings Per Share(EPS)also grew 15.8%to 107.88 during the year.Wehave been able to reduce quarterly annualized attrition for Infosys Limit

101、ed from 23.4%in Q1 2015 to 13.4%in Q42015.The number of employees leaving Infosys Limited has reduced by more than half from May2014 to March2015.This shows that our efforts to increase investments in employees,provide them opportunities for promotion and increase the ease of doing business through

102、simplification of internal processes,are being recognized by our employees.With the objective of broadening the shareholder base and further enhancing liquidity,weannounced a bonus issue of 1:1 in October 2014 which was completed in December 2014.This led to a 24%increase in the number of shareholde

103、rs from 3,62,000 in September 2014 to 4,48,000 in December 2014.The Board,in its meeting on April 24,2015,has considered,approved and recommended another 1:1 bonus issue for shareholders approval.In line with our focus on enhancing shareholder returns,the Board decided to increase the dividend payou

104、t ratio from up to 40%of post-tax profits to up to 50%of post-tax profits effective fiscal 2015.This translates to a final dividend of 29.50 per share for fiscal 2015(equivalent to 14.75 per share after the 1:1 bonus issue,if approved by shareholders).We had liquid assets of 32,585 crore at the end

105、of fiscal 2015 as compared to 30,251 crore at the end of fiscal 2014.Overall,there are many positive signs within these numbers,and I believe this is an indication that Letter to the stakeholder|3 The strategy of renew andnew is taking hold and making its way tangibly to our clientsInfosys Annual Re

106、port 2014-15asset our people.There is a feeling among our clients that we have elevated the conversation significantly to something much more strategic.The strategy of renew and new is taking hold and making its way tangibly to our clients.The strength of our organization,our brand and our business

107、was reflected in numerous awards and recognitions that we won during the year in aspects as diverse as business and management,technology innovation,diversity,sustainability,and service offerings.While each one of them is special,we are especially proud of the awards we have won for Corporate Govern

108、ance,and our Diversity and Sustainability initiatives,since these reflect our ethos and define who we are.Our Sustainability Report provides detailed information on our responsible business practices across parameters in accordance with the Global Reporting Initiatives G4 framework.Going forward,I s

109、ee tremendous potential for us to grow and lead.However,it will take us time to see the results of the changes we have made,and are continuing to make,within and outside.It will take us time to renew and re-imagine how we work,from sales to client services to delivery to finance and legal.I believe

110、we have a promising year ahead of us in the near term.Our year-on-year guidance for fiscal 2016 is for growth to be in the range of 10-12%in constant currency.Looking beyond this year,the mission of our management team is to prepare the company to achieve an aspirational goal of US$20 billion in rev

111、enue by calendar 2020 with at least 30%operating margin,with specific targets of:Increasing revenue per FTE to US$80,000 by deploying automation and innovation in existing businesses,with a goal of generating at least 30%productivity improvements in existing service lines from these solutions and th

112、ereby making us more competitive to win large deals.New platforms and our Edge portfolio working on different revenue models will contribute disproportionately to our revenue per person.New services such as Design Thinking,solutions in artificial intelligence and intellectual property-led businesses

113、 to contribute at least 10%of revenues.4|Letter to the stakeholdersystems specific complex business problems such as airplane engine balancing through artificial neural networks,or incident ticket classification through a mix of unsupervised topic models and supervised learnings.I believe we are far

114、 ahead of others in this space.There are many more things we will do in the new aspect of our strategy,for ourselves and with our clients,and this will begin to contribute significantly to our overall revenue through new revenue models and by enabling us to be much more proactive in growing our exis

115、ting client relationships in more meaningful ways.We are also increasing the depth of what we can do ourselves with strategic acquisitions and investments.We acquired Panaya,which is enabling us to bring higher-margin solutions to our clients in the area of automation;we are also acquiring Skava,whi

116、ch will enable us to bring entirely new digital retail shopping experiences to our large retail clients.We have made some key investments which I believe will help us look to entirely new areas,for example through our investment in Nova,a venture between Infosys and DreamWorks Animation,a leader in

117、animation technology and animation films.Novawill develop and commercialize image-generation technology in order to provide end-to-end digital manufacturing capabilities for companies involved in the design,manufacturing,marketing or distribution of physical consumer products.We are also investing i

118、n Airviz in the internet of thingsarea.Across all these areas of renew and new,we are sharply differentiating our existing services to be more competitive in the marketplace.We have also begun to create new revenue models and new consumption models that bring more value to our clients and ultimately

119、 will bring more value to shareholders through high-growth areas such as new services and business models,new platforms and new unique skills among our most important Going forward,I see tremendous potential for usto grow and leadInfosys Annual Report 2014-15And finally,I would like to say a special

120、 word of thanks to Mr.Murthy for his extraordinary creation,his tremendous service to this company and for his support in our transition.The deep culture of education and training that Mr.Murthy and the Infosys founders created from the beginning will be the foundation of our success going forward.I

121、t is what will open our minds and imaginations to our own potential,and to the challenges we will face,and overcome.I look forward to sharing our progress and milestones,as we scale these next frontiers,on an ongoing basis with clients,partners,shareholders and with all of you.Chennai April24,2015Dr

122、.Vishal SikkaChief Executive Officer and Managing DirectorLetter to the stakeholder|5 Inorganic investment strategies to influence approximately US$1.5 billion of new revenue.Bringing attrition levels down to the lowest in the industry and achieving at least 25%in diversity in our top leadership.Our

123、 aspiration is to make Infosys a great place to work,attracting the best talent in the industry globally.Building a vibrant ecosystem from the ground up by investing in,incubating and growing innovative start-ups and companies that will help define the next generation of services and business models

124、.As I look ahead to the coming year,and to our next 33 years,I see incredible opportunities in front of us,as a company,as employees and as an industry.There is fundamental change happening all around us,a digital transformation that is bringing about an entirely new way for each of us,in all walks

125、of life,to work,live and interact.I am excited by the role Infosys plays in this journey,by our potential to become the leading IT services company in the world,and a bellwether once again.Infosys Annual Report 2014-15The Infosys Board of DirectorsClockwise from top left:K.V.Kamath Chairman of the B

126、oard Dr.Vishal SikkaChief Executive Officer and Managing DirectorCarol M.BrownerIndependent DirectorProf.John W.EtchemendyIndependent DirectorU.B.Pravin RaoChief Operating Officer and Whole-time DirectorInfosys Annual Report 2014-15Counter-clockwise from top left:Ravi VenkatesanIndependent DirectorP

127、rof.Jeffrey S.LehmanIndependent DirectorR.SeshasayeeIndependent DirectorKiran Mazumdar-Shaw Independent DirectorRoopa KudvaIndependent DirectorInfosys Annual Report 2014-158|Board and committees Infosys LimitedBoard and committees Infosys LimitedThe Board of DirectorsK.V.KamathChairman of the BoardD

128、r.Vishal SikkaChief Executive Officer and Managing DirectorU.B.Pravin RaoChief Operating Officer and Whole-time DirectorCarol M.BrownerIndependent DirectorProf.Jeffrey S.LehmanIndependent DirectorProf.JohnW.EtchemendyIndependent DirectorKiran Mazumdar-ShawIndependent DirectorRavi VenkatesanIndepende

129、nt DirectorRoopa KudvaIndependent DirectorR.SeshasayeeIndependent DirectorExecutive officersDr.Vishal SikkaChief Executive Officer and Managing DirectorU.B.Pravin RaoChief Operating Officer and Whole-time DirectorRajiv BansalChief Financial OfficerDavid D.KennedyExecutive Vice President,General Coun

130、sel and ChiefCompliance OfficerSrikantan MoorthyExecutive Vice President and GlobalHeadHuman ResourcesBoard committeesAudit committeeR.SeshasayeeChairperson and Financial ExpertK.V.KamathProf.Jeffrey S.Lehman Ravi VenkatesanCorporate social responsibility committeeK.V.KamathChairpersonR.SeshasayeeKi

131、ran Mazumdar-ShawDr.Vishal SikkaNomination and remuneration committeeProf.Jeffrey S.LehmanChairpersonK.V.KamathR.SeshasayeeCarol M.BrownerKiran Mazumdar-ShawStakeholders relationship committeeProf.Jeffrey S.LehmanChairpersonRavi VenkatesanR.SeshasayeeRisk and strategy committeeRavi VenkatesanChairpe

132、rsonR.SeshasayeeKiran Mazumdar-ShawCarol M.BrownerAs on March 31,2015Infosys Annual Report 2014-15The Board of Directors Subsidiaries|9 The Board of Directors SubsidiariesEdgeVerve Systems LimitedSandeep DadlaniChairmanSanjay PurohitChief Executive Officer and Managing DirectorSamson DavidChief Oper

133、ating Officer and Whole-time DirectorRajiv BansalDirectorSrinivasan RajamIndependent DirectorRoopa KudvaIndependent DirectorInfosys Americas Inc.Sandeep DadlaniChairmanManish TandonDirectorMohit JoshiDirectorInfosys BPO LimitedU.B.Pravin RaoChairmanAnup UppadhayayChief Executive Officer and Managing

134、 DirectorProf.Jayanth R.VarmaIndependent DirectorDr.Omkar GoswamiIndependent DirectorRoopa KudvaIndependent DirectorRajiv BansalDirectorInfosys Public Services,Inc.Prof.Jeffrey S.LehmanChairmanEric S.PaternosterChief Executive OfficerRavi Kumar S.DirectorManish TandonDirectorInfosys Technologies(Aus

135、tralia)Pty.LimitedU.B.Pravin RaoChairmanAndrew GrothChief Executive OfficerV.G.DheeshjithDirectorInfosys Technologies(China)Co.LimitedSanjay JalonaChairmanV.R.RangarajanChief Executive Officer V.G.DheeshjithDirectorMohit JoshiDirectorInfosys Technologies(Shanghai)Company LimitedSanjay JalonaChairman

136、V.R.RangarajanDirector and Legal RepresentativeMohit JoshiDirectorInfosys Technologies(Sweden)ABRajesh K.MurthyChairmanEric S.PaternosterDirectorMohit JoshiDirectorInfosys Technologies S.de R.L.de C.V.,MexicoRavi ArcotLegal Administrator Infosys Tecnologia do Brasil LtdaClaudio Henrique ElsasLegal A

137、dministratorLodestone Holding AGRajiv BansalChairmanRonald HafnerChief Executive OfficerManish TandonDirectorRajesh K.MurthyDirectorU.B.Pravin RaoDirectorInfosys Nova Holdings LLCDr.Vishal SikkaChief Executive OfficerDavid D.KennedyVice PresidentRitika SuriVice President and SecretaryPanaya Inc.Doro

138、n GerstelDirectorK.Abdul RazackDirectorA.G.S.ManikanthaDirectorAs on March 31,201520112012201320142015Revenues(1)(in crore)20112012201320142015Revenues(1)(in US$million)20112012201320142015Dividend pay out ratio(2)(in%)20112012201320142015Number of clients(3)(4)20112012201320142015Net proft(1)(in cr

139、ore)20112012201320142015Net proft(1)(in US$million)20112012201320142015Market capitalization(3)(in crore)20112012201320142015Number of employees(3)(4)2,01327,50133,73440,35250,13353,3196,8238,3169,42110,64812,3296,0416,9947,3988,2498,7111,4991,7161,7251,75129.329.729.939.749.81,88,5101,65,9171,64,59

140、21,86,1002,54,7718907986946209501,60,4051,56,6881,49,9941,30,8201,76,187(1)Based on IFRS consolidated financial statements(2)Based on dividend declared and excludes special dividend(3)At the end of the fiscal year(4)ConsolidatedHistorical dataInfosys Annual Report 2014-1510|Historical dataTo the mem

141、bers,We are delighted to present the report on our business and operations for the year ended March31,2015.1.Results of our operationsin crore,except per share dataParticularsStandaloneConsolidated 2015 2014 2015 2014Income from software services and products47,30044,34153,31950,133Software developm

142、ent expenses27,82826,73831,83430,804Gross profit19,47217,60321,48519,329Selling and marketing expenses2,5492,3902,9462,625General and administration expenses2,9612,6863,6683,323Operating profit before depreciation13,96212,52714,87113,381Depreciation and amortization9131,1011,0171,317Operating profit

143、 13,04911,42613,85412,064Other income 3,3372,5763,4302,664Profit before exceptional item and tax16,38614,00217,28414,728Profit on transfer of business(1)412 Profit before tax16,79814,00217,28414,728Tax expense4,6343,8084,9114,072Profit before minority interest and share in net profit/(loss)of associ

144、ate12,16410,19412,37310,656Share in net profit/(loss)of associate(1)Profit for the period12,16410,19412,37210,656Surplus opening balance30,39225,38331,45326,041Dividend eliminated on consolidation of trust132113Reserves on transfer of assets and liabilities of Infosys Consulting India Limited6 Reser

145、ves on consolidation of trust50 Deconsolidation of trust(2)(42)Amount available for appropriation42,51435,64643,84636,710DividendInterim1,7231,1491,7231,149Final3,3882,4693,3882,469Total dividend5,1113,6185,1113,618Dividend tax1,0346151,034615Amount transferred to general reserve1,2171,0211,2171,021

146、Amount transferred to other reserve(3)13Surplus closing balance35,15230,39236,48331,453Earnings Per Share(EPS)before exceptional item(4)(5)Basic102.3389.20108.2693.25Diluted102.3389.20108.2593.25EPS after exceptional item(4)(5)Basic105.9189.20108.2693.25Diluted105.9189.20108.2593.25Notes:The above f

147、igures are extracted from the standalone and consolidated financial statements as per Indian Generally Accepted Accounting Principles(GAAP).1 crore=10 million(1)On April 15,2014,the Board of Directors(the Board)of Infosys authorized the Company to execute a Business Transfer Agreement and related do

148、cuments with EdgeVerve Systems Limited(EdgeVerve),subject to securing the requisite approval from shareholders in the Annual General Meeting.Subsequently,at the Annual General Meeting held on June 14,2014,the shareholders authorized the Board to enter into a Business Transfer Agreement and related d

149、ocuments with EdgeVerve,with effect from July 1,2014 or such other date as may be decided by the Board.The Company has undertaken an enterprise valuation by an independent valuer and accordingly the business has been transferred for a consideration of 421 crore(US$70 million)with effect from July 1,

150、2014.Net assets amounting to 9 crore have also been transferred and accordingly a gain of 412 crore has been recorded as an exceptional item.The consideration has been settled through the issue of fully-paid-up shares in EdgeVerve.The transfer of assets and liabilities is accounted for at carrying v

151、alues and does not have any impact on the consolidated financialstatements.(2)Effective January 1,2015,Infosys Limited Employees Welfare Trust has been deconsolidated consequent to SEBI(Share Based Employee Benefits)Regulations,2014 issued on October 28,2014.(3)Under the Swiss Code of Obligation,a f

152、ew Lodestone subsidiaries are required to appropriate 5%of the annual profit to legal reserve until this equals 20%of the paid-up share capital.Tothe extent it does not exceed one-half of the share capital,the general reserve may be used only to cover losses or for measures designed to sustain the C

153、ompany through difficult times,to prevent unemployment or to mitigate its consequences.(4)Equity shares are at par value of 5/-each.(5)The Company has allotted 57,42,36,166 fully-paid-up equity shares of face value 5/-each during the year ended March31,2015,pursuant to a bonus issue approved by the

154、shareholders through a postal ballot.The record date fixed by the Board was December 3,2014.A bonus share of one equity share for every equity share held,and a stock dividend of one American Depositary Share(ADS)for every ADS held,respectively,has been allotted.Consequently,the ratio of equity share

155、s underlying the ADSs held by an American Depositary Receipt holder remains unchanged.Earnings per share(EPS)of the previous year has been adjusted for the bonus issue,in accordance with Accounting Standard(AS)20 Earnings Per Share.Boards reportInfosys Annual Report 2014-15Boards report|11 Revenues

156、standaloneOur total income on a standalone basis increased to 47,300 crore from 44,341 crore in the previous year,at a growth rate of 6.7%.Oursoftware export revenues aggregated to 45,993 crore,up by 6.8%from 43,063 crore in the previous year.Out of the total revenue,64.0%came from North America,21.

157、8%from Europe,2.8%from India and 11.4%from the Rest of the World.On a standalone basis,our share of revenues from all parts of the world outside North America has decreased to 36.0%in the current year from 36.9%in the previous year.Revenues consolidatedOur total income on a consolidated basis increa

158、sed to 53,319 crore from 50,133 crore in the previous year,at a growth rate of 6.4%.Oursoftware export revenues aggregated to 52,035 crore,up by 6.5%from 48,839 crore in the previous year.Out of the total revenue,61.5%came from North America,24.1%from Europe,2.4%from India,and 12.0%from the Rest of

159、the World.A focus of our growth strategy is to expand our business to parts of the world outside NorthAmerica to diversify our revenues.On a consolidated basis,our share of revenues from all parts of the world outside North America decreased to 38.5%in the current year from 39.3%in the previous year

160、.Profits standaloneOur gross profit on a standalone basis amounted to 19,472 crore(41.2%of revenue),as against 17,603 crore(39.7%of revenue)in the previous year.Sales and marketing costs were 5.4%of our revenue for each of the years ended March31,2015 and March31,2014.General and administration expe

161、nses were 6.3%and 6.0%of our revenues during the current year and previous year,respectively.The operating profit before depreciation amounted to 13,962 crore(29.5%of revenue),as against 12,527 crore(28.3%of revenue)in the previous year.The profit before exceptional item and tax was 16,386 crore(34.

162、7%of revenue),as against 14,002 crore(31.6%of revenue)in the previous year.Profits consolidatedOur gross profit on a consolidated basis amounted to 21,485 crore(40.3%of revenue),as against 19,329 crore(38.6%of revenue)in the previous year.Sales and marketing costs were 5.5%and 5.2%of our revenue for

163、 the years ended March31,2015 and March31,2014,respectively.General and administration expenses were 6.9%and 6.7%of our revenues during the current year and previous year,respectively.The Operating Profit before Depreciation amounted to 14,871 crore(27.9%of revenue),as against 13,381 crore(26.7%of r

164、evenue)in the previous year.The profit before tax was 17,284 crore(32.4%of revenue),as against 14,728 crore(29.4%of revenue)in the previous year.Capital expenditure on tangible assets standaloneThis year,on a standalone basis,we capitalized 2,540 crore.Thiscomprises 694 crore for investment in compu

165、ter equipment,3crore on vehicles and the balance of 1,843 crore on infrastructure investments.In the previous year,we capitalized 2,381 crore.This comprised 672 crore for investment in computer equipment,3 crore on vehicles and the balance of 1,706 crore on infrastructure investments.Capital expendi

166、ture on tangible assets consolidatedOn a consolidated basis,we capitalized 2,673 crore in the current year.This comprises 778 crore for investment in computer equipment,6 crore on vehicles,and the balance of 1,889 crore on infrastructure investments.In the previous year,we capitalized 2,533 crore.Th

167、is comprised 759 crore for investment in computer equipment,11crore on vehicles,and the balance of 1,763 crore on infrastructure investments.LiquidityWe continue to be debt-free and maintain sufficient cash to meet our strategic objectives.We understand that liquidity in the Balance Sheet has to bal

168、ance between earning adequate returns and the need to cover financial and business risks.Liquidity enables us to make a rapid shift in direction,if there is a market demand.During fiscal2015,internal cash flows have more than adequately covered working capital requirements,capital expenditure,invest

169、ment in subsidiaries and dividend payments.As on March31,2015,on a standalone basis,we had liquid assets of 29,705 crore,as against 28,149 crore at the previous year end.On a consolidated basis,we had liquid assets of 32,543 crore at the current year-end,as against 30,277 crore at the previous year

170、end.These funds comprise deposits with banks and highly rated financial institutions,liquid mutual funds,fixed maturity plans,certificates of deposit,tax-free bonds and government bonds.The details of the tax-free bonds and government bonds are disclosed under the non-current investments section in

171、the financial statements in this Annual Report.AppropriationsDividendThe Board,in its meeting held on April24,2015,decided to revise and increase the dividend payout ratio to up to 50%of post-tax consolidated profits effective fiscal 2015 from the existing cap of up to 40%.The Board,in its meeting h

172、eld on October 10,2014,declared an interim dividend of 30/-per equity share(not adjusted for bonus issue).Further,the Board,in its meeting held on April24,2015,has recommended a final dividend of 29.50/-per equity share(equivalent to 14.75/-per share post the 1:1 bonus issue,if the 1:1 bonus issue a

173、pproved by members,pursuant to the Postal Ballot Notice dated April24,2015)for the financial year ended March31,2015.Theproposal is subject to the approval of shareholders at the Annual General Meeting to be held on June22,2015.The total dividend appropriation(excluding dividend tax)for the current

174、year is 5,111 crore,as against 3,618 crore in the previous year.Dividend(including dividend tax)as a percentage of consolidated net profit after tax is 49.8%,as compared to 39.7%in the previousyear.The Register of Members and Share Transfer Books will remain closed on June 17,2015 for the purpose of

175、 payment of the final dividend for the financial year ended March31,2015,and the Annual General Meeting.The Annual General Meeting is scheduled to be held on June 22,2015.Bonus sharesThe Company,in December 2014,had issued bonus shares to the shareholders of the Company in proportion of 1:1 and cons

176、equently,the paid-up share capital of the Company increased from 57,42,36,166 to 1,14,84,72,332 shares.Particulars of loans,guarantees or investmentsLoans,guarantees and investments covered under Section 186 of the Companies Act,2013 form part of the notes to the financial statements provided in thi

177、s Annual Report.Transfer to reservesWe propose to transfer 1,217 crore to the general reserve.An amount of 35,152 crore is proposed to be retained in the surplus.Fixed depositsWe have not accepted any fixed deposits and,as such,no amount of principal or interest was outstanding as of the Balance She

178、et date.Infosys Annual Report 2014-1512|Boards reportParticulars of contracts or arrangements made with related partiesParticulars of contracts or arrangements with related parties referred to in Section 188(1)of the Companies Act,2013,in the prescribed Form AOC-2,is appended as Annexure 2 to the Bo

179、ards report.Material changes and commitments affecting financial position between the end of the financial year and date of reportOn April 24,2015,the Board authorized the Company to execute a Business Transfer Agreement and related documents with the Companys subsidiary,EdgeVerve,subject to securin

180、g the requisite approval from shareholders through postal ballot.The proposed transfer of the business of Finacle and Edge Services to EdgeVerve is at an estimated consideration of up to 3,400 crore and up to 220 crore,respectively.On April 24,2015,the Company entered into a definitive agreement to

181、acquire Kallidus Inc.(doing business as Skava)and its affiliate,a leading provider of digital experience solutions,including mobile commerce and in-store shopping experiences,to large retail clients,for a consideration of US$120 million(approximately 750 crore),including a deferred component and ret

182、ention bonus.The Board,in its meeting held on April 24,2015,has considered,approved and recommended a bonus issue of one equity share for every equity share held and a stock dividend of one American Depositary Share(ADS)for every ADS held,respectively,as on a record date to be determined.Consequentl

183、y,the ratio of equity shares underlying the ADSs held by an American Depositary Receipt holder would remain unchanged.The bonus issue of equity shares and ADSs will be subject to approval by the shareholders through postal ballot,and any other applicable statutory and regulatory approvals.Apart from

184、 these,there have been no other material changes and commitments affecting the financial position of the Company between the end of the financial year and the date of the report.Variation in market capitalizationAs at March31,Increase/(decrease)in%20152014Market capitalization (in crore)2,54,771 1,8

185、8,51035.1Price earnings ratio(1)20.517.616.5Percentage increase in the market price of the shares in comparison with the last public offer price(2)5,97,687Notes:Data based on share prices quoted on NSE.(1)Based on consolidated Indian GAAP financial statements.(2)Last public offer price has been adju

186、sted for bonus issues and stock split.Managements discussion and analysisIn terms of the provisions of Clause 49 of the Listing Agreement,the Managements discussion and analysis is set out in this Annual Report.2.BusinessStrategyOur strategic objective is to build a sustainable organization that rem

187、ains relevant to the agenda of our clients,while generating profitable growth for our investors.In order to do this,we will apply the priorities of our strategy renew and new to our own business and cascade it to everything we do.This applies to our solution and service offerings,our client and empl

188、oyee engagement processes,and to the operational processes of the Company.Thesetranslate to the following strategic focus areas:Differentiate our solution and service offerings:In process-oriented services infrastructure management,business process outsourcing,and software testing or maintenance our

189、 strategy will be to embrace the concepts of automation and artificial intelligence to improve productivity,gain higher accuracy and reduce the total cost to clients.We are leveraging our Global Delivery Model to provide scale,quality,expertise and cost advantages to our projects with clients.We are

190、 building differentiated platforms such as our Edge Suite,our Finacle core banking product and the Infosys Information Platform.We will leverage the advantages of open source technologies in providing innovative and high cost-benefit performance solutions to our clients.We will continue to invest in

191、 emerging mobile and digital technologies and big data analytics.Pursue strategic alliances and acquisitions:We are developing alliances that complement our core competencies.We are partnering with leading technology software providers in creating,deploying,integrating and operating business solutio

192、ns for our clients.We plan to deploy our capital in making selective business acquisitions that augment our expertise,complement our presence in certain market segments and accelerate the execution of our strategies.Build deep and impactful client relationships:Our strategy is to engage with clients

193、 on their large transformative programs,both in traditional IT areas as well as for their new digital business initiatives.We are expanding existing client relationships by providing them a broad set of end-to-end service offerings and increasing the size,nature and number of projects we do with the

194、m.We will acquire new clients,and increase our presence in new geographies and market segments by investing in targeted business development and marketing.Wewill invest in high-performing consulting and business development teams and the processes and systems required to make them effective.We will

195、continue to ensure our brand is differentiated,global and respected.Build a culture within the Company that delivers innovation to clients:We will create the required environment,structures,ecosystems and economic models that will spur innovation across the Company.We are using Design Thinking metho

196、ds to elicit new problem statements and bring together our deep knowledge of client industries and emerging technologies to solve problems for our clients.We have allocated US$500 million towards an innovation fund to tap into innovation networks of early stage companies and universities to gain acc

197、ess to new thinking and business models.We will continue to build a collaborative and entrepreneurial culture in the organization.Attract and retain a global,diverse,motivated and high performing employee base:Our employees are our biggest assets.To meet the evolving need of our clients,our priority

198、 is to attract and engage the best talent in the right locations with the right skills.We are fully committed to strengthening our brand to continue to be the employer of choice.A series of measures have been initiated to empower our employees through trust and accountability.We have overhauled our

199、performance management system to bring in more objectivity,created internal marketplace for employees to work on challenging assignments,and increased the focus on providing a safe and transparent working environment.We are guided by our value system which motivates our attitudes and actions.Our cor

200、e values are Client Value,Leadership by Example,Integrity and Transparency,Fairness and Excellence(C-LIFE).We have invested substantially in training,which is central to our employees learning and career development process.We are committed to creating a work environment that is social,fun and colla

201、borative.We continue to provide employees with life-long learning opportunities in a transparent and meritocratic culture.Enhance our operational effectiveness for agility and cost:We will periodically assess the effectiveness of our organization structure and processes to optimize it for alignment

202、with our strategic objectives and agility.We continually evaluate critical cross-functional processes and benchmark them with best-in-class practices to optimize costs and enable swift and effective response to our clients.We constantly monitor and optimize various operational parameters such as the

203、 cost and utilization of resources,distribution of employees around the world,the cost of operating our campuses and optimally realizing the efficiencies of scale and the strengths of our Global Delivery Model.Infosys Annual Report 2014-15Boards report|13 Organizational changesTo enhance our agility

204、 in the market,sharpen our competitive differentiation and defragment centers of excellence,we realigned our organizational structure.The realignment is effective April 1,2015.Our go-to-market units are organized around five global industry segments:Financial Services Manufacturing Retail,CPG&Logist

205、ics Energy,Utilities,Communications&Services Life Sciences,Healthcare&InsuranceApart from the five industry segments,our businesses in India,China and Japan are run as standalone regional business units.Our service delivery will be organized as horizontal centers of excellence or service lines,with

206、a focus on nurturing innovation,to drive differentiation across the industry segments.This organization will comprise the following service lines:Infosys Global Consulting Global Delivery Enterprise Solutions Infosys Digital Enterprise Mobility Custom Application Development Application Management S

207、ervices Independent Validation Solutions Business Intelligence Engineering Services Cloud and Infrastructure Services Products Finacle EdgeVerve Platforms Infosys BPOClient baseOur client-centric approach continues to bring us high levels of client satisfaction.We derived 97.8%of our consolidated re

208、venues from repeat business this fiscal.We,along with our subsidiaries,added 221 new clients,including a substantial number of large global corporations.Our total client base at the end of the year stood at 950.The client segmentation for the current and previous years on a consolidated basis is as

209、follows:in nos.Clients201520141 million dollar+5295015 million dollar+24423210 million dollar+15914825 million dollar+837850 million dollar+474275 million dollar+2924100 million dollar+1513200 million dollar+43300 million dollar+1InfrastructureWe added 35.62 lakh sq.ft.of physical infrastructure spa

210、ce during the year.The total available space as on March31,2015 stands at 403.68 lakh sq.ft.The number of marketing offices as on March31,2015 was 85,compared to 73 in the previous year.Subsidiaries and associatesWe,along with our subsidiaries,provide consulting,technology,outsourcing and next-gener

211、ation services.At the beginning of the year,we had 11 direct subsidiaries.As on March31,2015,we have 13 direct subsidiaries,29 step-down subsidiaries and one associate.During the year,the Board of Directors(the Board)reviewed the affairs of the subsidiaries.In accordance with Section 129(3)of the Co

212、mpanies Act,2013,we have prepared consolidated financial statements of the Company and all its subsidiaries,which form part of the Annual Report.Further,a statement containing the salient features of the financial statement of our subsidiaries in the prescribed format AOC-1 is appended as Annexure 1

213、 to the Boards report.The statement also provides the details of performance,financial positions of each of the subsidiaries.In accordance with Section 136 of the Companies Act,2013,the audited financial statements,including the consolidated financial statements and related information of the Compan

214、y and audited accounts of each of its subsidiaries,are available on our website .These documents will also be available for inspection during business hours at our registered office in Bengaluru,India.During the year,investments were made in the following subsidiaries/associate:Infosys Nova Holdings

215、 LLC:During the year,the Company incorporated a new subsidiary,Infosys Nova Holdings LLC(Infosys Nova),in the U.S.,effective January 23,2015.Subsequently,Infosys Nova acquired 20%of the equity interests in DWA Nova LLC,a company formed along with DreamWorks Animation(DWA),for a cash consideration of

216、 94 crore.DWA Nova LLC will develop and commercialize image generation technology in order to provide end-to-end digital manufacturing capabilities to companies involved in the designing,manufacturing,marketing or distribution of physical consumer products.Panaya Inc.:On March 5,2015,Infosys acquire

217、d 100%voting interests in Panaya Inc.(Panaya),a Delaware Corporation in the U.S.,by entering into a share purchase agreement for a cash consideration of approximately 1,398 crore.Panaya is a leading provider of automation technology for large-scale enterprise and software management.EdgeVerve:Infosy

218、s established EdgeVerve Systems Limited in 2014,to help global corporations sense,influence,fulfill and serve the needs of digital consumers,and leverage the potential of their business ecosystems.On April 15,2014,the Board of Directors of Infosys authorized the Company to execute a Business Transfe

219、r Agreement and related documents with EdgeVerve,subject to securing the requisite approval from shareholders in the Annual General Meeting.Subsequently,at the Annual General Meeting held on June 14,2014,the shareholders authorized the Board to enter into a Business Transfer Agreement and related do

220、cuments with EdgeVerve,with effect from July 1,2014 or such other date as may be decided by the Board.The Company has undertaken an enterprise valuation by an independent valuer and accordingly the business has been transferred for a consideration of 421 crore(US$70 million)with effect from July1,20

221、14,settled through the issue of fully-paid-up equity shares.Products and platformsFinacleFinacle is the industry-leading universal banking solution from Infosys that helps banks simplify their operations,accelerate innovation and create new opportunities.Today,Finacle is the choice for banks across

222、84 countries and serves over 547 million customers.The solution is consistently rated as a leader in the market by various industry analysts.Finacle solutions address core banking,e-banking,mobile banking,CRM,payments,treasury,origination,liquidity management and wealth management of retail and corp

223、orate,and universal banks worldwide.The solutions component-based structure and enterprise-class capabilities helps banks boost agility and efficiency of their operations,and significantly improves customer experience across channels.Infosys Annual Report 2014-1514|Boards reportA study of top 1,000

224、global banks revealed that banks powered by Finacle enjoy 50%higher returns on assets,30%higher returns on capital,and 8.1 percentage point lower costs to income than others.The Company is organizing its software product assets within an integrated product group,which will be part of EdgeVerve,asubs

225、idiary of Infosys.The Company therefore proposes to integrate Finacle business into EdgeVerve with effect from August 01,2015.EdgeVerveEdgeVerve defines,develops and operates innovative,cloud-hosted business platforms and software products which are offered to clients as Pay-as-you-use services.We f

226、ocus on realizing business outcomes for our clients by driving their revenue growth,cost-effectiveness and improved profitability.All our platforms are branded under the Edgeumbrella.PlatformsAn important part of our strategy is the creation of the Infosys Platform which consists of the Infosys Info

227、rmation Platform(IIP)and the Infosys Automation Platform(IAP).These in turn consist of a number of open source software components,and/or Infosys proprietary software products,all of which can be deployed on public or private cloud or at the customers premise.IIP is intended to address the key chall

228、enges that enterprises have in effectively storing,managing and analyzing the increasing amounts of data available to business enterprises.Infosys objective is to use IIP to help customers find an improved way to package,develop,administer and monitor their enterprise data.Because it is based on exi

229、sting,tested open source components,IIP offers rapid deployment as a base for a broad variety of industryspecific scenarios.It is particularly suited for deployment in scenarios where acustomers existing environment lacks scalability or speed of reporting.QualityWe continue our journey of delivering

230、 value to our clients through significant investments in quality programs.While sustaining existing external benchmarks and certifications,we have added new certifications and further enhanced our programs and initiatives to renew our commitment to the culture of quality.We continue to adhere to int

231、ernational quality standard certifications such as ISO 9001:2008,ISO 22301,ISO 20000,AS EN 9100,ISO13485,TL 9000 SV,OHSAS 18001 and ISO 14001.We have also received an independent auditors assurance report on compliance to ISAE 3402/SSAE16 and a certification of compliance on PCIDSS V 2.0 for Infosys

232、 BPO Limited.We also get assessed at CMMi level5.According to the Process Maturity Profile published by the CMMi Institute of Carnegie Mellon University in December 2014,only 7%of 10,768 organizations globally are operating at Level 5,which is the highest level of process maturity.Infosys is certifi

233、ed under various standards to meet client demands and enhance delivery value.Infosys Limited and Infosys BPO Limited are certified for the revised ISO 27001:2013 information security standards.As part of Infosys contract,the Central Processing Center of the Government of Indias income tax department

234、 was certified for ISO27001.Following the successful completion of external independent assurance assessment based on GRI G4 comprehensive requirements,Infosys became the first IT company to publish asustainability report compliant with GRI G4 comprehensive guidelines.Our Quality department handles

235、large change management initiatives to drive quality and productivity improvements across the Company,using various techniques such as Six Sigma,Lean methodology and engineering levers like Reuse and Tools.It is governed and monitored through the Balanced Scorecard and validated using the Infosys Sc

236、aling Outstanding Performance(iSOP)program adopted from the Malcolm Baldridge National Quality Award(MBNQA)framework.Our Business Value Articulation(BVA)framework is an initiative comprising frameworks,methodologies,processes and systems to promote articulation and assurance of business value for va

237、rious engagements.The BVA program helped us create 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,loya

238、lty,fulfillment and value for money,and helps us draw action plans to improve client experience.BrandingThe Infosys brand is a key intangible asset of the Company.The branding initiative is designed to reposition Infosys as the next-generation services company that would help enterprises renew thems

239、elves while also creating new avenues to generate value.Brand Infosys is being built around the premise that software,in a very fundamental way,is reshaping the world around us.And because of this,there is a duality that every business faces on the one hand,the need to renew existing systems,to impr

240、ove their effectiveness with new technologies and innovation,and on the other hand,the need to deliver completely new kinds of services and new solutions in new ways using next-generation technologies.Infosys helps its clients achieve this dual agenda in a culture of learning,creativity and purpose.

241、It is the delivery of this brand promise that makes us the right technology partner for clients in over 50 countries.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 s

242、olutions across domains.Refer to the Awards and recognition section in this report.Our marketing reach extends globally through advertisements,public relations and digital marketing initiatives.We participate in premier business and industry events around the world.We also organize signature events

243、and roundtables across geographies.Confluence,our flagship client event,is consistently well-attended and highly rated by our clients and industry partners.Awards and recognitionIn fiscal 2015,we received numerous awards and recognition,both international and national.Here is a quick glimpse of some

244、 of them:Business and management We won the 2014 Thomson Reuters India Innovation Award in the Hi-Tech Corporate category.This award honors organizations headquartered in India for their spirit of innovation in R&D.Wewon the 2014 Asia IP Elite Award,which recognizes companies that are leading the wa

245、y in IP value creation in the Asia-Pacific region.Infosys AssistEdge and Openreach(infrastructure division of BT)won the prestigious Alsbridge Innovation Award 2014 for Customer Service Seamless Desktop.We topped Asiamoneys Corporate Governance Poll in the domestic country category.The poll was expa

246、nded to cover Australia and Vietnam,and is the largest ever,with 322 select analysts and investors voicing their opinions.At the Institutional Investor 2014 All-Asia Rankings,we were honored with several awards in the IT services and software categories.Therecognitions included Best CFO and Best Inv

247、estor Relations.We were included in the top list of Business Innovation and Transformation Partners by Lnendonk,a leading German IT and consulting industry analyst firm.Only 11 companies across all German consulting and IT companies make it to this premiere league.We won the Data Security Council of

248、 India(DSCI)Excellence Award under the Privacy in Outsourcing Sector(IT-ITeS/BPM)category.We were voted Indias best company in the areas of corporate governance and commitment to paying good dividends,while the Infosys CFO,Rajiv Bansal,was chosen as Indias best CFO in FinanceAsias Asias Best Compani

249、es poll,2015.Infosys Annual Report 2014-15Boards report|15 We were recognized by the Neiman Marcus Group as the 2014 Technology Partner of the Year after a rigorous selection process,based on four parameters Service,Quality,Value and Innovation.We received the prestigious Daimler Supplier Award 2014

250、 for Outstanding Quality in the provision of IT Data Center Services.We were named the partner of the year by a leading global retailer.We were named a leader in The Forrester Wave:BI Service Providers,Q4 2014.We received top scores for experience across multiple geographies and industries,strategic

251、 investments in business intelligence,and transparency.We were also inducted into the Winners Circle in HfS Research Enterprise Analytics Services Blueprint.Infosys BPO won four Gold Awards at the TISS LeapVault Chief Learning Officers Awards 2014 in the categories Best Global L&D Team of the Year,B

252、est Corporate University,Best Virtual Learning Program and Best Induction Training Program.Infosys McCamish won the Workflow Management Coalition(WfMC)Global Award for Excellence in Case Management for Insurance.Infosys BPO won the 2014 Golden Peacock National Training Award.It was also declared a w

253、inner at the National Institution for Quality and Reliability Awards in India.Infosys BPO and Procter&Gamble jointly won the 2014 Outsourcing Excellence Award.Infosys BPO received an ASTD Excellence in Practice in Coaching and Mentoring citation.We were named leaders in the Magic Quadrant for Financ

254、e and Accounting BPO by Gartner for the fourth consecutive year.We have been identified as a Leader in NelsonHalls Vendor Evaluation and Assessment for application outsourcing.Banking Finacle won five international banking excellence awards in partnership with its clients at the annual Asian Banker

255、Awards 2014.These included two awards each for core banking and channel solutions implementation,and one award for its treasury management implementation.Finacle was rated as a leader in Gartners Magic Quadrant for International Retail Core Banking 2014 for the eighth time in a row.Infosys was posit

256、ioned at the highest level,within the Leaders Quadrant,in ability to execute and furthest in completeness ofvision.Finacle emerged as a leader in a key industry assessment TheForrester Wave:Customer-Centric Global Banking Platforms,Q3 2014.CEB TowerGroup rated Finacle e-Banking and trade finance sol

257、utions as Best-in-Class solutions for customer experience,design and security,and enterprise support.Finacle was also judged a winner by Juniper Research for the 2014 Future Mobile Awards in the Mobile Banking category.Finacle was rated by CEB TowerGroup analysts as Best-in-Class for bank user servi

258、ces and enterprise support.Finacle was named a leader in the IDC MarketScape Worldwide Core Banking Solutions 2014 Vendor Assessment:Global Providers for North American Banks during the year.ERP services We were named leaders in Gartners Magic Quadrant for Oracle Application Implementation Services,

259、Worldwide for our completeness of vision and ability to execute.We were positioned in the Winners Circle of the HfS Blueprint SAP Services.We were named leaders in the IDC MarketScape Worldwide Oracle Implementation Services Ecosystems 2014 report.Technology innovation We won Hitachis Technical Arch

260、itect Team of the Year award for exemplary work in architecting an infrastructure transformation solution for a leading U.S.-based financial services provider.The American Council for Technology Industry Advisory Council(ACT-IAC)selected Infosys Marketplace-as-a-Service platform as one of the top 30

261、 finalists for its Igniting Innovation 2015 awards.Infosys was a winner in the 2014 Simulating Reality contest organized by MSC Software.The winning team from Infosys used MSCs simulation technologies to better diagnose osteoporosis and accurately quantify fracture risk.Healthcare We were cited as L

262、eader and Star Performer in Life Sciences IT Outsourcing in Everest Groups report:IT Outsourcing in Life Sciences Service Provider Landscape with PEAK Matrix Assessment 2014.The Indo-American Chamber of Commerce recognized Infosys for Excellence in Innovation and Excellence in Environment,Health&Saf

263、ety.Infosys Public Services won the Hottest Government Contractor honor on June 24,2014 at the 13th Annual Northern Virginia Technology Council(NVTC)Hot Ticket Awards for developing innovative solutions to help the government.Infosys Public Services was ranked 16th in the 2014 Healthcare Informatics

264、 100,based on revenues from healthcare IT products and services.Infosys Public Services efforts in modernizing the core systems of Long Term Care Partners(LTCP)to optimize operations and support its growth were acknowledged by LTCP.Diversity The Women of Color magazine honored 13 Infoscions in Octob

265、er 2014.The Women of Color in Technology awards is a competitive national awards program that recognizes and honors the exceptional achievements of distinguished multicultural women who excel in Science,Technology,Engineering and Mathematics(STEM)in the U.S.We won the 2014 Asia Pacific HRM Congress

266、Award for Diversity and HR.Sustainability awardsOur sustainability efforts won us several awards and accolades in fiscal 2015.These are some of the highlights:We won the Ashden International Gold Award,also known as the Green Oscars,for Sustainable Buildings.We were recognized for our efforts in sus

267、tainability and awarded the Solar Globe Award,2014 for Excellence in Sustainability.We were awarded the NDTV Property Award for our Software Development Block(SDB)2 and 3 in the Hyderabad campus under the Most Environment Friendly Commercial/Office Space category.We won the Bry Air Award under the S

268、ystem Design category for our next-generation smart buildings.The Bureau of Energy Efficiency awarded us the National Energy Conservation Award for SDB 1 and 2,two buildings in our Mahindra City campus,and a certificate of merit for SDB 1 in Mahindra City and SDB 4 and 6 in the Sholinganallur campus

269、,in Chennai.We were ranked third in the State Pollution Control Award given by the Kerala State Pollution Control Board for our efforts in pollution control and environmental protection at our Thiruvananthapuram campus.We received the first prize in the Lawn and Garden category in the Dasara Phala P

270、ushpa Darshana-2015 for the 13th consecutive year for our Mysuru Development Center.Infosys Annual Report 2014-1516|Boards report We were recognized by the Karnataka State Pollution Control Board for the green belt development at our Mangaluru Nethra Development Center.We were placed second in the E

271、nvironment,Health&Safety Award given by CII in the Office/Software/Service category and also a 4 star rating for our Bengaluru Development Center.We won the first prize in the Energy Efficiency category from the Maharashtra Energy Development Agency(MEDA)for our Pune Phase 2 campus and second prize

272、for our Pune Phase 1 campus.3.Human resources managementTo ensure good human resources management at Infosys,we focus on all aspects of the employee lifecycle.This provides a holistic experience for the employee as well.During their tenure at the Company,employees are motivated through various skill

273、-development,engagement and volunteering programs.All the while,we create effective dialogs through our communication channels to ensure that the feedback reach the relevant teams,including the leadership.Through the annual employee engagement survey(LITMUS 2015),a number of tracks were identified t

274、his fiscal,and employees were invited to be part of the teams that actionized these tracks.In addition,a special,cross-functional team was put in place to enhance employee experience by renewing systems and processes.Quarterly promotions,100%variable payout for two consecutive quarters,an Expert Tra

275、ck to identify individuals who are technically proficient,and a unique crowd-sourcing initiative to gather ideas around innovation were some of the interventions made to engage and develop employees.Interactions with the leadership continue through email,face-to-face interactions,video conferencing

276、and video messages.We also launched the first Hackathon at Infosys,across our global locations to encourage rapid prototyping and problem-solving,and build a culture of innovation.We have set up a scalable recruitment and human resources management process.Over the last year,on a standalone basis,we

277、received 13,80,283 applications from prospective employees.TheInfosys Group added 15,782(net)and 53,386(gross)employees this year,taking the total strength to 1,76,187 from 1,60,405 at the end of the previous year.On a standalone basis,the attrition rate for fiscal 2015 stands at 18.9%compared to 18

278、.7%for the previous year.Talent fulfillmentLast year,a new function was established for identifying the best fit talent for any project on time,through the deployment of available people,recruitment and training.Over the last one year,this has yielded rich dividends.Our ability to staff the right pe

279、ople for our business needs has improved substantially and at the same time,talent utilization has moved up materially.A robust supply chain has been built that will yield dividends in the years to come.Particulars of employeesThe table containing the names and other particulars of employees in acco

280、rdance with the provisions of Section 197(12)of the Companies Act,2013,read with Rule 5(1)of the Companies(Appointment and Remuneration of Managerial Personnel)Rules,2014,is appended as Annexure 3a to the Boards report.A statement containing the names of every employee employed throughout the financ

281、ial year and in receipt of remuneration of 60 lakh or more,or employed for part of the year and in receipt of 5lakh or more a month,under Rule 5(2)of the Companies(Appointment and Remuneration of Managerial Personnel)Rules,2014,is enclosed as Annexure 3b to the Boards report.Education,training and a

282、ssessmentLearning and education are at the foundation of Infosys.Competency development continues to be a key area of strategic focus for us.Welaunched new training programs to align with the new business strategy of renew and new.During fiscal 2015,the total training provided for employees was over

283、 3.36 million person days.Many of our employees also undertook external certifications,thereby creating a large pool of certified people.To enhance the innovation quotient among the workforce,weconducted the Design Thinking program for over 23,975 employees during fiscal 2015,including fresh recruit

284、s.In addition,the training has been imparted to client teams and leadership teams.Our flagship industry-academia partnership program,Campus Connect,made progress through the launch of electives to help engineering colleges run new programs within their curricula.In fiscal 2015,we engaged with 1,440

285、faculty members who in turn trained over 34,655 students.With this,the total number of beneficiaries covered has reached over 11,886 faculty members and over 3,30,643 students from 348 engineering institutions.SPARK is an academia connect program that exposes students in schools and colleges to the

286、current opportunities and developments in IT and aims to inspire them and raise their aspirations.As part of this program,we engaged with over 38,460 students during the year.Since its launch in 2008,the program has reached over 9,16,460 students.Over 78,726 students participated in Aspirations2020,

287、the coding contest we conduct for engineering students,in fiscal 2015.Our knowledge management system set a new record by winning the Global Most Admired Knowledge Enterprise(MAKE)award for the 10th time,Asian MAKE award for the 12th time and Indian MAKE award for the 10th time.Infosys Leadership In

288、stituteThe vision of the Infosys Leadership Institute(ILI)is to be recognized as a globally respected institution that is committed to developing leaders for Infosys.The focus of the institute is to develop and prepare leaders of the organization for current and future executive leadership positions

289、.ILIs leadership development model includes three dimensions transformational,instrumental and transactional leadership with Infosys values at its core.The institute employs a range of developmental approaches including classroom training,individualized coaching,and leaders teach sessions.Leaders fr

290、om across Infosys and its subsidiaries are target beneficiaries of ILIsprograms.4.Corporate governanceCorporate governance is an ethically driven business process that is committed to values aimed at enhancing an organizations brand and reputation.This is ensured by taking ethical business decisions

291、 and conducting business with a firm commitment to values,while meeting stakeholders expectations.At Infosys,it is imperative that our company affairs are managed in a fair and transparent manner.This is vital to gain and retain the trust of our stakeholders.We continue to benchmark our corporate go

292、vernance 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 CRISIL.ICRA has rated our corporate governance practices at CGR1 and CRISIL has assigned CRISIL GVC Level 1 rating to us.We c

293、omply with the Securities and Exchange Board of India(SEBI)s guidelines on corporate governance.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

294、 Code of Conduct and Ethics,have been incorporated into our policies.Our Corporate governance report for fiscal 2015 forms part of this Annual Report.Infosys Annual Report 2014-15Boards report|17 Board diversityThe Company recognizes and embraces the importance of a diverse board in its success.We b

295、elieve that a truly diverse board will leverage differences in thought,perspective,knowledge,skill,regional and industry experience,cultural and geographical background,age,ethnicity,race and gender,which will help us retain our competitive advantage.The Board has adopted the Board Diversity Policy

296、which sets out the approach to diversity of the Board of Directors.The Board Diversity Policy is available on our website,http:/ of meetings of the BoardThe Board met nine times during the financial year,the details of which are given in the Corporate governance report that forms part of this Annual

297、 Report.The intervening gap between any two meetings was within the period prescribed by the Companies Act,2013.Policy on directors appointment and remunerationThe current policy is to have an appropriate mix of executive and independent directors to maintain the independence of the Board,and separa

298、te its functions of governance and management.As on March31,2015,the Board consists of 10 members,two of whom are executive or whole-time directors,and eight are independent directors.The Board periodically evaluates the need for change in its composition and size.The policy of the Company on direct

299、ors appointment and remuneration,including criteria for determining qualifications,positive attributes,independence of a director and other matters provided under Sub-section(3)of Section 178 of the Companies Act,2013,adopted by the Board,is appended as Annexure 4 to the Boards report.We affirm that

300、 the remuneration paid to the directors is as per the terms laid out in the nomination and remuneration policy of the Company.Declaration by independent directorsThe Company has received necessary declaration from each independent director under Section 149(7)of the Companies Act,2013,that he/she me

301、ets the criteria of independence laid down in Section 149(6)of the Companies Act,2013 and Clause 49 of the Listing Agreement.Board evaluation Clause 49 of the Listing Agreement mandates that the Board shall monitor and review the Board evaluation framework.The Companies Act,2013 states that a formal

302、 annual evaluation needs to be made by the Board of its own performance and that of its committees and individual directors.Schedule IV of the Companies Act,2013 states that the performance evaluation of independent directors shall be done by the entire Board of Directors,excluding the director bein

303、g evaluated.The evaluation of all the directors and the Board as a whole was conducted based on the criteria and framework adopted by the Board.The evaluation process has been explained in the Corporate governance report section in this Annual Report.The Board approved the evaluation results as coll

304、ated by the nomination and remunerationcommittee.None of the independent directors are due for re-appointment.Training of independent directorsEvery new independent director of the Board attends an orientation program.To familiarize the new inductees with the strategy,operations and functions of our

305、 Company,the executive directors/senior managerial personnel make presentations to the inductees about the Companys strategy,operations,product and service offerings,markets,software delivery,organization structure,finance,human resources,technology,quality,facilities and risk management.The Company

306、 has a program to help its directors improve their expertise in governance by providing a training fee of US$5,000 per annum for them to attend courses on board governance held by well-known business schools in any part of the world.Further,at the time of appointment of an independent director,the C

307、ompany issues a formal letter of appointment outlining his/her role,function,duties and responsibilities as a director.The format of the letter of appointment is available on our website,http:/ the recommendation of the nomination and remuneration committee,the Board appointed Dr.Vishal Sikka as a w

308、hole-time director with effect from June14,2014 to July 31,2014 and as CEO and MD effective August 1,2014.We thank the shareholders for their support in confirming Dr.Vishal Sikkas appointment at the Extraordinary General Meeting held on July 30,2014.On the recommendations of the nomination and remu

309、neration committee,the Board appointed Prof.John W.Etchemendy as an Independent member of the Board effective December 04,2014.Wethank the shareholders for their support in confirming Prof.John W.Etchemendys appointment through postal ballot on March2,2015.The nomination and remuneration committee a

310、lso recommended the induction of Roopa Kudva as an independent member of the Board on February 4,2015.Roopa Kudva is a member of several policy-level committees relating to the Indian financial system,including committees of SEBI and the Reserve Bank of India.Sheregularly features in lists of the mo

311、st powerful women in business compiled by prominent publications,including Fortune and Business Today.Weseek your support in confirming the appointment of Roopa Kudva in the ensuing Annual General Meeting.Re-appointmentsAs per the provisions of the Companies Act 2013,U.B.Pravin Rao retires at the en

312、suing Annual General Meeting and being eligible,seeks re-appointment.The Board recommends his re-appointment.The Companies Act,2013,provides for the appointment of independent directors.Sub-section(10)of Section 149 of the Companies Act,2013 provides that independent directors shall hold office for

313、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.Accordingly,all the independent directors except for Roopa Kudva,who was appointed as additional director on February 4,2015,we

314、re appointed by the shareholders either at the general meeting or through postal ballot as required under Section149(10).Further,according to Sub-section(11)of Section 149,no independent director shall be eligible for appointment for more than two consecutive terms of five years.Sub-section(13)state

315、s 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.None of the independent directors will retire at the ensuing Annual GeneralMeeting.Retirements and resignationsB.G.Srinivas resigned as whole-tim

316、e director with effect from June10,2014.The Board places on record its appreciation for the services rendered by B.G.Srinivas during his tenure with the Company.Srinath Batni resigned as whole-time director with effect from July31,2014.The Board appreciates and thanks him for his efforts in driving

317、delivery and quality excellence for the Company.S.D.Shibulal resigned as CEO and MD with effect from July 31,2014.S.D.Shibulal is a co-founder of the Company and has played a seminal role in shaping its destiny.The Board places on record its gratitude for the services rendered by Shibulal during his

318、 long association with the Company.Infosys Annual Report 2014-1518|Boards reportS.Gopalakrishnan resigned as a whole-time director and Executive Vice Chairman of the Board with effect from June 14,2014 and as non-executive Vice Chairman with effect from October 10,2014.Asa co-founder,he has contribu

319、ted to the Companys progress through the various roles he has played over the last 33 years.The Board thanks him for his guidance and invaluable contribution.Narayana Murthy resigned as a whole-time director and Executive Chairman of the Board with effect from June 14,2014 and as Non-Executive Chair

320、man with effect from October 10,2014.TheBoard places on record its deep sense of appreciation for the services rendered by Narayana Murthy,who is not just the founder of the Company,but also one of the architects of the Indian IT industry.Narayana Murthy indicated that in line with the Companys high

321、 corporate governance standards and to avoid any perceived conflicts,it would not be appropriate for him to be the Chairman Emeritus of Infosys.TheBoard accepted his decision and thanked him for his vision,leadership and guidance in making Infosys a globally respected company.Ann M.Fudge retired as

322、independent director with effect from June14,2014.The Board thanks her for providing valuable guidance to the Company during her tenure.Dr.Omkar Goswami retired as independent director with effect from December 31,2014.The Board places on record its sincere appreciation for Dr.Omkar Goswamis long an

323、d fruitful association with the Company.Parvatheesam Kanchinadham resigned as the Chief Risk&Compliance Officer and Company Secretary of the Company,with effect from January10,2015.The Board thanks Parvatheesam for the many roles he played during his tenure with the Company.Committees of the BoardCu

324、rrently,the Board has five committees:the audit committee,nomination and remuneration committee,corporate social responsibility committee,stakeholders relationship committee,and risk and strategy committee.All committees,except the corporate social responsibility committee,consist entirely of indepe

325、ndent directors.A detailed note on the Board and its committees is provided under the Corporate governance report section in this Annual Report.Thecomposition of the committees and compliances,as per the applicable provisions of the Act and Rules,are as follows:Name of the committeeComposition of th

326、e committeeHighlights of duties,responsibilities and activitiesAudit committeeR.Seshasayee,Chairperson and Financial ExpertK.V.KamathProf.Jeffrey S.LehmanRavi Venkatesan All recommendations made by the audit committee during the year were accepted by the Board.The Company has adopted the Whistleblow

327、er mechanism for directors and employees to report concerns about unethical behavior,actual or suspected fraud,or violation of the Companys Code of Conduct and Ethics.The Whistleblower Policy is appended as Annexure10 to the Boards report.In accordance with the requirements of the Listing Agreement,

328、the Company has formulated policies on related party transactions and material subsidiaries.The policies,including the Whistleblower Policy,are available on our website,http:/ and remuneration committeeProf.Jeffrey S.Lehman,Chairperson K.V.KamathCarol M.Browner R.SeshasayeeKiran Mazumdar-Shaw The co

329、mmittee oversees and administers executive compensation,operating under a written charter adopted by our Board of Directors.The committee has designed and continuously reviews the compensation program for our CEO and senior executives to align both short-term and long-term compensation with business

330、 objectives and to link compensation with the achievement of measurable performance goals.The committee also structures senior executive compensation to ensure that it is competitive in the global markets in which we operate in order to attract and retain the best talent.Infuture,the committee plans

331、 to use a combination of stock options,restricted stock units and performance-based stocks to align senior employee compensation with shareholder value.The committee has the right to directly retain independent advisors to assist it.In 2015,the committee has retained an independent compensation cons

332、ultant to benchmark CEO compensation.To ensure independence,the consultant is retained directly by the committee and does not provide any other service to the Company or its management.The nomination and remuneration committee has framed the nomination and remuneration policy.A copy of the policy is

333、 appended as Annexure 4 to the Boards report.Corporate social responsibility committeeK.V.Kamath,Chairperson R.SeshasayeeKiran Mazumdar-ShawDr.Vishal Sikka The Board has laid out the Companys policy on corporate social responsibility(CSR),and the CSR activities of the Company are carried out as per the instructions of the committee.During the year,the Company has spent 2%of its average net profits